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FILED PURSUANT TO RULE 424(b)(3)
REGISTRATION NO. 333-83491
PROSPECTUS SUPPLEMENT DATED
June 26, 2000 TO PROSPECTUS
DATED April 25, 2000
On June 21, 2000, TIBCO Software Inc. announced results for its second
fiscal quarter ended June 2, 2000.
Second Fiscal Quarter Results
Total revenues for the second quarter were $54 million, an increase of
157 percent over $21 million in the same period a year earlier and a nearly 30
percent increase over the prior quarter. Year-to-date revenues of $96 million
equal the total revenues for all of fiscal year 1999. Growth during the
quarter was driven by increasing demand for TIBCO's infrastructure software.
Excluding non-cash charges relating to stock compensation and goodwill,
TIBCO's net income for the second fiscal quarter of 2000 was $8.5 million, or 4
cents per share, compared to a net loss of $3.2 million, or a net loss of 5
cents per share, for the second quarter of 1999.
License revenues were $37 million for the second quarter of fiscal 2000,
an increase of approximately 200 percent from $12 million in the same period
last year.
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Highlights for TIBCO's Second Fiscal Quarter 2000
Customers. TIBCO added 88 new direct customers during the quarter. New
customers included Agilent Technologies, General Motors subsidiary Saturn
Corporation, Williams Energy, Shell/Coral Energy, Tellme Networks, Hitachi,
BlueMeteor, Carlson Wagonlit Travel, Novopoint and Proximus/Belgacomm Mobile.
Strategic Partners. During the quarter, TIBCO announced new and expanded
relationships with several partners, bringing the total number of TIBCO
partners to nearly 100. TIBCO announced expanded partnerships with Cisco
Systems, KPMG, Ernst & Young and Deloitte Consulting. With KPMG and Cisco,
TIBCO introduced a new digital infrastructure, two years in development, that
enables telephone companies to automate their business processes and "turn on"
advanced multimedia services to consumers and businesses faster than ever
before. TIBCO announced a similar telecommunications product in conjunction
with Deloitte Consulting. With Ernst & Young and Cisco, TIBCO introduced a
digital infrastructure that enables cable companies to activate and manage
high-speed Internet, cable-based telephony, digital video, video-on-demand and
interactive TV services.
It was also announced that Cisco Systems began shipping its Cisco
Networking Services (CNS) product, which has TIBCO software embedded inside.
CNS is an advanced digital infrastructure that will enable telecommunications
service providers to better manage and fine-tune networks and deploy new
services in real-time.
Also during the quarter, 35 companies joined the TIBCO Alliance Program.
TIBCO continues to develop and expand its relationships with such key partners
as Andersen Consulting, Ariba, Microsoft, Oracle, Perot Systems, Sybase, Sun
Microsystems and Yahoo!.
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Products. During the quarter, TIBCO introduced 12 new products, including
TIB/BusinessConnect(TM), TIB/BusinessPartner(TM) and several new software
adapters, thereby expanding TIBCO's e-business infrastructure software
offerings. TIBCO also announced the next generation of TIBCO ActiveEnterprise(R)
as well as a new B2B product family called TIBCO ActiveExchange(TM), and a new
portal product family called TIBCO ActivePortal(TM).
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FINANCIAL STATEMENTS
TIBCO Software Inc.
Balance Sheets
(unaudited, in thousands)
<TABLE>
<CAPTION>
November 30, February 29, May 31,
1999 2000 2000
---- ---- ----
<S> <C> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents $ 13,681 $ 22,295 $ 348,535
Short-term investments 76,126 71,278 208,360
Accounts receivable, net 38,599 30,830 52,331
Accounts receivable from related parties 3,886 2,772 4,038
Other current assets 5,031 5,483 8,388
----------- ---------- ----------
Total current assets $ 137,323 132,658 621,652
----------- ---------- ----------
Property and equipment, net 10,423 11,327 15,419
Other assets 1,171 7,075 19,841
Goodwill and acquired intangibles, net 30,721 29,117 27,555
----------- ---------- ----------
$ 179,638 $ 180,177 $ 684,467
=========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 7,501 $ 8,195 $ 8,167
Accrued liabilities 21,128 17,227 23,989
Deferred revenue 13,091 15,350 22,522
----------- ---------- ----------
Total current liabilities $ 41,720 40,772 54,678
----------- ---------- ----------
Stockholders' equity:
Common stock 181 183 189
Additional paid-in capital 182,939 196,831 689,140
Unearned stock-based compensation (8,083) (10,276) (8,847)
Accumulated other comprehensive loss (24) (727) (592)
Accumulated deficit (37,095) (46,606) (50,101)
----------- ---------- ----------
Total stockholder's equity 137,918 139,405 629,789
----------- ---------- ----------
$ 179,638 $ 180,177 $ 684,467
=========== ========== ==========
</TABLE>
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TIBCO Software Inc.
Statements of Operations
(unaudited, in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Six Months Three Months Three Months Six Months
Ended Ended Ended Ended Ended
May 31, 1999 May 31, 1999 Feb. 29, 2000 May 31, 2000 May 31, 2000
------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
License Revenue:
Non-related parties $ 7,709 $ 15,124 $ 23,147 $ 31,638 $ 54,784
Related Parties 4,631 6,935 5,218 5,040 10,259
------------ ----------- ------------ ------------ ------------
Total license revenue 12,340 22,059 28,365 36,678 65,043
------------ ----------- ------------ ------------ ------------
Service and maintenance revenue:
Non-related parties 8,470 15,329 12,777 16,636 29,413
Related Parties 240 1,684 814 740 1,554
------------ ----------- ------------ ------------ ------------
Total service and maintenance revenue 8,710 17,013 13,591 17,376 30,967
------------ ----------- ------------ ------------ ------------
Total revenue 21,050 39,072 41,956 54,054 96,010
Cost of revenue 8,727 16,240 12,459 14,656 27,115
------------ ----------- ------------ ------------ ------------
Gross Profit 12,323 22,832 29,497 39,398 68,895
------------ ----------- ------------ ------------ ------------
Operating expenses:
Research and development 6,265 11,911 10,774 13,187 23,961
Sales and marketing 7,513 12,929 15,527 20,586 36,113
General and administrative 2,004 3,536 3,043 3,748 6,833
Amortization of stock-based compensation 1,821 3,408 9,159 10,404 19,563
Amortization of goodwill and acquired
intangibles - - 1,604 1,562 3,124
------------ ----------- ------------ ------------ ------------
Total operating expenses 17,603 31,784 40,107 49,487 89,594
------------ ----------- ------------ ------------ ------------
Loss from operations (5,280) (8,952) (10,610) (10,089) (20,699)
Interest and other income(expense), net 267 (7) 1,099 6,495 7,693
------------ ----------- ------------ ------------ ------------
Net loss $ (5,013) $ (8,959) $ (9,511) $ (3,495) $ (13,006)
============ =========== ============ ============ ============
Net loss per share:
Basic and diluted $ (0.08) $ (0.14) $ (0.05) $ (0.02) $ (0.07)
============ =========== ============ ============ ============
Weighted average common shares
outstanding 63,059 62,505 176,461 182,859 179,660
============ =========== ============ ============ ============
</TABLE>
