Doug: Some Additional Numbers on ADVS:
Financial Profile
Data current through 02/13/1998
Advent Software Inc
301 Brannan St
San Francisco, CA 94107
Telephone: (415) 543-7696
Fax: (415) 543-5070
Dow Jones Industry Group: Software
Business Description: A leading provider of stand-alone and
client/server software products, data interfaces and related
services that automate and integrate certain mission-critical
functions of investment management organizations.
Primary SIC: 7371
SIC Codes:
Stock Symbol: ADVS
Exchange: NASDAQ
CEO: Stephanie G. DiMarco
Employees: 281
Auditors: Coopers & Lybrand L.L.P.
Latest Report: Unqualified
Share Data
Latest Reported Shares Outstanding 8,009,000
Latest Shares Outstanding Date 01/22/1998
Latest Balance Sheet Shares Outstanding 8,009,000
Short Interest Shares 537,480
Short Interest Ratio 30.3 Days
Short Interest Ratio Date 01/08/1998
Net Insider Transactions 0
Net Insider Transactions Date 12/31/1997
Shares Held by Institutions 4,701,000
Number of Institutions Holding 65
% of Shares Held by Institutions 62.1
Institutional Holding Date 01/31/1998
Market Value($ Mil) 277
Market Value as % Revenues 571
Dividend Information
Last Ex-Dividend Date NA
Indicated Dividend Rate 0.00
Dividend Yield 0.0%
Dividend Code
Payout Ratio Last Fiscal Year NC
5-Year Average Payout NA
5-Year Dividend Yield NA
Stock Price ($) And Volume
Most Recent Close Price 34.63
Most Recent Close Price Date 02/13/1998
Close Price 4 Weeks Ago 28.75
Close Price 13 Weeks Ago 23.25
Close Price 26 Weeks Ago 26.13
Close Price 52 Weeks Ago 27.00
Price Change Last Month 19.9%
Price Change Last 10 Days 19.9%
Price Change Last 26 Weeks 32.5%
Price Change Last 52 Weeks 28.3%
Price Change YTD 21.0%
Price Change vs Market Last Trading Week 112%
Price Change vs Market Last 4 Weeks 114%
Price Change vs Market Last 13 Weeks 136%
Price Change vs Market Last 26 Weeks 117%
Price Change vs Market Last 52 Weeks 102%
Price Change vs Market YTD 115%
4-Week High Price 35.75
4-Week Low Price 28.00
13-Week High Price 35.75
13-Week Low Price 22.50
26-Week High Price 35.75
26-Week Low Price 22.50
52-Week High Price 35.75
52-Week Low Price 18.63
YTD High Price 35.75
YTD Low Price 26.25
5-Day Moving Avg Price 34.33
10-Day Moving Avg Price 32.11
10-Week Moving Avg Price 28.79
30-Week Moving Avg Price 27.24
200-Day Moving Avg Price 27.61
Beta, Up Market 0.57
Beta, Down Market 4.16
Shares Traded This Week 300,000
Volume as % of Shares Outstanding 3.75%
Avg Daily Volume Last 2 Weeks 53,700
Avg Daily Volume Last 4 Weeks 50,800
Avg Daily Volume Last 13 Weeks 31,300
Avg Daily Volume Last 26 Weeks 39,100
Avg Daily Volume Last 52 Weeks 40,600
Avg Daily Volume YTD 40,000
On-Balance Volume Index Last 4 Weeks 537%
Liquidity Ratio 39,850
P/E Ratio 38.9
5-Year High P/E NC
5-Year Low P/E NC
Selected Balance Sheet Items ($ Mil)
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995
Cash & Equivalent NA 30.5 33.9
Receivables NA 8.5 4.8
Inventories NA 0.0 0.0
Current Assets NA 41.8 40.7
Gr Fixed Assets NA 8.0 6.4
Accum Depr & Depl NA 4.1 2.7
Net Fixed Assets NA 3.9 3.7
Total Assets NA 46.7 44.8
Accounts Payable NA 0.6 1.1
Short-Term Debt NA 0.0 0.0
Curr Liabilities NA 9.0 9.7
Long-Term Debt NA 0.0 0.0
Total Liabilities NA 9.6 10.2
Preferred Equity NA 0.0 0.0
Common Equity NA 37.1 34.6
Retained Earnings NA 1.9 3.3
Total Equity NA 37.1 34.6
Liabs & Equity NA 46.7 44.8
Working Capital NA 32.8 31.0
Selected Income Statement Items ($ Mil)
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995
Revenues/Sales 48.6 36.7 26.0
Cost of Sales NA 5.4 3.9
Gr Oper Profit NA 31.3 22.1
S,G & A Expenses NA 29.2 16.9
Deprec & Amort NA 1.5 1.0
Interest Expense NA 0.0 0.0
Pretax Income NA 1.8 4.6
Income Taxes NA 2.9 1.8
Minority Interest NA 0.0 0.0
Net Inc Cont Ops 6.7 -1.1 2.8
Net Inc Disc Ops 0.0 0.0 0.0
Net Inc Tot Ops 6.7 -1.1 2.8
Extra Inc (Loss) 0.0 0.0 0.0
Net Income 6.7 -1.1 2.8
EPS Cont Ops 0.89 -0.16 0.44
EPS Disc Ops 0.00 0.00 0.00
EPS Total Ops 0.89 -0.16 0.44
EPS Extra Inc 0.00 0.00 0.00
EPS fr Net Income 0.89 -0.16 0.44
Domestic Sales NA NA NA
Foreign Sales NA NA NA
Income Statement YTD (last annual value if no qtrly aval for cur yr)
Revenues/Sales($ Mil) 48.6
Inc fr Total Ops($ Mil) 6.7
EPS fr Total Ops($) 0.89
Dividends per Share($) 0.00
Selected Cash Flow Statement Items ($ Mil)
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995
Net Income NA -1.1 2.8
Deprec & Amort NA 1.5 1.0
Chg Receivables NA -3.6 -1.7
Chg Payables NA -0.9 0.8
Net Cash fr Ops NA 1.6 5.7
Net Cash fr Inv NA -5.6 -1.0
Net Cash fr Fin NA 0.6 22.7
Eff Exch Rate Chg NA 0.0 0.0
Net Chg Cash & Eq NA -3.4 27.4
Cash Begin Period NA 33.9 6.5
Key Financial Ratios
Fiscal Year End 12/31/1997 12/31/1996 12/31/1995
Book Value P/S NA 5.05 5.03
Price/Book Val(%) NA 601 353
Debt/Equity(%) NA 0 0
LT Debt % Inv Cap NA 0.0 0.0
LT Debt % Tot Dbt NA 0.0 0.0
Dbt % Tot Assets NA 20.6 22.8
Quick Ratio NA 4.3 4.0
Current Ratio NA 4.6 4.2
Revenue/Assets(%) NA 80 60
Price/Revenue(%) 472 608 470
Cash % Revenue NA 83.1 130.4
Pre-Tax Mgn(%) NA 4.9 17.7
Post-Tax Mgn(%) 13.8 -3.0 10.8
Eff Tax Rate(%) NA 161.1 39.1
Asset Turnover NA 0.8 NC
Receivable Turn NA 5.5 NA
Inventory Turn NA NC NA
Ret on Equity(%) NA NE 8.1
Ret Invest Cap(%) NA -3.0 8.1
Ret on Assets(%) NA -2.4 6.3
Growth Rates
5-Yr Annual EPS Growth NC
5-Yr Annual Div Growth NC
5-Yr Annual Revenue Growth NC
% Change EPS YTD vs Last YTD NE
$ Change in EPS this YTD vs Last YTD 1.05
Key Competitors
Applix
Arbor Software
BARRA
DST
FactSet
Melson Technologies
Omega Research
PMC International
PowerTrader
SS&C Technologies
SunGard Data Systems
Symix
Thomson Corporation
Track Data
Business Background
OVERVIEW
Tracking investments is old hat to Advent. The world's #1 provider of
portfolio software, the San Francisco-based company's products
automate and integrate the investment management process, from making
decisions about investments (Axys) to reconciling multiple bank
accounts (Rex). Advent also offers software for trading and order
management (Moxy), handling of client contacts (Qube), and Internet
investment tracking (Web-View), and it provides various support
services to its customers, which include investment advisors,
brokerage firms, banks, universities, and corporations. Cofounder and
CEO Stephanie DiMarco owns about 17% of the company.
DiMarco was a financial analyst in her early 20s when she was
asked to oversee the job of putting back-office operations on
computer. The IBM PC came out soon afterward, and DiMarco foresaw a
promising market, starting Advent in 1985 with programmer Steve
Strand. The following year the company sold its first product,
Professional Portfolio, designed to help small and midsize investment
firms with accounting, compliance, and record keeping. Annual sales
were over $4 million by 1990. The company introduced Axys, the first
Windows-based portfolio management system software, in 1993. That year
DiMarco bought out Strand. In 1994 and 1995 the company added software
for investment firms of all sizes and for a broader range of
functions, with new products including Geneva (a high-end, portfolio
management system for complex global accounting systems).
Advent went public in late 1995; DiMarco, one of the few female
CEOs in the software industry, helped out on the 30-city IPO road show
while 7-1/2 months pregnant. The next year the company bought Data
Exchange (a maker of portfolio and trade order software designed for
regional broker/dealers and money managers with more than $1 billion
in managed assets) for $4.8 million.
In 1997, to ensure management depth as the company continued its
steep growth curve, Advent Software promoted Peter Caswell, who had
headed sales, marketing, and professional services, to the new
position of president and COO.
Data Source: Media General Financial Services except Hoover's Inc., Austin, TX, for Key Competitors, Business Background |
