CA, Inc. (NASDAQ:CA), one of the world�s largest independent
software companies, today announced results for its fourth quarter
and full-fiscal year 2008, ended March 31, 2008. �CA has reported
another solid quarter, capping a fiscal year that saw the Company
make significant progress,� said CA Chief Executive Officer John
Swainson. �We focused our direct sales force and our channel
partners on forging strong business relationships with our
customers and on selling new software licenses to new and existing
customers, which resulted in double-digit bookings growth for the
year. We also made considerable progress on our expense management,
driving strong improvements in our operating margins. �We entered
fiscal year 2009 with good momentum and will continue to focus in
this current economic environment on doing the things that drive
revenue and increase profit, on developing the market�s most
innovative IT management software products, and on achieving
overall operational excellence,� Swainson continued. �We are
issuing an annual outlook that reflects our operational momentum
and our confidence in our ability to execute.� Total revenue for
the fourth quarter was $1.085 billion, up 8 percent, or 2 percent
in constant currency, from $1.005 billion reported in the same
period last fiscal year. For the full fiscal year, revenue was
$4.277 billion, up 8 percent, or 4 percent in constant currency,
from the $3.943 billion reported in fiscal year 2007. Total North
American revenue was up 2 percent in the fourth quarter while
revenue from international operations was up 16 percent, or 3
percent on a constant currency basis, compared with the same period
last year. Total product and services bookings in the fourth
quarter were $1.468 billion, up 30 percent compared with $1.133
billion reported in the prior year period. For the full fiscal
year, total product and services bookings were $4.537 billion, up
15 percent from the $3.938 billion reported in the 2007 fiscal
year. During the year, the Company signed 61 license agreements
greater than $10 million, for a total of about $1.4 billion,
compared with 42 license agreements totaling about $1.1 billion in
fiscal year 2007. The weighted average of direct bookings in fiscal
year 2008 was 3.22 years, compared with 3.29 years in the prior
fiscal year. Total expenses, before interest and income taxes, for
the fourth quarter were $935 million, a decrease of 8 percent,
compared with $1.017 billion in the prior year period. The fourth
quarter was affected positively by a decrease in amortization of
capitalized software and lower restructuring costs compared with
last year�s comparable period. In the fourth quarter, GAAP
operating income, before interest and income taxes, was $150
million, representing an operating margin of 14 percent, an
improvement from the prior year period�s operating loss. Total
expenses, before interest and income taxes, for the 2008 fiscal
year were $3.423 billion, a decrease of 8 percent, compared with
the $3.729 billion reported in fiscal year 2007. Full year total
expenses also were affected positively by a decrease in
amortization of capitalized software and lower restructuring costs
compared with the last fiscal year. For the full year, GAAP
operating income, before interest and income taxes, was $854
million, representing an operating margin of 20 percent, a 15
percentage point improvement over the prior-year period. On a
non-GAAP basis, which excludes purchased software and intangibles
amortization, and restructuring and other costs, the Company
reported fourth quarter operating expenses of $831 million,
virtually flat with the $830 million reported in the prior year
period. Excluding the negative impact of currency, fourth quarter
non-GAAP operating expenses were down 6 percent year-over-year. For
the fourth quarter, non-GAAP operating income, before interest and
incomes taxes, was $254 million, up 45 percent from the prior year
period and representing a non-GAAP operating margin of 23 percent,
a 6 percentage point improvement from the fourth quarter of fiscal
year 2007. The Company reported full year non-GAAP operating
expenses of $3.177 billion, up slightly from the $3.160 billion
reported in the prior year. Excluding the negative impact of
currency, non-GAAP operating expenses were down 3 percent
year-over-year. For the full year, non-GAAP operating income,
before interest and income taxes, was $1.100 billion, representing
an operating margin of 26 percent, a 6 percentage point improvement
year-over-year. Excluding stock-based compensation, the full-year
non-GAAP operating margin was 28 percent. The Company reported
fourth-quarter GAAP income from continuing operations of $71
million or $0.13 per diluted common share, compared with a loss of
$20 million or ($0.04) per diluted common share a year earlier. For
the full year, GAAP income from continuing operations was $500
million, or $0.93 per diluted common share, compared with $121
million, or $0.22 per diluted common share in fiscal 2007. CA
recorded non-GAAP income from continuing operations of $117 million
for the fourth quarter, or $0.22 per diluted common share, compared
with $109 million, or $0.20 per diluted common share, reported a
year earlier. For the full fiscal year, non-GAAP income from
continuing operations was $642 million, up 29 percent from the $499
million recorded in fiscal year 2007, while non-GAAP earnings per
diluted common share was $1.19, an increase of 35 percent, over the
$0.88 reported in fiscal year 2007. Both GAAP and non-GAAP income
from continuing operations were affected by several discrete tax
charges in the fourth quarter, which reduced full-year GAAP
earnings per share by 2 cents per share and non-GAAP earnings by 6
cents per share. In addition, GAAP earnings per share in the fourth
quarter were reduced by 4 cents due to increased restructuring
expenses. The Company reported cash flow from operations of $690
million in the fourth quarter, up 32 percent compared with $521
million in the fourth quarter of fiscal year 2007. Cash flow from
operations for the full fiscal year was $1.103 billion, up 3
percent from the $1.068 billion reported in the prior-year period.
The Company recorded restructuring payments of $22 million in the
fourth quarter and $92 million for the full 2008 fiscal year.
Capital Structure The balance of cash, cash equivalents and
marketable securities at March 31, 2008, was $2.796 billion. With
$2.582 billion in total debt outstanding, the Company has a net
cash position of $214 million. Outlook for Fiscal Year 2009 The
Company issued its fiscal year 2009 annual outlook based on current
expectations. The following represents �forward-looking statements�
(as defined below). Total product and services bookings growth in
the mid- to- high single digits; Total revenue growth of 2 to 4
percent in constant currency, or $4.5 billion to $4.6 billion when
translated at current foreign currency exchange rates, representing
reported growth of 5 to 7 percent. GAAP earnings from continuing
operations per common diluted share of $1.28 to $1.35. The outlook
includes about $30 million in charges related to previously
disclosed restructuring plans; Non-GAAP operating earnings per
share of $1.45 to $1.52 per diluted common share, an increase of 22
percent to 28 percent; and Full-year cash flow from operations of
$1.150 billion to $1.180 billion, an increase of 4 percent to 7
percent. The outlook includes about $120 million in payments
related to previously disclosed restructuring plans and cash taxes
flat with fiscal year 2008. Except as otherwise noted, guidance
reflects current foreign currency exchange rates, assumes no
acquisitions and a partial hedge of operating income. The Company
anticipates approximately 517 million shares outstanding at fiscal
2009 year-end and a weighted average diluted share count of
approximately 541 million for the fiscal year. The Company also
expects a full-year tax rate on non-GAAP income of approximately 37
percent. A reconciliation of each non-GAAP measure referenced in
this press release to its most directly comparable GAAP financial
measure is included in the tables provided as part of this news
release. This news release and the accompanying tables should be
read in conjunction with additional content that is available on
the Company�s website, including a supplemental financial package
and related slide presentation as well as a webcast that the
Company will host at 5 p.m. ET today to discuss its fourth quarter
and full fiscal year 2008 results. The webcast will be archived on
the website. Individuals can access the webcast, as well as this
press release and supplemental financial information, at
http://ca.com/invest or listen to the call at
1-877-809-1564.�International participants can listen to the call
at 1-706-634-8757. About CA CA (NASDAQ: CA), one of the world's
largest independent software companies, provides software solutions
to unify and simplify� IT management. With CA's Enterprise IT
Management (EITM) vision and expertise, organizations can more
effectively govern, manage and secure IT to optimize business
performance and sustain competitive advantage. Founded in 1976, CA
serves customers in virtually every country in the world. For more
information, please visit www.ca.com. Non-GAAP Financial Measures
This news release, the accompanying tables and the additional
content that is available on the Company's website, including a
supplemental financial package, includes certain financial measures
that exclude the impact of certain items and therefore have not
been calculated in accordance with U.S. generally accepted
accounting principles (GAAP). Non-GAAP metrics for operating
expenses, operating income, operating margin, income from
continuing operations and diluted earnings per share exclude the
following items: non-cash amortization of purchased software and
other intangibles, charges for in-process research and development
costs, and restructuring and other charges. Non-GAAP income from
continuing operations also excludes the interest on convertible
bonds. The effective tax rate on GAAP and non-GAAP income from
continuing operations, respectively, is the Company�s provision for
income taxes expressed as a percentage of GAAP and non-GAAP
earnings from continuing operations before income taxes. Such tax
rates reflect the statutory tax rate after adjustments for the
impacts of certain discrete items (such as tax rate changes in
non-US jurisdictions, reconciliations of tax filings to tax
provisions and resolutions of tax contingencies). Non-GAAP adjusted
cash flow excludes restructuring and other payments and SEC
settlement payments. Free cash flow excludes capital expenditures.
These non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies. Non-GAAP financial
measures should not be considered as a substitute for, or superior
to, measures of financial performance prepared in accordance with
GAAP. By excluding these items, non-GAAP financial measures
facilitate management's internal comparisons to the Company's
historical operating results and cash flows, to competitors'
operating results and cash flows, and to estimates made by
securities analysts. Management uses these non-GAAP financial
measures internally to evaluate its performance and they are key
variables in determining management incentive compensation. The
Company believes these non-GAAP financial measures are useful to
investors in allowing for greater transparency of supplemental
information used by management in its financial and operational
decision-making. In addition, the Company has historically reported
similar non-GAAP financial measures to its investors and believes
that the inclusion of comparative numbers provides consistency in
its financial reporting. Investors are encouraged to review the
reconciliation of the non-GAAP financial measures used in this news
release to their most directly comparable GAAP financial measures,
which are attached to this news release. Cautionary Statement
Regarding Forward-Looking Statements Certain statements in this
communication (such as statements containing the words "believes,"
"plans," "anticipates," "expects," "estimates" and similar
expressions) constitute "forward-looking statements" that are based
upon the beliefs of, and assumptions made by, the Company�s
management, as well as information currently available to
management. These forward-looking statements reflect the Company�s
current views with respect to future events and are subject to
certain risks, uncertainties, and assumptions. A number of
important factors could cause actual results or events to differ
materially from those indicated by such forward-looking statements,
including: the timing of orders from customers and channel partners
may cause fluctuations in some of the Company�s key financial
metrics; given the global nature of the Company�s business,
economic factors or political events beyond the Company�s control
can affect its business in unpredictable ways; changes to the
compensation of the Company�s sales organization and changes to the
Company�s sales coverage model and organization could adversely
affect the Company�s business, financial condition, operating
results and cash flow; if the Company does not adequately manage
and evolve its financial reporting and managerial systems and
processes, including the successful implementation of its
enterprise resource planning software, its ability to manage and
grow its business may be harmed; the Company may encounter
difficulty in successfully integrating acquired companies and
products into its existing businesses; the Company is subject to
intense competition in product and service offerings and pricing
and increased competition is expected in the future; the Company�s
business may suffer if it is not able to retain and attract
qualified personnel, including key managerial, technical, marketing
and sales personnel; failure to adapt to technological change in a
timely manner could materially adversely affect the Company�s
revenue and earnings; if the Company's products do not remain
compatible with ever-changing operating environments, it could lose
customers and the demand for its products and services could
decrease; the Company may lose access to third party operating
systems or certain third party software that the Company uses in
daily operations, either of which could delay product development
and production; certain software the Company uses is from open
source code sources, which, under certain circumstances, may lead
to unintended consequences; discovery of errors in the Company�s
software could materially adversely affect the Company�s revenue
and earnings and subject the Company to product liability claims,
which may be costly and time consuming; the Company's credit
ratings have been downgraded in the past and could be downgraded
further which would require the Company to pay additional interest
under its credit agreement and could adversely affect its ability
to borrow; the Company has a significant amount of debt; the
failure to protect the Company's intellectual property rights and
source code would weaken its competitive position; the Company may
become dependent upon large transactions; the Company�s sales to
government clients subject it to risks, including early
termination, audits, investigations, sanctions and penalties; the
Company�s software products and the Company�s and customers� data
centers and IT environments may be subject to hacking or other
breaches, harming the market perception of the effectiveness of the
Company�s products; general economic conditions may lead the
Company's customers to delay or forgo technology upgrades; the
market for some or all of the Company's key product areas may not
grow; the use of third party microcode could negatively affect the
Company�s product development; the Company may lose access to third
party operating systems, which could negatively affect the
Company�s product development; third parties could claim that the
Company's products infringe their intellectual property rights or
that the Company owes royalty payments; fluctuations in foreign
currencies could result in translation losses; the Company has
outsourced various functions to third parties and these
arrangements may not be successful; potential tax liabilities may
materially adversely affect the Company�s results; and the other
factors described in the Company's filings with the Securities and
Exchange Commission. The Company assumes no obligation to update
the information in this communication, except as otherwise required
by law. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof.
Copyright � 2008 CA, Inc. All Rights Reserved. One CA Plaza,
Islandia, N.Y. 11749. All trademarks, trade names, service marks,
and logos referenced herein belong to their respective companies.
Table 1 CA, Inc. Condensed Consolidated Statements of Operations
(in millions, except per share amounts) (unaudited) � � Three
Months Ended � Fiscal Year Ended March 31, March 31, 2008 � 2007
2008 � 2007 Revenue: � � � � Subscription and maintenance revenue $
951 $ 878 $ 3,762 $ 3,458 Professional services 103 93 383 351
Software fees and other � 31 � � 34 � � 132 � 134 � Total revenue �
1,085 � � 1,005 � � 4,277 � 3,943 � � Expenses: Costs of licensing
and maintenance 72 67 267 244 Cost of professional services 85 98
350 326 Amortization of capitalized software costs 30 83 117 354
Selling and marketing 352 307 1,258 1,269 General and
administrative 152 183 632 646 Product development and enhancements
133 138 516 544 Depreciation and amortization of other intangible
assets 39 41 156 148 Other (gains) expenses, net (2 ) - 6 (13 )
Restructuring and other 74 100 121 201 Charge for in-process
research and development costs � - � � - � � - � 10 � Total
expenses before interest and income taxes � 935 � � 1,017 � � 3,423
� 3,729 � Income (loss) from continuing operations before interest
and income taxes 150 (12 ) 854 214 Interest expense, net � 9 � � 15
� � 46 � 60 � Income (loss) from continuing operations before
income taxes 141 (27 ) 808 154 Income tax expense (benefit) � 70 �
� (7 ) � 308 � 33 � Income (loss) from continuing operations 71 (20
) 500 121 Loss from discontinued operations, inclusive of realized
losses on sale, net of income taxes � � - � � - � � - � (3 ) NET
INCOME (LOSS) $ 71 � $ (20 ) $ 500 $ 118 � � Basic income (loss)
per share $ 0.14 $ (0.04 ) $ 0.97 $ 0.22 Basic weighted average
shares used in computation 510 525 514 544 � Diluted income (loss)
per share (1) $ 0.13 $ (0.04 ) $ 0.93 $ 0.22 Diluted weighted
average shares used in computation(1) � 537 525 541 569 (1) Net
income and the number of shares used in the computation of diluted
EPS was computed by dividing (i) the sum of net income and the
after-tax amount of interest expense recognized in the period
associated with outstanding dilutive convertible senior notes by
(ii) the sum of the weighted average number of common shares
outstanding for the period and dilutive common share equivalents.
Table 2 CA, Inc. Condensed Consolidated Balance Sheets (in
millions) (unaudited) � � March 31, March 31, 2008 2007(1) � Cash,
cash equivalents and marketable securities $ 2,796 $ 2,280 Trade
and installment accounts receivable, net 970 967 Deferred income
taxes 623 638 Other current assets � 79 � � 71 � � Total current
assets 4,468 3,956 � Installment accounts receivable, due after one
year, net 234 334 Total property and equipment, net 496 469 �
Purchased software products, net of accumulated amortization 171
203 Goodwill 5,351 5,345 Deferred income taxes 293 402 Other
noncurrent assets � 743 � � 808 � � Total assets $ 11,756 � $
11,517 � � Current portion of long-term debt and loans payable $
361 $ 11 Deferred revenue (billed or collected) - current 2,664
2,383 Deferred income taxes 106 199 Other current liabilities �
1,147 � � 1,414 � � Total current liabilities 4,278 4,007 �
Long-term debt, net of current portion 2,221 2,572 Deferred income
taxes - noncurrent 200 312 Deferred revenue (billed or collected) �
noncurrent 1,036 893 Other noncurrent liabilities � 312 � � 79 � �
Total liabilities � 8,047 � � 7,863 � � Common stock 59 59
Additional paid-in capital 3,565 3,547 Retained earnings 2,174
1,744 Accumulated other comprehensive loss (101 ) (96 ) Treasury
stock � (1,988 ) � (1,600 ) � Total stockholders� equity � 3,709 �
� 3,654 � � Total liabilities and stockholders� equity $ 11,756 � $
11,517 � (1) Certain balances have been adjusted and reclassified
to conform to current period presentation. Table 3 CA, Inc.
Condensed Consolidated Statements of Cash Flows (in millions)
(unaudited) � � � Three Months Ended Fiscal Year Ended March 31,
March 31, OPERATING ACTIVITIES: 2008 � 2007(1) 2008 � 2007(1) � � �
� Net income (loss) $ 71 $ (20 ) $ 500 $ 118 Loss from discontinued
operations, net of income taxes � - � � - � � - � � 3 � Income
(loss) from continuing operations 71 (20 ) 500 121 Adjustments to
reconcile income (loss) from continuing operations to net cash
provided by continuing operating activities: Depreciation and
amortization 69 124 273 502 (Provision for) decrease in deferred
income taxes (50 ) 118 (4 ) (217 ) Provision for bad debts 1 2 23 4
Non-cash stock based compensation expense 26 32 122 116 Non-cash
charge for purchased in-process research and development - - - 10
Loss (gain) on sale of assets 8 (4 ) 12 (18 ) Charge for impairment
of assets 6 16 6 16 Foreign currency transaction gain - before
taxes (9 ) (1 ) (28 ) - Decrease in trade and current installment
accounts receivable, net 35 28 71 195 (Increase) decrease in
noncurrent installment accounts receivable, net (31 ) 2 40 79
Increase in deferred subscription revenue (billed or collected) �
current & noncurrent 535 336 258 294 Decrease in taxes payable,
net (89 ) (258 ) (82 ) (93 ) Increase (decrease) in accounts
payable, accrued expenses and other 14 77 (95 ) (12 ) Restructuring
and other, net 49 57 12 77 Changes in other operating assets and
liabilities � 55 � � 12 � � (5 ) � (6 ) NET CASH PROVIDED BY
CONTINUING OPERATING ACTIVITIES 690 521 1,103 1,068 � INVESTING
ACTIVITIES: Acquisitions, primarily goodwill, purchased software,
and other intangible assets, net of cash acquired - (39 ) (27 )
(212 ) Settlements of purchase accounting liabilities - (3 ) (7 )
(21 ) Purchases of property and equipment (36 ) (32 ) (117 ) (150 )
Proceeds from sale of assets 11 5 46 223 (Purchases) sales of
marketable securities, net - - (3 ) 44 Increase (decrease) in
restricted cash 1 - 1 (1 ) Capitalized software development costs �
(33 ) � (27 ) � (112 ) � (85 ) NET CASH USED IN INVESTING
ACTIVITIES (57 ) (96 ) (219 ) (202 ) � FINANCING ACTIVITIES:
Dividends paid (19 ) (21 ) (82 ) (88 ) Purchases of common stock -
(2 ) (500 ) (1,216 ) Debt (repayments) borrowings, net (1 ) (2 ) (9
) 746 Debt issuance costs - - (3 ) - Exercise of common stock
options and other � 3 � � 19 � � 22 � � 43 � NET CASH USED IN
FINANCING ACTIVITIES � (17 ) � (6 ) � (572 ) � (515 ) INCREASE IN
CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES ON
CASH 616 419 312 351 Effect of exchange rate changes on cash � 102
� � 23 � � 208 � � 93 � INCREASE IN CASH AND CASH EQUIVALENTS 718
442 520 444 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD �
2,077 � � 1,833 � � 2,275 � � 1,831 � CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 2,795 � $ 2,275 � $ 2,795 � $ 2,275 � (1) Certain
balances have been adjusted and reclassified to conform to current
period presentation. Table 4 CA, Inc. Reconciliation of GAAP
Results to Non-GAAP Income from Continuing Operations (in millions,
except per share data) (unaudited) � � � � � � � � � � Three Months
Ended Fiscal Year Ended March 31, March 31, 2008 2007 2008 2007
Total revenue $ 1,085 $ 1,005 $ 4,277 $ 3,943 Total expenses before
interest and income taxes � 935 � � 1,017 � � 3,423 � � 3,729 � � �
Income (loss) from continuing operations before interest and income
taxes (1) 150 (12 ) 854 214 GAAP Operating Margin (% of revenue) 14
% (1 )% 20 % 5 % � Non-GAAP operating adjustments: Purchased
software amortization 15 70 60 300 Intangibles amortization 15 17
65 58 Restructuring and other 74 100 121 201 Charge for in-process
research and development costs � - � � - � � - � � 10 � Total
non-GAAP operating adjustments � 104 � � 187 � � 246 � � 569 �
Non-GAAP operating income before interest and income taxes 254 175
1,100 783 Non-GAAP Operating Margin (% of revenue) (2) 23 % 17 % 26
% 20 % � Interest expense, net 9 15 46 60 Interest on dilutive
convertible bonds � (2 ) � (2 ) � (8 ) � (8 ) � Non-GAAP income
from continuing operations before income taxes 247 162 1,062 731 �
Income tax provision (3) � 130 � � 53 � � 420 � � 232 � Non-GAAP
income from continuing operations $ 117 � $ 109 � $ 642 � $ 499 � �
Non-GAAP diluted EPS(4) $ 0.22 � $ 0.20 � $ 1.19 � $ 0.88 � Diluted
weighted average shares used in computation(4) 537 551 541 569 (1)
� See the Condensed Consolidated Statement of Operations in Table 1
for a bridge from income (loss) from continuing operations before
interest and income taxes to income (loss) from continuing
operations. � (2) Excluding stock based compensation of $104
million and $93 million, non-GAAP operating margin would have been
28% and 22% for the fiscal years ended March 31, 2008 and 2007,
respectively. � (3) The effective tax rate on income from
continuing operations is the Company's provision for income taxes
expressed as a percentage of earnings from continuing operations
before income taxes. Such tax rate reflects the statutory tax rate
after adjustments for the impacts of certain discrete items (such
as tax rate changes in non-US jurisdictions, reconciliations of tax
filings to tax provisions and resolutions of tax contingencies). �
(4) Non-GAAP income from continuing operations and the number of
shares used in the computation of non-GAAP diluted EPS for all
periods presented have been adjusted to reflect the dilutive impact
of the Company's 1.625 % Convertible Senior Notes and stock awards
outstanding. � Refer to the discussion of Non-GAAP financial
measures included in the accompanying press release for additional
information. Table 5 CA, Inc. Reconciliation of GAAP to Non-GAAP
Operating Expenses (in millions) (unaudited) � � � Three Months
Ended Fiscal Year Ended March 31, March 31, 2008 � 2007 2008 � 2007
� � � � Total expenses before interest and income taxes $ 935 $
1,017 $ 3,423 $ 3,729 � � Non-GAAP operating adjustments: Purchased
software amortization 15 70 60 300 Intangibles amortization 15 17
65 58 Restructuring and other costs 74 100 121 201 Charge for
in-process research and development costs � - � - � - � 10 Total
non-GAAP operating adjustments � 104 � 187 � 246 � 569 � Total
non-GAAP operating expenses $ 831 $ 830 $ 3,177 $ 3,160 Refer to
the discussion of Non-GAAP financial measures included in the
accompanying press release for additional information. Table 6 CA,
Inc. Reconciliation of GAAP Diluted Earnings per Share to Non-GAAP
Diluted Earnings per Share �(unaudited) � � � � � � � � � Three
Months Ended Fiscal Year Ended March 31, March 31, 2008 2007 2008
2007 � GAAP diluted earnings per share $ 0.13 $ (0.04 ) $ 0.93 $
0.22 � Non-GAAP adjustments, net of taxes � Purchased software and
intangibles amortization 0.04 0.11 0.15 0.40 Restructuring and
other charges 0.09 0.13 0.15 0.22 Interest on convertible bonds - -
0.01 0.01 Charge for in-process research and development costs - -
- 0.01 Non-GAAP effective tax rate adjustments (1) � (0.04 ) � - �
� (0.05 ) � 0.02 � Non-GAAP diluted earnings per share $ 0.22 $
0.20 $ 1.19 $ 0.88 (1) The effective tax rate on income from
continuing operations is the Company�s provision for income taxes
expressed as a percentage of earnings from continuing operations
before income taxes. Such tax rate reflects the statutory tax rate
after adjustments for the impacts of certain discrete items (such
as tax rate changes in non-US jurisdictions, reconciliations of tax
filings to tax provisions and resolutions of tax contingencies).
Refer to the discussion of Non-GAAP financial measures included in
the accompanying press release for additional information. Table 7
CA, Inc. Effective Tax Rate Reconciliation GAAP and Non-GAAP (in
millions) (unaudited) � � Three Months Ended Fiscal Year Ended
March 31, 2008 March 31, 2008 GAAP � Non-GAAP GAAP � Non-GAAP �
Income from continuing operations before Income taxes(1) $ 141 $
247 $ 808 $ 1,062 � Statutory tax rate 35 % 35 % 35 % 35 % � Tax at
statutory rate 49 86 283 372 � Adjustments for discrete items and
state tax provision(2) � 21 � � 44 � � 25 � � 48 � � Total tax
expense $ 70 � $ 130 � $ 308 � $ 420 � � Effective tax rate(3) 49.6
% 52.6 % 38.1 % 39.5 % (1) � See Table 4 for a reconciliation of
Income from continuing operations before interest and income taxes
on a GAAP basis to Income from continuing operations before income
taxes on a non-GAAP basis. � (2) Certain FY08 adjustments for
discrete items impact only the GAAP effective tax rate but not the
non-GAAP effective tax rate because such items relate to tax
aspects of matters previously included for GAAP purposes but
excluded for non-GAAP purposes. As such, the Company has similarly
excluded tax benefits associated with such discrete items from its
current year determination of its non-GAAP effective tax rate. �
(3) The effective tax rate on income from continuing operations is
the Company's provision for income taxes expressed as a percentage
of earnings from continuing operations before income taxes. Such
tax rate reflects the statutory tax rate after adjustments for the
impacts of certain discrete items (such as tax rate changes in
non-US jurisdictions, reconciliations of tax filings to tax
provisions and resolutions of tax contingencies). � � � Refer to
the discussion of Non-GAAP financial measures included in the
accompanying press release for additional information. Table 8 CA,
Inc. Reconciliation of Projected GAAP Earnings per Share to
Projected Non-GAAP Earnings per Share �(unaudited) � Fiscal Year
Ending March 31, 2009 � Projected GAAP diluted EPS from continuing
operations range $ 1.28 to $ 1.35 � Non-GAAP adjustments from
continuing operations, net of taxes Purchased software and
intangibles amortization 0.12 0.12 Restructuring and other charges
0.04 0.04 Impact from convertible senior notes 0.01 � 0.01 �
Non-GAAP projected diluted operating EPS range $ 1.45 to $ 1.52
Refer to the discussion of Non-GAAP financial measures included in
the accompanying press release for additional information.
Xtrackers California Mun... (NASDAQ:CA)
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Xtrackers California Mun... (NASDAQ:CA)
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