TIBCO Software Inc.
Company: TIBCO Software Inc., Palo Alto, CA U.S.A
Company Description: TIBCO Software Inc. is a provider of infrastructure software for companies to use on-premise or as part of cloud computing environments. TIBCO provides companies the two-second advantage™ – the ability to capture the right information, at the right time, and act on it preemptively for a competitive advantage.
Nomination Category: Individual Categories
Nomination Sub Category: Best Executive – Non-Services Businesses – up to 2,500 Employees
Nomination Title: Sydney Carey, Executive Vice President and Chief Financial Officer
Describe for the judges the activities and accomplishments of the nominated executive during the eligibility period (up to 500 words):
Across companies of all sizes, only 8 percent of CFOs are female. In a job and
an industry dominated by men, Sydney Carey is proving that she can exceed
expectations. With Ms. Carey operating as Executive Vice President and Chief
Financial Officer of TIBCO Software Inc. while also juggling four year-old twins
at home, the company is experiencing some of its most profitable quarters to
date. It is no secret that corporate financial management was more difficult
than ever in 2009, but Ms. Carey’s vision and efforts continue to drive TIBCO to
exceed earnings estimates for the last nine quarters with 29 consecutive
quarters of profitability.
What Recession
Despite the economy and with its customers under pressure to do more with less,
TIBCO has trailing 12 months revenue totaling more than $700 million. Within
finance, there is what Ms. Carey refers to as the “4 Levers” for earnings per
share (EPS) growth: cost control, revenue growth, cash for acquisitions, and
cash for stock buyback. 2009’s economic environment was characterized by two of
those levers—expense control and a promise of EPS growth.
During the recession of 2009, TIBCO operating margins expanded 400 basis points
to 22.5 percent with record operating profits and EPS growth of 17 percent. This
was accomplished with essentially flat to slightly down revenue growth. With the
expense controls enacted by Ms. Carey, TIBCO maintained its quota head count and
research and development capacity which left the company competitively
positioned as it moved into 2010.
Moving into 2010, TIBCO shows no intention of slowing down. Ms. Carey is calling
2010 the year of growth and leverage, and she is delivering. Year to date
revenues are up 20% and operating margins continue to expand which has resulted
in EPS up 36 percent. In Q2, shares jumped 11 percent and have returned 85
percent during the past 12 months, outperforming the S&P 500 Index by nearly 70
percentage points. The company has posted accelerated growth for the fourth
consecutive quarter. Part of this growth can be attributed to TIBCO’s six
acquisitions within the past year which help complement its current technology
stack and broaden its market-sector focus.
Ms. Carey points to the back office integration of these companies and the
streamlining of their processes and systems as one of her biggest
accomplishments. By streamlining processes the company has been able to more
quickly integrate new acquisitions –more within the past year than ever before
in the history of the company.
Success Continues: Stock Hits Nine-Year High
TIBCO stock has exploded in 2010 doubling over the last year alone with a 90
percent gain year to date, and still climbing. Third quarter total revenue for
2010 of $184.5 million was up 23 percent over the third quarter of 2009. Other
highlights include:
• The repurchase of 2.7 million shares
• Breaking new quarterly records for a non-Q4 in license revenue, total revenue,
operating profit and EPS
• Double-digit growth rates across TIBCO’s major regions in the Americas,
Europe, and Asia-Pacific
List the URLs (web addresses) of any online news stories, press releases, or other documents that you would like the judges to see that support your entry. IMPORTANT: List each URL on a separate line, begin each URL with http://, and enclose each URL in square brackets. For example, [http://www.yourcompany.com/pressrelease.html]:
http://static.tibco.com/images/stock-performance-ytd-2010.gif
Provide a brief biography of the nominated executive (up to 100 words):
Sydney Carey
Executive Vice President and Chief Financial Officer
Ms. Carey joined TIBCO in 2004. Prior to TIBCO, she was Chief Financial Officer
at a number of companies: Vernier Networks, Pacific Broadband Communications and
Entera. Ms. Carey has also held a variety of positions with Network Associates,
including Vice President of Worldwide Sales Finance and Operations. Ms. Carey
holds a B.A. in economics from Stanford University.