F2Q15 a Good Quarter Against A Low Bar

Technology: Enterprise Software | Kevin Buttigieg, Managing Director/Senior Analyst | December 18, 2014 (Read Report)

Total revs beat consensus by $100mn despite -4% impact from FX vs expectations of -2%. EPS
of $0.69 was $0.01 ahead of the consensus despite taxes costing an additional $0.01.

Hardware Mostly Responsible. Hardware Product revenues drove most of the upside ($56mn)
followed by Hardware Support ($23mn) and Total Software ($18mn). Within Software, IaaS drove
the upside while SaaS & PaaS were largely in line as was the on-premise software business,
though licenses were weak (-4% Y/Y vs us at -1%) which was offset by maintenance. (Read more)