CA
$34.98
CA
($.13)
(.37%)
Earnings Details
4th Quarter March 2017
Thursday, May 11, 2017 4:05:04 PM
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Summary

CA Beats

CA (CA) reported 4th Quarter March 2017 earnings of $0.53 per share on revenue of $1.0 billion. The consensus earnings estimate was $0.49 per share on revenue of $997.4 million. The Earnings Whisper number was $0.52 per share. Revenue grew 0.3% on a year-over-year basis.

The company said it now expects fiscal 2017 non-GAAP earnings of $2.35 to $2.40 per share on revenue of $4.12 billion to $4.17 billion. The company's previous guidance was earnings of $2.42 to $2.47 per share on revenue of $4.01 billion to $4.03 billion and the current consensus earnings estimate is $2.45 per share on revenue of $4.02 billion for the year ending March 31, 2017.

CA Inc is a provider of enterprise information technology (IT) software and solution. It develops and delivers software and services that help organizations manage and secure their IT infrastructures and deliver more flexible IT services.

Results
Reported Earnings
$0.53
Earnings Whisper
$0.52
Consensus Estimate
$0.49
Reported Revenue
$1.01 Bil
Revenue Estimate
$997.4 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

CA Technologies Reports Fourth Quarter and Full Fiscal Year 2017 Results

4Q and FY2017 Revenue of $1.012 Billion and $4.036 Billion, Respectively

--4Q and FY2017 GAAP EPS of $0.38 and $1.85, Respectively

--4Q and FY2017 Non-GAAP EPS of $0.54 and $2.48, Respectively

4Q and FY2017 Cash Flow From Continuing Operations of $419 Million and $1,039 Million, Respectively

CA Technologies (CA) today reported financial results for its fourth quarter and full fiscal year 2017, which ended March 31, 2017.

Mike Gregoire, CA Technologies Chief Executive Officer, said:

"CA delivered strong performance both for the full year and the fourth quarter of fiscal 2017. We ended the year with momentum, and our fourth quarter performance enabled us to deliver most metrics at or above the high-end of our full year guidance ranges.

"I am particularly pleased with the quality of both our products and our sales execution. The success of our recent acquisitions gives me confidence that the strategic acquisitions of Automic and Veracode will create meaningful value within our product organization, to the benefit of both our customers and shareholders.

"This is an exciting time at CA. We are very enthusiastic about our opportunities in fiscal year 2018 and beyond. In many ways, we are just getting started."

FINANCIAL OVERVIEW

(dollars in millions, except share data)
Fourth Quarter FY17 vs. FY16
Full Year FY17 vs. FY16
FY17
FY16
%
%
FY17
FY16
%
%
Change
Change
Change
Change
CC*
CC*
Revenue
$1,012
$1,009
0%
1%
$4,036
$4,025
0%
1%
GAAP Income from Continuing Operations
$157
$171
(8)%
(7)%
$775
$769
1%
(1)%
Non-GAAP Income from Continuing Operations*
$227
$252
(10)%
(11)%
$1,042
$1,050
(1)%
(2)%
GAAP Diluted EPS from Continuing Operations
$0.38
$0.41
(7)%
(7)%
$1.85
$1.78
4%
2%
Non-GAAP Diluted EPS from Continuing Operations*
$0.54
$0.60
(10)%
(12)%
$2.48
$2.43
2%
1%
Cash Flow from Continuing Operations
$419
$471
(11)%
(11)%
$1,039
$1,034
0%
3%
* Non-GAAP income, Non-GAAP earnings per share and CC or Constant
Currency are non-GAAP financial measures, as noted in "Non-GAAP
Financial Measures" below. A reconciliation of non-GAAP financial
measures to their comparable GAAP financial measures is included in
the tables following this news release.

REVENUE AND BOOKINGS

Fourth Quarter
(dollars in millions)
Fourth Quarter FY17 vs. FY16
FY17
% of
FY16
% of
%
%
Total
Total
Change
Change
CC*
North America Revenue
$683
67%
$681
67%
0%
0%
International Revenue
$329
33%
$328
33%
0%
2%
Total Revenue
$1,012
$1,009
0%
1%
North America Bookings
$1,049
74%
$636
66%
65%
65%
International Bookings
$374
26%
$324
34%
15%
18%
Total Bookings
$1,423
$960
48%
49%
Current Revenue Backlog
$3,240
$3,113
4%
6%
Total Revenue Backlog
$7,556
$6,829
11%
12%
*CC or Constant Currency is a non-GAAP financial measure, as noted
in "Non-GAAP Financial Measures" below. A reconciliation of non-GAAP
financial measures to their comparable GAAP financial measures is
included in the tables following this news release.

Total revenue increased primarily as a result of an increase in software fees and other revenue, partially offset by decreases in subscription and maintenance revenue and professional services revenue. Our acquisition of Automic Holding GmbH (Automic) contributed approximately 2 points as reported and approximately 3 points in constant currency of revenue growth for the quarter.

Total bookings grew primarily due to an increase in renewals and an increase in new product sales.

The Company executed a total of 26 license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of $754 million. During the fourth quarter of fiscal 2016, the Company executed a total of 13 license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of $271 million.

The weighted average duration of subscription and maintenance bookings for the quarter was 3.56 years, compared with 2.66 years for the same period in fiscal 2016.

Full Year
(dollars in millions)
Full Year FY17 vs. FY16
FY17
% of
FY16
% of
%
%
Total
Total
Change
Change
CC*
North America Revenue
$2,716
67%
$2,712
67%
0%
0%
International Revenue
$1,320
33%
$1,313
33%
1%
2%
Total Revenue
$4,036
$4,025
0%
1%
North America Bookings
$3,329
70%
$2,987
70%
11%
12%
International Bookings
$1,434
30%
$1,260
30%
14%
15%
Total Bookings
$4,763
$4,247
12%
13%
*CC or Constant Currency is a non-GAAP financial measure, as noted
in "Non-GAAP Financial Measures" below. A reconciliation of non-GAAP
financial measures to their comparable GAAP financial measures is
included in the tables following this news release.

Total revenue increased primarily as a result of an increase in software fees and other revenue, partially offset by decreases in subscription and maintenance revenue and professional services revenue. Approximately 2 points of revenue growth for the year was attributable to our fiscal 2016 acquisitions of Rally Software Development Corp. (Rally) and Xceedium, Inc. (Xceedium) and our fiscal 2017 acquisition of Automic.

Total bookings grew primarily due to an increase in renewals and an increase in new product sales.

The Company executed a total of 72 license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of $2.450 billion. During fiscal 2016, the Company executed a total of 48 license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of $1.965 billion.

The weighted average duration of subscription and maintenance bookings for fiscal 2017 was 3.83 years, compared with 3.71 years for fiscal 2016.

EXPENSES, MARGIN AND EARNINGS PER SHARE

Fourth Quarter
(dollars in millions)
Fourth Quarter FY17 vs. FY16
FY17
FY16
%
%
Change
Change
CC**
GAAP
Operating Expenses Before Interest and Income Taxes
$797
$730
9%
10%
Operating Income Before Interest and Income Taxes
$215
$279
(23)%
(22)%
Diluted EPS from Continuing Operations
$0.38
$0.41
(7)%
(7)%
Operating Margin
21%
28%
Effective Tax Rate
20.7%
35.2%
Non-GAAP*
Operating Expenses Before Interest and Income Taxes
$693
$630
10%
12%
Operating Income Before Interest and Income Taxes
$319
$379
(16)%
(17)%
Diluted EPS from Continuing Operations
$0.54
$0.60
(10)%
(12)%
Operating Margin
32%
38%
Effective Tax Rate
24.8%
30.8%
*A reconciliation of non-GAAP financial measures to their comparable
GAAP financial measures is included in the tables following this
news release and noted in "Non-GAAP Financial Measures" below.
**CC or Constant Currency is a non-GAAP financial measure, as noted
in "Non-GAAP Financial Measures" below. A reconciliation of non-GAAP
financial measures to their comparable GAAP financial measures is
included in the tables following this news release.

GAAP and non-GAAP operating expenses increased due to an increase in expenses from the acquisition of Automic.

GAAP EPS was negatively impacted by $0.08 from a decrease in GAAP operating margin and by $0.02 from the Automic acquisition. These items were partially offset by a $0.07 impact from a decrease in GAAP effective tax rate.

Non-GAAP EPS was negatively impacted by $0.09 from a decrease in non-GAAP operating margin and by $0.02 from the Automic acquisition. These items were partially offset by a $0.04 impact from a decrease in non-GAAP effective tax rate.

Full Year
(dollars in millions)
Full Year FY17 vs. FY16
FY17
FY16
%
%
Change
Change
CC**
GAAP
Operating Expenses Before Interest and Income Taxes
$2,901
$2,890
0%
2%
Operating Income Before Interest and Income Taxes
$1,135
$1,135
0%
(2)%
Diluted EPS from Continuing Operations
$1.85
$1.78
4%
2%
Operating Margin
28%
28%
Effective Tax Rate
27.8%
29.1%
Non-GAAP*
Operating Expenses Before Interest and Income Taxes
$2,531
$2,494
1%
3%
Operating Income Before Interest and Income Taxes
$1,505
$1,531
(2)%
(3)%
Diluted EPS from Continuing Operations
$2.48
$2.43
2%
1%
Operating Margin
37%
38%
Effective Tax Rate
27.8%
29.1%
*A reconciliation of non-GAAP financial measures to their comparable
GAAP financial measures is included in the tables following this
news release and noted in "Non-GAAP Financial Measures" below.
**CC or Constant Currency is a non-GAAP financial measure, as noted
in "Non-GAAP Financial Measures" below. A reconciliation of non-GAAP
financial measures to their comparable GAAP financial measures is
included in the tables following this news release.

GAAP and non-GAAP operating expenses increased primarily as a result of fiscal 2017 having four quarters of expenses associated with our fiscal 2016 acquisitions of Rally and Xceedium, while fiscal 2016 only included three quarters of expense. In addition, fiscal 2017 included additional expenses from our fourth quarter acquisition of Automic. These increases were partially offset by a favorable foreign exchange effect.

GAAP operating expenses were also affected by lower amortization expenses of internally developed software products and other intangible assets.

GAAP EPS was positively impacted by $0.06 from an overall share count reduction and by $0.04 from favorable foreign exchange effect. These items were partially offset by a $0.03 impact from our acquisitions.

Non-GAAP EPS was positively impacted by $0.07 from an overall share count reduction and by $0.04 from favorable foreign exchange effect. These items were partially offset by a $0.03 impact from our acquisitions.

SELECTED QUARTERLY HIGHLIGHTS

CA Technologies was again named as a World’s Most Ethical Company by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.

For the fifth year in a row, CA Technologies was a recipient of the NorthFace ScoreBoard Award(SM) from Omega Management Group Corp. in recognition of achieving excellence in customer service and support for 2016.

CA Technologies was positioned in the Leaders quadrant of the 2017 Gartner Magic Quadrant for Identity Governance and Administration. (1)

CA Technologies was named an Overall Leader in Adaptive Authentication by KuppingerCole in its Leadership Compass report.(2)

CA Technologies completed the acquisition of Automic Holding GmbH, a leader in business process and IT automation software.

CA Technologies signed an agreement to acquire Veracode, Inc., a leading SaaS-based secure DevOps platform provider, and completed the acquisition on March 31, 2017.

SEGMENT INFORMATION

Fourth Quarter

(dollars in millions)
Fourth Quarter FY17 vs. FY16
Revenue
%
%
Operating Margin
Change
Change
CC*
FY17
FY16
FY17
FY16
Mainframe Solutions
$535
$547
(2)%
(1)%
59%
61%
Enterprise Solutions
$400
$380
5%
6%
1%
10%
Services
$77
$82
(6)%
(5)%
-3%
7%
*CC or Constant Currency is a non-GAAP financial measure, as noted
in "Non-GAAP Financial Measures" below. A reconciliation of non-GAAP
financial measures to their comparable GAAP financial measures is
included in the tables following this news release.

Mainframe Solutions revenue declined primarily due to insufficient revenue from prior period new sales to offset the decline in revenue contribution from renewals. Mainframe Solutions operating margin decreased primarily due to higher commission expense, as a result of an increase in Mainframe Solutions new product sales.

Enterprise Solutions revenue increased primarily due to an increase in software fees and other revenue. Automic contributed approximately 6 points of Enterprise Solutions revenue growth for the quarter. Enterprise Solutions operating margin decreased primarily due to expenses from the Automic acquisition and higher commission expense, as a result of an increase in Enterprise Solutions new product sales.

Services revenue decreased primarily due to a decline in professional services engagements from prior periods. This decline in professional services engagements was a result of several factors including our products being easier to install and manage, an increase in customers’ use of partners for services engagements and the completion of non-strategic projects during previous periods. Operating margin for Services decreased primarily due to an overall decline in professional services revenue and an increase in personnel-related costs as a result of severance actions during fiscal 2017.

Full Year
(dollars in millions)
Full Year FY17 vs. FY16
Revenue
%
%
Operating Margin
Change
Change
CC*
FY17
FY16
FY17
FY16
Mainframe Solutions
$2,182
$2,215
(1)%
(1)%
61%
61%
Enterprise Solutions
$1,553
$1,484
5%
5%
11%
10%
Services
$301
$326
(8)%
(7)%
0%
7%
*CC or Constant Currency is a non-GAAP financial measure, as noted
in "Non-GAAP Financial Measures" below. A reconciliation of non-GAAP
financial measures to their comparable GAAP financial measures is
included in the tables following this news release.

Mainframe Solutions revenue declined primarily due to insufficient revenue from new sales to offset the decline in revenue contribution from renewals.

Enterprise Solutions revenue increased primarily due to an increase in software fees and other revenue. Approximately 3 points of Enterprise Solutions revenue growth for the year was attributable to our fiscal 2016 acquisitions of Rally and Xceedium and our fiscal 2017 acquisition of Automic. Enterprise Solutions operating margin increased primarily due to an increase in revenue and, to a lesser extent, a decrease in one-time acquisition-related transaction costs compared with the year-ago period.

Services revenue decreased primarily due to a decline in professional services engagements from prior periods. This decline in professional services engagements was a result of several factors including our products being easier to install and manage, an increase in customers’ use of partners for services engagements and the completion of non-strategic projects during previous periods. Operating margin for Services decreased primarily due to an overall decline in professional services revenue and an increase in personnel-related costs as a result of severance actions during fiscal 2017.

CASH FLOW FROM OPERATIONS

Cash flow from continuing operations for the fourth quarter was $419 million, compared with $471 million in the prior year. Cash flow from operations was unfavorably affected by a $49 million payment in connection with a litigation settlement.

For the full year, cash flow from continuing operations was $1.039 billion, compared with $1.034 billion in the prior fiscal year. Cash flow from operations increased slightly due to a decrease in vendor disbursements and payroll and an increase in cash collections from billings from higher single installment collections. These favorable effects were offset by an increase in other disbursements, primarily due to the $49 million payment in connection with a litigation settlement and an increase in income tax payments.

CAPITAL STRUCTURE

-- Cash and cash equivalents at March 31, 2017 were $2.771 billion.

Approximately 60% of the Company’s cash and cash equivalents were held by foreign subsidiaries outside the United States at March 31, 2017.

In March 2017, the Company issued $500 million of 3.600% Senior Notes due August 2022 for proceeds of approximately $500 million and $350 million of 4.700% Senior Notes due March 2027 for proceeds of $350 million.

With $2.791 billion in total debt outstanding and $137 million in notional pooling, the Company’s net debt position was $157 million.

For fiscal 2017, the Company repurchased 3.1 million shares of stock for $100 million.

As of March 31, 2017, the Company was authorized to purchase $650 million of its common stock under its current stock repurchase program.

During the fourth quarter of fiscal 2017, the Company distributed $107 million in dividends to shareholders. For fiscal 2017, the Company distributed $428 million in dividends to shareholders.

The Company’s outstanding share count at March 31, 2017 was 413 million.

OUTLOOK FOR FISCAL 2018

The following outlook for fiscal 2018 includes the acquisition of Veracode, assumes no further material acquisitions, includes incremental interest expense associated with the Company’s March 2017 senior notes issuance, and contains "forward-looking statements" (as defined below).

The Company expects the following:*

Total revenue to increase in a range of 2 percent to 3 percent as reported and 3 percent to 4 percent in constant currency. At March 31, 2017 exchange rates, this translates to reported revenue of $4.12 billion to $4.17 billion.

Full-year GAAP operating margin between 26 percent and 27 percent and non-GAAP operating margin of 36 percent. The Company also expects a full-year GAAP and non-GAAP effective tax rate of between 28 percent and 29 percent.

GAAP diluted earnings per share from continuing operations to decrease in a range of 10 percent to 7 percent as reported and 8 percent to 6 percent in constant currency. At March 31, 2017 exchange rates, this translates to reported GAAP diluted earnings per share from continuing operations of $1.67 to $1.72. This is inclusive of the near-term impact of acquisitions on operating margins, and approximately $0.06 impact from the incremental interest expense associated with the Company’s March 2017 senior notes issuance, partially offset by organic operating expense improvements.

Non-GAAP diluted earnings per share from continuing operations to decrease in a range of 5 percent to 3 percent as reported and 4 percent to 2 percent in constant currency. At March 31, 2017 exchange rates, this translates to reported non-GAAP diluted earnings per share from continuing operations of $2.35 to $2.40. This is inclusive of the near-term impact of acquisitions on operating margins, and approximately $0.06 impact from the incremental interest expense associated with the Company’s March 2017 senior notes issuance, partially offset by organic operating expense improvements.

Approximately 412 million shares outstanding at fiscal 2018 year-end and weighted average diluted shares outstanding of approximately 415 million for the fiscal year.

Cash flow from continuing operations to change in a range of minus 2 percent to plus 2 percent as reported and in constant currency. At March 31, 2017 exchange rates, this translates to reported cash flow from continuing operations of $1.05 billion to $1.10 billion. This is inclusive of approximately $33 million impact from the incremental interest expense associated with the Company’s March 2017 senior notes issuance.

*In the outlook section, certain non-material differences between growth rates and translated dollar amounts may arise from impact of rounding.

Webcast

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, as well as a conference call and webcast that the Company will host at 5:00 p.m. ET today to discuss its unaudited fourth quarter and full fiscal year results. The webcast will be archived on the website. Individuals can access the webcast, as well as the press release and supplemental financial information at http://ca.com/invest or can listen to the call at 1-877-561-2748. The international participant number is 1-720-545-0044.

(1)
Gartner Magic Quadrant for Identity Governance and
Administration, by Felix Gaehtgens, Perry Carpenter, Brian Iverson
and Kevin Kampman, February 22, 2017.
The Gartner Report(s) described herein, (the "Gartner
Report(s)") represent(s) research opinion or viewpoints published,
as part of a syndicated subscription service, by Gartner, Inc.
("Gartner"), and are not representations of fact. Each Gartner
Report speaks as of its original publication date (and not as of
the date of this [Annual/Quarterly Report]) and the opinions
expressed in the Gartner Report(s) are subject to change without
notice.
Gartner does not endorse any vendor, product or service
depicted in its research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner research publications
consist of the opinions of Gartner’s research organization and
should not be construed as statements of fact. Gartner disclaims
all warranties, expressed or implied, with respect to this
research, including any warranties of merchantability or fitness
for a particular purpose.
(2)
KuppingerCole, "Leadership Compass: Adaptive Authentication,"
by John Tolbert, February 2017

About CA Technologies

CA Technologies (CA) creates software that fuels transformation for companies and enables them to seize the opportunities of the Application Economy. Software is at the heart of every business in every industry. From planning, to development, to management and security, CA is working with companies worldwide to change the way we live, transact, and communicate - across mobile, private and public cloud, distributed and mainframe environments. Learn more at www.ca.com.

Follow CA Technologies

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-- Social Media Page

-- Press Releases

-- Blogs

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, include 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, internally developed software and other intangible assets; share-based compensation expense; charges relating to rebalancing initiatives that are large enough to require approval from the Company’s Board of Directors and certain other gains and losses, which include the gains and losses since inception of hedges that mature within the quarter, but exclude gains and losses of hedges that do not mature within the quarter. The effective tax rate on GAAP and non-GAAP income from operations is the Company’s provision for income taxes expressed as a percentage of pre-tax GAAP and non-GAAP income from continuing operations, respectively. These tax rates are determined based on an estimated effective full year tax rate, with the effective tax rate for GAAP generally including the impact of discrete items in the period in which such items arise and the effective tax rate for non-GAAP generally allocating the impact of discrete items pro rata to the fiscal year’s remaining reporting periods. The non-GAAP effective tax rate is equal to the full year GAAP effective tax rate, therefore no adjustment is required on an annual basis. Non-GAAP adjusted cash flow from operations excludes payments associated with the Board-approved rebalancing initiative and restructuring and other payments. Non-GAAP free cash flow excludes purchases of property and equipment. The Company presents constant currency information to provide a framework for assessing how the Company’s underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than U.S. dollars are converted into U.S. dollars at the exchange rate in effect on the last day of the Company’s prior fiscal year (i.e., March 31, 2017, March 31, 2016, and March 31, 2015, respectively). Constant currency excludes the impacts from the Company’s hedging program. The constant currency calculation for annualized subscription and maintenance bookings is calculated by dividing the subscription and maintenance bookings in constant currency by the weighted average subscription and maintenance duration in years. 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

The declaration and payment of future dividends by the Company is subject to the determination of the Company’s Board of Directors, in its sole discretion, after considering various factors, including the Company’s financial condition, historical and forecasted operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. The Company’s practice regarding payment of dividends may be modified at any time and from time to time.

Repurchases under the Company’s stock repurchase program may be made from time to time, subject to market conditions and other factors, in the open market, through solicited or unsolicited privately negotiated transactions or otherwise. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion.

Certain statements in this news release (such as statements containing the words "believes," "plans," "anticipates," "expects," "estimates," "targets" and similar expressions relating to the future) 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 ability to achieve success in the Company’s business strategy by, among other things, ensuring that any new offerings address the needs of a rapidly changing market while not adversely affecting the demand for the Company’s traditional products or the Company’s profitability to an extent greater than anticipated, enabling the Company’s sales force to accelerate growth of sales to new customers and expand sales with existing customers, including sales outside of the Company’s renewal cycle and to a broadening set of purchasers outside of traditional information technology operations (with such growth and expansion at levels sufficient to offset any decline in revenue and/or sales in the Company’s Mainframe Solutions segment and in certain mature product lines in the Company’s Enterprise Solutions segment), effectively managing the strategic shift in the Company’s business model to develop more easily installed software, provide additional SaaS offerings and refocus the Company’s professional services and education engagements on those engagements that are connected to new product sales, without affecting the Company’s financial performance to an extent greater than anticipated, and effectively managing the Company’s pricing and other go-to-market strategies, as well as improving the Company’s brand, technology and innovation awareness in the marketplace; the failure to innovate or adapt to technological changes and introduce new software products and services in a timely manner; competition in product and service offerings and pricing; the ability of the Company’s products to remain compatible with ever-changing operating environments, platforms or third party products; global economic factors or political events beyond the Company’s control and other business and legal risks associated with global operations; the failure to expand partner programs and sales of the Company’s solutions by the Company’s partners; the ability to retain and attract qualified professionals; general economic conditions and credit constraints, or unfavorable economic conditions in a particular region, business or industry sector; the ability to successfully integrate acquired companies and products into the Company’s existing business; risks associated with sales to government customers; breaches of the Company’s data center, network and software products, and the IT environments of the Company’s business partners and customers; the ability to adequately manage, evolve and protect the Company’s information systems, infrastructure and processes; the failure to renew license transactions on a satisfactory basis; fluctuations in foreign exchange rates; changes in generally accepted accounting principles; discovery of errors or omissions in the Company’s software products or documentation and potential product liability claims; the failure to protect the Company’s intellectual property rights and source code; access to software licensed from third parties; risks associated with the use of software from open source code sources; third-party claims of intellectual property infringement and/or royalty payments; fluctuations in the number, terms and duration of the Company’s license agreements, as well as the timing of orders from customers and channel partners; potential tax liabilities; changes in market conditions or the Company’s credit ratings; events or circumstances that would require the Company to record an impairment charge relating to the Company’s goodwill or capitalized software and other intangible assets balances; successful and secure outsourcing of various functions to third parties; and other factors described more fully in the Company’s other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should the Company’s assumptions prove incorrect, actual results may vary materially from the forward-looking information described herein as believed, planned, anticipated, expected, estimated, targeted or similarly identified. We do not intend to update these forward-looking statements, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Copyright (C) 2017 CA, Inc. All Rights Reserved. All other trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

Table 1
CA Technologies
Consolidated Statements of Operations
(unaudited)
(in millions, except per share amounts)
Three Months Ended
Fiscal Year Ended
March 31,
March 31,
Revenue:
2017
2016
2017
2016
Subscription and maintenance
$
812
$
821
$ 3,279
$
3,317
Professional services
77
82
301
326
Software fees and other
123
106
456
382
Total revenue
$ 1,012
$ 1,009
$ 4,036
$
4,025
Expenses:
Costs of licensing and maintenance
$
71
$
74
$
273
$
283
Cost of professional services
78
76
300
300
Amortization of capitalized software costs
61
64
243
256
Selling and marketing
281
255
1,028
1,006
General and administrative
118
88
375
367
Product development and enhancements
158
140
586
560
Depreciation and amortization of other intangible assets
21
23
77
106
Other expenses, net
9
10
19
12
Total expenses before interest and income taxes
$
797
$
730
$ 2,901
$
2,890
Income from continuing operations before interest and income taxes
$
215
$
279
$ 1,135
$
1,135
Interest expense, net
17
15
62
51
Income from continuing operations before income taxes
$
198
$
264
$ 1,073
$
1,084
Income tax expense
41
93
298
315
Income from continuing operations
$
157
$
171
$
775
$
769
Income from discontinued operations, net of income taxes
$
-
$
3
$
-
$
14
Net income
$
157
$
174
$
775
$
783
Basic income per common share:
Income from continuing operations
$
0.38
$
0.41
$
1.85
$
1.79
Income from discontinued operations
-
0.01
-
0.03
Net income
$
0.38
$
0.42
$
1.85
$
1.82
Basic weighted average shares used in computation
413
413
414
426
Diluted income per common share:
Income from continuing operations
$
0.38
$
0.41
$
1.85
$
1.78
Income from discontinued operations
-
0.01
-
0.03
Net income
$
0.38
$
0.42
$
1.85
$
1.81
Diluted weighted average shares used in computation
415
414
415
427
Table 2
CA Technologies
Condensed Consolidated Balance Sheets
(in millions)
March 31,
March 31,
2017
2016
(unaudited)
Cash and cash equivalents
$
2,771
$
2,812
Trade accounts receivable, net
764
625
Other current assets
198
124
Total current assets
$
3,733
$
3,561
Property and equipment, net
$
237
$
242
Goodwill
6,857
6,086
Capitalized software and other intangible assets, net
1,307
795
Deferred income taxes
327
407
Other noncurrent assets, net
149
113
Total assets
$ 12,610
$ 11,204
Current portion of long-term debt
$
18
$
6
Deferred revenue (billed or collected)
2,222
2,197
Other current liabilities
766
691
Total current liabilities
$
3,006
$
2,894
Long-term debt, net of current portion
$
2,773
$
1,947
Deferred income taxes
119
3
Deferred revenue (billed or collected)
794
737
Other noncurrent liabilities
229
245
Total liabilities
$
6,921
$
5,826
Common stock
$
59
$
59
Additional paid-in capital
3,702
3,664
Retained earnings
6,923
6,575
Accumulated other comprehensive loss
(483 )
(416 )
Treasury stock
(4,512 )
(4,504 )
Total stockholders’ equity
$
5,689
$
5,378
Total liabilities and stockholders’ equity
$ 12,610
$ 11,204
Table 3
CA Technologies
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Three Months Ended
March 31,
2017
2016
Operating activities from continuing operations:
Net income
$
157
$
174
Income from discontinued operations
-
(3 )
Income from continuing operations
$
157
$
171
Adjustments to reconcile income from continuing operations to net
cash provided
by operating activities:
Depreciation and amortization
82
87
Deferred income taxes
(1 )
(62 )
Provision for bad debts
1
-
Share-based compensation expense
28
27
Other non-cash items
1
(1 )
Foreign currency transaction losses (gains)
1
(1 )
Changes in other operating assets and liabilities, net of effect of
acquisitions:
(Increase) decrease in trade accounts receivable
(142 )
4
Increase in deferred revenue
356
248
Decrease in taxes payable, net
(85 )
(25 )
Decrease in accounts payable, accrued expenses and other
(38 )
(12 )
Increase in accrued salaries, wages and commissions
44
25
Changes in other operating assets and liabilities
15
10
Net cash provided by operating activities - continuing operations
$
419
$
471
Investing activities from continuing operations:
Acquisitions of businesses, net of cash acquired, and purchased
$ (1,240 )
$
-
software
Purchases of property and equipment
(17 )
(14 )
Other investing activities
(1 )
3
Net cash used in investing activities - continuing operations
$ (1,258 )
$
(11 )
Financing activities from continuing operations:
Dividends paid
$
(107 )
$
(104 )
Purchases of common stock
-
(2 )
Notional pooling (repayments) borrowings, net
(3 )
15
Debt borrowings (repayments), net
849
(1 )
Debt issuance costs
(5 )
-
Exercise of common stock options
-
3
Other financing activities
-
(1 )
Net cash provided by (used in) financing activities - continuing
$
734
$
(90 )
operations
Effect of exchange rate changes on cash
$
48
$
62
Net change in cash and cash equivalents - continuing operations
$
(57 )
$
432
Cash used in operating activities - discontinued operations
$
-
$
(23 )
Cash provided by investing activities - discontinued operations
-
50
Net effect of discontinued operations on cash and cash equivalents
$
-
$
27
(Decrease) increase in cash and cash equivalents
$
(57 )
$
459
Cash and cash equivalents at beginning of period
$
2,828
$
2,353
Cash and cash equivalents at end of period
$
2,771
$
2,812
Table 4
CA Technologies
Operating Segments
(unaudited)
(dollars in millions)
Three Months Ended March 31, 2017
Fiscal Year Ended March 31, 2017
Mainframe
Enterprise
Services (1)
Total
Mainframe
Enterprise
Services (1)
Total
Solutions (1)
Solutions (1)
Solutions (1)
Solutions (1)
Revenue (2)
$
535
$
400
$
77
$ 1,012
$
2,182
$
1,553
$
301
$
4,036
Expenses (3)
217
397
79
693
851
1,378
302
2,531
Segment profit (loss)
$
318
$
3
$
(2)
$
319
$
1,331
$
175
$
(1)
$
1,505
Segment operating margin
59%
1%
-3%
32%
61%
11%
0%
37%
Segment profit
$
319
$
1,505
Less:
Purchased software amortization
44
164
Other intangibles amortization
6
19
Internally developed software products amortization
17
79
Share-based compensation expense
28
108
Other expenses, net (4)
9
-
Interest expense, net
17
62
Income from continuing operations before income taxes
$
198
$
1,073
Three Months Ended March 31, 2016
Fiscal Year Ended March 31, 2016
Mainframe
Enterprise
Services (1)
Total
Mainframe
Enterprise
Services (1)
Total
Solutions (1)
Solutions (1)
Solutions (1)
Solutions (1)
Revenue (2)
$
547
$
380
$
82
$ 1,009
$
2,215
$
1,484
$
326
$
4,025
Expenses (3)
213
341
76
630
854
1,337
303
2,494
Segment profit
$
334
$
39
$
6
$
379
$
1,361
$
147
$
23
$
1,531
Segment operating margin
61%
10%
7%
38%
61%
10%
7%
38%
Segment profit
$
379
$
1,531
Less:
Purchased software amortization
40
146
Other intangibles amortization
8
44
Internally developed software products amortization
24
110
Share-based compensation expense
27
97
Other expenses (gains), net (4)
1
(1)
Interest expense, net
15
51
Income from continuing operations before income taxes
$
264
$
1,084
(1)
The Company’s Mainframe Solutions and Enterprise Solutions segments
are comprised of its software business organized by the nature of
the Company’s software offerings and the platforms on which the
products operate. The Services segment is comprised of product
implementation, consulting, customer education and customer training
services, including those directly related to the Mainframe
Solutions and Enterprise Solutions software that the Company sells
to its customers.
(2)
The Company regularly enters into a single arrangement with a
customer that includes mainframe solutions, enterprise solutions and
services. The amount of contract revenue assigned to operating
segments is generally based on the manner in which the proposal is
made to the customer. The software product revenue assigned to the
Mainframe Solutions and Enterprise Solutions segments is based on
either: (1) a list price allocation method (which allocates a
discount in the total contract price to the individual products in
proportion to the list price of the products); (2) allocations
included within internal contract approval documents; or (3) the
value for individual software products as stated in the customer
contract. The price for the implementation, consulting, education
and training services is separately stated in the contract and these
amounts of contract revenue are assigned to the Services segment.
The contract value assigned to each operating segment is then
recognized in a manner consistent with the revenue recognition
policies the Company applies to the customer contract for purposes
of preparing the Consolidated Financial Statements.
(3)
Segment expenses include costs that are controllable by segment
managers (i.e., direct costs) and, in the case of the Mainframe
Solutions and Enterprise Solutions segments, an allocation of shared
and indirect costs (i.e., allocated costs). Segment-specific direct
costs include a portion of selling and marketing costs, licensing
and maintenance costs, product development costs and general and
administrative costs. Allocated segment costs primarily include
indirect and non-segment specific direct selling and marketing costs
and general and administrative costs that are not directly
attributable to a specific segment. The basis for allocating shared
and indirect costs between the Mainframe Solutions and Enterprise
Solutions segments is dependent on the nature of the cost being
allocated and is either in proportion to segment revenues or in
proportion to the related direct cost category. Expenses for the
Services segment consist of cost of professional services and other
direct costs included within selling and marketing and general and
administrative expenses. There are no allocated or indirect costs
for the Services segment.
(4)
Other expenses (gains), net consists of costs associated with
certain foreign exchange derivative hedging gains and losses, and
other miscellaneous costs.
Table 5
CA Technologies
Constant Currency Summary
(unaudited)
(dollars in millions)
Three Months Ended March 31,
Fiscal Year Ended March 31,
2017
2016
% Increase
% Increase
2017
2016
% Increase
% Increase
(Decrease)
(Decrease)
(Decrease)
(Decrease)
in $ US
in Constant
in $ US
in Constant
Currency (1)
Currency (1)
Bookings
$ 1,423
$
960
48 %
49 %
$ 4,763
$ 4,247
12 %
13 %
Revenue:
North America
$
683
$
681
0 %
0 %
$ 2,716
$ 2,712
0 %
0 %
International
329
328
0 %
2 %
1,320
1,313
1 %
2 %
Total revenue
$ 1,012
$ 1,009
0 %
1 %
$ 4,036
$ 4,025
0 %
1 %
Revenue:
Subscription and maintenance
$
812
$
821
(1 )%
(1 )%
$ 3,279
$ 3,317
(1 )%
(1 )%
Professional services
77
82
(6 )%
(5 )%
301
326
(8 )%
(7 )%
Software fees and other
123
106
16 %
16 %
456
382
19 %
20 %
Total revenue
$ 1,012
$ 1,009
0 %
1 %
$ 4,036
$ 4,025
0 %
1 %
Segment Revenue:
Mainframe solutions
$
535
$
547
(2 )%
(1 )%
$ 2,182
$ 2,215
(1 )%
(1 )%
Enterprise solutions
400
380
5 %
6 %
1,553
1,484
5 %
5 %
Services
77
82
(6 )%
(5 )%
301
326
(8 )%
(7 )%
Total expenses before interest and income taxes:
Total GAAP
$
797
$
730
9 %
10 %
$ 2,901
$ 2,890
0 %
2 %
Total non-GAAP (2)
693
630
10 %
12 %
2,531
2,494
1 %
3 %
(1)
Constant currency information is presented to provide a framework
for assessing how the Company’s underlying businesses performed
excluding the effect of foreign currency rate fluctuations. To
present this information, current and comparative prior period
results for entities reporting in currencies other than U.S. dollars
are converted into U.S. dollars at the exchange rate in effect on
March 31, 2016, which was the last day of the prior fiscal year.
Constant currency excludes the impacts from the Company’s hedging
program.
(2)
Refer to Table 7 for a reconciliation of total expenses before
interest and income taxes to total non-GAAP operating expenses.
Certain non-material differences may arise versus actual from impact
of rounding.
Table 6
CA Technologies
Reconciliation of Select GAAP Measures to Non-GAAP Measures
(unaudited)
(dollars in millions)
Three Months Ended
Fiscal Year Ended
March 31,
March 31,
2017
2016
2017
2016
GAAP net income
$
157
$
174
$
775
$
783
GAAP income from discontinued operations, net of income taxes
-
(3 )
-
(14 )
GAAP income from continuing operations
$
157
$
171
$
775
$
769
GAAP income tax expense
41
93
298
315
Interest expense, net
17
15
62
51
GAAP income from continuing operations before interest and income
$
215
$
279
$ 1,135
$
1,135
taxes
GAAP operating margin (% of revenue) (1)
21 %
28 %
28 %
28 %
Non-GAAP adjustments to expenses:
Costs of licensing and maintenance (2)
$
2
$
2
$
7
$
7
Cost of professional services (2)
-
1
3
4
Amortization of capitalized software costs (3)
61
64
243
256
Selling and marketing (2)
9
9
37
34
General and administrative (2)
11
10
38
35
Product development and enhancements (2)
6
5
23
17
Depreciation and amortization of other intangible assets (4)
6
8
19
44
Other gains, net (5)
9
1
-
(1 )
Total Non-GAAP adjustment to operating expenses
$
104
$
100
$
370
$
396
Non-GAAP income from continuing operations before interest and
$
319
$
379
$ 1,505
$
1,531
income taxes
Non-GAAP operating margin (% of revenue) (6)
32 %
38 %
37 %
38 %
Interest expense, net
17
15
62
51
GAAP income tax expense
41
93
298
315
Non-GAAP adjustment to income tax expense (7)
34
19
103
115
Non-GAAP income tax expense
$
75
$
112
$
401
$
430
Non-GAAP income from continuing operations
$
227
$
252
$ 1,042
$
1,050
(1)
GAAP operating margin is calculated by dividing GAAP income from
continuing operations before interest and income taxes by total
revenue (refer to Table 1 for total revenue).
(2)
Non-GAAP adjustment consists of share-based compensation.
(3)
For the three month periods ending March 31, 2017 and 2016, non-GAAP
adjustment consists of $44 million and $40 million of purchased
software amortization and $17 million and $24 million of internally
developed software products amortization, respectively. For the
twelve month periods ending March 31, 2017 and 2016, non-GAAP
adjustment consists of $164 million and $146 million of purchased
software amortization and $79 million and $110 million of internally
developed software products amortization, respectively.
(4)
Non-GAAP adjustment consists of other intangibles amortization.
(5)
Non-GAAP adjustment consists gains and losses since inception of
hedges that mature within the quarter, but excludes gains and losses
of hedges that do not mature within the quarter.
(6)
Non-GAAP operating margin is calculated by dividing non-GAAP income
from continuing operations before interest and income taxes by total
revenue (refer to Table 1 for total revenue).
(7)
The full year non-GAAP income tax expense is different from GAAP
income tax expense because of the difference in non-GAAP income from
continuing operations before income taxes. On an interim basis, this
difference would also include a difference in the impact of discrete
and permanent items where for GAAP purposes the effect is recorded
in the period such items arise, but for non-GAAP such items are
recorded pro rata to the fiscal year’s remaining reporting periods.
Refer to the discussion of non-GAAP financial measures included in
the accompanying press release for additional information.
Certain non-material differences may arise versus actual from impact
of rounding.
Table 7
CA Technologies
Reconciliation of GAAP to Non-GAAP
Operating Expenses and Diluted Earnings per Share
(unaudited)
(in millions, except per share amounts)
Three Months Ended
Fiscal Year Ended
March 31,
March 31,
Operating Expenses
2017
2016
2017
2016
Total expenses before interest and income taxes
$
797
$
730
$ 2,901
$
2,890
Non-GAAP operating adjustments:
Purchased software amortization
44
40
164
146
Other intangibles amortization
6
8
19
44
Internally developed software products amortization
17
24
79
110
Share-based compensation
28
27
108
97
Other expenses (gains), net (1)
9
1
-
(1 )
Total non-GAAP operating adjustment
$
104
$
100
$
370
$
396
Total non-GAAP operating expenses
$
693
$
630
$ 2,531
$
2,494
Three Months Ended
Fiscal Year Ended
March 31,
March 31,
Diluted EPS from Continuing Operations
2017
2016
2017
2016
GAAP diluted EPS from continuing operations
$
0.38
$
0.41
$
1.85
$
1.78
Non-GAAP adjustments:
Purchased software amortization
0.10
0.10
0.39
0.34
Other intangibles amortization
0.01
0.02
0.04
0.10
Internally developed software products amortization
0.04
0.05
0.19
0.26
Share-based compensation
0.07
0.06
0.26
0.22
Other expenses, net (1)
0.02
-
-
-
Tax effect of non-GAAP adjustments
(0.05 )
(0.08 )
(0.25 )
(0.27 )
Non-GAAP effective tax rate adjustments (2)
(0.03 )
0.04
-
-
Total non-GAAP adjustment
$
0.16
$
0.19
$
0.63
$
0.65
Non-GAAP diluted EPS from continuing operations
$
0.54
$
0.60
$
2.48
$
2.43
(1)
Other expenses (gains), net consists of costs associated with
certain foreign exchange derivative hedging gains and losses, and
other miscellaneous costs.
(2)
The non-GAAP effective tax rate is equal to the full year GAAP
effective tax rate, therefore no adjustment is required on an annual
basis. On an interim basis, the difference in non-GAAP income tax
expense and GAAP income tax expense relates to the difference in
non-GAAP income from continuing operations before income taxes, and
includes a difference in the impact of discrete and permanent items
where for GAAP purposes the effect is recorded in the period such
items arise but for non-GAAP purposes such items are recorded pro
rata to the fiscal year’s remaining reporting periods.
Refer to the discussion of non-GAAP financial measures included in
the accompanying press release for additional information.
Certain non-material differences may arise versus actual from impact
of rounding.
Table 8
CA Technologies
Effective Tax Rate Reconciliation
GAAP and Non-GAAP
(unaudited)
(dollars in millions)
Three Months Ended
Fiscal Year Ended
March 31, 2017
March 31, 2017
GAAP
Non-GAAP
GAAP
Non-GAAP
Income from continuing operations before interest and income taxes (1)
$
215
$
319
$ 1,135
$
1,505
Interest expense, net
17
17
62
62
Income from continuing operations before income taxes
$
198
$
302
$ 1,073
$
1,443
Statutory tax rate
35 %
35 %
35 %
35 %
Tax at statutory rate
$
69
$
106
$
376
$
505
Adjustments for discrete and permanent items (2)
(28 )
(31 )
(78 )
(104 )
Total tax expense
$
41
$
75
$
298
$
401
Effective tax rate (3)
20.7 %
24.8 %
27.8 %
27.8 %
Three Months Ended
Fiscal Year Ended
March 31, 2016
March 31, 2016
GAAP
Non-GAAP
GAAP
Non-GAAP
Income from continuing operations before interest and income taxes (1)
$
279
$
379
$ 1,135
$
1,531
Interest expense, net
15
15
51
51
Income from continuing operations before income taxes
$
264
$
364
$ 1,084
$
1,480
Statutory tax rate
35 %
35 %
35 %
35 %
Tax at statutory rate
$
92
$
127
$
379
$
518
Adjustments for discrete and permanent items (2)
1
(15 )
(64 )
(88 )
Total tax expense
$
93
$
112
$
315
$
430
Effective tax rate (3)
35.2 %
30.8 %
29.1 %
29.1 %
(1)
Refer to Table 6 for a reconciliation of income from continuing
operations before interest and income taxes on a GAAP basis to
income from continuing operations before interest and income taxes
on a non-GAAP basis.
(2)
The effective tax rate for GAAP generally includes the impact of
discrete and permanent items in the period such items arise, whereas
the effective tax rate for non-GAAP generally allocates the impact
of such items pro rata to the fiscal year’s remaining reporting
periods.
(3)
The effective tax rate on GAAP and non-GAAP income from continuing
operations is the Company’s provision for income taxes expressed as
a percentage of GAAP and non-GAAP income from continuing operations
before income taxes, respectively. The non-GAAP effective tax rate
is equal to the full year GAAP effective tax rate. On an interim
basis, the effective tax rates are determined based on an estimated
effective full year tax rate after the adjustments for the impacts
of certain discrete items (such as changes in tax rates,
reconciliations of tax returns 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.
Certain non-material differences may arise versus actual from impact
of rounding.
Table 9
CA Technologies
Reconciliation of Projected GAAP Metrics to Projected Non-GAAP
Metrics
(unaudited)
Fiscal Year Ending
Projected Diluted EPS from Continuing
March 31, 2018
Operations
Projected GAAP diluted EPS from continuing operations range
$
1.67
to
$
1.72
Non-GAAP adjustments:
Purchased software amortization
0.52
0.52
Other intangibles amortization
0.10
0.10
Internally developed software products amortization
0.08
0.08
Share-based compensation
0.25
0.25
Tax effect of non-GAAP adjustments
(0.27 )
(0.27 )
Total non-GAAP adjustment
$
0.68
$
0.68
Projected non-GAAP diluted EPS from continuing operations range
$
2.35
to
$
2.40
Fiscal Year Ending
Projected Operating Margin
March 31, 2018
Projected GAAP operating margin
26 %
to
27 %
Non-GAAP operating adjustments:
Purchased software amortization
5 %
4 %
Other intangibles amortization
1 %
1 %
Internally developed software products amortization
1 %
1 %
Share-based compensation
3 %
3 %
Total non-GAAP operating adjustment
10 %
9 %
Projected non-GAAP operating margin
36 %
36 %
Refer to the discussion of non-GAAP financial measures included in
the accompanying press release for additional information.
Certain non-material differences may arise versus actual from impact
of rounding.

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CA Technologies
Darlan Monterisi, 646-826-6071
Corporate Communications
darlan.monterisi@ca.com
or
Jennifer DiClerico, 212-415-6997
Corporate Communications
jennifer.diclerico@ca.com
or
Traci Tsuchiguchi, 650-534-9814
Investor Relations
traci.tsuchiguchi@ca.com
or
Stefan Putyera, 631-342-4710
Investor Relations
stefan.putyera@ca.com