BMC Software Inc. Jan 11
Standard & Poors, January 2011
Abstract
Entrenched customer relationships; High recurring revenues; and Strong free operating cash flow and good liquidity. Limited business diversity; Very competitive marketplace; and Acquisitive. With fiscal 2010 (ended March) revenues of about $1.9 billion, Houston-based BMC Software Inc.'s ratings reflect the company's satisfactory business profile and modest leverage, offset by a concentrated earnings base, a very competitive marketplace, and the presence of larger and more diversified competitors. BMC is a leading provider of systems management software solutions on mainframe and distributed platforms. Predictable recurring revenues from contractual maintenance agreements, a highly defensible market position, and entrenched customer relationships largely support the company's stable revenue base. About half of BMC's revenue is generated offshore. In fiscal 2010 (ended March), BMC's operating segments...
Companies mentioned in this report are: BMC Software Inc.
Action: Review
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Research Type: Full Analysis
BMC Software Inc.
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