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  "documentTitle": "BMC Software (BMC)",
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  "notes": "Uses a comparison of revenue growth composition and operating margins to highlight poor performance.",
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      "text": "BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins",
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      "text": "During FY2012, total license revenue grew by only 1.5% and bookings remained flat year-over-year, while Professional Services grew greater than 20%. Professional Services is - at best - a break-even segment at the gross margin level.",
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      "text": "Source: Capital IQ, Company Filings. Notes 1-4.",
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