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Red Hat Reports Fiscal Fourth Quarter and Fiscal Year 2007 Results

Annual revenue up 44% from prior year Quarterly operating profit up 23% sequentially Deferred revenue up 52% from prior year

RALEIGH, N.C

Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced financial results for its fiscal fourth quarter and fiscal year ended February 28, 2007.

Total revenue for the quarter was $111.1 million, an increase of 41% from the year ago quarter and 5% from the prior quarter. Subscription revenue was $95.9 million, up 44% year-over-year and 8% sequentially. For the full year, total revenue was $400.6 million, an increase of 44% over fiscal 2006 revenue, and subscription revenue was $341.2 million, up 48% from the prior year.

Net income for the quarter was $20.5 million or $0.10 per diluted share compared with $14.6 million or $0.07 per diluted share for the prior quarter. Non-GAAP adjusted net income for the quarter was $32.7 million, or $0.15 per diluted share, after adjusting for stock compensation and tax expense as detailed in the tables below. This compares to non-GAAP adjusted net income of $29.6 million, or $0.14 per diluted share in the prior quarter.

For the full year, net income was $59.9 million or $0.29 per diluted share, compared with $79.7 million or $0.41 per diluted share in the prior year. Non-GAAP adjusted net income for the year was $113.6 million or $0.54 per diluted share, compared to $77.9 million and $0.40 per diluted share the year before.

Non-GAAP operating cash flow, as detailed in the tables below, totaled $56.4 million for the quarter and $217.5 million for the full year. At year end, the company's total deferred revenue balance was $338.6 million, an increase of 52% on a year-over-year basis and 9% sequentially. Total cash, cash equivalents, and investments as of February 28, 2007 were $1.2 billion.

Other highlights included the following:

  • For the third consecutive year, Red Hat was ranked the #1 enterprise software vendor in delivering value to customers in a CIO Insight survey.
  • Red Hat added more than 10,000 net new customers in Q4 and more than 42,000 in FY 2007.
  • Red Hat introduced its next generation operating platform, Red Hat Enterprise Linux 5 and Advanced Platform.

This past year was characterized by solid execution, rapid growth and global expansion. We have invested in people, systems and technology to continually add value to our customers, stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. We are pleased with our ability to continue to generate strong cash flow and improve margins while rolling out enhanced solutions, such as the Red Hat Application Stack and Red Hat Enterprise Linux 5.0, to spur future growth.

Additional information on Red Hat's reported results, including a reconciliation of the non-GAAP adjusted results, are included in the financial tables below. A live webcast of Red Hat's results will begin at 5:00 pm ET today and can be accessed by the general public at the Company's investor relations website at http://investors.redhat.com. A replay of the webcast will be available shortly after the live event will have ended.

About Red Hat, Inc.

Red Hat, the world's leading open source solutions provider, is headquartered in Raleigh, NC with satellite offices spanning the globe. Red Hat is leading Linux and open source solutions into the mainstream by making high-quality, low-cost technology accessible. Red Hat provides an operating system platform, Red Hat Enterprise Linux, along with applications, management, and middleware solutions, including JBoss Enterprise Middleware Suite. Red Hat is accelerating the shift to service-oriented architectures and enabling the next generation of web-enabled applications running on a low-cost, secure open source platform. Red Hat also offers support, training and consulting services to its customers worldwide and through top-tier partnerships. Red Hat's open source strategy offers customers a long term plan for building infrastructures that are based on and leverage open source technologies with a focus on security and ease of management. Learn more: http://www.redhat.com.

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to the integration of acquisitions; the ability of the Company to effectively compete; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company's growth and international operations; adverse results in litigation; the dependence on key personnel as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission's website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.

LINUX is a trademark of Linus Torvalds. RED HAT and JBOSS are registered trademarks of Red Hat, Inc. and its subsidiaries in the US and other countries.

Tables follow:

 RED HAT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands - except per share amounts) Three Months Ended Year Ended ------------------ ------------------ Feb 28, Feb 28, Feb 28, Feb 28, 2007 2006 2007 2006 ------------------ ------------------ Revenue: Subscriptions $ 95,906 $ 66,665 $341,206 $230,444 Training and services 15,215 12,056 59,418 47,886 ------------------ ------------------ Total subscription, training and services revenue 111,121 78,721 400,624 278,330 ------------------ ------------------ Cost of revenue: Subscriptions 7,333 5,214 27,457 21,003 Training and services 10,096 7,214 37,279 27,504 ------------------ ------------------ Total cost of subscription, training and services revenue 17,429 12,428 64,736 48,507 ------------------ ------------------ Total gross profit 93,692 66,293 335,888 229,823 Operating expense: Sales and marketing 39,680 23,427 145,562 84,723 Research and development 19,954 11,037 71,038 40,883 General and administrative 17,420 12,068 66,999 46,135 ------------------ ------------------ Total operating expense 77,054 46,532 283,599 171,741 ------------------ ------------------ Income from operations 16,638 19,761 52,289 58,082 Other income, net 11,902 7,452 43,290 30,053 Interest expense (1,549) (1,507) (6,016) (6,119) ------------------ ------------------ Income before provision for income taxes 26,991 25,706 89,563 82,016 Provision (benefit) for income taxes 6,504 (1,611) 29,656 2,331 ------------------ ------------------ Net income $ 20,487 $ 27,317 $ 59,907 $ 79,685 ================== ================== Net income-diluted $ 21,467 $ 28,740 $ 63,826 $ 85,455 ================== ================== Net income per share: Basic $ 0.11 $ 0.15 $ 0.32 $ 0.45 Diluted $ 0.10 $ 0.13 $ 0.29 $ 0.41 Weighted average shares outstanding: Basic 192,303 180,898 189,347 178,112 Diluted 220,594 213,482 218,823 207,815 Diluted net income per share computation: GAAP Net income, basic $ 20,487 $ 27,317 $ 59,907 $ 79,685 Interest expense on convertible debentures, net of related GAAP tax effects 477 692 1,906 2,799 Amortization of debt issuance costs, net of related GAAP tax effects 503 731 2,013 2,971 GAAP Net income, diluted $ 21,467 $ 28,740 $ 63,826 $ 85,455 ================== ================== Note: certain prior year amounts have been reclassified to conform with current year presentation. 
 RED HAT, INC. CONSOLIDATED BALANCE SHEETS (In thousands) ASSETS Feb. 28, Feb. 28, 2007 2006 ----------- ----------- (unaudited) Current assets: Cash and cash equivalents $ 527,239 $ 267,547 Investments in debt securities 350,827 537,324 Accounts receivable, net 87,973 59,792 Prepaid expenses and other current assets 41,026 16,576 ----------- ----------- Total current assets 1,007,065 881,239 Property and equipment, net 45,258 35,822 Goodwill 328,837 75,942 Identifiable intangibles, net 94,314 13,467 Investments in debt securities 278,028 272,669 Other assets, net 32,352 35,102 ----------- ----------- Total assets $1,785,854 $1,314,241 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,062 $ 5,627 Accrued expenses 38,472 31,960 Deferred revenue 249,615 162,934 Other current obligations 214 401 ----------- ----------- Total current liabilities 300,363 200,922 Deferred lease credits 5,235 4,994 Long term deferred revenue 89,020 60,554 Other long term obligations - 213 Convertible debentures 570,000 570,000 Stockholders' equity: Minority interest - 771 Common stock 20 19 Additional paid-in capital 1,040,892 763,906 Deferred compensation - (2,418) Accumulated deficit (92,092) (152,113) Treasury stock, at cost (125,789) (124,125) Accumulated other comprehensive loss (1,795) (8,482) ----------- ----------- Total stockholders' equity 821,236 477,558 ----------- ----------- Total liabilities and stockholders' equity $1,785,854 $1,314,241 =========== =========== Note: certain prior year amounts have been reclassified to conform with current year presentation. 
 RED HAT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended Year Ended --------------------- --------------------- Feb 28, Feb 28, Feb 28, Feb 28, 2007 2006 2007 2006 --------------------- --------------------- Cash flows from operating activities: Net income $ 20,487 $ 27,317 $ 59,907 $ 79,685 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,161 3,990 23,853 15,434 Deferred income taxes (771) (1,584) 12,232 (2,090) Share-based compensation expense 8,014 508 32,434 4,106 Excess tax benefits from share-based payment arrangements (10,745) - (15,988) Gain from repurchase of convertible debentures - - - (3,140) Provision for doubtful accounts 83 674 1,066 1,043 Amortization of debt issuance costs 752 752 3,008 3,056 (Gain) loss on disposal of property and equipment - 224 (22) 1,349 Other - 899 (283) 1,660 Changes in operating assets and liabilities net of effects of acquisitions: Accounts receivable (6,674) (4,516) (17,301) (10,790) Prepaid expenses and other current assets (6,143) (565) (8,145) (3,085) Accounts payable 1,306 442 4,844 (2,588) Accrued expenses 6,409 (1,073) 15,846 10,448 Deferred revenue 26,838 23,049 90,403 91,278 Other assets (94) (36) (298) 186 Net cash provided by operating activities 45,623 50,081 201,556 186,552 ---------- ---------- ---------- ---------- Cash flows from investing activities: Purchase of investment securities (585,229) (160,266) (592,673) (523,344) Proceeds from sales and maturities of investment securities 258,677 169,932 781,539 502,905 Acquisitions of businesses, net of cash acquired - (1,500) (149,864) (2,803) (Purchase) sale of other investments 319 - 319 (22,267) Purchase of property and equipment (7,885) (4,369) (22,635) (16,757) ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities (334,118) 3,797 16,686 (62,266) ---------- ---------- ---------- ---------- Cash flows from financing activities: Excess tax benefits from share-based payment arrangements 10,745 - 15,988 - Repurchase of convertible debentures - - - (26,301) Structured stock repurchases - - 1,514 1,031 Net proceeds from issuance of common stock under Employee Stock Purchase Plan - 1,064 306 3,394 Proceeds from exercise of common stock options 9,678 29,996 24,328 44,098 Purchase of treasury stock (66) (27) (1,664) (16,716) Other financing (144) (318) (400) 237 ---------- ---------- ---------- ---------- Net cash provided by financing activities 20,213 30,715 40,072 5,743 ---------- ---------- ---------- ---------- Effect of foreign currency exchange rates on cash and cash equivalents (471) 1,008 1,378 (2,651) Net increase (decrease) in cash and cash equivalents (268,753) 85,601 259,692 127,378 Cash and cash equivalents at beginning of the period 795,992 181,946 267,547 140,169 ---------- ---------- ---------- ---------- Cash and cash equivalents at end of period $ 527,239 $ 267,547 $ 527,239 $ 267,547 ========== ========== ========== ========== Note: certain prior year amounts have been reclassified to conform with current year presentation. 
 RED HAT, INC. NON CASH SHARE-BASED COMPENSATION AND RECONCILIATION OF GAAP RESULTS TO NON-GAAP ADJUSTED RESULTS (Unaudited) (In thousands - except per share amounts) Non cash share-based compensation expense included in Consolidated Statements of Operations: Three Months Year Ended Ended --------------- ---------------- Feb 28, Feb 28, Feb 28, Feb 28, 2007 2006 2007 2006 ------- ------- ---------------- Cost of revenue $ 610 $ - $ 2,216 $ - Sales and marketing 2,280 7 9,033 30 Research and development 2,056 48 7,206 191 General and administration 3,068 453 13,979 3,885 ------- ------- -------- ------- Total stock based compensation expense $8,014 $508 $32,434 $4,106 ======= ======= ======== ======= Reconciliation of GAAP Results to non-GAAP adjusted Results (for prior year comparison purposes only) Three Months Year Ended Ended ----------------- ------------------ Feb 28, Feb 28, Feb 28, Feb 28, 2007 2006 2007 2006 -------- -------- ------------------ GAAP Net income $20,487 $27,317 $ 59,907 $79,685 GAAP Provision (benefit) for income taxes 6,504 (1,611) 29,656 2,331 GAAP Income before provision for income taxes $26,991 $25,706 $ 89,563 $82,016 Add: Share-based compensation per FAS 123R (fiscal 2007 only) 8,014 508 32,434 4,106 Deduct: Intrinsic value of stock options per APB No. 25 (561) (508) (2,471) (4,106) -------- -------- ------------------ Incremental non-cash share-based compensation expense 7,453 0 29,963 0 Non-GAAP adjusted income before provision for income taxes $34,444 $25,706 $119,526 $82,016 Non-GAAP cash provision for income taxes $ 1,722 $ 1,285 $ 5,976 $ 4,101 -------- -------- --------- -------- Non-GAAP adjusted net income $32,722 $24,421 $113,550 $77,915 ======== ======== ========= ======== Non-GAAP adjusted net income- diluted $34,117 $25,816 $119,117 $83,556 ======== ======== ========= ======== Non-GAAP adjusted net income per share: Basic $ 0.17 $ 0.13 $ 0.60 $ 0.44 Diluted $ 0.15 $ 0.12 $ 0.54 $ 0.40 Non-GAAP diluted net income per share computation: Non-GAAP adjusted net income $32,722 $24,421 $113,550 $77,915 Interest expense on convertible debentures, net of related 5% cash tax effects 680 680 2,708 2,737 Amortization of debt issuance costs, net of related 5% cash tax effects 715 715 2,859 2,904 Non-GAAP adjusted net income- diluted $34,117 $25,816 $119,117 $83,556 ======== ======== ========= ======== Reconciliation of GAAP cash flow from operating activities to non-GAAP adjusted cash flow from operating activities (for prior year comparison purposes only) Three Months Year Ended Ended ----------------- ------------------- Feb 28, Feb 28, Feb 28, Feb 28, 2007 2006 2007 2006 -------- -------  ------------------- GAAP Net cash provided by operating activities $45,623 $50,081 $201,556 $186,552 Add: Excess tax benefits from share-based payment arrangements 10,745 0 15,988 0 Non-GAAP Net cash provided by operating activities $56,368 $50,081 $217,544 $186,552 ======== ======== ========= ========= 

Acerca de Red Hat

Red Hat is the world’s leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more at http://www.redhat.com.

Declaraciones prospectivas

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to delays or reductions in information technology spending; the effects of industry consolidation; the ability of the Company to compete effectively; the integration of acquisitions and the ability to market successfully acquired technologies and products; uncertainty and adverse results in litigation and related settlements; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company’s growth and international operations; fluctuations in exchange rates; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission’s website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic and political conditions, governmental and public policy changes and the impact of natural disasters such as earthquakes and floods. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.