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Red Hat Reports Fiscal Third Quarter Results

Profitability and positive cash flows from operations, adjusted for non-cash items, highlight the quarter

RALEIGH, N.C

Red Hat, Inc. (Nasdaq:RHAT), the global leader in Linux and open source solutions, today reported an adjusted net income of $1,300,000, or $0.01 per share, excluding amortization of goodwill and stock based compensation and restructuring charges, for the third quarter of fiscal 2002, compared to an adjusted net loss of $100,000, or break even per share, for the second quarter of fiscal 2002.

The company reported revenue of $21.5 million for the third quarter ended November 30, 2001, an increase of 2% over the second quarter of fiscal 2002.

On a GAAP basis, the company reported a net loss of $15 million, or $0.09 per share, compared with a net loss of $55.3 million, or $0.33 per share in the second quarter fiscal 2002.

For the last nine months ended on November 30, 2001, the company reported revenues of $68.2 million, a decrease of 10% over the same period in year 2000. In terms of earnings, for the last nine months ended on November 30, 2001, the company reported an adjusted net income of $1,800,000, or $0.01 per share, compared to an adjusted net loss of $10,000,000, or $0.06 per share, for the last nine months of last year. On a GAAP basis, the company reported a net loss of $97.9 million - or $0.58 per share - for the last nine months ended on November 30, 2001, compared to a net loss of $62.5 million - or $0.38 per share - for the last nine months of last year.

"Significant growth of Enterprise Subscription and Open Source Services revenues are validating the acceptance of Red Hat Linux as an Enterprise Computing Platform and Red Hat's ability to monetize the adoption of Red Hat Linux by the Large Enterprise", stated Kevin Thompson, Executive Vice President and Chief Financial Officer.

 RED HAT, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Excludes amortization of goodwill and intangibles,
 stock-based compensation, merger, acquisition and other
 costs, and restructuring charges)
 (In thousands - except per share amounts)
 
 
 Three Months Ended Nine Months Ended
 November 30, August 31, November 30, November 30,
 2001 2001 2001 2000
 (Unaudited) (Unaudited)
 
 Subscription and services revenue:
 Subscription:
 Enterprise $ 9,447 $ 8,422 $ 27,591 $ 26,771
 Embedded 1,443 1,573 4,648 6,938
 
 Total subscription
 revenue 10,890 9,995 32,239 33,709
 Services:
 Network consulting 2,370 3,682 11,248 18,702
 Embedded development
 services 2,889 3,489 11,076 14,180
 Open source services 5,327 3,959 13,641 9,041
 
 Total services
 revenue 10,586 11,130 35,965 41,923
 
 Total subscription
 and services
 revenue 21,476 21,125 68,204 75,632
 
 Cost of subscription and services revenue:
 Subscription:
 Enterprise 2,081 2,326 7,063 9,667
 Embedded 145 146 665 1,412
 
 Total cost of
 subscription
 revenue 2,226 2,472 7,728 11,079
 Services:
 Network consulting 1,923 2,049 7,084 12,314
 Embedded development
 services 1,738 1,251 5,355 8,228
 Open source services 2,628 2,226 7,477 4,627
 
 Total cost of
 services revenue 6,289 5,526 19,916 25,169
 
 Total cost of
 subscription and
 services revenue 8,515 7,998 27,644 36,248
 
 Gross profit on
 subscription and
 services revenue 12,961 13,127 40,560 39,384
 
 Hardware resale, net - - - 131
 
 Operating expense:
 Sales and marketing 8,019 9,329 28,032 37,221
 Research and
 development 3,717 4,213 12,227 11,935
 General and
 administrative 3,412 3,662 10,445 16,553
 
 Total operating
 expense 15,148 17,204 50,704 65,709
 
 Loss from operations (2,187) (4,077) (10,144) (26,194)
 
 Other interest income
 (expense), net 3,514 3,984 11,979 16,168
 
 Net Income (loss) $ 1,327 $ (93) $ 1,835 $ (10,026)
 
 Net Income (loss) per common share:
 Basic $0.01 ($0.00) $0.01 ($0.06)
 Diluted $0.01 ($0.00) $0.01 ($0.06)
 Weighted average shares outstanding:
 Basic 169,242 169,968 169,405 163,515
 Diluted 169,242 169,968 169,405 163,515
 
 
 
 
 RED HAT, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands - except per share amounts)
 
 
 Three Months Ended Nine Months Ended
 November 30, August 31, November 30, November 30,
 2001 2001 2001 2000
 (Unaudited) (Unaudited)
 Subscription and
 services revenue:
 Subscription:
 Enterprise $ 9,447 $ 8,422 $ 27,591 $ 26,771
 Embedded 1,443 1,573 4,648 6,938
 
 Total subscription
 revenue 10,890 9,995 32,239 33,709
 Services:
 Network consulting 2,370 3,682 11,248 18,702
 Embedded development
 services 2,889 3,489 11,076 14,180
 Open source services 5,327 3,959 13,641 9,041
 
 Total services
 revenue 10,586 11,130 35,965 41,923
 
 Total subscription
 and services
 revenue 21,476 21,125 68,204 75,632
 
 Cost of subscription and services revenue:
 Subscription:
 Enterprise 2,081 2,326 7,063 9,667
 Embedded 145 146 665 1,412
 
 Total cost of
 subscription
 revenue 2,226 2,472 7,728 11,079
 Services:
 Network consulting 1,923 2,049 7,084 12,314
 Embedded development
 services 1,738 1,251 5,355 8,228
 Open source services 2,628 2,226 7,477 4,627
 
 Total cost of
 services revenue 6,289 5,526 19,916 25,169
 
 Total cost of
 subscription and
 services revenue 8,515 7,998 27,644 36,248
 
 Gross profit on
 subscription and
 services revenue 12,961 13,127 40,560 39,384
 
 Hardware resale, net - - - 131
 
 Operating expense:
 Sales and marketing 8,019 9,329 28,032 37,221
 Research and
 development 3,717 4,213 12,227 11,935
 General and
 administrative 3,412 3,662 10,445 16,553
 Amortization of
 goodwill and
 intangibles 12,468 14,911 44,707 33,617
 Stock-based
 compensation 1,506 3,171 8,353 11,938
 Merger, acquisition
 and other - - 7,156 6,914
 Restructuring charges 2,409 37,175 39,584 -
 
 Total operating
 expense 31,531 72,461 150,504 118,178
 
 Loss from operations (18,570) (59,334) (109,944) (78,663)
 
 Other interest income
 (expense), net 3,514 3,984 11,979 16,168
 
 Net Income (loss) $ (15,056) $ (55,350) $ (97,965) $ (62,495)
 
 Net Income (loss) per common share:
 Basic ($0.09) ($0.33) ($0.58) ($0.38)
 Diluted ($0.09) ($0.33) ($0.58) ($0.38)
 Weighted average shares outstanding:
 Basic 169,242 169,968 169,405 163,515
 Diluted 169,242 169,968 169,405 163,515
 
 
 
 RED HAT, INC.
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 
 ASSETS
 November, 30 February 28,
 2001 2001
 
 Assets:
 Cash and investments
 in debt and equity securities $ 291,634 $ 302,681
 Accounts receivable, net 15,127 21,826
 Subcontractor receivable 567 3,441
 Costs and estimated earnings
 in excess of billings 5,155 3,378
 Inventory 1,060 740
 Prepaid expenses and other assets 7,443 11,197
 Property and equipment, net 16,296 14,591
 Goodwill and intangibles, net 70,100 147,397
 
 Total assets $ 407,382 $ 505,251
 
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Liabilities:
 Accounts payable $ 8,038 $ 9,681
 Accrued expenses 8,419 15,916
 Deferred revenue 9,773 12,151
 Other short-term liabilities 11,200 3,221
 
 Total liabilities 37,430 40,969
 Commitments and contingencies - -
 Stockholders' equity:
 Noncontrolling interest in subsidiary 86 -
 Preferred stock - -
 Common stock 17 17
 Additional paid-in capital 627,945 643,712
 Deferred compensation (9,785) (36,051)
 Accumulated deficit (241,554) (143,589)
 Treasury stock, at cost (6,672) -
 Accumulated other comprehensive
 income (loss) (85) 193
 
 Total stockholders' equity 369,952 464,282
 
 Total liabilities and
 stockholders' equity $ 407,382 $ 505,251
 

 

LINUX is a trademark of Linus Torvalds. RED HAT is a registered trademark of Red Hat, Inc. All other names and trademarks are the property of their respective owners.

 

About Red Hat, Inc.

Red Hat, the world's leading open source and Linux 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 operating system software along with middleware, applications and management solutions. 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 focus on security and ease of management. Learn more: http://www.redhat.com

Forward-Looking Statements

Forward-looking statements in this press release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release that are not strictly historical statements, including, without limitation, management's plans and objectives for future operations, and management's assessment of market factors, constitute forward-looking statements which involve risks and uncertainties. These risks and uncertainties include, without limitation, reliance upon strategic relationships, management of growth, the possibility of undetected software errors, the risks of economic downturns generally, and in Red Hat's industry specifically, the risks associated with competition and competitive pricing pressures, the viability of the Internet, and other risks detailed in Red Hat's filings with the Securities and Exchange Commission, copies of which may be accessed through the SEC's Web site at http://www.sec.gov.

LINUX is a trademark of Linus Torvalds. RED HAT is a registered trademark of Red Hat, Inc. All other names and trademarks are the property of their respective owners.

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.