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Press release

Red Hat Reports First Quarter Results (Q1FY2016)

RALEIGH, CAROLINE DU NORD
  • First quarter total revenue of $481 million, up 14% year-over-year
  • First quarter subscription revenue of $425 million, up 14% year-over-year
  • First quarter operating cash flow of $209 million, up 27% year-over-year

Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced financial results for its fiscal year 2016 first quarter ended May 31, 2015.

Total revenue for the quarter was $481 million, an increase of 14% in U.S. dollars from the year ago quarter, and 22% measured in constant currency. Constant currency references in this release are as detailed in the tables below. Subscription revenue for the quarter was $425 million, up 14% in U.S. dollars year-over-year, or 23% measured in constant currency. Total revenue for the first quarter of fiscal 2016 included an additional $5 million of subscription revenue earned from Red Hat’s Certified Cloud Providers (CCP). This one-time adjustment results from a change in our ability to estimate revenue earned through the CCP program.

“Our solid start to fiscal year 2016 was evidenced by strong constant currency revenue growth of over 20%,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “This strong growth reflects in part the demand for our open, hybrid cloud technologies across four footprints: bare metal, virtualization, private cloud and public cloud deployments. Red Hat’s portfolio of technologies becomes increasingly strategic to customers who are looking to expand their capabilities and agility to build and deploy applications across these data center footprints.”

“We delivered Q1 results which exceeded the high-end of our guidance for total revenue, non-GAAP operating margin and non-GAAP EPS before the adjustment which added the incremental $5 million of earned revenue from our CCP program,” stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat.

GAAP operating income for the first quarter was $71 million, up 39% year-over-year. After adjusting for stock compensation, amortization expenses and transaction costs related to business combinations, as detailed in the tables below, non-GAAP operating income for the first quarter was $113 million, up 28% year-over-year.  For the first quarter, GAAP operating margin was 14.7% and non-GAAP operating margin was 23.6%.

GAAP net income for the quarter was $48 million, or $0.26 per diluted share, compared with $38 million, or $0.20 per diluted share, in the year ago quarter. After adjusting for stock compensation, amortization expenses, transaction costs related to business combinations, and non-cash interest expense related to convertible debt, as detailed in the tables below, non-GAAP net income for the quarter was $81 million, or $0.44 per diluted share, as compared to $64 million, or $0.34 per diluted share, in the year ago quarter. Non-GAAP diluted weighted average shares outstanding excludes any dilution resulting from the convertible notes because any potential dilution is expected to be offset by our convertible note hedge transactions. Both GAAP and non-GAAP earnings per diluted share benefited from the one-time earned revenue adjustment by approximately $0.02 in the first quarter of fiscal 2016.   

Operating cash flow was $209 million for the first quarter, an increase of 27% on a year-over-year basis. At quarter end, the company’s total deferred revenue balance was $1.44 billion, an increase of 13% on a year-over-year basis. Total cash, cash equivalents and investments as of May 31, 2015 was $1.97 billion.  

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 Red Hat's investor relations website at http://investors.redhat.com. A replay of the webcast will be available shortly after the live event has ended.

###

Red Hat, Red Hat Enterprise Linux, the Shadowman logo, and JBoss are trademarks of Red Hat, Inc., registered in the U.S. and other countries. Linux is the registered trademark of Linus Torvalds in the U.S. and other countries.

 

RED HAT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands - except per share amounts)
                     
                     
              Three Months Ended  
              May 31,   May 31,  
              2015   2014  
Revenue:                    
                     
  Subscriptions           $424,793   $371,968  
  Training and services           56,208   51,786  
                     
                     
    Total subscription, training and services revenue         481,001   423,754  
                     
Cost of revenue:                    
                     
  Subscriptions           29,846   27,760  
  Training and services           41,551   36,683  
                     
                     
    Total cost of subscription, training and services revenue         71,397   64,443  
                     
                     
  Total gross profit           409,604   359,311  
                     
Operating expense:                    
  Sales and marketing           198,872   176,838  
  Research and development           97,431   89,939  
  General and administrative           42,371   41,571  
                     
                     
    Total operating expense         338,674   308,348  
                     
Income from operations             70,930   50,963  
  Interest income           2,715   1,842  
  Interest expense           5,715   53  
  Other income (expense), net           (203)   410  
                     
                     
Income before provision for income taxes             67,727   53,162  
Provision for income taxes             19,641   15,417  
                     
Net income             $48,086   $37,745  
                     
Net income per share:                    
  Basic           $0.26   $0.20  
  Diluted           $0.26   $0.20  
                     
Weighted average shares outstanding:                    
  Basic           183,131   189,372  
  Diluted           186,175   191,457  

 

 

RED HAT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
                     
ASSETS
                May 31,   February 28,
                2015   2015 (1)
                (Unaudited)    
Current assets:                    
  Cash and cash equivalents             $990,922   $1,047,473
  Investments in debt and equity securities             192,818   215,254
  Accounts receivable, net             284,582   468,021
  Deferred tax assets, net             81,782   86,796
  Prepaid expenses             149,163   150,715
  Other current assets             1,647   1,980
                     
      Total current assets         1,700,914   1,970,239
                     
  Property and equipment, net             168,391   172,151
  Goodwill             924,735   927,060
  Identifiable intangibles, net             130,722   134,276
  Investments in debt securities             784,734   546,016
  Other assets, net             50,784   53,243
                     
      Total assets         $3,760,280   $3,802,985
                     
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:                    
  Accounts payable and accrued expenses             $176,965   $237,733
  Deferred revenue             1,066,254   1,095,115
  Other current obligations             1,767   1,844
                     
      Total current liabilities         1,244,986   1,334,692
                     
  Convertible notes             720,001   715,402
  Long term deferred revenue             369,865   387,213
  Other long term obligations             76,005   77,340
Stockholders' equity:                    
  Common stock             23   23
  Additional paid-in capital             2,058,046   1,963,851
  Retained earnings             948,459   900,373
  Treasury stock, at cost             (1,590,501)   (1,515,288)
  Accumulated other comprehensive loss             (66,604)   (60,621)
                     
      Total stockholders' equity         1,349,423   1,288,338
                     
      Total liabilities and stockholders' equity         $3,760,280   $3,802,985
                     
                     
      (1) Derived from audited financial statements              
                     

 

 

RED HAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
                     
                     
              Three Months Ended  
              May 31,   May 31,  
              2015   2014  
                     
Cash flows from operating activities:                    
Net income             $48,086   $37,745  
Adjustments to reconcile net income to net cash provided by                    
operating activities:                    
  Depreciation and amortization           18,547   18,924  
  Share-based compensation expense           36,522   28,714  
  Deferred income taxes           1,914   2,930  
  Net amortization of bond premium on available-for-sale debt securities           2,597   2,033  
  Accretion of debt discount and amortization of debt issuance costs           5,195   -  
  Other           830   (948)  
Changes in operating assets and liabilities net of effects of acquisitions:                    
  Accounts receivable           179,387   96,580  
  Prepaid expenses           (427)   (5,189)  
  Accounts payable and accrued expenses           (52,346)   2,655  
  Deferred revenue           (31,562)   (19,749)  
  Other           15   991  
                     
    Net cash provided by operating activities         208,758   164,686  
                     
Cash flows from investing activities:                    
  Purchase of available-for-sale debt securities           (406,211)   (268,574)  
  Proceeds from sales and maturities of available-for-sale debt securities           182,583   269,431  
  Acquisition of businesses, net of cash acquired           -   (151,621)  
  Purchase of other intangible assets           (3,929)   (553)  
  Purchase of property and equipment           (10,696)   (8,594)  
  Other           (2,000)   3,472  
                     
    Net cash used in investing activities         (240,253)   (156,439)  
                     
Cash flows from financing activities:                    
  Excess tax benefits from share-based payment arrangements           6,419   986  
  Proceeds from exercise of common stock options           2,109   45  
  Purchase of treasury stock           -   (80,033)  
  Payments related to net settlement of employee share-based compensation awards           (25,211)   (13,729)  
  Payments on other borrowings           (351)   (355)  
                     
    Net cash used in financing activities         (17,034)   (93,086)  
                     
  Effect of foreign currency exchange rates on cash and cash equivalents           (8,022)   2,245  
  Net decrease in cash and cash equivalents           (56,551)   (82,594)  
  Cash and cash equivalents at beginning of the period           1,047,473   646,742  
                     
Cash and cash equivalents at end of period             $990,922   $564,148  
                     
                     

 

RED HAT, INC.
RECONCILIATION OF CERTAIN 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 Ended  
              May 31,   May 31,  
              2015   2014  
                     
  Cost of revenue           $3,727   $3,118  
  Sales and marketing           15,412   10,238  
  Research and development           10,874   8,864  
  General and administration           6,509   6,494  
  Total share-based compensation expense           $36,522   $28,714  
                     
                     
Amortization of intangible assets expense included in Consolidated Statements of Operations:                    
                     
              Three Months Ended  
              May 31,   May 31,  
              2015   2014  
                     
  Cost of revenue           $2,573   $2,615  
  Sales and marketing           2,005   1,582  
  Research and development           250   959  
  General and administration           1,052   1,428  
  Total amortization of intangible assets expense           $5,880   $6,584  
                     
                     
Non-cash interest expense from accretion of debt discount included in Consolidated Statements of Operations:                    
                     
              Three Months Ended  
              May 31,   May 31,  
              2015   2014  
                     
  Total non-cash interest expense from accretion of debt discount           $4,599   -  
                     
Transaction costs related to business combinations included in Consolidated Statements of Operations:                    
                     
              Three Months Ended  
              May 31,   May 31,  
              2015   2014  
                     
  Transaction costs related to business combinations           -   $1,991  
                     
                     
              Three Months Ended  
              May 31,   May 31,  
              2015   2014  
                     
GAAP net income             $48,086   $37,745  
                     
Provision for income taxes             19,641   15,417  
                     
GAAP income before provision for income taxes             $67,727   $53,162  
                     
Add: Non-cash share-based compensation expense             36,522   28,714  
Add: Amortization of intangible assets             5,880   6,584  
Add: Non-cash interest expense from accretion of debt discount             4,599   -  
Add: Transaction costs related to business combinations             -   1,991  
                     
Non-GAAP adjusted income before provision for income taxes             $114,728   $90,451  
                     
Provision for income taxes             33,271   26,231  
                     
Non-GAAP adjusted net income (basic and diluted)             $81,457   $64,220  
                     
Non-GAAP adjusted diluted weighted average shares outstanding:                    
  GAAP diluted weighted average shares outstanding           186,175   191,457  
  Dilution offset from convertible note hedge transactions           (51)   -  
  Non-GAAP diluted weighted average shares outstanding           186,124   191,457  
                     
Non-GAAP adjusted net income per share:                    
  Basic           $0.44   $0.34  
  Diluted           $0.44   $0.34  
                     

 

RED HAT, INC.    
RECONCILIATION OF CERTAIN GAAP RESULTS TO NON-GAAP ADJUSTED RESULTS    
(Unaudited)    
(In thousands - except per share amounts)    
                         
                         
                         
Reconciliation of GAAP results to non-GAAP adjusted results                        
                         
              Three Months Ended      
              May 31,   May 31,      
              2015   2014      
                         
GAAP gross profit             $409,604   $359,311      
                         
Add: Non-cash share-based compensation expense             3,727   3,118      
Add: Amortization of intangible assets             2,573   2,615      
                         
Non-GAAP gross profit             $415,904   $365,044      
                         
Non-GAAP gross margin             86.5%   86.1%      
                         
                         
              Three Months Ended      
              May 31,   May 31,      
              2015   2014      
                         
GAAP operating expenses             $338,674   $308,348      
                         
Deduct: Non-cash share-based compensation expense             (32,795)   (25,596)      
Deduct: Amortization of intangible assets             (3,307)   (3,969)      
Deduct: Transaction costs related to business combinations             -   (1,991)      
                         
Non-GAAP adjusted operating expenses             $302,572   $276,792      
                         
                         
              Three Months Ended      
              May 31,   May 31,      
              2015   2014      
                         
GAAP operating income             $70,930   $50,963      
                         
Add: Non-cash share-based compensation expense             36,522   28,714      
Add: Amortization of intangible assets             5,880   6,584      
Add: Transaction costs related to business combinations             -   1,991      
                         
Non-GAAP adjusted operating income             $113,332   $88,252      
                         
Non-GAAP adjusted operating margin             23.6%   20.8%      
                         
                         
              Three Months Ended      
              May 31,   May 31,     Year-Over-Year
              2015   2014     Growth Rate
                         
GAAP subscription revenue             $424,793   $371,968     14.2%
Adjustment for currency impact             31,205   -      
Non-GAAP subscription revenue on a constant currency basis             $455,998   $371,968     22.6%
                         
GAAP training and services revenue             $56,208   $51,786     8.5%
Adjustment for currency impact             5,003   -      
Non-GAAP training and services revenue on a constant currency basis             $61,211   $51,786     18.2%
                         
GAAP total subscription, training and services revenue             $481,001   $423,754     13.5%
Adjustment for currency impact             36,208   -      
Non-GAAP total subscription, training and services revenue on a constant currency basis             $517,209   $423,754     22.1%
                         
                         

 

 

 

About 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 a 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.

Énoncés prévisionnels

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 ability of the Company to compete effectively; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; delays or reductions in information technology spending; the effects of industry consolidation; 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; 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 Annual Report on Form 10-K (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.