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Press release

Red Hat Reports Fourth Quarter and Fiscal Year 2016 Results

RALEIGH, CAROLINE DU NORD

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 29, 2016.

Customers are demanding technologies that modernize the development, deployment and life-cycle management of applications across hybrid cloud environments. Many are relying on Red Hat to provide both the infrastructure and the application development platforms to run their enterprise applications consistently and reliably across physical, virtual, private cloud and public cloud environments.

Jim Whitehurstpresident and CEO

“The fourth quarter was a strong close to the year as our results exceeded our guidance. We maintained a high level of execution throughout the fiscal year which contributed to greater than 20% constant currency revenue growth in each quarter. This performance also drove a record backlog of $2.13 billion in U.S. dollars, up 15% year-over-year, and provides us meaningful visibility into future revenue,” stated Frank Calderoni, Executive Vice President, Operations and Chief Financial Officer of Red Hat. “Our business momentum also drove record annual cash flow of $716 million, up 15% and representing the 5th straight year of operating cash flow margin of approximately 35%.”Enterprises increasingly adopting hybrid cloud infrastructures and open source technologies drove our strong results. The fourth quarter marked our 56thconsecutive quarter of revenue growth, contributing to Red Hat’s first fiscal year crossing $2 billion in total revenue,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “Customers are demanding technologies that modernize the development, deployment and life-cycle management of applications across hybrid cloud environments. Many are relying on Red Hat to provide both the infrastructure and the application development platforms to run their enterprise applications consistently and reliably across physical, virtual, private cloud and public cloud environments.”

Revenue: Total revenue for the quarter was $544 million, up 17% in U.S. dollars year-over-year, or 21% measured in constant currency. Constant currency references in this release are detailed in the tables below. Subscription revenue for the quarter was $480 million, up 18% in U.S. dollars year-over-year, or 22% measured in constant currency. Subscription revenue in the quarter was 88% of total revenue.

Full fiscal year 2016 total revenue was $2.05 billion, up 15% in U.S. dollars year-over-year, or 21% measured in constant currency. Subscription revenue for the full fiscal year was $1.80 billion, up 16% in U.S. dollars year-over-year, or 22% measured in constant currency. Subscription revenue in the full fiscal year was 88% of total revenue.

Subscription Revenue Breakout: Subscription revenue from Infrastructure-related offerings for the quarter was $391 million, an increase of 15% in U.S. dollars year-over-year and 18% measured in constant currency. Subscription revenue from Application Development-related and other emerging technologies offerings for the quarter was $89 million, an increase of 38% in U.S. dollars year-over-year and 43% measured in constant currency.

Full fiscal year subscription revenue from Infrastructure-related offerings was $1.48 billion, an increase of 12% in U.S. dollars year-over-year and 18% measured in constant currency. Full fiscal year subscription revenue from Application Development-related and other emerging technologies offerings was $323 million, an increase of 37% in U.S. dollars year-over-year and 46% measured in constant currency.

Operating Income: GAAP operating income for the quarter was $72 million, up 6% year-over-year. After adjusting for non-cash share-based compensation expense, amortization of intangible assets and transaction costs related to business combinations, non-GAAP operating income for the fourth quarter was $124 million, up 13% year-over-year. Non-GAAP references in this release are detailed in the tables below. For the fourth quarter, GAAP operating margin was 13.2% and non-GAAP operating margin was 22.9%.

Full fiscal year GAAP operating income was $288 million, up 15% year-over-year. After adjusting for non-cash share-based compensation expense, amortization of intangible assets and transaction costs related to business combinations, non-GAAP operating income for the full fiscal year was $484 million, up 16% year-over-year. Full fiscal year GAAP operating margin was 14.0% and non-GAAP operating margin was 23.6%.

Net Income: GAAP net income for the quarter was $53 million, or $0.29 per diluted share, compared with $48 million, or $0.26 per diluted share, in the year-ago quarter. After adjusting for non-cash share-based compensation expense, amortization of intangible assets, transaction costs related to business combinations, and non-cash interest expense related to the convertible debt discount, non-GAAP net income for the quarter was $97 million, or $0.52 per diluted share, as compared to $81 million, or $0.43 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. Fourth quarter GAAP EPS included an approximately $0.02 benefit while non-GAAP EPS included an approximately $0.04 benefit associated with a discrete tax item recorded in the quarter.

Full fiscal year GAAP net income was $199 million, or $1.07 per diluted share, compared with $180 million, or $0.95 per diluted share, in the prior fiscal year. After adjusting for non-cash share-based compensation expense, amortization of intangible assets, transaction costs related to business combinations, and non-cash interest expense related to the convertible debt discount, non-GAAP net income for the full fiscal year was $355 million, or $1.91 per diluted share, as compared to $303 million, or $1.60 per diluted share, in the prior fiscal year.

Cash: Operating cash flow was $247 million for the fourth quarter, an increase of 14% on a year-over-year basis. Operating cash flow for the full fiscal year was $716, an increase of 15% compared to the prior fiscal year.

Total cash, cash equivalents and investments as of February 29, 2016 was $2.0 billion after repurchasing approximately $114 million, or approximately 1.6 million shares, of common stock in the fourth quarter. After repurchasing approximately $263 million, or approximately 3.5 million shares, of common stock for the full fiscal year, the remaining balance in the current repurchase authorization as of February 29, 2016 was approximately $237 million.

Deferred revenue and backlog: Total backlog for fiscal year 2016 was in excess of $2.13 billion, up 15% year-over-year. We define total backlog as the value of non-cancellable subscription and service agreements, including total deferred revenue, which is billed, plus the value of non-cancellable subscription and service agreements to be billed in the future not reflected in our financial statements. At the end of the fiscal year, the company’s total deferred revenue balance was $1.72 billion, an increase of 16% year-over-year. The full year negative impact to total deferred revenue from changes in foreign exchange rates was $21 million year-over-year. On a constant currency basis, total deferred revenue would have been up 18% year-over-year. The portion of total backlog to be billed in the future not reflected in our financial statements was in excess of $410 million as of February 29, 2016, compared with the ending balance in excess of $380 million reported for fiscal year 2015. The portion of total backlog to be billed during fiscal year 2017 was in excess of $275 million as of February 29, 2016, compared with in excess of $230 million for the fiscal year ending February 28, 2015.

Outlook: Red Hat’s outlook assumes current business conditions and foreign currency exchange rates. For the full year:

  • Revenue guidance is expected to be $2.380 billion to $2.420 billion in U.S. dollars.
  • Full year GAAP operating margin is expected to be approximately 14.4% and non-GAAP operating margin is expected to be approximately 23.2%.
  • Full year fully-diluted GAAP earnings per share (EPS) is expected to be approximately $1.30 to $1.34 per share. Full year fully-diluted non-GAAP EPS is expected to be approximately $2.22 to $2.26 per share. Both GAAP and non-GAAP EPS assume a $1 million to $2 million per quarter forecast for other income, a 27% annual effective tax rate and 184 million fully-diluted shares outstanding.
  • Operating cash flow guidance range is expected to be approximately $800 million to $820 million.

For the first quarter:

  • Revenue guidance is $558 million to $566 million.
  • GAAP operating margin is expected to be approximately 13.2% and non-GAAP operating margin is expected to be approximately 22.0%.
  • Fully-diluted GAAP EPS is expected to be approximately $0.28 per share. Fully-diluted non-GAAP EPS is expected to be approximately $0.50.

GAAP to non-GAAP reconciliation:

Full year non-GAAP operating margin guidance is derived by subtracting the estimated full year impact of non-cash share-based compensation expense of approximately $180 million and amortization of intangible assets of approximately $29 million. Full year fully-diluted non-GAAP EPS guidance is derived by subtracting the expenses listed in the previous sentence and the full year impact of non-cash interest expense related to the convertible debt discount of approximately $19 million.

First quarter non-GAAP operating margin guidance is derived by subtracting the estimated impact of non-cash share-based compensation expense of approximately $41 million and amortization of intangible assets of approximately $8 million. First quarter fully-diluted non-GAAP EPS guidance is derived by subtracting the expenses listed in the previous sentence and non-cash interest expense related to the convertible debt discount of approximately $5 million.

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements below for information on certain factors that could cause our actual results to differ materially.

Webcast and Website Information

A live webcast of Red Hat's results will begin at 5:00 pm ET today. The webcast, in addition to a copy of our prepared remarks and slides containing financial highlights and supplemental metrics, can be accessed by the general public at Red Hat's investor relations website athttp://investors.redhat.com. A replay of the webcast will be available shortly after the live event has ended. Additional information on Red Hat's reported results, including a reconciliation of the non-GAAP adjusted results, are included in the financial tables below.

     
RED HAT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands - except per share amounts)
                                     
                                     
                  Three Months Ended     Twelve Months Ended
                  February 29,     February 28,     February 29,     February 28,
                  2016     2015     2016     2015 (1)
Revenue:                        
                                     
  Subscriptions     $479,642     $405,073     $1,803,449     $1,561,234
  Training and services     63,860     58,869     248,781     228,255
                                     
                                     
    Total subscription, training and services revenue     543,502     463,942     2,052,230     1,789,489
                                     
Cost of revenue:                        
                                     
  Subscriptions     33,575     28,731     126,663     112,856
  Training and services     47,645     41,487     182,966     160,343
                                     
                                     
    Total cost of subscription, training and services revenue     81,220     70,218     309,629     273,199
                                     
                                     
  Total gross profit     462,282     393,724     1,742,601     1,516,290
                                     
Operating expense:                        
  Sales and marketing     229,193     189,811     848,950     728,387
  Research and development     108,498     92,038     413,322     367,856
  General and administrative     52,819     44,267     192,281     170,053
                                     
                                     
    Total operating expense     390,510     326,116     1,454,553     1,266,296
                                     
Income from operations     71,772     67,608     288,048     249,994
  Interest income     3,189     2,288     11,673     8,336
  Interest expense     5,856     5,803     23,121     9,394
  Other income (expense), net     (337)     4,784     (1,735)     6,562
                                     
                                     
Income before provision for income taxes     68,768     68,877     274,865     255,498
Provision for income taxes     15,732     21,177     75,500     75,297
                                     
Net income     $53,036     $47,700     $199,365     $180,201
                                     
Net income per share:                        
  Basic       $0.29     $0.26     $1.09     $0.97
  Diluted       $0.29     $0.26     $1.07     $0.95
                                     
Weighted average shares outstanding:                        
  Basic       182,099     183,459     182,817     186,529
  Diluted       184,888     186,307     186,119     189,246
                                     
                                     
      (1) Derived from audited financial statements                        
                               
 

 

RED HAT, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands)
                       
ASSETS
                February 29,     February 28,
                2016     2015 (1)
                       
Current assets:          
  Cash and cash equivalents $927,778     $1,047,473
  Investments in debt and equity securities 281,142     215,254
  Accounts receivable, net 509,715     468,021
  Prepaid expenses 150,877     150,715
  Other current assets 2,921     1,980
                       
      Total current assets 1,872,433     1,883,443
                       
  Property and equipment, net 166,886     172,151
  Goodwill       1,027,277     927,060
  Identifiable intangibles, net 146,071     134,276
  Investments in debt securities 786,470     546,016
  Deferred tax assets, net 111,456     98,892
  Other assets, net 44,506     22,731
                       
      Total assets $4,155,099     $3,784,569
                       
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:        
  Accounts payable and accrued expenses $284,802     $237,733
  Deferred revenue 1,272,908     1,095,115
  Other current obligations 1,467     1,185
                       
      Total current liabilities 1,559,177     1,334,033
                       
  Convertible notes 723,942     702,939
  Long term deferred revenue 449,636     387,213
  Other long term obligations 87,912     72,046
Stockholders' equity:        
  Common stock 23     23
  Additional paid-in capital 2,162,264     1,963,851
  Retained earnings 1,099,738     900,373
  Treasury stock, at cost (1,853,144)     (1,515,288)
  Accumulated other comprehensive loss (74,449)     (60,621)
                       
      Total stockholders' equity 1,334,432     1,288,338
                       
      Total liabilities and stockholders' equity $4,155,099     $3,784,569
                       
                       
      (1) Derived from audited financial statements        
               
 

 

RED HAT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

                       
                       
              Three Months Ended     Twelve Months Ended
              February 29,   February 28,   February 29,     February 28,
              2016     2015     2016     2015 (1)
                                 
Cash flows from operating activities:                    
Net income $53,036     $47,700     $199,365     $180,201
Adjustments to reconcile net income to net cash provided by                    
operating activities:                    
  Depreciation and amortization 19,144     19,149     76,088     76,263
  Share-based compensation expense 45,768     36,290     166,234     135,232
  Deferred income taxes (17,585)     20,392     (13,673)     23,517
  Net amortization of bond premium on available-for-sale debt securities 3,378     2,349     12,169     9,314
  Accretion of debt discount and amortization of debt issuance costs 5,306     5,142     21,003     8,227
  Other   1,657     (2,947)     4,418     (3,474)
Changes in operating assets and liabilities net of effects of acquisitions:                  
  Accounts receivable (112,919)     (123,850)     (48,404)     (121,536)
  Prepaid expenses (28,104)     (27,239)     (24,486)     (40,741)
  Accounts payable and accrued expenses 58,484     14,865     62,438     71,040
  Deferred revenue 220,410     224,738     260,495     282,693
  Other   (1,122)     795     445     2,059
                                 
    Net cash provided by operating activities 247,453     217,384     716,092     622,795
                                 
Cash flows from investing activities:                    
  Purchase of available-for-sale debt securities (199,367)     (107,482)     (982,935)     (568,551)
  Proceeds from sales and maturities of available-for-sale debt securities 66,491     77,048     655,622     580,158
  Acquisition of businesses, net of cash acquired 252     -     (126,459)     (296,121)
  Purchase of other intangible assets (5,870)     (2,212)     (13,964)     (6,123)
  Purchase of property and equipment (12,095)     (10,563)     (41,553)     (45,648)
  Other   430     8,365     (2,819)     11,282
                                 
    Net cash used in investing activities (150,159)     (34,844)     (512,108)     (325,003)
                                 
Cash flows from financing activities:                    
  Excess tax benefits from share-based payment arrangements 2,244     710     20,231     5,607
  Proceeds from exercise of common stock options 284     1,280     3,596     2,434
  Purchase of treasury stock (114,392)     -     (262,643)     (535,062)
  Payments related to net settlement of employee share-based compensation awards (6,091)     (4,148)     (66,907)     (43,462)
  Proceeds from issuance of convertible notes, net of issuance costs -     (625)     -     789,769
  Purchase of convertible note hedges -     -     -     (148,040)
  Proceeds from issuance of warrants -     -     -     79,776
  Payments on other borrowings (491)     (390)     (1,843)     (2,782)
                                 
    Net cash provided by (used in) financing activities (118,446)     (3,173)     (307,566)     148,240
                                 
  Effect of foreign currency exchange rates on cash and cash equivalents 6,893     (15,883)     (16,113)     (45,301)
  Net increase (decrease) in cash and cash equivalents (14,259)     163,484     (119,695)     400,731
  Cash and cash equivalents at beginning of the period 942,037     883,989     1,047,473     646,742
                                 
Cash and cash equivalents at end of period $927,778     $1,047,473     $927,778     $1,047,473
                                 
                                 
      (1) Derived from audited financial statements                    
                           
 

 

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     Twelve Months Ended
              February 29, February 28,     February 29,     February 28,
              2016     2015     2016     2015
                                 
  Cost of revenue $3,946     $3,569     $15,898     $14,027
  Sales and marketing 19,703     15,408     69,089     55,203
  Research and development 12,511     10,426     48,466     38,517
  General and administration 9,608     6,887     32,781     27,485
  Total share-based compensation expense $45,768     $36,290     $166,234     $135,232
                                 
                                 
Amortization of intangible assets expense included in Consolidated Statements of Operations:        
                                 
              Three Months Ended     Twelve Months Ended
              February 29, February 28,     February 29,     February 28,
              2016     2015     2016     2015
                                 
  Cost of revenue $3,434     $2,576     $11,726     $10,672
  Sales and marketing 1,730     2,305     8,075     7,838
  Research and development (13)     250     842     2,417
  General and administration 1,711     1,484     5,160     5,958
  Total amortization of intangible assets expense $6,862     $6,615     $25,803     $26,885
                                 
                                 

Non-cash interest expense related to the debt discount included in Consolidated Statements of Operations:

       
                                 
              Three Months Ended     Twelve Months Ended
              February 29, February 28,     February 29,     February 28,
              2016     2015     2016     2015
                                 
 

Total non-cash interest expense related to the debt discount

$4,686     $4,556     $18,570     $7,292
                                 
Transaction costs related to business combinations included in Consolidated Statements of Operations:        
                                 
              Three Months Ended     Twelve Months Ended
              February 29, February 28,     February 29,     February 28,
              2016     2015     2016     2015
                                 
  Transaction costs related to business combinations $40     -     $3,884     4,001
                                 
                                 
              Three Months Ended     Twelve Months Ended
              February 29, February 28,     February 29,     February 28,
              2016     2015     2016     2015
                                 
GAAP net income $53,036     $47,700     $199,365     $180,201
                                 
Provision for income taxes 15,732     21,177     75,500     75,297
                                 
GAAP income before provision for income taxes $68,768     $68,877     $274,865     $255,498
                                 
Add: Non-cash share-based compensation expense 45,768     36,290     166,234     135,232
Add: Amortization of intangible assets 6,862     6,615     25,803     26,885

Add: Non-cash interest expense related to the debt discount

4,686     4,556     18,570     7,292
Add: Transaction costs related to business combinations 40     -     3,884     4,001
                                 
Non-GAAP adjusted income before provision for income taxes $126,124     $116,338     $489,356     $428,908
                                 
Provision for income taxes (1) 29,094     35,754     134,431     126,399
                                 
Non-GAAP adjusted net income (basic and diluted) $97,030     $80,584     $354,925     $302,509
                                 
Non-GAAP adjusted diluted weighted average shares outstanding:            
  GAAP diluted weighted average shares outstanding 184,888     186,307     186,119     189,246
  Dilution offset from convertible note hedge transactions (67)     -     (282)     -
  Non-GAAP diluted weighted average shares outstanding 184,821     186,307     185,837     189,246
                                 
Non-GAAP adjusted net income per share:                    
  Basic $0.53     $0.44     $1.94     $1.62
  Diluted $0.52     $0.43     $1.91     $1.60
                                 
                                 
(1) Provision for income taxes:                    
Non-GAAP adjusted net income before income tax provision $126,124     $116,338     $489,356     $428,908
  Estimated annual effective tax rate 23.1%     30.7%     27.5%     29.5%
Provision for income taxes on Non-GAAP adjusted net income $29,094     $35,754     $134,431     $126,399
                     
 

 

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     Twelve Months Ended
              February 29,   February 28,   February 29,     February 28,
              2016     2015     2016     2015
                                 
GAAP gross profit $462,282     $393,724     $1,742,601     $1,516,290
                                 
Add: Non-cash share-based compensation expense 3,946     3,569     15,898     14,027
Add: Amortization of intangible assets 3,434     2,576     11,726     10,672
                                 
Non-GAAP gross profit $469,662     $399,869     $1,770,225     $1,540,989
                                 
Non-GAAP gross margin 86.4%     86.2%     86.3%     86.1%
                                 
                                 
              Three Months Ended     Twelve Months Ended
              February 29,   February 28,   February 29,     February 28,
              2016     2015     2016     2015
                                 
GAAP operating expenses $390,510     $326,116     $1,454,553     $1,266,296
                                 
Deduct: Non-cash share-based compensation expense (41,822)     (32,721)     (150,336)     (121,205)
Deduct: Amortization of intangible assets (3,428)     (4,039)     (14,077)     (16,213)
Deduct: Transaction costs related to business combinations (40)     -     (3,884)     (4,001)
                                 
Non-GAAP adjusted operating expenses $345,220     $289,356     $1,286,256     $1,124,877
                                 
                                 
              Three Months Ended     Twelve Months Ended
              February 29,   February 28,   February 29,     February 28,
              2016     2015     2016     2015
                                 
GAAP operating income $71,772     $67,608     $288,048     $249,994
                                 
Add: Non-cash share-based compensation expense 45,768     36,290     166,234     135,232
Add: Amortization of intangible assets 6,862     6,615     25,803     26,885
Add: Transaction costs related to business combinations 40     -     3,884     4,001
                                 
Non-GAAP adjusted operating income $124,442     $110,513     $483,969     $416,112
                                 
Non-GAAP adjusted operating margin 22.9%     23.8%     23.6%     23.3%
                                 
                                 
              Three Months Ended        
              February 29,   February 28,   Year-Over-Year    
              2016     2015     Growth Rate  
                                 
GAAP subscription revenue by offering type                    
  Infrastructure-related offerings $390,706     $340,778     14.7%      
  Adjustment for currency impact $10,497     -            
    Non-GAAP Infrastructure-related subscription revenue on a constant currency basis $401,203     $340,778     17.7%      
                                 
  Application development-related and other emerging technology offerings $88,936     $64,295     38.3%      
  Adjustment for currency impact 3,032     -            
    Non-GAAP Application development-related and other emerging technology subscription revenue on a constant currency basis $91,968     $64,295     43.0%      
                                 
GAAP subscription revenue 479,642     405,073     18.4%      
Adjustment for currency impact 13,529     -            
Non-GAAP subscription revenue on a constant currency basis $493,171     $405,073     21.7%      
                                 
GAAP training and services revenue $63,860     $58,869     8.5%      
Adjustment for currency impact 3,017     -            
Non-GAAP training and services revenue on a constant currency basis $66,877     $58,869     13.6%      
                                 
GAAP total subscription, training and services revenue $543,502     $463,942     17.1%      
Adjustment for currency impact 16,546     -            
Non-GAAP total subscription, training and services revenue on a constant currency basis $560,048     $463,942     20.7%      
                                 
                                 
              Twelve Months Ended        
              February 29,   February 28,   Year-Over-Year    
              2016     2015     Growth Rate  
                                 
GAAP subscription revenue by offering type                    
  Infrastructure-related offerings $1,480,463     $1,324,693     11.8%      
  Adjustment for currency impact $80,616     -            
    Non-GAAP Infrastructure-related subscription revenue on a constant currency basis $1,561,079     $1,324,693     17.8%      
                                 
  Application development-related and other emerging technology offerings $322,986     $236,541     36.5%      
  Adjustment for currency impact 21,714     -            
   

Non-GAAP Application development-related and other emerging technology subscription
revenue on a constant currency basis

$344,700     $236,541     45.7%      
                                 
GAAP subscription revenue 1,803,449     1,561,234     15.5%      
Adjustment for currency impact 102,330     -            
Non-GAAP subscription revenue on a constant currency basis $1,905,779     $1,561,234     22.1%      
                                 
GAAP training and services revenue $248,781     $228,255     9.0%      
Adjustment for currency impact 18,460     -            
Non-GAAP training and services revenue on a constant currency basis $267,241     $228,255     17.1%      
                                 
GAAP total subscription, training and services revenue $2,052,230     $1,789,489     14.7%      
Adjustment for currency impact 120,790     -            
Non-GAAP total subscription, training and services revenue on a constant currency basis $2,173,020     $1,789,489     21.4%      
                     
 

 

RED HAT, INC.
Supplemental Information
(Unaudited)
(In thousands - except per share amounts)
                                               
                                               
Change in deferred revenue balances                                  
                       

Current
Deferred
Revenue

   

Long Term
Deferred
Revenue

   

Total
Deferred
Revenue

   
                                               
Balance at February 28, 2015           $1,095,115       $387,213       $1,482,328      
  Constant currency change in deferred revenue (1) 191,232       69,615       260,847      
  Impact from foreign currency translation           (13,439)       (7,192)       (20,631)      
Balance at February 29, 2016           $1,272,908       $449,636       $1,722,544      
                                               
Year-over-year growth rate           16.2%       16.1%       16.2%      
Year-over-year growth rate on a constant currency basis 17.5%       18.0%       17.6%      
                                               
(1) Change in deferred revenue includes approximately $0.4 million acquired as part of business combinations.    
                                               
                                               
Revenue growth by geographical segment                                  
                        Americas       EMEA       APAC     Consolidated
                                               

Total revenue for the three months ended February 29, 2016

$357,940       $115,468       $70,094     $543,502
  Adjustment for currency impact           5,074       8,510       2,962     16,546

Total revenue on a constant currency basis for the three months
ended February 29, 2016

$363,014       $123,978       $73,056     $560,048
                                               
Total revenue for the three months ended February 28, 2015 $305,481       $100,274       $58,187     $463,942
                                               
Year-over-year growth rate           17.2%       15.2%       20.5%     17.1%
Year-over-year growth rate on a constant currency basis 18.8%       23.6%       25.6%     20.7%
                                               
                                               
Total revenue for the twelve months ended February 29, 2016 $1,354,345       $436,304       $261,581     $2,052,230
  Adjustment for currency impact           16,743       75,887       28,160     120,790

Total revenue on a constant currency basis for the twelve months
ended February 29, 2016

$1,371,088       $512,191       $289,741     $2,173,020
                                               
Total revenue for the twelve months ended February 28, 2015 $1,144,237       $410,299       $234,953     $1,789,489
                                               
Year-over-year growth rate           18.4%       6.3%       11.3%     14.7%
Year-over-year growth rate on a constant currency basis 19.8%       24.8%       23.3%     21.4%
 

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 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.