- Fatturato trimestrale a $677 milioni, +19% rispetto all’anno precedente
- Fatturato trimestrale derivante dalle sottoscrizioni a $597 milioni, +19% rispetto all’anno passato
- Fatturato trimestrale legato allo sviluppo applicativo e ad altre tecnologie emergenti a $139 milioni, +41% rispetto all’anno passato
- Fatturato differito a fine trimestre di $2,05 miliardi, +21% rispetto all’anno passato
Red Hat, Inc. (NYSE: RHT), leader mondiale nella fornitura di soluzioni open source, ha annunciato i risultati finanziari relativi al primo trimestre dell’anno fiscale 2018, terminato il 31 maggio 2017.
“Il primo trimestre ci ha visto iniziare alla grande questo anno fiscale, con crescite a doppia cifra su molti dei nostri indicatori finanziari, compreso un incremento del 19% del fatturato complessivo e del 40% del fatturato legato allo sviluppo applicativo e ad altre tecnologie emergenti”, spiega Jim Whitehurst, President e Chief Executive Officer di Red Hat. “Continuiamo ad avvantaggiarci della nostra capacità di offrire importanti tecnologie di base e abilitazione per il cloud, che aiutano i clienti a modernizzare e gestire le loro piattaforme infrastrutturali e di sviluppo applicativo per il cloud ibrido.”
“Gli ottimi risultati di questo primo trimestre sono stati in parte generati da una solida richiesta di nostre tecnologie e dal maggiore coinvolgimento dei nostri principali clienti”, commenta Eric Shander, Executive Vice President e Chief Financial Officer di Red Hat. “I risultati del primo trimestre, il momento positivo del business e la solida capacità esecutiva dei nostri associati ci hanno permesso di innalzare l’outlook di fatturato per l’intero anno.”
Fatturato: Il fatturato totale del trimestre è stato di $677 milioni, in crescita del 19% rispetto allo stesso trimestre dell’anno precedente. Il fatturato legato alle sottoscrizioni è stato di $597 milioni, in aumento del 19% rispetto al primo trimestre dello scorso anno. Il fatturato legato alle sottoscrizioni rappresenta l’88% del fatturato complessivo.
Analisi del fatturato derivante dalle sottoscrizioni: Il fatturato legato all’offerta infrastrutturale è stato di $458 milioni nel corso del trimestre, in aumento del 14%. Il fatturato derivante dallo sviluppo applicativo e altre tecnologie emergenti è stato di $139 milioni, in aumento del 41% rispetto allo stesso trimestre dell’anno precedente.
Utile di esercizio: L’utile d’esercizio GAAP per il trimestre è stato di $88 milioni, in crescita del 16% rispetto all’anno passato. Dopo compensazioni azionarie e ammortamenti e costi di transazione relativi a combinazioni di business, l’utile d’esercizio non-GAAP per il trimestre è stato di $139 milioni, in aumento del 12%. Nel primo trimestre, il margine operativo GAAP è stato del 12,9%, il margine operativo non-GAAP del 20,5%.
Utile netto: L’utile netto GAAP per il trimestre è stato di $73 milioni, pari a $0,40 per azione, rispetto ai $61 milioni, pari a $0,33 per azione, registrati nello stesso trimestre dell’anno precedente. L’utile netto non-GAAP per il trimestre è stato di $102 milioni, pari a $0,56 per azione, dopo compensazioni azionarie e ammortamenti. Questo dato si rapporta a un utile netto compensato non-GAAP di $92 milioni, pari a $0,50 per azione, registrato nello stesso trimestre dell’anno passato.
Flusso e disponibilità di cassa: Il flusso di cassa operativo ha raggiunto i $258 milioni nel trimestre, in aumento dell’11% rispetto all’anno precedente. Tra contanti ed investimenti convertibili l’azienda vantava al 31 maggio 2017 una liquidità di $2,31 miliardi, dopo il riacquisto 714.900 azioni comuni, pari a $62 milioni, effettuato nel trimestre.
Fatturato differito: Al termine del primo trimestre, il fatturato differito complessivo dell’azienda è stato di $2,05 miliardi, in aumento del 21% rispetto allo scorso anno. L’impatto positivo dovuto alle fluttuazioni valutarie delle divise estere è stato pari a $13 milioni anno su anno.
Outlook: Red Hat’s outlook assumes current business conditions and current foreign currency exchange rates.
For the full year:
Revenue is expected to be approximately $2.785 billion to $2.825 billion in USD.
GAAP operating margin is expected to be approximately 15.4% and non-GAAP operating margin is expected to be approximately 23.6%.
Fully diluted GAAP earnings per share (EPS) is expected to be approximately $1.76 to $1.80 per share, assuming 181 million fully diluted shares outstanding. Fully diluted non-GAAP EPS is expected to be approximately $2.66 to $2.70 per share, assuming 180 million fully diluted shares outstanding. Both GAAP and non-GAAP EPS assume approximately $2 million per quarter forecast for other income and an estimated annual effective tax rate of approximately 28% before discrete tax items.
Operating cash flow is expected to be approximately $850 million to $870 million.
For the second quarter:
Revenue is expected to be approximately $695 million to $702 million.
GAAP operating margin is expected to be approximately 15.7% and non-GAAP operating margin is expected to be approximately 24.0%.
Fully diluted GAAP EPS is expected to be approximately $0.43 per share, assuming 182 million fully diluted shares outstanding. Fully diluted non-GAAP EPS is expected to be approximately $0.67 per share, assuming 181 million fully diluted shares outstanding. Both GAAP and non-GAAP EPS assume a $2 million per quarter forecast for other income and an estimated annual effective tax rate of 28% before discrete tax items.
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 $200 million, amortization of intangible assets of approximately $30 million and transaction costs related to business combinations of approximately $0.1 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 debt discount of approximately $20 million and an estimated annual effective tax rate of approximately 28% before discrete tax items. Additionally, full year fully diluted non-GAAP EPS excludes approximately $20 million of discrete tax benefits related to share-based compensation that are included in full year fully diluted GAAP EPS. Full year fully diluted non-GAAP EPS excludes approximately 1 million diluted shares resulting from the convertible notes because any potential dilution is expected to be offset by our convertible note hedge transactions.
Second quarter non-GAAP operating margin guidance is derived by subtracting the estimated impact of non-cash share-based compensation expense of approximately $50 million and amortization of intangible assets of approximately $8 million. Second 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 debt discount of approximately $5 million and an estimated annual effective tax rate of 28% before discrete tax items. Additionally, second quarter fully diluted non-GAAP EPS excludes approximately $3 million of discrete tax benefits related to share-based compensation that are included in second quarter fully diluted GAAP EPS. Second quarter fully diluted non-GAAP EPS excludes approximately 1 million diluted shares resulting from the convertible notes because any potential dilution is expected to be offset by our convertible note hedge transactions.
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 at http://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.
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Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to provide 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.
- 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 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 integration of acquisitions and the ability to market successfully acquired technologies and products; fluctuations in exchange rates; the effects of industry consolidation; 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; changes in and a dependence on key personnel; the ability to meet financial and operational challenges encountered in our international operations; and ineffective management of, and control over, the Company's growth and international operations, 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.
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 integration of acquisitions and the ability to market successfully acquired technologies and products; fluctuations in exchange rates; the effects of industry consolidation; 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; changes in and a dependence on key personnel; the ability to meet financial and operational challenges encountered in our international operations; and ineffective management of, and control over, the Company's growth and international operations, 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
