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Red Hat Reports Third Quarter Results

Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced financial results for its fiscal year 2013 third quarter ended November 30, 2012.

Total revenue for the quarter was $343.6 million, an increase of 18% in U.S. dollars from the year ago quarter, or 21% measured in constant currency, as detailed in the tables below. Subscription revenue for the quarter was $294.2 million, up 19% in U.S. dollars year-over-year, or 22% measured in constant currency, as detailed in the tables below.

“Strong execution, industry leading solutions and our ability to deliver a compelling ROI to our customers, all contributed to continued momentum and strong third quarter revenue growth in the face of a challenging global economic environment. Red Hat is benefiting from our position as a trusted vendor for IT,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “Since October of last year we have completed three acquisitions, and are announcing a fourth today to expand our portfolio of open source solutions and enlarge our addressable market. As our enterprise customers move to open, hybrid cloud architectures, we are addressing their needs with a clear roadmap based on industry-leading open source technologies.”

GAAP operating income for the third quarter was $49.9 million, down 7% year-over-year, due largely to acquisition-related costs, including stock compensation and amortization. GAAP operating margin was 14.5%. After adjusting for stock compensation and amortization expenses, as detailed in the tables below, non-GAAP operating income for the third quarter was $82.5 million, up 5% year-over-year. Non-GAAP operating margin was 24.0%.

Net income for the quarter was $34.8 million, or $0.18 per diluted share, compared with $38.2 million, or $0.19 per diluted share, in the year ago quarter. After adjusting for stock compensation and amortization expenses, as detailed in the tables below, non-GAAP net income for the quarter was $56.9 million, or $0.29 per diluted share, as compared to $55.7 million, or $0.28 per diluted share, in the year ago quarter.

Operating cash flow was $100.2 million for the third quarter, as compared to $96.6 million in the year ago quarter. At quarter end, the company’s total deferred revenue balance was $987.7 million, an increase of 21% on a year-over-year basis. Total cash, cash equivalents and investments as of November 30, 2012 were $1.35 billion.

“While we continue to increase investments in new technologies and growth initiatives, our solid performance is driving steady profitability and strong operating cash flow. In Q3, we used our strong balance sheet and cash flow to repurchase approximately $52 million of common stock, in addition to closing the FuseSource acquisition which enhances our offering in the fast-growing Application Integration software space.” stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. “We have continued this focused investment in key growth opportunities with the announcement of an agreement to acquire ManageIQ, Inc. ManageIQ positions us deeper in the cloud management market which analysts estimate will be a $3 billion market by 2016.”

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.

About Red Hat, Inc.

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.

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 delays or reductions in information technology spending; the effects of industry consolidation; the ability of the Company to compete effectively; uncertainty and adverse results in litigation and related settlements; the integration of acquisitions and the ability to market successfully acquired technologies and products; 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.

Red Hat 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 Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
Revenue:
 
Subscriptions $294,186 $246,538 $845,557 $710,408
Training and services 49,420 43,488 135,375 125,684
 
 
Total subscription, training and services revenue 343,606 290,026 980,932 836,092
 
Cost of revenue:
 
Subscriptions 21,153 17,041 57,939 48,876
Training and services 31,965 28,148 89,056 85,399
 
 
Total cost of subscription, training and services revenue 53,118 45,189 146,995 134,275
 
 
Total gross profit 290,488 244,837 833,937 701,817
 
Operating expense:
Sales and marketing 133,792 107,561 378,240 304,617
Research and development 68,655 53,739 191,901 153,515
General and administrative 38,122 29,965 109,847 92,277
Facility exit costs - - 3,142 -
 
Total operating expense 240,569 191,265 683,130 550,409
 
Income from operations 49,919 53,572 150,807 151,408
Interest income 1,936 2,075 6,384 6,138
Other income (expense), net (730) (227) 502 (167)
 
 
Income before provision for income taxes 51,125 55,420 157,693 157,379
Provision for income taxes 16,360 17,180 50,462 46,722
 
Net income $34,765 $38,240 $107,231 $110,657
 
Net income per share:
Basic $0.18 $0.20 $0.56 $0.57
Diluted $0.18 $0.19 $0.55 $0.56
 
Weighted average shares outstanding:
Basic 193,374 193,393 193,127 193,162
Diluted 195,666 196,468 195,898 196,493

RED HAT, INC.
CONSOLIDATED BALANCE SHEETS
             
(In thousands)
 
ASSETS
November 30, February 29,
2012 2012 (1)
(Unaudited)
Current assets:
Cash and cash equivalents $605,911 $549,217
Investments in debt and equity securities 280,433 264,298
Accounts receivable, net 254,787 255,180
Deferred tax assets, net 63,342 69,765
Prepaid expenses 83,809 81,266
Other current assets 2,010 1,629
 
Total current assets 1,290,292 1,221,355
 
Property and equipment, net 128,743 92,065
Goodwill 608,149 591,563
Identifiable intangibles, net 130,025 100,638
Investments in debt securities 463,553 446,838
Other assets, net 41,137 38,640
 
Total assets $2,661,899 $2,491,099
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $155,768 $114,078
Deferred revenue 735,580 711,408
Other current obligations 1,082 819
 
Total current liabilities 892,430 826,305
 
Long term deferred revenue 252,152 235,328
Other long term obligations 36,095 30,649
Stockholders' equity:
Common stock 23 23
Additional paid-in capital 1,770,525 1,709,082
Retained earnings 498,907 391,676
Treasury stock, at cost (780,912) (696,012)
Accumulated other comprehensive loss (7,321) (5,952)
 
Total stockholders' equity 1,481,222 1,398,817
 
Total liabilities and stockholders' equity $2,661,899 $2,491,099
 
 
(1) Derived from audited financial statements

RED HAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
               
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Cash flows from operating activities:
Net income $34,765 $38,240 $107,231 $110,657
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 16,126 12,392 44,773 38,278
Share-based compensation expense 26,678 20,770 72,743 55,710
Deferred income taxes 6,686 17,015 29,749 36,225
Excess tax benefits from share-based payment arrangements (8,100) (7,626) (27,900) (24,298)
Other (552) (233) (2,393) (550)
Changes in operating assets and liabilities net of effects of acquisitions:
Accounts receivable (35,291) (35,014) 534 (23,429)
Prepaid expenses 2,652 (3,096) (4,314) (6,324)
Accounts payable and accrued expenses 21,554 22,206 47,903 21,595
Deferred revenue 35,207 32,046 56,515 56,167
Other 431 (144) 3,572 (159)
 
Net cash provided by operating activities 100,156 96,556 328,413 263,872
 
Cash flows from investing activities:
Purchase of available-for-sale debt securities (123,318) (329,730) (631,087) (731,016)
Proceeds from sales and maturities of available-for-sale debt securities 169,743 196,991 587,522 578,267
Acquisition of business, net of cash acquired (21,188) (135,210) (31,239) (135,210)
Purchase of other intangible assets (5,577) (643) (32,440) (4,245)
Purchase of property and equipment (28,309) (11,115) (64,552) (31,294)
Other (66) (1,622) 264 (1,276)
 
Net cash used in investing activities (8,715) (281,329) (171,532) (324,774)
 
Cash flows from financing activities:
Excess tax benefits from share-based payment arrangements 8,100 7,626 27,900 24,298
Proceeds from exercise of common stock options 4,294 7,139 10,810 15,552
Purchase of treasury stock (52,018) - (84,900) (56,952)
Payments related to net settlement of employee share-based compensation awards (22,924) (20,118) (45,612) (32,103)
Payments on other borrowings (205) (70) (682) (759)
 
Net cash used in financing activities (62,753) (5,423) (92,484) (49,964)
 
Effect of foreign currency exchange rates on cash and cash equivalents 5,647 (20,597) (7,703) (5,099)
Net increase (decrease) in cash and cash equivalents 34,335 (210,793) 56,694 (115,965)
Cash and cash equivalents at beginning of the period 571,576 737,458 549,217 642,630
 
Cash and cash equivalents at end of period $605,911 $526,665 $605,911 $526,665

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 Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Cost of revenue $2,444 $2,245 $6,777 $5,877
Sales and marketing 8,875 7,157 23,962 18,829
Research and development 7,935 5,368 22,040 14,445
General and administration 7,424 6,000 19,964 16,559
Total share-based compensation expense $26,678 $20,770 $72,743 $55,710
 
 
Amortization of intangible assets expense included in Consolidated Statements of Operations:
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Cost of revenue $1,433 $669 $3,252 $2,864
Sales and marketing 2,076 1,957 6,272 5,874
Research and development 959 940 2,877 3,254
General and administration 1,476 905 3,800 2,616
Total amortization of intangible assets expense $5,944 $4,471 $16,201 $14,608
 
 
Facility exit costs included in Consolidated Statements of Operations:
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Facility exit costs - - $3,142 -
 
 
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP net income $34,765 $38,240 $107,231 $110,657
 
Provision for income taxes 16,360 17,180 50,462 46,722
 
GAAP income before provision for income taxes $51,125 $55,420 $157,693 $157,379
 
Add: Non-cash share-based compensation expense 26,678 20,770 72,743 55,710
Add: Amortization of intangible assets 5,944 4,471 16,201 14,608
Add: Facility exit costs - - 3,142 -
 
Non-GAAP adjusted income before provision for income taxes $83,747 $80,661 $249,779 $227,697
 
Provision for income taxes (1) 26,799 25,005 79,929 68,521
 
Non-GAAP adjusted net income (basic and diluted) $56,948 $55,656 $169,850 $159,176
 
Non-GAAP adjusted net income per share:
Basic $0.29 $0.29 $0.88 $0.82
Diluted $0.29 $0.28 $0.87 $0.81
 
 
(1) Provision for income taxes:
Non-GAAP adjusted net income before income tax provision $83,747 $80,661 $249,779 $227,697
Estimated annual effective tax rate 32.0% 31.0% 32.0% 31.0%
Non-GAAP provision for income taxes before discrete tax benefit $26,799 $25,005 $79,929 $70,586
Discrete tax benefit - - - 2,065
Provision for income taxes on Non-GAAP adjusted net income $26,799 $25,005 $79,929 $68,521

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 Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP gross profit $290,488 $244,837 $833,937 $701,817
 
Add: Non-cash share-based compensation expense 2,444 2,245 6,777 5,877
Add: Amortization of intangible assets 1,433 669 3,252 2,864
 
Non-GAAP gross profit $294,365 $247,751 $843,966 $710,558
 
Non-GAAP gross margin 86% 85% 86% 85%
 
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP operating expenses $240,569 $191,265 $683,130 $550,409
 
Deduct: Non-cash share-based compensation expense (24,234) (18,525) (65,966) (49,833)
Deduct: Amortization of intangible assets (4,511) (3,802) (12,949) (11,744)
Deduct: Facility exit costs - - (3,142) -
 
Non-GAAP adjusted operating expenses $211,824 $168,938 $601,073 $488,832
 
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP operating income $49,919 $53,572 $150,807 $151,408
 
Add: Non-cash share-based compensation expense 26,678 20,770 72,743 55,710
Add: Amortization of intangible assets 5,944 4,471 16,201 14,608
Add: Facility exit costs - - 3,142 -
 
Non-GAAP adjusted operating income $82,541 $78,813 $242,893 $221,726
 
Non-GAAP adjusted operating margin 24.0% 27.2% 24.8% 26.5%
 
 
Three Months Ended  
November 30, November 30, Year-Over-Year
2012 2011 Growth Rate
 
GAAP subscription revenue $294,186 $246,538 19.3%
Adjustment for currency impact 5,647 -
Non-GAAP subscription revenue on a constant currency basis $299,833 $246,538 21.6%
 
GAAP training and services revenue $49,420 $43,488 13.6%
Adjustment for currency impact 1,024 -
Non-GAAP training and services revenue on a constant currency basis $50,444 $43,488 16.0%
 
GAAP total subscription, training and services revenue $343,606 $290,026 18.5%
Adjustment for currency impact 6,671 -
Non-GAAP total subscription, training and services revenue on a constant currency basis $350,277 $290,026 20.8%

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