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Red Hat Reports Fourth Quarter and Fiscal Year 2014 Results

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 28, 2014.

Total revenue for the quarter was $400 million, an increase of 15% in U.S. dollars from the year ago quarter, or 17% measured in constant currency. Constant currency references in this release are as detailed in the tables below. Subscription revenue for the quarter was $351 million, up 16% in U.S. dollars year-over-year, or 18% measured in constant currency. For the full fiscal year, total revenue was $1.53 billion, up 15% in U.S. dollars year-over-year, or 17% measured in constant currency, and subscription revenue was $1.34 billion, up 16% in U.S. dollars year-over-year, or 18% measured in constant currency.

“The fourth quarter was a strong finish to fiscal 2014, and it was highlighted by a record number of deals over $1 million and 24% growth in our billings proxy to $565 million,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “Continued strong demand for Red Hat’s technology portfolio drove strong growth in our core platform and application development technologies during the fourth quarter. In addition, our cross-selling efforts resulted in early wins for our emerging technologies, which address top CIO priorities that are driving the evolution of enterprise computing.”

GAAP operating income for the fourth quarter and the full fiscal year was $59 million and $232 million, respectively. GAAP operating margin was 14.8% in the fourth quarter and 15.1% for the full year. After adjusting for stock compensation, amortization expenses and certain facility exit costs, as detailed in the tables below, non-GAAP operating income for the quarter was $97 million, or a 24.3% operating margin. Full year non-GAAP operating income was $376 million and full year non-GAAP operating margin was 24.5%.

GAAP net income for the fourth quarter was $45 million, or $0.24 per diluted share, compared with $52 million, or $0.27 per diluted share, for the prior quarter and $43 million, or $0.22 per diluted share, in the year ago quarter. Non-GAAP adjusted net income for the fourth quarter was $75 million, or $0.39 per diluted share, after adjusting for stock compensation, amortization expenses and certain facility exit costs, as detailed in the tables below. This compares to non-GAAP adjusted net income of $81 million, or $0.42 per diluted share in the prior quarter, and $70 million, or $0.36 per diluted share in the year ago quarter.

For the full year, GAAP net income was $178 million or $0.93 per diluted share, compared with $150 million or $0.77 per diluted share in the prior year. After adjusting for stock compensation, amortization expenses and certain facility exit costs, as detailed in the tables below, non-GAAP adjusted net income for the year was $285 million or $1.49 per diluted share, compared to $240 million or $1.23 per diluted share for the previous fiscal year. For fiscal year 2014, Red Hat fully diluted shares outstanding were approximately 192.0 million for the full fiscal year, lower by 3.8 million shares due in part to the repurchase of approximately 5.0 million shares, or approximately $239 million of common stock during the year.

Operating cash flow totaled $185 million for the fourth quarter and $541 million for the full year. At the end of the fiscal year, the company’s total deferred revenue balance was $1.29 billion, an increase of 18% on a year-over-year basis and 15% sequentially. Cash and investments at February 28, 2014 totaled $1.49 billion.

“We delivered consistent mid-teen revenue growth during every quarter in fiscal year 2014, and we continued to invest in new technologies and commercial capabilities that further expand our future growth opportunities in open hybrid cloud computing,” stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. “Red Hat continues to deliver a compelling combination of revenue growth, profitability and cash flow. Our annual non-GAAP operating income growth of 15% contributed to operating cash flow of $541 million for fiscal year 2014, up 16% year-over-year, which included a record quarterly operating cash flow of $185 million the fourth quarter, up 35% year-over-year.”

The billings proxy, which we define as total revenue plus the change in deferred revenue as reflected on the Consolidated Statement of Cash Flows, was $1.74 billion for fiscal year 2014 compared with $1.49 billion for the prior fiscal year, an increase of 17%. Total backlog for fiscal year 2014 was in excess of $1.56 billion, up 14% year-over-year. We define total backlog as the value of non-cancellable subscription and service contracts, including total deferred revenue, which is billed, plus the value of customer contracts to be billed in the future not reflected in our financial statements. The portion of total backlog to be billed in the future not reflected in our financial statements was in excess of $270 million as of February 28, 2014, compared with the in excess of $280 million ending balance reported for fiscal year 2013. The portion of the total backlog to be billed in the next twelve months not reflected in our financial statements was in excess of $190 million as of February 28, 2014, compared with in excess of $180 million for the fiscal year ending February 28, 2013.

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.

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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; 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.

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 Twelve Months Ended
February 28, February 28, February 28, February 28,
2014 2013 2014 2013 (1)
Revenue:
 
Subscriptions $351,492 $302,783 $1,336,771 $1,148,341
Training and services 48,905 45,101 197,844 180,476
 
 
Total subscription, training and services revenue 400,397 347,884 1,534,615 1,328,817
 
Cost of revenue:
 
Subscriptions 25,663 22,400 97,100 80,340
Training and services 34,873 31,203 135,500 120,260
 
 
Total cost of subscription, training and services revenue 60,536 53,603 232,600 200,600
 
 
Total gross profit 339,861 294,281 1,302,015 1,128,217
 
Operating expense:
Sales and marketing 157,317 136,314 597,885 514,554
Research and development 82,644 71,248 317,263 263,150
General and administrative 40,600 36,487 152,407 146,333
Facility exit costs - - 2,171 3,142
 
Total operating expense 280,561 244,049 1,069,726 927,179
 
Income from operations 59,300 50,232 232,289 201,038
Interest income 2,037 1,861 6,645 8,245
Other income (expense), net 283 (34) 614 469
 
 
Income before provision for income taxes 61,620 52,059 239,548 209,752
Provision for income taxes 16,551 9,086 61,256 59,548
 
Net income $45,069 $42,973 $178,292 $150,204
 
Net income per share:
Basic $0.24 $0.22 $0.94 $0.78
Diluted $0.24 $0.22 $0.93 $0.77
 
Weighted average shares outstanding:
Basic 189,604 193,207 189,920 193,147
Diluted 191,712 195,133 192,036 195,804
 
 
(1) Derived from audited financial statements

RED HAT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
     
ASSETS
February 28, February 28,
2014

2013 (1)

(Unaudited)
Current assets:
Cash and cash equivalents $646,742 $487,084
Investments in debt and equity securities 335,387 392,381
Accounts receivable, net 360,594 302,942
Deferred tax assets, net 108,264 88,765
Prepaid expenses 118,387 94,421
Other current assets 1,808   3,156  
 
Total current assets 1,571,182 1,368,749
 
Property and equipment, net 173,917 141,586
Goodwill 687,430 690,911
Identifiable intangibles, net 133,399 142,243
Investments in debt securities 505,300 438,908
Other assets, net 35,391   31,263  
 
Total assets $3,106,619   $2,813,660  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $179,468 $154,202
Deferred revenue 966,832 830,486
Other current obligations 1,786   1,024  
 
Total current liabilities 1,148,086 985,712
 
Long term deferred revenue 322,365 259,466
Other long term obligations 85,003 48,321
Stockholders' equity:
Common stock 23 23
Additional paid-in capital 1,891,848 1,802,899
Retained earnings 720,172 541,880
Treasury stock, at cost (1,056,419 ) (816,674 )
Accumulated other comprehensive loss (4,459 ) (7,967 )
 
Total stockholders' equity 1,551,165   1,520,161  
 
Total liabilities and stockholders' equity $3,106,619   $2,813,660  
 
 
(1) Derived from audited financial statements

RED HAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
         
 
Three Months Ended Twelve Months Ended
February 28, February 28, February 28, February 28,

2014

2013

2014

2013 (1)

 
Cash flows from operating activities:
Net income $45,069 $42,973 $178,292 $150,204
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 19,079 17,568 74,405 62,341
Share-based compensation expense 30,578 25,954 113,774 98,698
Deferred income taxes 7,934 10,101 26,613 39,849
Excess tax benefits from share-based payment arrangements (3,766 ) (6,319 ) (12,837 ) (34,219 )
Net amortization of bond premium on available-for-sale debt securities 2,060 1,795 8,697 6,889
Other 926 (233 ) 1,411 (2,626 )
Changes in operating assets and liabilities net of effects of acquisitions:
Accounts receivable (52,536 ) (47,447 ) (61,785 ) (46,913 )
Prepaid expenses (21,619 ) (10,411 ) (25,122 ) (14,726 )
Accounts payable and accrued expenses (10,129 ) (2,612 ) 28,436 40,196
Deferred revenue 164,358 106,059 205,357 162,574
Other 2,728   (541 ) 3,339   3,030  
 
Net cash provided by operating activities 184,682   136,887   540,580   465,297  
 
Cash flows from investing activities:
Purchase of available-for-sale debt securities (324,029 ) (244,341 ) (772,741 ) (875,428 )
Proceeds from sales and maturities of available-for-sale debt securities 166,271 153,779 764,122 741,301
Acquisition of business, net of cash acquired - (104,262 ) - (135,501 )
Purchase of other intangible assets (4,769 ) (1,927 ) (17,972 ) (34,367 )
Purchase of property and equipment (17,754 ) (21,119 ) (79,587 ) (85,671 )
Other -   353   (2,084 ) 617  
 
Net cash used in investing activities (180,281 ) (217,517 ) (108,262 ) (389,049 )
 
Cash flows from financing activities:
Excess tax benefits from share-based payment arrangements 3,766 6,319 12,837 34,219
Proceeds from exercise of common stock options 811 668 2,122 11,478
Purchase of treasury stock - (35,761 ) (239,363 ) (120,662 )
Payments related to net settlement of employee share-based compensation awards (4,280 ) (4,373 ) (37,402 ) (49,984 )
Payments on other borrowings (325 ) (335 ) (1,304 ) (1,016 )
 
Net cash used in financing activities (28 ) (33,482 ) (263,110 ) (125,965 )
 
Effect of foreign currency exchange rates on cash and cash equivalents 258   (4,715 ) (9,550 ) (12,416 )
Net increase (decrease) in cash and cash equivalents 4,631 (118,827 ) 159,658 (62,133 )
Cash and cash equivalents at beginning of the period 642,111   605,911   487,084   549,217  
 
Cash and cash equivalents at end of period $646,742   $487,084   $646,742   $487,084  
 
 
(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 28, February 28, February 28, February 28,
2014 2013 2014 2013
 
Cost of revenue $2,932 $2,656 $11,793 $9,433
Sales and marketing 10,313 8,944 40,322 32,906
Research and development 9,094 7,606 34,194 29,647
General and administration 8,239 6,748 27,465 26,712
Total share-based compensation expense $30,578 $25,954 $113,774 $98,698
 
 
Amortization of intangible assets expense included in Consolidated Statements of Operations:
 
Three Months Ended Twelve Months Ended
February 28, February 28, February 28, February 28,
2014 2013 2014 2013
 
Cost of revenue $2,508 $2,695 $10,180 $5,943
Sales and marketing 2,477 2,144 8,872 8,416
Research and development 959 959 3,836 3,836
General and administration 1,288 1,528 5,316 5,328
Total amortization of intangible assets expense $7,232 $7,326 $28,204 $23,523
 
 
Facility exit costs included in Consolidated Statements of Operations:
 
Three Months Ended Twelve Months Ended
February 28, February 28, February 28, February 28,
2014 2013 2014 2013
 
Facility exit costs - - $2,171 $3,142
 
 
 
Three Months Ended Twelve Months Ended
February 28, February 28, February 28, February 28,
2014 2013 2014 2013
 
GAAP net income $45,069 $42,973 $178,292 $150,204
 
Provision for income taxes 16,551 9,086 61,256 59,548
 
GAAP income before provision for income taxes $61,620 $52,059 $239,548 $209,752
 
Add: Non-cash share-based compensation expense 30,578 25,954 113,774 98,698
Add: Amortization of intangible assets 7,232 7,326 28,204 23,523
Add: Facility exit costs - - 2,171 3,142
 
Non-GAAP adjusted income before provision for income taxes $99,430 $85,339 $383,697 $335,115
 
Provision for income taxes (1) 24,277 15,213 98,226 95,139
 
Non-GAAP adjusted net income (basic and diluted) $75,153 $70,126 $285,471 $239,976
 
Non-GAAP adjusted net income per share:
Basic $0.40 $0.36 $1.50 $1.24
Diluted $0.39 $0.36 $1.49 $1.23
 
 
(1) Provision for income taxes:
Non-GAAP adjusted net income before income tax provision $99,430 $85,339 $383,697 $335,115
Effective tax rates, excluding discrete tax items 24.4% 17.8% 26.7% 28.4%
Non-GAAP provision for income taxes before discrete tax benefit $24,277 $15,213 $102,451 $95,139
Discrete tax benefit - - 4,225 -
Provision for income taxes on Non-GAAP adjusted net income $24,277 $15,213 $98,226 $95,139

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 28, February 28, February 28, February 28,
2014 2013 2014 2013
 
GAAP gross profit $339,861 $294,281 $1,302,015 $1,128,217
 
Add: Non-cash share-based compensation expense 2,932 2,656 11,793 9,433
Add: Amortization of intangible assets 2,508 2,695 10,180 5,943
 
Non-GAAP gross profit $345,301 $299,632 $1,323,988 $1,143,593
 
Non-GAAP gross margin 86% 86% 86% 86%
 
 
Three Months Ended Twelve Months Ended
February 28, February 28, February 28, February 28,
2014 2013 2014 2013
 
GAAP operating expenses $280,561 $244,049 $1,069,726 $927,179
 
Deduct: Non-cash share-based compensation expense (27,646) (23,298) (101,981) (89,265)
Deduct: Amortization of intangible assets (4,724) (4,631) (18,024) (17,580)
Deduct: Facility exit costs - - (2,171) (3,142)
 
Non-GAAP adjusted operating expenses $248,191 $216,120 $947,550 $817,192
 
 
Three Months Ended Twelve Months Ended
February 28, February 28, February 28, February 28,
2014 2013 2014 2013
 
GAAP operating income $59,300 $50,232 $232,289 $201,038
 
Add: Non-cash share-based compensation expense 30,578 25,954 113,774 98,698
Add: Amortization of intangible assets 7,232 7,326 28,204 23,523
Add: Facility exit costs - - 2,171 3,142
 
Non-GAAP adjusted operating income $97,110 $83,512 $376,438 $326,401
 
Non-GAAP adjusted operating margin 24.3% 24.0% 24.5% 24.6%
 
 
 
Reconciliation of constant currency revenue growth rates
 
Three Months Ended  
February 28, February 28, Year-Over-Year
2014 2013 Growth Rate
 
GAAP subscription revenue $351,492 $302,783 16.1%
Adjustment for currency impact 4,991 -
Non-GAAP subscription revenue on a constant currency basis $356,483 $302,783 17.7%
 
GAAP training and services revenue $48,905 $45,101 8.4%
Adjustment for currency impact 1,455 -
Non-GAAP training and services revenue on a constant currency basis $50,360 $45,101 11.7%
 
GAAP total subscription, training and services revenue $400,397 $347,884 15.1%
Adjustment for currency impact 6,446 -
Non-GAAP total subscription, training and services revenue on a constant currency basis $406,843 $347,884 16.9%
 
 
Twelve Months Ended  
February 28, February 28, Year-Over-Year
2014 2013 Growth Rate
 
GAAP subscription revenue $1,336,771 $1,148,341 16.4%
Adjustment for currency impact 18,059 -
Non-GAAP subscription revenue on a constant currency basis $1,354,830 $1,148,341 18.0%
 
GAAP training and services revenue $197,844 $180,476 9.6%
Adjustment for currency impact 3,342 -
Non-GAAP training and services revenue on a constant currency basis $201,186 $180,476 11.5%
 
GAAP total subscription, training and services revenue $1,534,615 $1,328,817 15.5%
Adjustment for currency impact 21,401 -
Non-GAAP total subscription, training and services revenue on a constant currency basis $1,556,016 $1,328,817 17.1%

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