-
First quarter total revenue of $424 million, up 17% year-over-year
-
First quarter subscription revenue of $372 million, up 18%
year-over-year
-
First quarter operating cash flow of $165 million, up 16%
year-over-year
RALEIGH, N.C.--(BUSINESS WIRE)--
Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source
solutions, today announced financial results for its fiscal year 2015
first quarter ended May 31, 2014.
Total revenue for the quarter was $424 million, an increase of 17% in
U.S. dollars from the year ago quarter, and 17% measured in constant
currency. Constant currency references in this release are as detailed
in the tables below. Subscription revenue for the quarter was $372
million, up 18% in U.S. dollars year-over-year, or 17% measured in
constant currency.
"Our strong start to FY15 is a direct result of our ability to
consistently deliver meaningful value to enterprise customers," stated
Jim Whitehurst, President and Chief Executive Officer of Red Hat. "We
now count 94% of the Fortune 500 and 90% of the Fortune Global 500 as
customers. These are some of the most sophisticated IT organizations in
the world, and many continue to increase their purchases from Red Hat to
modernize their IT infrastructure with cloud enabling technologies. As
evidence of this demand and Red Hat's strong market position, we closed
a record number of first quarter deals of a million dollars or more."
GAAP operating income for the first quarter was $51 million, down 10%
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 $88 million, up 2% year-over-year. For the first quarter,
GAAP operating margin was 12.0% and non-GAAP operating margin was 20.8%.
GAAP net income for the quarter was $38 million, or $0.20 per diluted
share, compared with $40 million, or $0.21 per diluted share, in the
year ago quarter. After adjusting for stock compensation, amortization
expenses and transaction costs related to business combinations, as
detailed in the tables below, non-GAAP net income for the quarter was
$64 million, or $0.34 per diluted share, as compared to $62 million, or
$0.32 per diluted share, in the year ago quarter.
Operating cash flow was $165 million for the first quarter, as compared
to $142 million in the year ago quarter. At quarter end, the company's
total deferred revenue balance was $1.27 billion, an increase of 20% on
a year-over-year basis. Total cash, cash equivalents and investments as
of May 31, 2014 was $1.40 billion after repurchasing approximately $80
million, or approximately 1.6 million shares, of common stock in the
first quarter.
"Our global sales organization continued to execute at a high level
during Q1, leading to double digit growth in every region. This
execution, combined with the cross-selling of our expanded portfolio of
innovative technologies, contributed to organic subscription revenue
growth of 18% and operating cash flow growth of 16%, all of which were
above the high-end of our guidance," stated Charlie Peters, Executive
Vice President and Chief Financial Officer of Red Hat.
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; 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 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.
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,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions
|
$371,968
|
|
$315,817
|
|
|
Training and services
|
51,786
|
|
47,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total subscription, training and services revenue
|
423,754
|
|
363,259
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions
|
27,760
|
|
23,375
|
|
|
Training and services
|
36,683
|
|
32,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of subscription, training and services revenue
|
64,443
|
|
56,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross profit
|
359,311
|
|
307,202
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense:
|
|
|
|
|
|
Sales and marketing
|
176,838
|
|
142,444
|
|
|
Research and development
|
89,939
|
|
73,802
|
|
|
General and administrative
|
41,571
|
|
34,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expense
|
308,348
|
|
250,579
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
50,963
|
|
56,623
|
|
|
Interest income
|
1,842
|
|
1,502
|
|
|
Other income (expense), net
|
357
|
|
(424)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes
|
53,162
|
|
57,701
|
|
Provision for income taxes
|
15,417
|
|
17,310
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$37,745
|
|
$40,391
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
Basic
|
|
|
$0.20
|
|
$0.21
|
|
|
Diluted
|
|
|
$0.20
|
|
$0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
Basic
|
|
|
189,372
|
|
191,114
|
|
|
Diluted
|
|
|
191,457
|
|
192,969
|
|
RED HAT, INC.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
May 31,
|
|
February 28,
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014 (1)
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
$564,148
|
|
$646,742
|
|
|
Investments in debt and equity securities
|
239,039
|
|
335,387
|
|
|
Accounts receivable, net
|
265,663
|
|
360,594
|
|
|
Deferred tax assets, net
|
114,253
|
|
108,264
|
|
|
Prepaid expenses
|
124,523
|
|
118,387
|
|
|
Other current assets
|
1,275
|
|
1,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
1,308,901
|
|
1,571,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
172,792
|
|
173,917
|
|
|
Goodwill
|
|
|
817,279
|
|
687,430
|
|
|
Identifiable intangibles, net
|
141,326
|
|
133,399
|
|
|
Investments in debt securities
|
596,895
|
|
505,300
|
|
|
Other assets, net
|
32,817
|
|
35,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$3,070,010
|
|
$3,106,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable and accrued expenses
|
$185,910
|
|
$179,468
|
|
|
Deferred revenue
|
947,353
|
|
966,832
|
|
|
Other current obligations
|
1,851
|
|
1,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
1,135,114
|
|
1,148,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term deferred revenue
|
325,216
|
|
322,365
|
|
|
Other long term obligations
|
84,877
|
|
85,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock
|
23
|
|
23
|
|
|
Additional paid-in capital
|
1,908,934
|
|
1,891,848
|
|
|
Retained earnings
|
757,917
|
|
720,172
|
|
|
Treasury stock, at cost
|
(1,136,713)
|
|
(1,056,419)
|
|
|
Accumulated other comprehensive loss
|
(5,358)
|
|
(4,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
1,524,803
|
|
1,551,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
$3,070,010
|
|
$3,106,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Derived from audited financial statements
|
|
|
|
|
RED HAT, INC.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
$37,745
|
|
$40,391
|
|
Adjustments to reconcile net income to net cash provided by
|
|
|
|
|
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
18,924
|
|
17,932
|
|
|
Share-based compensation expense
|
28,714
|
|
23,131
|
|
|
Deferred income taxes
|
2,930
|
|
9,754
|
|
|
Net amortization of bond premium on available-for-sale debt
securities
|
2,033
|
|
2,051
|
|
|
Other
|
|
|
(948)
|
|
143
|
|
Changes in operating assets and liabilities net of effects of
acquisitions:
|
|
|
|
|
|
Accounts receivable
|
96,580
|
|
72,422
|
|
|
Prepaid expenses
|
(5,189)
|
|
3,251
|
|
|
Accounts payable and accrued expenses
|
2,655
|
|
(12,551)
|
|
|
Deferred revenue
|
(19,749)
|
|
(16,900)
|
|
|
Other
|
|
|
991
|
|
2,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
164,686
|
|
141,815
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchase of available-for-sale debt securities
|
(268,574)
|
|
(129,643)
|
|
|
Proceeds from sales and maturities of available-for-sale debt
securities
|
269,431
|
|
325,850
|
|
|
Acquisition of business, net of cash acquired
|
(151,621)
|
|
-
|
|
|
Purchase of other intangible assets
|
(553)
|
|
(2,344)
|
|
|
Purchase of property and equipment
|
(8,594)
|
|
(26,677)
|
|
|
Other
|
|
|
3,472
|
|
192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
(156,439)
|
|
167,378
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Excess tax benefits from share-based payment arrangements
|
986
|
|
3,033
|
|
|
Proceeds from exercise of common stock options
|
45
|
|
453
|
|
|
Purchase of treasury stock
|
(80,033)
|
|
(179,336)
|
|
|
Payments related to net settlement of employee share-based
compensation awards
|
(13,729)
|
|
(10,983)
|
|
|
Payments on other borrowings
|
(355)
|
|
(305)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
(93,086)
|
|
(187,138)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rates on cash and cash
equivalents
|
2,245
|
|
(11,141)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
(82,594)
|
|
110,914
|
|
|
Cash and cash equivalents at beginning of the period
|
646,742
|
|
487,084
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
$564,148
|
|
$597,998
|
|
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,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
$3,118
|
|
$2,840
|
|
|
Sales and marketing
|
10,238
|
|
9,375
|
|
|
Research and development
|
8,864
|
|
6,881
|
|
|
General and administration
|
6,494
|
|
4,035
|
|
|
Total share-based compensation expense
|
$28,714
|
|
$23,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets expense included in Consolidated
Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
$2,615
|
|
$2,672
|
|
|
Sales and marketing
|
1,582
|
|
1,958
|
|
|
Research and development
|
959
|
|
959
|
|
|
General and administration
|
1,428
|
|
1,537
|
|
|
Total amortization of intangible assets expense
|
$6,584
|
|
$7,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs related to business combinations included in
Consolidated Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs related to business combinations
|
$1,991
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
$37,745
|
|
$40,391
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
15,417
|
|
17,310
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income before provision for income taxes
|
$53,162
|
|
$57,701
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Non-cash share-based compensation expense
|
28,714
|
|
23,131
|
|
Add: Amortization of intangible assets
|
6,584
|
|
7,126
|
|
Add: Transaction costs related to business combinations
|
1,991
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted income before provision for income taxes
|
$90,451
|
|
$87,958
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
26,231
|
|
26,387
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income (basic and diluted)
|
$64,220
|
|
$61,571
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income per share:
|
|
|
|
|
|
Basic
|
$0.34
|
|
$0.32
|
|
|
Diluted
|
$0.34
|
|
$0.32
|
|
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,
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
$359,311
|
|
$307,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Non-cash share-based compensation expense
|
3,118
|
|
2,840
|
|
|
|
Add: Amortization of intangible assets
|
2,615
|
|
2,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
|
$365,044
|
|
$312,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross margin
|
86%
|
|
86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
$308,348
|
|
$250,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deduct: Non-cash share-based compensation expense
|
(25,596)
|
|
(20,291)
|
|
|
|
Deduct: Amortization of intangible assets
|
(3,969)
|
|
(4,454)
|
|
|
|
Deduct: Transaction costs related to business combinations
|
(1,991)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted operating expenses
|
$276,792
|
|
$225,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
$50,963
|
|
$56,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Non-cash share-based compensation expense
|
28,714
|
|
23,131
|
|
|
|
Add: Amortization of intangible assets
|
6,584
|
|
7,126
|
|
|
|
Add: Transaction costs related to business combinations
|
1,991
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted operating income
|
$88,252
|
|
$86,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted operating margin
|
20.8%
|
|
23.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
May 31,
|
|
May 31,
|
|
Year-Over-Year
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Growth Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP subscription revenue
|
$371,968
|
|
$315,817
|
|
17.8%
|
|
Adjustment for currency impact
|
-1,235
|
|
-
|
|
|
|
Non-GAAP subscription revenue on a constant currency basis
|
$370,733
|
|
$315,817
|
|
17.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP training and services revenue
|
$51,786
|
|
$47,442
|
|
9.2%
|
|
Adjustment for currency impact
|
648
|
|
-
|
|
|
|
Non-GAAP training and services revenue on a constant currency basis
|
$52,434
|
|
$47,442
|
|
10.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total subscription, training and services revenue
|
$423,754
|
|
$363,259
|
|
16.7%
|
|
Adjustment for currency impact
|
-587
|
|
-
|
|
|
|
Non-GAAP total subscription, training and services revenue on a
constant currency basis
|
$423,167
|
|
$363,259
|
|
16.5%
|
Red Hat, Inc.
Media Contact:
Stephanie Wonderlick,
571-421-8169
swonderl@redhat.com
or
Investor
Relations:
Tom McCallum, 919-754-4630
tmccallum@redhat.com
Source: Red Hat, Inc.
News Provided by Acquire Media