- Third quarter total revenue of $748
million, up 22% year-over-year, or 20% in constant currency
- Third quarter Application
Development-related and other emerging technology subscription
revenue of $162 million, up 44% year-over-year, or 42% in constant
currency
- Quarter-end deferred revenue balance of
$2.11 billion, up 23% year-over-year
- Third quarter operating cash flow of
$160 million, up 18% year-over-year and year-to-date operating cash
flow of $561 million, up 21% year-over-year
Red Hat, Inc. (NYSE: RHT), the world's leading provider of open
source solutions, today announced financial results for the third
quarter of fiscal year 2018 ended November 30, 2017.
“We again delivered over 20% year-over-year growth in both
subscription revenue and total revenue due to strong customer
demand for hybrid cloud technologies, including our core
technologies, container platforms and solutions that enable and
manage multiple cloud and private cloud environments," stated Jim
Whitehurst, President and Chief Executive Officer of Red Hat. "Our
growing strategic position within enterprise IT organizations is
evidenced by the strong cross selling of our broad portfolio of
technologies, which led to 30% year-over-year growth in deals over
$1 million and over 40% growth in Application Development-related
and other emerging technology subscription revenue."
"In the third quarter, strong execution contributed to a
powerful combination of 22% total revenue growth, 47% GAAP
operating income growth, 25% non-GAAP operating income growth, and
18% operating cash flow growth," stated Eric Shander, Executive
Vice President and Chief Financial Officer of Red Hat. "Based on
our third quarter results, we anticipate exiting the fiscal year
with an annualized run-rate of approximately $3 billion for total
revenue."
Revenue: Total revenue for the quarter was $748 million,
up 22% in USD year-over-year, or 20% measured in constant currency.
Constant currency references in this release are detailed in the
tables below. Subscription revenue for the quarter was $657
million, up 21% in USD year-over-year, or 19% measured in constant
currency. Subscription revenue in the quarter was 88% of total
revenue.
Subscription Revenue Breakout: Subscription revenue from
Infrastructure-related offerings for the quarter was $495 million,
an increase of 15% in USD year-over-year, or 14% measured in
constant currency. Subscription revenue from Application
Development-related and other emerging technology offerings for the
quarter was $162 million, an increase of 44% in USD year-over-year,
or 42% measured in constant currency.
Operating Income: GAAP operating income for the quarter
was $118 million, up 47% 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 third quarter was
$179 million, up 25% year-over-year. For the third quarter, GAAP
operating margin was 15.8% and non-GAAP operating margin was 23.9%.
Non-GAAP references in this release are detailed in the tables
below.
Net Income: GAAP net income for the quarter was $101
million, or $0.54 per diluted share, compared with $68 million, or
$0.37 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
debt discount, non-GAAP net income for the quarter was $133
million, or $0.73 per diluted share, as compared to $111 million,
or $0.61 per diluted share, in the year-ago quarter. Non-GAAP
diluted weighted average shares outstanding excludes dilution that
is expected to be offset by our convertible note hedge
transactions.
Cash: Operating cash flow was $160 million for the third
quarter, an increase of 18% on a year-over-year basis. Total cash,
cash equivalents and investments as of November 30, 2017 was
$2.32 billion after repurchasing approximately $100 million, or 838
thousand shares, of common stock in the third quarter. The
remaining balance in the current repurchase authorization as of
November 30, 2017 was approximately $399 million.
Deferred revenue: At the end of the third quarter, the
company’s total deferred revenue balance was $2.11 billion, an
increase of 23% year-over-year. The full year impact to total
deferred revenue from changes in foreign exchange rates was $69
million year-over-year. On a constant currency basis, total
deferred revenue would have been up 19% year-over-year.
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
$2.906 billion to $2.911 billion in USD.
- GAAP operating margin is expected to be
approximately 16.1% and non-GAAP operating margin is expected to be
approximately 23.9%.
- Fully diluted GAAP earnings per share
(EPS) is expected to be approximately $2.02 per share, assuming 184
million fully diluted shares outstanding. Fully diluted non-GAAP
EPS is expected to be approximately $2.88 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 approximately 27% before
discrete tax items. This outlook includes a one-time gain on a
strategic investment which benefits GAAP and non-GAAP EPS by
$0.05.
- Operating cash flow is expected to be
approximately $900 million to $910 million.
For the fourth quarter:
- Revenue is expected to be approximately
$758 million to $763 million.
- GAAP operating margin is expected to be
approximately 16.7% and non-GAAP operating margin is expected to be
approximately 24.6%.
- Fully diluted GAAP EPS is expected to
be approximately $0.54 per share, assuming 186 million fully
diluted shares outstanding. Fully diluted non-GAAP EPS is expected
to be approximately $0.81 per share, assuming 182 million fully
diluted shares outstanding. Both GAAP and non-GAAP EPS assume a $2
million forecast for other income and an estimated annual effective
tax rate of 27% before discrete tax items. This outlook includes a
one-time gain on a strategic investment which benefits GAAP and
non-GAAP EPS by $0.05.
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 $195 million, amortization of
intangible assets of approximately $30 million and transaction
costs related to business combinations of approximately $1.3
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 27% before discrete tax items.
Additionally, full year fully diluted non-GAAP EPS excludes
approximately $30 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 3 million diluted shares related to the convertible
notes which are expected to be offset by our convertible note hedge
transactions.
Fourth quarter non-GAAP operating margin guidance is derived by
subtracting the estimated impact of non-cash share-based
compensation expense of approximately $52 million and amortization
of intangible assets of approximately $8 million. Fourth 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 27% before discrete
tax items. Additionally, fourth quarter fully diluted non-GAAP EPS
excludes approximately $1 million of discrete tax benefits related
to share-based compensation that are included in fourth quarter
fully diluted GAAP EPS. Fourth quarter fully diluted non-GAAP EPS
excludes approximately 4 million diluted shares related to the
convertible notes which are 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.
About Red Hat, Inc.
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 the security of our offerings and other
data 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 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 the Shadowman logo are trademarks
or registered trademarks of Red Hat, Inc. or its subsidiaries 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, 2017 2016 2017
2016 Revenue: Subscriptions $ 656,832 $ 543,318 $ 1,890,902
$ 1,576,192 Training and services 91,146 71,942
257,227 206,771 Total subscription and training and
services revenue 747,978 615,260 2,148,129
1,782,963 Cost of revenue: Subscriptions 47,277
40,660 137,234 116,882 Training and services 64,482 49,793
181,938 145,289 Total cost of subscription and
training and services revenue 111,759 90,453 319,172
262,171 Gross profit 636,219 524,807 1,828,957
1,520,792 Operating expense: Sales and marketing 308,388
267,080 883,395 763,583 Research and development 145,580 122,469
424,552 358,750 General and administrative 63,838 54,485
180,430 160,439 Total operating expense
517,806 444,034 1,488,377 1,282,772
Income from operations 118,413 80,773 340,580 238,020
Interest income 4,864 3,346 13,469 10,167 Interest expense 6,180
6,009 18,346 17,820 Other income (expense), net (1,187 ) (1,392 )
(3,033 ) (1,860 ) Income before provision for income taxes
115,910 76,718 332,670 228,507 Provision for income taxes 14,604
8,775 61,315 40,607 Net income $
101,306 $ 67,943 $ 271,355 $ 187,900
Net income per share: Basic $ 0.57 $ 0.38 $ 1.53 $ 1.04
Diluted $ 0.54 $ 0.37 $ 1.48 $ 1.02 Weighted average shares
outstanding: Basic 177,063 179,233 177,188 180,245 Diluted 186,160
182,682 183,397 183,453
RED HAT, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
November 30, 2017 February 28, 2017 (1)
ASSETS Current assets: Cash and cash equivalents $ 1,331,172
$ 1,090,808 Investments in debt securities, short-term 384,717
369,983 Accounts receivable, net 531,509 634,821 Prepaid expenses
216,036 200,609 Other current assets 41,276 19,481
Total current assets 2,504,710 2,315,702 Property and
equipment, net 201,807 189,629 Goodwill 1,120,957 1,040,709
Identifiable intangibles, net 151,450 137,767 Investments in debt
securities, long-term 605,284 672,440 Deferred tax assets, net
108,235 104,833 Other assets, net 67,041 74,105 Total
assets $ 4,759,484 $ 4,535,185
LIABILITIES AND
STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and
accrued expenses $ 341,596 $ 376,957 Deferred revenue, short-term
1,482,428 1,512,762 Other current obligations 1,022 1,354
Total current liabilities 1,825,046 1,891,073
Deferred revenue, long-term 623,150 557,194 Convertible notes
762,367 745,633 Other long-term obligations 115,781 93,965
Stockholders’ equity: Common stock 24 24 Additional paid-in capital
2,350,740 2,294,462 Retained earnings 1,624,346 1,352,991 Treasury
stock, at cost (2,506,075 ) (2,311,805 ) Accumulated other
comprehensive loss (35,895 ) (88,352 ) Total stockholders’ equity
1,433,140 1,247,320 Total liabilities and
stockholders’ equity $ 4,759,484 $ 4,535,185
(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, 2017 2016 2017
2016 Cash flows from operating activities: Net income $
101,306 $ 67,943 $ 271,355 $ 187,900 Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
and amortization 25,588 21,870 71,541 63,732 Amortization of debt
discount and transaction costs 5,630 5,453 16,740 16,211
Share-based compensation expense 52,318 54,741 142,983 141,373
Deferred income taxes 273 13,818 7,831 6,199 Net amortization of
bond premium on debt securities available for sale 2,113 3,120
6,988 9,954 Other (214 ) 986 1,318 549 Changes in operating assets
and liabilities, net of effects of acquisitions: Accounts
receivable (113,898 ) (73,149 ) 111,899 86,496 Prepaid expenses
(6,756 ) (18,897 ) (26,026 ) (19,387 ) Accounts payable and accrued
expenses 35,559 (4,413 ) (17,771 ) (14,836 ) Deferred revenue
57,275 64,181 (29,017 ) (8,865 ) Other 1,113 706
3,234 (3,868 ) Net cash provided by operating activities
160,307 136,359 561,075 465,458
Cash flows from investing activities: Purchase of investment in
debt securities available for sale (26,580 ) (118,152 ) (285,773 )
(415,796 ) Proceeds from maturities of investment in debt
securities available for sale 130,941 108,722 348,285 378,264
Proceeds from sales of investment in debt securities available for
sale 5,293 5,037 19,617 30,205 Acquisition of businesses, net of
cash acquired — — (83,965 ) (28,667 ) Purchase of developed
software and other intangible assets (3,426 ) (2,323 ) (12,871 )
(8,712 ) Purchase of property and equipment (16,587 ) (17,244 )
(68,268 ) (50,436 ) Other 84 (92 ) (105 ) (203 ) Net cash
provided by (used in) investing activities 89,725 (24,052 )
(83,080 ) (95,345 ) Cash flows from financing activities:
Proceeds from exercise of common stock options 711 1,205 4,541
3,273 Proceeds from employee stock purchase program 10,575 7,155
33,288 7,155 Payments related to net settlement of share-based
compensation awards (37,807 ) (25,769 ) (86,230 ) (63,245 )
Purchase of treasury stock (100,000 ) (125,318 ) (237,002 )
(319,182 ) Payments on other borrowings (346 ) (462 ) (1,207 )
(1,368 ) Other (6 ) (84 ) (6 ) 829 Net cash used in
financing activities (126,873 ) (143,273 ) (286,616 ) (372,538 )
Effect of foreign currency exchange rates on cash and cash
equivalents (2,295 ) (22,925 ) 48,985 (8,675 ) Net increase
(decrease) in cash and cash equivalents 120,864 (53,891 ) 240,364
(11,100 ) Cash and cash equivalents at beginning of the period
1,210,308 970,569 1,090,808 927,778
Cash and cash equivalents at end of the period $ 1,331,172 $
916,678 $ 1,331,172 $ 916,678
RED HAT, INC. RECONCILIATION OF CERTAIN GAAP RESULTS TO
NON-GAAP ADJUSTED RESULTS
(Unaudited)
(In thousands - except per share
amounts)
Three Months Ended Nine Months Ended
November 30, November 30, November 30,
November 30, 2017 2016 2017
2016 Reconciliation items included in Consolidated
Statements of Operations: Non-cash share-based
compensation expense: Cost of revenue $ 4,199 $ 4,037 $ 12,408 $
12,396 Sales and marketing 23,278 26,624 64,708 65,426 Research and
development 14,937 13,814 42,603 38,785 General and administrative
9,904 10,266 23,264 24,766 Total
share-based compensation expense $ 52,318 $ 54,741 $
142,983 $ 141,373 Amortization of intangible
assets expense: Cost of revenue $ 4,329 $ 4,234 $ 12,491 $ 11,702
Sales and marketing 1,592 1,695 4,634 5,515 Research and
development 34 34 103 103 General and administrative 2,084
1,690 6,137 5,291 Total amortization of
intangible assets expense $ 8,039 $ 7,653 $ 23,365
$ 22,611 Total non-cash interest expense
related to the debt discount $ 4,936 $ 4,800 $ 14,693
$ 14,284 Transaction costs related to business
combinations $ (52 ) $ — $ 1,310 $ 1,789
Reconciliation of GAAP results to non-GAAP adjusted
results: GAAP net income $ 101,306 $ 67,943 $ 271,355 $
187,900 GAAP provision for income taxes 14,604 8,775
61,315 40,607 GAAP income before provision for income
taxes $ 115,910 $ 76,718 $ 332,670 $ 228,507 Add: Non-cash
share-based compensation expense 52,318 54,741 142,983 141,373 Add:
Amortization of intangible assets expense 8,039 7,653 23,365 22,611
Add: Non-cash interest expense related to the debt discount 4,936
4,800 14,693 14,284 Add: Transaction costs related to business
combinations (52 ) — 1,310 1,789 Non-GAAP
adjusted income before provision for income taxes $ 181,151 $
143,912 $ 515,021 $ 408,564 Non-GAAP provision for income taxes (1)
48,075 33,160 141,980 104,405 Non-GAAP
adjusted net income (basic and diluted) $ 133,076 $ 110,752
$ 373,041 $ 304,159 Non-GAAP adjusted
diluted weighted average shares outstanding: GAAP diluted weighted
average shares outstanding 186,160 182,682 183,397 183,453 Dilution
offset from convertible note hedge transactions (4,109 ) (514 )
(2,928 ) (228 ) Non-GAAP diluted weighted average shares
outstanding 182,051 182,168 180,469 183,225
Non-GAAP adjusted net income per share: Basic $ 0.75
$ 0.62 $ 2.11 $ 1.69 Diluted $ 0.73 $ 0.61 $ 2.07 $ 1.66
RED HAT, INC. RECONCILIATION OF
CERTAIN GAAP RESULTS TO NON-GAAP ADJUSTED RESULTS
(Unaudited)
(In thousands - except per share
amounts)
Three Months Ended Nine Months Ended
November 30, November 30, November 30,
November 30, 2017 2016 2017 2016
(1) Non-GAAP provision for income taxes: Non-GAAP adjusted income
before provision for income taxes $ 181,151 $ 143,912 $ 515,021 $
408,564 GAAP estimated annual effective tax rate 26.0 % 27.0 % 27.0
% 27.0 % Provision for income taxes on non-GAAP adjusted income
before discrete tax benefits $ 46,908 $ 38,856 $ 139,056 $ 110,312
Discrete tax expense (benefit), excluding discrete benefits related
to share-based compensation 1,167 (5,696 ) 2,924
(5,907 ) Provision for income taxes on non-GAAP adjusted income,
excluding discrete tax benefits related to share-based compensation
$ 48,075 $ 33,160 $ 141,980 $ 104,405
GAAP gross profit $ 636,219 $ 524,807 $ 1,828,957 $
1,520,792 Add: Non-cash share-based compensation expense 4,199
4,037 12,408 12,396 Add: Amortization of intangible assets expense
4,329 4,234 12,491 11,702 Non-GAAP
gross profit $ 644,747 $ 533,078 $ 1,853,856 $
1,544,890 Non-GAAP gross margin 86.2 % 86.6 % 86.3 %
86.6 % GAAP operating expenses $ 517,806 $ 444,034 $
1,488,377 $ 1,282,772 Deduct: Non-cash share-based compensation
expense (48,119 ) (50,704 ) (130,575 ) (128,977 ) Deduct:
Amortization of intangible assets expense (3,710 ) (3,419 ) (10,874
) (10,909 ) Deduct: Transaction costs related to business
combinations 52 — (1,310 ) (1,789 ) Non-GAAP adjusted
operating expenses $ 466,029 $ 389,911 $ 1,345,618
$ 1,141,097 GAAP operating income $ 118,413 $
80,773 $ 340,580 $ 238,020 Add: Non-cash share-based compensation
expense 52,318 54,741 142,983 141,373 Add: Amortization of
intangible assets expense 8,039 7,653 23,365 22,611 Add:
Transaction costs related to business combinations (52 ) —
1,310 1,789 Non-GAAP adjusted operating income $
178,718 $ 143,167 $ 508,238 $ 403,793
Non-GAAP adjusted operating margin 23.9 % 23.3 % 23.7 % 22.6
%
RED HAT, INC. RECONCILIATION OF CERTAIN GAAP
RESULTS TO NON-GAAP ADJUSTED RESULTS
(Unaudited)
(In thousands - except per share
amounts)
Three Months Ended November 30,
November 30, Year-Over-Year 2017
2016 Growth Rate Subscription and services
revenue: GAAP subscription revenue by offering type:
Infrastructure-related offerings $ 494,974 $ 431,142 14.8 %
Adjustment for currency impact (5,477 ) — Non-GAAP
Infrastructure-related subscription revenue on a constant currency
basis $ 489,497 $ 431,142 13.5 % Application
Development-related and other emerging technology offerings $
161,858 $ 112,176 44.3 % Adjustment for currency impact (2,652 ) —
Non-GAAP Application Development-related and other emerging
technology subscription revenue on a constant currency basis $
159,206 $ 112,176 41.9 % GAAP subscription revenue $ 656,832
$ 543,318 20.9 % Adjustment for currency impact (8,129 ) —
Non-GAAP subscription revenue on a constant currency basis $
648,703 $ 543,318 19.4 % GAAP training and services revenue
$ 91,146 $ 71,942 26.7 % Adjustment for currency impact (1,433 ) —
Non-GAAP training and services revenue on a constant
currency basis $ 89,713 $ 71,942 24.7 % GAAP total
subscription and training and services revenue $ 747,978 $ 615,260
21.6 % Adjustment for currency impact (9,562 )
— Non-GAAP total subscription and training and services
revenue on a constant currency basis $ 738,416 $ 615,260
20.0 %
Nine Months Ended November
30, November 30, Year-Over-Year 2017
2016 Growth Rate GAAP subscription revenue by
offering type: Infrastructure-related offerings $ 1,440,383 $
1,261,359 14.2 % Adjustment for currency impact (3,599 ) —
Non-GAAP Infrastructure-related subscription revenue on a constant
currency basis $ 1,436,784 $ 1,261,359 13.9 % Application
Development-related and other emerging technology offerings $
450,519 $ 314,833 43.1 % Adjustment for currency impact (2,491 ) —
Non-GAAP Application Development-related and other emerging
technology subscription revenue on a constant currency basis $
448,028 $ 314,833 42.3 % GAAP subscription revenue $
1,890,902 $ 1,576,192 20.0 % Adjustment for currency impact (6,090
) — Non-GAAP subscription revenue on a constant currency
basis $ 1,884,812 $ 1,576,192 19.6 % GAAP training and
services revenue $ 257,227 $ 206,771 24.4 % Adjustment for currency
impact (996 ) — Non-GAAP training and services revenue on a
constant currency basis $ 256,231 $ 206,771 23.9 % GAAP
total subscription and training and services revenue $ 2,148,129 $
1,782,963 20.5 % Adjustment for currency impact (7,086 ) —
Non-GAAP total subscription and training and services revenue on a
constant currency basis $ 2,141,043 $ 1,782,963 20.1
%
RED HAT, INC. SUPPLEMENTAL
INFORMATION
(Unaudited)
(In thousands)
Change in deferred revenue balances: Deferred
Revenue Current Long-Term Total Balance at
November 30, 2016 $ 1,225,421 $ 482,557 $ 1,707,978 Constant
currency change in deferred revenue 210,575 117,832 328,407 Impact
from foreign currency translation 46,432 22,761
69,193 Balance at November 30, 2017 $ 1,482,428 $
623,150 $ 2,105,578 Year-over-year growth rate
21.0 % 29.1 % 23.3 % Year-over-year growth rate on a constant
currency basis 17.2 % 24.4 % 19.2 %
RED HAT,
INC. SUPPLEMENTAL INFORMATION
(Unaudited)
(In thousands)
Revenue growth by geographical segment:
Americas EMEA APAC Consolidated
Total revenue for the three months ended November 30, 2017 $
471,773 $ 173,718 $ 102,487 $ 747,978 Adjustment for currency
impact (85 ) (11,478 ) 2,001 (9,562 ) Total revenue on a
constant currency basis for the three months ended November 30,
2017 $ 471,688 $ 162,240 $ 104,488 $ 738,416
Total revenue for the three months ended November 30,
2016 $ 393,589 $ 132,568 $ 89,103 $ 615,260
Year-over-year growth rate 19.9 % 31.0 % 15.0 % 21.6
% Year-over-year growth rate on a constant currency basis 19.8 %
22.4 % 17.3 % 20.0 % Total revenue for the nine months ended
November 30, 2017 $ 1,373,512 $ 477,110 $ 297,507 $ 2,148,129
Adjustment for currency impact (953 ) (10,758 ) 4,625 (7,086
) Total revenue on a constant currency basis for the nine months
ended November 30, 2017 $ 1,372,559 $ 466,352 $
302,132 $ 2,141,043 Total revenue for the nine
months ended November 30, 2016 $ 1,144,841 $ 384,334
$ 253,788 $ 1,782,963 Year-over-year growth
rate 20.0 % 24.1 % 17.2 % 20.5 % Year-over-year growth rate on a
constant currency basis 19.9 % 21.3 % 19.0 % 20.1 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171219005948/en/
Media Contact:Red Hat, Inc.Stephanie Wonderlick,
571-421-8169swonderl@redhat.comorInvestor Relations:Red Hat,
Inc.Tom McCallum, 919-754-4630tmccallum@redhat.com
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