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Riverbed Technology Reports Second Quarter 2013 Results

Riverbed Technology (NASDAQ: RVBD), the application performance company, today reported financial results for its second quarter ended June 30, 2013 (Q2’13).

GAAP revenue for Q2’13 was $250 million, compared to $198 million in the second quarter of 2012 (Q2’12), representing 26% year-over-year growth. GAAP net loss for Q2'13 was $16.5 million, or $0.10 per diluted share, compared to GAAP net income of $18.1 million, or $0.11 per diluted share, in Q2’12.

Non-GAAP revenue for Q2’13 was $255 million, an increase of 28% compared to $199 million in Q2’12. Non-GAAP net income for Q2’13 was $36.6 million, or $0.22 per diluted share, compared to non-GAAP net income of $37.3 million, or $0.23 per diluted share, in Q2’12.

“Total non-GAAP revenue increased twenty-eight percent year-over-year, with growth across all major product lines, geographies, and verticals,” said Jerry M. Kennelly, chairman and CEO. “Riverbed’s core revenue, excluding OPNET, grew 7% sequentially to $215 million in the second quarter. Non-GAAP revenue from the acquired OPNET products was $40 million, as we still have work to do integrating the two companies,” continued Kennelly. “Our market expanding products outside of WAN optimization and OPNET grew almost 50% compared to last year, and we believe our multi-product strategy to deliver unmatched application performance will allow us to accelerate the company’s revenue growth.”

Q2’13 Business Highlights

  • Positioned by Gartner as the only vendor in the Leaders Quadrant of the 2013 “Magic Quadrant for WAN Optimization Controllers” authored by Joe Skorupa, Mark Fabbi, Bjarne Munch and published in April 2013
  • Completed EMC E-Lab qualification of Riverbed® Granite® with EMC VNX®
  • Riverbed OPNET AppInternals Xpert® introduced big data techniques to application performance management (APM) through its Transaction Trace Warehouse that records all application transactions across multiple application tiers making it fast and easy to find a single problematic transaction
  • Named a "Value Leader" by the Enterprise Management Associates (EMA) Radar™ report for Application-Aware Network Performance Management (ANPM) Q1 2013. The Riverbed Performance Management solution achieved the highest aggregate score in total ANPM functionality for its integrated, scalable and proactive application and network performance monitoring, analysis and troubleshooting solutions.
  • Introduced new application delivery as a service (ADCaaS) with the Riverbed Stingray® Services Controller making possible an “ADC per application” deployment model that directly addresses the evolving application and data center architectures, workflows, and operations models that call for a next generation ADC architecture
  • Stingray Traffic Manager 9.1 achieved Oracle Validated Integration with Oracle E-Business Suite 12.1
  • Announced virtual performance solutions support on Windows Server 2012 Hyper-V and Hyper-V Server 2012 for Stingray Traffic Manager and Virtual Steelhead
  • Riverbed Partner Network awarded a 5-Star Partner rating within CRN’s 2013 Partner Program Guide and was also recognized as a 2013 Channel Champion in the wide area network Optimization/WAN Acceleration category

Conference Call

Riverbed will host a conference call today, July 30, 2013, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its second quarter 2013 results. The call will be broadcast live over the Internet at http://www.riverbed.com/investors. A replay of the conference call will also be available via webcast at http://www.riverbed.com/investors for 12 months.

Use of Non-GAAP Financial Information

To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including non-GAAP revenue, non-GAAP net income and non-GAAP net income per share, which we believe are helpful in understanding our past financial performance and future results. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "GAAP to Non-GAAP Reconciliations." Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand and manage our business and forecast future periods. Our non-GAAP financial measures include adjustments based on the following items, as well as the related income tax effects, adjustments related to our tax valuation allowance and the interim tax cost of the one-time transfer of intellectual property rights between Riverbed legal entities:

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