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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%.

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