Previous Statements by RVBD
» Riverbed Technology CEO Discusses Q3 2010 Results - Earnings Call Transcript
» Riverbed Technology Q2 2010 Earnings Call Transcript
» Riverbed Technology, Inc. Q1 2010 Earnings Call Transcript
Before we begin, let me cover some administrative items. A press release detailing our fourth quarter and full year financial results was distributed today at 1:05 p.m. Pacific Time via Business Wire. The press release is available on our website at riverbed.com. This conference call is being webcast live via the Internet at riverbed.com/investors and will be archived on our website for the next 12 months.The information the presenters discuss today will include forward-looking statements, including, without limitation, statements about Riverbed’s current and future products and partners, our financial outlook, our expected growth in our market, future tax rate, our sales pipeline and our competitive and market position. These forward-looking statements are only predictions and involve risks and uncertainties such that actual results may vary significantly. These risks are set forth in our press releases filed today with the SEC and in our Form 10-Q for the quarter ended September 30, 2010. These forward-looking statements reflect beliefs, estimates and predictions as of the date of this call. Riverbed disclaims any obligation to update any forward-looking statement. Unless otherwise stated, financial information that we review on today’s conference call is presented on a non-GAAP basis. Non-GAAP net income excludes the impact of stock-based compensation, stock-based payroll expenses, amortization of acquired intangible assets, acquisition-related costs and related income tax effects. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but not as a substitute for, or superior, to GAAP results. The most directly comparable GAAP information, reasons why management uses non-GAAP information and a reconciliation between non-GAAP and GAAP figures is provided in our Q4 2010 press release, which has been furnished to the SEC on Form 8-K today. Any future products, feature or related specification that may be referenced in today’s call are for informational purposes only and are not commitments to deliver any technology or enhancement. Riverbed reserves the right to modify or cancel future product plans at any time.
I'd now like to turn the call over to Riverbed's President and CEO, Jerry Kennelly.Jerry Kennelly Thank you, Renee. Welcome, everyone, and thank you for joining us this afternoon. We are very proud of the results we delivered in the fourth quarter and for all of 2010. Once again, Riverbed is reporting a record-breaking quarter, having achieved the highest revenue, operating profit and net income in our history. Fourth quarter revenue increased 46% over the prior year to $165 million. For the full year, Riverbed achieved 39% revenue growth. Our year-over-year growth rate for both Q4 and the full year was double that we attained for the comparable periods last year. Revenue growth in the quarter was driven by product sales, which grew 52% over the prior year, marking our sixth consecutive quarter of accelerating year-over-year product revenue growth. For the full year, product revenue growth was 42% compared to 6% in 2009. Our operating profit in the quarter increased 90% year-over-year and full year operating profit nearly doubled. Riverbed's financial performance is almost unmatched by our technology peers over the past 12 months. We exit 2010 and entered the new year with significant momentum as the undisputed market share leader following eight consecutive quarters of market share gains. The most recent report from Gartner revealed Riverbed holds 43% of the Advanced Platform WAN optimization market, more than 15 points ahead of the nearest competitor. We believe we continue to gain share in the December quarter as well. Our technology and product leadership is widely acknowledged. The new Gartner Magic Quadrant was released in December and Riverbed once again hold the top spot in the Leaders Quadrant. Gartner describes Riverbed is offering leading vision combined with great brand recognition and an excellent reputation for product and support. Read the rest of this transcript for free on seekingalpha.com