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Red Hat Reports Fiscal Fourth Quarter and Fiscal Year 2007 Results
Annual revenue up 44% from prior year / Quarterly operating profit up 23% sequentially / Deferred revenue up 52% from prior year
Total revenue for the quarter was $111.1 million, an increase of 41% from the year ago quarter and 5% from the prior quarter. Subscription revenue was $95.9 million, up 44% year-over-year and 8% sequentially. For the full year, total revenue was $400.6 million, an increase of 44% over fiscal 2006 revenue, and subscription revenue was $341.2 million, up 48% from the prior year.
Net income for the quarter was $20.5 million or $0.10 per diluted share compared with $14.6 million or $0.07 per diluted share for the prior quarter. Non-GAAP adjusted net income for the quarter was $32.7 million, or $0.15 per diluted share, after adjusting for stock compensation and tax expense as detailed in the tables below. This compares to non-GAAP adjusted net income of $29.6 million, or $0.14 per diluted share in the prior quarter.
For the full year, net income was $59.9 million or $0.29 per diluted share, compared with $79.7 million or $0.41 per diluted share in the prior year. Non-GAAP adjusted net income for the year was $113.6 million or $0.54 per diluted share, compared to $77.9 million and $0.40 per diluted share the year before.
Non-GAAP operating cash flow, as detailed in the tables below, totaled $56.4 million for the quarter and $217.5 million for the full year. At year end, the company's total deferred revenue balance was $338.6 million, an increase of 52% on a year-over-year basis and 9% sequentially. Total cash, cash equivalents, and investments as of February 28, 2007 were $1.2 billion.
Other highlights included the following:
For the third consecutive year, Red Hat was ranked the #1 enterprise software vendor in delivering value to customers in a CIO Insight survey.
Red Hat added more than 10,000 net new customers in Q4 and more than 42,000 in FY 2007.
Red Hat introduced its next generation operating platform, Red Hat Enterprise Linux 5 and Advanced Platform.
This past year was characterized by solid execution, rapid growth and global expansion. We have invested in people, systems and technology to continually add value to our customers, stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. We are pleased with our ability to continue to generate strong cash flow and improve margins while rolling out enhanced solutions, such as the Red Hat Application Stack and Red Hat Enterprise Linux 5.0, to spur future growth.
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 the Company's investor relations website at http://investors.redhat.com. A replay of the webcast will be available shortly after the live event will have ended.
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