Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced financial results for its fiscal year 2007 third quarter.
Total revenue for the quarter was $105.8 million, an increase of 45% from the year-ago quarter and 6% from the prior quarter. Subscription revenue was $88.9 million, up 48% year-over-year and 5% sequentially.
Net income for the quarter was $14.6 million or $0.07 per diluted share compared with $11.0
million or $0.05 per diluted share for the prior quarter. Non-GAAP adjusted net income for the quarter was $29.6 million, or $0.14 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 $22.7 million, or $0.11 per diluted share in the third quarter of last fiscal year.
At quarter end, the company's total deferred revenue balance was $311.7 million, an increase of $27.6 million, or 10%, when compared to the end of the last fiscal quarter.
Other highlights from the quarter included:
- Operating income of $13.6 million was up 44% from $9.5 million in the prior quarter.
- Total cash and investments as of November 30, 2006 were $1.1 billion.
- We added over 12,000 net new customers during the quarter.
- Red Hat held its European developer and middleware event, JBossWorld Europe in Berlin.
“This quarter's performance was characterized by strong market demand and solid execution,” stated Charlie Peters, Executive Vice President and Chief Financial Officer. “We are particularly pleased to be named by CIO Insight, for the third consecutive year, as the number one enterprise software vendor in delivering value to customers.”
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 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.
Total revenue for the quarter was $105.8 million, an increase of 45% from the year-ago quarter and 6% from the prior quarter. Subscription revenue was $88.9 million, up 48% year-over-year and 5% sequentially.
Net income for the quarter was $14.6 million or $0.07 per diluted share compared with $11.0
million or $0.05 per diluted share for the prior quarter. Non-GAAP adjusted net income for the quarter was $29.6 million, or $0.14 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 $22.7 million, or $0.11 per diluted share in the third quarter of last fiscal year.
At quarter end, the company's total deferred revenue balance was $311.7 million, an increase of $27.6 million, or 10%, when compared to the end of the last fiscal quarter.
Other highlights from the quarter included:
- Operating income of $13.6 million was up 44% from $9.5 million in the prior quarter.
- Total cash and investments as of November 30, 2006 were $1.1 billion.
- We added over 12,000 net new customers during the quarter.
- Red Hat held its European developer and middleware event, JBossWorld Europe in Berlin.
“This quarter's performance was characterized by strong market demand and solid execution,” stated Charlie Peters, Executive Vice President and Chief Financial Officer. “We are particularly pleased to be named by CIO Insight, for the third consecutive year, as the number one enterprise software vendor in delivering value to customers.”
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 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.
