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Red Hat reports fourth quarter and fiscal year 2013 results

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DQI Bureau
New Update

Red Hat, Inc., a leading provider of open source solutions, today announced financial results for its fiscal fourth quarter and fiscal year ended February 28, 2013.
-Fourth quarter revenue of $348 million, up 17% year-over-year; full fiscal year revenue of $1.33 billion, up 17% year-over-year
-Fourth quarter subscription revenue of $303 million, up 19% year-over-year; full fiscal year subscription revenue of $1.15 billion, up 19% year-over-year
-Fourth quarter operating cash flow of $137 million, up 7% year-over-year; full fiscal year operating cash flow of $465 million, up 19% year-over-year
-Year-end deferred revenue balance exceeds a billion dollars, up 15% year-over-year
Total revenue for the quarter was $348 million, an increase of 17% in U.S. dollars from the year ago quarter, or 18% measured in constant currency. Constant currency references in this release are as detailed in the tables below. Subscription revenue for the quarter was $303 million, up 19% in U.S. dollars year-over-year, or 20% measured in constant currency. For the full fiscal year 2013, total revenue was $1.33 billion, up 17% in U.S. dollars year-over-year, or 20% measured in constant currency, and subscription revenue was $1.15 billion, up 19% in U.S. dollars year-over-year, or 22% measured in constant currency.

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"For FY13, the growth drivers in our business remained intact, driving record annual revenue, billings proxy and total backlog up 17%, 14% and over 19% year-over-year, respectively. Within total backlog, the value of customer contracts to be billed in the future and not reflected in our financial statements increased to over $280 million, or up over 40%, as customers increased their commitments to Red Hat technologies in the data center," stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. "We continued to see momentum with large deals in Q4, closing a record number of deals in excess of $5 million and $10 million. We now provide solutions to over 90% of Fortune 500 companies as well as tens of thousands of smaller companies. New customer additions coupled with renewing and up-selling our existing customer base enabled us to exceed the billion dollar milestone in both subscription revenue and deferred revenues for the first time."

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