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Red Hat reports Q4 and full year 2010 financial results |
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Red Hat Q4 2010 financial results For the fourth quarter of fiscal 2010, total revenue was $195.9 million, an increase of 18% from the year ago quarter. Subscription revenue for the quarter was $169.2 million, up 21% year-over-year. GAAP operating income for the fourth quarter was $28 million, and operating margin was 14.3%.  Net income for the quarter was $23.4 million, or $0.12 per diluted share, as compared with $16.4 million, or $0.08 per diluted share, for the prior quarter and $16 million, or $0.08 per diluted share, in the year ago quarter. Operating cash flow totaled $77.9 million for the quarter. Cash and investments at February 28, 2010 totaled $970.2 million after repurchasing approximately $90.1 million, or 3.1 million shares, of common stock in the quarter. Red Hat full year 2010 financial results For the full year, total revenue was $748.2 million, an increase of 15% over the prior year, and subscription revenue was $638.7 million, up 18% year-over-year. GAAP operating income for the full fiscal year 2010 was $100.3 million. Operating margin was 13.4% . For the full year, net income was $87.3 million or $0.45 per diluted share, compared with $78.7 million or $0.39 per diluted share in the prior year. Operating cash flow totaled $255.2 million, after payment of $8.8 million for previously announced litigation settlement. At year end, the company’s total deferred revenue balance was $645.9 million, an increase of 19% on a year-over-year basis and 4% sequentially. For the full fiscal year, Red Hat repurchased $236.4 million, or 10 million shares, of common stock. The diluted share count for the full year is 193.5 million shares, down 8.4% from the prior year. Jim Whitehurst, President and Chief Executive Officer of Red Hat said “As we look forward, we believe that we are well positioned at the confluence of several major technology trends in the data center, including cloud computing, virtualization and middleware. Red Hat’s products directly address these trends and deliver innovative, cost-saving solutions to our customers that we expect will continue to drive our growth.” Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat said the company managed costs carefully while continuing to invest significantly and added over 350 employees over the year mainly in engineering and sales. He said Red Hat invested in sales training, systems and new equipment while holding the line on travel and other discretionary costs. |
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