Open-source software company Red Hat announced financial results for its fiscal fourth quarter and fiscal year ended February 29, 2012 becomes the first open-source software company with over $1 billion in revenue. Total revenue for the quarter was $297.0 million, an increase of 21% from the year ago quarter. Subscription revenue for the quarter was $255.2 million, up 22% year-over-year. For the full fiscal year 2012, total revenue was $1.13 billion, an increase of 25% over the prior year, and subscription revenue was $965.6 million, up 25% year-over-year.
For the full year, GAAP net income was $146.6 million or $0.75 per diluted share, compared with $107.3 million or $0.55 per diluted share in the prior year. After adjusting for stock compensation and amortization expenses, non-GAAP adjusted net income for the year was $216.4 million or $1.10 per diluted share, compared to $162.8 million and $0.83 per diluted share for the previous fiscal year.
“The strength of our fourth quarter was a fitting conclusion to a remarkably strong year for our business. Our investments to expand our geographic sales footprint and add sales people with targeted industry and product knowledge has accelerated our growth,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “Red Hat is the first pure-play, open source company, and one of only a select few software companies, to have achieved the billion dollar revenue milestone. The open source technologies which we provide are being selected by more customers every day as they re-architect the infrastructure of their data centers for greater efficiency, agility and cloud enablement.”
Financial Highlights:
- Fourth quarter revenue of $297 million, up 21% year-over-year; full fiscal year revenue of $1.13 billion, up 25% year-over-year
- Fourth quarter GAAP EPS of $0.18, up 6% year-over-year; non-GAAP EPS of $0.29, up 12% year-over-year
- Fourth quarter operating cash flow of $128 million, up 35% year-over-year; full fiscal year operating cash flow of $392 million, up 35% year-over-year
- For the full year, GAAP net income was $146.6 million or $0.75 per diluted share, compared with $107.3 million or $0.55 per diluted share in the prior year.
- Non-GAAP for the full year adjusted net income for the year was $216.4 million or $1.10 per diluted share, compared to $162.8 million and $0.83 per diluted share for the previous fiscal year.
