Red Hat has announced financial results for its fiscal fourth quarter and fiscal year ended February 28, 2014.
Total revenue for the quarter was $400 million, an increase of 15% in US dollars from the year-ago quarter, or 17% measured in constant currency. Subscription revenue for the quarter was $351 million, up 16% in US dollars year-over-year, or 18% measured in constant currency. For the full fiscal year, total revenue was $1.53 billion, up 15% in US dollars year-over-year, or 17% measured in constant currency, and subscription revenue was $1.34 billion, up 16% in US dollars year-over-year, or 18% measured in constant currency.
“The fourth quarter was a strong finish to fiscal 2014, and it was highlighted by a record number of deals over $1 million and 24% growth in our billings proxy to $565 million. Continued strong demand for Red Hat’s technology portfolio drove strong growth in our core platform and application development technologies during the fourth quarter. In addition, our cross-selling efforts resulted in early wins for our emerging technologies, which address top CIO priorities that are driving the evolution of enterprise computing,” stated Jim Whitehurst, President & Chief Executive Officer of Red Hat.
GAAP operating income for the fourth quarter and the full fiscal year was $59 million and $232 million, respectively. GAAP operating margin was 14.8% in the fourth quarter and 15.1% for the full year.
Operating cash flow totalled $185 million for the fourth quarter and $541 million for the full year. At the end of the fiscal year, the company’s total deferred revenue balance was $1.29 billion, an increase of 18% on a year-over-year basis and 15% sequentially. Cash and investments at February 28, 2014 totalled $1.49 billion.
The billings proxy, which we define as total revenue plus the change in deferred revenue as reflected on the Consolidated Statement of Cash Flows, was $1.74 billion for the fiscal year 2014 compared with $1.49 billion for the prior fiscal year, an increase of 17%. Total backlog for the fiscal year 2014 was in excess of $1.56 billion, up 14% year-over-year.
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