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 U.S. dollars from the year ago quarter, or 17% measured in constant currency. Constant currency references in this release are as detailed in the tables below. Subscription revenue for the quarter was $351 million, up 16% in U.S. dollars year-over-year, or 18% measured in constant currency. For the full fiscal year, total revenue was $1.53 billion, up 15% in U.S. dollars year-over-year, or 17% measured in constant currency, and subscription revenue was $1.34 billion, up 16% in U.S. 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,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “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.”
For the full year, GAAP net income was $178 million or $0.93 per diluted share, compared with $150 million or $0.77 per diluted share in the prior year. After adjusting for stock compensation, amortization expenses and certain facility exit costs, non-GAAP adjusted net income for the year was $285 million or $1.49 per diluted share, compared to $240 million or $1.23 per diluted share for the previous fiscal year. For fiscal year 2014, Red Hat fully diluted shares outstanding were approximately 192.0 million for the full fiscal year, lower by 3.8 million shares due in part to the repurchase of approximately 5.0 million shares, or approximately $239 million of common stock during the year.
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