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Red Hat Inc (RHT) SEC Filing 10-Q Quarterly report for the period ending Thursday, May 31, 2018

Red Hat Inc

CIK: 1087423 Ticker: RHT

Exhibit 99.1

Red Hat Reports First Quarter Results for Fiscal Year 2019

  • First quarter total revenue of $814 million, up 20% year-over-year, or 17% in constant currency
  • First quarter Application Development-related and other emerging technology subscription revenue of $189 million, up 37% year-over-year, or 32% in constant currency
  • First quarter operating cash flow of $346 million, up 34% year-over-year
  • Quarter-end deferred revenue balance of $2.4 billion, up 19% year-over-year

RALEIGH, N.C.--(BUSINESS WIRE)--June 21, 2018--Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced financial results for the first quarter of fiscal year 2019 ended May 31, 2018.

“The move to hybrid cloud architecture continues to be a strategic priority for our customers. We again delivered strong revenue growth in Q1 as customers continued to adopt our cloud enabling technologies for their applications,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “For instance, we are driving strong growth in both subscription and services revenues for our OpenShift technologies as more customers modernize their applications in Linux containers for their hybrid cloud and digital transformation initiatives.”

“The first quarter of FY19 started as expected with double digit year-over-year growth across a number of our financial metrics, including 20% total revenue growth in U.S. dollars or 17% measured in constant currency, 25% growth in GAAP operating income, 19% growth in non-GAAP operating income, and 34% growth in operating cash flow. In addition, we also drove 48% year-over-year growth in the number of deals over one million dollars in the quarter which is evidence of our ability to expand our technology footprint with customers,” stated Eric Shander, Executive Vice President and Chief Financial Officer of Red Hat. “As in March when we gave our annual guidance, we continue to expect strong demand for our hybrid cloud enabling technologies. Given the headwinds that have developed in foreign exchange rates since that time, we are adjusting our full year total revenue guidance by approximately $50 million, solely to account for the change in FX rates.”

On March 1, 2018, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, now commonly referred to as Accounting Standards Codification Topic 606 (“ASC 606”), using the full retrospective method of transition, which requires that the standard be applied to all periods presented. The adoption of ASC 606 did not materially impact our total revenues as previously reported for fiscal years 2018 and 2017 and it had no impact on net cash provided by or used in operating, investing or financing activities. The primary impact of adopting ASC 606 relates to the deferral of incremental commission and other costs of obtaining contracts with customers. Previously, we deferred only direct and incremental commission costs to obtain a contract and amortized those costs over the contract term as the revenue was recognized and, under the new standard, we now also defer related fringe benefit costs. The results in this Press Release apply these changes to the current period and adjust prior periods, which are detailed in the Supplemental Information section of the Press Release.


The following information was filed by Red Hat Inc (RHT) on Thursday, June 21, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Red Hat Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
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Accounts Receivable
Accounts Receivable (detail)
Accounts Receivable (tables)
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Assets And Liabilities Measured At Fair Value On A Recurring Basis (tables)
Assets And Liabilities Measured At Fair Value On A Recurring Basis - Investments Measured At Fair Value (detail)
Assets And Liabilities Measured At Fair Value On A Recurring Basis - Summary Of Financial Assets And Liabilities Measured At Fair Value (detail)
Assets And Liabilities Measured At Fair Value On A Recurring Basis - Summary Of Stated Maturities Of Investment In Debt Securities (detail)
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Business Combinations (tables)
Business Combinations - Additional Information (detail)
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Company
Convertible Notes
Convertible Notes (tables)
Convertible Notes - Additional Information (detail)
Convertible Notes - Components Of Convertible Notes (detail)
Convertible Notes - Fair Value Of Notes Based On Inputs Observable In Market (level 2) And Carrying Value Of Debt Instruments (detail)
Convertible Notes - Interest Expense Related To Convertible Notes (detail)
Deferred Revenue And Performance Obligations
Deferred Revenue And Performance Obligations (tables)
Deferred Revenue And Performance Obligations - Narrative (detail)
Deferred Revenue And Performance Obligations - Remaining Performance Obligation (detail)
Deferred Revenue And Performance Obligations - Summary Of Deferred Revenue Activity (detail)
Deferred Selling Costs
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Identifiable Intangible Assets
Identifiable Intangible Assets (tables)
Identifiable Intangible Assets - Additional Information (detail)
Identifiable Intangible Assets - Schedule Of Amortization Expense Associated With Identifiable Intangible Assets (detail)
Identifiable Intangible Assets - Schedule Of Identifiable Intangible Assets (detail)
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Legal Proceedings
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Segment Reporting - Summary Of Revenue From Unaffiliated Customers (detail)
Segment Reporting - Summary Of Revenue, Income (loss) From Operations, Total Assets And Total Cash, Cash Equivalents And Available-for-sale Investment Securities By Geographic Segments (detail)
Segment Reporting - Summary Of Subscription And Services Revenue By Technology Product (detail)
Segment Reporting - Summary Of Tangible Long-lived Assets (detail)
Share-based Awards
Share-based Awards (tables)
Share-based Awards - Additional Information (detail)
Share-based Awards - Share-based Compensation Expense (detail)
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Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Stockholders' Equity - Summary Of Accumulated Other Comprehensive Loss (detail)
Stockholders' Equity - Summary Of Changes In Stockholders' Equity (detail)
Subsequent Events
Subsequent Events (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Narrative (detail)
Summary Of Significant Accounting Policies - Summary Of Consolidated Balance Sheets Adjustments (detail)
Summary Of Significant Accounting Policies - Summary Of Consolidated Statements Of Operations Adjustments (detail)
Ticker: RHT
CIK: 1087423
Form Type: 10-Q Quarterly Report
Accession Number: 0001087423-18-000014
Submitted to the SEC: Mon Jul 09 2018 4:23:39 PM EST
Accepted by the SEC: Mon Jul 09 2018
Period: Thursday, May 31, 2018
Industry: Computer Programming Data Processing

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