Analyst Conference Summary

Red Hat
RHT

conference date: June 24, 2009 @ 2:00 PM Pacific Time
for quarter ending: May 31, 2009 (1st quarter fiscal 2010)

[I sold it September 8, 2009]
Forward-looking statements

This is a minimal summary; I missed the actual analyst conference.

Overview: Another quarter of good growth despite the recessionary environment.

Basic data (GAAP) :

Revenue was $174.4 million, up 5% sequentially from $166.2 million, and up 11% from 156.6 million year-earlier.

Net income was $18.5 million, up 16% sequentially from $16.0 million, and up 7% from $17.3 million year-earlier.

EPS (diluted earnings per share were) were $0.10, up 25% sequentially from $0.08 and also up 25% from $0.08 year-earlier

Guidance:

 

Conference Highlights:

While managing discretionary costs, they "continue to invest in growth opportunities in middleware, virtualization, and cloud computing."

Subscription revenue was $148.8 million, up 14% y/y. Training and services revenue was $25.6

Non-GAAP operating income was $40.7 million, up 19% y/y. Operating margin was 23.4%. Non-GAAP net income was $28.7 million, up % from $26.0 million year-earlier. Operating cash flow was $61.2 million, down from $63.4 million year-earlier.

Cash and equivalents ended at $884.5 million. Deferred revenue ended at $567.3 million, up 15% y/y. $47 million in stock was repurchased in the quarter. Over the past year diluted share count has been reduced 11%.

Operating expenses of $122.9 million include sales and marketing $64.0 million, research and development $35 million, general and administrative $23.8 million. GAAP operating income was $25.1 million. Other income was $3.5 million. Income tax provision was $10.0 million.

Q&A:

 

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Disclaimer: Our analyst summaries may include both our condensations of statements made by company representatives and our own analysis. They are not covered by any warranty. We cannot guarantee anything said by company representatives is true. We try not to make errors, but it is possible. Before making or terminating an investment you should always verify any factual basis of your decision.

Copyright 2009 William P. Meyers