Red hat today announced financial results for its fourth quarter and fiscal year ended 28 February 2017.
Here are some of the highlights:
Red Hat chief executive officer, Jim Whitehurst says they closed the year with an exceptional performance.
“The fourth quarter marked our 60th consecutive quarter of revenue growth, and we crossed the $2 billion milestone in subscription revenue and total deferred revenue for the fiscal year,” says Whitehurst.
“As customers embrace digital transformation, they are turning to Red Hat as a strategic partner to deliver solutions that can help them realise the benefits of these initiatives. Enterprises and service providers are increasingly adopting hybrid cloud infrastructures and open source technologies, which is fueling our growth and positioning Red Hat for the long-term.”
Acting chief financial officer at Red Hat, Eric Shander says their strategic position with customers is evidenced by the continued growth in large commitments to Red Hat.
“The number of deals greater than $1 million in fiscal 2017 grew by over 30% annually, and we closed a record number of deals over $20 million, including our first-ever deal of approximately $100 million in the fourth quarter,” says Shander.
“This performance also drove a record backlog of $2.7 billion in U.S. dollars, up 28 percent year-over-year which contributes to our fiscal year 2018 revenue outlook of 13 percent to 14 percent growth and should help drive expanded GAAP operating margin of 15.2 percent and non-GAAP operating margin of 23.6 percent.”
And the outlook for the year ahead? Red Hat’s outlook assumes current business condition and current foreign currency exchange rates.
For the full year: