In its just-released annual revenue earnings report for last year, Red Hat has surpassed $2 billion in annual revenue for 2015, reaching $2.05 billion. Such excellent results have made Red Hat the first open source software company ever to reach or even exceed $2 billion in revenue in a fiscal year.
The growing number of enterprises adopting hybrid cloud infrastructure and open source technologies is driving strong growth in our business and delivering excellent results," said Jim Whitehurst, president and CEO of Red Hat. The fourth quarter marked our 56th consecutive quarter of revenue growth, a growth trend that helped Red Hat exceed $2 billion in total revenue in a fiscal year for the first time. Customers need to leverage technology to revolutionize the development, deployment and lifecycle management of applications in hybrid cloud environments. Many customers rely on Red Hat to provide the infrastructure and application development platform to consistently and reliably run their enterprise applications across physical, virtual, private and public cloud environments. "
The fourth quarter was very close to the full year in that we exceeded expectations," said Frank Calderoni, Red Hat's executive vice president of operations and chief financial officer. We maintained extremely strong execution throughout the fiscal year, generating constant currency revenue growth of over 20% in each quarter. This performance also contributed to a record backlog of $2.13 billion, up 15 percent year-over-year, and provided us with meaningful visibility into future revenues. The strong momentum in our business also drove us to a record annual cash flow of $716 million, up 15 percent year-over-year, achieving approximately 35 percent of operating cash flow revenue for the fifth consecutive year. "
One has to admit that open source is a big business, as evidenced by Red Hat's bright red track record. Take off the T-shirt cowboy, put on a suit and tie, shake a high wealthy and handsome open source trend is growing by leaps and bounds, and even in the past has been advocating the closed source of the giant Microsoft also extended an olive branch to the red hat last year, another proof of the open source has become a trend. It is also inspiring followers after followers of Open Source to get their fists pumped and ready to make it big in the context of the current IT era. In the Linux industry, Red Hat is certainly lucky to have him as an independent standards company. He has been actively involved in the development of the open source industry and has seized the opportunity to develop it at a time when the global IT industry is turning its attention to open source.
The following are details of Red Hat's financial results for the fourth quarter and full year of fiscal 2016.
l Fourth quarter revenue of $544 million, up 17 percent year-over-year, or 21 percent on a constant currency basis; Full-year revenues of $2.05 billion were up 15 percent year-over-year, or 21 percent on a constant currency basis.
l Fourth quarter subscription revenue of $480 million, up 18 percent year-over-year or 22 percent on a constant currency basis; Full-year subscription revenue of $1.8 billion was up 16% year-over-year, or 22% on a constant currency basis.
l Fourth quarter application development-related and other emerging technology subscription revenue of $89 million, up 38% year-over-year or 43% on a constant currency basis; Full year application development related and other emerging technology subscription revenue of $323 million, up 37% year-over-year or 46% on a constant currency basis.
l Fourth quarter operating cash flow of $247 million, up 14% year-over-year; Operating cash flow for the year was $716 million, up 15 percent from the prior year.
l Year-end deferred revenue balance of $1.72 billion, up 16 per cent year-on-year.
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