Riverbed Technology (NASDAQ: RVBD), the IT performance company,
today reported financial results for its first quarter ended March
31, 2011 (Q1’11). Revenue for Q1’11 was $163.6 million, up 45%
compared to the first quarter of fiscal year 2010 (Q1’10).
Reporting on a GAAP basis, net income for Q1’11 was $13.0
million, or $0.08 per diluted share. This compares to GAAP net
income of $1.1 million, or $0.01 per share, in Q1’10. Non-GAAP net
income for Q1’11 was $33.9 million, or $0.20 per diluted share, as
compared to non-GAAP net income for Q1’10 of $14.8 million, or
$0.10 per share.
“We are pleased with the strong results we generated in the
first quarter,” said Jerry M. Kennelly, Riverbed® president and
CEO. “We demonstrated solid execution. Top-line expansion was
fueled by 50% year-over-year product revenue growth, and our
operating profit more than doubled over the prior year period.
Riverbed’s technology allows enterprises to successfully implement
strategic initiatives such as virtualization, consolidation, cloud
computing, and disaster recovery without compromising performance.
These trends continue to drive our growth.”
Q1’11 Financial Highlights
- Total revenue increased 45%
year-over-year to $163.6 million
- Product revenue increased 50%
year-over-year to $112.2 million
- Service revenue increased 36%
year-over-year to $51.4 million
- Non-GAAP gross margin increased to
78.4% from 77.1% in Q1’10
- Record non-GAAP operating profit of
$47.9 million, increased 105% year-over-year
- Record non-GAAP operating margin of
29.3%, compared to 20.8% in Q1’10
- Record non-GAAP net income of $33.9
million, increased 129% year-over-year
- Cash and investments increased 46%
year-over-year to $564.4 million
- Total assets increased 48%
year-over-year to $832.0 million
Q1’11 Business Highlights
- Identified as the WAN optimization
controller Advanced Platform worldwide market share leader for
Q4'10 and calendar year 2010 based on revenue in the Gartner
report, "Market Share: Application Acceleration Equipment,
Worldwide, 4Q'10 and 2010" published by J. Skorupa, N. Pham on
March 3, 2011
- Awarded IDG's InfoWorld 2011 Technology
of the Year Award in the Best WAN Accelerator category for the
sixth consecutive time
- Launched Riverbed Optimization System
(RiOS®) 6.5, including a new classification and QoS (Hierarchical
Fair Service Curve - HFSC) engine, full-spectrum optimizations for
Microsoft Outlook Anywhere as well as native support for SMB v2.
Riverbed Steelhead® appliances can now optimize SSL connections
that use client-side certificates and can be managed via IPv6. For
satellite networks the Riverbed Steelhead® appliance has
integration with LTTS, and TCP Westwood as well as SCPS on
RSP.
- Introduced Cascade® 9.0, providing
customers with fine-grained classification of traffic, including
advanced Layer-7 awareness and a single business-level performance
view of applications and services
- Received EMC(R) E-Lab(TM) qualification
for EMC RecoverPoint, the leading solution for intelligent
network-based data protection and disaster recovery, for the
Steelhead appliance.
Conference Call
Riverbed will host a conference call today, April 19, 2011, at
1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its
first quarter 2011 results and outlook for the second quarter of
2011. The call will be broadcast live over the Internet at
www.riverbed.com/investors. A replay of the conference call will
also be available via webcast for 12 months.
Use of Non-GAAP Financial Information
To supplement our financial results presented in accordance with
Generally Accepted Accounting Principles (GAAP), this press release
and the accompanying tables and the related earnings conference
call contain certain non-GAAP financial measures, including
non-GAAP operating profit, non-GAAP operating margin, non-GAAP net
income, non-GAAP gross margin and non-GAAP operating margin, that
we believe are helpful in understanding our past financial
performance and future results. For reconciliations of these
non-GAAP financial measures to the most directly comparable GAAP
financial measures, please see the section of the accompanying
tables titled, “GAAP to Non-GAAP Reconciliations.” Our non-GAAP
financial measures are not meant to be considered in isolation or
as a substitute for comparable GAAP measures and should be read in
conjunction with our consolidated financial statements prepared in
accordance with GAAP. Our management regularly uses our
supplemental non-GAAP financial measures internally to understand
and manage our business and forecast future periods. Our non-GAAP
financial measures include adjustments based on the following
items, as well as the related income tax effects, adjustments
related to our tax valuation allowance and the interim tax cost of
the one-time transfer of intellectual property rights between
Riverbed legal entities:
Stock-based compensation expenses:
We have excluded the effect of stock-based compensation and related
payroll tax expenses from our non-GAAP operating expenses and net
income measures. Although stock-based compensation is a key
incentive offered to our employees, we continue to evaluate our
business performance excluding stock-based compensation expenses.
Stock-based compensation expenses will recur in future periods.
Amortization of intangible assets:
We have excluded the effect of amortization of intangible assets
from our non-GAAP net income. Amortization of intangible assets is
a non-cash expense, and it is not part of our core operations.
Investors should note that the use of intangible assets contributed
to revenues earned during the periods presented and will contribute
to future period revenues as well.
Acquisition related and other
expenses: We incur significant expenses in connection with
our acquisitions and also incurred certain other operating
expenses, which we would not have otherwise incurred in the periods
presented as a part of our continuing operations. Acquisition
related and other expenses consist of transaction costs, costs for
transitional employees, other acquired employee related costs,
integration related professional services, and adjustments to the
fair value of the acquisition related contingent consideration. We
believe it is useful for investors to understand the effects of
these items on our total operating expenses.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements relating to expected future growth. These
forward-looking statements involve risks and uncertainties, as well
as assumptions that, if they do not fully materialize or prove
incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements. The risks
and uncertainties that could cause our results to differ materially
from those expressed or implied by such forward-looking statements
include our ability to react to trends and challenges in our
business and the markets in which we operate; our ability to
anticipate market needs or develop new or enhanced products to meet
those needs; the adoption rate of our products; our ability to
establish and maintain successful relationships with our
distribution partners; our ability to compete in our industry;
fluctuations in demand, sales cycles and prices for our products
and services; shortages or price fluctuations in our supply chain;
our ability to protect our intellectual property rights; general
political, economic and market conditions and events; and other
risks and uncertainties described more fully in our documents filed
with or furnished to the Securities and Exchange Commission. More
information about these and other risks that may impact Riverbed’s
business are set forth in our Form 10-K filed with the SEC for the
period ended December 31, 2010. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we assume no obligation to update these
forward-looking statements. Any future product, feature or related
specification that may be referenced in this release are for
information purposes only and are not commitments to deliver any
technology or enhancement. Riverbed reserves the right to modify
future product plans at any time.
About Riverbed
Riverbed delivers performance for the globally connected
enterprise. With Riverbed, enterprises can successfully and
intelligently implement strategic initiatives such as
virtualization, consolidation, cloud computing, and disaster
recovery without fear of compromising performance. By giving
enterprises the platform they need to understand, optimize and
consolidate their IT, Riverbed helps enterprises to build a fast,
fluid and dynamic IT architecture that aligns with the business
needs of the organization.
Riverbed and any Riverbed product or service name or logo used
herein are trademarks of Riverbed Technology, Inc. All other
trademarks used herein belong to their respective owners.
Riverbed Technology, Inc. GAAP Condensed
Consolidated Statements of Operations In thousands, except
per share amounts Unaudited
Three months ended March 31, 2011
2010 Revenue: Product $ 112,152 $ 74,737 Support and
services 51,411 37,686 Total revenue 163,563 112,423
Cost of revenue: Cost of product 23,735 16,632 Cost of
support and services 15,220 11,234 Total cost of
revenue 38,955 27,866 Gross profit 124,608 84,557
Operating expenses: Sales and marketing 61,084 50,068
Research and development 28,309 18,885 General and administrative
13,683 10,746 Acquisition-related costs - 2,725 Total
operating expenses 103,076 82,424
Operating profit
21,532 2,133 Other income, net 498 115 Income
before provision for income taxes 22,030 2,248 Provision for income
taxes 8,985 1,165 Net income $ 13,045 $ 1,083
Net income per share, basic $ 0.09 $ 0.01 Net income per share,
diluted $ 0.08 $ 0.01 Shares used in computing basic net
income per share 152,034 141,138 Shares used in computing diluted
net income per share 166,460 149,752
Riverbed Technology,
Inc. Condensed Consolidated Balance Sheets In
thousands Unaudited March
31, December 31, 2011 2010
ASSETS Current assets: Cash and cash equivalents $ 196,948 $
165,726 Short-term investments 274,935 259,245 Trade receivables,
net 61,227 50,726 Inventory 15,527 15,180 Deferred tax assets
22,817 20,832 Prepaid expenses and other current assets
27,704 30,958 Total current assets 599,158
542,667 Long-term investments 92,508 76,169 Fixed assets,
net 22,466 21,522 Goodwill 25,078 25,653 Intangible assets, net
28,665 30,789 Deferred tax assets, non-current 38,842 35,775 Other
assets 25,249 3,506 Total assets $ 831,966 $ 736,081
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $ 26,961 $ 27,015 Accrued
compensation and related benefits 29,243 32,915 Other accrued
liabilities 16,902 18,813 Deferred revenue 103,237
89,026 Total current liabilities 176,343 167,769
Deferred revenue, non-current 28,898 26,511 Other long-term
liabilities 12,026 4,381 Total long-term liabilities
40,924 30,892 Stockholders' equity: Common
stock 582,010 518,052 Retained earnings 32,354 19,309 Accumulated
other comprehensive gain 335 59 Total stockholders'
equity 614,699 537,420 Total
liabilities and stockholders' equity $ 831,966 $ 736,081
Riverbed Technology, Inc. Condensed Consolidated
Statements of Cash Flows In thousands
Unaudited
Three months ended March 31,
2011 2010
Operating activities: Net income $ 13,045 $ 1,083 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 4,760 3,068 Stock-based compensation
21,941 15,450 Deferred taxes (5,017 ) (4,170 ) Excess tax benefit
from employee stock plans (21,220 ) (1,486 ) Changes in operating
assets and liabilities: Trade receivables (10,501 ) 5,448 Inventory
(347 ) 3,038 Prepaid expenses and other assets (18,490 ) (237 )
Accounts payable (296 ) 1,487 Accruals and other liabilities
2,637
4,990 Acquisition-related contingent consideration - 4,156 Income
taxes payable 21,679 2,992 Deferred revenue 16,599
14,608 Net cash provided by operating activities
24,790
50,427 Investing activities: Capital expenditures (3,338 )
(2,549 ) Purchase of available for sale securities (168,242 )
(116,075 ) Proceeds from maturities of available for sale
securities 112,956 52,468 Proceeds from sales of available for sale
securities 23,205 - Net cash used in
investing activities
(35,419
) (66,156 ) Financing activities: Proceeds from issuance of
common stock under employee stock plans, net of repurchases 20,338
12,533 Excess tax benefit from employee stock plans 21,220
1,486
Net cash provided by financing
activities
41,558 14,019 Effect of exchange rate changes on cash and cash
equivalents 293 (199 ) Net change in cash and
cash equivalents 31,222 (1,909 ) Cash and cash equivalents at
beginning of period 165,726 67,749 Cash
and cash equivalents at end of period $ 196,948 $ 65,840
Riverbed Technology, Inc. Supplemental
Financial Information In thousands Unaudited
Three months ended
March 31, December 31, March
31, 2011 2010
2010 Revenue by Geography United
States $ 90,339 $ 91,661 $ 58,311 Europe, Middle East and Africa
39,049 42,987 31,413 Rest of the world 34,175
30,785 22,699 Total revenue $ 163,563 $
165,433 $ 112,423 As a percentage of total
revenues: United States 55 % 55 % 52 % Europe, Middle East and
Africa 24 % 26 % 28 % Rest of the world 21 % 19 %
20 % Total revenue 100 % 100 % 100 %
Revenue by Sales Channel Direct $ 8,798
$ 7,526 $ 9,296 Indirect 154,765 157,907
103,127 Total revenue $ 163,563 $
165,433 $ 112,423 As a percentage of total
revenues: Direct 5 % 5 % 8 % Indirect 95 % 95 %
92 % Total revenue 100 % 100 % 100 %
Riverbed Technology, Inc. GAAP to Non-GAAP
Reconciliation In thousands, except per share amounts
Unaudited Three months ended GAAP to
Non-GAAP Reconciliations: March 31, December
31, March 31, 2011
2010 2010
Reconciliation of Gross Profit: U.S. GAAP as reported $ 124,608 $
126,294 $ 84,557 Adjustments: Stock-based compensation (1) 1,741
1,732 1,383 Payroll tax on stock-based compensation (2) 239 162 26
Amortization on intangibles (3) 1,560 1,287 740 Inventory fair
value adjustment (4) 114 376 -
As Adjusted $ 128,262 $ 129,851 $ 86,706
Reconciliation of Gross Margin: U.S. GAAP as reported
76.2 % 76.3 % 75.2 % Adjustments: Stock-based compensation (1) 1.0
% 1.1 % 1.2 % Payroll tax on stock-based compensation (2) 0.1 % 0.1
% 0.0 % Amortization on intangibles (3) 1.0 % 0.8 % 0.7 % Inventory
fair value adjustment (4) 0.1 % 0.2 % 0.0 % As
Adjusted
78.4
% 78.5 % 77.1 %
Reconciliation of Operating Profit:
U.S. GAAP as reported $ 21,532 $ 20,593 $ 2,133 Adjustments:
Stock-based compensation (1) 21,941 20,305 15,450 Payroll tax on
stock-based compensation (2) 2,159 1,634 424 Amortization on
intangibles (3) 2,123 1,815 1,195 Acquisition-related costs
(credits) (5) - 1,104 4,156 Inventory fair value adjustment (4)
114 376 - As Adjusted $
47,869 $ 45,827 $ 23,358 Reconciliation
of Operating Margin: U.S. GAAP as reported 13.2 % 12.4 % 1.9 %
Adjustments: Stock-based compensation (1) 13.4 % 12.3 % 13.7 %
Payroll tax on stock-based compensation (2) 1.3 % 1.0 % 0.4 %
Amortization on intangibles (3) 1.3 % 1.1 % 1.1 %
Acquisition-related costs (credits) (5) 0.0 % 0.7 % 3.7 % Inventory
fair value adjustment (4) 0.1 % 0.2 % 0.0 % As
Adjusted 29.3 % 27.7 % 20.8 %
Reconciliation of Net Income: U.S. GAAP as reported $ 13,045 $
12,611 $ 1,083 Adjustments: Stock-based compensation (1) 21,941
20,305 15,450 Payroll tax on stock-based compensation (2) 2,159
1,634 424 Amortization on intangibles (3) 2,123 1,815 1,195
Acquisition-related costs (credits) (5) - 1,104 4,156 Inventory
fair value adjustment (4) 114 376 - Income tax adjustments (6)
(5,496 ) (6,114 ) (7,504 ) As Adjusted $
33,886 $ 31,731 $ 14,804 Reconciliation
of Net Income per share, diluted: U.S. GAAP as reported $ 0.08 $
0.08 $ 0.01 Adjustments: Stock-based compensation (1) 0.13 0.12
0.10 Payroll tax on stock-based compensation (2) 0.01 0.01 -
Amortization on intangibles (3) 0.01 0.01 0.01 Acquisition-related
costs (credits) (5) - 0.01 0.03 Income tax adjustments (6)
(0.03 ) (0.04 ) (0.05 ) As Adjusted $ 0.20 $
0.19 $ 0.10 Non-GAAP Net income per share,
basic $ 0.22 $ 0.21 $ 0.10 Non-GAAP Net income per share, diluted $
0.20 $ 0.19 $ 0.10 Shares used in computing basic net income
per share (7) 152,034 149,058 141,138 Shares used in computing
diluted net income per share (7) 166,460 163,359 149,752
Non-GAAP adjustments: Cost of product $ 1,942 $ 1,838 $ 865 Cost of
support and services 1,712 1,719 1,284 Sales and marketing 10,123
9,287 7,789 Research and development 7,306 6,846 4,750 General and
administrative 5,254 4,926 3,812 Other acquisition costs (credits)
- 618 2,725 Provision for income taxes (5,496 )
(6,114 ) (7,504 ) Total Non-GAAP Adjustments $ 20,841
$ 19,120 $ 13,721 (1)
Stock-based compensation expense is calculated in accordance with
the fair value recognition provisions of Financial Accounting
Standards Board Accounting Standards Codification (ASC) Topic 718,
Compensation - Stock Compensation effective January 1, 2006. (2)
Payroll tax on stock-based compensation represents the incremental
cost for employer payroll taxes on stock option exercises and
restricted stock units vested and released. (3) The intangible
assets recorded at fair value as a result of our acquisitions are
amortized over the estimated useful life of the respective asset.
(4) The inventory fair value adjustment recorded pursuant to our
acquisition is excluded from our non-GAAP operating expenses as
this cost would not have otherwise occurred in the period
presented. (5) We incurred expenses, such as revaluation of the
contingent consideration, in connection with our acquisitions,
which would not have otherwise occurred in the period presented as
part of our operating expenses; therefore, these costs or credits
are excluded from our non-GAAP operating expenses. (6) The non-GAAP
tax rate excludes the income tax effects of non-GAAP adjustments.
Additionally, the non-GAAP tax rate includes adjustments to our tax
valuation allowance on deferred tax assets and excludes the interim
tax cost of the one-time transfer of intellectual property rights
between our legal entities. (7) Shares used in computing basic and
diluted net income per share is reflective of the stock split for
all periods presented.
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