We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Red Hat | NYSE:RHT | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 187.71 | 0.00 | 01:00:00 |
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
06-1364380
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
|
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
|
|
|
|
|
Emerging growth company
|
¨
|
|
|
|
Page
|
|
|
|
|
PART I
FINANCIAL INFORMATION
|
|
ITEM 1:
|
|
|
|
Consolidated Balance Sheets at November 30, 2017 (unaudited) and February 28, 2017 (derived from audited financial statements)
|
|
|
Consolidated Statements of Operations for the three and nine months ended November 30, 2017 (unaudited) and 2016 (unaudited)
|
|
|
Consolidated Statements of Comprehensive Income for the three and nine months ended November 30, 2017 (unaudited) and 2016 (unaudited)
|
|
|
Consolidated Statements of Cash Flows for the three and nine months ended November 30, 2017 (unaudited) and 2016 (unaudited)
|
|
|
||
|
|
|
ITEM 2:
|
||
ITEM 3:
|
||
ITEM 4:
|
||
|
|
|
|
PART II
OTHER INFORMATION
|
|
ITEM 1:
|
||
ITEM 1A:
|
||
ITEM 2:
|
||
ITEM 6:
|
||
|
|
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
November 30, 2017 (Unaudited)
|
|
February 28, 2017 (1)
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,331,172
|
|
|
$
|
1,090,808
|
|
Investments in debt and equity securities, short-term
|
384,717
|
|
|
369,983
|
|
||
Accounts receivable, net of allowances for doubtful accounts of $2,398 and $2,791, respectively
|
531,509
|
|
|
634,821
|
|
||
Prepaid expenses
|
216,036
|
|
|
200,609
|
|
||
Other current assets
|
41,276
|
|
|
19,481
|
|
||
Total current assets
|
2,504,710
|
|
|
2,315,702
|
|
||
Property and equipment, net of accumulated depreciation and amortization of $277,411 and $231,533, respectively
|
201,807
|
|
|
189,629
|
|
||
Goodwill
|
1,120,957
|
|
|
1,040,709
|
|
||
Identifiable intangibles, net
|
151,450
|
|
|
137,767
|
|
||
Investments in debt securities, long-term
|
605,284
|
|
|
672,440
|
|
||
Deferred tax assets, net
|
108,235
|
|
|
104,833
|
|
||
Other assets, net
|
67,041
|
|
|
74,105
|
|
||
Total assets
|
$
|
4,759,484
|
|
|
$
|
4,535,185
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
341,596
|
|
|
$
|
376,957
|
|
Deferred revenue, short-term
|
1,482,428
|
|
|
1,512,762
|
|
||
Other current obligations
|
1,022
|
|
|
1,354
|
|
||
Total current liabilities
|
1,825,046
|
|
|
1,891,073
|
|
||
Deferred revenue, long-term
|
623,150
|
|
|
557,194
|
|
||
Convertible notes
|
762,367
|
|
|
745,633
|
|
||
Other long-term obligations
|
115,781
|
|
|
93,965
|
|
||
Commitments and contingencies (NOTES 11 and 12)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.0001 per share par value, 5,000,000 shares authorized, none outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.0001 per share par value, 300,000,000 shares authorized, 238,617,591 and 236,804,594 shares issued, and 177,002,948 and 176,901,936 shares outstanding at November 30, 2017 and February 28, 2017, respectively
|
24
|
|
|
24
|
|
||
Additional paid-in capital
|
2,350,740
|
|
|
2,294,462
|
|
||
Retained earnings
|
1,624,346
|
|
|
1,352,991
|
|
||
Treasury stock at cost, 61,614,643 and 59,902,658 shares at November 30, 2017 and February 28, 2017, respectively
|
(2,506,075
|
)
|
|
(2,311,805
|
)
|
||
Accumulated other comprehensive loss
|
(35,895
|
)
|
|
(88,352
|
)
|
||
Total stockholders’ equity
|
1,433,140
|
|
|
1,247,320
|
|
||
Total liabilities and stockholders’ equity
|
$
|
4,759,484
|
|
|
$
|
4,535,185
|
|
(1)
|
Derived from audited financial statements.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30,
2017 |
|
November 30,
2016 |
|
November 30,
2017 |
|
November 30,
2016 |
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Subscriptions
|
$
|
656,832
|
|
|
$
|
543,318
|
|
|
$
|
1,890,902
|
|
|
$
|
1,576,192
|
|
Training and services
|
91,146
|
|
|
71,942
|
|
|
257,227
|
|
|
206,771
|
|
||||
Total subscription and training and services revenue
|
747,978
|
|
|
615,260
|
|
|
2,148,129
|
|
|
1,782,963
|
|
||||
Cost of subscription and training and services revenue:
|
|
|
|
|
|
|
|
||||||||
Cost of subscriptions
|
47,277
|
|
|
40,660
|
|
|
137,234
|
|
|
116,882
|
|
||||
Cost of training and services
|
64,482
|
|
|
49,793
|
|
|
181,938
|
|
|
145,289
|
|
||||
Total cost of subscription and training and services revenue
|
111,759
|
|
|
90,453
|
|
|
319,172
|
|
|
262,171
|
|
||||
Gross profit
|
636,219
|
|
|
524,807
|
|
|
1,828,957
|
|
|
1,520,792
|
|
||||
Operating expense:
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
308,388
|
|
|
267,080
|
|
|
883,395
|
|
|
763,583
|
|
||||
Research and development
|
145,580
|
|
|
122,469
|
|
|
424,552
|
|
|
358,750
|
|
||||
General and administrative
|
63,838
|
|
|
54,485
|
|
|
180,430
|
|
|
160,439
|
|
||||
Total operating expense
|
517,806
|
|
|
444,034
|
|
|
1,488,377
|
|
|
1,282,772
|
|
||||
Income from operations
|
118,413
|
|
|
80,773
|
|
|
340,580
|
|
|
238,020
|
|
||||
Interest income
|
4,864
|
|
|
3,346
|
|
|
13,469
|
|
|
10,167
|
|
||||
Interest expense
|
6,180
|
|
|
6,009
|
|
|
18,346
|
|
|
17,820
|
|
||||
Other expense, net
|
(1,187
|
)
|
|
(1,392
|
)
|
|
(3,033
|
)
|
|
(1,860
|
)
|
||||
Income before provision for income taxes
|
115,910
|
|
|
76,718
|
|
|
332,670
|
|
|
228,507
|
|
||||
Provision for income taxes
|
14,604
|
|
|
8,775
|
|
|
61,315
|
|
|
40,607
|
|
||||
Net income
|
$
|
101,306
|
|
|
$
|
67,943
|
|
|
$
|
271,355
|
|
|
$
|
187,900
|
|
Basic net income per common share
|
$
|
0.57
|
|
|
$
|
0.38
|
|
|
$
|
1.53
|
|
|
$
|
1.04
|
|
Diluted net income per common share
|
$
|
0.54
|
|
|
$
|
0.37
|
|
|
$
|
1.48
|
|
|
$
|
1.02
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
177,063
|
|
|
179,233
|
|
|
177,188
|
|
|
180,245
|
|
||||
Diluted
|
186,160
|
|
|
182,682
|
|
|
183,397
|
|
|
183,453
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30,
2017 |
|
November 30,
2016 |
|
November 30,
2017 |
|
November 30,
2016 |
||||||||
Net income
|
$
|
101,306
|
|
|
$
|
67,943
|
|
|
$
|
271,355
|
|
|
$
|
187,900
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Change in foreign currency translation adjustment
|
(1,371
|
)
|
|
(17,630
|
)
|
|
53,160
|
|
|
(14,185
|
)
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on available-for-sale securities during the period
|
(2,206
|
)
|
|
(2,725
|
)
|
|
(1,052
|
)
|
|
(779
|
)
|
||||
Reclassification for gain realized on available-for-sale securities, reported in Other expense, net
|
(1
|
)
|
|
(23
|
)
|
|
(1
|
)
|
|
(32
|
)
|
||||
Tax benefit
|
859
|
|
|
982
|
|
|
350
|
|
|
327
|
|
||||
Net change in available-for-sale securities (net of tax)
|
(1,348
|
)
|
|
(1,766
|
)
|
|
(703
|
)
|
|
(484
|
)
|
||||
Total other comprehensive (loss) income
|
(2,719
|
)
|
|
(19,396
|
)
|
|
52,457
|
|
|
(14,669
|
)
|
||||
Comprehensive income
|
$
|
98,587
|
|
|
$
|
48,547
|
|
|
$
|
323,812
|
|
|
$
|
173,231
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
101,306
|
|
|
$
|
67,943
|
|
|
$
|
271,355
|
|
|
$
|
187,900
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
25,588
|
|
|
21,870
|
|
|
71,541
|
|
|
63,732
|
|
||||
Amortization of debt discount and transaction costs
|
5,630
|
|
|
5,453
|
|
|
16,740
|
|
|
16,211
|
|
||||
Share-based compensation expense
|
52,318
|
|
|
54,741
|
|
|
142,983
|
|
|
141,373
|
|
||||
Deferred income taxes
|
273
|
|
|
13,818
|
|
|
7,831
|
|
|
6,199
|
|
||||
Net amortization of bond premium on debt securities available for sale
|
2,113
|
|
|
3,120
|
|
|
6,988
|
|
|
9,954
|
|
||||
Other
|
(214
|
)
|
|
986
|
|
|
1,318
|
|
|
549
|
|
||||
Changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
(113,898
|
)
|
|
(73,149
|
)
|
|
111,899
|
|
|
86,496
|
|
||||
Prepaid expenses
|
(6,756
|
)
|
|
(18,897
|
)
|
|
(26,026
|
)
|
|
(19,387
|
)
|
||||
Accounts payable and accrued expenses
|
35,559
|
|
|
(4,413
|
)
|
|
(17,771
|
)
|
|
(14,836
|
)
|
||||
Deferred revenue
|
57,275
|
|
|
64,181
|
|
|
(29,017
|
)
|
|
(8,865
|
)
|
||||
Other
|
1,113
|
|
|
706
|
|
|
3,234
|
|
|
(3,868
|
)
|
||||
Net cash provided by operating activities
|
160,307
|
|
|
136,359
|
|
|
561,075
|
|
|
465,458
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Purchase of investment in debt securities available for sale
|
(26,580
|
)
|
|
(118,152
|
)
|
|
(285,773
|
)
|
|
(415,796
|
)
|
||||
Proceeds from maturities of investment in debt securities available for sale
|
130,941
|
|
|
108,722
|
|
|
348,285
|
|
|
378,264
|
|
||||
Proceeds from sales of investment in debt securities available for sale
|
5,293
|
|
|
5,037
|
|
|
19,617
|
|
|
30,205
|
|
||||
Acquisition of businesses, net of cash acquired
|
—
|
|
|
—
|
|
|
(83,965
|
)
|
|
(28,667
|
)
|
||||
Purchase of developed software and other intangible assets
|
(3,426
|
)
|
|
(2,323
|
)
|
|
(12,871
|
)
|
|
(8,712
|
)
|
||||
Purchase of property and equipment
|
(16,587
|
)
|
|
(17,244
|
)
|
|
(68,268
|
)
|
|
(50,436
|
)
|
||||
Other
|
84
|
|
|
(92
|
)
|
|
(105
|
)
|
|
(203
|
)
|
||||
Net cash provided by (used in) investing activities
|
89,725
|
|
|
(24,052
|
)
|
|
(83,080
|
)
|
|
(95,345
|
)
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from exercise of common stock options
|
711
|
|
|
1,205
|
|
|
4,541
|
|
|
3,273
|
|
||||
Proceeds from employee stock purchase program
|
10,575
|
|
|
7,155
|
|
|
33,288
|
|
|
7,155
|
|
||||
Payments related to net settlement of share-based compensation awards
|
(37,807
|
)
|
|
(25,769
|
)
|
|
(86,230
|
)
|
|
(63,245
|
)
|
||||
Purchase of treasury stock
|
(100,000
|
)
|
|
(125,318
|
)
|
|
(237,002
|
)
|
|
(319,182
|
)
|
||||
Payments on other borrowings
|
(346
|
)
|
|
(462
|
)
|
|
(1,207
|
)
|
|
(1,368
|
)
|
||||
Other
|
(6
|
)
|
|
(84
|
)
|
|
(6
|
)
|
|
829
|
|
||||
Net cash used in financing activities
|
(126,873
|
)
|
|
(143,273
|
)
|
|
(286,616
|
)
|
|
(372,538
|
)
|
||||
Effect of foreign currency exchange rates on cash and cash equivalents
|
(2,295
|
)
|
|
(22,925
|
)
|
|
48,985
|
|
|
(8,675
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
120,864
|
|
|
(53,891
|
)
|
|
240,364
|
|
|
(11,100
|
)
|
||||
Cash and cash equivalents at beginning of the period
|
1,210,308
|
|
|
970,569
|
|
|
1,090,808
|
|
|
927,778
|
|
||||
Cash and cash equivalents at end of the period
|
$
|
1,331,172
|
|
|
$
|
916,678
|
|
|
$
|
1,331,172
|
|
|
$
|
916,678
|
|
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Accumulated
Other Comprehensive Loss |
|
Total
Stockholders’ Equity |
||||||||||||
Balance at August 31, 2017
|
$
|
24
|
|
|
$
|
2,335,518
|
|
|
$
|
1,523,040
|
|
|
$
|
(2,425,059
|
)
|
|
$
|
(33,176
|
)
|
|
$
|
1,400,347
|
|
Net income
|
—
|
|
|
—
|
|
|
101,306
|
|
|
—
|
|
|
—
|
|
|
101,306
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,719
|
)
|
|
(2,719
|
)
|
||||||
Exercise of common stock options
|
—
|
|
|
711
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
711
|
|
||||||
Common stock repurchase
|
—
|
|
|
—
|
|
|
—
|
|
|
(100,000
|
)
|
|
—
|
|
|
(100,000
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
52,318
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,318
|
|
||||||
Minimum tax withholdings paid by the Company on behalf of employees related to net settlement of employee share-based awards
|
—
|
|
|
(37,807
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,807
|
)
|
||||||
Re-issuance of treasury stock under employee stock purchase plan
|
—
|
|
|
—
|
|
|
—
|
|
|
18,984
|
|
|
—
|
|
|
18,984
|
|
||||||
Balance at November 30, 2017
|
$
|
24
|
|
|
$
|
2,350,740
|
|
|
$
|
1,624,346
|
|
|
$
|
(2,506,075
|
)
|
|
$
|
(35,895
|
)
|
|
$
|
1,433,140
|
|
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Accumulated
Other Comprehensive Loss |
|
Total
Stockholders’ Equity |
||||||||||||
Balance at August 31, 2016
|
$
|
24
|
|
|
$
|
2,215,856
|
|
|
$
|
1,219,246
|
|
|
$
|
(2,047,008
|
)
|
|
$
|
(69,722
|
)
|
|
$
|
1,318,396
|
|
Net income
|
—
|
|
|
—
|
|
|
67,943
|
|
|
—
|
|
|
—
|
|
|
67,943
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,396
|
)
|
|
(19,396
|
)
|
||||||
Exercise of common stock options
|
—
|
|
|
1,205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,205
|
|
||||||
Common stock repurchase
|
—
|
|
|
—
|
|
|
—
|
|
|
(125,318
|
)
|
|
—
|
|
|
(125,318
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
54,741
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54,741
|
|
||||||
Minimum tax withholdings paid by the Company on behalf of employees related to net settlement of employee share-based awards
|
—
|
|
|
(25,769
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,769
|
)
|
||||||
Other adjustments
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at November 30, 2016
|
$
|
24
|
|
|
$
|
2,246,034
|
|
|
$
|
1,287,188
|
|
|
$
|
(2,172,326
|
)
|
|
$
|
(89,118
|
)
|
|
$
|
1,271,802
|
|
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Accumulated
Other Comprehensive Loss |
|
Total
Stockholders’ Equity |
||||||||||||
Balance at February 28, 2017
|
$
|
24
|
|
|
$
|
2,294,462
|
|
|
$
|
1,352,991
|
|
|
$
|
(2,311,805
|
)
|
|
$
|
(88,352
|
)
|
|
$
|
1,247,320
|
|
Net income
|
—
|
|
|
—
|
|
|
271,355
|
|
|
—
|
|
|
—
|
|
|
271,355
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,457
|
|
|
52,457
|
|
||||||
Exercise of common stock options
|
—
|
|
|
4,541
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,541
|
|
||||||
Common stock repurchase
|
—
|
|
|
—
|
|
|
—
|
|
|
(237,002
|
)
|
|
—
|
|
|
(237,002
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
142,983
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142,983
|
|
||||||
Minimum tax withholdings paid by the Company on behalf of employees related to net settlement of employee share-based awards
|
—
|
|
|
(86,230
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(86,230
|
)
|
||||||
Re-issuance of treasury stock under employee stock purchase plan
|
—
|
|
|
—
|
|
|
—
|
|
|
42,732
|
|
|
—
|
|
|
42,732
|
|
||||||
Other adjustments
|
—
|
|
|
(5,016
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,016
|
)
|
||||||
Balance at November 30, 2017
|
$
|
24
|
|
|
$
|
2,350,740
|
|
|
$
|
1,624,346
|
|
|
$
|
(2,506,075
|
)
|
|
$
|
(35,895
|
)
|
|
$
|
1,433,140
|
|
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Treasury
Stock |
|
Accumulated
Other Comprehensive Loss |
|
Total
Stockholders’ Equity |
||||||||||||
Balance at February 29, 2016
|
$
|
23
|
|
|
$
|
2,162,264
|
|
|
$
|
1,099,738
|
|
|
$
|
(1,853,144
|
)
|
|
$
|
(74,449
|
)
|
|
$
|
1,334,432
|
|
Net income
|
—
|
|
|
—
|
|
|
187,900
|
|
|
—
|
|
|
—
|
|
|
187,900
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,669
|
)
|
|
(14,669
|
)
|
||||||
Exercise of common stock options
|
1
|
|
|
3,272
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,273
|
|
||||||
Common stock repurchase
|
—
|
|
|
—
|
|
|
—
|
|
|
(319,182
|
)
|
|
—
|
|
|
(319,182
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
141,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141,373
|
|
||||||
Minimum tax withholdings paid by the Company on behalf of employees related to net settlement of employee share-based awards
|
—
|
|
|
(63,245
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(63,245
|
)
|
||||||
Other adjustments
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Cumulative-effect adjustment from adoption of ASU 2016-09
|
—
|
|
|
2,369
|
|
|
(450
|
)
|
|
—
|
|
|
—
|
|
|
1,919
|
|
||||||
Balance at November 30, 2016
|
$
|
24
|
|
|
$
|
2,246,034
|
|
|
$
|
1,287,188
|
|
|
$
|
(2,172,326
|
)
|
|
$
|
(89,118
|
)
|
|
$
|
1,271,802
|
|
|
|
As of November 30, 2017
|
|
As of February 28, 2017
|
||||
Accumulated loss from foreign currency translation adjustment
|
|
$
|
(34,624
|
)
|
|
$
|
(87,784
|
)
|
Accumulated unrealized loss, net of tax, on available-for-sale securities
|
|
(1,271
|
)
|
|
(568
|
)
|
||
Accumulated other comprehensive loss
|
|
$
|
(35,895
|
)
|
|
$
|
(88,352
|
)
|
|
As of November 30, 2017
|
|
As of February 28, 2017
|
||||||||||||||||||||
|
Gross
Amount |
|
Accumulated
Amortization |
|
Net
Amount |
|
Gross
Amount |
|
Accumulated
Amortization |
|
Net
Amount |
||||||||||||
Trademarks, copyrights and patents
|
$
|
162,818
|
|
|
$
|
(67,838
|
)
|
|
$
|
94,980
|
|
|
$
|
148,850
|
|
|
$
|
(59,440
|
)
|
|
$
|
89,410
|
|
Purchased technologies
|
130,235
|
|
|
(90,143
|
)
|
|
40,092
|
|
|
107,078
|
|
|
(80,536
|
)
|
|
26,542
|
|
||||||
Customer and reseller relationships
|
105,810
|
|
|
(93,703
|
)
|
|
12,107
|
|
|
104,438
|
|
|
(88,046
|
)
|
|
16,392
|
|
||||||
Covenants not to compete
|
15,669
|
|
|
(14,036
|
)
|
|
1,633
|
|
|
14,081
|
|
|
(12,329
|
)
|
|
1,752
|
|
||||||
Other intangible assets
|
8,833
|
|
|
(6,195
|
)
|
|
2,638
|
|
|
8,833
|
|
|
(5,162
|
)
|
|
3,671
|
|
||||||
Total identifiable intangible assets
|
$
|
423,365
|
|
|
$
|
(271,915
|
)
|
|
$
|
151,450
|
|
|
$
|
383,280
|
|
|
$
|
(245,513
|
)
|
|
$
|
137,767
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||
Cost of revenue
|
$
|
4,674
|
|
|
$
|
4,578
|
|
|
$
|
13,524
|
|
|
$
|
12,734
|
|
Sales and marketing
|
1,592
|
|
|
1,695
|
|
|
4,634
|
|
|
5,515
|
|
||||
Research and development
|
34
|
|
|
34
|
|
|
103
|
|
|
103
|
|
||||
General and administrative
|
2,084
|
|
|
1,690
|
|
|
6,137
|
|
|
5,291
|
|
||||
Total amortization expense
|
$
|
8,384
|
|
|
$
|
7,997
|
|
|
$
|
24,398
|
|
|
$
|
23,643
|
|
|
As of November 30, 2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money markets (1)
|
$
|
217,456
|
|
|
$
|
217,456
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-bearing deposits (1)
|
59,312
|
|
|
—
|
|
|
59,312
|
|
|
—
|
|
||||
Available-for-sale securities (1):
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
250,794
|
|
|
—
|
|
|
250,794
|
|
|
—
|
|
||||
U.S. agency securities
|
309,489
|
|
|
—
|
|
|
309,489
|
|
|
—
|
|
||||
Corporate securities
|
620,479
|
|
|
—
|
|
|
620,479
|
|
|
—
|
|
||||
Equity securities
|
721
|
|
|
721
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency derivatives (2)
|
156
|
|
|
—
|
|
|
156
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency derivatives (3)
|
(174
|
)
|
|
—
|
|
|
(174
|
)
|
|
—
|
|
||||
Total
|
$
|
1,458,233
|
|
|
$
|
218,177
|
|
|
$
|
1,240,056
|
|
|
$
|
—
|
|
(1)
|
Included in Cash and cash equivalents,
Investments in debt and equity securities, short-term
or Investments in debt securities, long-term in the Company’s Consolidated Balance Sheet as of
November 30, 2017
, in addition to
$862.9 million
of cash.
|
(2)
|
Included in Other current assets in the Company’s Consolidated Balance Sheet as of
November 30, 2017
.
|
(3)
|
Included in Accounts payable and accrued expenses in the Company’s Consolidated Balance Sheet as of
November 30, 2017
.
|
|
As of February 28, 2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money markets (1)
|
$
|
258,188
|
|
|
$
|
258,188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Available-for-sale securities (1):
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
327,430
|
|
|
—
|
|
|
327,430
|
|
|
—
|
|
||||
Corporate securities
|
714,993
|
|
|
—
|
|
|
714,993
|
|
|
—
|
|
||||
Foreign currency derivatives (2)
|
135
|
|
|
—
|
|
|
135
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency derivatives (3)
|
(160
|
)
|
|
—
|
|
|
(160
|
)
|
|
—
|
|
||||
Total
|
$
|
1,300,586
|
|
|
$
|
258,188
|
|
|
$
|
1,042,398
|
|
|
$
|
—
|
|
(1)
|
Included in Cash and cash equivalents,
Investments in debt and equity securities, short-term
or Investments in debt securities, long-term in the Company’s Consolidated Balance Sheet as of
February 28, 2017
, in addition to
$832.6 million
of cash.
|
(2)
|
Included in Other current assets in the Company’s Consolidated Balance Sheet as of
February 28, 2017
.
|
(3)
|
Included in Accounts payable and accrued expenses in the Company’s Consolidated Balance Sheet as of
February 28, 2017
.
|
|
|
|
|
|
|
|
|
|
Balance Sheet Classification
|
|||||||||||||||||||
|
Amortized
Cost |
|
Gross Unrealized
|
|
Aggregate
Fair Value |
|
Cash Equivalent Marketable Securities
|
|
Investments in debt and equity securities, short-term
|
|
Investments in debt securities, long-term
|
|||||||||||||||||
|
|
Gains
|
|
Losses (1)
|
|
|
|
|
||||||||||||||||||||
Money markets
|
$
|
217,456
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
217,456
|
|
|
$
|
217,456
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest-bearing deposits
|
59,312
|
|
|
—
|
|
|
—
|
|
|
59,312
|
|
|
—
|
|
|
59,312
|
|
|
—
|
|
||||||||
Commercial paper
|
250,794
|
|
|
—
|
|
|
—
|
|
|
250,794
|
|
|
250,794
|
|
|
—
|
|
|
—
|
|
||||||||
U.S. agency securities
|
312,391
|
|
|
—
|
|
|
(2,902
|
)
|
|
309,489
|
|
|
—
|
|
|
78,231
|
|
|
231,258
|
|
||||||||
Corporate securities
|
620,121
|
|
|
1,270
|
|
|
(912
|
)
|
|
620,479
|
|
|
—
|
|
|
246,453
|
|
|
374,026
|
|
||||||||
Equity securities
|
650
|
|
|
71
|
|
|
—
|
|
|
721
|
|
|
—
|
|
|
721
|
|
|
—
|
|
||||||||
Total
|
$
|
1,460,724
|
|
|
$
|
1,341
|
|
|
$
|
(3,814
|
)
|
|
$
|
1,458,251
|
|
—
|
|
$
|
468,250
|
|
|
$
|
384,717
|
|
|
$
|
605,284
|
|
(1)
|
As of
November 30, 2017
, there were
$3.0 million
of accumulated unrealized losses related to investments that have been in a continuous unrealized loss position for 12 months or longer. The aggregate related fair value of all investments with unrealized losses was
$540.1 million
.
|
|
Total
|
|
Less than 1 Year
|
|
1-5 Years
|
|
More than 5 Years
|
||||||||
Maturity of current and long-term investments in debt securities
|
$
|
989,280
|
|
|
$
|
383,996
|
|
|
$
|
605,284
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Classification
|
||||||||||||||||||
|
Amortized
Cost |
|
Gross Unrealized
|
|
Aggregate
Fair Value |
|
Cash Equivalent Marketable Securities
|
|
Investments in debt and equity securities, short-term
|
|
Investments in debt securities, long-term
|
||||||||||||||||
|
|
Gains
|
|
Losses (1)
|
|
|
|
|
|||||||||||||||||||
Money markets
|
$
|
258,188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
258,188
|
|
|
$
|
258,188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. agency securities
|
329,617
|
|
|
37
|
|
|
(2,224
|
)
|
|
327,430
|
|
|
—
|
|
|
27,593
|
|
|
299,837
|
|
|||||||
Corporate securities
|
714,226
|
|
|
1,416
|
|
|
(649
|
)
|
|
714,993
|
|
|
—
|
|
|
342,390
|
|
|
372,603
|
|
|||||||
Total
|
$
|
1,302,031
|
|
|
$
|
1,453
|
|
|
$
|
(2,873
|
)
|
|
$
|
1,300,611
|
|
|
$
|
258,188
|
|
|
$
|
369,983
|
|
|
$
|
672,440
|
|
(1)
|
As of
February 28, 2017
, there were
$0.6 million
of accumulated unrealized losses related to investments that have been in a continuous unrealized loss position for 12 months or longer. The aggregate related fair value of all investments with unrealized losses was
$605.9 million
.
|
|
As of November 30, 2017
|
|
Classification of
Unrealized Gain (Loss) Recognized in Income on Derivatives |
|
Three Months Ended November 30, 2017
|
|
Nine Months Ended November 30, 2017
|
||||||||||||
|
Balance Sheet
Classification |
|
Fair
Value |
|
Notional
Value |
|
|
|
|||||||||||
Assets—foreign currency forward contracts not designated as hedges
|
Other current assets
|
|
$
|
156
|
|
|
$
|
20,394
|
|
|
Other expense, net
|
|
$
|
309
|
|
|
$
|
1,589
|
|
Liabilities—foreign currency forward contracts not designated as hedges
|
Accounts payable and accrued expenses
|
|
(174
|
)
|
|
35,210
|
|
|
Other expense, net
|
|
(678
|
)
|
|
(1,261
|
)
|
||||
Total
|
|
|
$
|
(18
|
)
|
|
$
|
55,604
|
|
|
|
|
$
|
(369
|
)
|
|
$
|
328
|
|
|
As of November 30, 2016
|
|
Classification of
Unrealized Gain (Loss) Recognized in Income on Derivatives |
|
Three Months Ended November 30, 2016
|
|
Nine Months Ended November 30, 2016
|
||||||||||||
|
Balance Sheet
Classification |
|
Fair
Value |
|
Notional
Value |
|
|
|
|||||||||||
Assets—foreign currency forward contracts not designated as hedges
|
Other current assets
|
|
$
|
132
|
|
|
$
|
25,849
|
|
|
Other expense, net
|
|
$
|
555
|
|
|
$
|
2,958
|
|
Liabilities—foreign currency forward contracts not designated as hedges
|
Accounts payable and accrued expenses
|
|
(902
|
)
|
|
15,765
|
|
|
Other expense, net
|
|
(1,182
|
)
|
|
(2,181
|
)
|
||||
Total
|
|
|
$
|
(770
|
)
|
|
$
|
41,614
|
|
|
|
|
$
|
(627
|
)
|
|
$
|
777
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||
Cost of revenue
|
$
|
4,199
|
|
|
$
|
4,037
|
|
|
$
|
12,408
|
|
|
$
|
12,396
|
|
Sales and marketing
|
23,278
|
|
|
26,624
|
|
|
64,708
|
|
|
65,426
|
|
||||
Research and development
|
14,937
|
|
|
13,814
|
|
|
42,603
|
|
|
38,785
|
|
||||
General and administrative
|
9,904
|
|
|
10,266
|
|
|
23,264
|
|
|
24,766
|
|
||||
Total share-based compensation expense (1)
|
$
|
52,318
|
|
|
$
|
54,741
|
|
|
$
|
142,983
|
|
|
$
|
141,373
|
|
(1)
|
Total share-based compensation expense includes
$2.9 million
and
$2.0 million
respectively, of expense related to the Company’s employee stock purchase plan (“ESPP”) for the three months ended
November 30, 2017
and
November 30, 2016
and
$8.8 million
and
$2.0 million
, respectively, for the
nine months ended
November 30, 2017
and
November 30, 2016
.
|
|
Three Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
||||||||||
|
Shares and
Shares
Underlying Awards
|
|
Weighted
Average Per Share Award Fair Value |
|
Shares and
Shares Underlying Awards |
|
Weighted
Average Per Share Award Fair Value |
||||||
Service-based shares and share units
|
699,066
|
|
|
$
|
120.89
|
|
|
949,421
|
|
|
$
|
76.19
|
|
|
Nine Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
||||||||||
|
Shares and
Shares
Underlying Awards
|
|
Weighted Average Per Share Award Fair Value
|
|
Shares and Shares Underlying Awards
|
|
Weighted Average Per Share Award Fair Value
|
||||||
Service-based shares and share units
|
1,585,904
|
|
|
$
|
101.85
|
|
|
2,017,861
|
|
|
$
|
75.62
|
|
Performance share units—target
|
261,760
|
|
(1)
|
$
|
87.99
|
|
|
362,502
|
|
|
$
|
76.68
|
|
Performance share awards
|
104,362
|
|
(2)
|
$
|
87.99
|
|
|
140,182
|
|
|
$
|
76.70
|
|
Total awards
|
1,952,026
|
|
|
$
|
99.25
|
|
|
2,520,545
|
|
|
$
|
75.83
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||
Net income, basic and diluted
|
$
|
101,306
|
|
|
$
|
67,943
|
|
|
$
|
271,355
|
|
|
$
|
187,900
|
|
Weighted average common shares outstanding
|
177,063
|
|
|
179,233
|
|
|
177,188
|
|
|
180,245
|
|
||||
Incremental shares attributable to assumed vesting or exercise of outstanding equity award shares
|
3,518
|
|
|
2,935
|
|
|
3,281
|
|
|
2,980
|
|
||||
Dilutive effect of convertible notes
|
4,109
|
|
|
514
|
|
|
2,928
|
|
|
228
|
|
||||
Dilutive effect of warrants
|
1,470
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted shares
|
186,160
|
|
|
182,682
|
|
|
183,397
|
|
|
183,453
|
|
||||
Diluted net income per share
|
$
|
0.54
|
|
|
$
|
0.37
|
|
|
$
|
1.48
|
|
|
$
|
1.02
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||
Number of shares considered anti-dilutive for calculating diluted EPS
|
353
|
|
|
71
|
|
|
117
|
|
|
938
|
|
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Corporate (1)
|
|
Consolidated
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended November 30, 2017
|
||||||||||||||||||
Revenue from unaffiliated customers
|
$
|
471,773
|
|
|
$
|
173,718
|
|
|
$
|
102,487
|
|
|
$
|
—
|
|
|
$
|
747,978
|
|
Income (loss) from operations
|
$
|
99,937
|
|
|
$
|
42,086
|
|
|
$
|
28,708
|
|
|
$
|
(52,318
|
)
|
|
$
|
118,413
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended November 30, 2016
|
||||||||||||||||||
Revenue from unaffiliated customers
|
$
|
393,589
|
|
|
$
|
132,568
|
|
|
$
|
89,103
|
|
|
$
|
—
|
|
|
$
|
615,260
|
|
Income (loss) from operations
|
$
|
87,899
|
|
|
$
|
22,608
|
|
|
$
|
25,007
|
|
|
$
|
(54,741
|
)
|
|
$
|
80,773
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nine Months Ended November 30, 2017
|
||||||||||||||||||
Revenue from unaffiliated customers
|
$
|
1,373,512
|
|
|
$
|
477,110
|
|
|
$
|
297,507
|
|
|
$
|
—
|
|
|
$
|
2,148,129
|
|
Income (loss) from operations
|
$
|
284,229
|
|
|
$
|
112,333
|
|
|
$
|
87,001
|
|
|
$
|
(142,983
|
)
|
|
$
|
340,580
|
|
Total cash, cash equivalents and available-for-sale investment securities
|
$
|
1,071,638
|
|
|
$
|
855,164
|
|
|
$
|
394,371
|
|
|
$
|
—
|
|
|
$
|
2,321,173
|
|
Total assets
|
$
|
2,877,183
|
|
|
$
|
1,306,074
|
|
|
$
|
576,227
|
|
|
$
|
—
|
|
|
$
|
4,759,484
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nine Months Ended November 30, 2016
|
||||||||||||||||||
Revenue from unaffiliated customers
|
$
|
1,144,841
|
|
|
$
|
384,334
|
|
|
$
|
253,788
|
|
|
$
|
—
|
|
|
$
|
1,782,963
|
|
Income (loss) from operations
|
$
|
229,251
|
|
|
$
|
76,506
|
|
|
$
|
73,636
|
|
|
$
|
(141,373
|
)
|
|
$
|
238,020
|
|
Total cash, cash equivalents and available-for-sale investment securities
|
$
|
1,060,721
|
|
|
$
|
611,380
|
|
|
$
|
299,269
|
|
|
$
|
—
|
|
|
$
|
1,971,370
|
|
Total assets
|
$
|
2,661,792
|
|
|
$
|
981,044
|
|
|
$
|
442,257
|
|
|
$
|
—
|
|
|
$
|
4,085,093
|
|
(1)
|
Amounts represent share-based compensation expense that was not allocated to geographic segments.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||
United States, the Company’s country of domicile
|
|
$
|
415,900
|
|
|
$
|
352,109
|
|
|
$
|
1,227,645
|
|
|
$
|
1,024,404
|
|
Foreign
|
|
332,078
|
|
|
263,151
|
|
|
920,484
|
|
|
758,559
|
|
||||
Total revenue from unaffiliated customers
|
|
$
|
747,978
|
|
|
$
|
615,260
|
|
|
$
|
2,148,129
|
|
|
$
|
1,782,963
|
|
|
|
November 30, 2017
|
|
February 28, 2017
|
||||
United States, the Company’s country of domicile
|
|
$
|
134,943
|
|
|
$
|
133,492
|
|
Foreign
|
|
66,864
|
|
|
56,137
|
|
||
Total tangible long-lived assets
|
|
$
|
201,807
|
|
|
$
|
189,629
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||
Subscription revenue:
|
|
|
|
|
|
|
|
||||||||
Infrastructure-related offerings
|
$
|
494,974
|
|
|
$
|
431,142
|
|
|
$
|
1,440,383
|
|
|
$
|
1,261,359
|
|
Application Development-related and other emerging technology offerings
|
161,858
|
|
|
112,176
|
|
|
450,519
|
|
|
314,833
|
|
||||
Total subscription revenue
|
656,832
|
|
|
543,318
|
|
|
1,890,902
|
|
|
1,576,192
|
|
||||
Training and services revenue:
|
|
|
|
|
|
|
|
||||||||
Consulting services
|
69,499
|
|
|
53,517
|
|
|
196,161
|
|
|
155,103
|
|
||||
Training
|
21,647
|
|
|
18,425
|
|
|
61,066
|
|
|
51,668
|
|
||||
Total training and services revenue
|
91,146
|
|
|
71,942
|
|
|
257,227
|
|
|
206,771
|
|
||||
Total subscription and training and services revenue
|
$
|
747,978
|
|
|
$
|
615,260
|
|
|
$
|
2,148,129
|
|
|
$
|
1,782,963
|
|
Balance at February 28, 2017
|
|
$
|
1,040,709
|
|
Acquisitions
|
|
64,837
|
|
|
Impact of foreign currency fluctuations
|
|
15,411
|
|
|
Balance at November 30, 2017
|
|
$
|
1,120,957
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||
Coupon rate 0.25% per year, payable semiannually
|
$
|
503
|
|
|
$
|
503
|
|
|
$
|
1,509
|
|
|
$
|
1,509
|
|
Amortization of convertible note issuance costs — liability component
|
694
|
|
|
653
|
|
|
2,047
|
|
|
1,927
|
|
||||
Accretion of debt discount
|
4,936
|
|
|
4,800
|
|
|
14,693
|
|
|
14,284
|
|
||||
Total interest expense related to convertible notes
|
$
|
6,133
|
|
|
$
|
5,956
|
|
|
$
|
18,249
|
|
|
$
|
17,720
|
|
|
As of November 30, 2017
|
||||||
|
Fair Value
|
|
Carrying Value
|
||||
Convertible notes
|
$
|
776,424
|
|
|
$
|
762,367
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
Year-Over-Year Growth Rate
|
|
November 30, 2017
|
|
November 30, 2016
|
|
Year-Over-Year Growth Rate
|
||||||||
Infrastructure-related subscription revenue, as reported
|
$
|
494,974
|
|
|
$
|
431,142
|
|
|
14.8%
|
|
$
|
1,440,383
|
|
|
$
|
1,261,359
|
|
|
14.2%
|
Adjustment for foreign currency exchange rates
|
(5,477
|
)
|
|
—
|
|
|
|
|
(3,599
|
)
|
|
—
|
|
|
|
||||
Infrastructure-related subscription revenue, excluding foreign currency impact
|
489,497
|
|
|
431,142
|
|
|
13.5%
|
|
1,436,784
|
|
|
1,261,359
|
|
|
13.9%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Application Development-related and other emerging technology subscription revenue, as reported
|
161,858
|
|
|
112,176
|
|
|
44.3%
|
|
450,519
|
|
|
314,833
|
|
|
43.1%
|
||||
Adjustment for foreign currency exchange rates
|
(2,652
|
)
|
|
—
|
|
|
|
|
(2,491
|
)
|
|
—
|
|
|
|
||||
Application Development-related and other emerging technology subscription revenue, excluding foreign currency impact
|
159,206
|
|
|
112,176
|
|
|
41.9%
|
|
448,028
|
|
|
314,833
|
|
|
42.3%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total subscription revenue, as reported
|
656,832
|
|
|
543,318
|
|
|
20.9%
|
|
1,890,902
|
|
|
1,576,192
|
|
|
20.0%
|
||||
Adjustment for foreign currency exchange rates
|
(8,129
|
)
|
|
—
|
|
|
|
|
(6,090
|
)
|
|
—
|
|
|
|
||||
Total subscription revenue, excluding foreign currency impact
|
648,703
|
|
|
543,318
|
|
|
19.4%
|
|
1,884,812
|
|
|
1,576,192
|
|
|
19.6%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total training and services revenue, as reported
|
91,146
|
|
|
71,942
|
|
|
26.7%
|
|
257,227
|
|
|
206,771
|
|
|
24.4%
|
||||
Adjustment for foreign currency exchange rates
|
(1,433
|
)
|
|
—
|
|
|
|
|
(996
|
)
|
|
—
|
|
|
|
||||
Total training and services revenue, excluding foreign currency impact
|
89,713
|
|
|
71,942
|
|
|
24.7%
|
|
256,231
|
|
|
206,771
|
|
|
23.9%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total subscription and training and services revenue, as reported
|
747,978
|
|
|
615,260
|
|
|
21.6%
|
|
2,148,129
|
|
|
1,782,963
|
|
|
20.5%
|
||||
Adjustment for foreign currency exchange rates
|
(9,562
|
)
|
|
—
|
|
|
|
|
(7,086
|
)
|
|
—
|
|
|
|
||||
Total subscription and training and services revenue, excluding foreign currency impact
|
$
|
738,416
|
|
|
$
|
615,260
|
|
|
20.0%
|
|
$
|
2,141,043
|
|
|
$
|
1,782,963
|
|
|
20.1%
|
|
November 30, 2017
|
|
February 28, 2017
|
|
Year-to-Date Growth Rate
|
||||
Current deferred revenue, as reported
|
$
|
1,482,428
|
|
|
$
|
1,512,762
|
|
|
(2.0)%
|
Adjustment for foreign currency exchange rates
|
(43,175
|
)
|
|
|
|
|
|||
Current deferred revenue, excluding foreign currency impact
|
$
|
1,439,253
|
|
|
$
|
1,512,762
|
|
|
(4.9)%
|
|
|
|
|
|
|
||||
Long-term deferred revenue, as reported
|
$
|
623,150
|
|
|
$
|
557,194
|
|
|
11.8%
|
Adjustment for foreign currency exchange rates
|
(21,440
|
)
|
|
|
|
|
|||
Long-term deferred revenue, excluding foreign currency impact
|
$
|
601,710
|
|
|
$
|
557,194
|
|
|
8.0%
|
|
|
|
|
|
|
||||
Total deferred revenue, as reported
|
$
|
2,105,578
|
|
|
$
|
2,069,956
|
|
|
1.7%
|
Adjustment for foreign currency exchange rates
|
(64,615
|
)
|
|
|
|
|
|||
Total deferred revenue, excluding foreign currency impact
|
$
|
2,040,963
|
|
|
$
|
2,069,956
|
|
|
(1.4)%
|
|
November 30, 2017
|
|
November 30, 2016
|
|
Year-Over-Year Growth Rate
|
||||
Current deferred revenue, as reported
|
$
|
1,482,428
|
|
|
$
|
1,225,421
|
|
|
21.0%
|
Adjustment for foreign currency exchange rates
|
(46,432
|
)
|
|
|
|
|
|||
Current deferred revenue, excluding foreign currency impact
|
$
|
1,435,996
|
|
|
$
|
1,225,421
|
|
|
17.2%
|
|
|
|
|
|
|
||||
Long-term deferred revenue, as reported
|
$
|
623,150
|
|
|
$
|
482,557
|
|
|
29.1%
|
Adjustment for foreign currency exchange rates
|
(22,761
|
)
|
|
|
|
|
|||
Long-term deferred revenue, excluding foreign currency impact
|
$
|
600,389
|
|
|
$
|
482,557
|
|
|
24.4%
|
|
|
|
|
|
|
||||
Total deferred revenue, as reported
|
$
|
2,105,578
|
|
|
$
|
1,707,978
|
|
|
23.3%
|
Adjustment for foreign currency exchange rates
|
(69,193
|
)
|
|
|
|
|
|||
Total deferred revenue, excluding foreign currency impact
|
$
|
2,036,385
|
|
|
$
|
1,707,978
|
|
|
19.2%
|
|
Three Months Ended
|
||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
Year-Over-Year Growth Rate
|
||||
Revenue, as reported
|
$
|
747,978
|
|
|
$
|
615,260
|
|
|
21.6%
|
Change in deferred revenue, as reported on Statements of Cash Flows
|
57,275
|
|
|
64,181
|
|
|
|
||
Billings proxy
|
805,253
|
|
|
679,441
|
|
|
18.5%
|
||
Adjustment to revenue for foreign currency exchange rates
|
(9,562
|
)
|
|
|
|
|
|||
Billings proxy, excluding foreign currency impact
|
$
|
795,691
|
|
|
$
|
679,441
|
|
|
17.1%
|
|
Four-Fiscal-Quarter Period Ended
|
||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
Year-Over-Year Growth Rate
|
||||
Four-fiscal-quarter period rolling average billings proxy
|
776,338
|
|
|
634,503
|
|
|
22.4%
|
||
Adjustment to revenue for foreign currency exchange rates
|
(1,407
|
)
|
|
|
|
|
|||
Four-fiscal-quarter period rolling average billings proxy, excluding foreign currency impact
|
$
|
774,931
|
|
|
$
|
634,503
|
|
|
22.1%
|
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Consolidated
|
||||||||||||||||
Three Months Ended
|
Revenue
|
|
YoY Growth %
|
|
Revenue
|
|
YoY Growth %
|
|
Revenue
|
|
YoY Growth %
|
|
Revenue
|
|
YoY Growth %
|
||||||||
November 30, 2017, as reported
|
$
|
471,773
|
|
|
19.9%
|
|
$
|
173,718
|
|
|
31.0%
|
|
$
|
102,487
|
|
|
15.0%
|
|
$
|
747,978
|
|
|
21.6%
|
Adjustment for foreign currency exchange rates
|
(85
|
)
|
|
|
|
(11,478
|
)
|
|
|
|
2,001
|
|
|
|
|
(9,562
|
)
|
|
|
||||
November 30, 2017, excluding foreign currency impact
|
$
|
471,688
|
|
|
19.8%
|
|
$
|
162,240
|
|
|
22.4%
|
|
$
|
104,488
|
|
|
17.3%
|
|
$
|
738,416
|
|
|
20.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
November 30, 2016, as reported
|
$
|
393,589
|
|
|
15.0%
|
|
$
|
132,568
|
|
|
15.4%
|
|
$
|
89,103
|
|
|
34.4%
|
|
$
|
615,260
|
|
|
17.5%
|
Adjustments for foreign currency exchange rates
|
606
|
|
|
|
|
801
|
|
|
|
|
(6,388
|
)
|
|
|
|
(4,981
|
)
|
|
|
||||
November 30, 2016, excluding foreign currency impact
|
$
|
394,195
|
|
|
15.1%
|
|
$
|
133,369
|
|
|
16.1%
|
|
$
|
82,715
|
|
|
24.8%
|
|
$
|
610,279
|
|
|
16.6%
|
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Consolidated (1)
|
Three Months Ended November 30, 2017
|
85.7%
|
|
87.4%
|
|
82.5%
|
|
85.1%
|
Three Months Ended November 30, 2016
|
86.8%
|
|
85.6%
|
|
82.8%
|
|
85.3%
|
(1)
|
Consolidated gross margin includes corporate (non-allocated) share-based compensation expense for the three months ended
November 30, 2017
and
November 30, 2016
of
$4.2 million
and
$4.0 million
, respectively. For additional information, see
NOTE 10
—Segment Reporting to our Consolidated Financial Statements.
|
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Consolidated (1)
|
Three Months Ended November 30, 2017
|
21.2%
|
|
24.2%
|
|
28.0%
|
|
15.8%
|
Three Months Ended November 30, 2016
|
22.3%
|
|
17.1%
|
|
28.1%
|
|
13.1%
|
(1)
|
Consolidated operating income as a percentage of revenue includes corporate (non-allocated) share-based compensation expense for the three months ended
November 30, 2017
and
November 30, 2016
of
$52.3 million
and
$54.7 million
, respectively. For additional information, see
NOTE 10
—Segment Reporting to our Consolidated Financial Statements.
|
|
Three Months Ended
(Unaudited)
|
|
|
|
|
|||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
$
Change
|
|
%
Change
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
Subscriptions
|
$
|
656,832
|
|
|
$
|
543,318
|
|
|
$
|
113,514
|
|
|
20.9
|
%
|
Training and services
|
91,146
|
|
|
71,942
|
|
|
19,204
|
|
|
26.7
|
|
|||
Total subscription and training and services revenue
|
747,978
|
|
|
615,260
|
|
|
132,718
|
|
|
21.6
|
|
|||
Cost of subscription and training and services revenue:
|
|
|
|
|
|
|
|
|||||||
Cost of subscriptions
|
47,277
|
|
|
40,660
|
|
|
6,617
|
|
|
16.3
|
|
|||
As a % of subscription revenue
|
7.2
|
%
|
|
7.5
|
%
|
|
|
|
|
|||||
Cost of training and services
|
64,482
|
|
|
49,793
|
|
|
14,689
|
|
|
29.5
|
|
|||
As a % of training and services revenue
|
70.7
|
%
|
|
69.2
|
%
|
|
|
|
|
|||||
Total cost of subscription and training and services revenue
|
111,759
|
|
|
90,453
|
|
|
21,306
|
|
|
23.6
|
|
|||
As a % of total revenue
|
14.9
|
%
|
|
14.7
|
%
|
|
|
|
|
|||||
Total gross profit
|
636,219
|
|
|
524,807
|
|
|
111,412
|
|
|
21.2
|
|
|||
Operating expense:
|
|
|
|
|
|
|
|
|||||||
Sales and marketing
|
308,388
|
|
|
267,080
|
|
|
41,308
|
|
|
15.5
|
|
|||
Research and development
|
145,580
|
|
|
122,469
|
|
|
23,111
|
|
|
18.9
|
|
|||
General and administrative
|
63,838
|
|
|
54,485
|
|
|
9,353
|
|
|
17.2
|
|
|||
Total operating expense
|
517,806
|
|
|
444,034
|
|
|
73,772
|
|
|
16.6
|
|
|||
Income from operations
|
118,413
|
|
|
80,773
|
|
|
37,640
|
|
|
46.6
|
|
|||
Interest income
|
4,864
|
|
|
3,346
|
|
|
1,518
|
|
|
45.4
|
|
|||
Interest expense
|
6,180
|
|
|
6,009
|
|
|
171
|
|
|
2.8
|
|
|||
Other expense, net
|
(1,187
|
)
|
|
(1,392
|
)
|
|
205
|
|
|
(14.7
|
)
|
|||
Income before provision for income taxes
|
115,910
|
|
|
76,718
|
|
|
39,192
|
|
|
51.1
|
|
|||
Provision for income taxes
|
14,604
|
|
|
8,775
|
|
|
5,829
|
|
|
66.4
|
|
|||
Net income
|
$
|
101,306
|
|
|
$
|
67,943
|
|
|
$
|
33,363
|
|
|
49.1
|
%
|
Gross profit margin-subscriptions
|
92.8
|
%
|
|
92.5
|
%
|
|
|
|
|
|||||
Gross profit margin-training and services
|
29.3
|
%
|
|
30.8
|
%
|
|
|
|
|
|||||
Gross profit margin
|
85.1
|
%
|
|
85.3
|
%
|
|
|
|
|
|||||
As a % of total revenue:
|
|
|
|
|
|
|
|
|||||||
Subscription revenue
|
87.8
|
%
|
|
88.3
|
%
|
|
|
|
|
|||||
Training and services revenue
|
12.2
|
%
|
|
11.7
|
%
|
|
|
|
|
|||||
Sales and marketing expense
|
41.2
|
%
|
|
43.4
|
%
|
|
|
|
|
|||||
Research and development expense
|
19.5
|
%
|
|
19.9
|
%
|
|
|
|
|
|||||
General and administrative expense
|
8.5
|
%
|
|
8.9
|
%
|
|
|
|
|
|||||
Total operating expenses
|
69.2
|
%
|
|
72.2
|
%
|
|
|
|
|
|||||
Income from operations
|
15.8
|
%
|
|
13.1
|
%
|
|
|
|
|
|||||
Income before provision for income taxes
|
15.5
|
%
|
|
12.5
|
%
|
|
|
|
|
|||||
Net income
|
13.5
|
%
|
|
11.0
|
%
|
|
|
|
|
|
Nine Months Ended (Unaudited)
|
|
|
|
|
|||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
$
Change
|
|
%
Change
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
Subscriptions
|
$
|
1,890,902
|
|
|
$
|
1,576,192
|
|
|
$
|
314,710
|
|
|
20.0
|
%
|
Training and services
|
257,227
|
|
|
206,771
|
|
|
50,456
|
|
|
24.4
|
|
|||
Total subscription and training and services revenue
|
2,148,129
|
|
|
1,782,963
|
|
|
365,166
|
|
|
20.5
|
|
|||
Cost of subscription and training and services revenue:
|
|
|
|
|
|
|
|
|||||||
Cost of subscriptions
|
137,234
|
|
|
116,882
|
|
|
20,352
|
|
|
17.4
|
|
|||
As a % of subscription revenue
|
7.3
|
%
|
|
7.4
|
%
|
|
|
|
|
|||||
Cost of training and services
|
181,938
|
|
|
145,289
|
|
|
36,649
|
|
|
25.2
|
|
|||
As a % of training and services revenue
|
70.7
|
%
|
|
70.3
|
%
|
|
|
|
|
|||||
Total cost of subscription and training and services revenue
|
319,172
|
|
|
262,171
|
|
|
57,001
|
|
|
21.7
|
|
|||
As a % of total revenue
|
14.9
|
%
|
|
14.7
|
%
|
|
|
|
|
|||||
Total gross profit
|
1,828,957
|
|
|
1,520,792
|
|
|
308,165
|
|
|
20.3
|
|
|||
Operating expense:
|
|
|
|
|
|
|
|
|||||||
Sales and marketing
|
883,395
|
|
|
763,583
|
|
|
119,812
|
|
|
15.7
|
|
|||
Research and development
|
424,552
|
|
|
358,750
|
|
|
65,802
|
|
|
18.3
|
|
|||
General and administrative
|
180,430
|
|
|
160,439
|
|
|
19,991
|
|
|
12.5
|
|
|||
Total operating expense
|
1,488,377
|
|
|
1,282,772
|
|
|
205,605
|
|
|
16.0
|
|
|||
Income from operations
|
340,580
|
|
|
238,020
|
|
|
102,560
|
|
|
43.1
|
|
|||
Interest income
|
13,469
|
|
|
10,167
|
|
|
3,302
|
|
|
32.5
|
|
|||
Interest expense
|
18,346
|
|
|
17,820
|
|
|
526
|
|
|
3.0
|
|
|||
Other expense, net
|
(3,033
|
)
|
|
(1,860
|
)
|
|
(1,173
|
)
|
|
(63.1
|
)
|
|||
Income before provision for income taxes
|
332,670
|
|
|
228,507
|
|
|
104,163
|
|
|
45.6
|
|
|||
Provision for income taxes
|
61,315
|
|
|
40,607
|
|
|
20,708
|
|
|
51.0
|
|
|||
Net income
|
$
|
271,355
|
|
|
$
|
187,900
|
|
|
$
|
83,455
|
|
|
44.4
|
%
|
Gross profit margin-subscriptions
|
92.7
|
%
|
|
92.6
|
%
|
|
|
|
|
|||||
Gross profit margin-training and services
|
29.3
|
%
|
|
29.7
|
%
|
|
|
|
|
|||||
Gross profit margin
|
85.1
|
%
|
|
85.3
|
%
|
|
|
|
|
|||||
As a % of total revenue:
|
|
|
|
|
|
|
|
|||||||
Subscription revenue
|
88.0
|
%
|
|
88.4
|
%
|
|
|
|
|
|||||
Training and services revenue
|
12.0
|
%
|
|
11.6
|
%
|
|
|
|
|
|||||
Sales and marketing expense
|
41.1
|
%
|
|
42.8
|
%
|
|
|
|
|
|||||
Research and development expense
|
19.8
|
%
|
|
20.1
|
%
|
|
|
|
|
|||||
General and administrative expense
|
8.4
|
%
|
|
9.0
|
%
|
|
|
|
|
|||||
Total operating expenses
|
69.3
|
%
|
|
71.9
|
%
|
|
|
|
|
|||||
Income from operations
|
15.9
|
%
|
|
13.3
|
%
|
|
|
|
|
|||||
Income before provision for income taxes
|
15.5
|
%
|
|
12.8
|
%
|
|
|
|
|
|||||
Net income
|
12.6
|
%
|
|
10.5
|
%
|
|
|
|
|
•
|
funding the continued development of our technology offerings;
|
•
|
improving and extending our services and the technologies used to market and deliver these services to our customers and support our business;
|
•
|
pursuing strategic acquisitions and alliances;
|
•
|
investing in or acquiring businesses, products and technologies; and
|
•
|
investing in enhancements to the systems we use to run our business and the expansion of our office facilities.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
•
|
identifying acquisition targets that complement our strategic direction and technology road map;
|
•
|
integrating the acquired business’ accounting, financial reporting, management, information and information security, human resource and other administrative systems to permit effective management and reporting, and the lack of control if such integration is delayed or not implemented;
|
•
|
gathering full information regarding a business or technology prior to a transaction, including the identification and assessment of liabilities, claims or other circumstances that could result in litigation or regulatory exposure, unfavorable accounting treatment, unexpected tax implications and other adverse effects on our business;
|
•
|
increasing or adding operating expenses related to the acquired business or technology;
|
•
|
maintaining or establishing acceptable standards, controls, procedures and policies;
|
•
|
disrupting our ongoing business and distracting management;
|
•
|
impairing relationships with our employees, partners or customers as a result of any integration of new management and other personnel, products or technology or as a result of the changes in the competitive landscape affected by the transaction;
|
•
|
maintaining good relationships with customers or business partners of the acquired business;
|
•
|
effectively evaluating talent at an acquired business or identifying cultural challenges associated with integrating employees from the acquired business into our organization;
|
•
|
losing key employees of the acquired business;
|
•
|
incorporating and further developing acquired products or technology into our offerings and maintaining quality standards consistent with our brands;
|
•
|
achieving the expected benefits of the transaction, which may include generating greater market acceptance of our technologies, increasing our revenues or integrating the assets acquired into one or more of our current offerings;
|
•
|
incurring expenses related to the transaction;
|
•
|
assuming claims and liabilities from the acquired business or technology, or that are otherwise related to the transaction;
|
•
|
entering into new markets in which we have little or no experience or in which competitors may have stronger market positions;
|
•
|
impairing of intangible assets and goodwill acquired in transactions; and
|
•
|
for foreign transactions, managing additional risks related to the integration of operations across different cultures and languages, and the economic, political, compliance and regulatory risks associated with specific countries.
|
•
|
fluctuations in exchange rates;
|
•
|
pricing environments;
|
•
|
longer payment cycles and less financial stability of customers;
|
•
|
economic, political, compliance and regulatory risks associated with specific countries;
|
•
|
laws and policies of the U.S. and other jurisdictions affecting trade, foreign investment, loans, immigration and taxes, including any adverse effects that may result from the recent changes in U.S. government and the United Kingdom’s vote to exit the European Union;
|
•
|
difficulty selecting and monitoring channel partners;
|
•
|
differing technology standards and customer requirements;
|
•
|
lower levels of availability or use of the Internet, through which our software is often delivered;
|
•
|
difficulty protecting our intellectual property rights globally due to, among other reasons, the uncertainty of laws and enforcement in certain countries relating to the protection of intellectual property rights;
|
•
|
difficulty in staffing, developing and managing foreign operations as a result of distance and language, legal, cultural and other differences;
|
•
|
different employee/employer relationships and the existence of works councils and labor unions;
|
•
|
difficulty maintaining quality standards consistent with our brands;
|
•
|
export and import laws and regulations that could prevent us from delivering our offerings into and from certain countries;
|
•
|
public health risks and natural disasters, particularly in areas in which we have significant operations;
|
•
|
limitations on the repatriation and investment of funds and foreign currency exchange restrictions;
|
•
|
changes in import/export duties, quotas or other trade barriers that could affect the competitive pricing of our offerings and reduce our market share in some countries; and
|
•
|
economic or political instability or terrorist acts in some international markets that could adversely affect our business in those markets or result in the loss or forfeiture of some foreign assets and the loss of sums spent developing and marketing those assets and the revenue associated with them.
|
•
|
competitive products and pricing;
|
•
|
failure to release new or enhanced versions of Red Hat Enterprise Linux on a timely basis, or at all;
|
•
|
maturity of the market for Red Hat Enterprise Linux;
|
•
|
technological change that we are unable to address with Red Hat Enterprise Linux; or
|
•
|
future economic conditions.
|
•
|
our Board of Directors has the right to elect directors to fill a vacancy created by the expansion of the Board of Directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our Board of Directors;
|
•
|
stockholders must provide advance notice to nominate individuals for election to the Board of Directors or to propose matters that can be acted upon at a stockholders’ meeting; such provisions may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company; and
|
•
|
our Board of Directors may issue, without stockholder approval, shares of undesignated preferred stock; the ability to issue undesignated preferred stock makes it possible for our Board of Directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to acquire us.
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total Number
of Shares
Purchased (1)(2)
|
|
Weighted
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (3)
|
|
Approximate Dollar
Value of Shares that
May Yet Be Purchased Under the Plans or
Programs (3)
|
||||||
September 1, 2017—September 30, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
498.7
|
million
|
October 1, 2017—October 31, 2017
|
990,798
|
|
|
$
|
119.47
|
|
|
678,200
|
|
|
$
|
418.2
|
million
|
November 1, 2017—November 30, 2017
|
160,199
|
|
|
$
|
121.32
|
|
|
160,181
|
|
|
$
|
398.7
|
million
|
Total
|
1,150,997
|
|
|
|
|
838,381
|
|
|
|
(1)
|
During the three months ended
November 30, 2017
, the Company withheld an aggregate of
312,598
shares of its common stock (with a weighted average share price of
$120.95
) from employees to satisfy minimum tax withholding obligations relating to the vesting of share awards. These shares were not withheld pursuant to the program described in Note (3) below.
|
(2)
|
In connection with the convertible note conversions settled during the three months ended
November 30, 2017
, the Company exercised a portion of the options that are part of the convertible note hedge transactions and acquired 18 shares of its common stock. The counterparties to the convertible note hedge transactions may be deemed to be an “affiliate purchaser” and may have purchased the shares of the Company’s common stock deliverable to the Company upon the exercise of the options.
|
(3)
|
On June 22, 2016, the Company announced that its Board authorized the repurchase of up to $1.0 billion of Red Hat’s common stock from time to time on the open market or in privately negotiated transactions. The program, which replaced a previous repurchase program, commenced on July 1, 2016, and will expire on the earlier of (i) June 30, 2018 or (ii) a determination by the Board, Chief Executive Officer or Chief Financial Officer to discontinue the program.
|
ITEM 6.
|
EXHIBITS
|
|
|
|
|
Incorporated by Reference
|
|||
Exhibit No.
|
|
Exhibit Description
|
Provided Herewith
|
Form
|
File No.
|
Exhibit
|
Filing Date
|
|
|
|
|
|
|
|
|
31.1
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R
ED
H
AT
, I
NC
.
|
|
|
|
|
|
|
Date:
|
January 8, 2018
|
|
By:
|
/S/ JAMES M. WHITEHURST
|
|
|
|
|
James M. Whitehurst
President, Chief Executive Officer
(Duly Authorized Officer on Behalf of the Registrant)
|
|
|
|
|
|
|
|
|
R
ED
H
AT
, I
NC
.
|
|
|
|
|
|
|
Date:
|
January 8, 2018
|
|
By:
|
/S/ ERIC R. SHANDER
|
|
|
|
|
Eric R. Shander
Executive Vice President,
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
1 Year Red Hat Chart |
1 Month Red Hat Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions