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--$297 million in cash and marketable securities and no debt
Riverbed Technology (NASDAQ: RVBD), the IT infrastructure performance company for networks, applications and storage, today reported financial results for its third quarter ended September 30, 2009 (Q3'09).
Total GAAP revenue for Q3'09 was $102.0 million, an increase of 12% from $91.0 million reported in the second quarter of fiscal year 2009 (Q2'09) and an increase of 18% from $86.5 million of revenue reported in the third quarter of fiscal year 2008 (Q3'08). GAAP net income for Q3'09 was $5.5 million, or $0.08 per share. This compares to a GAAP net loss in Q2'09 of $290,000, or $0.00 per share, and a GAAP net loss of $12.4 million, or $0.17 per share, in Q3'08.
Non-GAAP revenue for Q3'09 was $102.6 million, an increase of 12% from $91.6 million of non-GAAP revenue reported in Q2'09 and an increase of 18% from $86.5 million of revenue reported in Q3'08. Non-GAAP net income for Q3'09 was $14.5 million, or $0.19 per diluted share. This compares to non-GAAP net income for Q2'09 of $10.3 million, or $0.14 cents per diluted share, and non-GAAP net income for Q3'08 of $11.0 million, or $0.15 per share.
"We are pleased with our third quarter financial results," said Jerry M. Kennelly, Riverbed(R) President and CEO. "We were able to generate record revenue and strong sequential and year-over-year growth against the backdrop of a still challenging global economy. As a critical enabler of fundamental business initiatives including virtualization, cloud computing and reducing data infrastructure costs, WAN optimization continues to be a top IT priority."
Q3'09 Financial Highlights
-- Revenue increased 12% sequentially and 18% year-over-year
-- Non-GAAP gross margin increased to 78%
-- Non-GAAP operating margin increased to 22%
-- Non-GAAP net income increased 41% sequentially and 32% year-over-year
-- Days sales outstanding decreased to 42 days
-- Deferred revenue increased to $76 million
-- Cash flow from operations increased to $38 million
-- Cash, cash equivalents, and marketable securities totaled approximately $297 million and no debt
Q3'09 Business Highlights
-- Identified as the WAN optimization controller (WOC) Advanced Platform worldwide market share leader for Q2'09 based on revenue in the Gartner report, "Market Share: Application Acceleration Equipment, Worldwide, Q2'09"
-- Positioned by Gartner in the leaders quadrant in the "Magic Quadrant for WAN Optimization Controllers 2009"
-- Added eight Fortune 500 customers, with cumulative customer count approaching 7,000
-- Introduced Central Management Console - Virtual Edition (CMC-VE) designed for managed service providers (MSPs). The new capabilities of CMC-VE allow MSPs to reduce operational costs, improve visibility, easily scale and flexibly allocate management licenses to enterprise customers through its new multi-tenant capabilities. CMC-VE runs on VMWare ESX, and MSPs can run it on any existing server that has capacity.
Conference Call
Riverbed will host a conference call today, October 22, 2009, at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) to discuss its third quarter fiscal year 2009 results and outlook for the fourth quarter of 2009. 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 at www.riverbed.com/investors for 12 months.
Forward Looking Statements
This press release contains forward-looking statements, including statements related to WAN optimization as an IT priority. 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-Q filed for the quarter ended June 30, 2009. 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.
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 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 and adjustments related to our tax valuation allowance:
Support deferred revenue: Business combination accounting rules require us to account for the fair value of support contracts assumed in connection with our acquisitions. The book value of our deferred support revenue was reduced by approximately $2.0 million in the adjustment to fair value. Because these are typically one-year contracts, our GAAP revenues for the one year period subsequent to the acquisition of a business do not reflect the full amount of service revenues on assumed support contracts that would have otherwise been recorded by the acquired entity. The non-GAAP adjustment is intended to reflect the full amount of such revenues. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business because we have historically experienced high renewal rates on support contracts, although we cannot be certain that customers will renew these contracts.
Stock-based compensation expenses: We have excluded the effect of stock-based compensation and stock-based payroll 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 incurred significant expenses in connection with our acquisition of Mazu 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.
About Riverbed
Riverbed Technology is the IT infrastructure performance company. The Riverbed family of wide area network (WAN) optimization solutions liberates businesses from common IT constraints by increasing application performance, enabling consolidation, and providing enterprise-wide network and application visibility -- all while eliminating the need to increase bandwidth, storage or servers. Thousands of companies with distributed operations use Riverbed to make their IT infrastructure faster, less expensive and more responsive. Additional information about Riverbed (NASDAQ: RVBD | Quote | Chart | News | PowerRating) is available at www.riverbed.com.
Riverbed Technology, Riverbed, Steelhead, RiOS, Interceptor, Think Fast, the Riverbed logo, Mazu, Profiler, and Cascade are trademarks or registered trademarks of Riverbed Technology, Inc. All other trademarks used or mentioned herein belong to their respective owners.
About the Magic Quadrant
The Magic Quadrant is copyrighted 2009 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Riverbed Technology, Inc.
GAAP Condensed Consolidated Statements of Operations
In thousands, except per share amounts
Unaudited
Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
Revenue:
Product $ 69,543 $ 65,238 $ 190,322 $ 185,574
Support and services 32,506 21,309 90,925 55,547
Total revenue 102,049 86,547 281,247 241,121
Cost of revenue:
Cost of product 14,982 16,653 43,776 45,153
Cost of support and services 9,410 7,174 27,385 20,151
Total cost of revenue 24,392 23,827 71,161 65,304
Gross profit 77,657 62,720 210,086 175,817
Operating expenses:
Sales and marketing 44,192 34,855 127,003 100,992
Research and development 17,302 14,582 50,368 43,278
General and administrative 9,297 10,419 27,382 29,925
Other charges - 11,000 - 11,000
Acquisition-related costs (3,008 ) - (4,447 ) -
Total operating expenses 67,783 70,856 200,306 185,195
Operating income (loss) 9,874 (8,136 ) 9,780 (9,378 )
Other income, net 141 1,287 824 5,059
Income (loss) before provision for income taxes 10,015 (6,849 ) 10,604 (4,319 )
Provision for income taxes 4,546 5,574 4,451 8,335
Net income (loss) $ 5,469 $ (12,423 ) $ 6,153 $ (12,654 )
Net income (loss) per share, basic $ 0.08 $ (0.17 ) $ 0.09 $ (0.18 )
Net income (loss) per share, diluted $ 0.08 $ (0.17 ) $ 0.09 $ (0.18 )
Shares used in computing basic net income (loss) per share 69,370 71,005 69,035 70,915
Shares used in computing diluted net income (loss) per share 71,968 71,005 71,040 70,915
Riverbed Technology, Inc.
GAAP to Non-GAAP Reconciliation
In thousands, except per share amounts
Unaudited
Three months ended Nine months ended
GAAP to Non-GAAP Reconciliations: September 30, June 30, September 30, September 30,
2009 2009 2008 2009 2008
Reconciliation of Total Revenue:
U.S. GAAP as reported $ 102,049 $ 90,987 $ 86,547 $ 281,247 $ 241,121
Adjustments:
Deferred revenue adjustment (5) 505 658 - 1,479 -
As Adjusted $ 102,554 $ 91,645 $ 86,547 $ 282,726 $ 241,121
Reconciliation of Gross Profit:
U.S. GAAP as reported $ 77,657 $ 67,132 $ 62,720 $ 210,086 $ 175,817
Adjustments:
Stock-based compensation (1) 1,239 1,237 1,179 3,594 3,601
Payroll taxes on option exercises (2) 2 17 1 19 6
Amortization on intangibles (3) 740 740 - 1,806 -
Deferred revenue adjustment (5) 505 658 - 1,479 -
As Adjusted $ 80,143 $ 69,784 $ 63,900 $ 216,984 $ 179,424
Reconciliation of Gross Margin:
U.S. GAAP as reported 76.1 % 73.8 % 72.5 % 74.7 % 72.9 %
Adjustments:
Stock-based compensation (1) 1.2 % 1.4 % 1.3 % 1.3 % 1.5 %
Amortization on intangibles (3) 0.7 % 0.8 % 0.0 % 0.6 % 0.0 %
Deferred revenue adjustment (5) 0.1 % 0.1 % 0.0 % 0.1 % 0.0 %
As Adjusted 78.1 % 76.1 % 73.8 % 76.7 % 74.4 %
Reconciliation of Operating Income (Loss):
U.S. GAAP as reported $ 9,874 $ 1,946 $ (8,136 ) $ 9,780 $ (9,378 )
Adjustments:
Stock-based compensation (1) 13,911 13,738 13,031 40,431 38,157
Payroll taxes on option exercises (2) 40 252 45 318 150
Amortization on intangibles (3) 1,195 1,195 - 2,916 -
Acquisition-related costs (4) (3,004 ) (2,459 ) - (3,576 ) -
Deferred revenue adjustment (5) 505 658 - 1,479 -
Litigation settlement (8) - - 11,000 - 11,000
As Adjusted $ 22,521 $ 15,330 $ 15,940 $ 51,348 $ 39,929
Reconciliation of Operating Margin:
U.S. GAAP as reported 9.7 % 2.1 % -9.4 % 3.5 % -3.9 %
Adjustments:
Stock-based compensation (1) 13.6 % 15.0 % 15.1 % 14.4 % 15.8 %
Payroll taxes on option exercises (2) 0.0 % 0.3 % 0.0 % 0.1 % 0.1 %
Amortization on intangibles (3) 1.2 % 1.3 % 0.0 % 1.0 % 0.0 %
Acquisition-related costs (4) -2.9 % -2.7 % 0.0 % -1.3 % 0.0 %
Deferred revenue adjustment (5) 0.4 % 0.7 % 0.0 % 0.5 % 0.0 %
Litigation settlement (8) 0.0 % 0.0 % 12.7 % 0.0 % 4.6 %
As Adjusted 22.0 % 16.7 % 18.4 % 18.2 % 16.6 %
Reconciliation of Net Income (Loss):
U.S. GAAP as reported $ 5,469 $ (290 ) $ (12,423 ) $ 6,153 $ (12,654 )
Adjustments:
Stock-based compensation (1) 13,911 13,738 13,031 40,431 38,157
Payroll taxes on option exercises (2) 40 252 45 318 150
Amortization on intangibles (3) 1,195 1,195 - 2,916 -
Acquisition-related costs (4) (3,004 ) (2,459 ) - (3,576 ) -
Deferred revenue adjustment (5) 505 658 - 1,479 -
Litigation settlement (8) - - 11,000 - 11,000
Income tax adjustments (6) (3,626 ) (2,808 ) (662 ) (13,729 ) (7,838 )
As Adjusted $ 14,490 $ 10,286 $ 10,991 $ 33,992 $ 28,815
Reconciliation of Net Income (Loss) per share, diluted:
U.S. GAAP as reported $ 0.08 $ - $ (0.17 ) $ 0.09 $ (0.18 )
Adjustments:
Stock-based compensation (1) 0.17 0.18 0.18 0.55 0.53
Amortization on intangibles (3) 0.02 0.02 - 0.04 -
Acquisition-related costs (4) (0.04 ) (0.03 ) - (0.05 ) -
Deferred revenue adjustment (5) 0.01 0.01 - 0.02 -
Litigation settlement (8) - - 0.15 - 0.15
Income tax adjustments (6) (0.05 ) (0.04 ) (0.01 ) (0.19 ) (0.11 )
As Adjusted $ 0.19 $ 0.14 $ 0.15 $ 0.46 $ 0.39
Non-GAAP Net income per share, basic $ 0.21 $ 0.15 $ 0.15 $ 0.49 $ 0.41
Non-GAAP Net income per share, diluted (7) $ 0.19 $ 0.14 $ 0.15 $ 0.46 $ 0.39
Shares used in computing basic net income per share 69,370 69,007 71,005 69,035 70,915
Shares used in computing diluted net income per share (7) 75,301 73,611 74,472 73,406 74,503
Non-GAAP adjustments:
Support and services revenue $ 505 $ 658 $ - $ 1,479 $ -
Cost of product 860 855 54 2,136 131
Cost of support and services 1,121 1,139 1,126 3,283 3,476
Sales and marketing 6,742 6,768 5,931 19,848 17,912
Research and development 3,629 3,747 3,431 10,679 9,950
General and administrative 2,798 3,176 2,534 8,590 6,838
Other acquisition costs (3,008 ) (2,959 ) - (4,447 ) -
Other charges - - 11,000 - 11,000
Provision for income taxes (3,626 ) (2,808 ) (662 ) (13,729 ) (7,838 )
Total Non-GAAP Adjustments $ 9,021 $ 10,576 $ 23,414 $ 27,839 $ 41,469
(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 option exercises represents the incremental
cost for employer payroll taxes on stock option exercises.
(3) The intangible assets recorded at fair value as a result of our
acquisition are amortized over the estimated useful life of the
respective asset.
(4) We incurred expenses in connection with our acquisition, which would
not have otherwise occurred in the period presented as part of our
operating expenses; therefore, these costs are excluded from our
non-GAAP operating expenses.
(5) Business combination accounting rules require us to account for the
fair value of deferred revenue assumed in connection with an
acquisition. The non-GAAP adjustment is intended to reflect the full
amount of support and service revenue that would have otherwise been
recorded by the acquired entity.
(6) The non-GAAP tax rate excludes the income tax effects of non-GAAP
adjustments. Additionally, the non-GAAP tax rate does not assume a
valuation allowance on our deferred tax assets.
(7) Non-GAAP diluted earnings per share and non-GAAP diluted weighted
average shares outstanding were calculated excluding the effects
of expensing stock options under ASC Topic 718.
(8) Other charges represent the Q3 2008 litigation settlement with
Quantum Corporation with payment in Q4 2008.
Riverbed Technology, Inc.
Condensed Consolidated Balance Sheets
In thousands
Unaudited
September 30, December 31,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 75,709 $ 95,378
Marketable securities 221,058 172,398
Trade receivables, net 47,099 46,839
Inventory 12,100 10,637
Deferred tax assets 8,730 6,185
Prepaid expenses and other current assets 15,169 12,605
Total current assets 379,865 344,042
Fixed assets, net 21,810 21,993
Goodwill 11,711 -
Intangible assets, net 20,584 -
Deferred tax assets, non-current 35,360 27,033
Other assets 5,115 5,449
Total assets $ 474,445 $ 398,517
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 21,267 $ 18,290
Accrued compensation and related benefits 19,766 13,137
Other accrued liabilities 26,583 13,342
Deferred revenue 58,472 45,194
Total current liabilities 126,088 89,963
Deferred revenue, non-current 17,561 12,967
Other long-term liabilities 2,892 1,758
Total long-term liabilities 20,453 14,725
Stockholders' equity:
Common stock 343,637 315,882
Accumulated deficit (15,781 ) (21,934 )
Accumulated other comprehensive income (loss) 48 (119 )
Total stockholders' equity 327,904 293,829
Total liabilities and stockholders' equity $ 474,445 $ 398,517
Riverbed Technology, Inc.
Condensed Consolidated Statements of Cash Flows
In thousands
Unaudited
Nine months ended
September 30,
2009 2008
Operating activities:
Net income (loss) $ 6,153 $ (12,654 )
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization 10,376 5,739
Stock-based compensation 40,431 38,157
Deferred taxes (10,019 ) -
Excess tax benefit from employee stock plans (1,694 ) (1,427 )
Changes in operating assets and liabilities:
Trade receivables 1,608 5,521
Inventory (1,017 ) (7,720 )
Prepaid expenses and other assets (2,128 ) (4,870 )
Accounts payable 2,398 1,599
Accruals and other liabilities 8,603 14,503
Acquisition-related contingent consideration (4,947 ) -
Income taxes payable 6,562 4,762
Deferred revenue 17,073 17,385
Net cash provided by operating activities 73,399 60,995
Investing activities:
Capital expenditures (7,173 ) (10,761 )
Purchase of available for sale securities (244,208 ) (264,179 )
Proceeds from maturities of available for sale securities 181,761 143,102
Proceeds from sales of available for sale securities 13,500 39,803
Acquisitions, net of cash acquired (20,469 ) -
Net cash used in investing activities (76,589 ) (92,035 )
Financing activities:
Proceeds from issuance of common stock under employee stock plans, 15,512 9,119
net of repurchases
Payments for repurchases of common stock (29,016 ) (24,992 )
Payment of debt assumed in acquisition (5,004 ) -
Excess tax benefit from employee stock plans 1,694 1,427
Net cash used in financing activities (16,814 ) (14,446 )
Effect of exchange rate changes on cash and cash equivalents 335 (169 )
Net decrease in cash and cash equivalents (19,669 ) (45,655 )
Cash and cash equivalents at beginning of period 95,378 162,979
Cash and cash equivalents at end of period $ 75,709 $ 117,324
Riverbed Technology, Inc.
Supplemental Financial Information
In thousands
Unaudited
Three months ended Nine months ended
September 30, June 30, September 30, September 30,
2009 2009 2008 2009 2008
Revenue by Geography
United States $ 58,264 $ 49,640 $ 54,289 $ 156,208 $ 142,386
Europe, Middle East and Africa 25,747 24,934 20,476 75,019 59,369
Rest of the world 18,038 16,413 11,782 50,020 39,366
Total revenue $ 102,049 $ 90,987 $ 86,547 $ 281,247 $ 241,121
As a percentage of total revenues:
United States 57 % 55 % 63 % 56 % 59 %
Europe, Middle East and Africa 25 % 27 % 24 % 27 % 25 %
Rest of the world 18 % 18 % 13 % 17 % 16 %
Total revenue 100 % 100 % 100 % 100 % 100 %
Revenue by Sales Channel
Direct $ 6,640 $ 8,232 $ 5,649 $ 22,637 $ 21,003
Indirect 95,409 82,755 80,898 258,610 220,118
Total revenue $ 102,049 $ 90,987 $ 86,547 $ 281,247 $ 241,121
As a percentage of total revenues:
Direct 7 % 9 % 7 % 8 % 9 %
Indirect 93 % 91 % 93 % 92 % 91 %
Total revenue 100 % 100 % 100 % 100 % 100 %
SOURCE: Riverbed Technology
Riverbed Technology Kristalle Ward, 415-247-8140 (Media) kristalle.ward@riverbed.com Renee Lyall, 415-247-6353 (Investor Relations) renee.lyall@riverbed.com
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