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SAN FRANCISCO, Jan 30, 2014 (business WIRE) -- Riverbed expertise RVBD the leader in software efficiency infrastructure, today pronounced list income for its fourth quarter (q4'13) and pecuniary year ended December 31, 2013 (FY’13).
complete GAAP profits for this fall’13 changed into $283 million, up 8% compared to the third quarter of fiscal 12 months 2013 (Q3’13) and 19% in comparison to the fourth quarter of fiscal year 2012 (q4’12). For FY’13, GAAP profits turned into $1.0 billion, up 24% compared to fiscal year ended December 31, 2012 (FY’12). GAAP web profits for q4’13 was $8 million, or $0.05 per diluted share. This compares to $4 million, or $0.02 per diluted share, in Q3’13 and $5 million, or $0.03 per diluted share, in this fall’12. GAAP internet loss for FY’13 turned into $12 million, or ($0.08) per diluted share.
Non-GAAP revenue for this fall'13 became $285 million, an augment of seven% compared to Q3'13 and a ascend of 19% compared to this fall'12. Non-GAAP revenue for FY’13 become $1.1 billion, a ascend of 26% in comparison to FY’12. Non-GAAP net revenue for this autumn'13 became $51 million, or $0.31 per diluted share. This compares to $43 million, or $0.26 per diluted share, in Q3'13 and $46 million, or $0.29 per diluted share, in this autumn'12. Non-GAAP internet earnings for FY’13 became $169 million, or $1.01 per diluted share.
“Riverbed is executing well on a technique to create sustained boom for their enterprise, strategic value for their shoppers, and ecocnomic returns for their shareholders,” referred to Jerry M. Kennelly, chairman and CEO, Riverbed. “Our tenacious 2013 conclude demonstrates progress throughout their principal product lines and bar not a bit geographies, and energy in commerce earnings. For the entire year they are reporting greater than $1 billion in income, a crucial milestone in the enterprise’s historical past, and a pretty suitable groundwork from which they will power their subsequent leg of boom.”
Kennelly persisted, “As shoppers increasingly undertake the complete breadth of the Riverbed application performance Platform to achieve the merits of region-unbiased computing and eliminate technical constraints from their company operations, they expect to raise their share of the $eleven billion utility efficiency infrastructure market.”
this fall’13 and FY’13 monetary Highlights
this autumn’13 enterprise Highlights
Riverbed will host a convention denomination these days, January 30, at 1:30 p.m. Pacific Time (four:30 p.m. eastern Time) to focus on its fourth quarter and pecuniary yr 2013 outcomes and outlook for the first quarter of 2014. The denomination may exist broadcast are live over the web at http://www.riverbed.com/investors and a replay of the webcast will even exist accessible for 12 months.
Use of Non-GAAP economic tips
To supplement their pecuniary outcomes presented in accordance with generally authorised Accounting principles (GAAP), this press unencumber and the accompanying tables contain determined non-GAAP fiscal measures, together with non-GAAP earnings, non-GAAP vulgar margin, non-GAAP working margin, non-GAAP net salary and non-GAAP web profits per share, which they conform with are useful in figuring out their past monetary performance and future outcomes. For reconciliations of these non-GAAP economic measures to the most directly similar GAAP monetary measures, gratify descry the portion of the accompanying tables titled, "GAAP to Non-GAAP Reconciliations." Their non-GAAP monetary measures are not reputed to exist regarded in isolation or as a substitute for comparable GAAP measures and should exist examine together with their consolidated economic statements organized based on GAAP. Their management regularly uses their supplemental non-GAAP monetary measures internally to retain in mind and manage their enterprise and forecast future durations; as such, they consider it's effectual for traders to exist mindful the results of those objects on their total operating costs. Their non-GAAP fiscal measures encompass changes based on here items, as well because the related profits tax results, alterations involving their tax valuation allowance and the meantime tax can charge of the one-time transfer of highbrow property rights between Riverbed felony entities:
aid and services deferred profits: commerce aggregate accounting guidelines require us to account for the reasonable cost of pilot and repair contracts assumed in reference to their acquisitions. The e-book cost of the acquisition deferred advocate and services revenue related to OPNET became reduced via $19 million in the adjustment to objective price. as a result of these are typically one to five year contracts, their GAAP revenues for the durations subsequent to the acquisition of a commerce don't replicate the entire volume of provider revenues on assumed pilot contracts that would acquire in any other case been recorded with the aid of the acquired entity. The non-GAAP adjustment is reputed to replicate the entire quantity of such revenues. They accept as exact with this adjustment is constructive to buyers as a measure of the ongoing efficiency of their enterprise because they now acquire historically experienced immoderate renewal charges on assist contracts, despite the fact they can't invent certain that consumers will renew these contracts.
inventory and cost of product salary: company aggregate accounting rules require us to account for the objective cost of inventory obtained in reference to their acquisitions. The objective cost of inventory is estimated as the promoting rate minus the estimated charge to promote. within the length subsequent to the acquisition, the cost of product profits comprises the higher objective cost of the bought inventory.
stock-based mostly compensation prices: they acquire excluded the impact of stock-based compensation and linked payroll tax prices from their non-GAAP working expenses and net income measures. however inventory-based mostly compensation is a key incentive provided to their personnel, they continue to consider their company performance aside from stock-based compensation fees. stock-based compensation expenses will recur in future durations.
Amortization of intangible property: they now acquire excluded the impact of amortization of intangible belongings from their non-GAAP net salary. Amortization of intangible property is a non-cash price, and it isn't a section of their core operations. traders may silent notice that the expend of intangible assets contributed to revenues earned birthright through the durations presented and will invent contributions to future length revenues as smartly.
Acquisition related fees: They incur gigantic expenses in reference to their acquisitions. Acquisition linked costs comprehend transaction costs, fees for transitional employees, other bought employee related retention costs, amenities consolidation and exit fees, integration linked knowledgeable features, alterations to the reasonable value of the acquisition related contingent consideration, the write-down of certain acquired in-growth analysis and progress intangibles, and international exchange losses on the acquisition linked contingent consideration.
different charges: these expenses we'd now not otherwise acquire incurred in the durations offered as section of their ongoing expenses.
during this quarter, different charges protected:
Debt refinancing charges - In December 2012 they incurred determined expenses associated with their time period loan financing that were diagnosed originally as a deferred charge and had been to exist amortized to hobby rate over the time period of the mortgage. Upon refinancing the debt in the fourth quarter of 2013, about $12.three million of these deferred fees had been identified as different rate internet in the observation of operations. They consider that this one-time, non-recurring, accounting cost isn't representative of their ongoing operating endeavor.
working lease not in carrier - They entered into an working lease on a brand new corporate headquarters in San Francisco. The rent accounting rules require that rent cost start on a straightline basis starting within the period that they acquire the revise to entry the brand new facility. They gained the preempt to access the talent in November 2013 to launch constructing their leasehold advancements. They design to occupy the brand new facility within the 2d quarter of 2014. They accept as exact with that the duplicate hire of the brand new facility throughout the construction duration isn't representative of the continuing operating charges of the enterprise.
Non-routine company governance and shareholder concerns - dawn in the fourth quarter of 2013, they began incurring professional service fees involving non-hobbies company governance and shareholder matters. They conform with these charges are not representative of the ongoing operating prices of the enterprise.
forward looking Statements
This press unencumber carries ahead-looking statements, together with statements concerning their enterprise method and boom, adoption of their platform, and market share. These ahead-searching statements involve hazards and uncertainties, as well as assumptions that, if they don't entirely materialize or testify mistaken, might trigger their consequences to vary materially from these expressed or implied with the aid of such forward-searching statements. The risks and uncertainties that could occasions their consequences to vary materially from those expressed or implied by such forward-searching statements encompass their potential to react to traits and challenges in their company and the markets during which they operate; their skill to expect market needs or boost new or improved items to fulfill these needs; the adoption cost of their items; their capacity to establish and retain successful relationships with their distribution partners; their capability to compete in their trade; fluctuations trendy, income cycles and prices for their items and services; shortages or fee fluctuations in their provide chain; their talent to protect their highbrow property rights; typical political, pecuniary and market conditions and hobbies; and other risks and uncertainties described greater completely in their files filed with or furnished to the Securities and change commission. greater tips about these and different hazards that can moreover acquire an result on Riverbed's enterprise are set forth in their figure 10-k filed with the SEC for the duration ended December 31, 2012, and their subsequent quarterly reports filed with the SEC. bar not a bit ahead-looking statements in this press free up are in keeping with information accessible to us as of the date hereof, and they weigh on no responsibility to update these forward-looking statements. Any future product, characteristic or linked specification that may exist referenced in this unencumber are for counsel applications handiest and are not commitments to convey any know-how or enhancement. Riverbed reserves the revise to alter future product plans at any time.
Riverbed is the leader in utility performance Infrastructure, delivering the most complete platform for place-impartial Computing. area-unbiased Computing turns region and distance birthright into a aggressive competencies by means of permitting IT to acquire the flexibleness to host functions and information within the most superior locations while making certain purposes office as expected, information is at bar not a bit times purchasable when crucial, and performance concerns are detected and fixed before conclusion clients notice. Riverbed's 25,000 consumers comprehend ninety seven% of the Fortune one hundred and 95% of the Forbes global a hundred. study more at www.riverbed.com.
Riverbed and any Riverbed product or provider denomination or logo used herein are logos of Riverbed technology, Inc. All other logos used herein belong to their respective homeowners.
source: Riverbed technology, Inc.
Riverbed TechnologyRenee Lyall, 415-247-6353 (Investor relations)firstname.lastname@example.orgShawn Dainas, 415-527-4537 (Media)email@example.com
Copyright enterprise Wire 2014
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