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RVBD » Topics » Record Third Quarter 2009 Financial Results as Revenue Exceeds $100 Million

This excerpt taken from the RVBD 8-K filed Oct 22, 2009.

Record Third Quarter 2009 Financial Results as Revenue Exceeds $100 Million

 

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Revenue increases 12% over prior quarter and 18% over prior year

 

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Cash flow from operations of $38 million

 

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$297 million in cash and marketable securities and no debt

SAN FRANCISCO, CA – October 22, 2009 – 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® 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

 

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Revenue increased 12% sequentially and 18% year-over-year

 

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Non-GAAP gross margin increased to 78%

 

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Non-GAAP operating margin increased to 22%

 

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Non-GAAP net income increased 41% sequentially and 32% year-over-year

 

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Days sales outstanding decreased to 42 days

 

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Deferred revenue increased to $76 million

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Cash flow from operations increased to $38 million

 

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Cash, cash equivalents, and marketable securities totaled approximately $297 million and no debt

Q3’09 Business Highlights

 

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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”

 

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Positioned by Gartner in the leaders quadrant in the “Magic Quadrant for WAN Optimization Controllers 2009”

 

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Added eight Fortune 500 customers, with cumulative customer count approaching 7,000

 

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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.

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