Red Hat +2.6% AH; billings growth accelerates in FQ4

After rising 19% Y/Y in FQ3, Red Hat's (RHT) billings proxy rose 24% in FQ4 to $565M (well above revenue of $400M), as the company continues benefiting from Linux's server OS share gains. Red Hat's deferred revenue balance rose 18% Y/Y to $1.29B, after growing 14% in FQ3.

Subscription revenue (88% of total) revenue +16% Y/Y vs. +17% in FQ3. Training/services revenue +8% vs. +9%. Opex rose 15% Y/Y to $280.6M.

No buybacks took place; Red Hat spent $239M on them over the first 9 months of FY14. A record number of $1M+ deals were signed.

CC at 5PM ET, guidance should be provided. FQ4 results, PR.

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