Click here to close now.




















Welcome!

Apache Authors: Liz McMillan, Mohamed El-Refaey, Ajay Budhraja, Don MacVittie, AppDynamics Blog

News Feed Item

Red Hat Reports Third Quarter Results

Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced financial results for its fiscal year 2013 third quarter ended November 30, 2012.

Total revenue for the quarter was $343.6 million, an increase of 18% in U.S. dollars from the year ago quarter, or 21% measured in constant currency, as detailed in the tables below. Subscription revenue for the quarter was $294.2 million, up 19% in U.S. dollars year-over-year, or 22% measured in constant currency, as detailed in the tables below.

“Strong execution, industry leading solutions and our ability to deliver a compelling ROI to our customers, all contributed to continued momentum and strong third quarter revenue growth in the face of a challenging global economic environment. Red Hat is benefiting from our position as a trusted vendor for IT,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “Since October of last year we have completed three acquisitions, and are announcing a fourth today to expand our portfolio of open source solutions and enlarge our addressable market. As our enterprise customers move to open, hybrid cloud architectures, we are addressing their needs with a clear roadmap based on industry-leading open source technologies.”

GAAP operating income for the third quarter was $49.9 million, down 7% year-over-year, due largely to acquisition-related costs, including stock compensation and amortization. GAAP operating margin was 14.5%. After adjusting for stock compensation and amortization expenses, as detailed in the tables below, non-GAAP operating income for the third quarter was $82.5 million, up 5% year-over-year. Non-GAAP operating margin was 24.0%.

Net income for the quarter was $34.8 million, or $0.18 per diluted share, compared with $38.2 million, or $0.19 per diluted share, in the year ago quarter. After adjusting for stock compensation and amortization expenses, as detailed in the tables below, non-GAAP net income for the quarter was $56.9 million, or $0.29 per diluted share, as compared to $55.7 million, or $0.28 per diluted share, in the year ago quarter.

Operating cash flow was $100.2 million for the third quarter, as compared to $96.6 million in the year ago quarter. At quarter end, the company’s total deferred revenue balance was $987.7 million, an increase of 21% on a year-over-year basis. Total cash, cash equivalents and investments as of November 30, 2012 were $1.35 billion.

“While we continue to increase investments in new technologies and growth initiatives, our solid performance is driving steady profitability and strong operating cash flow. In Q3, we used our strong balance sheet and cash flow to repurchase approximately $52 million of common stock, in addition to closing the FuseSource acquisition which enhances our offering in the fast-growing Application Integration software space.” stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. “We have continued this focused investment in key growth opportunities with the announcement of an agreement to acquire ManageIQ, Inc. ManageIQ positions us deeper in the cloud management market which analysts estimate will be a $3 billion market by 2016.”

Additional information on Red Hat's reported results, including a reconciliation of the non-GAAP adjusted results, are included in the financial tables below. A live webcast of Red Hat's results will begin at 5:00 pm ET today and can be accessed by the general public at Red Hat's investor relations website at http://investors.redhat.com. A replay of the webcast will be available shortly after the live event has ended.

About Red Hat, Inc.

Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more at http://www.redhat.com.

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to delays or reductions in information technology spending; the effects of industry consolidation; the ability of the Company to compete effectively; uncertainty and adverse results in litigation and related settlements; the integration of acquisitions and the ability to market successfully acquired technologies and products; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company's growth and international operations; fluctuations in exchange rates; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission's website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic and political conditions, governmental and public policy changes and the impact of natural disasters such as earthquakes and floods. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.

Red Hat and JBoss are trademarks of Red Hat, Inc., registered in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries.

RED HAT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands - except per share amounts)
               
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
Revenue:
 
Subscriptions $294,186 $246,538 $845,557 $710,408
Training and services 49,420 43,488 135,375 125,684
 
 
Total subscription, training and services revenue 343,606 290,026 980,932 836,092
 
Cost of revenue:
 
Subscriptions 21,153 17,041 57,939 48,876
Training and services 31,965 28,148 89,056 85,399
 
 
Total cost of subscription, training and services revenue 53,118 45,189 146,995 134,275
 
 
Total gross profit 290,488 244,837 833,937 701,817
 
Operating expense:
Sales and marketing 133,792 107,561 378,240 304,617
Research and development 68,655 53,739 191,901 153,515
General and administrative 38,122 29,965 109,847 92,277
Facility exit costs - - 3,142 -
 
Total operating expense 240,569 191,265 683,130 550,409
 
Income from operations 49,919 53,572 150,807 151,408
Interest income 1,936 2,075 6,384 6,138
Other income (expense), net (730) (227) 502 (167)
 
 
Income before provision for income taxes 51,125 55,420 157,693 157,379
Provision for income taxes 16,360 17,180 50,462 46,722
 
Net income $34,765 $38,240 $107,231 $110,657
 
Net income per share:
Basic $0.18 $0.20 $0.56 $0.57
Diluted $0.18 $0.19 $0.55 $0.56
 
Weighted average shares outstanding:
Basic 193,374 193,393 193,127 193,162
Diluted 195,666 196,468 195,898 196,493

RED HAT, INC.
CONSOLIDATED BALANCE SHEETS
             
(In thousands)
 
ASSETS
November 30, February 29,
2012 2012 (1)
(Unaudited)
Current assets:
Cash and cash equivalents $605,911 $549,217
Investments in debt and equity securities 280,433 264,298
Accounts receivable, net 254,787 255,180
Deferred tax assets, net 63,342 69,765
Prepaid expenses 83,809 81,266
Other current assets 2,010 1,629
 
Total current assets 1,290,292 1,221,355
 
Property and equipment, net 128,743 92,065
Goodwill 608,149 591,563
Identifiable intangibles, net 130,025 100,638
Investments in debt securities 463,553 446,838
Other assets, net 41,137 38,640
 
Total assets $2,661,899 $2,491,099
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $155,768 $114,078
Deferred revenue 735,580 711,408
Other current obligations 1,082 819
 
Total current liabilities 892,430 826,305
 
Long term deferred revenue 252,152 235,328
Other long term obligations 36,095 30,649
Stockholders' equity:
Common stock 23 23
Additional paid-in capital 1,770,525 1,709,082
Retained earnings 498,907 391,676
Treasury stock, at cost (780,912) (696,012)
Accumulated other comprehensive loss (7,321) (5,952)
 
Total stockholders' equity 1,481,222 1,398,817
 
Total liabilities and stockholders' equity $2,661,899 $2,491,099
 
 
(1) Derived from audited financial statements

RED HAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
               
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Cash flows from operating activities:
Net income $34,765 $38,240 $107,231 $110,657
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 16,126 12,392 44,773 38,278
Share-based compensation expense 26,678 20,770 72,743 55,710
Deferred income taxes 6,686 17,015 29,749 36,225
Excess tax benefits from share-based payment arrangements (8,100) (7,626) (27,900) (24,298)
Other (552) (233) (2,393) (550)
Changes in operating assets and liabilities net of effects of acquisitions:
Accounts receivable (35,291) (35,014) 534 (23,429)
Prepaid expenses 2,652 (3,096) (4,314) (6,324)
Accounts payable and accrued expenses 21,554 22,206 47,903 21,595
Deferred revenue 35,207 32,046 56,515 56,167
Other 431 (144) 3,572 (159)
 
Net cash provided by operating activities 100,156 96,556 328,413 263,872
 
Cash flows from investing activities:
Purchase of available-for-sale debt securities (123,318) (329,730) (631,087) (731,016)
Proceeds from sales and maturities of available-for-sale debt securities 169,743 196,991 587,522 578,267
Acquisition of business, net of cash acquired (21,188) (135,210) (31,239) (135,210)
Purchase of other intangible assets (5,577) (643) (32,440) (4,245)
Purchase of property and equipment (28,309) (11,115) (64,552) (31,294)
Other (66) (1,622) 264 (1,276)
 
Net cash used in investing activities (8,715) (281,329) (171,532) (324,774)
 
Cash flows from financing activities:
Excess tax benefits from share-based payment arrangements 8,100 7,626 27,900 24,298
Proceeds from exercise of common stock options 4,294 7,139 10,810 15,552
Purchase of treasury stock (52,018) - (84,900) (56,952)
Payments related to net settlement of employee share-based compensation awards (22,924) (20,118) (45,612) (32,103)
Payments on other borrowings (205) (70) (682) (759)
 
Net cash used in financing activities (62,753) (5,423) (92,484) (49,964)
 
Effect of foreign currency exchange rates on cash and cash equivalents 5,647 (20,597) (7,703) (5,099)
Net increase (decrease) in cash and cash equivalents 34,335 (210,793) 56,694 (115,965)
Cash and cash equivalents at beginning of the period 571,576 737,458 549,217 642,630
 
Cash and cash equivalents at end of period $605,911 $526,665 $605,911 $526,665

RED HAT, INC.
RECONCILIATION OF CERTAIN GAAP RESULTS TO NON-GAAP ADJUSTED RESULTS
(Unaudited)
(In thousands - except per share amounts)
     
 
Non cash share-based compensation expense included in Consolidated Statements of Operations:
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Cost of revenue $2,444 $2,245 $6,777 $5,877
Sales and marketing 8,875 7,157 23,962 18,829
Research and development 7,935 5,368 22,040 14,445
General and administration 7,424 6,000 19,964 16,559
Total share-based compensation expense $26,678 $20,770 $72,743 $55,710
 
 
Amortization of intangible assets expense included in Consolidated Statements of Operations:
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Cost of revenue $1,433 $669 $3,252 $2,864
Sales and marketing 2,076 1,957 6,272 5,874
Research and development 959 940 2,877 3,254
General and administration 1,476 905 3,800 2,616
Total amortization of intangible assets expense $5,944 $4,471 $16,201 $14,608
 
 
Facility exit costs included in Consolidated Statements of Operations:
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
Facility exit costs - - $3,142 -
 
 
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP net income $34,765 $38,240 $107,231 $110,657
 
Provision for income taxes 16,360 17,180 50,462 46,722
 
GAAP income before provision for income taxes $51,125 $55,420 $157,693 $157,379
 
Add: Non-cash share-based compensation expense 26,678 20,770 72,743 55,710
Add: Amortization of intangible assets 5,944 4,471 16,201 14,608
Add: Facility exit costs - - 3,142 -
 
Non-GAAP adjusted income before provision for income taxes $83,747 $80,661 $249,779 $227,697
 
Provision for income taxes (1) 26,799 25,005 79,929 68,521
 
Non-GAAP adjusted net income (basic and diluted) $56,948 $55,656 $169,850 $159,176
 
Non-GAAP adjusted net income per share:
Basic $0.29 $0.29 $0.88 $0.82
Diluted $0.29 $0.28 $0.87 $0.81
 
 
(1) Provision for income taxes:
Non-GAAP adjusted net income before income tax provision $83,747 $80,661 $249,779 $227,697
Estimated annual effective tax rate 32.0% 31.0% 32.0% 31.0%
Non-GAAP provision for income taxes before discrete tax benefit $26,799 $25,005 $79,929 $70,586
Discrete tax benefit - - - 2,065
Provision for income taxes on Non-GAAP adjusted net income $26,799 $25,005 $79,929 $68,521

RED HAT, INC.
RECONCILIATION OF CERTAIN GAAP RESULTS TO NON-GAAP ADJUSTED RESULTS
(Unaudited)
(In thousands - except per share amounts)
                 
 
 
Reconciliation of GAAP results to non-GAAP adjusted results
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP gross profit $290,488 $244,837 $833,937 $701,817
 
Add: Non-cash share-based compensation expense 2,444 2,245 6,777 5,877
Add: Amortization of intangible assets 1,433 669 3,252 2,864
 
Non-GAAP gross profit $294,365 $247,751 $843,966 $710,558
 
Non-GAAP gross margin 86% 85% 86% 85%
 
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP operating expenses $240,569 $191,265 $683,130 $550,409
 
Deduct: Non-cash share-based compensation expense (24,234) (18,525) (65,966) (49,833)
Deduct: Amortization of intangible assets (4,511) (3,802) (12,949) (11,744)
Deduct: Facility exit costs - - (3,142) -
 
Non-GAAP adjusted operating expenses $211,824 $168,938 $601,073 $488,832
 
 
Three Months Ended Nine Months Ended
November 30, November 30, November 30, November 30,
2012 2011 2012 2011
 
GAAP operating income $49,919 $53,572 $150,807 $151,408
 
Add: Non-cash share-based compensation expense 26,678 20,770 72,743 55,710
Add: Amortization of intangible assets 5,944 4,471 16,201 14,608
Add: Facility exit costs - - 3,142 -
 
Non-GAAP adjusted operating income $82,541 $78,813 $242,893 $221,726
 
Non-GAAP adjusted operating margin 24.0% 27.2% 24.8% 26.5%
 
 
Three Months Ended  
November 30, November 30, Year-Over-Year
2012 2011 Growth Rate
 
GAAP subscription revenue $294,186 $246,538 19.3%
Adjustment for currency impact 5,647 -
Non-GAAP subscription revenue on a constant currency basis $299,833 $246,538 21.6%
 
GAAP training and services revenue $49,420 $43,488 13.6%
Adjustment for currency impact 1,024 -
Non-GAAP training and services revenue on a constant currency basis $50,444 $43,488 16.0%
 
GAAP total subscription, training and services revenue $343,606 $290,026 18.5%
Adjustment for currency impact 6,671 -
Non-GAAP total subscription, training and services revenue on a constant currency basis $350,277 $290,026 20.8%

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.