Exhibit 99.1
FOR IMMEDIATE RELEASE
May 24, 2004
Novell Reports Financial Results For Second Fiscal Quarter 2004
WALTHAM, Massachusetts – May 24, 2004 — Novell, Inc. (NASDAQ:NOVL) today announced financial results for its second fiscal quarter ended April 30, 2004. For the quarter, Novell reported revenues of $294 million, compared to revenues of $276 million for the second fiscal quarter 2003. Net income in the second fiscal quarter 2004 was $10 million. After consideration of a $26 million deemed dividend related to the beneficial conversion feature of preferred stock and related preferred stock cash dividends associated with IBM's investment in Novell, the net loss available to common shareholders was $0.04 loss per share. This compared to a net loss of $29 million, or $0.08 loss per share, for the second fiscal quarter 2003.
On a non-GAAP basis, adjusted net income for the second fiscal quarter 2004 was $14 million, or $0.03 per share, which excludes the effect of the preferred stock deemed dividend of $26 million, restructuring charges of $5 million, investment impairments of $1 million and a $2 million gain on a sale of property, plant and equipment. This compares to a non-GAAP adjusted net loss for the second fiscal quarter 2003 of $7 million, or $0.02 loss per share, which excludes primarily $25 million in charges from adjustments to facility-related restructuring and merger liabilities, and impaired investments. Full details on Novell’s reported results, including a reconciliation of the non-GAAP adjusted results, are included in the financial schedules that are a part of this release.
For the first six months of fiscal 2004, Novell reported revenue of $561 million and net income of $21 million. After considering the impact of the preferred stock deemed and cash dividends, the net loss available to common shareholders in this period was $0.01 loss per share. For the first six months of fiscal 2003, the company reported revenue of $536 million and a net loss of $41 million, or $0.11 loss per share.
“In the quarter, Novell showed continued improvement in its financial performance during what is still a challenging market environment for the IT industry,” said Jack L. Messman, Novell chairman, president and chief executive officer. “We are encouraged that NetWare®-related revenue in the quarter declined only 2% from the year ago period, or a 5% decline after adjusting for foreign currency effects. This figure compares to the prior year's decline rate in NetWare-related revenue of 12%, after adjusting for foreign currency effects. We believe this slowing of the rate of NetWare-related revenue decline reflects a favorable response from our customers to our Linux* strategy.”
In the second fiscal quarter 2004, foreign currency exchange rates positively impacted total revenue by approximately $12 million and had a negative impact on net income of less than $1 million year over year. Also in the quarter, G&A expenses were lower due to a reduction of $5 million in legal reserves relating to favorable developments in current litigation matters.
On the balance sheet, cash and short-term investments were $636 million at the end of the second fiscal quarter 2004, compared with $605 million at the end of the prior quarter. This increase in cash and short-term investments includes the $50 million preferred stock investment by IBM and negative cash flow from operations of $28 million, which was due primarily to an increase in current accounts receivable. Days sales outstanding (DSO) in accounts receivable increased to 67 days at the end of the second fiscal quarter 2004, up from 60 days in the prior quarter. Deferred revenues were $296 million at the end of the second fiscal quarter 2004, up $29 million or 11% year over year.
A summary of Novell’s vision, mission and strategy can be accessed on the Novell Web site at:www.novell.com/company/ir/qresults.
Conference call notification and Web access detail
A live Webcast of a Novell conference call to discuss the quarter will be broadcast at 5PM EDT May 24, 2004, from Novell’s Investor Relations Web page:http://www.novell.com/company/ir/qresults/. The domestic conference call dial-in number is 888-323-5254, password “Novell”, and the international dial-in number is +1-773-756-4625, password “Novell”.
The call will be archived on the Web site approximately 15 minutes after its conclusion, and will be available for telephone playback through midnight, June 7. The domestic toll-free replay number is 800-216-3035, and the international replay number is +1-402-220-3757.
A copy of this press release is posted on Novell's Web site at: http://www.novell.com/company/ir/qresults/.
Legal notice regarding forward looking statements
This press release includes statements that are not historical in nature and that may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits and synergies of the company’s brands and strategies, future opportunities and the growth of the market for open source solutions. You should be aware that Novell’s actual results could differ materially from those contained in the forward-looking statements, which are based on current expectations of Novell management and are subject to a number of risks and uncertainties, including, but not limited to, Novell’s ability to integrate acquired operations and employees, Novell’s success in executing its Linux strategies, Novell’s ability to deliver on its one Net vision of the Internet, Novell’s ability to take a competitive position in the Linux industry, business conditions and the general economy, market opportunities, potential new business strategies, competitive factors, sales and marketing execution, shifts in technologies or market demand and the other factors described in Novell ‘s Annual Report on Form 10-K for the 2003 fiscal year. Novell disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About Novell
Novell, Inc. is a leading provider of information solutions that deliver secure identity management (Novell® Nsure™), Web application development (Novell exteNd™) and cross-platform networking services (Novell Nterprise™), all supported by strategic consulting and professional services (Novell NgageSM). Active in the open source community with its Ximian® and SUSE® LINUX brands, Novell provides a full range of Linux products and services for the enterprise from the desktop to the server. Novell’s vision of one Net – a world without information boundaries – helps customers realize the value of their information securely and economically. For more information, call Novell’s Customer Response Center at (888) 321-4CRC (4272) or visithttp://www.novell.com. Press should visithttp://www.novell.com/pressroom.
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Novell, NetWare and Ximian are registered trademarks; exteNd, Nsure and Nterprise are trademarks; and Ngage is a service mark of Novell, Inc. in the United States and other countries. SUSE is a registered trademark of SUSE AG, a Novell company. *All third-party trademarks are the property of their respective owners.
Press Contact:
Bruce Lowry
Novell, Inc.
Phone: 415-591-6523
E-Mail: blowry@novell.com
Investor Relations Contact:
Bill Smith
Novell, Inc.
Phone: 800-317-3195
E-Mail: wsmith@novell.com
Novell, Inc. Consolidated Unaudited Condensed Statements of Operations (In thousands, except per share data) Fiscal Quarter Ended Fiscal Year-to-Date ----------------------------------- ------------------------------------- Apr 30, 2004 Apr 30, 2003 Apr 30, 2004 Apr 30, 2003 --------------- --------------- --------------- ---------------- Net revenue New software licenses $ 60,306 $ 64,465 $ 115,075 $ 125,503 Maintenance and services 233,250 211,502 445,588 410,435 --------------- --------------- --------------- ---------------- Total net revenue 293,556 275,967 560,663 535,938 --------------- --------------- --------------- ---------------- Cost of revenue New software licenses 6,087 5,962 11,008 11,184 Maintenance and services 100,355 102,809 190,310 195,151 --------------- --------------- --------------- ---------------- Total cost of revenue 106,442 108,771 201,318 206,335 --------------- --------------- --------------- ---------------- Gross profit 187,114 167,196 359,345 329,603 --------------- --------------- --------------- ---------------- Operating expenses Sales and marketing 93,646 101,737 175,415 200,042 Product development 52,031 48,354 102,230 91,276 General and administrative 24,215 30,939 50,472 58,284 Restructuring 4,737 8,675 4,737 8,675 Gain on sale of long-lived asset (1,977) - (1,977) - --------------- --------------- --------------- ---------------- Total operating expenses 172,652 189,705 330,877 358,277 --------------- --------------- --------------- ---------------- Income (loss) from operations 14,462 (22,509) 28,468 (28,674) Other income (expense), net 375 (12,475) 2,852 (18,664) --------------- --------------- --------------- ---------------- Income (loss) before taxes 14,837 (34,984) 31,320 (47,338) Income tax expense (benefit) 4,454 (6,372) 10,802 (6,838) --------------- --------------- --------------- ---------------- Net income (loss) 10,383 (28,612) 20,518 (40,500) Deemed dividend related to beneficial conversion feature of preferred stock (25,680) - (25,680) - Preferred stock dividends (102) - (102) - --------------- --------------- --------------- ---------------- Net loss available to common shareholders $ (15,399) $ (28,612) $ (5,264) $ (40,500) =============== =============== =============== ================ Net loss per common share: Basic $ (0.04) $ (0.08) $ (0.01) $ (0.11) Diluted $ (0.04) $ (0.08) $ (0.01) $ (0.11) Weighted average shares: Basic 384,528 368,746 382,317 368,411 Diluted 384,528 368,746 382,317 368,411 Certain reclassifications, none of which affect net income, have been made to the prior period amounts in order to conform to the current year's presentation.
Novell, Inc. Consolidated Unaudited Condensed Balance Sheets (In thousands) ASSETS Apr 30, 2004 Oct 31, 2003 ------------------ ------------------ Current assets Cash and short-term investments $ 636,134 $ 751,852 Receivables, net 214,731 232,492 Prepaid expenses 28,732 23,005 Other current assets 28,389 23,204 ------------------ ------------------ Total current assets 907,986 1,030,553 Property, plant and equipment, net 248,448 255,526 Long-term investments 52,936 50,948 Goodwill 401,969 213,300 Intangible assets, net 50,057 10,800 Other assets 6,298 6,526 ------------------ ------------------ Total assets $1,667,694 $1,567,653 ================== ================== LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 53,405 $ 50,258 Accrued compensation 100,816 101,164 Other accrued liabilities 102,606 117,073 Income taxes payable 37,911 35,493 Deferred revenue 296,115 322,470 ------------------ ------------------ Total current liabilities 590,853 626,458 Deferred income taxes 16,458 - ------------------ ------------------ Total liabilities 607,311 626,458 Minority interests 6,712 6,725 Preferred stock 50,000 - Stockholders' equity 1,003,671 934,470 ------------------ ------------------ Total liabilities and stockholders' equity $1,667,694 $1,567,653 ================== ================== Certain reclassifications, none of which affect net income, have been made to the prior period amounts in order to conform to the current year's presentation.
Novell, Inc. Consolidated Unaudited Condensed Statements of Cash Flows (In thousands) Fiscal Quarter Ended Fiscal Year-to-Date ------------------------------- ------------------------------- Apr 30, 2004 Apr 30, 2003 Apr 30, 2004 Apr 30, 2003 -------------- -------------- -------------- -------------- Cash flows from operating activities: Net income (loss) $ 10,383 $ (28,612) $ 20,518 $ (40,500) Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities: Gain on sale of fixed assets (1,977) - (1,977) (365) Depreciation and amortization 10,940 17,732 27,092 34,984 Loss on impaired investments 750 13,723 1,896 24,523 Changes in assets and liabilities (48,380) (29,205) (44,792) (22,129) -------------- -------------- -------------- -------------- Net cash (used) provided by operating activities (28,284) (26,362) 2,737 (3,487) -------------- -------------- -------------- -------------- Cash flows from financing activities: Issuance of common stock, net 20,558 5,900 49,051 7,047 Issuance of preferred stock 50,000 - 50,000 - Payment of preferred stock dividend (102) - (102) - -------------- -------------- -------------- -------------- Net cash provided by financing activities 70,456 5,900 98,949 7,047 -------------- -------------- -------------- -------------- Cash flows from investing activities: Expenditures for property, plant and equipment (6,547) (7,925) (12,013) (21,777) Proceeds from the sale of property, plant and equipment 1,977 - 1,977 785 Short-term investment activity (45,213) 93,849 53 (72,802) Cash paid for SUSE LINUX - - (211,468) - Cash received from SUSE LINUX - - 11,170 - Other (4,758) (2,760) (4,865) 771 -------------- -------------- -------------- -------------- Net cash (used) provided by investing activities (54,541) 83,164 (215,146) (93,023) -------------- -------------- -------------- -------------- (Decrease) increase in cash and cash equivalents (12,369) 62,702 (113,460) (89,463) Cash and cash equivalents - beginning of period 265,841 311,822 366,932 463,987 -------------- -------------- -------------- -------------- Cash and cash equivalents - end of period 253,472 374,524 253,472 374,524 Short-term investments - end of period 382,662 251,873 382,662 251,873 -------------- -------------- -------------- -------------- Cash and short-term investments - end of period $ 636,134 $ 626,397 $ 636,134 $ 626,397 ============== ============== ============== ============== Certain reclassifications, none of which affect net income, have been made to the prior period amounts in order to conform to the current year's presentation.
Novell, Inc. Unaudited Non-GAAP Adjusted Earnings Information (In thousands, except per share data) GAAP Non-GAAP As Reported Adjustments Adjusted ------------------------------------------------ Fiscal quarter ended April 30, 2004 Net revenue $ 293,556 $ - $ 293,556 Gross profit 187,114 - 187,114 Income (loss) from operations 14,462 2,929 (a) 17,391 Income (loss) before taxes 14,837 3,679 (b) 18,516 Net income (loss) 10,383 3,408 (c) 13,791 Net income (loss) available to common shareholders (15,399) 29,190 (d) 13,791 Diluted net income (loss) per common share $ (0.04) $ 0.07 (d) $ 0.03 Fiscal quarter ended January 31, 2004 Net revenue $ 267,107 $ - $ 267,107 Gross profit 172,231 - 172,231 Income (loss) from operations 14,006 - 14,006 Income (loss) before taxes 16,483 1,145 (e) 17,628 Net income (loss) 10,135 1,145 (e) 11,280 Diluted net income (loss) per common share $ 0.03 $ 0.00 (e) $ 0.03 Fiscal quarter ended April 30, 2003 Net revenue $ 275,967 $ - $ 275,967 Gross profit 167,196 - 167,196 Income (loss) from operations (22,509) 10,792 (f) (11,717) Income (loss) before taxes (34,984) 25,265 (g) (9,719) Net income (loss) (28,612) 21,809 (h) (6,803) Diluted net income (loss) per common share $ (0.08) $ 0.06 (h) $ (0.02) Footnotes related to adjustments: (a) Reflects restructuring charges of $4.7 million, a gain on the sale of a long-lived asset of $2.0 million and integration costs related to SUSE of $0.2 million. (b) Reflects the items in footnote (a) and investment write-downs of $0.8 million. (c) Reflects the items in footnotes (a) and (b), and the necessary related tax adjustments. (d) Reflects the items in footnote (a), (b) and (c), the beneficial conversion feature of $25.7 million and preferred stock dividends of $0.1 million. (e) Reflects investment write-downs of $1.1 million. (f) Reflects adjustments to prior restructuring reserves of $8.7 million and merger reserves of $2.1 million. (g) Reflects the items in footnote (f), investment write-downs of $13.7 million and a loss from the acquisition of minority interest shares of $0.8 million. (h) Reflects the items in footnotes (f) and (g), and the necessary related tax adjustments.
Novell, Inc. Consolidated Unaudited Condensed Statements of Operations (In thousands, except per share data) Fiscal Year Trailing Four Q2 2003 % Q3 2003 % Q4 2003 % 2003 % Q1 2004 % Q2 2004 % Quarters % -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Net revenue New software licenses $ 64,465 23.4 $ 69,255 24.5 $ 70,498 24.6 $ 265,256 24.0 $ 54,769 20.5 $ 60,306 20.5 $ 254,828 22.5 Maintenance and services 211,502 76.6 213,554 75.5 216,251 75.4 840,240 76.0 212,338 79.5 233,250 79.5 875,393 77.5 -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Total net revenue 275,967 100.0 282,809 100.0 286,749 100.0 1,105,496 100.0 267,107 100.0 293,556 100.0 1,130,221 100.0 -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Cost of revenue New software licenses 5,962 2.2 5,886 2.1 5,140 1.8 22,210 2.0 4,922 1.8 6,087 2.1 22,034 1.9 Maintenance and services 102,809 37.3 101,591 35.9 96,197 33.5 392,939 35.5 89,954 33.7 100,355 34.2 388,098 34.3 Intangible asset impairments - - 23,569 8.3 - - 23,569 2.1 - - - - 23,569 2.1 -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Total cost of revenue 108,771 39.4 131,046 46.3 101,337 35.3 438,718 39.7 94,876 35.5 106,442 36.3 433,701 38.4 -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Gross profit 167,196 60.6 151,763 53.7 185,412 64.7 666,778 60.3 172,231 64.5 187,114 63.7 696,520 61.6 -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Operating expenses Sales and marketing 101,737 36.9 92,470 32.7 88,314 30.8 380,826 34.4 81,769 30.6 93,646 31.9 356,199 31.5 Product development 48,354 17.5 48,178 17.0 44,304 15.5 183,758 16.6 50,199 18.8 52,031 17.7 194,712 17.2 General and administrative 30,939 11.2 28,379 10.0 24,300 8.5 110,963 10.0 26,257 9.8 24,215 8.2 103,151 9.1 Restructuring 8,675 3.1 26,350 9.3 8,042 2.8 43,067 3.9 - - 4,737 1.6 39,129 3.5 Purchased in-process R&D - - - - 920 0.3 920 0.1 - - - - 920 0.1 Gain on Sale of long-lived asset - - (24,934) (8.8) - - (24,934) (2.3) - - (1,977) (0.7) (26,911) (2.4) -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Total operating expenses 189,705 68.7 170,443 60.3 165,880 57.8 694,600 62.8 158,225 59.2 172,652 58.8 667,200 59.0 -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Income (loss) from operations (22,509) (8.2) (18,680) (6.6) 19,532 6.8 (27,822) (2.5) 14,006 5.2 14,462 4.9 29,320 2.6 Other income (expense) Investment income (10,459) (3.8) (5,016) (1.8) 913 0.3 (21,702) (2.0) 3,512 1.3 2,464 0.8 1,873 0.2 Other, net (2,016) (0.7) (66) (0.0) (4,355) (1.5) (5,486) (0.5) (1,035) (0.4) (2,089) (0.7) (7,545) (0.7) -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Other income (expense), net (12,475) (4.5) (5,082) (1.8) (3,442) (1.2) (27,188) (2.5) 2,477 0.9 375 0.1 (5,672) (0.5) Income (loss) before taxes (34,984) (12.7) (23,762) (8.4) 16,090 5.6 (55,010) (5.0) 16,483 6.2 14,837 5.1 23,648 2.1 Income tax expense (benefit) (6,372) (2.3) (11,362) (4.0) 125,094 43.6 106,894 9.7 6,348 2.4 4,454 1.5 124,534 11.0 -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Net income (loss) (28,612) (10.4) (12,400) (4.4) (109,004) (38.0) (161,904) (14.6) 10,135 3.8 10,383 3.5 (100,886) (8.9) Beneficial conversion feature - - - - - - - - - - (25,680) (8.7) (25,680) (2.3) Preferred stock dividends - - - - - - - - - - (102) (0.0) (102) (0.0) -------------- ---------- --------------- ---------- --------------- --------- -------------- --------- -------------- --------- -------------- ---------- -------------- --------- Net income (loss) available to common shareholders $ (28,612) (10.4) $ (12,400) (4.4) $ (109,004) (38.0) $ (161,904) (14.6) $ 10,135 3.8 $ (15,399) (5.2) $ (126,668) (11.2) ============== ========== =============== ========== =============== ========= ============== ========= ============== ========= ============== ========== ============== ========= Net income (loss) per common share: Basic $ (0.08) $ (0.03) $ (0.29) $ (0.44) $ 0.03 $ (0.04) $ (0.34) Diluted $ (0.08) $ (0.03) $ (0.29) $ (0.44) $ 0.03 $ (0.04) $ (0.33) Weighted average shares: Basic 368,746 371,484 373,876 370,545 380,106 384,528 377,499 Diluted 368,746 371,484 373,876 370,545 392,111 384,528 380,500 Certain reclassifications, none of which affect net income, have been made to the prior period amounts in order to conform to the current year's presentation.
Novell, Inc. Unaudited Trended Revenue by Solution, Business Category and Segment (In thousands) Fiscal Year Trailing Four Revenue by solution Q2 2003 % Q3 2003 % Q4 2003 % 2003 % Q1 2004 % Q2 2004 % Quarters % ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- IT software and solutions Identity management & web services $ 22,352 8.1 $ 26,099 9.2 $ 25,623 8.9 $ 96,977 8.8 $ 22,472 8.4 $ 24,051 8.2 $ 98,245 8.7 Cross platform services Management & collaboration 61,003 22.1 63,178 22.3 64,148 22.4 243,071 22.0 60,912 22.8 61,046 20.8 249,284 22.1 Services platforms & storage 81,328 29.5 81,417 28.8 82,691 28.8 326,788 29.6 75,627 28.3 90,214 30.7 329,949 29.2 ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- Total cross platform services 142,331 51.6 144,595 51.1 146,839 51.2 569,859 51.5 136,539 51.1 151,260 51.5 579,233 51.2 ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- Total software licenses & maintenance 164,683 59.7 170,694 60.4 172,462 60.1 666,836 60.3 159,011 59.5 175,311 59.7 677,478 59.9 Worldwide services * 74,401 27.0 75,576 26.7 76,926 26.8 299,331 27.1 70,763 26.5 76,452 26.0 299,717 26.5 ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- Total IT software and solutions 239,084 86.6 246,270 87.1 249,388 87.0 966,167 87.4 229,774 86.0 251,763 85.8 977,195 86.5 Celerant management consulting 36,883 13.4 36,539 12.9 37,361 13.0 139,329 12.6 37,333 14.0 41,793 14.2 153,026 13.5 ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- Total net revenue $ 275,967 100.0 $ 282,809 100.0 $ 286,749 100.0 $ 1,105,496 100.0 $ 267,107 100.0 $ 293,556 100.0 $1,130,221 100.0 ========== ====== ========== ======= ========== ====== ================== ================= =========== ====== =================== * includes consulting, technical services, and training Revenue by business category New software licenses $ 64,465 23.4 $ 69,255 24.5 $ 70,498 24.6 $ 265,256 24.0 $ 54,769 20.5 $ 60,306 20.5 $ 254,828 22.5 Maintenance and services 211,502 76.6 213,554 75.5 216,251 75.4 840,240 76.0 212,338 79.5 233,250 79.5 875,393 77.5 ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- Total net revenue $ 275,967 100.0 $ 282,809 100.0 $ 286,749 100.0 $ 1,105,496 100.0 $ 267,107 100.0 $ 293,556 100.0 $1,130,221 100.0 ========== ====== ========== ======= ========== ====== ================== ================= =========== ====== =================== Revenue by segment North America $ 124,167 45.0 $ 129,188 45.7 $ 129,068 45.0 $ 508,360 46.0 $ 115,760 43.3 $ 124,816 42.5 $ 498,832 44.1 Latin America 5,335 1.9 6,447 2.3 5,516 1.9 23,202 2.1 5,788 2.2 5,363 1.8 23,114 2.0 ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- Americas 129,502 46.9 135,635 48.0 134,584 46.9 531,562 48.1 121,548 45.5 130,178 44.3 521,945 46.2 EMEA 88,674 32.1 87,400 30.9 90,304 31.5 348,105 31.5 87,851 32.9 99,016 33.7 364,571 32.3 Asia Pacific 20,908 7.6 23,235 8.2 24,500 8.5 86,500 7.8 20,375 7.6 22,569 7.7 90,679 8.0 Celerant management consulting 36,883 13.4 36,539 12.9 37,361 13.0 139,329 12.6 37,333 14.0 41,793 14.2 153,026 13.5 ---------- ------ ---------- ------- ---------- ------ ------------------ ----------------- ----------- ------ ------------------- Total net revenue $ 275,967 100.0 $ 282,809 100.0 $ 286,749 100.0 $ 1,105,496 100.0 $ 267,107 100.0 $ 293,556 100.0 $1,130,221 100.0 ========== ====== ========== ======= ========== ====== ================== ================= =========== ====== =================== Certain reclassifications have been made to the prior period amounts in order to conform to the current year's presentation.