Subscription revenue for the quarter was $272.6 million, up 21 per cent year-over-year.
MUMBAI, INDIA: Red Hat, Inc. announced financial results for its fiscal year 2013 first quarter ended May 31, 2012.
Total revenue for the quarter was $314.7 million, an increase of 19 per cent from the year ago quarter. Subscription revenue for the quarter was $272.6 million, up 21 per cent year-over-year.
"Our first quarter results represented a strong start to our fiscal 2013. Red Hat's compelling value proposition and innovative, open source technologies continued to drive our financial success and market share gains." stated Jim Whitehurst, President and Chief Executive Officer of Red Hat.
GAAP operating income for the first quarter was $50.9 million, or 16.2 per cent operating margin. After adjusting for stock compensation, amortization expenses and certain facility exit costs, non-GAAP operating income for the first quarter was $81.1 million, up 22 per cent year-over-year. Non-GAAP operating margin was 25.8 per cent , up 70 basis points from the year ago quarter, says a release.
Net income for the quarter was $37.5 million, or $0.19 per diluted share, compared with $32.5 million, or $0.17 per diluted share, in the year ago quarter. After adjusting for stock compensation, amortization expenses and certain facility exit costs, as detailed in the tables below, non-GAAP net income for the quarter was $58.0 million, or $0.30 per diluted share, as compared to $47.0 million, or $0.24 per diluted share, in the year ago quarter.
Operating cash flow was $124.4 million for the first quarter, as compared to $90.2 million in the year ago quarter. At quarter end, the company's total deferred revenue balance was $913.3 million, an increase of 16% on a year-over-year basis. Total cash, cash equivalents and investments as of May 31, 2012 was $1.3 billion after repurchasing approximately $30 million, or approximately 550,000 shares, of common stock in the first quarter.
"Red Hat continues to display an attractive combination of scale, revenue growth, profitability and cash flow. This type of performance has led to Red Hat's inclusion among the highest growth technology companies in the 2012 Forbes Fast Tech 25," stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. "In Q1, we delivered non-GAAP operating income growth of 22 per cent while continuing to invest in important growth initiatives in markets such as virtualization, cloud computing and storage."