Red Hat today announced financial results for its fiscal year 2011 first quarter ended May 31, 2010.
Total revenue for the quarter was $209.1 million, an increase of 20% from the year ago quarter. Subscription revenue for the quarter was $179.1 million, up 20% year-over-year.
GAAP operating income for the first quarter was $34.2 million, or a 16.4% operating margin. After adjusting for stock compensation and amortization expenses as detailed in the tables below, non-GAAP operating income for the first quarter was $52.0 million, up 28% year-over-year. Non-GAAP operating margin was 24.8%, up 140 basis points from the year ago quarter.
Net income for the quarter was $24.1 million, or $0.12 per diluted share, compared with $18.5 million, or $0.10 per diluted share, in the year ago quarter. Non-GAAP net income for the quarter was $35.6 million, or $0.18 per diluted share, after adjusting for stock compensation and amortization expenses as detailed in the tables below, as compared to $28.7 million, or $0.15 per diluted share, in the year ago quarter.
Operating cash flow totaled $60.6 million, as compared to $61.2 million in the year ago quarter. At quarter end, the company’s total deferred revenue balance was $625.6 million, an increase of 10% on a year-over-year basis. Total cash, cash equivalents and investments as of May 31, 2010 was $967.8 million.
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