On June 18 Red Hat announced its financial results for the first quarter of 2014.
Total revenue for the first quarter ended May 31, 2014 was $424 bmillion, with an increase of 17% from the same quarter last year. Looking at the financials details we can see that subscription revenue was of $372 million, up 18% year-over-year, and operating cash flow of $165 million, up 16% year-over-year.
GAAP operating income was $51 million, which means down 10% compared with last year. For the first quarter, GAAP operating margin was 12.0% and non-GAAP operating margin was 20.8%.
GAAP net income for the quarter was $38 million, or $0.20 per diluted share, in comparison with $40 million, or $0.21 per diluted share, in the year ago quarter. Operating cash flow was $165 million for the first quarter, with a growth, as compared to $142 million in the year ago quarter. At quarter end, the company’s total deferred revenue balance was $1.27 billion, an increase of 20% on a year-over-year basis.
According to the declaration of Jim Whitehurst, President and Chief Executive Officer of Red Hat:
Our strong start to FY15 is a direct result of our ability to consistently deliver meaningful value to enterprise customers, we now count 94% of the Fortune 500 and 90% of the Fortune Global 500 as customers. These are some of the most sophisticated IT organizations in the world, and many continue to increase their purchases from Red Hat to modernize their IT infrastructure with cloud enabling technologies. As evidence of this demand and Red Hat’s strong market position, we closed a record number of first quarter deals of a million dollars or more.