Red Hat's hybrid cloud offerings in high demand
Red Hat, the open sources solutions provider, has released its financial results for the quarter ended May 31, 2015.
Total revenue for the quarter was $481 million, an increase of 14% from the year ago quarter.
Subscription revenue for the quarter was $425 million, up 14% year-over-year, and total revenue for the first quarter of fiscal 2016 included an additional $5 million of subscription revenue earned from Red Hat’s Certified Cloud Providers (CCP).
“Our solid start to fiscal year 2016 was evidenced by strong constant currency revenue growth of over 20%,” sys Jim Whitehurst, Red Hat president and chief executive officer of.
“This strong growth reflects in part the demand for our open, hybrid cloud technologies across four footprints: bare metal, virtualisation, private cloud and public cloud deployments.
“Red Hat’s portfolio of technologies becomes increasingly strategic to customers who are looking to expand their capabilities and agility to build and deploy applications across these data center footprints.”
“We delivered Q1 results which exceeded the high-end of our guidance for total revenue, non-GAAP operating margin and non-GAAP EPS before the adjustment which added the incremental $5 million of earned revenue from our CCP program,” says Charlie Peters, Red Hat executive vice president and chief financial officer.
GAAP operating income for the first quarter was $71 million, up 39% year-over-year, while non-GAAP operating income for the first quarter was $113 million, up 28% year-over-year.
For the first quarter, GAAP operating margin was 14.7% and non-GAAP operating margin was 23.6%.
GAAP net income for the quarter was $48 million, compared with $38 million in the year ago quarter. Non-GAAP net income for the quarter was $81 million, as compared to $64 million in the year ago quarter.
Operating cash flow was $209 million for the first quarter, an increase of 27% on a year-over-year basis.
At quarter end, the company’s total deferred revenue balance was $1.44 billion, an increase of 13% on a year-over-year basis.
Total cash, cash equivalents and investments as of May 31, 2015 was $1.97 billion.