Red Hat Reports First Quarter Results

Red Hat, Inc., the world's leading provider of open source solutions, today announced financial results for its fiscal year 2013 first quarter ended May 31, 2012.

The quarter

Total revenue for the quarter was $314.7 million, an increase of 19% from the year ago quarter. Subscription revenue for the quarter was $272.6 million, up 21% year-over-year.

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 afterwards repurchasing roughly $30 million, or in broad outline 550,000 shares, of common stock in the first quarter.

Attractive combination of scale

"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 innovation 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% during continuing to invest in important growth initiatives in markets just as virtualization, cloud computing and storage."