Red Hat Reports Strong Fiscal First Quarter Operating Results
*Quarterly subscription revenue of $71.5 million up 45% from prior year
*Quarterly cash flow from operations of $52.4 million up 43% from prior year
Total revenue for the quarter was $84.0 million, an increase of 38% from the year ago quarter and 7% from the prior quarter. Subscription revenue was $71.5 million, up 45% year-over-year and 7% sequentially.
The company reported operating income of $12.6 million for the quarter, including $7.6 million of non-cash stock compensation expense related to the implementation of FAS123R. FAS123R, which requires the expensing of non-cash stock option grants and other equity awards, was not applicable in prior quarters.
GAAP net income for the quarter was $13.8 million, or $0.07 per share, at an estimated annual effective GAAP tax rate of 37% of pre-tax income. However, the company continues to anticipate an actual cash tax rate of approximately 5% of pre-tax income for the foreseeable future.
At quarter end, the company's total deferred revenue balance was $254.7 million, an increase of 61% on a year-over-year basis and 14% sequentially.
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