Red Hat announced its financial results for the first quarter of fiscal year 2017.
Total revenue for the first quarter was $568 million, with an increase of 18% from the same quarter last year (in constant currency). Looking at the financial details we can see that total subscription revenue earned for the quarter was $502 million, with an increase of 18% year-over-year (in constant currency). Operating cash flow for first quarter was of $232 million, up 8% year-over-year, total cash, cash equivalents and investments as of May 31, 2016 was $2.12 billion after repurchasing approximately $66 million, or approximately 900 thousand shares, of common stock in the first quarter.
GAAP operating income for the first quarter was $75 million, with an increase of 6% year-over-year. For the first quarter, GAAP operating margin was 13.3%. Non-GAAP operating income was $124 million, up 9% and non-GAAP operating margin was 21.8%.
GAAP net income for the quarter was $61 million, or $0.33 per diluted share, compared with $48 million, or $0.26 per diluted share, in the year-ago quarter.
Jim Whitehurst, President and Chief Executive Officer of Red Hat, stated:
Digital transformation and cloud computing are changing the way companies compete in virtually every industry today. Organizations that rapidly embrace agile IT technology are succeeding as industry innovation accelerates around them. Our open source-based technologies are helping customers capture the business benefits associated with this rapid rate of change. Strong adoption of our technologies has been reflected in our total revenue growth including 18% year-over-year growth in Q1 that was driven in part by 39% growth of our Application Development-related and emerging technologies.