Red Hat saw earnings rise 6.6% to $17.3 million, or eight cents a share in its first fiscal quarter ended May 31 on revenue up 32% year-over-year and 11% sequentially to $156.6 million. EPS was dead flat year-over-year. Subscription revenue was $130.7 million, up 27% year-over-year and up 7% sequentially. Training and services were up 64% to $25.9 million.

Non-GAAP income was $37 million, or 18 cents a share, up from $33.7 million, or 16 cents a share, a year ago, putting it in line with estimates.

Operating cash flow totaled $63.4 million, compared to $39.7 million a year ago and $54.5 million sequentially. Total deferred revenues stand at $491.8 million, up 36% year-over-year and 4% sequentially. It has $1.35 billion in the bank.

Sales and marketing expenses were up 28% to $59.3 million and R&D was up 33% to $28.9 million.

This time through the company’s 25 top customers renewed their subscriptions.

It is projecting revenues this year of $665 million-$680 million returning 78 cents to 82 cents a share after adjustments. Wall Street’s estimates are roughly in the middle. For this quarter it’s saying $162 million-$164 million and non-GAAP ESP of 18 cents, a penny under Wall Street.