Duck Creek Technologies Inc (NASDAQ: DCT) stock rose over 1% on 8th Jan (as of 11:19 am GMT-5; Source: Google finance) after the company in the first quarter of FY 21 has reported 26% rise in the total revenue to $58.9 million. Within total revenue, subscription revenue, which is comprised solely of subscriptions to the SaaS products, was $27.9 million, which is up 59% year over year. In Q1, subscriptions forms 79% of the software revenue and 47% of the total revenue. License revenue was up 29% year over year to $1.3 million, mainly due to an add-on sale to an existing on-premise customer. Maintenance revenue, the revenue tied to on-premise licenses, was up 4% year over year to $6.2 million, and in line with the expectations. Services revenue was up 6% year over year to $23.5 million. Services revenue performed well in the first quarter and continued to benefit from strong demand and high utilization rates. SaaS ARR, was $103.9 million as of November 30, 2020, up 72% from the prior year.
Moreover, the subscription margins in the first quarter approximated 69% driven by scale benefits as the company continues to generate strong subscription revenue growth and certain timing items. Professional services margin of 44% in the first quarter. Adjusted EBITDA for the first quarter was $3.6 million or a 6% adjusted EBITDA margin. The company delivered the Non-GAAP EPS for the quarter of $0.02 based on 130.8 million weighted average shares outstanding. On a GAAP basis, the company reported gross profit for the quarter of $33.9 million, and the company incurred a loss from operations of $4.2 million. The company has reported a net loss in the first quarter of $4.7 million. The company ended the quarter with $361.2 million in cash and cash equivalents and no debt. Free cash flow generated in the quarter was negative $22.9 million compared to negative $10.6 million in the prior-year period.
For the second fiscal quarter, the company expects total revenue to be in the range of 58.5 to 59.5 million; subscription revenue is expected to be 28 to $29 million and non-GAAP net loss is expected to approximate 3.5 to $5.5 million or $0.03 per share. For the full-year fiscal 2021, the company expects total revenue of 246 to $251 million; and subscription revenue is expected to be 117 to $119 million and the non-GAAP net loss is expected to be between 2 and 4 million for fiscal 2021 or a non-GAAP loss per share of approximately $0.02 to $0.03.