Thanks, Yaki. Good afternoon everyone. Thank you for joining us today. We're extremely pleased with our first quarter results.
Our continued execution on our go-to market strategy powers our ability to capitalize on both the short and longer-term opportunities available to us.
First quarter highlights include 38% total revenue growth, 120% subscription revenue growth, ARR growing 39% and record operating cash flow generation of $20.4 million. Demand for our platform continues to be driven by both new customer acquisition and existing customers, expanding their licenses, spanning diverse industry.
We are seeing meaningful customer engagement as new customers continue to purchase on average more than five licenses. These larger upfront commitments in turn lead to greater license adoption over time and increased customer lifetime value.
As of March 31, 2021, 66% of our total customers with 500 or more employees purchased four or more licenses, up from 55% a year ago. At the same time, 32% of these customers purchased six or more licenses up from 21% a year ago. This rapid increase validates that we are delivering on the growing demand to consume more of our platform.
We also see this reflected in ARR growth of 39% year-over-year to $306.9 million at the end of Q1.
Turning now to our first quarter results in more detail. Total revenues grew 38% to $74.8 million, subscription revenues grew 120% to $44.8 million, maintenance and services revenues were $29.7 million driven by strong renewal rates, which once again exceeded 90%.
Looking at the business geographically, we again saw strong performance across North America and EMEA. In North America, revenues grew 39% to $52.8 million or 71% of total revenue. In EMEA, revenues grew 38% to $20.2 million or 27% of total revenues. Rest of world revenues were $1.7 million or 2% of total revenues.
Turning back to the income statement, I'll be discussing non-GAAP results going forward. Gross profit for the first quarter was $63.8 million representing a gross margin of 85.4% compared to 83.2% in the first quarter of 2020. Operating expenses in the first quarter totaled $70.1 million.
As a result operating loss was $6.3 million for the first quarter or an operating margin of negative 8.4%. This compares to an operating loss of $17.4 million or an operating margin of negative 32.2% in the same period last year as our strong execution and subscription model continues to drive operating margin leverage.
During the quarter, we had financial expense of approximately $897,000, primarily due to interest expense on our convertible notes. Net loss for the first quarter of 2021 was $7.7 million or a loss of $0.08 per basic and diluted share compared to a net loss of $17.4 million or a loss of $0.19 per basic and diluted share for the first quarter of 2020. This is based on 100.2 million and 92.7 million basic and diluted shares outstanding for Q1 2021 and Q1 2020 respectively. We ended Q1 with $824 million in cash and cash equivalent, marketable securities and short-term deposits.
Our cash balance reflects the successful $500 million follow-on offering that we closed in February.
For the three months ended March 31, 2021, we generated a record $20.4 million of cash from operation compared to $3.9 million in the same period last year. We ended the quarter with 1,794 employees, a 12% increase from a year ago and an increase of 75 net new employees from the fourth quarter of 2020.
With the opportunities we see in the market, we plan to continue hiring mostly in sales and R&D to develop both mature and underpenetrated territories and to fuel continued innovation.
Moving to our guidance.
For the second quarter of 2021, we expect total revenues of $82.5 million to $84 million representing growth of 24% to 26%.
We expect non-GAAP operating loss to range between $2.5 million to $1.5 million and non-GAAP net loss per basic and diluted share in the range of $0.04 to $0.03. This assumes $106.4 million basic and diluted shares outstanding.
For the full year, we're raising our guidance and now expect total revenues of $365 million to $370 million representing growth of 25% to 26%.
We expect non-GAAP operating income to range between $4.5 million to $8.5 million and non-GAAP net loss per basic and diluted share in the range of $0.01 to non-GAAP net income per diluted share of $0.02. This assumes 105.3 million basic and diluted shares outstanding and the 116.5 million diluted shares outstanding respectively. In summary, as we continue to execute on our go-to market strategy, we see a clear path to revenue growth, margin expansion and cash flow generation capitalizing on the longer term opportunity available to us. Thanks for joining us today. And with that, we would be happy to take questions. Operator?