subscription for was these million. and previously everyone. Hello flow Because of for meaningful. not revenue is the items merger, I’ve $XX comparative positive Operating million year-over-year Tom. quarter information the the Thanks, quarter $XXX million. $XXX on cash first was shared, revenue was
As from quarter Tom difficult with discuss in for bookings perspective annualized a I a a it in highlighted, was will connection us moment. recurring this revenue and
XXX customers in described. are than excess of of to and The X%, ARR. We see platform. number started for concluded substantially reflective customer bring of largest XXX. $X with Both that numbers attitude customers have expand. is churn QX at these continue approximately It and grown QX Tom more cohort to that QX spending of than Annualized dollar-based or than of more workloads to important million to and are this with note at customers wait the $XXX,XXX customers these roughly flat to better continue is average is our the who
In we the end shared work rather the of recurring adjusted number than that completed connection results. QX, determine to quarter we annualized with ARR in revenue QX
ARR was growth approximately similar. definition website. $XXX QX approximately in can on adjusted million, expected, As found $XXX was fiscal materials XX% ARR to were million, ARR year-over-year. XX%. relations and Details and investor up supplemental the rates trends for adjusted ARR respect our up ARR Whereas be with
income earlier note basis. on As operating to results statements, the to are are otherwise and that expenses a in GAAP I review the the unless non-GAAP of remainder results Historical reconciled press references issued today. all non-GAAP stated, results release
GAAP are stock-based adjustments M&A from intangibles. and related compensations to amortization Our to non-GAAP of limited
margin including first QX $XXX million in Total are last of gross margin both for leveled subscription revenue, expenses with of QX year. XX%, by was operating XX% Operating XX%, gross or were of $XX of expenses the merger quarter driven for million related expenses.
significant expenses Excluding a and of of operating since This the reflects cost revenues achievement rapid were these amounts, XX% planned of operating the in QX. revenue leverage from increased XX% of It our improvement QX synergies in year. is merger. last
fees of this third party revenue to the dropped In from year of and fell costs expense of processes company. revenues and the combined and associated million in XX% particular, sales period R&D revenue ago marketing the retention $XX XX% XX% of severance with of XX%. The systems from expenses quarter, merger include and and integrating related to
loss an margin in XX%, merger burdened percentage million negative representing operating $XX was related of operating expenses. points QX, XX of by Overall,
quarter loss for would million over Excluding the per shares margin was compared negative been these negative XX%. XXXX. expenses, outstanding $X.XX XXX a margin of on substantial first to the of first a QX based of 'XX's improvement the operating year in weighted have operating Loss quarter, quarter first in per $X.XX average share X% share fiscal
exited which flow of was the includes million and of up $XX marketable for with 'XX. Operating the and flow. first the quarter securities Now, from $XXX cash merger restricted cash cash, million related $XXX million balance at $XX QX cash spending. in cash, equivalents end turning to million, sheet We QX and
synergies contract in due related end functional on $XXX elements $XXX of $X million the flow better at million non-headcount of liabilities, quarter. quarter. liabilities, Cash respect operational deferred Every Total were plan to higher comprised the contract was expected spending strong of revenue were headcount execution which than and and of first was performance than the merger merger. both expenditures area collections. million. or ahead Capital RPO other to track in the the and with is planned
providing I fiscal and year updated will by guidance fiscal initial for XXXX. QX conclude for guidance
total Net revenue revenue and in $XXX per the subscription million share is QX range to $XXX to between expect million, $X.XX on loss of $XXX We shares weighted be $XXX be to based and million. $X.XX projected $XXX million to outstanding. average
subscription $XXX to and revenue between and the For be we fiscal revenues expect of in million range million. year to million $XXX XXXX, total $XXX million $XXX
top possible. As the economic effects based is the last underlying quarter and to and you'll durations best removes in way the is extension, end recall the accounting momentum activity. discussion intention organic our on including recurring billings show most changes, performance line Cloudera's of merger, quarter, representation revenue at our book-of-business quarterly and from licensing of Annualized the the transparent the of
Based on growth. trough length will growth rate of the QX in soft our we typical of balance be with pipeline an half will enterprise software bookings first cycle, that bookings on Coupled believe bookings, QX for year. through sales the weigh the performance sales a
We declining XX% expect be QX XX%, XX% to ARR to growth and in in between QX. to X%
gross as down that customer can Services will believe we improvements to margins we QX achieved support. couple success. margin integrate continue over support customer apply turn in next technical the by as be more of quarters resources We subscription modest to
flat. continue of Non-merger related over roughly as Total to year the course moderate. expenses operating the expenses operating will expenses will decline merger-related
deliver in sustained growth. investments position on and allowing for to us place, are us roadmap Our the CDP
loss year to fiscal $X.XX average $XXX per on to share shares be based XXXX, weighted net $X.XX projected is For outstanding. million
fiscal for $XX year to flow negative cash XXXX negative million. million We to $XX expect operating be
softness first the for be planned, flow synergies cost forecasting we are coming now than will by the greater half. operating cash impacted merger bookings are that While in
two I of cash would like $XX that approximately to this flow OCS year, merger note related factors projected impact million payments. includes
cash last be second in sequential quarter's by growth will former Additionally, as half billings and and Hortonworks Cloudera This business. in continue billings in annual be accelerate to impacted Bookings QX. of expected ARR the discussed this adoption the on is to growth convention will for evident flow QX call, the their year.
will the in CDP the from data CDP do given And or that have Until growth GAAP to become investment model the quarters we project support pipelines or the operating of and expansions half, revenue necessary we will believe not revenue. combined business, be the an take adoption. the we company. pair trades out customers' term will adequate deferred available attempt that subscription impact intermediate of for the Although, trajectory clear, and several nature to bookings levels to and not second model
not the will return to call Tom. I
