good and Leslie pleased We investors. you afternoon guidance and with for the our you know we on look quarter our of will Today, performance. from fiscal second everyone. like and to to I we brief Thank results of and our you how to would have XXXX third I forward received a getting quarter are year overview discuss our keeping level financial full analysts XXXX. of interest updated provide express and
except my all are As noted, today non-GAAP. reminder, revenue otherwise unless numbers remarks during a mentioned quick
GAAP You today's from reconciliation to in results can non-GAAP find release. press a
put business our our our recurring It revenue with is understand The important of revenue. to SaaS model results largest our to component in performance. along in evaluating subscription proper is stream for or future order perspective investors
generate from services. also revenue We professional
of revenue managed two services consists services. professional services and elements, Our implementation
value from analysis is provides a offering with develop additional and them our deeper recurring platform. Our obtain who services benefits creation enterprises helps managed expert and
total Revenue the XX% ratably offering as contract generally in visibility. nature services and over from our is recurring revenue is such recognized us strong managed term over of
result We also as have existing of string long renewal multiyear our from term our and visibility customers revenue rates. a contracts
believe platform various offerings history there of is our to customers. and across expanded product opportunity through our a through deployment the significant products. the a to cross-sell use subsequent We available enterprise existing additional We cross-selling driving upselling of have
platform at opportunity cross-sell a Our incremental provides offerings. with multiple least times three
we revenue XX% including was financial board, SaaS income revenue or the of flow. SaaS public $XX.X quarter Now, million, increase increase $XX.X QX first and let customers, We Across as XX% Total year-over-year. quarter XXX $XX.X strength of with total operating operating an an of or over year-over-year. an revenue with XXXX. of was an million year-over-year fiscal a me to get in outstanding ended the our quarterly revenue growth, XX% increase In performance results. million, growth, cash company delivered $XX.X million QX,
rate we go-to-market year. growth our reflects revenue initiative improvement over instituted new last SaaS the Our
focused, during therefore Our were technology deferred SaaS revenue included the and quarter revenue any. amount, acquisitions our if negligible SaaS
year-over-year. $XX.X for was revenue which the quarter services million Professional grew XX%
During solid improvement benefited change recent leadership the quarter, services seen services we revenue the organization in have from QX fiscal in in in our our where utilization.
ebbs is offering. a as flows SaaS ancillary As variety We on that view revenue and of reminder, services a services function an enabling our factors. to based
expanding Leslie margins In earlier, are partner revenue on in of assisting initiatives. addition, we may outlined practices. focused consulting professional our as the This services their our This our enhancing includes growth part more as our and partners in transitioning channel impact and services future.
innings We early believe QX of North another the generated world. Medallia is outside customers contributed of around Medallia XX% in revenue. Cloud of Experience approximately bringing is Revenue expansion the growth. for the total that to America International key in initiative
customers ROI live potential and more customers' buy into churn. their time Medallia in experience changing allowing our why provides and high insights by customers to identify
the XXXX, our was July During XXX%. ended rate months dollar XX net XX, based retention
gross We our believe I expenses. the SaaS will among margins now SaaS non-GAAP best-in-class margin to SaaS turn operating was for revenue margin and companies. gross XX%. are our
invest our in gross globe. to margins second capacity in the continue SaaS tick slightly center the data customer across of down in serve to base will additional prudently the We may half year. order Therefore growing
margins In QX, professional was gross services XX%.
ramp. professional we the expect second our around personnel take we partners will margins additional Therefore, will Looking will adding be resources time who to we to to new towards services moderate with and subcontracting be XX%. half, services
$XX QX. million and XX% were expenses or revenue Sales marketing of in
expense reminder, includes QX initiative, a pipeline Customer Medallia As our generation Experience largest conference. the
the mind, us year, side instituted the productive As we Leslie best as mentioned, meet where XXXX With can on market we marketing continued beyond have continue customers expect force and momentum. support to you the to sales in sales we over past enterprise and the to capacity they are. sales unleashed practice and go-to-market see in have fiscal to initiatives invest this
quarter of new our for each the capabilities R&D revenue. million as quarter. $XX important or expense platform an expand area with remains was features XX% investment and we R&D
of in the G&A or were $XX revenue million expenses XX% quarter.
ready, we we with be made IPO While investments to will believe associated incremental company. there a being be public expenses
term. expect we on leverage However, over longer additional the line G&A the
negative year X%, the improvement in a from Non-GAAP operating was the quarter negative margin in dramatic the XX% ago.
more margins. disciplined was Similarly, improvement has We $X.X operating meaningful an QX of loss loss was in are second loss operating Non-GAAP of in $XX in a driven pleased that million. a net our $X.X of XXXX, non-GAAP the approach million million. uptick fiscal over quarter million compared to $XX
non-GAAP During $XXX,XXX the incurred quarter, income income tax other generated $XXX,XXX in and in we expenses.
$XXX,XXX a one-time GAAP to income of acquisition. included benefit $XXX,XXX tax of expense related an
GAAP share loss non-GAAP share and was our weighted we quarter, our basic XX both basis, share the the GAAP Because million for count the diluted a During had net average shares. calculations. basic count count as a on same was EPS
$XXX.X $XXX IPO proceeds of to primarily in cash sheet. the equivalents, quarter, the end first We and million and the from balance with cash Now from second driven ended quarter up million private the by turning net the placement. our
let's calculated as assets. which SaaS plus to change Now contract revenue in SaaS billings, and deferred define move sequential revenue SaaS we
revenue. be not As of billings influence variety fluctuations you quarter-to-quarter in that wide of a changes factors taken this should therefore metric in indication an know, calculated there are as future
will and example, billings. fluctuate timing billings of For the renewals to contracted annual quarter-to-quarter due
we measure performance. more XX-month SaaS growth meaningful the is of our billings As believe a result, trailing rate that a
SaaS For billings rate XX-month was XXXX, QX growth fiscal trailing XX%.
or obligations totaled million. performance approximately remaining Our RPO $XXX
as handful Please RPO from of RPO in recognize over may of large we a multi-year the that timing next impacted renewals to duration of RPO the the the months. multi-year large contract that approximately XX in extensions by closed as XX% note benefited QX quarter. of expect We be renewals contracts. metric well and
RPO it visibility, may while So provides fluctuate from quarter-to-quarter. strong
however, operations have a flow for expect in From cash million we fiscal bookings seasonal trend our year be an do flow cash historically operating On loss cash full positive to cash experienced positively for on quarter. operating patterns XXXX. fluctuates flow basis of based to We $XX.X due of generated from perspective, flow timing. a cash annual the we collections and the and that
financial fiscal turn me our QX XXXX. let year for to outlook Now and
We very market penetrating while are are we excited addressable and want a large with our opportunity, our we about guidance. be prudent to
year. a For between QX, million, XX% $XX we representing last projecting million growth XX% and over total are be revenue to $XX to
For revenue representing QX, SaaS to between we $XX growth XX% over last and to a projecting $XX be are year. XX% million million,
$X.X in non-GAAP million be million. to For the of to QX, we range expect loss operating $X.X
we expect XXX approximately be For QX, average outstanding to million. shares weighted basic
a periods have count the where basic net share As we and a reminder the diluted in same. loss, are
between growth we XX% to million be For million, a the over representing and $XXX year. year fiscal total revenue expect XXXX, XX% $XXX to last
to million, the SaaS revenue XXXX. million in fiscal to expect XX% from XX% We rate acceleration representing XX% of growth an between to year-over-year, growth be $XXX $XXX
we with are annual keenly growth IPO, As an driving focused on during basis. you accelerated shared our we road-show SaaS on
there fluctuations in However, be year-over-year our growth quarterly rates. will
For XXXX, million operating we be $X expect million. non-GAAP $XX.X between and to loss
taxes each be income be over will $XXX,XXX quarter. $X a to and We income million expect other and per for expense little over quarter
basic average we between outstanding million the be shares to shares. expect to For XX.X weighted XX year, million
in expansion quarter million we second we the with capital center customer this of for of buildout pleased the very Finally, related to downtown expenditures are to be In our second year, Francisco. performance. San conclusion, expect data center approximately and $XX briefing our
will questions. your Operator? take Leslie now and I
