Dennis. Thanks,
Starting pleased to QX public knew would G&A be our a year the costs. that big our and teams, year, our go-to-market performance, on of operational XXXX XXXX year, with company development investment investing building taking full back we full-year in drive Looking a on in efficiencies out and ability I'm product business. last
market for the know we products. how didn't out What our the macro and impact overall economy that was would would how play
the year businesses, for our During negative estimates $X out slowing million. a one small revenue environment, end high demand we FX and pressure laid that the movements by still we of beat ago year XXXX of on
of More significantly, income estimates high throughout the year end we effectively managed XXXX our for over the our to $XX non-GAAP million. by costs operating beat
outperformed loss durable In another QX, with improving by increased growth. million we business we're quarter. beating We have expectations, model non-GAAP business our and operating efficiency, we believe drive a of we expectations as efficiency had operational quarter $X.X the in revenue
margin quarter. $X.XX generate We inflected and our cash business million $X non-GAAP in improved year-over-year, flow EPS operating and the our of to of positive non-GAAP free
As normally the provide review QX with financial on results, background first year I'll key do, for metrics full quarter and expectations our and our XXXX. I close
business better discussion taxes of on also a impact include stock-based financial provide currency compensation adjustments. focused view be stock employee exclude and other non-GAAP which to constant of transactions, intangibles acquired will on I amortization payroll the of will Most comparisons our our results, of fundamentals. expenses,
XX%, $XXX.X Starting million. or income grew Revenue reported, XX% adjusting with the to currency, for as statement. constant
in Although the pound negative earlier dollar QX, resulting revenue to the impact euro to year. we the in against continued FX trailing see and from the the movements FX trend for reversed
a had expansion As the of by we slowdown. from broader continued Freshservice, Dennis quarter business of economic mentioned, see while the pressure effects to strong driven new
as relatively customers for segment, Smaller continue the SMB churn the than to for pressure feel remained XXX increased stable, rates points churn leading to in slower ticking quarter. the the less up growth. company Overall, slightly basis
years. whole, QX, As risk see and churn made rates were keep gross to into potential we churn increasing to several the In past churn relatively able stable, our improvements a of good have gross going do XXXX. over but QX we slightly,
to Moving margins.
XX% to quarter. for roughly to were similar the margins gross rounding QX, up non-GAAP Our
as we continued XX% achieve to year the with business. the gross non-GAAP scale strong for over margins We full
improved by R&D G&A lower X revenue. X%, year-over-year margins as mostly costs operating negative of driven non-GAAP percentage QX, In to points a and percentage
were not G&A, for that expenses the costs in in prior Specifically year most recent nonrecurring quarter. the included included litigation settlement
benefit non-GAAP the largely our in to a quarter-over-quarter as the had matching improvement $X margins rate On type million reversal QX, in base of run to a Similar to we small growth. of a basis, business we we year. expenses maintained cost approximately had onetime earlier from very accrued the operating related
with of forward. current loss and non-GAAP Our more led market to operating I'm an outperformance, our cost in as in revenue leverage the pleased with QX. operating combined ability we to base, go $X.X costs drive to expect environment improving million a control
retention largely our with was Net operating dollar basis on from a XXX% metrics. constant to or in prior was reported quarter. Turning line commentary XXX% the and as currency our
saw reflective we down of in overall trend. the expected, the slow mac As expansion quarter, economic
the constant net XXXX trend Looking broader holding continue, currency reported XXX% XXX%. be retention dollar to net estimate to dollar to be we expect as ahead, constant, QX rates retention we FX and
constant our customer our in ARR of represents XX% to customers more cohort the this XX,XXX basis, year-over-year. ARR. metrics, terms contributing currency XX% customer customers quarter than $X,XXX On now grew in In a XX% of grew and
cohort represent at grew of X,XXX For in our larger customer $XX,XXX XX% constant ticked this grew XX% for customer customers this ARR, contributing more Adjusting count XX%. up than ARR. to to and currency,
customer our increase. than count revenue more account per Lastly, total we of average continued with the to a and ended XX,XXX, quarter
cash, Moving to billings billings past million the constant grew calculated $XXX.X sheet XX% XX%. QX, grew to and our currency billings, year, and holding in over balance calculated
QX. impacting factor the mix billings XX% was normalized other growth calculated for in approximately growth rate The Adjusting was negative the this, X%. billings of duration
current our constant currency to on is on preliminary basis or XX% calculated FX of XXXX, Looking reported billings QX for growth ahead as a rates. estimate XX% basis
for For similar be expect year XX%. XXXX, to to of billings revenue calculated the our the growth expected full growth year, approximately we
free billion. cash maintained cash flow, Turning in the our $X to approximately generated sheet our ended cash balance as ahead In a with QX, million marketable coming items. estimates. of we cash securities and of We we of steady $X.X and quarter balance
economic our back outperformed Looking million free further demonstrating our $XX cash business. tougher initial year, environment, $XX of negative more than to full on flow in million we the despite efficiencies estimate ability in by XXXX, drive the a
under net QX. We million equity used settle financing vested nearly and activities amounts for $XX continue to at
for full the year, of million settlement used million X.X net we shares. For the approximately $XXX nearly
free As a flow. cash financing reminder, this activity excluded is from
equity invested We quarterly continue usage levels. to cash stock net current plan of price million in approximately $XX settle amounts, resulting at
generate of As we the approximately $XX to free look approximately forward to million in expect with $X year, QX. for XXXX, we cash flow million
be of seasonality will year, some cash QX and in we QX spend near have anticipate remainder in and free so We the flow the breakeven QX. throughout expected the
strong are balance coming into positioned to the and With sheet, free the now flow drive positive cash we from believe we business, growth debt no well a sustained future.
on count We share XX as approximately approximately outstanding of shares Turning and outstanding, million fully of to had million fully a XXXX. PRCs our outstanding diluted to December XXX options. basis XXX to million million for consists RSU shares The QX. related and XX, shares related diluted X calculation
first Let our afterwards. me through now and I'll then estimates. about the numbers commentary background go forward-looking talk provide
growth Adjusting range quarter $XXX XX% reflects of XX% of of be to expect this first XX% XX% the XXXX, For million to $XXX we in to million, the revenue growing year-over-year. constant to year-over-year. currency, for
to negative $X.XX, negative negative in per to be from to $X in million average of of assuming million share XXX.X be outstanding $X the shares of approximately $X.XX non-GAAP net the loss loss range shares. negative million, operations range Non-GAAP weighted to and
the expect For year-over-year. be million, to the growing to Adjusting XX% $XXX reflects of XX% for revenue we full to constant range XX% currency, XX% $XXX to of year growth this year-over-year. XXXX, in million
non-GAAP net the million positive in shares $X.XX a income average and negative million of XXX.X per be $X share Non-GAAP loss range be loss $X.XX, to range approximately $XX negative of in to from outstanding assuming to negative operations million. weighted to or of
it the our business provide best can we be views market in it tough. We changing see And environment, today. want a as of to
of to and couple out. call a assumptions So areas
benefit created quarter. to The slight estimates a dollar February billings compared and prior revenue on as are still These to the rates FX metrics FX. impact. in trend comparison, of QX we XXXX. But year-over-year negative weaker a on saw on First, a X, based
future any FX not are in. moves factored So
of and forward. expect predictability the We started improve moving of year, operating portion January will the the XXXX expenses, to to hedge which program for a INR-based increase hedging throughout in impact expenses small the our
free on by to last we Second, flow on that delivered year. positive profitability. QX pleased reach cash commitment our I'm
Now as throughout year. XXXX, we to additional head quarter-over-quarter driving show efficiencies the we're into improvement
As improve breakeven by ahead. near to operating in to expect QX. such, years then plan the sustained profitability million And in non-GAAP positive we $X turn to in maintain QX, QX, we loss and negative
by close I'm the me our saying Let pleased execution with in quarter.
Our ability to highlighted year business. resiliency operate of efficiently past durability over the the and our
we a market Operator? near the on long-term view take term, bullish changing Our our and your remain we're is through execute let opportunities. with positioned in well And questions. to that, that us environment
