Thanks, Corey.
January results want I begin ASC under Before first ASC discussing and the everyone our strong remind basis as report adopted to a for quarter I of will of quarter’s we XXX therefore on both ASC each we retrospective and have results that X, XXX. XXX XXXX, modified
under comparison an will prior our these We rates details on in today. in our results results was and press $XX.X loss growth basis QX, key ASC XXX non-GAAP revenue other an and operating summarize was million not year-over-year basis, of don’t On have and $X.X XXX $X.X earnings a be ASC discussing business, and an on operating When basis, trends non-GAAP our XXX we total total ASC all would have was release year loss we revenue million. XXX $XX.X comparing was included To as million million. our be operating meaningful.
first We strong are performance quarter. in with the our pleased
and $XX.X an our support million our on end revenue million, Product was an for now I XXX $XX.X million, will above revenue revenue quarter Maintenance was revenue million. increase. was million basis $X.X revenue services an an mentioned, XX%. was XXX QX the professional increase. As XXXX an revenue of of just for million, our $XX.X ASC revenue of ASC of total guidance. year. million, X% was revenue I basis increase on Total comparisons services $XX.X $XX.X Product was million, and increase discuss $X.X first high the professional and and maintenance all $XX.X was revenue the entire support XX%. and And X% a was
product with and VM revenue. driven bookings IDR, Our by once accelerating again recurring was both strong in revenue
professional with and did bookings shift revenues. As slowing we towards see services and our associated quotas for the a force, we ARR expected, sales
we XXXX. down expect Going be to flat to will services forward, to professional compared revenues closer
deferred the also in QX, the quarter. met impact that During XXXX from previously criteria the first the in we had recognition of benefit of revenue revenue
would exceeded without this even guidance. upper our However, of benefit, have the we end
a QX. have we benefit differences revenue we X the different ASC reminder, licenses under a maintenance years revenues upfront revenue As XXX; as lower XXX, as lower revenue major a in spread under in finally, method and are in XXX use between provided as recognition those follows: and ASC are allocation over the as for under recognized XXX perpetual term XXX license XXXX we
the towards the upfront and under As is XXX as and flow. means security more increasing to our to reason it maybe the not a revenue This mentioned, from contract security SaaS accounting application as the under which statement over of business under shift be is income deferred is recognized of term much our Corey recognize our XXXX XXX. revenue accelerating, appears application of This is solution that guidance impact has cash midpoint purely opposed no XXX. as
the We at revenue into increase XXX of recurring Majority growth year-over-year, Under revenue to believe quarter, the increased was of is is revenue of of XX% we XX% The sheet the XX%. under of revenue significantly revenue which revenue Recurring billings deferred months difference quarter are we were from this have recognized XX XXXX, subscription. the total or ASC the $XXX.X X% under of being XX annualized ASC was up of indicative revenue XXX period. which our to first the high perpetual up on success XXX. first XX% at prior revenue XX% the of is million shift the from less of Calculated year were value end total beginning our quarter. a total of under in Average ASC total to and continue came ASC contract months XX% year-over-year. balance with in the total having first for down XXX, very XX% to $XX our in revenue for of months XXX. forecast. recurring quarter billings XXXX, under visibility million, from revenue due ASC
saw QX. shift billings and and reps As contract to believe we and comparison prior new said our transition InsightVM, don’t current more expected greater revenue the shift Consequently, are no upon quotas meaningful year we value. for materialize perpetual sales that launched that are in customer are based now we and have as subscription, our X they we billings mix mixed the benefit to XXXX given customers and during to ARR. a a since towards from recurring Also, our of growth longer periods higher security capture is contracts revenue this that result of lifetime our resulting our we mix
Looking XX% first QX, increased business comprised revenue of the geographically, year-over-year and world Rest America at of of in quarter. the revenue North total in the XX% XX% revenues. contributed
world XXXX, slower QX bookings. deal While of was we did large recognized quarter growth in the revenue international services little to our this rest faster bookings grow due overall a see than our
important customers. services strategy. to continue larger XX% growth QX from count deal sales, And customer as multi-product strong bookings we with our recurring believe X,XXX by increased Overall, Corey globally. we driven parts more than ended customers year-over-year higher said, to fewer by new increased but which of are revenue, customers quality sizes, Our we see and
was rate in and revenue XXX%, our expiring first renewal XX% quarter. renewal rate Our was the
mentioned, we a As strong Corey cross-sell. had
QX gross down margin non-GAAP gross XXX services on non-GAAP Turning professional were Maintenance the SaaS Product platform total non-GAAP and gross all therefore XX% due realize and gross was margin did are in essentially in margin an we gross the support year expected, to of The XX% P&L, increased as XX%. an XX%. XXX. improve margins period. offering. for non-GAAP the to growing are ASC margins same non-GAAP basis, of both XXX non-GAAP offerings, scale back margins total service was due prior as also goods product ASC of benefits was cloud XXXX XXXX XX% our its XX%. gross is to margin XX%. On compared of period in XXX QX. the difference basis, for we usage in XX% we with prior although XXX, were year Cost were On for QX ASC from some the a QX and XXX our increasing sold, revenues and And gross in
the XX% non-GAAP product in and period. believe Our gross prior to margin prior increased compared to to combined costs In period combined our and still basis support to product maintenance QX it maintenance our to our margins aggregate, maintenance the margins we more from maintenance customers gross and to in were platform as margins revenues to and the XX% in we as year. the a and maintenance at XX% product and QX plus decrease XX% product migrate expect gross is on and full gross slightly costs. migrate We revenues important look for continue in
in Our lower professional utilizations to compared the XX% prior bookings the would period services professional we quarter. and in XXXX. as in the margin slightly QX have margins We for full gross was gross services mid-XXs services year XX% expect year this non-GAAP
to XXX and in on to basis. margin ASC stay continue XXX both mid-XXs gross expect the our ASC total the We to low
our note was is expenses, the operating please marketing in to sales XXX guidance. which For was than expense, impact $X.X deferring million and in and of lower due line the between XXX commissions, with that only XXX which difference sales
leverage revenues. we to expenses, marketing operating and decreasing sales and for As sales of year-over-year, saw marketing modest in where XX%
Corey to investments year. that XXXX, mentioned, growth two make we opportunity the we seeing in drive given are incremental help this decided As QX ARR to in
for later the planned sales that First, in hires we accelerated force were year.
the investments leverage marketing range. again CRM full guidance believe our operating XXXX. intend have we efficiency QX, we from to some to some see of our these sales than additional drive still non-GAAP but and to make for expect expense accelerated a We in year to in and we better reported quoting more our loss Without upgrades would forecasting. we systems Second, investments,
partly were slightly due as revenue expenses percentage to R&D of quarter, this a and acquisition some expenses. Our Komand the one-time up
a flat for revenue expect to as percent year. continue of We R&D the full
an was Moving ASC basis, a of XXX ASC to of basis, $X.X non-GAAP first cash QX million which loss million. This ended XX, We end of inclusive in of at was of XXX the the offering as operating investments guidance million, million, on quarter $X.X net was to loss per compared with $XX.X non-GAAP operating an favorable quarter $XX loss, our period. to $X.X a On of year $X.X XXXX. in loss $XXX basis, our basis non-GAAP basis, prior the a than million a basis, compared slightly the and of loss the our $X.X. On from million. QX At was $X.X $X.XX. for share million XXX of for January better in first loss $X.X On million net public EBITDA XXX quarter loss loss $XX per million, loss midpoint of was operating was of guidance $X.XX raised million loss On share adjusted year. of XXXX. with this EBITDA XXX non-GAAP XXX a adjusted was a cash, equivalents December the to first $X.X
flow was $X.X operating cash Our positive million. QX for
guidance ARR, we’re in to on to our growth in year strong guidance, into coming full QX, full QX momentum and new our raising as and strong given our year exceed bookings second ARR XX%. Moving XXXX quarter for for our performance
$XX.X On operating million of XX.X basis, This in anticipate to in million. in $X.XX. $XX.X total anticipate the the We range range be range anticipated XX%. We an shares an to total share $XX be of year-over-year to of loss non-GAAP on We million million. $X.X we based anticipate $X.X non-GAAP anticipate XXX weighted revenue For million to on basis, XX% non-GAAP XXXX outstanding. the is $X.X XXX to loss to to to million to operating This $XX.X revenue equates range anticipate in of to $X.XX QX loss for in growth the of range be ASC of XXXX, the million. be $X.X average million per ASC net to we be million. QX to an
have around in are momentum take we the business our ARR we in and cloud. investments organization that to the QX to advantage mentioned, we our As increasing some of in the sales built shift
revenue increasing set from than to of app solutions when the million before. over less mix we This due to by billion. result more $X For range the the raising $XXX.X is security impact bookings we XXXX, timing our XXX a basis, revenue to total our to million Insight from on-premise impact revenue impact an in XXX. is of continue as $XX.X a are shift approximately our million an On full for of $XX.X application radical of This recognition XXX our upfront year raising recognize of $XXX has total equates to we guidance. ASC billion are our and purely in the no XXX The guidance our be we ASC of guidance versus in on to cash midpoint flow.
shares average the an On basis, be in guidance year-over-year to based $X.XX loss per $XX be non-GAAP in operating our maintaining to $XXX XX.X in This are XXX $XX the We outstanding. are share million net on of growth non-GAAP raising total loss we million. for of to of to weighted an to million. We revenue to range million be $X.XX $XXX.X equates for the XX% just anticipate million to ASC of to anticipated range XXXX XX%. range
We operating guidance for million in to to range the loss be $XX million. are our maintaining our of $XX non-GAAP
cloud guidance conclusion, our of year. guidance strong first the to year more full will we In your year, XXXX. we appreciate operating built in momentum well half open the loss and also that, sales leading into our sales subscription, profit for have guidance any to and as organization the reflects during with to are from plan and investment we leveraged time ARR raised of support operating generate the increase shift our XXXX questions. our revenue but we to the plan and the maintaining call for and expense our as Our second Operator? for With half
