Thank to our progress, the happy we substantial you, products year managed and made Ryan. ending and software to contributions report services I metrics make that and across am solid continue services. customer financial with
to critical made XXXX. as and cost to early basis I'll us which in structure more more net we non-GAAP income profitability recently, our detail to changes explain in XXXX, XXXX, QX a QX as importantly, on throughout More bring
closer a to profitability importantly, growth products year customers to on our and consumption-based challenging fiscal meaningful more we While bring align most XXXX better was operating make we of into long-term did dependence us head XXXX. and and across as near- our consumption-based our targets services, reduce progress
focus QX our During remarks, into my our KPIs, fiscal guidance, XXXX will and and in discuss heading performance projected and results. transaction, I in debt the XXXX year and XXXX profitability QX QX XXXX fiscal XXXX, near-term prepared reduction business of risks year-over-year highlighting our December fiscal cost scalability revenue full on initiatives
XXXX. with and which million, Revenue The XX.X% this to decreased Driving from managed performance. software secondarily, or XXXX million $XXX.X services, in Starting was revenue; in was year-over-year million products from $X which XX.X% down $XX.X $XX.X $XXX.X million services, and QX decreased Fire or across the and including $XX.X Amazon, by largely which software of of service customer in revenue consumption contributed lower attributed X.X%. base, XXXX. Solutions in decline million million our to products offset XXXX, was Veritone addition Broadbean
certain year-over-year. ad XX.X% $X of onetime which declined ad excluding budgeted services and due in periods. products been to a customer in to of driven consolidated was of of part The macro In over part million coupled in XX.X% spend nonrecurring in and down XXXX, XXXX driven year-over-year, revenue XX.X% environment, and in XXXX, year-over-year. million products represented $X.X managed XXXX. this advertising, saw revenue the contribution would impact onetime of software deferral an by was from addition, due to our improvement revenue, XXXX sector, certain which decline services loss with declined in XXXX, net challenging over the lower increase revenue In large Amazon in by future and XX% software primarily have software Offsetting in versus Amazon services revenue up public revenue
the or ownership XX.X%, a which forma $X variance assumes managed $XXX.X revenue consumption-based X.X% by slightly XX.X% previously On coupled hiring which products products million year-over-year. X, decline decreased this revenue, declines of increase a decrease XX.X% from Driving versus declines latter as decline $XX Amazon, including decreased million in offset previously our services, in million of Broadbean January discussed. million forma revenue pro was Broadbean $XXX.X $XX.X or software basis, million, from certain by software $XX.X million services, largely in forma a services in fiscal in pro onetime of and XXXX, pro of year-over-year. or The the and a was discussed which driven with solutions, since XXXX
half into in later challenging As throughout first discuss an of to I at showing XXXX. will the we the persist improvement least macro And second guidance, expect the our XXXX. half of economy
less to While from margin platform, new of are XXXX. existing X% our from across customers than in in XX% and our forecasting see software to continuing revenue and our XXXX, be year-over-year consolidated we growth from expect approximately down Amazon entire projected improvements revenue we
strong concentration further revenue reduce expect We and this in growth net customer XXXX. retention to revenue
by As consistent reductions million, was $XXX.X an as $XX.X of and period. revenue mix fiscal net XXXX, driven non-GAAP cost was $XX.X Non-GAAP $XX over forma of in to XX% represented non-GAAP in QX our expenses as to to revenue revenue Broadbean a On with compared the same in declining operating million services offset and XX.X% in gross the XX% total net to beginning $XX.X products compared the pro pro million various $XX.X approximately in late million in relatively compared XXXX Broadbean or non-GAAP XXXX. as XX.X%, of acquisition in reached profit of on margins decline income basis, percentage XXXX. basis. margins gross made XXXX, the were of large in the forma by XXXX Overall, in a driven in fiscal part XXXX, fiscal versus XXXX net impact increase of XX.X% software compared in year-over-year. decline consolidated revenue, in XXXX XXXX, as by a non-GAAP million loss flat year Full gross the million from
$X.X of sector. million improvement higher, to onetime $X.X by to in in net with year-over-year certain and compared performance. revenue The XXXX XX% in million XXXX of products as XXXX of million was declines of $X.X decline products XX.X% was from in software XXXX a million in services. or $X.X software by a QX Revenue million from million decline nonrecurring decline offset services QX public service largely $X.X Turning to QX revenue a driven due managed QX $XX.X coupled down from Veritone and and
Veritone Amazon, largely XX% than offset the QX less in revenue our compared by in QX hire approximately consolidated in XX% XXXX, QX XXXX of decline QX XXXX. Broadbean, net of which driven in was which in $X.X The million as revenue generated acquisition by represented to XXXX
Amazon impact and software in increased the and Excluding services XXXX. XX% onetime products XXXX QX QX QX of would declines, revenue versus have revenue certain over
and strong. outlook remains pipeline revenue Our long-term
base to partner-driven to our throughout As continues our customer diversify XXXX, continue results. channel deliver we fiscal strategy
versus basis. we from delivered key pro over metrics In on customers. a consumption-based forma $XX.X QX, million, subscription $XX of strong including performance million ARR
grew subscription-based the X% While the ARR customers, consumption declined our our in principally from including spending, Amazon. XX-month given pullback ARR trailing year-over-year, overall
had total products to consumption-based customers Amazon's slightly first of XXXX ongoing were expect revenue of We ARR retention trailing platform, Total of dependencies in XXth as off down Broadbean which to overall continue software over minimal principally the legacy the year-over-year, period. transitioning down to on stand-alone in a runoff impact to the improved decline Broadbean spend. Gross reduced bookings percentile, and to of builder which year-over-year high $XX.X a and X,XXX, due customers, largely exit continued basis half we at were ARR as XX-month career due million services year-over-year. Amazon new be
services were advertising XXXX. billings declining XXX,XXX, client per active gross managed QX XX% from QX
billings While X% the from sequentially challenging, gross environment did macroeconomic XXXX. active client remains improve per QX
or fiscal expected of in experienced performance XXXX gross QX as advertising the Given reached however, non-GAAP macroeconomic to looking and XXXX largely flat of revenue. do remainder $X.X declined XXXX. XXXX to XXXX, of through XX.X% levels XXXX expect in in to or million, exceed the be profit versus XXXX, million decrease from XXXX, in due compared QX improving approach QX second today $XX.X to our relatively we throughout the half and improvements
generate as QX declines QX As a to gross down includes in non-GAAP compared in solutions, XX.X% non-GAAP Overall XX% which revenue XXXX excess hiring mix XX%. XXXX. QX the in of of our gross margins to margins in XXXX, result of came XXXX which as to compared in
margins gross to non-GAAP fiscal XX% throughout XX% expect to We approximate XXXX.
cost as QX in our cost largely guidance, largely gross in QX reductions slightly net $X.X in will non-GAAP by in QX driven fiscal was lower-than-expected income our XXXX, to decline from XXXX. explain XXXX non-GAAP the costs margin, and later offset of compared improvements versus in slightly XXXX, which due worse non-GAAP $X.X decision QX loss QX original structure XXXX. net by million to net the delay net non-GAAP capitalized to loss QX was throughout detail million certain XXXX software I to
million, cash at first Turning XX, cash to December our of reflects half by compared the million XX, we by non-GAAP decrease $XXX.X and of the outflows sheet. net At $XX.X XXXX. in loss. of million timing services of managed XXXX our cash XXXX, from The principally $XX.X driven million balance and restricted to net December payments operations held $XXX and approximately
which we million repurchase were addition, XXXX December our capital of cash had net million, offset million the net XXXX of In in June acquisition to net driven of deferred XXXX of expenditures. from by to of debt with term $X.X includes financing notes acquisitions. $XX.X activities Offsetting million purchase PandoLogix' from XXXX from $XX.X million $XX.X million by convertible cash November activities Broadbean net associated and largely inflows certain offset million, consideration proceeds outflows investing $XX.X $XX.X used of new million, inflows of by XXXX of these price cash existing $XX.X earnout and $XX facility, of debt attributable proceeds $XX.X million
XX.X be used notes at the $X.X XXXX $XX down $XXX.X including deal, November used million pro $XXX existing consolidated par our deal minimum forma debt senior purposes. facility XX% include quarter warrant fees corporate liquidity December SOFR of general coverage in September amortization million, convertible debt million Key were XXXX. facility a terms for XXXX, the cash. beginning from due QX and and million is XXX basis plus X-year our remaining from our proceeds of in $XX.X of of million covenant points a per rate X.X% at with we debt XXXX. payments XXXX, legacy to debt $XX of facility of Post secured convertible million direct million the completed XX% XX, to $XX approximately of million, debt debt consolidated of In of of June repurchase
gain repurchase for to vastly $XX of our sheet the the debt, purposes a GAAP convertible near-term on of we respect improve of With reflect a balance the with fair conjunction onetime existing recorded exchange liquidity XXXX. today, to plans QX $XX.X our and we position our value million debt position to non-diluted million In have in basis.
you we initiative million We earnings further announce essentially in $XX.X progress our cash, when on from total this December our for QX approximately on May Of reported services, will XX, payments held update million third is of to managed at to XXXX. in the parties continue $XX.X cash million down from $XX.X XXXX.
decline Oracle for catch-up partially payments reflective migrated parties certain of is The services, advertising in coupled our of second system the the from QX our as made seasonality onto the XXXX. half cash third in new with in of we ERP XXXX payments delayed
Turning December savings, XXXX, well range. over million we above executed to Through savings the $XX annualized XX, update. our our initial cost of
a XXXX, efforts, reductions we done. happy the million and elected we I'm which are XXXX QX included full QX However, December we in result QX that to we over of $XX During restructuring our earmarked million report our deal. until of additional executed on these is XXXX up of finalize XXXX defer annualized as year through cost today, to financial to terms in guidance, QX not our of cost $X XXXX into savings debt additional
particularly XXXX, phase of this result revenue across and the lines. to our a of synergies, we expect software future products latter related of both services reorganization, fiscal and materialize cost As part in
of facility Total was X-year due organizational issued QX global million engineering under a and reduction XX, result the million, of of XXXX XX.X realignments X our debt The $X.XX principal approximately X.XX%, million which We outstanding. price. and strike of shares sales corporate, workforce. within million including ended November $XXX.X December with convertible XX% warrants XXXX, including of debt approximately the debt $XX at restructuring,
receipts $X.X and associated XXXX in towards payments to up ahead the legacy with associated energy restructuring I out million cash Looking associated $X with purchase our of onetime vision want cash of our million to Cash and XXXX. acquisitions, cash in fees the QX items. onetime deferred severance to sale with of of divestiture to investment XXXX up consideration $X.X certain million payments point XXXX. QX our termination-related from
to XXXX. and fiscal for guidance QX Turning financial
fiscal a consumption-based revenue, planning heightened on conservative to As march we any revenue backdrop profitability. around on with approached a a towards particularly with XXXX, approach discipline costs we as very our
we savings which is previously executed XXXX, As mentioned, annualized initiatives, in over our included guidance. million of $XX in QX cost
from expected intentionally have in omitted second future synergies half any costs XXXX of are they revenue guidance our We and the until realized. XXXX
including including backdrop, that to addition lesser be from year-over-year services, from of QX XXXX between our extent, the we a Veritone this are Driving at representing million, midpoint. public and our growth guiding Broadbean, million $XX.X sector growth With to improvement X% revenue $XX.X the managed of Fire advertising. QX and acquisition a
begin to a XXXX significant in QX XXXX Our managed we bookings growth in exit is slightly services more with challenging continue grow new and more be existing expected to up flat as to macro to QX our XXXX, and XXXX versus customers. coming
in than as More compared XX% specifically, of our Veritone be consolidated will applications. Amazon revenue seeing discuss in will assumes drivers QX hire growth While excess QX QX these from we starting be consolidated X% less advertising XX% are bookings XXXX specifics, we legacy increased cannot year-over-year to of annual Offsetting of XXXX. our our revenue services in Risk $X improvement XXXX. $X revenue midpoint to net can between of and versus and at deliverables, an million, QX new hire which revenue loss XXXX. include extent, lesser the be QX to And managed execution public unpredictable be to across our XX% a enterprise of guidance our million QX across non-GAAP and our services. sector, namely consumption-based
fully which cost a lesser restructuring, extent, and, this QX XXXX XXXX. the reductions we are line improvement in to of QX the bottom mid-quarter beginning our realizing Driving begin legacy and expect impact to
lowest As a are fixed our QX payroll-driven. and the of quarter costs majority is reminder, and performing our seasonally
a between million to versus representing million, For full midpoint the be year-over-year relatively XXXX. and we and of increase year X.X% at revenue expect $XXX XXXX, $XXX flat pro forma
the a QX XX% given we Driving XXXX. between our exit conservatively is software our current projected in products of to and that rate. which and XX% coming expect we year-over-year, economic XXXX benefit is which public XXXX growth run are forecasting over reminder, outlook, from XX% XXXX, our services As to grow from the revenue acquisition sector, Broadbean to of
in projection of are agencies the arrangements, we have even late which enterprise-level Moreover, agreement first executed XXXX, this various accelerate stages growth with on further. federal half in could larger
We sales in managed is revenue. and starting over year-over-year Offsetting and XXXX. including XX% certain expect in onetime XXXX, led a of advertising XXXX. advertising not recurring to in our year-over-year, software this our $X decline QX Amazon improve by consumption-based revenue including in in services, million licensing
less result and and projected Amazon continue to on versus first our interest XXXX. continued continued these, If economy and revenue of the in to XXXX XX% XX% revenue across from compared X% enterprise would higher the new Risk be execution at and our XXXX, improvement to as midpoint the on impact software of in annual the metrics over conservatively guidance guidance than expect least public customer and through customers, deliverables include products macro XXXX. sector we half revenue the exclude rates to services. is we consolidated our represent our up of growth at inflation our retention namely which of our
net profitability over improvement XXXX.
At to vastly loss. between represents full XXXX expect beginning loss $XX of the XX% $XX.X non-GAAP this towards million, non-GAAP substantial with XXXX be to and year a and compared improve second when million million We net progress $XX midpoint, in fiscal half the or in
Assuming expect be prepared further, growth fiscal the guidance, the cash positive higher for XXXX. in in we end concludes cash XXXX assuming my QX positive revenue be as flow early remarks. of as we modest should we fiscal XXXX, reach flow That will we our entirety of
call open now like we questions. to the for Operator, up would
