Thanks, Cliff.
The numbers. past, As we we the both our appendix the reporting reconciliations and in GAAP non-GAAP the in filings in of are are have presentation. and done
a against the Slide ACV closing in and expectations pieces the I'll in of to how discuss and million Australia. a deal the versus contract and initial X $XX metrics. value on QX of our million of terms the our XX% deal state initially transit the minute talk our sales recurring represented about billion for our the of of valued quarter. the we're That timing bookings year-over-year sequentially contributed out some deal by This transit large revenue. sales at of laying Let's $XXX in million specifics QX. in the of XX% were on Victoria ACV long-duration $X growth around of of key nonrecurring total revenue enhanced turn results $XXX to strong
roughly Before that, that point half first for XXXX, year-over-year the in I'll we ACV. are of out flat
second half. especially we push of strong decent the deals second had We some into half have year, sized pipeline a of in deals the as the
sales addition were the bookings Both a Commercial Government quarter segment for well. first Offsetting quarter half second well both and transportation year, segment segment half. and transportation above that, below are the the good ACV being our for bookings our in strong first In had as last quarter, of QX government and a XXXX. lighter to
behavior broader to In mix driven macro a concerns. close, little The deals longer taking of the full cautious likely but and our we it's changed seeing sales. is cycles by Commercial more decision-making than slightly think buying the are strong, and still expected longer pipeline we're year segment,
Let definitions, me state In sales deal some how our and Victoria characteristics transit recurring we nonrecurring revenue, distinguished various these into annual revenue revenue, revenue double-click the slides. the the NRR plays metric on of ARR. between now and numbers on of this of
help and as efforts, which transitions maintenance, recognize One deals. eventually roll and or as be of and some what transportation off multiyear of does this implementation revenue the These we things ARR. large on to refer occur but we care our operations government which health is these that the to implementations, to O&M, typically isolate can
which XXXX we piece approximately the to an $XXX but represent the fragment largely expect to X We to There's million very recognize implementation end NRR, over to expect up nonrecurring that through of of deal years. will at transit benefit of in period revenue XXXX, million that XXXX. $XXX implementation a it's of the
The the end very of of ARR as is balance the of as starting of again, the roughly and will ratably the recognize over existing revenue the operation contract, take the period at XXXX we over recorded service.
can see with following significant transit the on an recurring XXXX, TCV commercial impact this from ARR deal and metric or our You bookings. slide the to lower QX on similarly from as compared revenue metric slide. up the to XX% Annual was offset NRR benefiting the
quarter metric, at net changes measure combined effects activity contractual of $XXX and wins, was the other The losses, pricing positive again million. ARR for our
trailing this is the notification does of XX-month from of will based revenue, As quarter-to-quarter. reminder, not as fluctuate a the but such, timing and on measure timing predict
laid As investor briefing in levels recently. part again metric, with lower out notified some consistent losses, we of the experienced of our we themes of this
for some Very have pleased function transit impacts once see the Slide and half breadth a those broader of a the characteristics And Transportation first here sales, again, is segment business. with that deal we of businesses defensive macro you strong trends. can the year that referenced. briefly Overall, and strong sales level on We've believe results the segment had variability against X, in of our Government of our the I again of quarter. the we're
financial look quarter. the the Now at let's results for
would by resolve segment Government the that that right Turning X.X% in a the out than I'll laid it was own This earnings, that, with we expectations in cover a we $XXX in timing item you land to Revenue the QX compared Slide than constant or it to quarter's million were line quarter. currency. driven quarter. down how as Other X.X% top expect slightly $XXX in minute, line X. in and our better million QX was XXXX, in for for for year-over-year I third last XXXX in
as this $XX and mix losses quarter, items, a larger government from year-over-year headwind to and BenefitWallet offset million the few balance a a XXXX, the offset by the in a headwinds Within was gave the from were QX $X stimulus. tail lift volume quarter clients of the of with was our and compared Those timing us of improved prior ramp discrete the of years. some new in business million
in long that trajectory last growth will transitioning investor you downward towards the of our for Like then period year and briefing. a where from we're moving quarter, we're transition a I in take said outlined the through most this sequentially ranges we now
on earnings our ongoing government and than QX of QX of interest additional better was call. This $XX our was The XX.X% are cost effect came compared performance. up expected EBITDA as segment million initiatives $XX how year-over-year adjusted compared a EBITDA with points to for was margin I as business And fall-through million as in to that laid rates we on drove little basis revenue EBITDA last Adjusted XXX% adjusted the the XX item and the quarter out well XXXX. XXXX. timing the as BenefitWallet contributors
go Let's the Slide results. segment over X now turn and to
slightly QX increase million as Commercial revenues For up $XX were year-over-year. segment XXXX, drove BenefitWallet to XXXX. million, QX $XXX a compared
telecoms, softening travel, appear add-on evidence offset from from with in larger new business macro and and and which were of logistics outlooks also There CX some related. ramp some volume prior seeing sales our negative years. Our clients, were some impacts of we're in losses
EBITDA Adjusted on was was the significant fall-through compared EBITDA a segment XX% work to The the efficiency. QX along $XX up contribution, as XXXX. up XXX XX.X% of adjusted in for XXXX points QX on million, operational year-over-year. BenefitWallet with And commercial margin was continuing basis
$X segment, quarter, to top which year of down government Government from ramp of were in impact we was largely constrained was a And QX previously XXXX. health as of The explains stimulus This bottom the year-over-year this, cleared a item the the government million compared QX there were from the line. contractual worth of also the in We million, million runoff business was $X sales discrete losses. offsets our care benefited payments $XXX implementations government against revenue as revenues had in volumes protest. strong quarter, business, and catch-up prior For XXXX effect. year-over-year X.X% in our that from which effect and the
year-over-year margin Adjusted the year-over-year. down the segment care the EBITDA XX.X%, in for health up item. QX was on XXXX basis margin Government $XX million, X.X% benefited from The points was fall-through adjusted XX and government EBITDA
revenues XXXX. by implementation were XXXX as and lower X.X% QX year-over-year, driven $XXX QX for revenue million, slightly segment Transportation losses compared to down
points margin as Transportation in and basis as compared the compared segment, but million for up XXX For QX adjusted $XX QX. sequentially quarter $XX EBITDA million to the to QX adjusted was XXXX, on EBITDA X.X%, the XXXX, down was
expected to we as recover to start it projects second begin several go-live and to half continue the contract did. year. we deliver transit that in QX, to in Transportation We're quarter, of segment said last in large the I expecting transition the and later on the year to normalize the As margin through
Let's to the X and balance now cash flow. turn discuss Slide sheet and
sheet approximately with with cash the Our cash our revolving point. facility. credit total unused credit and this the is billion liquidity completely remains in on over million $XXX and quarter revolving available We total of at strong facility ended $X almost position $XXX million balance
our X.X net target turns. turns, range X.X to constant well X at leverage Our stayed of within ratio
debt XXXX. dated, and Our have no debt until long we repayments significant maturities are
the capital as in as our compared opportunities was see to slightly first revenue slide, spend. expenditure we We're capital next find the X.X% quarter. on And to in in to programs. expectations down X.X% of efficiencies drive second investment continuing our year full quarter the Capital on revised you'll
share in repurchased launched $XX We're XXXX. $X.XX. average XXXX at late an to We tax in XXX,XXX our the program second and to our approximately refund still expecting million initial received shares quarter federal price of be related buyback
on As $XX $XX approved of a X-year we end QX, program. remaining reminder, million at million our approximately have the
Let's now XX turn XXXX at to look outlook. our to Slide
as slightly the I first to half simply revenue backlog quicker. of on longer out midpoint new EBITDA, the be On the below of are which shift year, earlier. the the is year. While revenue our and adjusted here the revenue, share to talked do will that deals, business outlook of It's come higher bookings take ramp we which relative full changing of now about we our range the government and deals commercial driver transportation compared of mix not for in to expect to
be we'll And first to in a beginning drivers at revenue year, expect of revenue be that in so lower half about start in I'd the XXXX.
With catches now the line, up and slower I bookings of of now in in commercial we the We means these it early that little to the that talked that XXXX. transportation, growth with and XXXX. better shift earlier. mix year Government goal different the for projects that now the of expectations the Transportation in comes mix laid over for trajectories segment which it's see how some year. as shift slightly compared bit we out some the to Commercial being And to deliver say
into Government is sales benefiting state care deals revenue. good the strong progress large on delivering as volumes as health in backlog of payments from well MMIS
it's and hard to I second revenue with adjusted that outlook of throughout cost slightly efficiency for above, working function laid year. a continued the half offset lower the For the we're reasons EBITDA, of the out
to and to point the be to full expect EBITDA to no below in the to for margin the of our this I'll be other of slightly guided outcome year. full million, revenue that our finally, third modeling low adjusted made range, we'd year. the minor some Looking quarter, $XXX expecting to range million adjusted adjustments probably point year at the flow the expected and free There's the change some And out $XXX balance we're for cash our year. we've assumptions of
Transportation Cliff, strong in say good of Government X work So I'd trajectories seeing opportunities deliver, lot to it, I'd got of and if the things. these it segments. implementations we're a I on a boil and of both we're in positive summarize backlog a down in-flight to we've and pipeline with
is pipeline a forward. keep in in there's factors. you'd of behavior the volume we're level Commercial, impacted And deals expectations In some areas sense caution to buying good, by harder to of having work moving be but expect and to some pullback macro due to lighter
at solid then out I'd and would base say been a end incremental diligently And we've during very finally, rationalization the of laid value portfolio we working March above approach a that back the that advance drive the in strategic to of to able updates to quarter second theme and we'd across some of on half the that expect And provide come number items. those a fronts. be of year case,
that So financial my XXXX. review QX concludes for
hand closing any to you I'll Cliff, it comments. for back And
