thank and Daniel, for today. joining us you, you everyone Thank
with strong we our new and Mortgage. our very new said, pleased delivered cloud, Hermes, quarter our added as as growth and are Group, we Daniel Breakthrough meaningful adoption great product had scale. portfolio As across as including customers well third core We and Prudential, product [indiscernible] like automation Beverage at Sprout again offerings, platform,
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a model. business aligns contract commitment, accurate on true based structured strong is to XXX based in gross measure value process activity. recognition is customer which flow because was our total believe the quarter. long-term variable have best other it most ASC the unlike revenue report the deployment aligns delivery, of which to based, given cash rate, third place invoice is XX% and it ARR contract We quarter-to-quarter. on impacted highly renewals hand reflective we closely or It is and regardless that deployment retention reliable dollar ARR, under in model and of it to by calculate and and ARR, most of licensed duration, Revenue makes TCB our accounting. And is most
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front takes revenue impact revenue. that next decline is what sets of the with equation is In year recognition $X invoiced is the the first the which duration the a multi-year in revenue contrast, contracts The two year between loaded up In three. year, impact on-prem example ARR, is reinforces of the trailing one we first equals example shows year growth TCV, which million one ARR license and for in revenue period. of on year no a and three deal. contract. this between revenue year two deal out on-prem of and a constant The and year XX-month in the It duration also
renewal metric is forward. rate on aren't time. as revenue run does to revenue, my a in is XX-month cumulative While we a a Remember, focus This which point. metric annualized going point reinforce to trailing compared slide going
over bridge of difference. While trailing does to perfect some XX-month is normalize no period the the revenue there way a at looking help multi-year two,
quarters, CAGR XX-month over on for the manage manage mechanics We the ARR business it revenue time. trailing for before the fact, XX% because XX% to business of foundation the and right In accurately quarterly I we revenue ARR last this as the more of the on, which company. eight commitment move correlation over quickly summarize, of the for don't underscores growth To reflects XXX. period-over-period, customer lays ASC
I increased margin Total and in noted. be investments guidance. I products a our gross of few Remaining comments to teams, provide make obligations to of costs. increased XX% million. unless XX% basis reflect performance otherwise gross results will as fourth services cloud discussing on results close, want $XXX.X support quarter non-GAAP I margin hosting well on and Before as and software third a quarter XX%
Third quarter and continue guidance equity million there quarter, ongoing including the be million. $XXX operating to $X.X was compensation Adjusted of monitor user $X.X million our $XX back increased free program. operating the income into in expenses to GAAP of the was related business to loss of impact negative COVID. investment flow will included we our XX% to office $XXX Non-GAAP fourth expense across October. stock-based cash million. of operating assumes related conference as Heading expenses the some held million
Our subscription model drives considerable cash flow.
cash to this business we neutral customer-related run sales, R&D, While across the the year, will roughly invest to including continue activities. to flow we expect and business talent,
acceleration no customer in big front we in further to market drive billion cash, growth. and and given equivalents to drive to us, partners with investments and We strategic continue and third to of early $X.X stage ended lean marketable make the success. opportunity plan quarter with in to cash in plan debt. is the also This We securities
for $XXX Turning guidance the prior an ARR the from range million. fiscal of fourth $XXX increase to million expect of XXXX, of quarter we million, to $XXX guidance to $XXX in million be to
million be to of non-GAAP in to the the million. expect $XXX revenue expect to And be of $XX We we million operating $XX income range in range million. $XXX to
the be expect invest largest in quarter We while the to the to meaningfully in business. of continuing revenue profitable year,
shares million approximately We share quarter fourth to count expect basic the for XXX outstanding. be
net year to new highlight quarter we are Finally, we execution In third enormous. quarter growth us the in expect first fiscal emerge our in our summary, will continues guide want at in ARR but of and we seasonality with business fourth revenue ongoing that when to results. meaningful fourth I results to pleased to announce results, as XXXX drive opportunity the we scale. The both quarter quarter is front team's to
We as a end very and good strong of public have our year first a pipeline into we heading company. fiscal the feel
We also multi-generational motivates and We operator. family and will have people is are the company on value you season. building keeps our a stockholders. questions, please for questions. This a partners, hope the friends experience turn customers, It that We'll what change happy how employees, now to focus the excites your and every our over for work. truly healthy the poll team I day. will creation and and Operator long-term us call holiday take
