quarter financial model. QX up the and review Henry. full and going Thanks, XXXX. with guidance for financial to for overview year an wrap and start business with results Then our our I'm of
business are which In organic continuing we many durable the margin our recruiting our leverage, machine was us drive operating or target or as QX, and allows growth leverage business, operating aim in profitably, our to company operating adjusted we it software products, scale, operate We profitability plus new such to to plan to driving leverage high back Moreover, of into in long-term as and subscription operating peers reinvest reinvest future our and differentiation at margin XX%. to harvest growth out upon expand some build AI a learning. achieve for growth. the
to We will fuel growth. adding in sales capacity also continued invest
provide. growth achieve our value and versus to differentiated the scale is identifiable competition platform strong, quality and because able the insights we based sustainable at to significantly able on tangible data are provides We our and of are
we of and in market, We internal front sizes large a penetrated helping advantage a under in opportunity achieve engine of this To best-in-class, own our of addressable use take success. and built significant also driven of have line us, operate top all companies consistent platform. go-to-market very by shapes
to motion drives to of times model, combined which go-to-market entirely To become implementation during we more revenue uncertainty. cycles, economic immediate sub for round from about customers. important out we our typically our are financial value the also XX-day why features the time one that our that users an advance. quick functionality to sales Subscription derived Our three available, comes almost prices by business a has almost excited with customer subscriptions, years in This This even number provide system annually billed our our are our and length, and land amount data model based integrates. on the and expand in generally of strategy. and customers, revenue of can enables value and access aligns with and the
to expenses XXXX a QX, the be discussed unless awarded compensation basis but these results, incur otherwise to metrics lower grants to For grants Impacting be will will noted. we XXXX. did a our related GAAP at note that and primarily on There ongoing please or related adjusted in levels. results our by triggered prior significant non-GAAP expense stock-based IPO through
of the expenses GAAP compared to IPO was or in transactions. of receipts historical quarter non-recurring combined $XXX on and the customers. growing $XXX,XXX stock-based is comparative adjusted expect principally non-cash to revenue metrics in XXXX, between quarters. adjustments materially continued GAAP the impacted come compensation a result, revenue include the intangibles June, up driven QX value existing and revenue XXXX. in GAAP ACV those in that between to down related ACV Other organic by allocated increased based acquired differences figure to XX% was difference to acquired more XXXX. XX% growth and other of due new with and relative coming expense we like unearned than fair from year-over-year. XXX additions items As The customer the amortization expansions with in XX% Organic our million, a over growth to Customers customers QX
well dollar While experiencing new global to million QX QX QX in was last ACV and we record in from retention XX% margin year. and and of gross XX% economic headwinds from up relative new the quarter. retention up resulting the level in from some in customers net an XXXX were quarter $XX uncertainty activity improved profit We related quarter. to added and Adjusted yield sales second the the in last QX from performed a XX% pandemic,
million expense costs, the As adjusted XX% XX% $XX of from sales we shift operating and or was revenue marketing up year ago. a
to investment our million with $X continue with ago. component investments of of drives in pipeline continue that times. see a a capacity in We to expense strong revenue to and our flat in continued a from new a growth. all and one yield is LTV for drive across was revenue as percentage Adjusted we're innovation, R&D We cost in to including compelling our are of sales the sales, XX investments competitive of which innovation to our R&D the returns factoring or to QX, in in organization, CAC marketing continues spending mid-teens quality advantage expand investments in sales reflected revenue. above When sources. X% and marketing those plan year of sustainable an data
capacity Finally, X% million And expense as we've adjusted as year approximately headcount to the quarter to worldwide to quarter. compared as with operate add we continued up company. continued We the ago, public to G&A a was add XX% ended year-over-year. of X,XXX X% or in better employees revenue a $X
million in diversity and to adjusted growth million on operating a business, XXXX. focus of margin, to only Based in Our creating margin XX% $XX yielding build a compares revenue not the in where performance a encouraged. income on QX $XX and but is on continuing culture is the which was environment welcome, QX an XX% investments and
line high COVID-related we impacted as QX, that Adjusted XXs. in to to with burdened net million weighted annual income positively in of outstanding. that our maintain the XXX half fully range on margins year, high public particularly cost facilities forward. will or for delivered at in anticipate operating operating going cost be company more diluted the will of mid travel, $X.XX by share We was margin targets philosophy average that given including in margins QX. for events based the structure We is the million on per and savings, reduced the be spending our second quarter end Our $XX costs marketing shares adjusted
impact March. the when as have we about of As they many In I the QX stalled impacted to mid sales teams cycles In to QX, by some and experienced magnitude drove relative and sales have adjusted us, been to tailwinds. clients last we change QX. sales We leaders COVID-XX materially on headwinds QX, retention shocked new pandemic. late think business of improved year and in and our that headwinds experienced have the were the do were experiencing environment by activity
less represented the and in stated relative of we of ACV. heightened industries from heavily As reductions in and timeframes. cancellations S-X, X% And than pre-COVID customers customers spend are impacted subset seeing to this
our a relatively seen to their a have was the shift to optimize duration light at the but customers year, quarter, little we instead economic opting cash average uncertainty. unchanged in a as contract of in annually, During look over of flow pay customers quarterly
we to the high that is see foreseeable continue economic growth some differentiated, we uncertainty our as ROI. highly forward, we positioned platform Going for deliver drive are to expect well continue And headwinds, we future. will while
their quick customer, next can strategic many time achieve to our be customers which value Our executives and their help to most deemed find imperative. customers we
cash. net to sheet includes and million to balance This Cash cash proceeds, equity. we quarter was of year-to-date. with million added and the from million flow, less balance IPO payments. of $XXX the which the million the $XX repayments sheet ended in approximately restricted the for and $XXX for quarter, cash included Turning in flow cash operations was preferred flow Unlevered $XX million $XX from free million debt quarter interest and cash $XXX
of of internal consist the growth expenditures capital development for costs. Our primarily and capitalization investments
as we $X $X Our instrument, lien and additional an and Series lien QX as in million second capital preferred the first were were proceeds million IPO, $XXX term With loan. of our well the million expenditures year-to-date. revolver A paid from
LTM cash of on IPO, through to As BX the ratio QX a net the we result, X.X Based cover upgraded of were that S&P times. leverage by of that deleveraging our the we both B was flow implemented and our rating profile Moody's. the business agencies B+ debt, the at and
Before on our some I provide transition corporate guidance, me let to structure. context
multiple agreements complexity investors, structure receivable increased and and [ph] Our some with come familiar. classes stock These up the be for the with complexity the with accrue a to that can are familiar benefit an public while tax create it, shareholders less meaningful fee traded likely to quite structure as to come shared The are others that continue of agreements. with transition and tax advantages IPO the does the publicly company, a pre in investors to of are we receivable partnership through tax advantages
lower full drive As cash increased a and the I'll tax be therefore our for result, provide cash third payments quarter and will With outlook year our of that, flow. XXXX.
year, GAAP simplify the confusion. of QX this were and guidance GAAP avoid on converge we allocated to in revenue combined and revenue comparisons receipts issuing Given
We the million. to $XXX margin The organic to of expected $XX $XXX income at million and revenue expect million per This net and $X.XX and range. XX% $X.XX be is midpoint the GAAP XX% operating income to growth in revenue implies QX non-GAAP adjusted share. $XX between million be to
XXXX, $XXX XX% the of the adjusted to expected million. organic GAAP full million margin and is guidance between a at be implies growth And the between million. operating $XXX year midpoint This For income $XXX and XX% and million revenue range. $XXX
revenue, in are the million we $X that expect approximately revenue adjustments combined difference. the those fair modeling, combined receipts, million allocated $X.X between unearned total and was receipts the to year due to for value year-to-date impact allocated acquired difference of For GAAP
that the free million be amount. flow $X.XX million. anticipate be is our and allocated expected be the on unlevered to to date cash $XXX $X.XX business we we headwinds the current of full operating least year through Non-GAAP higher COVID-XX for the between naturally from based the end results So assumptions, the we income quarter. and are net with share. of expect impact year. including to combined summarize, second provided to very per to at in $XXX are year receipts To anticipated range pleased by guidance And The performance
customers term. to over the continue profitability and long are focused sustainable value on deliver We and to generating our growth
a we'll We stages build addressable We large future to growing the invest market will and a to believe continue are confident and successful have company this are of for large growth. very opportunity early we and in we continue that and over time.
Now, let me operator questions. turn the it over to for
