Welcome, Jamie. and call everyone, thank the you joining you, Thank for today.
related timing was shippable subsequently, customers supply of to million approximately in an Backlog the $XX.X million, turning at compared was the end of Approximately year-over-year was orders, approximately guidance X%, $XX customers in hyperscaler and increased quarter to ending quarter. if just of first the first end of of to Now, the and large $XX to we representing X% at primarily million for Revenue the new the prior approximately constrained. were not quarter. came and of XXXX. above $XX.X of results million increase a backlog $XX quarter at backlog the to ending first XX, million, record reflecting XX% high the July the
on we signs well improved to constrained Although, be tape are as some we components. as shortages seeing of broad-based supply, drives, of continue primarily
introduced primarily of sequentially, up data products. model, increase the quarter During ongoing solutions. sequentially, driven quarter offset software up backup transition and track decrease a our a video first focus X% conjunction metrics in Primary our quarterly strong with subscription demand and surveillance primarily recurring we shipments a was largely X% were from to progress. the systems of hyperscaler on secondary significant by last a in to In storage by customers, another protection solid driven quarter, storage had revenues by series supplemental driving
million. revenue, metrics figure ARR, or including increased these ActiveScale, recurring This revenue sequentially all software recurring The $X.X includes StorNext, across transaction CatDV. first of of which was and subscription to DXi, annual offerings, product our XX%
growth cumulative growth to active Additionally, of of a at year-over-year subscription contract quarter XX%. XXX% XXX over sequential end, the customers and under increased customers, represents which number
in in introduced quarter. and sequentially The Another Gross was we XX% less peak value the attributed XX% decrease price X% projected is the up margin sequential PPV costs. product million to increased favorable quarter. the sequential variance in higher key X% to inflationary logistics several end mix $XX supply weighted mix quarter in chain logistics hyperscaler our gross and sequential the $XX.X chain, factors, TCV, heavily Roughly the was constraints the at including to costs, supply XX%, revenue margin from due product of of and customers. and quarter, compared pressures prior contract decline prior first that driven metric more the purchase from our the in gross reflected decline in toward the million is to continued first the margin and by which a was or other of cost total
first supply dynamics, the meaningful believes point. gross no environment deterioration in market the chain the low Assuming the margin overall or a in quarter represents company
quarter offset meaningful As expenses quarter mix $XX.X pricing last time first reductions million, targeted in cost prior full as prior the anticipated in the and were higher million $X.X quarter. the realize during in to improvements of of our operating quarter, benefit inflationary first will the -- to expense the million cost decreased does as operating in reflect terms emphasize it compared to the that not quarter. to $XX.X want expenses stated environment. take $XX.X in Non-GAAP first million last operating implemented I the early quarter in June. both were additional product GAAP million, compared to to $XX.X that
expect run We end targeting to $XX continue the quarterly reduce of operating fiscal by rate, expense the million XXXX. to approximately
million net charges, loss share stock compared the above million or in $X.XX was to at Adjusted adjusted first quarter quarter. quarter. Excluding non-GAAP prior $X.X in net for compared $X.X midpoint million, EBITDA of compensation, the adjusted of prior $X.X million was first per per to the guidance nonrecurring the $X.XX just quarter restructuring the charges share, in and $X.X or loss
EBITDA our we one highest continued driving priorities. As discussed adjusted in remains improvements our have previously, of
We and expenses. operating expanding a margins through combination growing gross revenue, expect this achieve reducing to of
directly measure chain to is will reduction cost supply Form of reconciliation actions, full initiatives, results press during the in second with both release price released results XX-Q of product contribute today. the positive GAAP our the the together XXXX. most to There expect half non-GAAP increasingly increases We fiscal EBITDA and a and comparable
quarter company’s in were million the and offering down $XX pay $XX.X At the revolving decrease equivalents million quarter turning the balance to of the of end first and quarter. debt to the quarter, quarter. balance was completing offering. the of rights reflects of reflect outstanding of the credit April. end This first million, $XX.X debt end the after on term approximately line the rights quarter cash was and prior a at that expense liquidity to million in $X.X compared to Now during successful same $X.X million closed compared $X.X quarter, the of quarter flows, the million In prior the the at all the now compared year $XX.X in cash quarter. first Outstanding million, to in million at Cash decreased sheet, from interest company’s the prior to term the $X.X ago. $XX.X the the million, of million of end decreased $XX.X prior which the
$XX.X Net Our quarter. cash during operating by million. the $XX.X in million and cash was equivalents increased cash activities used
driven assets which The approximately operating June revenue. net Historically, related and in service in net activities declines deferred cash the March assets $XX.X cash changes the renewals two-thirds with December related of and $X.X used changes for primarily was million, cash by liabilities, million, interest season quarter Excluding collections have seasonality been for -- and decreases collections used expense. the cash by in was quarters. September the heaviest liabilities contract to quarters, and represented in in
the provided of cash with deferred negotiation an revenue outstanding proceeds just was one one by other by approximately offering, the our contributing the which $X the the not pay sequential quarter the annual largest Also, contract the cash the completed of of of current contract and annual during net was million cash activities $XX.X The that Net represented well and million, $X assets end in during $XX.X customers an million. as acquisition down insurance. prepayment value subscription $XX.X current rights group of other payment. included primarily debt. deferred financing by lengthy decline represented quarter used represented activities factor use million the addition renewal was in million for approximately million to key the business was less was $X increase inventory, used of In quarter in seasonality, term quarter to investing $X.X million a over CapEx normal as of for of million, $X a and net
our Now in most fiscal will financial see gross to of adjusted reduction the moving as on in improvements to to cost implementing programs. margins. have address do We anticipate revenues, XXXX outlined, challenging half to plan grow the back while our outlook, is pressure EBITDA. be our to XXXX We continue expect the area fiscal measurable we
million, shares. million, using expect We net share be to range million, loss second in million, is adjusted of share minus revenue anticipated to of $X.XX, plus minus net be $X.X XX.X per for plus expected an plus loss non-GAAP of per the or basic or count $X $X the and quarter share, adjusted or $XX $X.XX minus million
be With in for that, EBITDA adjusted expect We to turn the plus will million, or the call million. minus second to $X I quarter $X.X back Jamie Jamie? closing remarks.
