Revenue Growth
Third quarter revenue grew 8.2% in constant currency, keeping the company on track to achieve its full year revenue guidance range.
Non-GAAP Operating Margin and Free Cash Flow
The company raised its full year non-GAAP operating margin guidance and has an improved outlook for 2024 free cash flow.
New Business TCV Growth
New business TCV grew 50% year-over-year and is up 32% year-to-date, with a higher contribution from new logo signings.
Enterprise Computing Solutions (ECS) Revenue Increase
ECS revenue increased by 29.2% year-over-year, driven by a 57% increase in License and Support revenue.
Increased Profitability
Third quarter non-GAAP operating profit margin was 9.9%, up from 0.1% in the prior period, primarily driven by L&S revenue.
Improved Cash Position and Leverage
Cash balances were $374 million as of September 30th, and the net leverage ratio decreased to 0.4x from 0.6x in the previous quarter.