/ Other Performance Metrics
| (in millions, except percentages) |
Q2 QTD
2022 |
Q2 QTD
2021 | % Change | % Change in Constant Currency | |||||||
| ACV | $ | 460.3 | $ | 430.5 | 7 | % | 13 | % | |||
| Operating cash flows | $ | 118.9 | $ | 118.9 | — | % | |||||
| (in millions, except percentages) |
Q2 YTD
2022 |
Q2 YTD
2021 | % Change | % Change in Constant Currency | |||||||
| ACV | $ | 804.4 | $ | 749.9 | 7 | % | 12 | % | |||
| Operating cash flows | $ | 329.9 | $ | 290.0 | 14 | % | |||||
ACV is a metric the Company uses to better understand the business. There is no GAAP measure comparable to ACV. ACV is composed of the following:
- the annualized value of maintenance and subscription lease contracts with start dates or anniversary dates during the period, plus
- the value of perpetual license contracts with start dates during the period, plus
- the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
- the value of work performed during the period on fixed-deliverable services contracts.
/ Management's 2022 Financial Outlook
The Company's third quarter and updated FY 2022 revenue, diluted earnings per share and ACV guidance is provided below. The Company is also updating its FY 2022 guidance for operating cash flows. The revenue and diluted earnings per share guidance is provided on both a GAAP and non-GAAP basis. Non-GAAP financial measures exclude the income statement effects of acquisition adjustments to deferred revenue, stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, acquisition-related expenses and adjustments for the income tax effect of the excluded items.
