Strong Revenue Growth
Total revenues in Q1 were $93.1 million, up 25% year-over-year and above the high-end of guidance. SaaS revenue grew 34% year-over-year.
Record ARR and Net New ARR
Total ARR reached $345.5 million, representing year-over-year growth of 26%. Net new ARR was $18.5 million, a 57% increase year-over-year, marking the highest ever as a public company.
Increased SaaS Adoption
SaaS comprised 74% of total revenues, up from 69% a year ago, with significant growth in key regions: North America (31%), EMEA (36%), and APAC (40%).
Channel Strategy Success
ARR from the channel increased to 55%, and 63% of incremental ARR came through the channel, reflecting a strategic priority to drive more business through channel partnerships.
Operational and Profitability Improvements
Operating margin expanded by nearly 550 basis points to 14.4%, with operating income at $13.4 million, above guidance.