“These investments in product and our customers will continue over the balance of 2022.”

In context

“ised of our commercial business as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in our government business. Margins and expenses are on an adjusted basis, which excludes stock-based compensation. Adjusted gross margin was 81%. Contribution margin was 57%. First quarter adjusted income from operations, excluding stock-based compensation and related employer payroll taxes was $117 million, representing an adjusted operating margin of 26%, ahead of our prior guidance of 23%. First quarter adjusted expenses were $329 million, up 7% sequentially. We are spending to position the company and our customers to win in the current geopolitical environment. These investments in product and our customers will continue over the balance of 2022. First quarter adjusted earnings per share were $0.02, which includes a negative $0.02 impact driven primarily by unrealized losses on marketable securities. We generated $35 million in cash from operations and $30 million in adjusted free cash flow. Cash flows vary quarter-to-quarter, but it's worth noting the $66 million increase in our accounts receivable balance. At the end of Q1, we had a very strong war chest, $2.3 billion in cash and no debt. In march, we expanded our revolving credit facility to $500 million, up from $400 million previously. And our credit facility remains entirely undrawn. Our balance sheet leaves us ideally positioned to take advantage of the opportunities that may arise from further deterioration of global conditions. Turning to our outlook. We are guiding to a”