“We expect cash flow to ramp through the back half of the year, in line with expected timing of government and commercial year-end collections.”

In context

“GAAP operating income of $105 million, representing a 16% margin, our sixth consecutive quarter of GAAP operating income, and fifth consecutive quarter of expanding GAAP operating margins. We generated second-quarter GAAP net income of $134 million, representing a 20% margin, our seventh consecutive quarter of GAAP profitability. Second-quarter adjusted earnings per share was $0.09 and GAAP earnings per share was $0.06. Additionally, our combined revenue growth and adjusted operating margin accelerated to 64% in the first quarter, a 7-point increase to our Rule of 40 score from the prior quarter. Turning to our cash flow. In the second quarter, we generated $144 million in cash from operations and $149 million in adjusted free cash flow, representing a margin of 21% and 22%, respectively. We expect cash flow to ramp through the back half of the year, in line with expected timing of government and commercial year-end collections. Through the end of the second quarter, we repurchased approximately 1.2 million shares as part of our share repurchase program. As of the end of the quarter, we have $973 million remaining of the original authorization. We ended the quarter with $4 billion in cash, cash equivalents, and short-term US treasury securities. Now turning to our outlook. For Q3 2024, we expect revenue of between $697 million and $701 million and adjusted income from operations of between $233 million and $237 million. For full-year 2024, we are raising our revenue guidance to between $2.742 billion and $2.750 billion. We are raising our US commercial revenue guidance to in excess of $672 million, representing a growth rate of at least 47%. We are raising our adjusted income from operations guidance to between $”