“As our remaining legacy perpetual customers eventually migrate to either a SaaS or term licensed solution, we expect our maintenance revenue to steadily decline over time.”

In context

“ness is an important element of our offering for large enterprises, and we will continue to support them as they implement their cloud migration initiatives. As a result of this dynamic, we believe ARR is a useful metric to track the period-to-period progress of our business, as it provides a more relevant comparison between growth in our SaaS and the term license revenue streams. In addition to software revenue, we also generate revenue from professional services, which primarily consist of implementation and support services, as well as maintenance revenue carried over from our legacy perpetual license model. Over time, we expect our professional service revenue will grow incrementally in dollar terms, but become a lower portion of our overall revenue mix as our software revenue growth. As our remaining legacy perpetual customers eventually migrate to either a SaaS or term licensed solution, we expect our maintenance revenue to steadily decline over time. Moving on to our quarterly result, total revenue for the second quarter ended June 30, 2021 were $45 million, up 38% year-over-year. Within this SaaS revenue was $21 million, constituting 45% of total revenue and up 76% year-over-year. As of the quarter end, we had ARR of $139 million, which included 286 customers with ARR of over 100,000 up from 270 customers as of March 31, 2021. In addition, our average core [ph] ARR account at the end of the quarter was 36,000, which represents a growth of 30% year-over-year. As TJ mentioned, over the last several quarters, we have increased investment in our customer success organization to generate greater customer coverage and ultimately drive our dollar-based net retention towards the best-in-class industry benchmark of 120%. In the second quarter”