“But largely speaking, I think you can anticipate that the free cash flow profile will track non-GAAP operating income.”

In context

“Cam McMartin (Interim CFO): Joe, thanks very much for the comments. It’s a pleasure to work with you and your team. The way to think about it fundamentally is the free cash flow profile of this business will largely follow the non-GAAP operating profile of this business. Substantively, you can appreciate the delta between non-GAAP operating income and free cash flow for us is modest. It’s a little bit of CapEx that we drive in the business. And so we’ll get some typical model transition benefit in this period of ‘22 and into ‘23, as we see more SaaS contribution and diminishing term contribution at the margin. But largely speaking, I think you can anticipate that the free cash flow profile will track non-GAAP operating income. And we’ve given you some thinking around that for ‘22. I think as well, we’ve indicated that we see this as ‘22 as a trough year, and we’ll begin to see into ‘23 revenue growth acceleration and correspondingly non-GAAP operating income acceleration, hence, free cash flow acceleration as well.”