| (in millions, except percentages) | Q2 QTD 2023 | Q2 QTD 2022 | % Change | % Change in Constant Currency | |||||||
| ACV | $ | 488.3 | $ | 460.3 | 6 | % | 7 | % | |||
| Operating cash flows | $ | 62.9 | $ | 118.9 | (47)% | ||||||
| Unlevered operating cash flows | $ | 72.1 | $ | 122.0 | (41)% | ||||||
| (in millions, except percentages) |
Q2 YTD
2023 |
Q2 YTD
2022 | % Change | % Change in Constant Currency | |||||||
| ACV | $ | 887.8 | $ | 804.4 | 10 | % | 12 | % | |||
| Operating cash flows | $ | 323.6 | $ | 329.9 | (2)% | ||||||
| Unlevered operating cash flows | $ | 341.7 | $ | 335.0 | 2 | % | |||||
ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:
