| (in millions, except percentages) |
Q3 QTD
2023 |
Q3 QTD
2022 | % Change |
% Change in
Constant Currency | |||||
| ACV | $ | 457.5 | $ | 409.3 | 12% | 10% | |||
| Operating cash flows | $ | 160.8 | $ | 127.2 | 26% | ||||
| Unlevered operating cash flows | $ | 170.6 | $ | 132.0 | 29% | ||||
| (in millions, except percentages) |
Q3 YTD
2023 |
Q3 YTD
2022 | % Change |
% Change in
Constant Currency | |||||
| ACV | $ | 1,345.3 | $ | 1,213.7 | 11% | 12% | |||
| Operating cash flows | $ | 484.4 | $ | 457.0 | 6% | ||||
| Unlevered operating cash flows | $ | 512.3 | $ | 467.0 | 10% | ||||
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:
