Adjusted EBITDA was $61 million with a 12.7% margin, a 50 basis point expansion year-over-year.
Cash balances were $301 million at quarter end, down from $377 million at year-end, reflecting pension contributions and refinancing activities.
Cloud, Applications & Infrastructure Solutions revenue was $185 million, down 4.9% year-over-year but up 2% sequentially.
Digital Workplace Solutions revenue was $138 million, up 4.6% year-over-year, with 13% sequential growth in Q2.
Enterprise Computing Solutions revenue was $140 million, up 8.2% year-over-year, with L&S revenue at $88 million, exceeding expectations.
Excluding License and Support (L&S), revenue was essentially flat year-over-year at $396 million, with 8.5% sequential growth in constant currency.
Gross profit was $130 million with a 26.9% margin, slightly down from 27.2% last year; Ex-L&S gross margin was 17.6%, down 110 basis points due to restructuring charges.
Net income was negative $20 million, or a loss of $0.28 per share; adjusted net income was $14 million or $0.19 per share.
Net leverage ratio including pension obligations was 3.4x, stable year-over-year.
Non-GAAP operating profit margin improved to 7.6% from 6.1%, driven by higher L&S revenue and operational efficiencies.
Pre-pension free cash flow was negative $58 million due to working capital fluctuations; free cash flow was negative $337 million reflecting a $250 million discretionary pension contribution.
Second quarter reported revenue increased 12% sequentially and 1% year-over-year as reported and in constant currency, exceeding prior expectations.
Android revenue in ACG declined 18% year-over-year to approximately $240 million, with China-based Android revenue down 29% year-over-year to just under $100 million.
Net inventory balance was $638 million, a slight sequential reduction and $89 million lower year-over-year.
Non-GAAP gross margin increased approximately 300 basis points year-over-year in Q1.
Operating cash flow was approximately $183 million with CapEx of $38 million, resulting in free cash flow of $145 million.
Qorvo reported fiscal first quarter revenue of $819 million, non-GAAP gross margin of 44%, and non-GAAP diluted earnings of $0.92 per share, all favorable to guidance.
The largest customer represented approximately 41% of revenue during the quarter.
Current Remaining Performance Obligations (RPO) ended at approximately $23.9 billion, representing 25.5% year-over-year constant currency growth.
Free cash flow margin was 16.5%, up 3% year-over-year, with a strong balance sheet including $10.8 billion in cash and investments.
Operating margin was 29.5%, over 2.5 points above guidance, driven by top line outperformance and AI operational efficiencies.
Renewal rate remained robust at 98%, underscoring ServiceNow's strategic importance as an AI platform for business transformation.
ServiceNow reported Q2 subscription revenues of $3.113 billion, growing 21.5% year-over-year in constant currency, beating guidance by 200 basis points.
Strong growth was seen across industries, notably transportation and logistics (100%+ growth), technology, media and telecom (70%+ growth), retail and hospitality, and energy & utilities (50%+ growth).
The company closed 89 deals greater than $1 million in net new ACV, including 11 deals over $5 million, with 528 customers generating over $5 million in ACV.
Dafinchi