Cliff. Thanks,
the reporting we both past, we are done in of are appendix The reconciliations GAAP and in have in the filings As presentation. non-GAAP numbers. the and our
to key turn sales and Slide Let's discuss X our metrics.
Our sequentially metric, for has million. the versus the quarter been up sales year ACV, the to past in X primary $XXX also grew XX% It prior quarters.
year revenues, said the grew year the ACV saw full XX%, approximately XXXX, are the XXXX. them we have and impact ignoring the which, in For tail nonrecurring stimulus of as prior government before, end also of we
New QX business as TCV very XXXX. the XXX% quarter, was to in compared strong growing
on government approximately ignoring full it year again, was of basis. importantly, the More stimulus, up impacts XX% a
have XXXX. and at in in a segment, drive business driver year-over-year implementations. that prior implementation X of in said deals, in modular Conduent of which our as of The disbursement benefit wins these Double-clicking another programs, families. and finish on TCV XXXX low-income the strong $XXX quarters Cliff the increases, XXXX conclusion here. to contributed the Government with Medicaid mentioned, The for will finish had the we revenues million our strong and for detail combination a was cloud-native our state pipeline of including health sales late-stage very some and care of strong suite; these deals very strong in a the maintenance to excess revenues operations year and We of significant government main follow-on X
Our remains area. pipeline this in strong
as their in This compared to XXXX. XX% year-end drove performance government up ACV
XXXX this, slower In ACV to addition the segment XXXX. the year-over-year up year. as but to compared Commercial ACV X% had as to Transportation up compared a finish was was to XX%
year-over-year. New and flat activity business metric, to contractual pricing sales, net losses, recurring other and wins, ARR, component The of our continued quarter-over-quarter combined the changes, was both ARR positive. of our essentially remain measure has effects
of the of notification. presentation. XX-month of trailing this full measure appendix the predict A is our covered not reminder, the a of revenue is As in based timing does metric this timing on definition but
define And NRR deals commented implementation nature. driving also trends. phases on our of length. see from can from earlier sequential the and these TCV, of operations our Turning in maintenance. we because X project Government review XXXX impact earlier you some recurring average but strong NRR differentiate business in key I've in have to and mentioned onetime improving the implementations of run To project Slide of are component upticks trend mentioned a government as will X deals the components All ACV. segment to have the of contract, NRR new recurring metric contract previously QX components sales in revenue they
Revenue of finished discuss billion X Slide billion year at the last fourth P&L the year X.X% range was XXXX, year in guided with We results to but turn in full constant down consistent in let's in to end our XXXX $X.XX I messaged for coming with it how X.X% metrics. currency. compared the low full and earnings $X.XX our as during XXXX or quarter our Now update.
from about from results, headwinds interest a net previously, from said of lost talk lot from stimulus other our of were I ramp larger of all reductions the XXXX. have growing discuss BenefitWallet the and cover tailwinds headwind business from million of There clients, over This in which new from year represented we as As a onetime segment were and takes, offsets the government $XXX puts rates, we'll later. was foreign exchange, clients, commercial volume which I'll XXXX. individual couple volumes we XXXX a
that individually. go cost cover BenefitWallet fourth $XXX on fall-through I'll I to XX the compared ongoing Adjusted offset mix EBITDA in our of the from when down our slightly of was and from puts as at to million EBITDA year were million year the quarter for from volumes, foreign year-over-year with increased XX.X% impact the full earnings range margin basis our laid and update was but programs. full affected the the and was below we stimulus positive EBITDA takes year segment a XXXX, The revenue how XXXX. discrete $XXX exchange, the This full QX points runoff of guided our that out in onetime last to couple efficiency for government compared headwinds results and XXXX through adjusted items headwinds within the due as adjusted
X unit $XXX suite Our experienced our fourth macroeconomic unit conditions In the and events. of recorded commercial signings impairment the we in annual unexpected business pipeline fourth million near-term divestiture income lower-than-expected believe million us being of sale the in we GAAP recorded the driven of pretax In customer the fourth the on further carrying by are goodwill first XXXX, goodwill reporting found quarter. quarter, can of This Midas charge was $XXX the presentation. our XX, unit. as appendix this pretax of the for triggered XXXX, effect an we be in of factors impairment to the After solutions, these present led of value evaluate The contract new half a a December by this on significant certain which resulted impairment commercial reporting The reporting portfolio. gain combination of goodwill solutions. in the impairment of pretax of of softening commercial the filings our test, on completing for in for and quarter this which charge. and review the impacted XXXX in the net unit a reporting assessment
Let's now turn to the over results. segment and go Slide X
was when $XX declined For exchange revenue which net significant an the declined The benefit. headwinds full year, to in of effect million from Commercial segment year was improvement XXXX. foreign offset incremental year-over-year, the BenefitWallet X.X% it XXXX a with revenues X.X% approximate
on that The full year are projecting well. in we but in come For better our Net-net, their retention. a later. clients that exceeded the first was revenue largest from modest lost The were and slightly and to performed was normalizing effect expect increased $XX ramped revenue, runoff and declined Underlying messaged sales a this function that clients, the volumes previously of decline of time, in postpandemic a the growth new stabilized, have they of approximately revenues continue couple from XXXX. into volumes. we year, to both to where million from Commercial offset segment More XXXX.
declined For both stimulus XXXX beginning less government messaged in health the businesses. business summer volumes solutions runoff and $XXX our the the onetime the XXXX. to SNAP decline as higher within net The services other year XX% revenue was Government our programs had in year, at government with and and million. was compared than XXXX performed government we segment, from of volumes This well a care the also full underlying
of to Transportation and to exchange decline of being half The in some compared QX transit implementations our XXXX. the effects year-over-year expect declined XXXX, where onetime the of decline approximately benefited segment XXXX foreign remainder results XXXX was certain revenue catch we X% slower-than-expected with by this headwinds driven that international the as projects the revenues affecting business. up in revenues in
margin volumes XX%, was and of XXX was basis down some the significant points was onetime of mix. to year-over-year. in offset stimulus was improvement, the year-over-year. estate margin the adjusted the real In efficiencies basis XXX of terms with allowing roll-off Commercial XXXX. adjusted along and by XX.X% XX% from of EBITDA declined segment This home, from this and and BenefitWallet margin adjusted Government of segment, EBITDA year-over-year, work rationalization. headwinds revenue In margin, points operational adjusted EBITDA improved government XX.X% up EBITDA this the change Increased the increased The continued contributed driver
segment, Transportation points XX% adjusted EBITDA year-over-year compared and the XX.X% the XXX basis margin year-over-year. For EBITDA down XXXX, declined as of to adjusted was
impacted as quarter higher-than-expected of point projects. item the some certain the that expenses margin approximate was a and fourth related EBITDA In points to approximately for the XXX addition revenue QX to full onetime Overall, year. on benefited this to quarter decline adjusted XXXX, an XXXX the the were year and compared by basis quarter X.X in the
of normalized XXXX see rate these more Some QX a in margin persist will we before returning. headwinds
discuss Let's the and sheet cash balance turn to and X flow. Slide
a quarter is of cash and credit liquidity credit balance in $XXX revolving at combined cash total million facility. ended sheet, with completely facility total almost this is Our on position and point. the $X.XX our We strong approximately available $XXX the unused billion million revolving with
below believe normalized to which range X leverage is net we turns, Our our is X.X X.X of turns. ratio
and significant debt Our are long-dated, no debt XXXX. repayments we until maturities have
had a our out no the Our for in in proceeds how free capital year, of capital we the year. the was the issuance revenue impact equipment, financed. you earlier Without expenditure of we X.X% the U.S. quarter as investing would have cash which flow. expenditure by and This both the laid $XX but for X.X% quarter line GAAP purchase for in fourth client this included in cash percentage adjusted with grossed up effect been more later it the million and item, a full debt flow fourth CapEx which recognizing cash statement of our from quarter to of in
combination During the free of a lower-than-anticipated factors fourth flow quarter, adjusted drove a cash outcome.
Firstly, refund pushed to federal was an XXXX. tax expected
in is flows in serve As businesses other be earlier, slower billing caused discussed cash now Government that in the timing Government segment we'll shift, implementations the our XXXX. lumpy. some Transportation of of and to collect segment that the and It which Transportation segments nature the certain milestones the the impacts can
CARES payroll of under in deferred Finally, and the we the taxes our the quarter. fourth installment second final repaid Act
the and Let's adjusted points expect a or range previously X.X%. government Within to X points of of turn The this this Slide of in XXXX year-over-year the decline. number walk the billion runoff our the be is impact of postpandemic Overall, clients communicated XXX representing volumes XXXX of decline midpoint and of our $X.X basis billion. XXX representing largest year-over-year their assumptions $XXX would stimulus guidance. volume to to through XX, we'll onetime in reducing decline range basis of we revenues of represent million $X.X
some anticipating with recessionary client decline XX mostly of our are we're This communicated representing of Additionally, rate additional a contribute call headwinds interest basis an decline. is center that decline. XX impact segment an decisions we and our basis year-over-year believe XXX revenue represent that of points the loss approximately unanticipated Government improvement that offset negative net of These basis volume discrete points positively approximate items incremental points of business. the basis points BenefitWallet XXX from previously
you our As see has can base stabilized. from this, underlying business
segments our Double-clicking of the of X the on at range. each midpoint
outlook metric QX government in segment in offset segment XXXX, in This We of to driven approximately and addition of outlook revised in on earlier previous is XXXX expect XXXX. the given that client that most gave Transportation expect client in our we we high in we the additional the quarter decline $XX X.X% anticipated in here digits. of XXXX, XXXX stimulus included Commercial losses by was to grow earnings and reflects in update. communicated QX volumes ARR XXXX which the Government was by approximately the expected Government segment center in and stronger-than-expected from referenced to fourth is There, of stimulus the net the in million loss decline notified of a our the the the call segment we tail approximately in The single XX.X% the said contribution and volumes. I to grow to government mid- X.X% our
In very the revenue half see terms the being weighting front the year. terms in and it half of of of XXXX pacing of XXXX, to back between similar we in
higher open care a reminder, slightly impact QX usually health is client QX the of because within of base. As enrollment period than our
range EBITDA our continued outlook margin the which adjusted efficiency work our XXXX, these on impact increases and and Commercial of announced are to puts corporate expect in previously In the in business margin of across interest and are benefit the XX.X%. reductions, BenefitWallet revenues larger some to segments cost the noted are takes this be our volumes and that in functions. of we The rate impacts XX% on the in nonrecurring government stimulus business segment. volume previously the recessionary the EBITDA Offsetting and
expect EBITDA year the start towards well is we a the range margins range sales of as ramp continued year to more driven efficiency. above as year second finish factors the the year, that Like by slightly include that guided last and weighted half adjusted slightly the on guided cost below the work
convert the to expect XX% range XX%. adjusted flow We cash to in free adjusted to EBITDA of
larger segment other in factors. as requirements or of sensitive that towards our term I to client As projects to short Transportation previously, cash milestones these can mentioned is work the flow we Government due move and some
and restructuring well evolve further on approximately $XXX increase approximately footprint as certain at million expense million. be by $XX continue We as model. real charges, largely work-from-work/work-from-home to our estate outlook for driven to restructuring XXXX, our to to infrastructure least is opportunities we in hybrid as our be rationalize CapEx charges expect The
closing and review the full to QX back hand Cliff results, Cliff? financial our concludes for comments. and XXXX it I'll That of year
