Actual results may differ materially from any future performance suggested in our forward-looking statements. We refer you to the company’s Form 10-K for the year 2009, as well as the company’s Form 10-Q for the first quarter of 2010 on file with the SEC, for important risk factors that could cause actual results to differ materially, from those contained in any forward-looking statements. We expressly disclaim any obligation to update this forward-looking information.
On today’s call, Leslie will begin with comments about our overall business and financial results and then Ron will discuss the financials in greater detail. We will conclude with a Q-&-A session.
With that said, let me turn things over to Leslie.
Leslie StretchThanks Lorna. Good afternoon everyone and thank you for joining us. I will be speaking about the following topics on today’s call: Our Q2 performance, our services business, our retention rates and renewal rates, worldwide sales coverage, our product roadmap developments and finally our outlook for Q3 and for the rest of the year. Let me start with Q2 performance. I am pleased with our progress in Q2. We grew overall revenues sequentially for the second quarter in a row, and we have now had three quarters of sequential growth in our recurring revenue base and the on-demand business. Our recurring revenues now account for over 75% of total revenues. I’m especially pleased with the significant progress we have made in the bottom line. Recurring revenues have grown 12% year-over-year, while we have continued to reduce our operating costs significantly. From Q1 to Q2, we reduced our non-GAAP operating loss from $4.3 million to $1.1 million. These results move us close to profitability in the second half of the year. Our cash position ended the quarter nicely ahead of forecast. Thanks to posted cash from operations, as well as solid working capital management. On the customer front, we signed contracts in North America and Latin America, in Europe and in Asia-Pacific, including contracts with brands such as MetroPCS, Comcast, AXA Apac, Isilon Systems, PINI Insurance, Horizon Blue Cross/Blue Shield of New Jersey, Vodafone, Vivo Brazil and Oppenheimer Financial, Tele2 in the Nordics and CoBiz Financial.