Dominic Phillips: Thank you, Sanjit. Q4 was another quarter of sustained high-growth at scale; ending ARR was $1.1 billion and we added a quarterly record $99 million of net new ARR or an increase of 39% year-over-year, our highest growth rate over the past 10 quarters. This was also the fourth consecutive quarter year-over-year net new ARR growth accelerated compared to the same period of the prior year at a larger scale. Q4 revenue was $276 million, growing 48% year-over-year, or 37% adjusted revenue growth. For full year FY ’24, revenue was $937 million, an increase of 44% year-over-year, or 41% adjusted revenue growth. As a reminder, Q4 of FY ’24 was a 14-week fiscal quarter, which happens every six years, instead of a typical 13-week quarter.
Adjusted revenue and adjusted revenue growth remove the impact of the additional week of revenue recognition in Q4 FY ’24 to enable comparability across periods. Several factors drove our strong top-line performance in Q4. First, we continue to focus on serving large enterprise customers to drive durable and efficient growth at scale. We now have 1,848 $100,000-plus ARR customers, a quarterly record increase of 185, representing 49% year-over-year growth, the same growth rate as last quarter at a larger scale. We also saw particular strength within our largest customers. We now have 82 $1 million-plus ARR customers, a quarterly record increase of 11, representing 61% year-over-year growth, accelerating from 54% growth last quarter at a larger scale.
$100,000-plus ARR customers represent our fastest-growing cohort and make up 52% of our total ARR, up from 48% one year ago and 45% two years ago. This higher ARR mix from larger customers coincides with a lower ARR mix from smaller customers. To reflect this trend and align with where we’re investing for future growth, we are updating our definition of core customer from $5,000-plus ARR customers previously to $10,000-plus ARR customers. Our non-core customers with less than $10,000 of ARR, represents just 8% of total ARR mix, down from 14% two years ago, and we expect this mix to continue declining over time. Second, this quarter was a balanced mix of landing new customers and expanding existing customer relationships. For new logos, we added a quarterly record number of core and large customers in Q4.
We also added two $1 million-plus new logos, including our largest deal ever with USIC. And all of our top 10 new customers signed multi-product transactions. For expansions, we booked a quarterly record six $1 million-plus expansion deals and eight of the top 10 expansions in Q4 were multi-product transactions. Most notably a large existing customer in the construction industry already using Vehicle Telematics, Video-Based Safety, and Equipment Monitoring, signed a more than $1 million expansion in Q4 to become our largest overall customer. And this was their 20th expansion since becoming a customer back in 2018. Third, we continued to demonstrate strong execution across several frontier markets. First, 16% of net new ACV came from international geographies compared to 14% in Q4 last year, driven by strength in Mexico and Europe.
Both regions added a record number of $100,000-plus ARR customers and accelerated year-over-year ARR growth sequentially and compared to Q4 last year at a larger scale. Second, our construction vertical contributed a quarterly record 20% of net new ACV in Q4, the second consecutive quarter that construction was our leading vertical. Additionally, 87% of Q4 net new ACV came from non-transportation verticals, an increase from 81% in Q4 last year. And lastly, while year-over-year ARR growth for both Video-Based Safety and Vehicle Telematics accelerated sequentially in Q4 at a larger scale, we also saw strength in emerging products that provide additional expansion opportunities within our existing customer base. In Q4, we signed our second-largest equipment monitoring deal and approximately $1 million upsell as part of a broader expansion to one of North America’s largest full-service grocery wholesalers.
We also released Connected Forms into general availability in Q4 and signed more than $250,000 expansion deal with NexTier Oilfield Services. In addition to driving strong top-line growth, we continued to deliver operating efficiency improvements across our business as we scale. Non-GAAP gross margin was 76% in Q4, a quarterly record and approximately 3 percentage points higher year-over-year, driven largely by optimizing cloud, cellular, warranty, and support costs. Non-GAAP operating margin was 5% compared to negative 8% in Q4 last year, an improvement of approximately 13 percentage points year-over-year, driven by leverage across all functions. And adjusted free cash flow margin was 6% in Q4, a quarterly record, compared to negative 3% in Q4 last year, an improvement of approximately 9 percentage points, primarily from improved operating leverage and continued working capital optimization.
Also of note, in Q4, we settled previously disclosed lease-related litigation. After vacating the building in October 2021, our remaining unpaid lease obligation was more than $130 million, and the settlement included a cash payment of $60 million. Given the non-recurring nature of this legal settlement, it is excluded from adjusted free cash flow. And finally, we reduced our annual equity dilution by almost 40% this year from 4.4% in FY ’23 down to 2.7% in FY ’24. Okay, now turning to guidance. As we enter FY ’25, our third year as a public company, we continue to have more forecast, visibility and predictability than in previous years. As a result, our FY ’25 guidance philosophy will be less conservative than it was in FY ’24. This is the same exact framework we apply to our initial FY ’24 guidance at the beginning of last year, which was also less conservative than our initial FY ’23 guide the prior year.
And after analyzing various scenarios, we’re also confident that our FY ’25 guidance is adequately derisked to account for the potential impact of worsening macroeconomic factors on our business. For Q1 FY ’25, we expect total revenue to be between $271 million and $273 million, representing year-over-year growth between 33% and 34%; non-GAAP operating margin to be approximately negative 3%; and non-GAAP EPS to be between $0 and $0.01. For full year FY ’25, we expect revenue to be between $1.186 billion and $1.196 billion, representing year-over-year growth between 27% and 28% or between 29% and 30% after adjusting for the extra week in Q4 FY ’24; non-GAAP operating margin to be approximately 2%; and non-GAAP EPS to be between $0.11 and $0.13.
