/ Other Performance Metrics
| (in millions, except percentages) | Q3 QTD 2021 | Q3 QTD 2020 | % Change | % Change in Constant Currency | |||||||||
| ACV | $ | 365.4 | $ | 305.3 | 20 | % | 19 | % | |||||
| Operating cash flows | $ | 157.8 | $ | 94.5 | 67 | % | |||||||
| (in millions, except percentages) | Q3 YTD 2021 | Q3 YTD 2020 | % Change | % Change in Constant Currency | |||||||||
| ACV | $ | 1,115.4 | $ | 950.8 | 17 | % | 15 | % | |||||
| Operating cash flows | $ | 447.8 | $ | 373.5 | 20 | % | |||||||
ACV is a metric the Company uses to better understand the business. There is no GAAP measure comparable to ACV. ACV is composed of the following:
- the annualized value of maintenance and lease contracts with start dates or anniversary dates during the period, plus
- the value of perpetual license contracts with start dates during the period, plus
- the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
- the value of work performed during the period on fixed-deliverable services contracts.
/ Management's 2021 Financial Outlook
The Company's fourth quarter and fiscal year 2021 revenue and diluted earnings per share guidance is provided below. The Company is also providing its fiscal year 2021 guidance for ACV and operating cash flows. The revenue and diluted earnings per share guidance is provided on both a GAAP and non-GAAP basis. Non-GAAP financial measures exclude the income statement effects of acquisition adjustments to deferred revenue, stock-based compensation, amortization of acquired intangible assets and acquisition-related transaction expenses.
