I'm incredibly proud of our team at Box and our strong start to FY 2022, delivering a 200 basis point improvement in our revenue growth rate versus the previous quarter, 24% billings growth and 20% growth in RPO year-over-year.
In a recent Gartner study, more than 80% of company leaders surveyed said they plan to allow employees to continue working remotely at least some of the time.
This is illustrated in Q1 by the 48% year-over-year growth in enterprise deals over $100,000.
As proof of this, we have experienced a record 49% attach rate of our suites this quarter in $100,000 plus deals, and we anticipate the growth of our multi-product plans continuing in the future.
Over 100,000 customers rely on Box to Power Secure collaboration and its critical business processes across their organizations in Q1.
We are committed to our FY 2024 targets of delivering a growth rate of 12% to 16% in operating margin in the range of 23% to 27%.
We are going after one of the largest markets in software attacking a total addressable market of over $55 billion in spend on content management, collaboration, storage and data security annually.
With over 100,000 customers on our platform, and exciting roadmap and a strategy that is already yielding results.
We delivered revenue of $202 million up 10% year-over-year, a 200 basis points improvement from the 8% growth we delivered in the previous quarter.
As our customers are increasingly adopting products with more advanced capabilities, 60% of our revenue is now attributable to customers who have purchased at least one additional product up from 54% a year ago.
In Q1, we closed 59 deals worth more than $100,000 up 48% year-over-year.
Importantly, 49% of these six-figure deals included one of our multi product suite offerings, a new record for us and up significantly from 28% a year ago.
We ended Q1 with remaining performance obligations or RPO of $865 million, up 20% year-over-year, exceeding our revenue growth by 1000 basis points and an acceleration from the prior quarters RPO growth rate.
Q1s RPO growth is comprised of 15% deferred revenue growth, and 23% backlog growth, demonstrating Box's stickiness as we continue to sign longer term agreements to support our customers content strategies.
We expect to recognize more than 60% of our RPO over the next 12 months.
Q1 billings of $159 million were up 24% year-over-year, and a significant improvement from Q4's growth rate.
This result reflects the impact of a few early renewals from customers who had been set to renew in Q2, shifting roughly $5 million in billings from Q2 to Q1.
Our net retention rate at the end of Q1 was 103%, up from 102% in Q4.
This result was driven by strength in customer expansion and a stable annualized full churn rate of 5%.
Turning to margins, our non-GAAP gross margin came in at 73% in line with the same period a year ago.
Q1 gross profit of $148 million was up 10% year-over-year consistent with our revenue growth.
We expect gross margin to increase over the course of this year and for it to come in at roughly 74% for the full year as we continue to deliver infrastructure efficiencies.
Q1 operating income doubled year-over-year to $34 million, which in turn drove a 760 basis points improvement in Q1 operating margin to 17%.
As a result, in Q1, we delivered $0.18 of non-GAAP earnings per share above the high end of our guidance and a strong 80% improvement from $0.10 a year ago.
In Q1, we delivered record cash flow from operations of $95 million, up 53% from the year ago period.
We also generated record free cash flow of $76 million a year-over-year improvement of 91%.
Capital lease payments, which we include in our free cash flow calculation, were $13 million versus $17 million in Q1 of last year.
For the full year of FY 2022, we continue to expect CapEx and capital lease payments combined to be roughly 7% of revenue.
Cash from investing in Q1 reflects $57 million in M&A related payments, primarily driven by the acquisition of SignRequest.
As a result, we ended the quarter with $612 million in cash, cash equivalents and short-term investments.
First on a quarterly basis, until conversion of the preferred stock and the common stock are roughly $0.025 reduction due to the non-cash accounting impact related to the preferred stock dividend, which we anticipate settling and shares of common stock.
Second for Q2 and FY 2022 a $0.02 reduction due to a temporarily elevated share count during the period between our recent preferred stock issuance and the completion of our anticipated share repurchase.
Combined, these items will result in a $0.04 reduction to earnings per share in Q2 and a $0.09 reduction to earnings per share for the full year.
For the second quarter of fiscal 2022, we anticipate revenue of $211 million to $212 million representing 10% year-over-year growth.
We expect non-GAAP operating margin to be in the range of 18% to 18.5%, representing a 150 basis points sequential improvement at the high end of this range.
Including the $0.04 impact I just discussed.
We expect our non-GAAP earnings per share to be in the range of $0.17 to $0.18 and GAAP earnings per share to be in the range of negative $0.13 to negative $0.12, on approximately 167 million and 160 million shares respectively.
We expect our billings growth rate to be in the mid single-digit range, which includes the $5 million impact from early renewals that I mentioned earlier.
Combined with our strong Q1 billings results, this would result in year-over-year billings growth of roughly 13% for the first half of FY 2022 ahead of revenue growth and an acceleration from our billings growth in the first half of last year.
We are raising our full year revenue guidance and we now expect our FY 2022 revenue to be in the range of $845 million to $853 million, representing approximately 11% year-over-year growth at the high end of this range.
We expect non-GAAP operating margin to be in the range of 18% to 18.5% above our initial FY 2022 expectations.
The high end of this range represents a 320 basis point improvement from last year's results of 15.3%.
Our stronger business performance drives a $0.04 improvement in our earnings per share expectations for FY 2022 versus our initial guidance.
At the same time, our full year earnings per share guidance incorporates the $0.09 reduction for the preferred stock accounting charges that I mentioned previously.
As a result of these various factors, we now expect our FY 2022 non-GAAP earnings per share to be in the range of $0.71 to $0.76 on approximately 161 million diluted shares.
Our GAAP earnings per share is expected to be in the range of negative $0.50 to negative $0.45 on approximately 154 million shares.
As we build on this leadership position, we're very confident in achieving our FY 2024 targets two years from now of a 12% to 16% growth rate and operating margin in the range of 23% to 27%.

Summary:
Q1 billings of $159 million were up 24% year-over-year, and a significant improvement from Q4's growth rate.
As a result, in Q1, we delivered $0.18 of non-GAAP earnings per share above the high end of our guidance and a strong 80% improvement from $0.10 a year ago.
Combined, these items will result in a $0.04 reduction to earnings per share in Q2 and a $0.09 reduction to earnings per share for the full year.
For the second quarter of fiscal 2022, we anticipate revenue of $211 million to $212 million representing 10% year-over-year growth.
We expect our non-GAAP earnings per share to be in the range of $0.17 to $0.18 and GAAP earnings per share to be in the range of negative $0.13 to negative $0.12, on approximately 167 million and 160 million shares respectively.
We are raising our full year revenue guidance and we now expect our FY 2022 revenue to be in the range of $845 million to $853 million, representing approximately 11% year-over-year growth at the high end of this range.
At the same time, our full year earnings per share guidance incorporates the $0.09 reduction for the preferred stock accounting charges that I mentioned previously.
As a result of these various factors, we now expect our FY 2022 non-GAAP earnings per share to be in the range of $0.71 to $0.76 on approximately 161 million diluted shares.
Our GAAP earnings per share is expected to be in the range of negative $0.50 to negative $0.45 on approximately 154 million shares.