We delivered second quarter revenue growth of 12% year-over-year, a second consecutive quarter of accelerating revenue growth, billings growth of 13% and RPO growth of 27%.
Our net retention rate was 106%, up from 103% in the prior quarter.
We had 74 new deals over $100,000, up 16% year-over-year.
And we had a 73% attach rate of Suites on deals over $100,000 in the quarter, up from 49% in the prior quarter and up from 31% in Q2 fiscal '21.
Our decision to acquire this particular technology versus developing internally was driven by time-to-market with e-signature being the number 1 requested feature from customers last year.
And we're just getting started to address our $50 billion plus market opportunity, we are building the end-to-end platform for managing the lifecycle of content and continue to be regarded by customers and analysts as the leading independent vendor for Cloud Content Management.
As a result, we have raised our guidance for the full fiscal year 2022 and are reiterating our long-term target for the 12% to 16% revenue growth and 23% to 27% non-GAAP operating margin in FY '24.
Revenue of $214 million was up 12% year-over-year, an acceleration from our Q1 revenue growth of 11% and above the high end of our guidance.
As our customers are increasingly adopting products with more advanced capabilities, 61% of our revenue is now attributable to customers who have purchased at least one additional product, up from 56% a year ago.
In Q2, we closed 74 deals worth more than $100,000, up 16% year-over-year, a record 73% of the six-figure deals were sold as a Suite, up from 49% in Q1 and from 31% in the year-ago period.
We ended Q2 with remaining performance obligations or RPO of $922 million, up 27% year-over-year, an acceleration from the prior quarter's RPO growth rate of 20% and exceeding our revenue growth by 1,500 basis points.
Q2's RPO growth is comprised of 16% deferred revenue growth and 37% 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 month.
Q2 billings of $213 million were up 13% year-over-year and well ahead of our previous expectations to deliver a growth rate in the mid-single-digit range.
Our net retention rate at the end of Q2 was 106%, up 300 basis points from 103% in Q1.
This result was driven by strength in customer expansion and a stable annualized full churn rate of 5% based on the strong momentum we're seeing in customer expansion and retention, we expect to deliver additional improvement in our net retention rate over the course of this fiscal year.
Gross margin came in at 74.5%, up 100 basis points from 73.5% a year ago.
Q2 gross profit of $160 million was up 13% year-over-year, exceeding our revenue growth rate.
Our gross margin expectations for the full year of FY '22 continue to be approximately 74%.
Q2 operating income increased 47% year-over-year to $44 million which in turn drove a 500 basis point improvement in Q2 operating margin to 20.6%.
We continue to deliver profitable growth and disciplined expense management.
This resulted and are delivering $0.21 of diluted non-GAAP earnings per share in Q2 above the high end of our guidance and up from $0.18 a year ago.
In Q2, we delivered cash flow from operations of $45 million, up 39% from the year-ago period.
We also generated free cash flow of $30 million, a year-over-year improvement of 124%.
Capital lease payments, which we include in our free cash flow calculation were $13 million down from $14 million in Q2 of last year.
For the full year of FY '22, we continue to expect capex and capital lease payments combined to be roughly 7% of revenue.
As a result, we ended the quarter with $779 million in cash, cash equivalents and restricted cash.
We completed our modified Dutch Auction Tender Offer at the end of June for an aggregate cost of approximately $238 million and our Board subsequently authorized a $260 million share repurchase program.
As of August 24, 2021, we had repurchased 2.9 million shares of Class A common stock at a weighted average price of $23.89 for a total of $70 million.
Combined with the modified Dutch Auction tender, we have repurchased a total of 12.2 million shares for a total of $308 million.
For the third quarter of fiscal 2022, we anticipate revenue of $218 million to $219 million, representing 12% year-over-year growth and a third consecutive quarter of revenue growth acceleration at the high end of this range.
We expect our non-GAAP operating margin to be approximately 20%, representing a 200 basis point improvement year-over-year.
We expect our non-GAAP earnings per share to be in the range of $0.20 to $0.21 and GAAP earnings per share to be in the range of negative $0.09 to $0.08 on approximately 162 million and 154 million shares respectively.
We expect our Q3 billings growth rate to be roughly in line with our revenue growth for the full fiscal year ending January 31, 2022, we have raised our full year revenue guidance and we expect FY '22 revenue to be in the range of $856 million to $860 million, up 11% year-over-year.
This is an increase from last quarter's guidance of $845 million to $853 million and represents an acceleration from last year's revenue growth.
We expect our non-GAAP operating margin to be approximately 19.5%, representing a 410 basis point improvement from last year's result of 15.4% and a sizable increase over our previous guidance of 18% to 18.5%.
Due to our strong top and bottom line momentum, we now expect our FY '22 non-GAAP earnings per share to be in the range of $0.79 to $0.81 on approximately 166 million diluted shares.
Our GAAP earnings per share is expected to be in the range of negative $0.34 to $0.32 on approximately 158 million shares.
Finally, our FY '22 revenue growth rate combined with FY '22 free cash flow margin is now expected to be at least 32%, an increase over our previous guidance of at least 30%.
We are well on our way to delivering against our previously stated target of 12% to 16% revenue growth and 23% to 27% operating margin in FY '24, two years from now.
In FY '24, we're also committed to delivering revenue growth plus free cash flow margin of 40%.

Summary:
We ended Q2 with remaining performance obligations or RPO of $922 million, up 27% year-over-year, an acceleration from the prior quarter's RPO growth rate of 20% and exceeding our revenue growth by 1,500 basis points.
Q2 billings of $213 million were up 13% year-over-year and well ahead of our previous expectations to deliver a growth rate in the mid-single-digit range.
We continue to deliver profitable growth and disciplined expense management.
For the third quarter of fiscal 2022, we anticipate revenue of $218 million to $219 million, representing 12% year-over-year growth and a third consecutive quarter of revenue growth acceleration at the high end of this range.
We expect our non-GAAP earnings per share to be in the range of $0.20 to $0.21 and GAAP earnings per share to be in the range of negative $0.09 to $0.08 on approximately 162 million and 154 million shares respectively.
We expect our Q3 billings growth rate to be roughly in line with our revenue growth for the full fiscal year ending January 31, 2022, we have raised our full year revenue guidance and we expect FY '22 revenue to be in the range of $856 million to $860 million, up 11% year-over-year.
Our GAAP earnings per share is expected to be in the range of negative $0.34 to $0.32 on approximately 158 million shares.