That's despite revenues rising 22% to a record, and recurring revenues in particular jumping 24% to its own record.
Non-GAAP net income rose to $23M from $21.9M.
Customer retention rate Y/Y was about 96%.
Revenue breakout: Recurring, $189.98M (up 24.4%); Services, $38.5M (up 11.7%).
Cash flows from operations were $46.3M, up from a year-ago $38.6M.
It's guiding to Q2 revenues of $228M, with recurring revenues of about $196M and operating margin of about 20%. For the full year, it expects revenue to grow 24% Y/Y (recurring up 25%) and operating margin of about 21%.