Alteryx, Inc.

duration of our subscription agreements will continue to shorten. And third, we assume that approximately 40% of TCV booked in the quarter will be recognized up front, with the remainder recognized ratably over the time of the contract. I'd like to remind you that our guidance is subject to various important risks and cautionary factors referenced in our call today and in today's earnings release. For Q3 2021, we expect to end the quarter with ARR in the range of $572 million to $575 million, which represents year-over-year growth of 27% to 28%. We expect GAAP revenue in the range of $121 million to $124 million, which represents a year-over-year decrease of 4% to 7%. We expect non-GAAP operating loss to be in the range of $17 million to $14 million, and non-GAAP loss per share of 21 to 18 cents. This assumes 67.5 million weighted average shares outstanding. For the full year 2021, we now expect GAAP revenue in the range of $520 million to $530 million, which translates into year-over-year growth of 5% to 7%. We are maintaining our full year ARR guidance and expect to exit 2021 with approximately $635 million of ARR or approximately 29% year-over-year growth. We expect our non-GAAP operating loss to be in the range of $15 million to $5 million. Our non-GAAP net loss per share is expected to range from 26 cents to 12 cents. Our non-GAAP net loss per share assumes 68 million basic shares outstanding. Finally, we expect an effective tax rate of 20%. In summary, The transformation journey we began at the beginning of the year is showing positive results, and we believe that the operational plan we are executing to will allow us to achieve $635 million in ARR or 29% growth for the year. We have a great team, strong product market fit, significant market opportunity, a powerful business model, and a strong financial position with over $1 billion of cash on the balance sheet. And with that, we'll open up the call to questions. Operator?

At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question is from Michael Turvis with T-Bank. Please proceed with your question.

Hey, guys. This is Eric Ethon from Michael. Congrats on the strong quarter of ARR. Just wanted to ask on duration. You know that it's shortening given the change in sales comp, but just wanted to ask if it was purely due to the sales comp change or if you're potentially seeing any impact in customer commitment levels just as they await the rollout of Designer Cloud.