In addition to strong rebound in new logo activity, LivePerson also continued to expand with existing customers during the quarter. I’ll highlight one of these new logo wins we did with the multimillion-dollar jewelry retailer. Another new logo win was with one of the largest dental insurance providers in the country. In the vertical of insurance right now in healthcare is really becoming very active for us. The driver of this deal was that the insurance company recently lost a deal with a potential customer who has thousands of employees because they only offered voice as a customer care channel. Net cash used in financing activities was $4.9 million in the three months ended March 31, 2014 and consisted primarily of the repurchase of our common stock offset by the proceeds from the issuance of common stock in connection with the exercise of stock options by employees. Cost of revenue consists of compensation costs relating to employees who provide customer service to our customers, compensation costs relating to our network support staff, the cost of supporting our server and network infrastructure and allocated occupancy costs and related overhead. We’re now targeting 2020 revenue growth of 25%, achieving our long-term growth target one year ahead plan.
As we execute on our vision, our financial outlook is sharply improving with revenue growth now on a path to accelerate to 25% in 2020 from 17% in 2019 and 14% in 2018, while adjusted EBITDA margins have firmly moved into the double digits. Like many of our customers want to saw spike in volumes on our platform in the first half of 2020. LivePerson initially recognized no revenue benefit from the spike as customers lock in under an ELA, enterprise license agreement. Record contract signed, accelerated revenue growth, a new landmark partnership with Infosys, expanding customer use cases and broad adoption of our AI cloud are indisputable signals of LivePerson’s leadership in conversational commerce. We’re highly differentiated because of our comprehensive approach to Conversational AI, our broad messaging capabilities, operational expertise and ability to offer an unmatched six times — six times ROI in the first year alone. Thanks, Rob. In Q3, we continue to capitalize on rising demand for our Conversational AI, setting records across a range of key financial metrics, including contract value, revenue, adjusted EBITDA and free cash flow.
Our field organization generated record contract values and closed eight 7-figure deals in Q3. Also noteworthy is that three of our eight 7-figure deals were new logos, demonstrating LivePerson’s ability to win new customers, even with the change from physical to virtual marketing events. In fact, three of the eight 7-figure deals we closed in Q3 came from our partners. Prices: Olark deals a really competitive pricing model with a 12% discount rate for yearly billing and 29% discount for 2-year billing. Increasing scalable financial model is now emerging where we can invest in key growth drivers while still delivering bottom line improvements. We transitioned into a cost per interaction model and capture the value of those higher volumes by signing the 7-figure upsell that doubled our annual recurring revenue from this customer. As highlighted on our last earnings call, we’re seeing two key drivers of revenue uplift. I’ll close with three key points. Each book can be purchased separately, and there are several cost-saving bundles available. First being strategic upside following initial demand during the COVID crisis; the second, involving upsells as customers on an all-you-can-eat enterprise license agreements now are being moved to cost-per-interaction or usage-based models.
Think about it. Consumers will no longer accept being forced to call 800 numbers as messaging and AI have become a must-have consumer offering. All of this is made easier with an intuitive visual interface which allows for dragging and dropping of its elements in line with the demands of individual call sessions. With that, I’ll turn the call over to John to provide an operational update and more color on our guidance. We are executing with precision in this new remote work environment, and once again are in a position to raise guidance for the year. With the strong demand backdrop and improving operational efficiency, we are once again raising guidance on the top and bottom line and targeting our first $100 million revenue quarter. LiveChat offers more benefits that build upon its core features to streamline your customer service operations, which will increase satisfaction rates and revenue. And their platform offers all the customer relationship management (CRM) tools you need in an industry-leading cloud platform, so whether your a fast-growing startup or enterprise looking to improve your current standards, Zendesk can scale to meet your needs.