Group 1 - E2open Parent Holdings, Inc. (ETWO) reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of $0.04 per share, and showing an increase from $0.04 per share a year ago, resulting in an earnings surprise of +25.00% [1] - The company achieved revenues of $152.61 million for the quarter ended May 2025, surpassing the Zacks Consensus Estimate by 3.55%, and compared to year-ago revenues of $151.16 million [2] - E2open shares have increased approximately 22.2% since the beginning of the year, outperforming the S&P 500's gain of 6.5% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $150.38 million, and for the current fiscal year, it is $0.19 on revenues of $603.24 million [7] - The Zacks Industry Rank for Internet - Software is currently in the top 26% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Data and Key Metrics Changes - Subscription revenue for Q1 FY 2026 was $132.9 million, exceeding the guidance range of $129 million to $132 million, with a year-over-year growth of 1.1% on a constant currency basis [14] - Total revenue for Q1 was $152.6 million, reflecting a 1% increase compared to the prior year [15] - Non-GAAP gross profit was $102.4 million, a slight decrease of 0.2% year-over-year, with a non-GAAP gross margin of 67.1% [15] - Adjusted EBITDA for Q1 was $52.2 million, representing a margin of 34.2%, compared to $50.7 million and a margin of 33.6% in the prior year [16] - Net loss for Q1 was $15.5 million, significantly improved from a net loss of $42.8 million in the same period last year [16] - Adjusted operating cash flow was $48 million, with cash at the end of Q1 totaling $230.2 million, an increase of $33 million from the previous quarter [17] Business Line Data and Key Metrics Changes - Professional services and other revenue for Q1 was $19.7 million, showing a year-over-year decline of 0.1%, indicating stabilization in that business [14] Company Strategy and Development Direction - The company is focused on returning to organic growth and enhancing client retention through improved management and long-term partnerships [6] - E2Open is set to combine with WiseTech Global, which will expand its capabilities in supply chain logistics and enhance its market position [8][10] - The strategic partnership aims to leverage both companies' strengths in software innovation and client service [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow and innovate despite a volatile business environment [7] - The acquisition by WiseTech is expected to create new opportunities and enhance the value offered to clients [8][19] - The company anticipates closing the acquisition by the end of the calendar year, with ongoing operations as independent entities until then [12] Other Important Information - The company will not provide quarterly guidance moving forward but will maintain full-year guidance [2] - The focus remains on operational efficiency and cost discipline to support growth [16] Summary of Q&A Session Questions and Answers - There was no live Q&A session conducted due to the pending acquisition, and no individual discussions with analysts or investors were held [2]

Financial Data and Key Metrics Changes - Subscription revenue for Q1 FY 2026 was $132.9 million, exceeding the guidance range of $129 million to $132 million, with a year-over-year growth of 1.1% on a constant currency basis [15] - Total revenue for Q1 FY 2026 was $152.6 million, reflecting a 1% increase compared to the prior year [16] - Non-GAAP gross profit was $102.4 million, a slight decrease of 0.2% year-over-year, with a non-GAAP gross margin of 67.1% compared to 67.8% in the previous year [16] - Adjusted EBITDA for Q1 was $52.2 million, representing a margin of 34.2%, compared to $50.7 million and a margin of 33.6% in the prior year [17] - Net loss for Q1 FY 2026 was $15.5 million, significantly improved from a net loss of $42.8 million in the same period last year [17] - Adjusted operating cash flow was $48 million, with cash at the end of Q1 totaling $230.2 million, an increase of $33 million from the previous quarter [18] Business Line Data and Key Metrics Changes - Professional services and other revenue for Q1 was $19.7 million, showing a year-over-year decline of 0.1%, indicating stabilization in that business area [15] Company Strategy and Development Direction - The company is focused on returning to organic growth and enhancing client retention through improved management and prioritizing long-term partnerships [6][9] - E2Open is set to be acquired by WiseTech Global, which is expected to enhance its capabilities in supply chain logistics and broaden its client base [9][10] - The combination with WiseTech aims to create a comprehensive suite of supply chain solutions, extending from sourcing to fulfillment [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for future growth, emphasizing the importance of customer satisfaction and operational efficiency [6][12] - The acquisition process is on schedule, with expectations for completion by the end of the calendar year [11][12] - The company anticipates continued innovation and value creation for clients post-acquisition [20] Other Important Information - The company will not provide quarterly guidance moving forward due to the pending acquisition [2] - Management highlighted the importance of their skilled workforce and existing client relationships as key assets in the acquisition [10][11] Summary of Q&A Session Questions and Answers - There was no live Q&A session conducted during this earnings call due to the pending acquisition [2]

[PART I. Financial Information](index=6&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarter ended May 31, 2025, including balance sheets, statements of operations, comprehensive loss, stockholders' equity, and cash flows, along with detailed notes, showing a net loss of **$15.5 million** and total assets of **$2.38 billion** Condensed Consolidated Balance Sheet Highlights (as of May 31, 2025) | Metric | May 31, 2025 ($ in thousands) | February 28, 2025 ($ in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 230,197 | 197,350 | | Total current assets | 383,928 | 379,596 | | Goodwill | 1,243,848 | 1,213,794 | | Total assets | 2,377,809 | 2,371,035 | | Total liabilities | 1,476,985 | 1,493,865 | | Total stockholders' equity | 900,657 | 876,979 | Condensed Consolidated Statement of Operations Highlights (Three Months Ended May 31) | Metric | 2025 ($ in thousands) | 2024 ($ in thousands) | | :--- | :--- | :--- | | Total revenue | 152,610 | 151,163 | | Gross Profit | 73,591 | 72,660 | | Loss from operations | (2,447) | (16,845) | | Net loss | (15,523) | (42,788) | | Net loss per share (Diluted) | (0.05) | (0.13) | Condensed Consolidated Statement of Cash Flows Highlights (Three Months Ended May 31) | Metric | 2025 ($ in thousands) | 2024 ($ in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 41,795 | 35,916 | | Net cash used in investing activities | (7,326) | (6,084) | | Net cash used in financing activities | (3,896) | (3,006) | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations for the financial statements, including the pending acquisition by WiseTech Global Limited for **$3.30 per share**, an amendment to the Tax Receivable Agreement for a **$52.5 million** settlement resulting in a **$20.7 million** gain, and remaining performance obligations of **$916.2 million** - On May 25, 2025, the company entered into an agreement to be acquired by WiseTech Global Limited for **$3.30 per share** in cash[41](index=41&type=chunk) - In connection with the WiseTech merger, the Tax Receivable Agreement (TRA) was amended to be settled for a fixed sum of **$52.5 million**, resulting in a recorded gain of **$20.7 million** for the quarter[50](index=50&type=chunk)[77](index=77&type=chunk)[81](index=81&type=chunk) - No impairment charge was taken for goodwill or intangible assets during the three months ended May 31, 2025, following a significant impairment of **$614.1 million** for goodwill and **$18.5 million** for intangibles in the prior fiscal year[64](index=64&type=chunk)[69](index=69&type=chunk) - As of May 31, 2025, the company had **$1.05 billion** in outstanding term loans, and its revolving credit facility was amended, extending maturity to February 2028 and reducing availability to **$123.8 million**[85](index=85&type=chunk)[87](index=87&type=chunk)[91](index=91&type=chunk) - Total remaining performance obligations, representing future revenue from existing contracts, were approximately **$916.2 million** as of May 31, 2025[114](index=114&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting a **1% YoY** revenue increase to **$152.6 million**, a narrowed net loss due to a **$20.7 million** gain from the Tax Receivable Agreement liability revaluation, and a **3%** increase in Adjusted EBITDA to **$52.2 million**, with sufficient liquidity of **$230.2 million** in cash [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Total revenue for Q1 FY2026 increased by **1% YoY** to **$152.6 million**, with gross profit slightly increasing to **$73.6 million**, while operating expenses decreased significantly due to a **$14.5 million** reduction in amortization of acquired intangibles, contributing to a reduced net loss of **$15.5 million** Revenue Breakdown (Three Months Ended May 31) | Revenue Type | 2025 ($ in thousands) | 2024 ($ in thousands) | % Change | | :--- | :--- | :--- | :--- | | Subscriptions | 132,870 | 131,404 | 1% | | Professional services and other | 19,740 | 19,759 | 0% | | **Total revenue** | **152,610** | **151,163** | **1%** | - Operating expenses decreased, driven by a **72% reduction** in amortization of acquired intangible assets within operating expenses (from **$20.1 million** to **$5.6 million** YoY)[188](index=188&type=chunk)[189](index=189&type=chunk) - Acquisition-related expenses increased to **$5.5 million** from **$0.3 million** YoY, primarily due to costs associated with the strategic review and the announced merger with WiseTech[188](index=188&type=chunk) - A gain of **$20.7 million** was recorded from the change in the Tax Receivable Agreement liability, driven by the TRA Amendment related to the WiseTech merger, contrasting with a loss of **$4.0 million** in the prior-year period[191](index=191&type=chunk) - A loss of **$12.1 million** was recorded from the change in fair value of contingent consideration, an increase from a **$2.3 million** loss in the prior year[195](index=195&type=chunk) [Non-GAAP Financial Measures](index=46&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Non-GAAP measures like Adjusted EBITDA and Non-GAAP gross profit to evaluate core performance, with Adjusted EBITDA at **$52.2 million** (a **3%** increase YoY) and Non-GAAP gross profit at **$102.4 million** for Q1 FY2026 Adjusted EBITDA Reconciliation (Three Months Ended May 31) | ($ in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net loss | (15,523) | (42,788) | | EBITDA | 45,436 | 33,605 | | Adjustments | 6,796 | 17,120 | | **Adjusted EBITDA** | **52,232** | **50,725** | Non-GAAP Gross Profit Reconciliation (Three Months Ended May 31) | ($ in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Reported gross profit | 73,591 | 72,660 | | Adjustments | 28,797 | 29,893 | | **Non-GAAP gross profit** | **102,388** | **102,553** | - Adjusted EBITDA increased **3% YoY** to **$52.2 million**, with an Adjusted EBITDA margin of **34.2%** for Q1 FY2026, compared to **33.6%** in the prior year[205](index=205&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) As of May 31, 2025, the company had **$230.2 million** in cash and cash equivalents and **$123.8 million** available under its revolving credit facility, with net cash from operations increasing to **$41.8 million** and the **$1.05 billion** term loan and amended Tax Receivable Agreement (to be settled for **$52.5 million**) detailed - The company had **$230.2 million** in cash and cash equivalents and **$123.8 million** of unused borrowing capacity under its 2021 Revolving Credit Facility as of May 31, 2025[208](index=208&type=chunk) - Net cash provided by operating activities increased by **$5.9 million** to **$41.8 million** for the quarter, primarily driven by an increase in subscriptions revenue and changes in working capital[217](index=217&type=chunk) - The Tax Receivable Agreement liability is expected to be settled for **$52.5 million** in cash upon the closing of the WiseTech merger, with the full amount now classified as a current liability[222](index=222&type=chunk)[223](index=223&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its market risks from those disclosed in its Annual Report on Form 10-K for the fiscal year ended February 28, 2025 - There have been no material changes in market risks since the last Annual Report (Form 10-K for fiscal year ended February 28, 2025)[250](index=250&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of May 31, 2025, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[252](index=252&type=chunk) - No material changes were identified in the company's internal control over financial reporting during the quarter ended May 31, 2025[253](index=253&type=chunk) [PART II. Other Information](index=59&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to contingencies that arise in the ordinary course of business but does not currently believe the resolution of any such matters will have a material adverse effect on its financial statements - The company states that it is not currently subject to any legal proceedings that are expected to have a material adverse effect on its financial condition or results of operations[255](index=255&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) This section highlights new risks specifically related to the proposed merger with WiseTech, including uncertainties affecting business operations, the potential failure to complete the merger (which could result in a **$37.5 million** termination fee), limitations on pursuing alternative transactions, restrictions on business conduct, and the possibility of merger-related lawsuits - Uncertainties related to the pending merger with WiseTech could disrupt business, vendor, customer, and employee relationships[258](index=258&type=chunk)[259](index=259&type=chunk) - Failure to complete the merger could cause the stock price to decline and may require the company to pay a termination fee of **$37.5 million** to WiseTech[260](index=260&type=chunk)[261](index=261&type=chunk) - The merger agreement restricts the company's ability to solicit alternative acquisition proposals and imposes limitations on its business operations until the merger is complete[263](index=263&type=chunk)[264](index=264&type=chunk) - The company may face lawsuits related to the merger, which could be costly and divert management's attention[265](index=265&type=chunk) [Other Information](index=61&type=section&id=Item%205.%20Other%20Information) The company reports that none of its directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended May 31, 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter[266](index=266&type=chunk) [Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the merger agreement with WiseTech, an amendment to the credit agreement, an amendment to the tax receivable agreement, and CEO/CFO certifications - Key exhibits filed include the Agreement and Plan of Merger with WiseTech, Amendment No 5 to the Credit Agreement, and Tax Receivable Agreement Amendment No 1[268](index=268&type=chunk)

Exhibit 99.1 www.e2open.com Press Release E2open Announces Fiscal 2026 First Quarter Financial Results Q1-FY26 GAAP subscription revenue of $132.9 million, above high end of Q1 guidance range Financial Outlook for Fiscal Year 2026 As of July 10, 2025, e2open is reiterating full year 2026 guidance previously provided on April 29, 2025, as follows: Continued strong cash generation in Q1-FY26 DALLAS – July 10, 2025 – E2open Parent Holdings, Inc. (NYSE: ETWO) ("e2open" or the "Company"), the connected supply ch ...

Group 1 - E2open Parent Holdings, Inc. is set to release its first-quarter earnings results on July 10, with analysts expecting earnings of 4 cents per share, unchanged from the previous year [1] - The projected quarterly revenue for E2open is $148.92 million, a decrease from $151.16 million reported a year earlier [1] - E2open has agreed to be acquired by WiseTech Global for $3.30 per share in an all-cash deal [2] Group 2 - E2open shares closed at $3.25, reflecting a gain of 0.6% [2] - Goldman Sachs analyst Adam Hotchkiss has maintained a Sell rating on E2open, reducing the price target from $2.6 to $2.3 [4] - Loop Capital analyst Mark Schappel has maintained a Hold rating and cut the price target from $4 to $3 [4]

Group 1 - The core focus of Quad 7 Capital is to provide investment opportunities through their BAD BEAT Investing platform, emphasizing both long and short trades [1] - The team consists of 7 analysts with diverse expertise in business, policy, economics, mathematics, game theory, and sciences, aiming to educate investors on proficient trading [1] - Since May 2020, the company has maintained an average position of 95% long and 5% short, showcasing their strategic approach to market conditions [1] Group 2 - BAD BEAT Investing offers various benefits, including weekly well-researched trade ideas, access to multiple chat rooms, and daily summaries of key analyst upgrades and downgrades [2] - The platform also provides education on basic options trading and extensive trading tools to enhance investor knowledge and skills [2]

Financial Data and Key Metrics Changes - Subscription revenue for Q4 FY 2025 was $133 million, slightly above the guidance range of $131 to $134 million, but a year-over-year decline of 1% was noted. On a constant currency basis, the decline was only 0.5% [33] - Total revenue for Q4 FY 2025 was $152.7 million, reflecting a decline of 3.6% year-over-year. For the full fiscal year, total revenue was $607.7 million, a decrease of 4.2% compared to the previous year [34][35] - The net loss for Q4 FY 2025 was $268.5 million, which included a noncash goodwill impairment charge of $245 million. The full fiscal year net loss was $725.8 million, also impacted by goodwill impairment charges [38] Business Line Data and Key Metrics Changes - Professional services revenue in Q4 FY 2025 was $19.7 million, a year-over-year decline of 18.3%. For the full fiscal year, professional services revenue was $79.7 million, down 18.4% [34] - Subscription bookings in Q4 FY 2025 were the highest quarterly total since the end of FY 2023, indicating positive momentum in the go-to-market strategy [22][27] Market Data and Key Metrics Changes - E2Open's global trade application suite is positioned as a critical asset for clients navigating tariff volatility, with significant updates made to the global trade content database [17][18] - The company reported that its end-to-end platform reached over half a million interconnected supply chain partners, the highest number in its history [12] Company Strategy and Development Direction - The company is focused on improving client retention, enhancing the client experience, and laying the groundwork for durable growth, with a commitment to long-term value creation [6][7] - E2Open is investing in product innovation, particularly in artificial intelligence and machine learning, to enhance its software capabilities and maintain competitive advantage [14][15] - The strategic review initiated last year is ongoing, with no further comments provided during the call [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning for sustainable growth, citing improvements in retention and subscription bookings momentum [43] - The company expects FY 2026 subscription revenue to range from $525 million to $535 million, indicating a potential return to positive growth [39][40] Other Important Information - The company has made significant progress in reducing customer support backlog by over 60% and improving client satisfaction metrics [6][10] - Adjusted EBITDA for Q4 FY 2025 was $56.3 million, reflecting a margin of 36.9%, with continued strong margins indicating operational efficiency [36][37] Q&A Session Summary Question: Fiscal year 2026 revenue guidance and subscription side linearity - Management indicated that subscription revenue guidance reflects a conservative approach, expecting steady improvement similar to FY 2025 [49][50] Question: Professional services growth confidence - Management noted a conservative view on professional services revenue but highlighted improvements in bookings and backlog [50] Question: Investments in product and commercial business - Management discussed targeted investments in product differentiation and client-specific data platforms to enhance service delivery [51][53] Question: Customer conversations regarding global trade - Management emphasized the importance of supporting clients through tariff complexities and the potential for future opportunities as conditions stabilize [61][64] Question: Demand environment in trucking and freight - Management reported stable conditions in both road and ocean transportation without significant shifts [66] Question: Factors driving first quarter subscription revenue guidance down - Management explained that higher churn is expected in Q1 due to elevated renewals, which is a seasonal trend [70] Question: Willingness to invest in Salesforce structure and headcount - Management confirmed a commitment to invest in client-facing organizations, including commercial and product teams [72] Question: Legacy customer satisfaction and churn normalization - Management indicated that they are in the process of addressing past issues and expect to normalize churn levels in the coming quarters [77][80]

Company Performance - E2open Parent Holdings, Inc. (ETWO) reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.05 per share, and up from $0.05 per share a year ago, representing an earnings surprise of 20% [1] - The company posted revenues of $152.68 million for the quarter ended February 2025, surpassing the Zacks Consensus Estimate by 0.82%, but down from $158.45 million year-over-year [2] - Over the last four quarters, E2open has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] Stock Performance - E2open shares have declined approximately 21.8% since the beginning of the year, compared to a decline of 6% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $148.25 million, and for the current fiscal year, it is $0.20 on revenues of $605.98 million [7] Industry Outlook - The Zacks Industry Rank indicates that the Internet - Software sector is currently in the bottom 43% of over 250 Zacks industries, suggesting potential underperformance compared to the top 50% of ranked industries [8] - The estimate revisions trend for E2open is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expectations of underperformance in the near future [6]

Financial Data and Key Metrics Changes - Subscription revenue for Q4 FY 2025 was $133 million, slightly above the guidance range of $131 to $134 million, with a year-over-year decline of 1% [36] - On a constant currency basis, the year-over-year decline in subscription revenue was only 0.5%, indicating an improvement in growth performance [36] - Total revenue for Q4 was $152.7 million, reflecting a decline of 3.6% year-over-year, while total revenue for FY 2025 was $607.7 million, a decrease of 4.2% [37][38] - Adjusted EBITDA for Q4 was $56.3 million, with a margin of 36.9%, compared to $55.1 million and a margin of 34.8% in the prior year [39] - The net loss for Q4 was $268.5 million, including a noncash goodwill impairment charge of $245 million [42] Business Line Data and Key Metrics Changes - Professional services revenue in Q4 was $19.7 million, a year-over-year decline of 18.3%, with full-year professional services revenue at $79.7 million, also down 18.4% [37] - Subscription bookings in Q4 were the highest quarterly total since the end of FY 2023, indicating positive momentum in the go-to-market strategy [25] Market Data and Key Metrics Changes - E2Open's global trade application suite is positioned as a first line of defense against tariff-related challenges, with updates made to the global trade content database impacting over 2 million landed cost records [19][20] - The company reached over half a million interconnected supply chain partners in FY 2025, the highest number in its history [14] Company Strategy and Development Direction - The company is focused on client satisfaction, retention, and operational discipline, with a commitment to long-term value creation [9][12] - E2Open is investing in product innovation, particularly in artificial intelligence and machine learning, to enhance its software capabilities [16][17] - The strategic review initiated last year is ongoing, with no further comments provided during the call [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning for sustainable growth, citing improvements in retention and subscription bookings [47][48] - The company expects FY 2026 subscription revenue to range from $525 million to $535 million, indicating a potential return to positive growth [43][44] Other Important Information - The company ended FY 2025 with a cash balance of $197.4 million, an increase of $46 million from the previous quarter, highlighting robust cash generation capabilities [43] - Adjusted operating cash flow for FY 2025 was $111.4 million, with expectations to maintain similar performance in FY 2026 [47] Q&A Session Summary Question: Fiscal Year 2026 revenue guidance and subscription side linearity - Management expects a similar improvement style as seen in FY 2025, with room for further growth [53] Question: Professional services side improvement confidence - Management has taken a conservative view but sees potential for growth in professional services revenue as the business stabilizes [54] Question: Investments in product and commercial business - Investments are focused on enhancing product differentiation and client-specific data platforms, among other areas [56][57] Question: Customer conversations regarding global trade - Current focus is on delivering solutions to navigate complexities in global trade, with expectations for future opportunities as conditions stabilize [66] Question: Demand environment in trucking or freight - No significant movements observed in the near term; stability noted in both road and ocean transportation [70] Question: Exposure to changes in global trade volumes - Pure volume-based revenue exposure is currently at 2%, down from 4% two years ago, indicating reduced sensitivity to trade volume fluctuations [86]