Core Viewpoint - The cloud and AI markets are experiencing rapid growth, benefiting companies like Microsoft, Cloudflare, and Five9, which are well-positioned to capitalize on these trends over the coming decades [1][2]. Microsoft - Microsoft has transformed from a slow-growth tech giant to a leader in cloud and AI under CEO Satya Nadella since 2014, expanding its cloud ecosystem and investing in AI technologies [4][5]. - Microsoft's Azure is now the second-largest cloud infrastructure platform globally, following Amazon Web Services (AWS), and the company has a significant stake in OpenAI, integrating AI capabilities into its products [5][6]. - From fiscal 2014 to fiscal 2024, Microsoft's revenue grew at a compound annual growth rate (CAGR) of 11%, with earnings per share (EPS) increasing at a CAGR of 16%. Analysts project a continued revenue and EPS growth of 14% CAGR from fiscal 2024 to fiscal 2027 [6][7]. Cloudflare - Cloudflare is a major content delivery network (CDN) provider, enhancing digital content delivery and protecting websites from cyber threats [8][10]. - The company aims to be a "water filtration" system for the internet, recently launching Workers AI to enable developers to build AI applications on its edge networks [9][10]. - Cloudflare's revenue has grown at a CAGR of 40% from 2020 to 2024, with expectations of 27% CAGR growth from 2024 to 2027, and it is projected to become profitable by the end of this period [11]. Five9 - Five9 specializes in cloud-based customer support services, utilizing AI-powered chatbots and human agents to manage customer interactions across various channels [12][13]. - The company serves over 3,000 customers and processes more than 14 billion call minutes annually, with a business model designed to thrive during economic downturns [12][13]. - From 2014 to 2024, Five9's revenue grew at a CAGR of 26%, with projections of 10% CAGR growth from 2024 to 2027, and an expected EPS growth of 125% over the next two years [14].

He also leads the investing group IPO Edge , which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to init ...

Five9 (FIVN) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 29.17%. A quarter ago, it was expected that this provider of cloud-based software to call centers would post earnings of $0.70 per share when it actually produced earnings of $0.78, delivering a surprise of 11.43%.Over the l ...

Financial Data and Key Metrics Changes - Subscription revenue grew 14% year over year, now comprising 80% of total revenue [4][28] - Adjusted EBITDA margin reached 19% for Q1, with operating cash flow at a record $48 million, representing 17% of revenue [4][30] - Free cash flow also hit an all-time high of $35 million, or 12% of revenue [4][30] - Q1 revenue growth was reported at 13% year over year, primarily driven by subscription revenue [28] Business Line Data and Key Metrics Changes - Enterprise subscription revenue grew 20% year over year, contributing significantly to overall subscription revenue growth [4] - Enterprise AI revenue grew 32% year over year, making it the fastest-growing category in the product portfolio [28][15] - The commercial business, representing 10% of total revenue, declined in the single digits on an LTM basis [28] Market Data and Key Metrics Changes - The total addressable market (TAM) for the core CCaaS market is estimated at $24 billion, with ongoing cloud migrations presenting significant opportunities [16] - The company is experiencing increased volume in new logo wins year over year, despite longer sales cycles for larger deals [22] Company Strategy and Development Direction - The company is focused on transformation initiatives to bolster long-term competitive positioning and aims to achieve the "Rule of 40" by 2027 [5] - Investment in AI and go-to-market initiatives is prioritized to drive revenue growth and capitalize on an expanding TAM [5][19] - The company is enhancing partnerships, such as with Salesforce, to deliver better AI-powered customer experiences [8][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic challenges, including inflation and uncertainty in consumer spending, which may impact future performance [2][22] - The company remains optimistic about long-term growth opportunities, particularly in the upper end of the market, which is the least penetrated [16] - Management has adopted a more prudent stance in guidance due to heightened macro uncertainty [34] Other Important Information - A 4% reduction in the global workforce was announced, expected to result in annualized compensation-related non-GAAP expense reductions of $20 to $25 million [32] - The company plans to retire $434 million in convertible notes in cash when they mature in June [31] Q&A Session Summary Question: Will Q1 be the trough for subscription revenue growth? - Management has not provided specific guidance on subscription growth but maintains annual total revenue guidance unchanged at $1.14 billion [38] Question: Can you elaborate on the longer sales cycles due to macro conditions? - Longer sales cycles are primarily observed in the large enterprise market, with some deals slipping into the next quarter [49][51] Question: How does Genius AI fit into the current environment? - The AI revolution is prompting companies to accelerate their AI initiatives, with significant momentum in decision-making observed [60][61] Question: What is the impact of the transformation on different divisions? - The reduction in force affected most departments, but sales capacity remains unaffected, with continued investment in go-to-market initiatives [63] Question: What is driving the growth in BYOT with Salesforce? - The growth is attributed to Salesforce's investment in AI and the simplification of the go-to-market strategy through Five9 Fusion [68] Question: How is the relationship with BT progressing after recent tariff announcements? - The relationship remains strong, with ongoing good activity and deal wins [96]

Q1 2025 Financial Performance - Total revenue grew by 13% year-over-year[6,10] - Subscription revenue increased by 14% year-over-year[6] - Subscription revenue accounted for 80% of total revenue[6] - Adjusted gross margin was 62%[6] - Adjusted EBITDA margin reached 19%[6] AI Adoption and Impact - Enterprise AI revenue grew by 32% year-over-year[7] - AI contributed to 9% of Enterprise Subscription Revenue[7] - 50% of AI Blueprint customers purchased AI solutions[7] - AI accounted for over 20% of Enterprise New Logo ACV Bookings[7] Customer Success and Expansion - New Customer 1 anticipated ARR $2.8 million[9] - New Customer 2 anticipated ARR $1.7 million[9] - New Customer 3 anticipated ARR $0.9 million[9] - Existing Customer additional ARR $4.0 million[9] 2025 Guidance - Q2 2025 revenue is projected to be between $274.5 million and $275.5 million[35] - Full-year 2025 revenue is expected to be between $1.140 billion and $1.144 billion[35]

Financial Data and Key Metrics Changes - Subscription revenue grew 14% year over year, now comprising 80% of total revenue [3][27] - Adjusted EBITDA margin reached 19% for Q1, with operating cash flow at a record $48 million, representing 17% of revenue [3][30] - Free cash flow also hit an all-time high of $35 million, or 12% of revenue [3][30] - Non-GAAP EPS was $0.62 per diluted share, up 29% year over year [29] Business Line Data and Key Metrics Changes - Enterprise subscription revenue grew 20% year over year, contributing significantly to overall subscription revenue growth [3][27] - Enterprise AI revenue increased by 32% year over year, making it the fastest-growing category in the product portfolio [14][27] Market Data and Key Metrics Changes - The total addressable market (TAM) for the core CCaaS market is estimated at $24 billion, with ongoing cloud migrations expected to drive growth [15] - International business represents about 12% of total revenue, with some resistance noted in international regions towards US vendors [20][83] Company Strategy and Development Direction - The company aims to reestablish itself as a "Rule of 40" company by targeting adjusted EBITDA above 40 and approaching the same for free cash flow by 2027 [4][43] - Focus on AI and go-to-market initiatives to drive revenue growth and capitalize on an expanding TAM [4][15] - A recent operational review led to a 4% reduction in the global workforce, aimed at improving profitability and reallocating resources towards strategic areas [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth despite macroeconomic challenges, including inflation and consumer spending uncertainty [3][20] - The company is maintaining its full-year revenue guidance at $1.14 billion, with a cautious outlook due to macro uncertainties [34][80] Other Important Information - The company has deepened its partnership with Salesforce through the launch of Five9 Fusion, enhancing AI-powered customer experiences [7][66] - The AI blueprint program has shown promising results, with 50% of customers participating purchasing AI products [15][60] Q&A Session Summary Question: Will Q1 be the trough for subscription revenue growth this year? - Management has not provided specific guidance on subscription growth but maintains the annual revenue guidance unchanged at $1.14 billion, reflecting stable macro conditions [38][39] Question: Can you elaborate on the longer sales cycles in the enterprise market? - Longer sales cycles are primarily observed in larger enterprise deals, with some deals slipping into the next quarter due to macro conditions [48][51] Question: How does the Genius AI play into the current environment? - The AI revolution is prompting companies to accelerate their AI initiatives, with significant momentum in decision-making and ROI delivery from AI solutions [55][60] Question: What is driving the growth in BYOT (Bring Your Own Telephony)? - The growth in BYOT is driven by Salesforce's investment in AI and the simplification of the go-to-market strategy through Five9 Fusion [66] Question: How has the international business been affected by recent geopolitical events? - International business represents a small portion of total revenue, and while there is some resistance, confidence remains strong among existing customers [83][85]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, highlighting a shift to net income and growth in total assets Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $370,344 | $362,546 | | Total current assets | $1,287,451 | $1,248,568 | | Total assets | $2,089,924 | $2,051,214 | | Total current liabilities | $638,892 | $641,691 | | Total liabilities | $1,425,638 | $1,429,022 | | Total stockholders' equity | $664,286 | $622,192 | Condensed Consolidated Statements of Operations (Unaudited) | Metric | Three Months Ended Mar 31, 2025 (in thousands) | Three Months Ended Mar 31, 2024 (in thousands) | | :--- | :--- | :--- | | Revenue | $279,705 | $247,010 | | Gross profit | $153,732 | $132,480 | | Loss from operations | ($5,428) | ($20,695) | | Net income (loss) | $576 | ($7,077) | | Diluted net income (loss) per share | $0.01 | ($0.10) | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Three Months Ended Mar 31, 2025 (in thousands) | Three Months Ended Mar 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $48,384 | $32,353 | | Net cash used in investing activities | ($38,103) | ($266,823) | | Net cash (used in) provided by financing activities | ($2,163) | $331,396 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes provide detailed explanations of accounting policies, revenue recognition, debt instruments, and significant corporate events impacting the financial statements - As of March 31, 2025, the company's remaining performance obligations (RPO) totaled **$1,066.7 million**. It expects to recognize approximately three-fourths of this amount as revenue over the next 24 months[41](index=41&type=chunk) - In March 2024, the company issued **$747.5 million** of 1.00% convertible senior notes due 2029. A portion of the proceeds was used to repurchase approximately **$313.1 million** of its 0.50% convertible senior notes due 2025[61](index=61&type=chunk)[65](index=65&type=chunk) - On August 27, 2024, the company acquired Acqueon for approximately **$173.8 million**, resulting in **$139.4 million** of goodwill. This acquisition is intended to expand the company's outbound and proactive customer engagement capabilities[121](index=121&type=chunk)[123](index=123&type=chunk) - A reduction in force plan (the "2025 Plan") was approved on March 31, 2025, to reduce global full-time employees by **4%**. Estimated cash expenditures are **$7 million to $9 million**. This follows a 2024 plan that reduced headcount by **6%**[128](index=128&type=chunk)[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results for Q1 2025, highlighting revenue growth, a shift to net income, and improved Adjusted EBITDA [Overview](index=33&type=section&id=Overview) This overview describes the company as a leading cloud contact center solution provider, emphasizing its SaaS model, strategic shift to larger customers and AI integration, and recent restructuring efforts - The company is a leading provider of intelligent cloud contact centers with **over 3,000 customers**, generating revenue through a **SaaS business model**[130](index=130&type=chunk)[136](index=136&type=chunk) - Subscription and related usage fees accounted for **93% of revenue** for the three months ended March 31, 2025 and 2024[132](index=132&type=chunk) - The company executed a reduction in force plan in August 2024, reducing employees by **~6%**, and approved another plan in March 2025 to reduce employees by **~4%** to prioritize investments in areas like AI[134](index=134&type=chunk)[135](index=135&type=chunk) [Key Operating and Non-GAAP Financial Performance Metrics](index=34&type=section&id=Key%20Operating%20and%20Non-GAAP%20Financial%20Performance%20Metrics) This section reviews key operating and non-GAAP financial metrics, including the Annual Dollar-Based Retention Rate and Adjusted EBITDA, reflecting operational performance Annual Dollar-Based Retention Rate | Period | Rate | | :--- | :--- | | Twelve Months Ended March 31, 2025 | 107% | | Twelve Months Ended March 31, 2024 | 109% | Reconciliation of Net Income (Loss) to Adjusted EBITDA | Metric | Three Months Ended Mar 31, 2025 (in thousands) | Three Months Ended Mar 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net income (loss) | $576 | ($7,077) | | Adjusted EBITDA | $52,703 | $37,586 | [Key Components of Our Results of Operations](index=36&type=section&id=Key%20Components%20of%20Our%20Results%20of%20Operations) This section outlines the primary components of the company's financial results, detailing revenue sources, cost of revenue, and operating expense categories - Revenue consists of recurring subscription and related usage fees, and professional services revenue[146](index=146&type=chunk) - Cost of Revenue primarily consists of personnel costs, telecommunications provider fees, data center expenses, and amortization of acquired technology and internal-use software[149](index=149&type=chunk) - Operating expenses are broken down into Research and Development, Sales and Marketing, and General and Administrative categories[150](index=150&type=chunk) [Results of Operations for the Three Months Ended March 31, 2025 and 2024](index=37&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031,%202025%20and%202024) This section details the results of operations for Q1 2025 and 2024, showing a **13% revenue increase**, improved gross margin, reduced operating loss, and a shift to **net income** Revenue Performance | Period | Revenue (in thousands) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | | Q1 2025 | $279,705 | $32,695 | 13% | | Q1 2024 | $247,010 | | | Operating Expenses Analysis | Expense Category | Q1 2025 (in millions) | Q1 2024 (in millions) | Change (in millions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $41.1 | $41.5 | ($0.4) | (1)% | | Sales and marketing | $82.9 | $81.1 | $1.7 | 2% | | General and administrative | $35.2 | $30.5 | $4.7 | 15% | - The increase in General and Administrative expenses was primarily due to a **$1.6 million** increase in professional costs for strategic consulting services and a **$1.2 million** increase in personnel-related costs[161](index=161&type=chunk) - In Q1 2024, the company recognized a **$6.6 million** gain on the early extinguishment of debt related to the repurchase of its 2025 convertible senior notes[162](index=162&type=chunk)[163](index=163&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's strong liquidity position as of March 31, 2025, with substantial cash and marketable investments, and discusses its financing activities and future capital sufficiency - As of March 31, 2025, the company had **$370.3 million** in cash and cash equivalents and **$671.4 million** in marketable investments[164](index=164&type=chunk)[165](index=165&type=chunk) - In March 2024, the company issued **$747.5 million** of 2029 convertible senior notes, with net proceeds of approximately **$728.8 million**[166](index=166&type=chunk) - The company plans to use cash to settle the 2025 convertible senior notes that mature on June 1, 2025[167](index=167&type=chunk) Cash Flow Summary | Cash Flow Activity | Three Months Ended Mar 31, 2025 (in thousands) | Three Months Ended Mar 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $48,384 | $32,353 | | Net cash used in investing activities | ($38,103) | ($266,823) | | Net cash (used in) provided by financing activities | ($2,163) | $331,396 | [Critical Accounting Policies and Estimates](index=41&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section confirms no material changes to the company's critical accounting policies and estimates since the December 31, 2024 Annual Report on Form 10-K - There have been no material changes to critical accounting policies and estimates since the 2024 Annual Report on Form 10-K[179](index=179&type=chunk) [Recent Accounting Pronouncements](index=42&type=section&id=Recent%20Accounting%20Pronouncements) This section refers to Note 1 of the condensed consolidated financial statements for information on recent accounting pronouncements - Information regarding recent accounting pronouncements is available in Note 1 of the financial statements[180](index=180&type=chunk) [Contractual and Other Obligations](index=42&type=section&id=Contractual%20and%20Other%20Obligations) This section outlines the company's material cash requirements, including obligations for convertible senior notes, leases, and various service agreements - As of March 31, 2025, the company has outstanding principal of **$434.4 million** for its 2025 convertible senior notes (due June 1, 2025) and **$747.5 million** for its 2029 convertible senior notes (due March 15, 2029)[182](index=182&type=chunk)[183](index=183&type=chunk) - Total lease obligations as of March 31, 2025, were **$50.7 million** for operating leases and **$22.9 million** for finance leases[185](index=185&type=chunk) - The company has commitments of **$29.5 million** for cloud services/software and **$13.5 million** for hosting/telecommunication services[186](index=186&type=chunk)[188](index=188&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) This section discusses the company's market risk exposures, primarily from interest rates and foreign currency exchange rates, noting no material changes since December 31, 2024 - The company's market risk exposure, primarily from interest rates and foreign currency, has not changed materially since December 31, 2024[192](index=192&type=chunk) - A hypothetical **100 basis point** change in interest rates would not materially impact the value of cash and marketable investments[193](index=193&type=chunk) - The convertible senior notes carry fixed interest rates and are therefore not subject to interest rate risk[195](index=195&type=chunk) - A hypothetical **10%** change in foreign currency exchange rates would have a maximum impact of **$2.8 million** on operating expenses[197](index=197&type=chunk) [Controls and Procedures](index=45&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 2025 - Management, including the CEO and CFO, concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective[199](index=199&type=chunk) - There was no change in internal control over financial reporting during Q1 2025 that has materially affected, or is reasonably likely to materially affect, internal controls[201](index=201&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=46&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in a putative class action lawsuit and a related shareholder derivative action, both of which are being vigorously defended with uncertain outcomes - A putative class action complaint was filed against the company on December 4, 2024, alleging violations of the Securities Exchange Act of 1934[105](index=105&type=chunk)[190](index=190&type=chunk) - A related shareholder derivative action was filed on March 18, 2025, and has been stayed pending the resolution of the motion to dismiss in the securities class action[107](index=107&type=chunk)[191](index=191&type=chunk) - The company cannot predict the outcome or estimate potential losses from these lawsuits and intends to defend them vigorously[106](index=106&type=chunk) [Risk Factors](index=46&type=section&id=ITEM%201A.%20Risk%20Factors) This section confirms no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - There have been no material changes from the Risk Factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[205](index=205&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[206](index=206&type=chunk) [Defaults Upon Senior Securities](index=46&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[207](index=207&type=chunk) [Mine Safety Disclosures](index=46&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable - Not applicable[208](index=208&type=chunk) [Other Information](index=46&type=section&id=ITEM%205.%20Other%20Information) During the fiscal quarter ended March 31, 2025, no directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements - During the fiscal quarter ended March 31, 2025, none of the Company's directors and officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement[209](index=209&type=chunk) [Exhibits](index=47&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including management contracts, compensatory plans, and required CEO/CFO certifications - The report lists various exhibits filed, including management contracts, CEO/CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906, and XBRL interactive data files[210](index=210&type=chunk)[211](index=211&type=chunk)

Investors might want to bet on Five9 (FIVN) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The power of a changing ea ...

Core Viewpoint - Five9 (FIVN) is expected to report first-quarter 2025 results on May 1, with anticipated revenues of $271.5-$272.5 million, reflecting a 10.35% increase year-over-year [1][2] Revenue and Earnings Expectations - The Zacks Consensus Estimate for revenues is $272.58 million for the quarter [1] - Non-GAAP earnings are projected to be between 47-49 cents per share, with the consensus estimate at 48 cents, unchanged from the previous year [2] Performance Drivers - Five9's performance is expected to benefit from strong enterprise AI revenue growth, which increased by 46% year-over-year in Q4 2024, contributing to 9% of enterprise subscription revenues [3] - The company achieved a record adjusted EBITDA margin of 23.1% and generated $79 million in free cash flow in Q4 2024, indicating strong operational efficiency [4] - Partnerships with major companies like Salesforce, ServiceNow, Microsoft, Verint, and Google are likely to enhance Five9's competitive position and customer acquisition [5] Macroeconomic Factors - The company may face challenges from macroeconomic factors such as persistent inflation, high interest rates, and currency fluctuations, which could impact performance [6] Earnings Prediction Model - According to the Zacks model, Five9 has an Earnings ESP of -11.27% and a Zacks Rank of 3, indicating lower odds of an earnings beat [7]

Investors with an interest in Internet - Software stocks have likely encountered both Five9 (FIVN) and F5 Networks (FFIV) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revisio ...