Financial Data and Key Metrics Changes - Q1 2025 revenues increased by 11% year over year to $21.9 million, with adjusted EBITDA improving to $1.5 million, a nearly $2 million increase year over year [3][10] - Gross margin decreased from 62% in Q1 2024 to 60.9% in Q1 2025, primarily due to product and channel partner mix [9][10] - The company reported a net loss of $2.2 million or $0.12 per share for Q1 2025, compared to a net loss of $6.9 million or $0.38 per share in Q1 2024 [10] - Operating cash flow was $3.9 million, with a cash balance of $16.6 million at the end of Q1 2025 [11] Business Line Data and Key Metrics Changes - Contracted revenue increased by over 25% year over year, exceeding $70 million as of the end of Q1 2025 [11] - Average revenue per top 20 pharmaceutical manufacturer is approximately $3 million, representing 63% of business in Q1 2025 [12] - Net revenue retention rate remains strong at 114%, with revenue per FTE increasing to $710,000 from $641,000 in Q1 2024 [12] Market Data and Key Metrics Changes - The company is experiencing early momentum in transitioning to a subscription-based model, with over 5% of projected annual revenue already converted to subscription contracts for 2025 [4][5] - The digital pharma marketing landscape is undergoing significant shifts, with the company positioned to reshape engagement between pharmaceutical companies, patients, and prescribers [5][6] Company Strategy and Development Direction - The company aims to address critical commercialization challenges in the pharma industry, including improving brand visibility and supporting the shift towards specialty medications [8] - Focus on operational excellence and customer relationships is expected to drive significant shareholder value [5][8] - The company is targeting Rule of 40 performance in the coming years, emphasizing disciplined cost management and targeted upselling strategies [4][5] Management's Comments on Operating Environment and Future Outlook - Management has not observed significant headwinds impacting the business despite market noise related to tariffs and price negotiations [4][18] - There is confidence in the ability to fund operating needs and strategic priorities, with a strong working capital position [11] - The company anticipates continued growth and is optimistic about achieving revenue guidance of $101 million to $106 million for the year [4][11] Other Important Information - The company is leveraging one of the largest point of care networks in the country to connect pharmaceutical manufacturers with healthcare providers [5][6] - The transition to subscription-based revenue is expected to smooth revenue recognition over time, enhancing financial stability [21][37] Q&A Session Summary Question: Concerns about market noise and customer hesitation - Management has not seen any pullback from clients and reports that customers are leaning into digital channels more than before [18][19] Question: Impact of subscription-based revenue on revenue recognition and margins - Subscription revenue spreads over a twelve-month period, but it is expected to be accretive due to low cost of sales [21][24] Question: Gross margin outlook - Current gross margin is expected to remain in the low 60% range, with efforts to increase it above that level [25][27] Question: Visibility on revenue and backlog - Committed revenue is north of 80%, indicating strong visibility for the year [31][32] Question: New business and RFP season performance - Both DTC and DAP components of the business are performing well, contributing to increased guidance [57][58] Question: Pipeline growth and win rates - The pipeline continues to grow steadily, with improved conversion ratios, particularly in data and subscription components [70][71] Question: Subscription deal structure - Current subscription deals are one-year evergreen arrangements, with plans to transition to multi-year deals in the future [73] Question: Guidance correlation between revenue and EBITDA - High-end revenue guidance correlates with high-end EBITDA, with a focus on gross margin mix being a key factor [75]

Core Insights - OptimizeRx Corp reported strong financial performance for Q1 2025, with revenue increasing by 11% year-over-year to $21.9 million, and gross profit rising by 9% to $13.3 million [7][8] - The company has raised its full-year revenue guidance to a range of $101 million to $106 million, with adjusted EBITDA expected between $13 million and $15 million [5][6][7] Financial Performance - Q1 2025 net revenue was $21.9 million, compared to $19.7 million in Q1 2024, marking an 11% increase [8] - Gross profit for Q1 2025 was $13.3 million, up from $12.2 million in the same period last year, reflecting a 9% increase [8] - The company reported a GAAP net loss of $(2.2) million or $(0.12) per share for Q1 2025, an improvement from a net loss of $(6.9) million or $(0.38) per share in Q1 2024 [8][22] Key Performance Indicators - Average revenue per top 20 pharmaceutical manufacturer increased to $2.96 million in 2025 from $2.59 million in 2024 [5] - The percentage of total revenue attributable to the top 20 pharmaceutical manufacturers decreased slightly to 63% in 2025 from 66% in 2024 [5] - Net revenue retention stood at 114% in 2025, down from 116% in 2024 [5] Strategic Outlook - The company has converted over 5% of its expected 2025 sales into subscription-based revenue streams, indicating a shift towards more stable revenue models [4] - CEO Stephen L. Silvestro expressed confidence in achieving "Rule of 40" performance in the coming years, driven by operational excellence and customer satisfaction [3][4]

Financial Data and Key Metrics Changes - Total revenue for Q3 FY2025 was $12.7 million, up from $12.1 million in Q3 FY2024, representing a year-over-year increase of approximately 5% [8] - Annual recurring revenue (ARR) reached $20.4 million, a 23% increase year-over-year [9] - Gross margin improved to 49.5%, a 430 basis point increase compared to the prior year [12] - Net income was $216,000 or $0.01 per diluted share, compared to $76,000 in the prior year [16] Business Line Data and Key Metrics Changes - Platform subscription revenue increased by 22% to $4.8 million, driven by growth in both B2B and B2C segments [8] - Transaction revenue decreased to $7.8 million from $8.2 million in the prior year, a decline of 4% [11] - B2B ARR experienced net incremental growth of $736,000, a record for the company [10] Market Data and Key Metrics Changes - The total active customer count decreased to 1,380 from 1,426 in the same period a year ago [12] - The company noted that budget cuts in government and academic institutions have not yet materially impacted churn or the sales pipeline [34] Company Strategy and Development Direction - The company is focusing on building a professional sales and renewal team as part of its long-term strategy [21] - Investments in sales and marketing are expected to drive predictable growth, with a focus on both B2B and B2C segments [42] - AI is central to the company's strategy, with ongoing development of AI-based products and features [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing revenue mix shift towards higher-margin SaaS revenue [19] - The company anticipates a strong finish in the final quarter of the fiscal year, despite potential declines in transaction revenue [19] - Management is monitoring the impact of budget cuts on academic library budgets but views it as an opportunity for their products [34] Other Important Information - The company achieved a new record for adjusted EBITDA at $1.4 million, compared to $961,000 in the prior year [17] - Cash flow from operations for the quarter was approximately $2.9 million, a significant increase from $2 million in the prior year [18] Q&A Session Summary Question: Thoughts on shifting gears to drive faster growth through sales and marketing - Management indicated that investments in sales and marketing are aimed at creating a predictable model for growth, particularly in B2B [42] Question: Potential of AI to streamline operations and lower costs - Management acknowledged the need to utilize AI for productivity enhancements and indicated plans to report on AI initiatives in future meetings [47] Question: Performance of new logo versus cross-sell teams - New logo teams performed well, contributing over half of total new bookings, with strong performance noted in both corporate and academic segments [54]

Financial Data and Key Metrics Changes - Total revenue for Q3 FY2025 was $12.7 million, up from $12.1 million in Q3 FY2024, representing a year-over-year increase of approximately 5% [8] - Annual recurring revenue (ARR) reached $20.4 million, a 23% increase year-over-year [9] - Gross margin improved to 49.5%, a 430 basis point increase compared to the prior year [12] - Adjusted EBITDA set a new record at $1.4 million, compared to $961,000 in the year-ago quarter, with a trailing twelve months adjusted EBITDA of $5.1 million, representing a 10.4% margin [17][18] Business Line Data and Key Metrics Changes - Platform subscription revenue increased by 22% to $4.8 million, driven by growth in both B2B and B2C segments [8] - B2B segment saw net incremental ARR growth of $736,000, a record for the company [10] - Transaction revenue decreased to $7.8 million from $8.2 million in the prior year quarter, a decline of 4% [11] Market Data and Key Metrics Changes - Total active customer count decreased to 1,380 from 1,426 year-over-year [12] - The company noted that budget cuts in government and academic institutions have not yet materially impacted churn or the sales pipeline [33] Company Strategy and Development Direction - The company is focusing on building a professional sales and renewal team as part of its long-term strategy [21] - Investments in sales and marketing are expected to drive predictable growth, particularly in the B2C segment through digital advertising [42] - AI is central to the company's strategy, with ongoing development of AI-based products aimed at enhancing research capabilities [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing revenue mix shift towards higher-margin SaaS revenue and expects a strong finish in the final quarter of the fiscal year [19][20] - The company is monitoring the impact of budget cuts on academic library budgets but views it as an opportunity rather than a threat [36] Other Important Information - The company reported a cash balance of $9.9 million as of March 31, 2025, up from $6.1 million on June 30, 2024 [18] - The company is exploring options for utilizing its cash reserves, including potential acquisitions [38] Q&A Session Summary Question: Thoughts on shifting gears to drive faster growth through sales and marketing - Management indicated that investments in sales and marketing are aimed at creating a predictable growth model, particularly in B2C [40][41] Question: Potential of AI to streamline operations and lower costs - Management acknowledged that AI could enhance productivity and is focusing on utilizing AI for R&D and software engineering [46][47] Question: Performance of new logo versus cross-sell teams - New logo teams performed well, contributing over half of total new bookings, with strong performance noted in both academic and corporate segments [52][53] Question: Trends in B2C segment as classes wrap up - Management noted a weakening in trials and sign-ups, but improvements in conversion rates were also highlighted [57][58]

Financial Data and Key Metrics Changes - Total revenue for Q3 FY2025 was $12.7 million, up from $12.1 million in Q3 FY2024, representing a year-over-year increase of approximately 5% [8] - Annual recurring revenue (ARR) reached $20.4 million, a 23% increase year-over-year [9] - Gross margin improved to 49.5%, a 430 basis point increase compared to the prior year [12] - Net income was $216,000 or $0.01 per diluted share, compared to $76,000 in the prior year [15] Business Line Data and Key Metrics Changes - Platform subscription revenue increased by 22% to $4.8 million, driven by growth in both B2B and B2C segments [8] - Transaction revenue decreased to $7.8 million from $8.2 million in the prior year, a decline of 4% [11] - B2B ARR grew by $736,000, marking a record for the company in a single quarter [10] Market Data and Key Metrics Changes - The total active customer count decreased to 1,380 from 1,426 year-over-year [12] - The company noted that budget cuts in government and academic institutions have not yet materially impacted churn or the sales pipeline [33] Company Strategy and Development Direction - The company is focusing on building a professional sales and marketing team as a cornerstone of its value creation strategy [21] - AI-based products are central to the company's strategy, with significant growth reported in the B2B enterprise license segment, which saw an 80% increase year-over-year [5][24] - The company aims to continue shifting its revenue mix towards higher-margin SaaS revenue [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing investments in sales and marketing, which are expected to yield predictable growth [41] - The company anticipates a strong finish to the fiscal year, despite potential declines in transaction revenue [19] - Management is closely monitoring the impact of budget cuts on academic library budgets but views it as an opportunity for their pay-as-you-go model [37] Other Important Information - Adjusted EBITDA reached a record $1.4 million, compared to $961,000 in the prior year, with a trailing twelve-month adjusted EBITDA margin of 10.4% [17] - Cash flow from operations for the quarter was approximately $2.9 million, up from $2 million in the prior year [18] Q&A Session Summary Question: Thoughts on shifting gears in sales and marketing to drive faster growth - Management indicated that investments in sales and marketing are aimed at creating a predictable model for customer acquisition and growth [41] Question: How AI can streamline operations and lower costs - Management acknowledged the potential of AI to enhance productivity and indicated plans to focus on utilizing AI for R&D and software engineering [47] Question: Performance of new logo versus cross-sell teams - New logo teams performed well, contributing over half of total new bookings, with strong performance noted in both corporate and academic segments [54]

Financial Data and Key Metrics Changes - The company reported a 123% year-over-year increase in revenue, reaching $104.9 million, and a 286% year-over-year growth in adjusted net income to $36.1 million [18][10][24] - The gross margin for the quarter was 70.4%, with a net income margin of 34.5% [10][24] - Cash and cash equivalents increased by $15.7 million quarter-over-quarter, with cash from operations growing nearly $20 million year-over-year to $58.8 million [25][24] Business Line Data and Key Metrics Changes - Gross Merchandise Volume (GMV) rose 64% year-over-year, significantly outpacing the overall Buy Now Pay Later (BNPL) industry [8] - Monthly on-demand users and subscribers (referred to as mods) grew by 77% year-over-year to 658,000 [8][15] - The average quarterly purchase frequency increased from 4.5 to 6.1 times per quarter, indicating stronger consumer engagement [16] Market Data and Key Metrics Changes - The company continues to represent less than 10% of the overall payments market, indicating significant growth potential within the BNPL sector [4] - The take rate increased to 13% at GMV, reflecting improved monetization strategies [20] Company Strategy and Development Direction - The company is focusing on expanding its product offerings, including new features like Pay in Five and auto couponing, aimed at enhancing consumer experience and retention [12][56] - There is a strategic push towards enterprise-level merchants and new categories such as grocery and bills, which have been slower to adopt BNPL solutions [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to thrive despite economic uncertainties, highlighting the demand for flexible payment options during challenging times [4][26] - The company raised its 2025 guidance for net income by nearly 50% to $120 million and adjusted EPS from $2.21 to $3.25, reflecting strong performance and market conditions [9][25] Other Important Information - The company announced a $50 million share repurchase program and completed a six-for-one stock split to enhance liquidity [13] - The partnership with WebBank has begun to show significant benefits, contributing to improved revenue yield and operational efficiency [39] Q&A Session Summary Question: Can you tell us about your funnel of new merchants? - The company is focusing on enterprise-level merchants while also maintaining a mid-sized funnel, with a push into new categories like grocery and bills [28][30] Question: What is the frequency or optimism you're seeing from on-demand products? - Monthly sequential growth indicates strong performance, with a lower barrier to entry for users, enhancing the potential for upselling subscription products [32][33] Question: Can you quantify the financial benefit from the WebBank partnership? - The partnership has improved revenue yield as a percentage of GMV, with operational efficiencies realized across various states [39] Question: How is the company managing credit quality? - The company is maintaining profitability levels while being open to higher costs, ensuring gross margins are preserved [48][50] Question: Can you describe the new features like Pay in Five and auto couponing? - Pay in Five allows for an additional payment option, while auto couponing aims to enhance customer loyalty by providing unexpected savings [52][56]

Financial Data and Key Metrics Changes - The company achieved year-over-year revenue growth of 10% in Q1, with total revenue reaching $167.5 million to $169.5 million for Q2 guidance, reflecting a similar growth rate [7][21][26] - Non-GAAP operating income margin was 22%, exceeding the high end of the outlook, representing an 800 basis point improvement year-over-year [21][22] - Total Annual Recurring Revenue (ARR) grew 9% year-over-year to $658 million, with net new commercial ARR also showing growth [7][21] Business Line Data and Key Metrics Changes - Security ARR grew 17% year-over-year to $162 million, driven by strong new logo bookings and the launch of new platform solutions [8][21] - The launch of Jamf for Mac and Jamf for K-12 contributed to strong performance in the education sector, typically a seasonally light quarter [10][11] - The acquisition of Identity Automation is expected to enhance mobile and security adoption, particularly in the education market [12][13] Market Data and Key Metrics Changes - The company noted strong performance in key verticals such as healthcare, financial services, and education, with good traction in the APAC region [57] - Partner-driven ARR represents over 60% of total ARR, with over 80% outside the U.S. [15][16] - The geopolitical climate is being monitored closely, but demand for Jamf's solutions remains strong [18][19] Company Strategy and Development Direction - The company is focused on four key growth factors: security, mobile, international, and channel [10] - The new global partner program launched in August 2024 has resulted in nearly 50% year-over-year growth in deal registrations [15][16] - The company aims to achieve a "Rule of 40" run rate by the end of fiscal 2026, combining year-over-year growth with adjusted EBITDA margin [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet security and management needs for Apple devices, despite macroeconomic uncertainties [18][20] - The guidance for Q2 and full year 2025 reflects current market conditions, with a cautious approach due to potential risks [24][43] - The company expects to generate unleveraged free cash flow growth of at least 75% for the year [29] Other Important Information - The company ended Q1 with $222 million in cash and closed the Identity Automation acquisition for $215 million [23][24] - The company is transitioning to billing in local currencies, which is expected to improve international demand [46][47] Q&A Session Summary Question: How does the company plan to move Identity Automation solutions to commercial markets? - Management indicated that there is significant room for growth in education, but they also see opportunities in commercial markets, particularly for deskless workflows [31][33] Question: Why maintain guidance despite good demand? - Management stated that maintaining guidance is a prudent approach given the current macro environment, despite seeing good demand [41][43] Question: What has been the initial reception of the Identity Automation acquisition? - Management reported positive initial reception and quick integration, closing their first deal shortly after the acquisition [50][51] Question: How is the company addressing potential FX impacts? - Management confirmed that they are now able to bill in local currencies, which will help mitigate some FX impacts on revenue [46][47] Question: What are the expectations for R&D spend and product roadmap post-acquisition? - Management indicated that R&D spending will increase slightly due to the integration of Identity Automation, but it should not significantly affect overall percentages [92]

Financial Data and Key Metrics Changes - Jamf achieved year-over-year revenue growth of 10% in Q1 2025, with total revenue reaching $167.5 million to $169.5 million for Q2 2025, reflecting a similar growth rate [6][20][25] - Non-GAAP operating income margin improved to 22%, an 800 basis point increase compared to Q1 2024, with operating income exceeding $37.6 million [20][21] - Total ARR grew 9% year-over-year to $658 million, with net new commercial ARR growth accelerating for the first time since Q2 2022 [6][20] Business Line Data and Key Metrics Changes - Security ARR grew 17% year-over-year to $162 million, driven by strong new logo bookings and the launch of new platform solutions [7][20] - The launch of Jamf for Mac and Jamf for K-12 contributed to strong performance in both commercial and education sectors, enhancing device security and management capabilities [7][9][10] Market Data and Key Metrics Changes - Jamf's partner-driven ARR represents over 60% of total ARR, with over 80% of partner-driven ARR coming from outside the U.S. [14][15] - The company noted strong performance in healthcare, financial services, and education sectors, with good traction in the APAC region and parts of Europe [54] Company Strategy and Development Direction - The acquisition of Identity Automation aims to enhance Jamf's mobile and security offerings, particularly in the education market, while also targeting commercial markets [11][29] - Jamf's strategy focuses on leveraging its strong relationships with IT administrators and expanding its global partner program to drive growth [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in demand for Jamf's solutions despite a cautious macro environment, noting that Jamf's offerings are considered mission-critical for many organizations [16][40] - The company is monitoring customer sentiment and expects Q2 and Q3 to be strong quarters for K-12 education, with a positive outlook for the upcoming education buying season [17][65] Other Important Information - Jamf ended Q1 with $222 million in cash and closed the Identity Automation acquisition for $215 million, which is expected to contribute approximately $15 million in revenue for the remaining three quarters of 2025 [22][25] - The company is committed to achieving a Rule of 40 run rate by the end of fiscal 2026, focusing on both growth and margin improvement [27][92] Q&A Session Summary Question: How does the Identity Automation acquisition impact the commercial market? - Management indicated that while the initial focus is on education, there are plans to extend the solution to commercial markets, leveraging existing customer relationships and workflows [29][31] Question: Why maintain guidance despite good demand? - Management stated that maintaining guidance is a prudent approach given the current macroeconomic uncertainties, despite seeing good demand in Q1 [40][42] Question: What is the impact of FX on international pricing? - Jamf has transitioned to billing in local currencies, which may mitigate some negative impacts from a weakening USD, although costs in international locations are still affected [44][45] Question: Initial reception of the Identity Automation acquisition? - Management reported positive initial reception and continued integration efforts, with early deals being closed shortly after the acquisition [48][49] Question: What are the drivers behind net new ARR growth? - The release of new products like Mac for Enterprise and Mobile for Enterprise contributed to strong demand, particularly in the education and healthcare sectors [52][54] Question: How will R&D spending change post-acquisition? - R&D spending will see an increase to support integration and product development, but it is not expected to significantly alter the overall percentage of R&D as a part of revenue [88] Question: How does Jamf differentiate its product offerings? - Management emphasized that products are tailored to different customer segments, with no anticipated cannibalization, as they address distinct needs within the market [82][83]

Core Insights - Palantir Technologies Inc reported first-quarter revenue of $883.86 million, exceeding analyst expectations of $862.83 million, with adjusted earnings of 13 cents per share in line with estimates [1] - The company anticipates second-quarter revenue between $934 million and $938 million, surpassing estimates of $899.12 million [2] - Palantir raised its full-year 2025 revenue guidance to $3.89 billion to $3.90 billion, up from previous guidance of $3.74 billion to $3.76 billion, while analysts expected $3.75 billion [3] Financial Guidance - Full-year adjusted free cash flow is now expected to be between $1.6 billion and $1.8 billion, an increase from prior guidance of $1.5 billion to $1.7 billion [4] - Following the earnings announcement, Palantir shares dipped 12% to trade at $108.89 [4] Analyst Ratings and Price Targets - Mizuho analyst maintained an Underperform rating, raising the price target from $80 to $94 [9] - Cantor Fitzgerald and UBS analysts maintained Neutral ratings, with price targets raised from $98 to $110 and from $105 to $110, respectively [9] - Morgan Stanley maintained an Equal-Weight rating, increasing the price target from $90 to $98, while Goldman Sachs maintained Neutral and raised the target from $80 to $90 [9]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $275.2 million, an increase of 48.9% year over year, driven by increased clients and transactions [8][17] - Contribution profit was $87.6 million, up 26.3% year over year, with an adjusted EBITDA of $30 million, reflecting a 51.3% increase year over year [8][21] - Adjusted EBITDA margin reached a record 34.2%, with over 50% of year-over-year growth in contribution profit dropping to the bottom line [9][22] - The company ended Q1 with total cash and cash equivalents of $249.6 million, up from $209.4 million at the end of 2024, and generated a record free cash flow of $41.1 million [23][24] Business Line Data and Key Metrics Changes - The company signed clients across various industry verticals including utilities, government agencies, telecommunications, banking, insurance, and education, indicating a diverse client base [11][12] - The onboarding of large enterprise clients has contributed significantly to transaction growth, with a higher level of transactions processed reaching $173.2 million, up 28% year over year [17][18] Market Data and Key Metrics Changes - The company continues to serve essential sectors of the domestic economy, focusing on non-discretionary bills such as utilities and insurance, which are fundamental for households [5][6] - The average revenue per transaction increased to $1.59 from $1.37 in the prior year, attributed to the mix of large enterprise billers [17][18] Company Strategy and Development Direction - The company aims to maintain a compound annual growth rate (CAGR) of 20% for revenue and 20% to 30% for adjusted EBITDA, with a focus on leveraging operating efficiency [9][28] - The management emphasizes the importance of their technology platform and ecosystem, which reduces costs for clients while improving customer experience [7][32] - The company is exploring potential M&A opportunities but remains focused on organic growth, with no immediate need for acquisitions [25][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite macroeconomic challenges, citing strong sales momentum and a solid pipeline for future growth [5][31] - The management noted that they are not seeing any changes in sales cycles or implementation speeds, indicating resilience in their business model [44][45] - The company believes it is well-positioned for further growth, with a strong backlog and encouraging trends in consumer and business payment behaviors [29][31] Other Important Information - The company has a strong cash position, allowing for financial flexibility and the potential for strategic investments [25][51] - The management highlighted the importance of their diverse partner ecosystem, which complements their direct go-to-market strategy [12][102] Q&A Session Summary Question: Transaction growth trends and contributions from new vs. existing clients - Management indicated that both new customer implementations and same-store sales are growing, with new implementations currently contributing more significantly [37][38] Question: Dynamics behind gross revenue guidance - Management explained that the guidance reflects caution regarding large enterprise customers, as their growth patterns are still being assessed [39][41] Question: Changes in sales cycles or implementation pace due to macro uncertainty - Management reported no significant changes in sales cycles or implementation speeds, maintaining a strong pipeline [44][45] Question: M&A opportunities and criteria - Management stated that M&A is a secondary objective, with no immediate needs or specific criteria set for potential acquisitions [49][50] Question: Free cash flow conversion and expectations - Management emphasized that while free cash flow can fluctuate, they expect to generate decent cash annually after taxes [56][58] Question: Trends in demand across various verticals - Management noted strong performance across multiple verticals, with a proven platform that meets the needs of diverse clients [90][91] Question: Long-term operating margin expectations - Management refrained from providing specific long-term margin targets but indicated confidence in achieving good operating leverage [93][94]