Financial Performance - Adjusted Revenue for Q2 2025 was $754 million, a decrease of 2.6% year-over-year, or 2.7% in constant currency[5, 23] - Adjusted EBITDA for Q2 2025 was $37 million, resulting in an Adjusted EBITDA Margin of 4.9%[5, 23] - The company projects FY 2025 Adjusted Revenue to be between $3100 million and $3200 million, with an exit rate between $3200 million and $3300 million[40] - The company expects FY 2025 Adjusted EBITDA Margin to be between 50% and 55%, with an exit rate of approximately 8%[40] - Adjusted Free Cash Flow for Q2 2025 was negative $30 million[37, 39] - The company anticipates FY 2025 Adjusted Free Cash Flow to be between $0 million and $40 million, with an exit rate between $60 million and $80 million[41] Sales Metrics - New business signings ACV(Annual Contract Value) for Q2 2025 reached $150 million[5, 8] - New Business TCV(Total Contract Value) was $66 million in Q2 2025[8] - New Business ARR(Annual Recurring Revenue) was $66 million in Q2 2025[8, 18] - Net ARR Activity (TTM) reached $63 million[5, 10] Segment Performance - Commercial segment Adjusted Revenue was $365 million, a decrease of 5.9% year-over-year[28] - Government segment Adjusted Revenue was $238 million, a decrease of 2.9% year-over-year[28] - Transportation segment Adjusted Revenue was $151 million, an increase of 7.1% year-over-year[28] Balance Sheet - Total cash at the end of Q2 2025 was $294 million[34, 39] - Total debt was $602 million[34] - Net adjusted leverage ratio was 2.7x[34, 39] Portfolio Rationalization - The company has executed three divestitures in 2024, generating $778 million of net proceeds[43] - The company has identified additional rationalization opportunities representing up to $350 million of net proceeds[43]