Fabrinet (NYSE: FN) 2026 Conference Summary Company Overview - **Company**: Fabrinet - **Industry**: Contract Manufacturing in Optical Components - **Event**: Investor Q&A session at OFC 2026 - **Date**: March 17, 2026 Key Points Growth and Financial Performance - Fabrinet reported a **36% year-over-year growth rate** in the last quarter, with a **compound annual growth rate of 16%** over the past ten years [3][5] - For FY25, the company achieved a **19% growth**, and guidance for the current quarter indicates a **35% growth** at the midpoint [5] - The telecom business saw a **59% increase** year-over-year, driven by strong demand in Data Center Interconnect (DCI) and high-performance computing (HPC) [6][8] Business Segments and Drivers - **Telecom Business**: Major growth driver, particularly in DCI, which is primarily supported by 400ZR and 800ZR technologies [9][10] - **High-Performance Computing (HPC)**: New category for Fabrinet, with revenue growing from **$15 million in Q1 to $86 million in Q2** [6][10] - **Datacom Business**: Flat revenue due to supply constraints, but demand remains strong [7][8] Capacity and Expansion Plans - Current run rate is approximately **$4.6-$4.8 billion**, with a capacity of **$5.5 billion** [37] - New facility in Chonburi, Building 10, will add **$3 billion** in capacity, bringing total capacity to **$8.5 billion** [38] - Future plans include the potential for two additional factories, each with a capacity of **$1.5 billion**, leading to a total capacity of **$11.5 billion** [38] Customer Relationships and Market Position - Fabrinet operates as a **pure play contract manufacturer**, focusing on supporting leading companies without entering the product market [14][16] - The company has established strong relationships with major customers, including AWS, and is positioned to capture significant market share in emerging technologies like Co-packaged Optics (CPO) and Optical Circuit Switching (OCS) [16][49] - Customers are providing multi-year visibility into demand, allowing Fabrinet to align capacity with future needs [8][81] Supply Chain and Operational Efficiency - The company is experiencing supply chain constraints, particularly with EML components, but improvements are expected as new sources are approved [74] - Fabrinet maintains a low operational expenditure (OpEx) of **1.5% of revenue**, which is significantly lower than industry standards [84] - The company emphasizes flexibility in operations, allowing customers to adjust their needs without financial penalties [97] Competitive Landscape - Fabrinet's unique capabilities in packaging and manufacturing processes set it apart from competitors, with **70% of manufacturing space dedicated to clean room operations** [23] - The company is well-positioned to capitalize on the growing demand for optical components driven by hyperscalers and the overall expansion of data centers [105] Future Outlook - The demand for optical components is expected to remain robust, with significant growth opportunities in DCI, HPC, and emerging technologies [106] - Fabrinet's strategy focuses on maintaining competitive pricing while ensuring high-quality service and execution for customers [32][86] Additional Insights - The company is cautious about potential risks and emphasizes the importance of execution in maintaining customer satisfaction and business growth [85] - Fabrinet's relationship with Lumentum is strong, with potential for further collaboration in the OCS market [69] This summary encapsulates the key insights and strategic directions discussed during the Fabrinet conference, highlighting the company's growth trajectory, market positioning, and operational strategies.

INVESTOR PRESENTATION Fourth Quarter 2025 Nasdaq: AAOI 1 Forward Looking Statements & Non - GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "could," "would," "target," "seek," "aim," "predicts," "think," "objectives," "optimistic," "new," "goal," " ...

Financial Data and Key Metrics Changes - NextNav finished the fourth quarter with approximately $152 million in cash equivalents and short-term investments, indicating a strong cash position [12] - The company reported losses of approximately $48 million associated with the change in the fair value of derivative and warrants liability, contributing to a net loss of roughly $68 million for the quarter [14] Business Line Data and Key Metrics Changes - NextNav has begun operating the world's first 5G-powered PNT network, marking a significant step towards commercialization [10] - An expanded partnership with Japan's MetCom has been established, which is expected to validate demand for resilient terrestrial 5G-based 3D PNT solutions [11] Market Data and Key Metrics Changes - The FCC has sent a draft notice of proposed rulemaking (NPRM) focused on PNT technologies to the White House OMB, which is a critical step in the regulatory process [4] - The discussions at industry events highlighted the recognition of PNT capabilities as a transformative application for 5G and 6G networks [9] Company Strategy and Development Direction - NextNav aims to provide a terrestrial complement and backup to GPS, focusing on resilience and redundancy in critical infrastructure [5][7] - The company is actively engaging with regulatory bodies and industry leaders to strengthen its position in the market and advance its technology [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the path toward an FCC vote on the NPRM, with a clear line of sight to a Report and Order [26] - The company is confident in its unique capabilities and the potential for significant commercial opportunities, particularly in international markets [11][22] Other Important Information - NextNav's governance has been strengthened with the appointment of Lisa Hook as the new lead independent director, bringing extensive experience in technology and national security [11] Q&A Session Summary Question: Has the company seen the contents of the NPRM sent to the OMB? - Management confirmed that the NPRM has been drafted and is in the inter-agency review process, but they have not seen the contents yet [16] Question: Will the NPRM likely include a 10 by 5 channel for more precise PNT? - Management indicated that they are testing towards a 10+5 capability as part of their commercialization effort and are confident in meeting the requirements for GPS backup and complement [17] Question: What insights have been gained from the MetCom relationship? - Management highlighted the international opportunity presented by the partnership with MetCom and its potential to address global GPS jamming and spoofing issues [21]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $357.5 million, up 0.4% from $356 million in 2024, and adjusted EBITDA was $42 million, up 2.6% from 2024, resulting in an adjusted EBITDA margin of 11.8% [9][10][15] - Core operating expenses for 2025 increased by 1% year-over-year, primarily due to higher employee incentive compensation and revenue share costs [11] Business Line Data and Key Metrics Changes - Content & Ad Measurement revenue was $304.3 million, up 1% from 2024, driven by growth in cross-platform and local TV offerings [9] - Cross-platform revenue was $50.3 million, up 24.4% compared to the prior year, attributed to higher usage of Proximic and CCR products, along with the successful rollout of CCM [9][10] - Syndicated Audience revenue was $253.9 million, down 2.6% from 2024, due to declines in national TV and syndicated digital offerings [10] - Movies business generated $38.4 million in revenue, up 3.4% from the prior year [10] Market Data and Key Metrics Changes - The local TV business continued to execute at a high level, contributing to double-digit year-over-year growth [3] - The company anticipates continued double-digit growth from cross-platform offerings in 2026, which should offset declines from national TV and syndicated digital products [15] Company Strategy and Development Direction - The company aims to become the industry standard for modern measurement by building a fully integrated flywheel that connects offerings across planning, activation, buying, and measurement [6][7] - The focus is on enhancing cross-platform capabilities and integrating AI measurement to adapt to the evolving media landscape [7][8] - The recapitalization transaction was a pivotal step in transforming the company, allowing for strategic actions to streamline capital structure and enhance financial profile [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by a fragmented media landscape and the need for modern measurement solutions [5][6] - The company expects revenue in Q1 2026 to be roughly flat compared to Q1 2025, while continuing to invest in key areas to drive growth [15][16] Other Important Information - The company successfully eliminated $18 million in annual dividends and a $47 million special dividend obligation through recapitalization [3] - The board size was reduced to streamline costs and governance [4] Q&A Session Questions and Answers Question: Financial flexibility with structural changes - Management noted that freeing up $18 million in dividends and reducing board size enhances financial flexibility and positions the company for future investments in growth areas [19] Question: Cross-platform utilization and new partnerships - Management reported increased usage of cross-platform products and ongoing expansion of partnerships, with positive early adoption of the CCM product [20][21] Question: Local market evolution - Management expressed confidence in the local market's growth, emphasizing the company's unique position in providing local audience measurement and advanced targeting capabilities [22][23]

Financial Data and Key Metrics Changes - In 2025, the company reported a loss from operations of $139.3 million, primarily due to payroll, general business expenses, and professional fees related to capital market and asset deployment activities [34] - The loss before income taxes was $110.2 million, which included interest and dividend income of $29.1 million from marketable securities [34] - Cash used in operating activities was $82.2 million, with an adjusted figure of $69.2 million, aligning with the guidance of $65 million to $80 million [35] - The company ended 2025 with cash and marketable securities totaling $1.4 billion and raised an additional $1.182 billion in early 2026, completing a $1.5 billion ATM program [37] Business Line Data and Key Metrics Changes - The company transitioned from product development to active project deployment across all business units in 2025, including the Aurora powerhouse and the acquisition of Atomic Alchemy [4][5] - Significant construction progress was made at Groves in Texas, the first radioisotope test reactor, and initial construction activities began on A3F at Idaho National Laboratory [4][17] - The fuel business unit is critical for supporting deployment and includes capabilities for fuel fabrication and recycling, which are essential for long-term supply and deployment readiness [9][10] Market Data and Key Metrics Changes - The U.S. nuclear policy has shifted towards a more execution-oriented approach, providing a strong tailwind for the nuclear sector, which benefits the company's strategic positioning [6][7] - The demand for firm, reliable power is increasing across various sectors, including data centers and industrial customers, which aligns with the company's focus on providing clean baseload power [8] Company Strategy and Development Direction - The company aims to build a vertically integrated nuclear platform encompassing power, fuel, and isotopes, which are designed to unlock multiple complementary value streams [8][12] - The strategy includes leveraging domestic capabilities for fuel supply and recycling, which is seen as a critical component for future growth and sustainability [14][15] - The company is focused on building infrastructure that utilizes used nuclear fuel as a resource rather than a liability, which could significantly enhance the U.S. energy landscape [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of regulatory changes and federal support mechanisms that are improving pathways for project funding and deployment [6][7] - The company is optimistic about its growth trajectory, supported by strong customer demand and strategic partnerships, particularly with Meta for the Ohio power campus [40][41] - Management emphasized the need for flexibility in fuel supply and the importance of building a robust supply chain to support future deployments [23][24] Other Important Information - The company is actively pursuing partnerships and collaborations to enhance its fuel supply capabilities, including a potential joint venture with Centrus for uranium deconversion [27][28] - The Idaho Radiochemistry Laboratory is expected to generate revenue soon, marking a significant milestone for the isotopes business unit [28] Q&A Session Summary Question: Update on commercialization progress and customer pipeline - Management noted that Meta is a key anchor customer, and discussions are ongoing with other potential customers, including military and industrial sectors [40][41] Question: Breakdown of CapEx guidance for 2026 - Management refrained from providing a detailed breakdown but confirmed that spending will be across all three business units, with significant focus on the Idaho project and preliminary work in Ohio [43][44] Question: Status of COLA timing and NRC licensing - Management clarified that DOE authorization allows for faster project execution, and they are awaiting new frameworks from the NRC to facilitate future licensing [49][50][52]

Financial Data and Key Metrics Changes - In Q4 fiscal 2026, total revenue was $837 million, an 8% increase year-over-year, while subscription revenue was $819 million, also up 8% year-over-year [19][7] - For the full year fiscal 2026, total revenue reached $3.2 billion, up 8% year-over-year, with subscription revenue also at $3.2 billion, reflecting a 9% increase year-over-year [19][7] - Annual recurring revenue (ARR) ended at $3.3 billion, up 8% year-over-year, consistent with the growth rate from fiscal 2025 [19][7] - Non-GAAP operating income for Q4 was $247 million, a 10% increase year-over-year, with an operating margin of 29.5% [25] - Free cash flow exceeded $1 billion for the first time in fiscal 2026, with Q4 generating $350 million, representing a 25% year-over-year growth [26][27] Business Line Data and Key Metrics Changes - The Intelligent Agreement Management (IAM) platform generated over $350 million in ARR, representing 10.8% of total company ARR, up from 2.3% at the end of fiscal 2025 [23][7] - IAM's growth was driven by accelerating gross new bookings and improvements in gross retention [20][19] - The company added 1,205 customers spending over $300,000 annually, a 7% increase year-over-year [24] Market Data and Key Metrics Changes - International revenue surpassed 30% of total revenue in Q4, growing 15% year-over-year [24] - Billings for Q4 exceeded $1 billion for the first time, up 10% year-over-year, with full year billings at $3.4 billion, also up 10% year-over-year [21][22] Company Strategy and Development Direction - The company aims to maintain operating margins over 30% while reinvesting in R&D to accelerate the IAM roadmap [8] - The focus for fiscal 2027 includes automating workflows for customers and expanding AI data and innovation advantages [8] - The company plans to introduce new IAM SKUs for specific functions, including IAM for HR and procurement, to cover more surface area for customers [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the business, particularly in the commercial segment and enterprise growth [39] - The company anticipates accelerating ARR growth in fiscal 2027, with IAM expected to represent approximately 18% of total ARR by the end of the year [30][31] - Management highlighted the importance of customer engagement and consultative approaches in driving growth and retention [46] Other Important Information - The company has expanded its share repurchase program to $2.6 billion, with $269 million repurchased in Q4, marking the largest quarterly buyback to date [27][26] - Non-GAAP diluted EPS for Q4 was $1.01, a 15-cent improvement from the previous year [28] Q&A Session Summary Question: What underpins the confidence in ARR guidance? - Management noted strong adoption and product market fit in the commercial segment, with significant focus on new expansion bookings and retention [39][40] Question: How does IAM impact gross retention? - Early IAM renewal cohorts are performing better than the company average, contributing positively to retention rates [72] Question: What is the strategy regarding the Microsoft partnership? - The partnership with Microsoft has been beneficial, facilitating enterprise transactions and enhancing customer experience [58][63] Question: What is the outlook for stock-based compensation? - Management indicated a focus on managing stock-based compensation, with expectations for it to decline further in fiscal 2027 [60] Question: How is the enterprise opportunity developing? - Management highlighted the importance of enterprise sales and the potential for IAM to become a larger part of the business over time [86][84]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenues of $9.1 million, an 8% increase year-over-year, while full-year revenues reached $31.8 million, a 34% increase year-over-year [16] - Year-to-date total transaction volumes were $960 million, up 46% year-over-year [16] - The company experienced a GAAP operating loss of $27.8 million for the year, compared to a loss of $5.8 million in the prior year [16] - Adjusted EBITDA was negative $17.2 million, compared to negative $6.3 million in the prior year [17] Business Line Data and Key Metrics Changes - The company added 3,000 new verified accounts in Q4, bringing the total to over 84,000, representing a nearly 20% increase year-over-year [16] - The Bitcoin gift card product generated approximately $722,000 in revenue in Q4, contributing to a total of $740,000 in Q3 [28][29] Market Data and Key Metrics Changes - The Bitcoin ecosystem saw a significant pullback, with Bitcoin's price dropping from $124,000 to $87,000 by the end of 2025, and as low as $60,000 by early February 2026, leading to reduced engagement across the industry [7] - The company noted that the slowdown in Bitcoin activity affected transaction volumes during Q4, reflecting industry-wide dynamics [15] Company Strategy and Development Direction - The company aims to scale its Bitcoin financial services platform by expanding its ecosystem with new products like the Bitcoin Rewards Credit Card and Bitcoin gift cards [5][9] - The credit card is expected to increase transaction volumes, deepen customer engagement, and drive revenue growth, marking the beginning of a new growth phase for the company [9][10] - The company plans to continue expanding its product offerings and evaluate new opportunities to attract customers and improve cash flows [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting the platform to scale significantly with the rollout of the credit card and growth in enterprise partnerships [21] - The company believes that the credit card will capture a greater share of customer spending and enhance customer retention [10][19] Other Important Information - The company eliminated all outstanding convertible debt in February 2026, simplifying its capital structure and improving financial flexibility [18] - The company has nearly $63 million in net assets and $7.7 million in cash and cash equivalents as of December 31, 2025 [17] Q&A Session Summary Question: What were revenues in the fourth quarter related to the Bitcoin gift card? - The company reported approximately $722,000 in revenue from the Bitcoin gift card in Q4, contributing to a total of $740,000 in Q3 [28][29] Question: What's the size of the wait list for the credit card? - The wait list currently has over 80,000 people, and the company plans to aggressively add customers from this list in the coming weeks [30] Question: What is the financial model behind the credit card? - The credit card offers up to 4% back on purchases, with a focus on attracting savers rather than traders, and aims to drive cross-sell opportunities within the platform [36][38] Question: What is the business development strategy for the enterprise side? - The company is enabling businesses like Steak 'n Shake to offer Bitcoin bonuses to employees, which helps onboard their employee base as customers while generating recurring SaaS contracts [45][48]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenues of $9.1 million, an 8% increase year-over-year, while full-year revenues reached $31.8 million, a 34% increase year-over-year [19] - Year-to-date total transaction volumes were $960 million, up 46% year-over-year [18] - The company experienced a GAAP operating loss of $27.8 million for the year, compared to a loss of $5.8 million in the prior year [19] - Adjusted EBITDA for the year was -$17.2 million, compared to -$6.3 million in the prior year [19] - As of December 31, 2025, the company had nearly $63 million in net assets, with cash and cash equivalents at $7.7 million [19] Business Line Data and Key Metrics Changes - The company launched the Fold Bitcoin Rewards Credit Card, which is expected to significantly increase transaction volumes and deepen customer engagement [9][10] - The Bitcoin Gift Card has shown strong growth, with a 20% month-over-month increase since its launch, contributing to thousands of new customers [27][29] - The Bitcoin bonus program for businesses, initiated with Steak 'n Shake, is expected to expand and introduce a new revenue stream beyond transaction fees [12] Market Data and Key Metrics Changes - The Bitcoin ecosystem experienced a pullback, with Bitcoin's price dropping from $124,000 to $87,000 by the end of 2025, and further to as low as $60,000 by early February 2026, leading to reduced engagement across the industry [6][7] - The company noted that the slowdown in Bitcoin activity affected transaction volumes during Q4, reflecting industry-wide dynamics [17] Company Strategy and Development Direction - The company aims to scale its Bitcoin financial services platform for both consumers and businesses, focusing on expanding its ecosystem and strengthening partnerships [5] - The launch of the Credit Card is seen as a pivotal moment, expected to capture a greater share of customer spending and increase lifetime value per user [10] - The company plans to continue expanding its product offerings and evaluate new opportunities to attract customers and improve cash flows [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting the platform to scale significantly with the rollout of the Credit Card and continued expansion of consumer products [24] - The management acknowledged the challenges posed by the recent Bitcoin price volatility but emphasized the company's ability to grow through product improvements and customer focus [7][16] Other Important Information - The company eliminated all outstanding convertible debt in February 2026, simplifying its capital structure and improving financial flexibility [20][21] - The Credit Card program is designed to be unit economic positive from day one, with potential for significant revenue growth as it scales [45][46] Q&A Session Summary Question: What were revenues in the fourth quarter related to the Bitcoin Gift Card? - The company reported approximately $722,000 in revenue for Q4, largely attributed to the Bitcoin Gift Card [31] Question: What is the size of the wait list for the Credit Card? - The wait list currently has over 80,000 people, and the company plans to aggressively add customers from this list in the coming weeks [33] Question: What is the financial model behind the Credit Card compared to the Debit Card and Gift Card? - The Credit Card offers up to 4% back on purchases, with a focus on long-term savings, and is expected to have a higher interchange rate compared to the Debit Card [44][78] Question: What is the business development strategy for the Steak 'n Shake initiative? - The company aims to support businesses with its platform, enabling them to offer Bitcoin bonuses to employees, which also serves as a customer acquisition strategy [50][51]

Financial Data and Key Metrics Changes - The company achieved a net profit swing of $18.9 million, marking a significant turnaround for a microcap public company [4] - Annual revenue was reported at $31.2 million, reflecting a 13% decrease year-over-year due to a strategic pivot towards long-term profitability [4] - Fourth quarter revenue was $6.1 million, down 45% year-over-year, primarily due to strategic client rationalization and delayed bookings [5][12] - Managed Services revenue, excluding Hoozu, remained relatively flat, finishing the year down only 2% [5] - Operating expenses were reduced by 40% to $4.4 million in the fourth quarter, contributing to improved cash operating profit of $0.7 million [7][14] Business Line Data and Key Metrics Changes - Managed Services revenue for the fourth quarter was $6 million, down from $9.8 million in the prior year quarter, reflecting a shift away from non-core accounts [13] - The company successfully scaled five enterprise accounts beyond the million-dollar threshold, each delivering double or triple-digit growth [6] Market Data and Key Metrics Changes - The company ended 2025 with a $10.1 million contract backlog, indicating a strategic repositioning towards larger recurring core enterprise accounts [12] - Contract bookings declined by $10.3 million or 27% year-over-year, primarily due to a reduction in non-core customer activity [12] Company Strategy and Development Direction - The company is focusing on building deeper vertical expertise and executing key account plans for enterprise clients to maximize value [8] - There is an active M&A strategy in place, with the company seeking to acquire firms that can enhance capabilities and accelerate growth in the enterprise client portfolio [8][24] - A proprietary technology platform is set to launch, aimed at managing integrated creator campaigns at enterprise scale [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a significant shift in marketing towards social media and creators, which positions the company favorably [32] - The company anticipates a return to year-over-year revenue growth in the second half of 2026 as revenue increasingly reflects core enterprise engagements [13] Other Important Information - The company reported $50.9 million in cash and cash equivalents at year-end, a slight decrease from the beginning of the year, but a significant improvement compared to the previous year [16] - The company remains committed to a disciplined capital allocation approach, including potential stock repurchases [16] Q&A Session Summary Question: Can you give clarity on gross margins going forward? - Management indicated that while specific guidance is not provided, there has been an increase in gross margins relative to previous years, with a focus on growing net revenue [20][21] Question: Do you expect year-over-year growth in revenues? - Management confirmed that they are aiming for growth, emphasizing the growth potential in the market [22] Question: Can you elaborate on the acquisition strategy and market conditions? - Management stated that they are actively engaged in M&A discussions, seeing good deal flow and are utilizing both personal networks and investment bankers to identify targets [24][25] Question: Are you interested in customers or technology for acquisitions? - The focus is primarily on acquiring customers to enhance enterprise-grade client relationships, rather than technology [27]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $170 million, a 19.6% increase year-over-year, exceeding the projected $157 million [9][33] - Full year revenue for 2025 was $839 million, reflecting a 14.6% growth compared to the previous year [10][35] - The net income for Q4 was $199 million, marking a 48% increase year-over-year, while the adjusted net income for the full year was $217 million, with a margin of 25.9% [12][39] Business Line Data and Key Metrics Changes - All four business segments, including Private Client Services, commercial, alternative investment funds, and Valuation, experienced double-digit growth [9] - Private Client Services accounted for 51.5% of total revenue for the year, with no significant change in revenue mix [36] Market Data and Key Metrics Changes - The number of client groups generating over $250,000 in revenue increased to 687 in 2025 from 629 in 2024, indicating healthy client growth [36] - The average rate per hour increased by approximately 11% year-over-year, demonstrating the firm's ability to raise prices [37] Company Strategy and Development Direction - The company aims to focus on productivity improvements, profitability management, and integration of acquired firms as part of its 2026 strategy [13][16] - The acquisition strategy involves selectively rolling up existing networks into the business, with a focus on groups that have established relationships with the company [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business's performance, noting that recurring revenue growth in late 2025 was strong, with expectations for continued momentum into 2026 [52] - The company anticipates revenue for 2026 to be in the range of $955 million to $970 million, reflecting a growth rate of 14%-15% [43] Other Important Information - The company incurred a net loss of $195.9 million in Q4 due to one-off equity restructuring costs and IPO-related expenses [34] - Cash and equivalents on the balance sheet as of December 31, 2025, were $258.5 million, with no third-party debt, indicating strong liquidity [41] Q&A Session Summary Question: What is the outlook for revenue growth momentum into 2026? - Management indicated that the guidance provided is conservative, with expectations to elevate revenue objectives based on strong recurring revenue growth observed in late 2025 [52][53] Question: How is the company addressing pricing increases and client pushback? - Management acknowledged some pushback on pricing in competitive service areas but emphasized a focus on value-added services rather than commodity pricing [61] Question: What is the contribution of acquisitions to the revenue guidance? - Management stated that approximately $21 million of the projected $33 million in inorganic revenue is from recently signed deals, with expectations to outperform this number [75]