Financial Data and Key Metrics Changes - The company generated a record revenue of $244.4 million for the full year, representing an 11% year-over-year growth [12][41] - Non-GAAP gross margin for the year was a record 60%, up from 54% a year ago [12][51] - Adjusted EBITDA loss for the full year was approximately $10.6 million, significantly improved from a $55.3 million loss in the previous year [52] - Q4 revenue reached a record $61.6 million, with a 5% year-over-year growth [41] - The company achieved its first adjusted EBITDA profitable quarter in Q4 [11][52] Business Line Data and Key Metrics Changes - Revenue from the defense and intelligence sector grew more than 20% year-over-year [20][43] - Civil government revenue grew approximately 15% year-over-year [26][43] - The commercial sector faced a decline of more than 10% year-over-year but showed signs of stabilization [43] - Backlog increased to approximately $498.5 million, up 115% quarter-over-quarter [58] Market Data and Key Metrics Changes - EMEA revenue grew more than 15% year-over-year, while Latin America revenue grew approximately 30% [44] - Asia Pacific revenue grew nearly 15%, and North America revenue grew approximately 5% year-over-year [44] - The company anticipates significant growth potential across all regions, particularly in national security solutions [45][46] Company Strategy and Development Direction - The company shifted to a vertically-focused go-to-market structure, emphasizing selling solutions rather than just data [10][42] - A landmark $230 million commercial agreement with JSAT was signed, marking a significant step in the satellite services market [14][56] - The company aims to be a leading provider of geospatial data and solutions while expanding into satellite services [19] - The strategic focus for the upcoming year includes leveraging AI to enhance data accessibility and solution development [38][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve cash flow profitability within the next 24 months [66] - The geopolitical landscape is seen as a driver for increased demand for satellite services and solutions [18][109] - Management highlighted the importance of strategic partnerships and the potential for significant revenue growth from new contracts and AI-enabled solutions [66][80] Other Important Information - The company ended the fiscal year with approximately $222 million in cash and cash equivalents, significantly reducing cash burn [55] - The average contract length remains approximately two years, with 97% of the end-of-period ACV book consisting of recurring contracts [49] Q&A Session Summary Question: Focus on pre-cash flow dynamics and CapEx - Management discussed the peak CapEx investment cycle and the structure of the JSAT contract, which is front-end loaded to support working capital [71][72] Question: AI deal with Anthropic and monetization - The partnership with Anthropic is seen as an accelerant for delivering value through AI-enabled solutions, with a focus on immediate revenue opportunities [78][80] Question: Doubling growth rate and revenue opportunities - The doubling of the growth rate is based on secured contracts and potential upside from new satellite services and AI solutions [84][85] Question: Revenue guidance and impact of Washington's situation - Management indicated a conservative approach to guidance, factoring in macro pressures and potential delays in new business [102][103] Question: Space services and existing capabilities - The focus remains on existing satellite configurations, with potential for customization in future partnerships [111][112] Question: Strategy for larger customers and net dollar retention - The strategy involves building solutions that enhance customer value and retention, with a focus on larger accounts [132][125]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $17.6 million, representing a 3.8% increase compared to Q4 2023, marking the first instance of single-digit revenue growth since the COVID-19 pandemic [7][31] - Full-year revenue for 2024 reached $69.3 million, a 19% increase year-over-year [31] - Gross margin for Q4 was 64%, down from 68% in the prior year, primarily due to higher expenses related to excess and obsolete inventory [32] Business Line Data and Key Metrics Changes - OviTex revenue grew 17% for the full year, with unit sales increasing by 28% in Q4 and 33% for the year [31][32] - PRS revenue grew 21% for the full year, with unit sales increasing by 11% in Q4 and 31% for the year [31][32] Market Data and Key Metrics Changes - The company faced external headwinds, including a hurricane that impacted surgical volumes in key regions, particularly in the Southeast [10][11] - The shortage of IV fluids due to the hurricane affected elective surgeries, contributing to lower surgical volumes [10][11] Company Strategy and Development Direction - The company is implementing a revised commercial strategy, focusing on a team-based sales approach with territory managers and account specialists [12][14] - There is an emphasis on expanding the product portfolio and capturing market share in hernia repair and plastic reconstructive surgery (PRS) [18][19] - The company plans to launch larger-sized versions of existing products and a new long-term resorbable alternative for hernia products in 2025 [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q4 but expressed optimism for 2025, citing a strong commercial strategy and anticipated product launches [12][38] - The company expects revenue growth of 23% to 27% in 2025, with a target range of $85 million to $88 million [34][36] Other Important Information - The company ended 2024 with $52.7 million in cash and cash equivalents, indicating a strong liquidity position [34] - Management highlighted the importance of clinical validation and educational outreach to enhance product adoption [22][24] Q&A Session Summary Question: Follow-up on territory manager departures - Management reported losing 11 territory managers in Q4 due to unplanned departures, which significantly impacted performance [43][44] Question: Outlook for 2025 regarding unit versus ASP expectations - Management indicated that the introduction of new products may lead to lower average selling prices (ASP) in some areas, but they expect ASP stability in PRS [52][56] Question: Confidence in reaching breakeven with existing liquidity - Management expressed confidence in achieving profitability, citing flat operating expenses and revenue growth [60][62] Question: Revenue guidance and sales ramp for 2025 - Management expects a typical seasonal ramp-up in revenue throughout 2025, with a strong start in Q1 [68][70] Question: Compensation strategies to retain top performers - Management has enhanced the compensation plan to retain top talent and mitigate the risk of poaching [126][128]

Financial Data and Key Metrics Changes - Research and development expenses for Q4 2024 were $7.8 million, up from $1.6 million in Q4 2023, primarily due to clinical and manufacturing costs associated with the Phase IIa CBeyond study for nimacimab [30] - For the year ended December 31, 2024, research and development expenses totaled $18.7 million, compared to $5.8 million in 2023, driven by increased clinical costs and employee-related benefits [31] - General and administrative expenses for Q4 2024 were $4.6 million, up from $2.5 million in Q4 2023, mainly due to stock-based compensation and professional services [32] - The net loss for the year ended December 31, 2024, was $26.6 million, a decrease from $37.6 million in 2023, attributed to the expensing of acquisition costs in 2023 [33] Business Line Data and Key Metrics Changes - The company has shifted focus from the development of SBI-100 to nimacimab, reallocating resources to achieve clinical milestones [11] - The CBeyond clinical trial for nimacimab saw over-enrollment, completing enrollment with 136 patients, exceeding the planned 120 patients [9] Market Data and Key Metrics Changes - The company views nimacimab as a differentiated alternative in the obesity treatment market, especially as the GLP-1 receptor agonist space becomes crowded [24] - Recent industry deals highlight the growing interest in non-incretin mechanisms for obesity treatment, validating the potential of CB1 inhibitors like nimacimab [81] Company Strategy and Development Direction - The company plans to engage with regulators for a Phase IIb dose-escalation study anticipated to start in Q2 2026, while also enhancing manufacturing capabilities [22] - The strategic decision to extend the CBeyond trial to 52 weeks aims to gather more comprehensive safety and efficacy data, which will support regulatory discussions [19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in nimacimab's safety profile, noting no neuropsychiatric side effects in the Phase I study and ongoing positive reviews from the Data Safety Monitoring Board [16][50] - The company anticipates that the additional data from the extended trial will enhance understanding of nimacimab's capabilities and support its regulatory package [19] Other Important Information - The company reported cash and cash equivalents of $68.4 million as of December 31, 2024, with an operating cash burn averaging $6.3 million per quarter [34][36] - The company has eliminated related party balances and remediated litigation matters during 2024, improving its financial position [35] Q&A Session Summary Question: What can be expected from the 26 and 52-week readouts? - Management indicated that the extension study was strategic to gather longer-term efficacy and safety data, which is crucial for regulatory discussions [42][43] Question: How does the removal of the interim analysis affect the study's power? - The removal of the interim analysis preserves the study's power, allowing for a more robust efficacy and safety analysis with a larger patient dataset [60][100] Question: What feedback has been received from investigators regarding the study? - Investigators have shown strong enthusiasm for the obesity trials, contributing to the rapid enrollment pace [96] Question: Will there be additional DEXA scans during the extended study? - Yes, there will be a DEXA scan at the midpoint of the extension and another at the end of the treatment period to assess body composition changes [99] Question: How does the company view the potential for nimacimab in diabetic patients? - The company is excited about testing nimacimab in diabetic populations, as its mechanism may improve insulin sensitivity and address inflammation [132]

Financial Data and Key Metrics Changes - Revenue increased by 2% year-over-year for the first time this fiscal year, reaching a total of $XX billion [7] - Adjusted operating income grew by 12% compared to last year, with $600 million in DRIVE savings achieved in the quarter [8][22] - Adjusted EPS growth was reported at 17% [41] Business Line Data and Key Metrics Changes - Federal Express saw a revenue increase of 3%, driven by higher volume in deferred services [27] - FedEx Freight experienced a 5% revenue decline due to lower volumes and fuel surcharges [27] - Overall volume trends improved, with a 5% growth in Federal Express package volume [28] Market Data and Key Metrics Changes - Nearly 75% of revenue comes from U.S. domestic services, with 10% from non-U.S. intra-country or intra-regional services [12] - International export package volumes increased by 8% due to growth in the international economy [29] - Average daily pounds for international priority freight increased by 3% [30] Company Strategy and Development Direction - The company is focused on creating a more flexible, efficient, and intelligent network, with plans to optimize 45 more U.S. stations in Q4 [14] - The DRIVE initiative aims for a total of $2.2 billion in savings for FY '25, with a total of $4 billion from the FY '23 baseline [13] - The acquisition of RouteSmart Technologies is expected to enhance route optimization and operational efficiency [20] Management's Comments on Operating Environment and Future Outlook - The current environment adds uncertainty to demand, particularly in the industrial economy, which continues to pressure higher-margin B2B volumes [9] - The company is lowering its FY '25 adjusted EPS outlook to $18 to $18.60 due to inflationary pressures and uncertain demand [18][48] - Management remains confident in the long-term value creation from transformation initiatives like DRIVE and Network 2.0% [23] Other Important Information - The company completed approximately $500 million in share repurchases in Q3, with a target of returning $3.8 billion to shareholders in FY '25 [55] - Capital expenditures for FY '25 are now projected at $4.9 billion, down from $5.2 billion last year [55] - The company is on track to fully separate FedEx Freight, with a separation management office established [58] Q&A Session Summary Question: Impact of inflation on guidance change - Management indicated that inflation has been a consistent factor affecting guidance, particularly regarding wages and operational costs [65] Question: FedEx's exposure to de minimis shipments - Management stated they are operationally prepared for changes related to de minimis shipments and are working closely with customers to adapt [70][72] Question: Outlook for fiscal '26 - Management refrained from providing specific guidance but emphasized a focus on profitable growth and the annualization of DRIVE benefits [76][78] Question: Update on dedicated sales force - The dedicated sales team is being built to enhance expertise in LTL and improve coverage for small and medium customers [90] Question: Network 2.0% productivity benefits - Management reported solid service levels and a goal of a 10% reduction in B&D costs with the rollout of Network 2.0% [96] Question: LTL margins outlook - Management expressed confidence in LTL margins rebounding once the B2B business improves, focusing on quality growth [100] Question: Pricing environment and customer feedback - Management noted that the pricing environment remains rational, with customers anticipating price increases due to inflation [115]

Financial Data and Key Metrics Changes - For Q3 2025, revenues decreased by 9% on a reported basis and 7% on a currency-neutral basis, with strong holiday results in December followed by double-digit declines in January and February [45][46] - Gross margins declined by 330 basis points to 41.5% due to higher markdowns, wholesale discounts, inventory obsolescence, and product costs [46] - Earnings per share was reported at $0.54, with an effective tax rate of 5.9% compared to 16.5% for the same period last year [47] Business Line Data and Key Metrics Changes - NIKE Direct revenues decreased by 10%, with NIKE Digital down 15% and NIKE Stores down 2% [46] - Performance business showed growth, particularly in training and running, while NIKE sportswear and the Jordan brand experienced declines, especially in classic footwear franchises [49] - The Vomero 5 doubled its revenue this quarter, and NIKE Shox grew its revenue by over 10 times in the last three quarters [30] Market Data and Key Metrics Changes - In North America, Q3 revenue declined by 4%, with NIKE Direct down 10% and NIKE Digital down 12% [55] - In EMEA, Q3 revenue declined by 6%, with NIKE Digital down 25% and NIKE Stores up 9% [58] - In Greater China, Q3 revenue declined by 15%, with NIKE Direct down 11% and wholesale down 18% [60] Company Strategy and Development Direction - The company is focusing on five strategic actions termed "Win Now," which include igniting a winning culture, shaping the brand for distinction, accelerating a complete product portfolio, elevating the marketplace, and winning on the ground [11][12] - The strategy emphasizes a balanced approach to product offerings, with a focus on performance and innovation across various sports and demographics [25][34] - The company aims to clean up the marketplace and reposition NIKE Digital as a full-price business, reducing promotional days and markdown rates [68][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by global economic uncertainty but expressed confidence in the strategic actions taken to drive progress [11][41] - The company expects Q4 revenues to decline in the mid-teens range, with gross margins projected to decrease by approximately 400 to 500 basis points [74][75] - Management is optimistic about the potential for performance growth to offset declines in classic footwear franchises in the upcoming quarters [110][116] Other Important Information - The company is launching a new brand, NIKESKIMS, aimed at creating a new market of style-led products [33] - The integrated marketplace strategy focuses on creating consumer-led experiences across both NIKE Direct and wholesale partners [35] Q&A Session Summary Question: Timeline for cleaning classic shoe inventories in wholesale and direct channels - Management emphasized the importance of right-sizing inventory for classic franchises and expects to reduce their contribution significantly in the upcoming fiscal year [91][94] Question: Thoughts on innovation strength and pipeline - Management expressed confidence in the innovation team and highlighted upcoming products, particularly in performance and sportswear categories [106][108] Question: Expectation for performance growth to offset classic declines - Management indicated growing confidence in the product pipeline and the need to reset the marketplace for better sell-through [114][116] Question: Balancing promotions while presenting new products - Management outlined plans to liquidate non-selling products through value channels while elevating the presentation of new innovations [125][126] Question: Long-term balance of overhead versus demand creation - Management is focused on tightly managing overhead while increasing investment in demand creation, reflecting a shift in strategy [130][132]

Financial Data and Key Metrics Changes - For Q4 2024, total investment income was $33.8 million and net investment income was $14.6 million, compared to $36.7 million and $15.9 million in Q3 2024 [10][34] - The weighted average portfolio risk rating decreased to 2.33% in Q4 2024 from 2.48% in Q3 2024 [27] - The dollar-weighted loan-to-value ratio decreased from 29.3% to 26.6% [31] - Net assets increased to $514.9 million from $507.4 million in Q3 2024, with NAV per share rising to $13.79, a 3% increase [32] - Total operating expenses decreased to $19.2 million from $20.8 million in Q3 2024 [35] Business Line Data and Key Metrics Changes - In Q4 2024, the company executed two investments in new companies and five investments in existing companies, totaling $154 million in funded loans [16][27] - The loan portfolio is comprised almost exclusively of first-lien senior secured loans, with 97% being floating rate assets [32] Market Data and Key Metrics Changes - Venture debt deal value increased to over $53 billion in 2024, up from approximately $27 billion in 2023, driven by significant deals in the AI sector [23] - The company noted that the venture debt space experienced explosive growth in 2024, which is expected to continue [22] Company Strategy and Development Direction - The company aims to grow originations in the total loan size of $30 million to $150 million, with an ideal allocation to the BDC remaining at $20 million to $45 million [13][15] - The acquisition of Runway Growth Capital by BC Partners Credit is expected to enhance deal flow and diversify the portfolio [11][12] - The company maintains a credit-first investment philosophy and focuses on high-growth sectors such as technology, healthcare, and consumer products [18][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's performance and the ability of borrowers to operate effectively against the macro backdrop [17] - The company anticipates that the focus on high-growth sectors and senior loans will provide additional security for the portfolio [22] Other Important Information - The company declared aggregate distributions of $0.36 per share for Q1 2025, which includes a base dividend of $0.33 and a supplemental dividend of $0.03 [40] - The company extended its credit facility with KeyBank by three years, enhancing availability and lending verticals [38] Q&A Session Summary Question: Expectations for new originations in the first quarter - Management indicated that originations are typically back-ended and additional originations may close before the quarter ends [44] Question: Percentage of loan book trading at interest rate floors - The majority of loans are at or above their interest rate floors [46] Question: Impact of Fed cuts on yield - The decline in yield was primarily due to lower interest rates and fewer prepayment accelerations [50] Question: Discussion on dividend policy and capital allocation - The Board aims for a stable and predictable dividend while also considering building NAV [56][57] Question: Broader origination opportunities post-BC Partners acquisition - The integration is expected to expand the origination funnel and provide access to a broader set of products [62][66] Question: Size of equity portfolio and management strategy - The company is primarily a debt investor and will manage equity positions proactively, focusing on realizing gains when appropriate [88][90]

Scholastic Corporation (NASDAQ:SCHL) Q3 2025 Earnings Conference Call March 20, 2025 4:30 PM ET Company Participants Jeffrey Mathews - Chief Growth Officer and Executive Vice President Peter Warwick - President and Chief Executive Officer Haji Glover - Chief Financial Officer and Executive Vice President Conference Call Participants Brendan McCarthy - Sidoti Operator Good day, and thank you for standing by. Welcome to the Scholastic Reports Third Quarter Fiscal Year 2025 Results. [Operator Instructions] Ple ...

Financial Data and Key Metrics Changes - CMC reported net earnings of $25.5 million or $0.22 per diluted share on net sales of $1.8 billion, which included $3.9 million of after-tax charges [10][38] - Adjusted earnings were $29.3 million or $0.26 per diluted share, down from $85.9 million or $0.73 per diluted share in the prior-year period [11][38] - Consolidated core EBITDA was $131 million, a decline from $212.1 million in the prior-year period, with consolidated core EBITDA margins at 7.5% compared to 11.5% in the prior-year period [39][41] Business Line Data and Key Metrics Changes - North American Steel Group generated adjusted EBITDA of $128.8 million, a 42% decrease compared to the prior-year period, driven by lower margins over scrap costs [41] - Europe Steel Group reported adjusted EBITDA of $0.8 million, an improvement from a loss of $8.6 million in the prior-year period, aided by cost management and increased shipment volumes [43] - Emerging Businesses Group net sales were $158.9 million, a 1.8% year-over-year increase, with adjusted EBITDA increasing by 31% [45] Market Data and Key Metrics Changes - Finished steel shipments in North America increased by 3.3% year-over-year, indicating resilient demand despite economic uncertainty [42] - The Dodge Momentum Index reached an all-time high, reflecting growth in planning across various market segments [16] - The construction and industrial activity driving product consumption remained resilient, with pent-up demand evident in downstream bid volumes [15][16] Company Strategy and Development Direction - CMC aims to achieve sustainably higher, less-volatile margins and returns through operational and commercial excellence initiatives [29] - The company is pursuing both organic and inorganic growth opportunities, targeting segments of the $150 billion early-stage construction market [36] - CMC's strategic initiatives include enhancing logistical capabilities and expanding production in specialized solutions, which are expected to generate significant returns [31][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming construction season, expecting a rebound in consolidated financial results in Q3 2025 [54][55] - The company noted that recent developments in North American markets, including improved scrap market conditions and an inflection in long steel price levels, indicate a potential recovery [19][55] - Management highlighted the importance of construction in adapting to economic changes and expressed confidence in the future of CMC's markets [22][23] Other Important Information - CMC's cash and cash equivalents totaled $758.4 million, with total liquidity just under $1.6 billion [47] - The company returned approximately $68 million to shareholders during the second quarter, repurchasing about 907,000 shares [52] - CMC expects to invest between $550 million and $600 million in capital expenditures for fiscal 2025, down from previous guidance [50] Q&A Session Summary Question: U.S. rebar market pricing outlook - Management noted that price increases are being seen across the portfolio, with expectations for rebar prices to rise as future orders are booked [62] Question: Financial performance of Arizona 2 mill - The mill did not break even in Q2 due to challenges, but management expects to reach breakeven in Q4 2025 [67] Question: North American margins recovery - Management anticipates a recovery in EBITDA per ton in the coming quarter, driven by improved metal margins and cost management [75] Question: Current supply-demand balance in North American rebar market - The supply-demand balance is currently well balanced, with strong demand supporting price increases [87] Question: Long-term demand drivers and trade policy impact - Management remains optimistic about infrastructure investments and reshoring trends driving substantial rebar demand in the coming years [99][100]

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q4 2024 Earnings Conference Call March 20, 2025 5:00 PM ET Company Participants Deb Hart - Head, IR Kevin Herde - EVP and CFO Trey Martin - CEO Conference Call Participants Matt Stanton - Jeffries Doug Schenkel - Wolfe Research Matt Larew - William Blair Ricki Levitus - Guggenheim Tejas Savant - Morgan Stanley Dan Arias - Stifel Catherine Schulte - Baird Matt Sykes - Goldman Sachs Brandon Coulliard - Wells Fargo Anna Snopkowski - KeyBanc Capital Markets Oper ...

Financial Data and Key Metrics Changes - Fourth quarter revenues increased by 15% year-over-year, reaching a record $5.936 million compared to $5.176 million in Q4 2023 [48][50] - SaaS revenues for Q4 grew 17% quarter-over-quarter, totaling $5.913 million, while full-year SaaS revenues increased by 7% to $19.8 million [13][55] - Adjusted EBITDA for the full year 2024 was positive at $520,000, an improvement from a loss of $377,000 in 2023 [49][59] - Gross profit margin for Q4 was 91%, down from 95% in the same period of 2023, primarily due to increased R&D costs [50][55] Business Line Data and Key Metrics Changes - The company focused on vertical channel diversification, with significant growth in new verticals such as automotive (13%), title insurance (2,500%), email (54%), social media (17%), and retail banking [14][17] - SaaS revenue for the full year was $19.8 million, just shy of the $20 million mark, indicating strong performance in the SaaS segment [13][55] Market Data and Key Metrics Changes - Retail still represents approximately 75% of the company's scan volume, but transaction volumes from major retailers were down 45% year-over-year in Q1 2025 [44][82] - The company anticipates that lower mortgage rates will drive significant refinancing and improved home purchasing activity, particularly benefiting the title insurance vertical [17] Company Strategy and Development Direction - The company is investing in IT initiatives and enhancing customer experience through new leadership in the customer success team [9][31] - A strategic focus on longer contracts with minimums and guarantees is expected to yield positive results [42] - The transition from Azure to AWS is anticipated to improve efficiency and reduce costs, while also enhancing AI capabilities [30][76] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the first quarter of 2025, expecting revenues to align with sell-side consensus estimates of $4.78 million [45] - The company is aware of macroeconomic challenges affecting consumer confidence and spending, which could impact retail volumes [43][71] - Management believes that the diversification strategy is working, with a focus on higher-value transactions in new verticals [42][84] Other Important Information - The company reported a net loss of $918,000 for the full year 2024, an improvement from a loss of $1.98 million in 2023 [58] - The company has a $2 million revolving credit facility with Citibank, which was not utilized during 2024 [60] Q&A Session Summary Question: Visibility on stronger back half of the year - Management indicated that visibility is based on rollout schedules and proof of concepts, with expectations for growth in the back half of the year [65][68] Question: Disruption in sales conversations due to macro conditions - Management reported no disruption in sales conversations, as fraud remains a consistent issue across industries [70][72] Question: Potential operating expense savings from switching to AWS - Management expects significant savings from the transition to AWS, while balancing the need for extensive computing power for AI and machine learning [75][76] Question: Clarification on Q4 revenue strength and Q1 outlook - Management noted that Q4 strength was driven by non-retail improvements, with a significant drop in retail transaction volumes expected in Q1 [81][84] Question: Update on large social media customer - Management is finalizing procurement discussions and expects updates soon, with testing already completed [87][89] Question: Sales team composition and focus - The company has added three new sales associates, focusing on a consultative selling approach across various verticals [92][94] Question: Top priorities for 2025 - Management emphasized that sales growth is the top priority, alongside improving customer success and marketing strategies [98][100]