Financial Data and Key Metrics Changes - The cash position at December 31 was $131.7 million with no debt, and the company utilized $7.1 million in operating activities during the quarter, indicating a cash runway of more than three years at the current utilization rate [8][9] - Research and development expenses for the quarter were $4.7 million, down from $10.4 million in the same quarter last year, while general and administrative expenses decreased to $2.1 million from $3.1 million [8][9] - The net loss for the quarter was reported at $5.7 million, or $0.06 per share [9] Business Line Data and Key Metrics Changes - The decrease in operating expenses was primarily due to the completion of a large manufacturing campaign for blarcamesine and a reduction in clinical trial activities following the completion of the Anavex 3-71 phase II study in schizophrenia [9] Market Data and Key Metrics Changes - The company is participating in the ACCESS-AD initiative, which aims to accelerate the adoption of innovative diagnostic and therapeutic approaches for Alzheimer's disease across Europe, funded by the European Commission [4][51] Company Strategy and Development Direction - The company is focused on advancing its clinical pipeline, particularly the lead candidate oral blarcamesine for early Alzheimer's disease, and is working with regulatory agencies in Europe and the U.S. to develop this treatment option [3][4] - Anavex plans to provide updates on regulatory and clinical trial developments for blarcamesine in other indications, including Parkinson's disease and fragile X syndrome [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of blarcamesine to improve the lives of patients with neurological disorders and emphasized the importance of scalable treatment options with oral administration [10][60] - The company acknowledged the challenges posed by regulatory feedback but remains committed to addressing these through data resubmissions and ongoing clinical trials [4][44] Other Important Information - The company is preparing for a confirmatory phase trial if approved under the Conditional Marketing Authorization (CMA) pathway, which will involve real-world cohorts of paying patients [49][51] - Anavex is also planning to present new scientific findings at upcoming conferences, which may further support its clinical claims [6] Q&A Session Summary Question: Can you provide additional information regarding the rapporteur and co-rapporteur for the re-examination of the CHMP opinion on blarcamesine? - The rapporteurs will be selected from the 27 EU countries [15] Question: What is the timeline for the re-examination process? - The re-examination process is expected to last for the first half of the year, involving a 60 + 60-day period for responses and reviews [16] Question: What additional information will be included in the resubmission to the EMA? - The resubmission will include data from the AD-004 study, A-Clear study population, and correlations of clinical efficacy with brain atrophy reduction [24] Question: Are there any ongoing trials currently? - The only ongoing trials are compassionate use programs for Rett Syndrome and Alzheimer's Disease, with plans for studies in Parkinson's Disease and Fragile X Syndrome [28] Question: How will the ACCESS-AD program involve blarcamesine? - The program will include a placebo-controlled trial of blarcamesine targeting early Alzheimer's patients, focusing on biomarkers and efficacy [51][52]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved GAAP net income of $34 million and operating cash flow of $80 million, marking a significant turnaround from a loss of $238 million in the previous year [6][27] - For the full year 2025, revenues reached $1.3 billion, up 26% year-over-year, with adjusted EBITDA of $371 million, up 76% year-over-year, and GAAP net income of $81 million, a $483 million improvement compared to 2024 [6][21] - The fourth quarter revenue was $335 million, with a 29% adjusted EBITDA margin, and FRLPC (Fee Revenue Less Production Costs) was $131 million, up 12% year-over-year [22][24] Business Line Data and Key Metrics Changes - Personal loans accounted for approximately 65% of total network volume, growing 10% year-over-year, while auto and point-of-sale (POS) represented 19% and 16% of quarterly network volume, respectively [22] - The company reported a network volume of $2.7 billion for Q4, up 3% year-over-year, with full-year network volume at $10.5 billion, up 9% [22][23] Market Data and Key Metrics Changes - The company noted a proactive tightening of production in certain areas to mitigate higher variability of credit outcomes, which resulted in a reduction of approximately $100 million-$150 million in fourth quarter volume without impacting profitability targets [23][24] - The company has diversified its funding sources, creating almost $3 billion of revolving capacity through ABS structures across point-of-sale and personal loans [12][30] Company Strategy and Development Direction - The company is focused on sustainable, profitable growth, emphasizing prudent risk management over short-term gains, and aims to build a B2B2C platform that integrates deeply into the U.S. financial ecosystem [8][13] - Future growth is expected to come from onboarding new partners and deepening existing relationships, with a robust pipeline of new partner launches anticipated [9][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted that while consumer performance remains strong, there is increased uncertainty in the market, prompting a cautious approach to credit exposure [18][66] - The guidance for 2026 reflects a cautious outlook, with expected GAAP net income ranging from $100 million to $150 million, assuming current market conditions persist [35][61] Other Important Information - The company has established long-term agreements with major partners, enhancing business stability and alignment [10][14] - The company reported a significant improvement in operating leverage, with core operating expenses declining to 36% of FRLPC, a 13-point improvement year-over-year [26] Q&A Session Summary Question: Can you elaborate on the decision to move away from variable outcomes? - Management emphasized the importance of prudent risk management over short-term growth, noting that they are not reliant on marketing spend to generate volume, allowing for more flexibility in decision-making [37][40] Question: How is the funding environment looking for 2026? - Management indicated strong demand for their products and noted that the funding environment is becoming more disciplined, which is beneficial for the company [58][59] Question: What specific actions were taken to pull back on risk? - The company primarily pulled back across the entire portfolio, with a focus on personal and auto loans due to the growth seen in POS [73]

Financial Data and Key Metrics Changes - The company generated record combined fee-related earnings (FRE) and spread-related earnings (SRE) of $5.9 billion, driving adjusted net income of $5.2 billion, which is up 14% year-over-year, equating to $8.38 per share [4][6] - FRE for the year was $2.5 billion, reflecting a 23% increase year-over-year, while SRE was $3.4 billion, normalized to a 9% increase year-over-year [6][34] - The company achieved record inflows of $228 billion, marking the third consecutive record year for both Athene and Asset Management [6][7] Business Line Data and Key Metrics Changes - The origination volume crossed the $300 billion mark, with a robust consistent spread of 350 basis points over treasuries [6][7] - In the individual market, inflows exceeded $18 billion, with nine strategies raising over $500 million annually [9] - Athene's net invested assets grew by 18% year-over-year to $292 billion, with record inflows of $83 billion driven by retail and funding agreements [31][36] Market Data and Key Metrics Changes - The company reported that all buckets of credit increased by 8%-12%, with hybrid value up 16% for the year [8] - The global wealth business raised $18 billion, up nearly 50% year-over-year, indicating strong demand across multiple client types and geographies [30] - The institutional business had a record year, with $15 billion in new mandates from third-party insurance [28] Company Strategy and Development Direction - The company is transitioning from serving one market to six markets, including individuals, insurance, and traditional asset managers, requiring different products and investments in technology [8][9] - The focus is on a total portfolio approach, which opens up debt and equity buckets to private assets, enhancing competition with public assets [10][11] - The company aims for 20%+ FRE growth in 2026, with a strong emphasis on maintaining quality alongside scale [11][40] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for retirement income and the global retirement crisis, expecting approximately $85 billion of inflows in 2026 [11][12] - The outlook for SRE growth remains durable, with a reaffirmed expectation of 10% growth on average through 2029 [12][41] - Management emphasized the importance of a principal mindset in investing, focusing on long-term ownership rather than short-term market trends [13][14] Other Important Information - The company plans to increase the annual per-share dividend by 10% from $2.04 to $2.25 starting in Q1 2026, reflecting a commitment to returning capital to shareholders [40] - The company has returned approximately $1.5 billion to shareholders through dividends and repurchases during the year [39] Q&A Session Summary Question: Implications of the ARI transaction on SRE - Management indicated that the ARI transaction helps de-risk the year and supports the goal of 10% SRE growth, but it should not be assumed to be additive [46][50] Question: Dynamics in the non-traded BDC space and ADS - Management noted that the philosophy of portfolio construction in ADS has resonated well, with net new assets increasing over $5 billion last year despite market turbulence [52][53] Question: Interaction with LPs regarding private allocations - Management expects increased dispersion among managers and a shift in institutional allocations towards private assets, driven by public market volatility [57][60] Question: Origination opportunities and margin profile - Management highlighted the globalization of origination strategies and the focus on quality and scale, with expectations for continued growth in FRE margins [73][75]

Pagaya Technologies (NasdaqCM:PGY) Q4 2025 Earnings call February 09, 2026 08:30 AM ET Company ParticipantsEvangelos Perros - CFOGal Krubiner - CEOHal Goetsch - Senior Managing Director and Head of FinTech and FinancialsJosh Fagen - Head of Investor Relations and COO of FinanceKyle Joseph - Managing DirectorRayna Kumar - Head of Fintech Equity ResearchSanjiv Das - PresidentConference Call ParticipantsDavid Scharf - Managing Director and Equity Research AnalystJohn Hecht - Managing Director and Senior Equity ...

Financial Data and Key Metrics Changes - For Q1 of fiscal 2026, total revenue was $120.9 million, a slight increase of $1 million or 0.8% from $119.9 million in Q1 of fiscal 2025, primarily driven by increased DSA revenue and partially offset by decreased RMS revenue [12][19] - DSA revenue increased to $48 million from $42.8 million, representing a year-over-year growth of 12%, with discovery pharmacology service and surgical services contributing significantly [5][12] - RMS revenue decreased by $4.1 million or 5.4% to $72.9 million, primarily due to lower NHP volumes sold [14][15] - The overall operating loss increased to $16.3 million from $15.5 million, driven by a higher RMS operating loss [16][19] - Consolidated net loss totaled $28.4 million or $0.83 loss per diluted share, compared to a net loss of $27.6 million or $1.02 loss per diluted share in the prior year [18][19] Business Line Data and Key Metrics Changes - DSA business saw strong growth with net new awards of $53.6 million, a 27% increase over Q1 of fiscal 2025, and a trailing twelve-month increase of 34% [13] - DSA margins improved, with non-GAAP operating income for the DSA segment at $8.2 million or 6.8% of total revenue, up from $7.1 million or 5.9% [17] - RMS segment's non-GAAP operating income decreased to $7.2 million or 5.9% of total revenue, down from $9.4 million or 7.9% due to lower NHP volume sales [18] Market Data and Key Metrics Changes - The book-to-bill ratio for DSA in Q1 of fiscal 2026 was 1.16 to 1, with a trailing twelve-month book-to-bill of 1.08 to 1 [14] - DSA backlog increased to $145.4 million at December 31, 2025, compared to $138.2 million at September 30, 2025 [14] Company Strategy and Development Direction - The company is focused on improving revenue and margins in the DSA business while reducing costs and diversifying revenue sources in the RMS business [10] - The company is enhancing its NAM strategy to support FDA guidance and industry expectations for innovation, with recent collaborations aimed at integrating advanced machine learning tools [10][50] - The company is committed to optimizing its operational footprint and product portfolio while maintaining client satisfaction [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the DSA business's momentum and the ongoing site optimization and cost reduction initiatives in the RMS business [9] - The company is navigating macroeconomic factors affecting the RMS business and remains committed to refinancing its debt and improving its balance sheet [9][20] - Management anticipates continued improvement in margins and revenue growth in the DSA segment as pricing stabilizes and operational efficiencies are realized [26][31] Other Important Information - The company engaged Perella Weinberg Partners for financial advisory services to explore debt refinancing alternatives [9] - Capital expenditures for Q1 of 2026 were $5.2 million, with expectations to keep annual CapEx below 4% of revenue [21][22] Q&A Session Summary Question: Can you provide more details on profitability and adjusted EBITDA trends? - Management noted that seasonality impacts the first quarter, and increased operating expenses were observed, particularly in cost of goods sold [25][26] Question: What is the outlook for DSA awards and growth? - Management highlighted that DSA growth is supported by improved customer relationships and scientific strength, with expectations for continued positive trends [28][30] Question: Can you explain the recent decline in RMS revenue and operating leverage? - Management indicated that reduced NHP volumes overshadowed operating leverage benefits, but cost reductions from facility closures are expected to yield improvements in future quarters [38][40] Question: How are recent weather conditions impacting operations and costs? - Management confirmed that weather impacts shipping and operations, but the overall cost impact is not significant [51][52]

Financial Data and Key Metrics Changes - Total revenue increased by 7% year-over-year, with an adjusted growth of 9% when accounting for a $2 million accelerated product revenue from the previous year [6][23] - Service revenue grew by 11% year-over-year, now representing 80% of total revenue, up from 77% in the prior year [6][22] - Adjusted EBITDA increased by 26% year-over-year to $25.7 million, with margins expanding by 4% to 23% [7][24] - Net debt to Adjusted EBITDA improved to 2.7 times, with expectations to decline to around 2.4 times by year-end [7][25] Business Line Data and Key Metrics Changes - The company is focusing on high-margin recurring revenue, with services revenue growth indicating a strong shift towards this model [22] - The integration of the Fleet Complete acquisition is reflected in the financials, impacting service gross margins by over 6% due to amortization [22] Market Data and Key Metrics Changes - The company secured a significant contract with the South African government, expected to generate substantial recurring SaaS and services revenue over a multi-year term [8][9] - The AI video pipeline grew by 71% sequentially, indicating strong demand for advanced safety and compliance solutions [11] Company Strategy and Development Direction - The company aims for a Q4 exit run rate for FY26 of 10% total revenue growth and over 10% growth in recurring revenue, positioning itself for accelerated growth in FY27 [4][5] - The Unity platform is central to the company's strategy, providing integrated solutions that enhance operational efficiency and safety across various industries [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving business environment, citing successful navigation through previous challenges such as tariffs [41] - The company is optimistic about achieving a 15% ARR growth for FY27, bolstered by the recent large contract win [32][33] Other Important Information - The company is maintaining disciplined operational execution while investing in growth initiatives, with a focus on optimizing costs and enhancing service delivery [24][59] - The management highlighted the importance of AI as an enabler for the industry, enhancing data utilization and operational decision-making [35][36] Q&A Session Summary Question: Growth mix and contribution of new logos versus upsell - Management indicated that 65%-70% of business comes from existing customers, with 30% from new logos, including the South African government contract [31] Question: Business environment comparison to six months ago - Management noted that the business environment is improving, with increased enterprise engagement and repeat business due to tangible ROI from solutions [40][42] Question: Update on the South African contract's revenue potential - While specific financial details could not be disclosed, management suggested that the contract aligns with existing ARPU and margin expectations, indicating significant future revenue potential [43] Question: Competitive landscape for the South African contract - Management confirmed that the contract was highly competitive, with a focus on robust capabilities and partnerships, particularly with MTN [75] Question: Cost structure related to the South African contract - Management clarified that initial investments would focus on people, processes, and systems to support the contract, with a strategy to optimize existing resources for future growth [56][59]

Financial Data and Key Metrics Changes - For Q1 of fiscal 2026, total revenue was $120.9 million, a slight increase of $1 million or 0.8% from $119.9 million in Q1 of fiscal 2025, primarily driven by increased DSA revenue and partially offset by decreased RMS revenue [12][19] - DSA revenue increased to $48 million from $42.8 million, reflecting a year-over-year growth of 12%, with discovery pharmacology service and surgical services contributing significantly [5][12] - RMS revenue for Q1 of fiscal 2026 was $72.9 million, a decrease of $4.1 million or 5.4% compared to the prior year, primarily due to lower NHP volumes sold [14][15] - The overall operating loss increased to $16.3 million from $15.5 million in the prior year, driven by an increase in RMS operating loss [16][19] - Consolidated net loss totaled $28.4 million or $0.83 loss per diluted share, compared to a net loss of $27.6 million or $1.02 loss per diluted share in Q1 of fiscal 2025 [18][19] Business Line Data and Key Metrics Changes - DSA business saw strong growth with net new awards of $53.6 million, a 27% increase over Q1 of fiscal 2025, and a 34% year-over-year increase for the trailing twelve-month period [13][19] - DSA margins improved, with non-GAAP operating income for the DSA segment at $8.2 million or 6.8% of total revenue, compared to $7.1 million or 5.9% in the prior year [17] - RMS segment reported non-GAAP operating income of $7.2 million or 5.9% of total revenue, down from $9.4 million or 7.9% in the prior year, primarily due to lower NHP volume sales [18] Market Data and Key Metrics Changes - The book-to-bill ratio for DSA in Q1 of fiscal 2026 was 1.16 to 1, with a trailing twelve-month book-to-bill ratio of 1.08 to 1, indicating a healthy order intake relative to revenue [6][14] - DSA backlog increased to $145.4 million at December 31, 2025, compared to $138.2 million at September 30, 2025, and $130.4 million at December 31, 2024 [14] Company Strategy and Development Direction - The company is focused on improving revenue and margins in the DSA business while reducing costs and diversifying revenue sources in the RMS business [10][11] - The company is enhancing its NAM strategy to support FDA guidance and industry expectations for innovation, with recent collaborations aimed at integrating advanced machine learning tools [10][50] - The site optimization plan is expected to improve margins in future periods, with the current phase set to complete by Q3 of fiscal 2026 [7][9] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the DSA business's momentum and the ongoing site optimization and cost reduction initiatives in the RMS business [9][10] - The company is navigating macroeconomic factors affecting the RMS business and remains committed to refinancing its debt and improving its balance sheet [9][20] - Management noted that while the first quarter typically experiences seasonality challenges, they expect to see improvements in margins and revenue in the latter half of the fiscal year [26][28] Other Important Information - The company has received a waiver for non-compliance with financial covenant ratios under its credit agreement for Q1 of fiscal 2026 [9] - Capital expenditures in Q1 of 2026 were $5.2 million, with expectations for annual CapEx to remain below 4% of revenue [21][22] Q&A Session Summary Question: Can you provide more details on profitability and adjusted EBITDA trends? - Management acknowledged that margins in RMS impacted adjusted EBITDA, with some operational expenses higher than expected, and indicated that seasonality will likely follow previous patterns [25][26] Question: What is driving the positive trend in DSA awards? - Management attributed the growth in DSA awards to improved customer relationships, increased sales force efforts, and scientific strengths within the company [29][31] Question: What is the outlook for RMS operating leverage? - Management indicated that reduced NHP volumes overshadowed operating leverage benefits, but cost reductions from facility closures will contribute positively in future quarters [40][42] Question: How much was NHP volume down year-over-year? - Management reported that NHP volumes were down approximately 25% year-over-year [44][45] Question: Can you elaborate on new relationships in the NAM space? - Management highlighted ongoing R&D efforts and collaborations aimed at innovation, which are expected to drive incremental revenues [49][50]

monday.com (NasdaqGS:MNDY) Q4 2025 Earnings call February 09, 2026 08:30 AM ET Company ParticipantsByron Stephen - VP of Investor RelationsCasey George - CROEliran Glazer - CFOEran Zinman - Co-Founder and Co-CEOMark Murphy - Head of Software ResearchRoy Mann - Co-Founder and Co-CEOConference Call ParticipantsAlex Zukin - Managing Director and Senior AnalystAllan Verkhovski - Director and Application Software AnalystArjun Bhatia - Partner and Equity Research AnalystBilly Fitzsimmons - Senior Research Analyst ...

Financial Data and Key Metrics Changes - Total shipments in Q4 were 3.8 million tons, slightly lower than Q3 due to seasonal impacts, with expectations for Q1 to improve back to 4 million tons [17] - Q4 price realization was $993 per net ton, down by around $40 per net ton, but a substantial improvement in realized prices is expected starting in Q1 2026, with an anticipated increase of approximately $60 per ton [18] - 2025 marked the third consecutive year of unit cost reductions, with a reduction of $40 per ton, and expectations for another $10 per ton decrease in 2026 [19] Business Line Data and Key Metrics Changes - The company has secured more business from automotive clients, which is expected to show throughout 2026 as OEMs reshore production back to the U.S. [4] - The cancellation of the slab contract with ArcelorMittal is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] - The company anticipates continued demand for domestically produced slabs due to melted and poured requirements [5] Market Data and Key Metrics Changes - The Canadian government has moved to restrict imported steel, creating positive momentum for the company's Canadian subsidiary, Stelco [4] - The spot steel price is currently at a two-year high, benefiting the company due to its cost structure and ability to generate its own power [6] - Vehicle production in the U.S. was down for three consecutive years, but a return to pre-COVID levels is expected due to policy-driven reshoring [7] Company Strategy and Development Direction - The company is focused on sustainable performance in an improved market, operating with a leaner footprint and a stronger order book [24] - The partnership with POSCO is a strategic priority, aimed at enhancing industrial cooperation and meeting U.S. trade requirements [14][52] - The company is positioned to benefit from the transition from aluminum to steel in automotive applications, leveraging existing technology and production capabilities [10][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving business environment, with solid order books, rising prices, and declining costs [23] - The company is confident in its ability to absorb increased automotive demand with existing production capacity, avoiding the need for new plant construction [8] - Management highlighted the importance of the recent changes in the Canadian steel market and the positive impact on pricing and shipments [12][63] Other Important Information - The company achieved the lowest total recordable incident rate since becoming a steel producer, with a 43% improvement compared to 2021 [15] - Capital expenditures in 2025 were at a record low of $561 million, with projections for 2026 to be around $700 million [20] - Total liquidity at the end of 2025 was $3.3 billion, with a focus on generating EBITDA and cash flow [22] Q&A Session Summary Question: What benefit is expected from the cancellation of the slab contract? - The cancellation is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] Question: When should the improvement in EBITDA be expected? - The company is already selling the material in Q1, with more impact expected in Q2 and Q3 as cost flows through inventory [32] Question: How much open capacity is available for contracting? - The company has downstream capacity in every location, with significant potential to deploy more specialized steel products [40][41] Question: What is the outlook for Q1 regarding ASP and costs? - Shipments are expected to return to 4 million tons, with ASP projected to increase by $60 per ton in Q1, while costs may rise temporarily before normalizing [44][46] Question: How has Stelco performed and what is the outlook? - Stelco was disappointing in 2025 but is expected to contribute significantly in 2026 as market dynamics improve [60][62] Question: What is the status of asset sales? - The company is under contract to sell several idled properties, with total proceeds expected to reach $425 million, while larger asset sales are on hold pending POSCO negotiations [70][72]

Financial Data and Key Metrics Changes - Service revenue grew 11% year-over-year, now representing 80% of total revenue [6][22] - Total revenue increased 7% year-over-year, with an adjusted growth of 9% when accounting for prior year accelerated product revenue [6][23] - Adjusted EBITDA increased 26% year-over-year, with margins expanding by 4% to 23% [7][24] - Net debt to Adjusted EBITDA improved to 2.7 times, with expectations to decline to around 2.4 times by year-end [7][25] Business Line Data and Key Metrics Changes - The company is focused on high-margin recurring SaaS revenue, with services revenue now accounting for 80% of total revenue, up from 77% in the prior year [22][23] - Adjusted EBITDA gross margins remained stable at 67%, with product margins steady in the low 30% range [24] Market Data and Key Metrics Changes - The company secured a significant South African public sector contract, expected to generate substantial recurring SaaS and services revenue over a multi-year term [8][9] - The AI video pipeline increased 71% sequentially, indicating strong demand for advanced safety and compliance solutions [11] Company Strategy and Development Direction - The company aims for a Q4 exit run rate for FY26 of 10% total revenue growth and over 10% growth in recurring revenue [4][5] - The focus is on expanding partnerships with Tier 1 customers and enhancing the Unity platform's capabilities [10][14] - The Data Highway strategy aims to connect fragmented data across enterprises, enabling operational decisions and safety outcomes [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth milestones, indicating a positive outlook for FY27 [5][21] - The business environment is improving, with a focus on creating tangible ROI for customers [41][42] - Management highlighted the importance of AI as an enabler for the industry, enhancing data utilization and operational efficiency [35][36] Other Important Information - The company is maintaining operating expense investments to support growth, with an updated Adjusted EBITDA guidance of approximately 45% annual growth [25] - Initial investments for the South African contract will focus on personnel, processes, and systems to support scalability [55][56] Q&A Session Summary Question: Growth mix and contribution of new logos versus upsell - Management indicated that 65%-70% of business comes from existing customers, with 30% from new logos, including the South African government contract [31] Question: Business environment comparison to six months ago - Management noted that the business environment is improving, with increased enterprise business and repeat business from satisfied customers [40][41] Question: Update on AT&T reps training and South Africa contract revenue - Management refrained from providing specific financial details but indicated that the contract aligns with existing ARPU and margin expectations [43] Question: Competitive nature of the South African contract - Management confirmed that the contract was highly competitive, with a focus on robust capabilities and partnerships, particularly with MTN [74]