Tuesday, May 12, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 results. Q1 revenue of $723 million was modestly below our estimate of $743 million, driven by ongoing softness in the Commercial segment, while adj. EBITDA of $49 million exceeded our estimate of $38 million, driven by improved cost performance, resulting in a 6.8% adj. EBITDA margin.
Action oriented CEO. In the brief time since Harsha V. Agadi has taken over as CEO, the company has simplified its leadership structure, launched a company-wide cost review, identified $100 million in potential cost reductions, restructured sales incentives, narrowed Commercial focus to healthcare and financial services, accelerated AI deployment, and initiated its portfolio optimization strategy. Furthermore, the company is focused on faster implementation cycles, tighter financial discipline, and improved pipeline conversion.
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