4Q adjusted EPS of 43c was marginally off estimates of 43.7c. Revenue of $111.9M was 1.4% short of estimates. EBITDA of $19.7M was 5% better than estimates. Revenue rose 14%. Guidance for the year calls for $483M to $495M in revenue and EBITDA margins of 16% to 18%. Management noted it is at the 'low point' in its normal cycle for high margin subscription license revenue' and the transition to public cloud 'involves some duplicate costs'. Cash rose on the year, and is now $290M. 50% growth is expected in 2025 (consensus). SaaS revenue grew 24%. Free cash flow was a record and KXS bought back $37M of its shares. Annual recurring revenue rose 18%. We can't say it was a great quarter, but acceptable. At the time of this answer the conference call has not yet occurred, but we would maintain a generally positive stance here. We wish it would spend some of its cash, however, or do a large buyback.
5i Research Answer: