- Revenue: Q4 2025 $141.37m, +14% YoY; FY25 $540.7m, +13% YoY; QoQ growth modest in Q4.
- Subscription revenue: Q4 $125.0m, +16% YoY; FY25 $469.2m, +15% YoY; Organic subscription: Q4 $118.3m, +10% YoY; FY25 organic $456.9m, +12% YoY.
- Gross margin: Q4 gross profit $84.36m, gross margin 59.7% (vs. revenue 141.37m); reflecting acquisition-related costs and mix; FY25 gross margin implied around mid-60s to high-50s depending on mix.
- Non-GAAP operating income: Q4 $24.4m (17% of revenue); FY25 $96.2m (18% of revenue).
- Net income and EPS: Q4 net income $(18.61)m, EPS $(0.16); FY25 net income $(?); Non-GAAP net income FY25 $76.1m, EPS $0.66.
- ACV: $516.4m as of 1/31/2025, +13% YoY (8% organic); CC growth 14% YoY; ACV net retention 106% (vs 102% prior year).
- RPO: $1.2B, up 15% YoY; $797m to be recognized in next 24 months; acquisitions added ~$24m to total RPO (and $22m in <24m RPO).
- Free cash flow: Q4 FCF $(10.4)m; FY25 FCF $53.4m.
- Bookings and customers: 549 customers contributing >$100k; 105 >$1m; 14 >$5m in subscription revenue contributions for FY25.
- Guidance: FY26 revenue $574.5–$578.5m; subscription $503–$507m; ACV growth headwinds (FX ~1%), no YoY US mortgage subscription growth assumed; Full-year non-GAAP operating income $107–$111m; non-GAAP EPS $0.66–$0.69; Sandbox contribution ~+$4.5m to ACV; 9% organic ACV bookings growth implied at the midpoint.
- Milestones: 4 acquisitions completed in FY25 (DocFox, FullCircl, Allegro, Sandbox); 100m stock repurchase authorization announced.
- Key thesis: AI-first, platform-centric growth across Commercial, Consumer, Mortgage, and Credit Union markets with international expansion and M&A-driven SAM expansion; favorable long-term operating leverage expected to materialize as bookings reaccelerate and AI-enabled workflows scale.