Profitability:
Adjusted EBITDA and margins expanded in 2025 and again in Q1 2026, supported by a richer software and tech‑enabled services mix. Management links margin gains to the shift toward higher‑margin software.
Product Line Growth:
Software solutions net sales increased for full‑year 2025 and again in Q1 2026, led by platforms such as Venue and ActiveDisclosure. Software also grew as a share of total sales, indicating momentum within the product portfolio.
Future-Ready Strategy:
The company is executing a transformation toward recurring and reoccurring software that management views as a structural offset to capital‑markets cyclicality. Guidance and disclosures emphasize a path to a higher software mix over time.
