Madison Aron

Questioned the company's confidence in the stabilization of the revenue take rate after adjusting for onetime impacts, and sought details on the investment timeline and mix (OpEx vs. CapEx) for the Vision 2030 initiative.

Answer

Executives stated it's fair to say the revenue yield has stabilized at its current run rate. The Vision 2030 investments will be funded through significant cost efficiencies (targeting 10-20% of the cost base) and by reallocating existing stepped-up investments, so no material change to the overall cost position or margins is expected. A detailed 2025 plan will be provided later.

Questioned the company's confidence in PSAV rate stabilization, asked for more detail on the lost large payer program (product type, risk of contagion), and sought clarification on what 'improving execution' means for growth.

Answer

The company believes the major factors driving PSAV yield declines have washed through and expects stabilization, with volume growth being a key driver. The lost payer program was a specific strategic decision by one client and is not seen as a broader trend. 'Improving execution' refers to better sales and marketing to convert their existing product pipeline into revenue.