Total revenues reached $1.663 billion in 2025, marking a 5% decrease compared to 2024. Recurring revenue declined by 2% in 2025, primarily due to a decrease in on-premises solutions, partially offset by growth in Public Cloud revenue. Revenue from perpetual software licenses, hardware, and other categories decreased by 26% as the company continues its strategic shift towards recurring revenue models. Consulting Services revenue saw a 19% decrease, attributed to a strategic focus on higher-margin engagements and the development of a partner ecosystem. Gross profit as a percentage of revenue was 59.4% in 2025, a decrease from 60.5% in 2024, mainly due to a higher mix of Public Cloud revenue, despite improving Public Cloud margins. Operating expenses decreased by 8% in 2025, driven by continued cost discipline initiatives, particularly within selling, general, and administrative (SG&A) expenses. Net income increased to $130 million in 2025 from $114 million in 2024, primarily due to lower expenses from foreign currency exchange rate fluctuations and interest expense. Diluted net earnings per share rose to $1.35 in 2025, up from $1.16 in 2024. Total Annual Recurring Revenue (ARR) increased 3% to $1.522 billion in 2025, with Public Cloud ARR growing 15% to $701 million. A legal settlement with SAP on February 19, 2026, will result in a gross payment of $480 million, with an estimated net cash benefit of $355-$362 million before taxes. The company repurchased approximately 5.8 million shares of common stock at an average price of $24.34 in 2025. A new stock repurchase program authorizing up to $500 million was approved, effective January 1, 2026.