Alexei Gogolev
JPMorgan Chase & Co, Research Division

Great. Hello, everyone, and welcome to JPMorgan Boston CMC Conference. My name is Alexei Gogolev, Head of Vertical SaaS research team. And today, I'm delighted to be hosting Tyler, CFO, Brian Miller. Brian, welcome.

Brian Miller
Executive VP & CFO

Thank you.

Alexei Gogolev
JPMorgan Chase & Co, Research Division

If I may begin our conversation with your SaaS growth durability, you've explained the 2026 SaaS growth bridge so prior bookings and new bookings and flips. But what are the biggest execution risks that could shift timing? Or maybe what are the most upside levers that you see for those numbers? Perhaps it's things like go-live, cadence or some renewal and pricing timing?

Brian Miller
Executive VP & CFO

Yes. It's mostly around timing. So the biggest driver of our SaaS growth this year is prior year bookings. So things that we signed last year that there's a lag from the time we sign a contract to when the revenues start or -- and some of those are even things that we signed in '24, which was a really, really strong bookings year for us. And so we had a partial year of revenues last year and the full year of revenues this year. So more than half of the growth comes from prior year bookings. Pricing is -- there's not a lot of variability around that. And then the new bookings have less of an impact on the current year, again, because of that lag.

And then