We continue to monitor industry-wide developments that may affect the spending patterns of our pharmaceutical and other healthcare customers. In particular, during fiscal 2026, uncertainty surrounding federal policy initiatives, including Most Favored Nation pricing negotiations between certain pharmaceutical companies and the federal government, contributed to short-term budget caution among certain pharmaceutical customers and affected the timing of bookings in our Marketing Solutions business. Although these developments did not materially affect our liquidity or results of operations for the year ended March 31, 2026, similar policy developments, pricing pressures, reimbursement changes, regulatory initiatives, or other industry-wide uncertainty could cause pharmaceutical companies and other healthcare customers to delay, reduce, or reallocate marketing, advertising, hiring, or other spending with us.
