Cloud-based e-commerce solutions provider Rithum Holdings Inc. ?s performance has exceeded expectations the last 12 months as price increases and favorable e-commerce industry trends in the drop-ship business more than offset continued churn in its multichannel commerce segment. Rithum generated modest free operating cash flow (FOCF) in 2024, and we now expect sustained FOCF in 2025 and 2026. As a result, we revised our outlook to stable from negative and affirmed our ?B-? issuer credit rating and all issue-level ratings. The stable outlook reflects our expectation for positive FOCF annually, with sufficient liquidity over the next 12 months to withstand a modest decline in consumer spending if needed. Rithum?s drop-ship revenue increased well above our expectations in 2024, at 13%
