Companies continue to manage increasing public scrutiny over compliance issues and ethical transgressions (for example, Facebook's Cambridge Analytica scandal and cases involving high profile CEOs). We believe NAVEX will be able to provide solutions that help companies prevent or appropriately navigate these issues. We project NAVEX will maintain mid- to high-single-digit percent revenue growth during this changing period for all companies. While NAVEX has limited operating scale and niche focus on the E&C software market when compared with higher rated technology software companies, NAVEX has shown a good ability to compete among the larger scaled and more product-diverse competitors. NAVEX has generated strong recurring revenue and retention rates, helping the company produce good unadjusted free operating cash flow and provide
