EBITDA was weaker than our expectations in the first nine months of fiscal 2023 (ended June 30) because the timing of new business to replace the contributions from pandemic-related projects and the Operation Allies Welcome" (OAW) contract is longer than expected. There has also been a slowdown in new business, especially in the government contracts for Medical Services, due to geographical and supply chain disruptions. However, this impact is largely offset by growth in subscriptions and contribution from Aspire business, as well as tighter cost controls, mainly related to IT and headcount. We expect EBITDA margins in the range of 11.5%-12% in fiscal 2023, resulting in S&P Global Ratings-adjusted leverage of 3.5x-3.75x and funds from operations (FFO) to debt of
