This report does not constitute a rating action. The company grew topline revenue by about 15% in 2024 to nearly $1.39 billion, largely due to growth in its higher-margin Epiq Class Action and Restructuring (ECAR) segment. As a result, S&P Global Ratings-adjusted EBITDA margins expanded around 400 basis points (bps) in the year, which significantly improved S&P Global Ratings-adjusted leverage to 5.2x in 2024 from 7.9x in 2023. However, we expect EBITDA will decline and leverage will increase toward 6x in 2025. A significant portion of the company?s ECAR segment growth in 2024 was due to a large individual customer, whose activity we expect will normalize in 2025, leading to materially lower revenue contribution. We expect new contract wins in
