The company achieved a new milestone in fiscal year 2024 as revenues surpassed $1 billion for the first time. Ellucian increased its subscription revenue by 22% during the year led by new logo activity, with the company closing 20 net new software-as-a-service (SaaS) deals over the year and continuing to show good ongoing progress in displacing legacy providers. Ellucian?s performance was also supported by its accelerating pace of SaaS modernizations during year, which we believe demonstrates the company?s continued value proposition to its customer base and the stickiness of its platform. As part of its ongoing subscription revenue transition, we expect Ellucian will record fewer term license renewals this year resulting in less upfront revenue recognition per ASC 606 (as
