...October 29, 2024 Inmar Inc.'s leverage and cash flow metrics remain weak for the 12 months ended June 30, 2024, but we expect recent improvements to continue. Inmar's cash flow generation turned positive in the first half of 2024, primarily because of lower acquisition- and financing-related costs, as well as lower interest expense from the absence of a second-lien term loan it repaid last year. The company's revenue and margins grew as well due to lower labor costs, strong consumer engagement and bookings growth, a shift to higher-margin software-as-a-service compliance solutions' revenue, and the realization of cost savings (primarily headcount reductions). We expect continued improvement will lead to leverage of about 8.3x in 2024 compared with nearly 10x in 2023. We project free operating cash flow (FOCF) to debt of about 3% in 2024, improving from negative in 2023. Its cash flow will also benefit from lower interest expenses in 2025 due to the company's recent refinancing and our expectation...
