This report does not constitute a rating action. Revenue grew 4.9% year over year in 2024 (on a GAAP basis including pass-through revenues; 4.2% growth on a net basis) due to growth across all its business segments. Its largest segment, corporate and legal solutions (57% of annual revenue) grew 2.5% from increased demand for its services in the U.S. Remediation efforts have muted revenue expansion internationally over the last two years, but management has completed anti-money laundering (AML) and know-your-customer (KYC) requirements and is now better positioned for growth abroad. The digital brand services segment grew 7.7% in 2024, benefitting from cybersecurity tailwinds. S&P Global Ratings-adjusted EBITDA margins were about flat year over year at 26.9%. Our EBITDA adjustments include
