Margin Victory, Profit Loss—The Q2 Paradox
Sagility's operational machine hummed in Q2: EBITDA margins hit a 6-quarter high and guidance climbed. But net profit growth slowed to just 13.3% while revenue surged 22.5%—a red flag buried under operational success.
+13.3%
YoY
+8.1%
YoY; lags revenue
26.3%
6-qtr high
Raised
EBITDA 24–25% → 25–26%
The quarter in one line
Sagility nailed operational execution in Q2. Revenue climbed 22.5% YoY to ₹2,032 crore, and adjusted EBITDA margins expanded to 26.3%—the highest in six quarters—despite ₹148 million in statutory wage hikes. Management raised full-year EBITDA guidance from 24–25% to 25–26%, signalling confidence in leverage. But there's a catch: net profit growth stalled at 13.3% YoY, and adjusted PAT grew just 8.1%. That gap—revenue flying, profit limping—is the story.
Where the profit weakness lives
The disconnect is real. While Q2 adjusted EBITDA expanded 23% YoY and margins held despite wage inflation, adjusted net profit grew just 8.1% YoY. The wage impact alone—₹148 million in Q2 versus ₹70 million in Q1—tells part of the story. But the deeper issue is that operational gains above EBITDA aren't flowing through to the bottom line. Finance costs, taxes, and adjustments (acquisition earnouts, share awards, FX) are eating into profit more than in the prior year. Management's own adjusted PAT definition now shows real net margin pressure, even as EBITDA looks bulletproof.
What the call claimed, and what holds up
Q2 adjusted EBITDA margin 26.3%, highest in 6 quarters
Confirmed: Q2 delivered 26.3% adjusted EBITDA vs. 25% in Q1
Supported
Wage hikes fully absorbed; margins not compromised
Supported: margins expanded 130 bps YoY despite ₹148M wage impact
Supported
FY27 low double-digit constant currency organic growth on track
Q2 organic growth 11.9% CC (ex-CareSeed). Reaffirmed full-year guidance
Supported
Deal ACV $40.2M, up 18.2% YoY
Stated on call; not independently verified in filed results
Unverified
Provider segment growth accelerating post-Chirok
Chirok closed Oct 22, $13M TTM; provider historically 10–11% growth. Strategy clear, execution unproven yet
Partially supported
Adjusted PAT growth 8.1% shows earnings quality stable
8.1% is weaker than revenue growth 22.5%; signals net margin compression below EBITDA level
Overstated (framed positively but reveals concern)
What changed on this call
The bull-bear ledger
Revenue growth 22.5% YoY solid and consistent with low double-digit organic guidance
EBITDA margins at 6-quarter high despite wage inflation—operating leverage intact
Guidance raised on EBITDA to 25–26%; management confidence backed by delivery
Chirok acquisition brings end-to-end RCM and physician relationships to provider segment
Strong cash generation: H1 OCF ₹634 Cr at 64.9% EBITDA conversion; net cash ₹113 Cr
Adjusted PAT growth only 8.1% YoY; net profit lagging revenue badly
Provider segment remains weak at 10% growth; Chirok integration unproven
H2 AEP seasonality drag ~100 bps expected; near-term momentum headwind
Payer segment 89.9% of revenue; large customer concentration embedded
Medical cost trend normalization may ease client cost-takeout urgency
Risks, ranked by how much they should concern a holder
PAT growth lag at net profit level
HighAdjusted PAT grew only 8.1% YoY vs. revenue 22.5%. This gap signals that gains above EBITDA (finance costs, taxes, earnout adjustments) are compressing net profit. Shareholders see revenue growth but shrinking earnings per share growth.
Provider segment execution and Chirok integration
HighProvider at 10–11% growth is the company's weakest lever. Chirok is meant to fix this, but integration risk is real and time-to-revenue-synergy unquantified. Management deferred 2–3 year provider targets, signalling uncertainty.
H2 AEP seasonality headwind
MediumManagement expects AEP/open enrolment to contribute ~100 bps lower % of total H2 revenue vs. prior year. Q2 had higher seasonal boost; H2 will feel the reversal. Could pressure FY27 organic growth if not offset elsewhere.
Medical cost trend normalization
MediumMedical utilization stabilized H1 CY26 among national payers. If trends ease further, client urgency for outsourced cost management may decline, reducing service demand and pricing power.
Large customer concentration in payer segment
MediumPayer segment is 89.9% of Q2 revenue; top 10 client groups each >₹20 crore annual TTM. Loss of a single large account would materially impact revenue.
Wage cost inflation ongoing
LowStatutory minimum wage hikes are fully baked into guidance. No residual upside if delayed. Risk is only if future wage increases steepen beyond current guidance assumptions.
How the street sees it
The stock is trading ₹45.29, a bullish trend above all key moving averages—SMA20 ₹44.15, SMA50 ₹44.57, SMA200 ₹43.48. But the tape tells a mixed story. The stock sits 21.77% below its all-time high of ₹57.89, a significant drawdown that suggests the market has already priced in caution. From its 52-week low of ₹35.83, though, it has recovered 26.4%, indicating institutional accumulation into weakness. Volume is increasing, a positive sign for momentum.
Ownership data shows FII at 9.99%, flat QoQ; DII at 21.42%, down 87 basis points this quarter; and promoter at 50.95%, unchanged. FII holding steady while DII trims slightly suggests large foreign funds see value, but domestic institutions are being selective. No bulk deal or insider selling reported near the ATH, a positive signal; any sharp price move without insider selling is harder to second-guess.
The RSI of 53.6 is neutral—neither overbought nor oversold—leaving room for either direction. The market's own verdict seems to be: solid operational execution (bullish trend, increasing volume), but earnings quality concerns (PAT lag, provider weakness) merit caution (the 21% drawdown from ATH). That bifurcation is the street's honest read.
The debate
What to watch next
1 · Adjusted PAT growth in Q3 and onwards
Does adjusted PAT growth re-accelerate toward revenue growth, or does the 8.1% YoY lag persist? If net profit continues to trail revenue, margin expansion loses credibility as earnings quality falls. Q3 will have H2 seasonality headwind baked in; if adjusted PAT still grows <10% YoY, net margin compression is structural, not cyclical.
2 · Chirok revenue synergy traction
Management guided for 'healthy clip' provider growth but offered no quantified 2–3 year target. Q3 and Q4 FY27 data will show early integration progress. If provider accelerates noticeably (>15% growth) or Chirok cross-sell wins materialize, risk diminishes. If provider remains flat-to-low single-digit, integration is slower than expected.
3 · H2 seasonality magnitude and FY27 guidance hold
Management flagged ~100 bps lower AEP contribution H2 vs. prior year. That will show in Q3 run-rate. If drag is smaller or offset by new wins, FY27 low double-digit guidance likely holds and may be re-raised. If H2 stumbles (organic <10% CC), guidance maintained but confidence questioned.
The number to track from here
Watch adjusted PAT growth quarter-over-quarter. This is the arbiter. If it re-couples to revenue growth and moves above 15% YoY by Q3, the operational story is intact and margin beat is durable. If it remains in the 8–10% range, the company has a real profitability problem nested beneath operational success, and the street will reprice accordingly. Sagility is not a financial engineering story; it's a healthcare service delivery story. The profit must grow with the revenue.
Sagility India delivered a classically bifurcated quarter: operational excellence masked by earnings weakness. Margins are strong, guidance is raised, and the strategic rationale for Chirok is sound. But net profit growth lagging revenue by 1,400 basis points is not a footnote—it's a signal. Management's tone on the call was confident and candid, which counts for something. But confidence in a 25–26% EBITDA margin doesn't resolve the adjusted PAT problem.
The stock's 21% drawdown from its all-time high wasn't irrational; it reflects the market's own uncertainty on whether operational leverage will translate to earnings leverage. Bullish volume and FII holding steady suggest hope, not conviction. For a holder, the next two quarters are make-or-break: either adjusted PAT re-accelerates and the margin story becomes a profit story, or it doesn't and this becomes a steady-state cash-generation franchise valued on yield, not growth.
Rating: Hold. Strong execution, but the profit concern demands resolution before upgrading. The number to track is adjusted PAT growth.
Margin beat at 26.3% EBITDA, guidance raised to 25-26%, but PAT growth slows
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 7/10
Grade A
Met FY27 guidance (low double-digit organic growth at 22.2% INR, 11.9% CC). Raised EBITDA margin guidance from 24-25% to 25-26%; Q2 delivered 26.3%.
Optimistic
next 1–2 quarters
Optimistic
multi-year
Strong operational execution with 22.5% revenue growth and 26.3% EBITDA margins (6-quarter high), margin guidance raised to 25-26%. However, PAT growth slowed to 13.3% YoY—below revenue expansion—signaling margin compression at net profit. Chirok acquisition (strategic provider capability, $13M TTM) adds medium-term growth lever but integration risk and H2 seasonal headwinds cloud near-term momentum.
₹2032.1 Cr
Revenue · +22.5% YoY₹284.2 Cr
Reported PAT · +13.3% YoYExpanding
Margins · vs guidance: CorroboratedDid the claims hold up?
Q2 revenue $212.6M, 22.5% YoY in INR
METQ2 delivered ₹2,032.1 Cr (~$212.6M), 22.5% YoY confirmed
Q2 adjusted EBITDA margin 26.3%, highest in 6 quarters
METReported OPM 25.2%; adjusted margin higher (EBITDA), no contradiction; margin expansion vs 25% in Q1 confirmed
Adjusted PAT growth 8.1% YoY in Q2
OVERSTATEDReported PAT growth 13.3% YoY; likely due to lower adjustments this quarter vs prior year, or adjusted vs reported definition
Deal ACV $40.2M, up 18.2% YoY
UnverifiedClaim stated but no independent verification of ACV metric in delivered results
Chirok trailing 12M revenue $13M, EBITDA margin 35.8%
UnverifiedStated in call; acquisition closed Oct 22, 2026; near-term revenue contribution modest
Earnings quality
What changed since the last call
EBITDA margin guidance raised
UpgradeFrom 24-25% to 25-26% for FY27, citing Q2 delivery of 26.3% and confidence in operational leverage despite wage hikes and competitive pressures.
Provider segment priority elevated
UpgradeDedicated go-to-market team created; Chirok acquisition announced to accelerate provider growth from historical ~10% to higher clip (unquantified).
Deal ACV composition shifting
NeutralLarger payment integrity deals (>$10M ACV) won (Big Ten health plan); managed service deals with deeper LT value also growing; payment integrity now more material to pipeline.
H2 seasonality headwind acknowledged
DowngradeAEP/open enrolment expected ~100 bps lower than last year; Q2 had higher seasonal contribution than typical H1.
The Q&A
Moderate, focused. Analysts pressed on provider margins (Rishi Jhunjhunwala), Chirok scalability (Dipesh Mehta, Rohit Thorat, Vamshi Krishna), and enrolment seasonality headwinds (Akshat Agarwal). Management held firm on margin guidance (25-26%), acknowledged provider headwinds candidly, and deferred detailed Chirok guidance. No defensive evasion; direct replies, though some follow-up data promised.
Margin guidance sustainability — Chirag Kachhadiya, Motilal Oswal
AnsweredOperating leverage, disciplined cost management, FX tailwinds, and improved clinical/care outcomes are sustaining margins. Q2 showed 26.3% despite wage hikes. FX expected to remain stable; AI productivity retained for margin (partial pass-through to clients).
Chirok growth profile — Rishi Jhunjhunwala, IIFL
AnsweredPrimarily to accelerate provider revenue growth (now ~10% of total, historically lower than payer); Chirok's mid-cycle RCM capabilities fill a gap. No margin improvement goal; focus on revenue synergies and cross-sell. Growth journey to scale provider may take time.
Provider organic growth — Dipesh Mehta, Emkay Global
PartialProvider segment has had 10-11% growth, some revenue tapering from discrete client projects offset by new wins and existing client growth. Chirok fills gap. Combination of dedicated go-to-market team and Chirok mid-cycle capability expected to accelerate, but no specific 2-3 year target given.
Chirok EBITDA adjustments — Dipesh Mehta, Emkay Global
AnsweredSame adjustments as historical Sagility: acquisition earnouts, share awards, FX, amortization. Broadly in line with Sagility's definitions. Margin has remained stable historically.
Payer vs provider conflict of interest — Rohit Thorat, Axis Capital
AnsweredNo inherent conflict; Sagility helps both run operations more efficiently without zero-sum trade-off. 15+ years of experience serving both. In fact, Sagility bridges friction between payers and providers. No evidence of client concern.
Medical cost trends and client cost pressures — Vamshi Krishna, Kotak Institutional
AnsweredMedical cost stabilization is relative; clients still focused on cost takeout. Sagility's AI tools help reduce costs without margin impact for vendors. Pressure on Sagility not easing. However, star ratings favorable for large payers, showing productivity gains being retained.
Enrolment seasonality impact — Akshat Agarwal, Jefferies
PartialLikely ~100 bps lower as % of total revenue than last year (was ~6% prior year, may be 5% this year). Could change in next weeks as early enrollment data emerges. Staffing to capacity; some flex available if volumes pick up.
Provider segment medium-term growth — Sujay Chavan, Prabhudas Lilladher
DodgedNo explicit 2-3 year target. Focus on acceleration via Chirok and go-to-market. Provider market large and fragmented; Sagility well-positioned. Margin profile broadly similar to payer (200-300 bps spread between payer and provider possible, but structurally no large gap).
Chirok deal wins and ACV — Vibhor Singhal, Nuvama
PartialPayer deals are mix of large ($10M+ payment integrity) and smaller tuck-ins. Provider deals smaller so far but growing. Gross margin broadly similar (200-300 bps spread). Cannot provide exact payer/provider ACV split; Chirok and CareSeed will be on top of organic growth.
Guidance
FY27 low double-digit constant currency organic growth
HighReaffirmed on call; Q2 delivery at 11.9% CC organic (ex-CareSeed) within guidance. Management notes H2 AEP seasonality may be ~100 bps lower, but remains in low double-digit range.
FY27 adjusted EBITDA margin raised to 25-26%
HighUpgraded from prior 24-25% guidance. Q2 delivery of 26.3% demonstrates capability; CFO cited operational leverage, disciplined cost management, and FX tailwinds sustaining the range.
No explicit capex target given; OCF-to-reported EBITDA conversion 64.9% H1, FCF 52.9%
MediumAsset-light model; capex for technology and AI tools. Chirok acquisition ₹133M upfront + ₹123.5M earnout over CY27-CY28 (contingent on revenue targets).
Risks the call surfaced
Seasonality & AEP headwind
MediumAEP/open enrolment expected to contribute ~100 bps lower as % of total H2 FY27 revenue vs prior year. Q2 had higher seasonal boost. H2 guidance muted by this known headwind.
PAT growth lag
MediumQ2 PAT growth 13.3% YoY lags revenue growth 22.5%, indicating net margin pressure. Adjusted PAT growth 8.1% is even weaker. Wage hikes and cost inflation offsetting operational efficiency gains.
Provider segment execution risk
HighProvider business growth lags payer (10-11% vs 22.5% overall). Chirok acquisition ($20M upfront, mid-cycle RCM) announced to accelerate, but no explicit 2-3 year growth target provided. RCM market highly fragmented, facing AI disruption and new entrants. Chirok's $13M TTM is modest base.
Medical cost trend normalization
MediumMedical utilization rates stabilized in H1 CY26 among national payers. If trends normalize further, payer client urgency to outsource cost management may ease, impacting Sagility's service demand and pricing power.
Customer concentration in payer segment
MediumPayers are 89.9% of revenue; largest clients not named but power concentrated. Loss of a large payer account (membership, contract cancellation, or reduced scope) would materially impact revenue.
AI productivity benefit capture
LowManagement acknowledges AI productivity gains mostly pass to clients; Sagility retains only portion for margin. Limits ability to leverage AI tools for dramatic margin expansion.
Management
Score 8/10. Clear, detailed, and transparent. Ramesh Gopalan and Srinivas Mattapalli provided specific numbers, acknowledged headwinds (wage hikes, seasonality, provider growth lag), and explained strategic rationale for Chirok. No evasion on uncomfortable topics; deferred some details with promise to follow up. Strong track record. Met FY27 low double-digit guidance (11.9% CC organic Q2), raised EBITDA margin guidance from 24-25% to 25-26% based on Q2 26.3% delivery. Wage hikes fully absorbed; OCF conversion 64.9% H1, demonstrating operational efficiency. Acquisitions (CareSeed, Chirok) integrated and performing.
1 · H2 FY27 (Oct-Mar 2027)
AEP and open enrolment seasonality; management expects ~100 bps lower contribution than prior year YoY
2 · Q3-Q4 FY27
Chirok integration, provider segment go-to-market ramp, cross-sell revenue synergies
3 · CY27 onwards
Agentic AI (Synchrony Claims/RCM) revenue production; AI productivity benefits to be retained for margin
Chirok acquisition (strategic provider capability, $13M TTM) adds medium-term growth lever but integration risk and H2 seasonal headwinds cloud near-term momentum.
Organic Growth and Margin Resilience in Focus as Sagility Targets Q2 Print
Sagility India heads into Q2 FY27 results on strong momentum—Q1 clocked 27.6% revenue growth with expanding profitability despite wage headwinds. The Street consensus (Strong Buy, ₹54.50 median target) hinges on sustained client growth and margin defence. Watch for evidence the company can hold its 24–25% EBITDA margin guidance through seasonal Q2.
What to Expect
~₹1,950–2,000 Cr
On-plan run-rate; Q1 was ₹1,963 Cr (+27.6% YoY). Growth trajectory intact if organic expansion holds.
24–25%
FY27 guidance reiterated despite 1.2% wage-inflation headwind. Q1 adjusted EBITDA margin at 24.0%.
~₹210–220 Cr
Q1 PAT ₹217 Cr on 45.6% YoY growth; steady-state PAT likely in range if margins hold and growth moderates slightly.
Net adds in 109-client base
Q1 added 27 clients; CareSeed acquisition complete. Watch for sustained traction in healthcare & BPO.
A strong Q2 would show revenue growth sustaining above 25% YoY, EBITDA margin holding firm at 24%+ despite the seasonal mix, and evidence of continued net client additions. A weak Q2 would signal margin compression below 24% (suggesting wage pressures winning), growth slowing below 20% YoY (execution risk), or flat/negative client adds (competitive pressure in healthcare BPO).
On Track?
Sagility is tracking its FY27 guidance—low double-digit constant-currency revenue growth, 24–25% adjusted EBITDA margin. Q1's 27.6% organic growth came in well ahead of the low double-digit target, and management has publicly reiterated confidence the margin guidance holds despite state wage hikes. The CareSeed acquisition (closed Q1) adds a healthcare analytics/Medicare Advantage module, diversifying the service mix. FY26 closed with a final dividend of ₹0.10/share; the company continues to return capital while investing in acquisitions. No material deviations from the full-year trajectory signal—this is a continuation quarter.
What the Street Says
Since Last Quarter
1 · Board Meeting Scheduled (Oct 22)
BSE intimation confirms Board will meet on 2026-10-22 to consider and approve unaudited Q2 standalone and consolidated results, and dividend recommendation. Routine governance; dividend decision (if any) will signal capital allocation stance.
2 · Management Change: Global General Counsel
Daniel B. Bailey resigned as Global General Counsel effective Oct 2, 2026 (personal reasons). Brian Clayton appointed as replacement. No operational impact flagged; typical C-suite transition. Tenure transition risk: watch for any Q2 guidance commentary around legal/compliance costs.
3 · FY26 Final Dividend Processed (Sep 25)
Final dividend of ₹0.10/share credited to shareholders. Consistent with Q1 FY27 narrative: modest but steady capital returns alongside organic growth investment.
4 · Insider Trading Window Closed (Sep 24)
Sagility closed its trading window per SEBI insider-trading regulations ahead of results. Routine pre-result blackout; no signal.
The Setup
Sagility enters Q2 FY27 on momentum—Q1 delivered 27.6% organic revenue growth and a 46% profit surge on the back of strong client momentum (27 net adds to a 109-client base) and operational leverage, despite state-level wage inflation headwinds in Karnataka and Telangana (1.2% estimated drag). Management has publicly reiterated its FY27 guidance: low double-digit constant-currency growth and 24–25% adjusted EBITDA margin, betting that operational efficiencies and rupee depreciation will offset wage pressure. The Street is overwhelmingly bullish (Strong Buy, ₹54.50 median target), but the margin hold is the real test. Watch for (1) whether organic growth remains above 25% YoY or signals seasonal deceleration, (2) proof that the 24–25% EBITDA margin guidance is achievable under wage inflation, and (3) continued net client adds as evidence the healthcare BPO segment remains competitive. Any surprise miss on margins or growth will reprrice the upside.
Sagility Q2 FY27: revenue +22.5% YoY, adjusted PAT just +8.1% as margins compress
PAT +13.3% YoY · revenue +22.5% · margins compressing
₹2,032.1 Cr
+22.5% YoY
₹284.21 Cr
+13.3% YoY
13.9%
-0.7pp YoY
₹0.61
Sagility's consolidated Q2 FY27 (quarter ended 30 September 2026) revenue came in at ₹2,032 Cr, up 22.5% YoY (12.2% in constant currency) and 3.5% QoQ, broadly in line with the "low double-digit CC organic growth" guidance management reaffirmed last quarter — organic CC growth printed at 11.9%, right at the guided band. Reported PAT of ₹284.2 Cr grew 13.3% YoY, but the company's own normalised metric — Adjusted PAT of ₹325.4 Cr (ex other income/FX, ex intangible amortisation and the Karnataka/Telangana minimum-wage statutory impact) — grew only 8.1% YoY, materially behind the revenue line. Basic EPS was ₹0.61 (+13.3% YoY); adjusted EPS ₹0.70 (+8.1% YoY). Consolidated is the primary operating basis here; standalone (parent-only) PAT of ₹97.9 Cr on ₹575.2 Cr revenue reflects the holding-company structure and is not comparable to the consolidated operating picture.
Q2 FY-2027 vs prior quarters
The margin bridge is the real story of the quarter. Adjusted EBITDA margin was 26.3% (CFO Srinivas Mattapalli called it the "highest adjusted EBITDA margin in six quarters"), essentially flat YoY (26.2%→26.3%) and comfortably above the 24-25% range management guided to despite flagging a 120bps minimum-wage headwind. But reported EBITDA margin compressed to 25.8% from 28.5% a year ago, and Adjusted PAT margin fell to 16.0% from 18.1% — a 210bps YoY compression below the EBITDA line, pointing to higher amortisation/finance/tax drag this year than the add-backs recovered. QoQ, margins expanded sharply (reported PAT margin 11.0%→14.0%) largely because Q1 FY27 carried a ₹15.09 Cr minimum-wage exceptional charge that Q2 did not; that QoQ jump (PAT +31.1%) is a base-effect artefact and should not be read as sequential acceleration.
The stock went into the print at ₹45.39, down 1.2% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
What the summary numbers don't show
New ACV of $40.2M from 31 existing clients + 1 new logo — active client groups up to 105 (+28 in H1 FY27 incl. CareSeed); headcount 51,486 (+16.5% YoY)
FY27 low double-digit constant currency organic growth reaffirmed; 24-25% adjusted EBITDA margin maintained despite 120 bps minimum wage impact; Q1 steady-state organic growth 5.1% QoQ ex-seasonality.
— This quarter: beat
No third-party consensus estimate specific to this quarter could be sourced, so vsStreet is unknown; broader brokerage sentiment on the stock has been constructive (Buy-rated coverage with price targets around ₹65 seen in recent notes, per web search), but that isn't a quarter-specific estimate. Against the prior concall's cautiously-optimistic tone and confident management framing, this quarter is a confirmation rather than a surprise: revenue is tracking guidance and EBITDA margin is ahead of it, but normalised bottom-line growth lagging topline growth by ~14 points tempers the headline. Segment-wise, Payer revenue (₹1,826 Cr) grew 24.4% YoY while Provider (₹205.9 Cr) grew a slower 8.2% YoY — the rationale behind the Chirok Health acquisition. The Board also raised the interim dividend to ₹0.15/share from ₹0.05 in the previous interim, which CFO Mattapalli tied explicitly to "confidence in the business." CEO Ramesh Gopalan's framing — "broad-based momentum," CareSeed now integrated into Clinical Practice, Chirok set to "accelerate growth in the provider segment" — is consistent with the segment data but doesn't address the adjusted-PAT lag directly.
W1
Whether Adjusted PAT growth converges toward revenue growth in H2 FY27 as the Karnataka/Telangana minimum-wage cost impact laps and the 24-25% guided adjusted EBITDA margin band is sustained
W2
Provider-segment revenue trajectory (currently ₹205.9 Cr, 10.1% of quarterly revenue, +8.2% YoY) once the Chirok Health deal closes
W3
H2 execution through the AEP/Open Enrollment season, which management flagged as its stated near-term priority