Innodata Q2 2025 Earnings Report

Innodata EPS Results

• Actual EPS: $0.20
• Consensus EPS: $0.11
• Beat/Miss: Beat by +$0.09
• One Year Ago EPS: N/A

Innodata Revenue Results

• Actual Revenue: $58.39 million
• Expected Revenue: $56.35 million
• Beat/Miss: Beat by +$2.04 million
• YoY Revenue Growth: +79.70%

Innodata Announcement Details

• Quarter: Q2 2025
• Date: 7/31/2025
• Time: After Market Closes
• Conference Call Date: Thursday, July 31, 2025
• Conference Call Time: 5:00PM ET

Innodata (NASDAQ:INOD) operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment engages in the provision of artificial intelligence (AI) data preparation services; collecting or creating training data; annotating training data; and training AI algorithms for its customers, as well as AI model deployment and integration services. This segment also provides a range of data engineering support services, including data transformation, data curation, data hygiene, data consolidation, data extraction, data compliance, and master data management. The Synodex segment offers an industry platform that transforms medical records into useable digital data with its proprietary data models or client data models. The Agility segment provides an industry platform that offers marketing communications and public relations professionals to target and distribute content to journalists and social media influencers; and to monitor and analyze global news channels, such as print, web, radio, and TV, as well as social media channels. It serves banking, insurance, financial services, technology, digital retailing, and information/media sectors through its professional staff, senior management, and direct sales personnel. The company was formerly known as Innodata Isogen, Inc. and changed its name to Innodata Inc. in June 2012. Innodata Inc. was incorporated in 1988 and is headquartered in Ridgefield Park, New Jersey.

Innodata Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: In Q2, Innodata beat analysts’ expectations across revenue, adjusted EBITDA, net income and EPS, with revenue up 79% year-over-year to $58.4 million and adjusted EBITDA rising 375% to $13.2 million.
• Positive Sentiment: The balance sheet was strengthened as cash rose to $59.8 million (plus an additional $8 million collected post-quarter) and the company maintains an undrawn $30 million credit facility for future growth.
• Positive Sentiment: Owing to solid new deals and a robust pipeline, management raised full-year 2025 organic revenue growth guidance to 45% or more, up from the prior 40% target.
• Positive Sentiment: Significant new projects were secured with the largest customer and another Big Tech client, including a forecast of $10 million in H2 revenue from the latter despite minimal prior spend.
• Neutral Sentiment: The company plans to increase investments—about $1.4 million in Q2 and an additional ~$1.5 million in Q3—in sales, delivery, product innovation, and talent to support long-term growth.

Presentation

[Operator]

Good day, ladies and gentlemen, and welcome to the InnoData to Report Second Quarter twenty twenty five Results Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, 07/31/2025. I would now like to turn the conference over to Amy Agreste. Please go ahead.

[Amy Agress, General Counsel at Innodata]

Thank you, Sergio. Good afternoon, everyone. Thank you for joining us today. Our speakers today are Jack Abouhoff, CEO of InnoData and Maurice Espinelli, Interim CFO. Also on the call today is Anish Penderkar, Senior Vice President, Finance and Corporate Development.

[Amy Agress, General Counsel at Innodata]

We'll hear from Jack first, who will provide perspective about the business, and then Mariz will follow with a review of our results for the second quarter. We'll then take questions from analysts. Before we get started, I'd like to remind everyone that during this call, we will be making forward looking statements, which are predictions, projections and other statements about future events. These statements are based on current expectations, assumptions and estimates and are subject to risks and uncertainties. Actual results could differ materially from those contemplated by these forward looking statements.

[Amy Agress, General Counsel at Innodata]

Factors that could cause these results to differ materially are set forth in today's earnings press release in the Risk Factors section of our Form 10 ks, Form 10 Q and other reports and filings with the Securities and Exchange Commission. We undertake no obligation to update forward looking information. In addition, during this call, we may discuss certain non GAAP financial measures. In our earnings release filed with the SEC today as well as in our other SEC filings, which are posted on our website, you will find additional disclosures regarding these non GAAP financial measures, including reconciliations of these measures with comparable GAAP measures. Thank you. I'll now turn the call over to Jack.

[Jack Abuhoff, CEO at Innodata]

Thank you, Amy, and good afternoon, everyone. Thank you for joining us. We're very pleased to report that Q2 twenty twenty five was another outstanding quarter for Innodata. We beat analysts' expectations across the board on key metrics: revenue, adjusted EBITDA, net income and fully diluted EPS. Revenue grew 79% year over year to $58,400,000 and adjusted EBITDA grew 375% to $13,200,000 reflecting the operating leverage that's inherent in our model.

[Jack Abuhoff, CEO at Innodata]

We also continued to strengthen our balance sheet. Cash increased from $56,600,000 at the end of Q1 to $59,800,000 at the end of Q2. And a few days after quarter close, we collected an additional $8,000,000 that typically would have been received by June 30. Our $30,000,000 credit facility remains undrawn, giving us flexibility to support future growth. Our business momentum continues to accelerate.

[Jack Abuhoff, CEO at Innodata]

As a result, we are raising our full year 2025 revenue growth guidance to 45 or more organic revenue growth, up from the 40% we communicated last quarter. Our forecast reflects significant new deals that have been finalized since our last call as well as several deals that we believe are highly likely to close in the near term. We have a robust pipeline that includes significant dollar values positioning us for strong second half of the year. Many of these deals are not incorporated in our forecast, leaving room for possible further increases. Demand for our services is strong and accelerating, and we are seeing success across a diversity of existing and new customers.

[Jack Abuhoff, CEO at Innodata]

I'll talk about our largest customer first. We recently won several new projects with our largest customer, and we have others in pipeline that are not yet included in our forecast, but which we think are reasonably likely. Several of these new projects are under the second SOW we reported signing with this customer last quarter. We believe that the second SOW potentially gives us access to an even larger generative AI revenue pool with this customer. With another Big Tech customer, we were recently awarded a number of significant engagements, and we have additional significant engagements in late stage pipeline, enabling us to forecast $10,000,000 of revenue from this customer in the second half of this year.

[Jack Abuhoff, CEO at Innodata]

It is worth noting that we did just $200,000 of revenue with this customer over the entire trailing twelve month period. So this is a very significant upswing that we believe will inure to our benefit significantly next year. These are just two examples. There are more. The traction we are now seeing is exhilarating.

[Jack Abuhoff, CEO at Innodata]

We have built a marquee set of customers whose trust we have worked hard to earn and whose demand for our capabilities is expanding. Our big tech customers are in an all out race towards super intelligence and autonomy, which we believe will be driven to a large degree by high quality complex training data. We believe we are ideally situated to supply them with this high quality complex training data. Moreover, we believe we are ideally situated to help them test models, diagnose performance issues, and prescribe data mixes required to improve performance. This is a frontier area.

[Jack Abuhoff, CEO at Innodata]

We believe that the future of LLM improvements lies not only in scaled data but in smart data, knowing exactly what kinds of post training data are required to achieve specific improvements in factuality, safety, coherence and reasoning. At the same time, we are positioning ourselves to help enterprises build and manage AI that can act autonomously, often referred to as agentic AI. This will require simulation training data to capture how humans process multivariate problems. It will also require sophisticated trust and safety monitoring and management. We believe agent based AI is going to serve as the cornerstone technology that unlocks the full value of large language models and generative AI for enterprises.

[Jack Abuhoff, CEO at Innodata]

Moreover, we believe that progress on AgenTeq AI is likely to soon result in a ChatGPT moment for robotics. Within the next several years, we believe AgenTeq AI will be served at the edge in hardware devices with which we will commonly interact in many respects in our lives. We believe the market for simulation data services and evaluation services to drive AgenTic AI and robotics is likely to dwarf the market for Frontier model post training data. Our growth opportunities are significant and multidimensional. We intend to invest in ways that we believe will enable us to continue our growth path over the next several years.

[Jack Abuhoff, CEO at Innodata]

These include short cycle high return growth initiatives like custom annotation pipelines, verticalized agent development and expanded global delivery strategic platform development, especially for LLM testing, safety and real world deployment also advisory and integration services for enterprises building AI native systems expansion into new domains such as multi agent systems and robotics, and expansion into new markets. We believe now is the time to lean in, investing in capabilities that can compound value over the next decade. This year, we intend to substantially increase investments, most of which will be expensed, while at the same time beating 2024 adjusted EBITDA. In the second quarter, we incurred approximately $1,400,000 of operating expenses that we think of as investments. This largely consisted of new hires in delivery, product innovation, go to market expansion and talent acquisition.

[Jack Abuhoff, CEO at Innodata]

At the heart of this performance is a simple truth. We are deeply aligned with the most significant technological invention of our era, generative AI. Across the entire life cycle of generative AI model training, from pre training to post training to evaluation to safety, we're delivering the services that unlock the performance of Gen AI models. I'll now turn the call over to Mariz to go over the financial results, after which Mariz, Anish and I will be available to take questions from analysts.

[Marissa Espineli, Interim CFO at Innodata]

Thank you, Jack, and good afternoon, everyone. Revenue for Q2 twenty twenty five reached $58,400,000 representing a year over year increase of 79% and demonstrating strong continuing momentum. Adjusted gross margin was 43% for the quarter, up 33% in Q2 of last year. Our adjusted EBITDA for Q2 twenty twenty five was $13,200,000 or 23% of revenue compared to $2,800,000 or 9% of revenue in the same quarter last year. Net income was $7,200,000 in the second quarter, up from loss of $14,000 in the same period last year.

[Marissa Espineli, Interim CFO at Innodata]

In Q2, we were able to utilize the benefit of accumulated net operating losses or NOLCO to partially offset our tax liability. Looking ahead to the coming quarters, barring any changes in the tax environment, we expect our tax rate to be approximately 27% to 28%. Our cash position at the end of Q2 twenty twenty five was 59,800,000.0 reflecting a sequential increase of about $3,200,000 shaped by strong profitability and disciplined cash management. As Jack mentioned, we collected an additional $8,000,000 in early July that in ordinary course would have likely been collected in Q2. We still have not drawn down on our $30,000,000 Wells Fargo credit facility.

[Marissa Espineli, Interim CFO at Innodata]

The amount drawable under this facility at any point in time is determined based on borrowing base formula. I'll reiterate what Jack said. The momentum in our business is nothing short of amazing. We believe we've got a tiger by the tail, and we're investing with the goal of positioning the company to align with what we project the market needs are going to be over the next few years. In Q2, we incurred approximately $1,400,000 of operating costs to build out a variety of technical capabilities to expand our go to market as investment towards a future that we believe is truly exciting. Thank you everyone. Zorio, we're ready for questions.

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question and answer session. You. Your first question comes from George Stanton from Craig Hallum. Please go ahead.

[George Sutton, Senior Research Analyst at Craig-Hallum Capital Group LLC]

Thank you, team. Nice results. Congratulations. So I wondered if we could talk about during the quarter, your largest competitor, Scale dot ai, was a large majority purchased by Meta. And we've had a few of the large tech companies come out and say they would no longer work with Scale AI.

[George Sutton, Senior Research Analyst at Craig-Hallum Capital Group LLC]

These ostensibly would be tech companies that you have statements of work with. So I'm just curious if you can kind of give us the after effect of that acquisition as you've seen it.

[Jack Abuhoff, CEO at Innodata]

Hi, George. Well, thank you. Thank you for bringing on the call. So I guess, you know, first, you know, we we congratulate Scale for, you know, having delivered a great success for their shareholders. And, you know, we believe their success and and their valuation is a proof point of, you know, the key role that data plays in model performance and the path towards superintelligence, you know, we compete with them successfully.

[Jack Abuhoff, CEO at Innodata]

And, you know, we believe that their shift in focus is likely to accelerate market opportunity for us.

[George Sutton, Senior Research Analyst at Craig-Hallum Capital Group LLC]

Let's think about it a little more holistically. So they obviously, were working with major tech companies. How quickly should we start to see that business shift? So if, for example, OpenAI comes out and says we are no longer going to be working with them, does that shift very quickly, and how do you go to market differently or more aggressively given the opportunities that will get created?

[Jack Abuhoff, CEO at Innodata]

So I think even before this, we were and continue to very aggressively outreach to market participants and to market our capabilities. We have, in light of this, stepped up that effort with certain companies. And there are certain conversations that are going on and are now planned to be happening over the next couple of months that I think, you know, could be very exciting for us. I don't know that I can get into particulars much beyond that, but, you know, I'll reiterate that we do see an opportunity to accelerate our market presence.

[George Sutton, Senior Research Analyst at Craig-Hallum Capital Group LLC]

Okay. And lastly for me, you throw out an interesting nugget about robotics and the attachment to hardware, creating significant even even more significant opportunities than the large language model training. So can you just walk through how you envision that would work for you and and just lay out that opportunity?

[Jack Abuhoff, CEO at Innodata]

Sure. So I think that we tend to read about these technologies somewhat as if they exist in isolation. But the reality is that as large language models become more and more competent and able to interpret ambiguous language and have capabilities to to plan and articulate, you know, multistep responses to problems. You know, there are technologies that will be added to that capability, you know, enabling those models to invoke external APIs or other tools, enabling for a multistep tasks using either greater memory and and planning capabilities. But when you take that and then you think about deploying that at the edge within devices, what you have is a very capable robot.

[Jack Abuhoff, CEO at Innodata]

So I think what this means for us is there's a whole new set of activities both to, you know, train these devices, to fine tune models, and to evaluate their performance that together constitutes a market that I believe will exceed that of post creating post training data and evaluating models for frontier model builders. So it's something we're hugely excited about and intend to be investing very significantly in.

[George Sutton, Senior Research Analyst at Craig-Hallum Capital Group LLC]

Perfect. Thank you.

[Jack Abuhoff, CEO at Innodata]

Thank you, George.

[Operator]

Your next question comes from Allen Klee from Maxim Group LLC. Please go ahead.

[Allen Klee, MD & Senior Research Analyst at Maxim Group]

Yes. Good afternoon. So when you reported last quarter, you kind of said that you thought revenue might be down around 5% in the second quarter. Your actual number was was was flat sequent up up very slightly sequential. So you outperformed.

[Allen Klee, MD & Senior Research Analyst at Maxim Group]

So I'm kinda curious, like, where did the variance come from?

[Jack Abuhoff, CEO at Innodata]

Sure. I'll I'll start, then, Manish, you wanna give any additional color. I think I think that, you know, what we were trying to communicate last quarter is, you know, revenue was up we were up on a run rate basis from our largest customer, we were, of course, very happy about that. But we wanted to focus our investors on the guidance that we were giving because there are a lot of pluses, puts and takes that get factored into that guidance. And underlying the work that we're doing, there are dependencies on engineering teams that we're working hand in glove with.

[Jack Abuhoff, CEO at Innodata]

So it's entirely possible that a quarter could be up or down and that isn't necessarily something that should be extrapolated out and considered locked and loaded permanently. We weren't anticipating that it would necessarily be down, though, and we're very happy to see that it wasn't. As I said, looking at the largest customer and well as well as several quite a number actually of of other customers, we see, you know, an incredible pipeline of opportunity right now. We're very excited about that. And we're only baking into our guidance and our forecast things that we think are highly likely to close within the next really thirty to sixty days. There's a lot beyond that. I think we're going to be winning as well.

[Jack Abuhoff, CEO at Innodata]

So hope that's helpful. Anish, anything you want to add Yes. To

[Aneesh Pendharkar, SVP - Finance & Corporate Development at Innodata]

I think you framed that correctly, Jack. Just to kind of reiterate, Alan, we're not seeing any slowdown with our largest customer. In Q2, we generated approximately $33,900,000 of revenue from this account. You know, and as Jack mentioned, you know, we secured several new projects and have additional opportunities in the pipeline that, you know, while not yet included in our forecast a few, you know, reasonably likely. So again, we feel very bullish and optimistic of our prospects in the back half of the year, and we remain very excited.

[Allen Klee, MD & Senior Research Analyst at Maxim Group]

Thank you. You you highlighted one of the things you highlighted was enterprise and the opportunity there. There's a lot of enterprises out there. I'm just curious how you think about the go to market to to to to attack it.

[Jack Abuhoff, CEO at Innodata]

Yeah. It's a great question. Well, we're we're attacking it already. And, you know, what we're finding is that the interest in the technology and the opportunities to, you know, instantiated into, you know, workflows exist across markets. So, you know, naturally, we're we're looking at the markets where we have the most penetration and the most relationships today.

[Jack Abuhoff, CEO at Innodata]

But we're also reaching out to companies in in markets where we don't have as much reach, and we're finding great, receptivity. So I think the highlight there is AgenTik AI, as it's proven, is going to be the catalyst that unlocks enterprise opportunity. And I think that among enterprises that I talk to and more broadly, they're no longer just looking at this like a frontier technology that's interesting to monitor. They're seeing it as new economic infrastructure that they're going to need to be embracing, and they're going to, you know, need to be adopting. And I think that we can play a very significant role in that.

[Jack Abuhoff, CEO at Innodata]

You know, when we have conversations with them about the things that we think they need to do and our consultants are working with them to to figure out what's the right order of operations and how they gain control of their data in order to, you know, harvest these opportunities, We've got a lot of experience both from working with the large, you know, big techs on the frontier model such that we know where things are going and and how they can best utilize them. And and, also on all the work we've done historically, taking apart workflows and and thinking about how to integrate new technologies into workflows to make them more efficient. So, yep, super super excited about the opportunities there.

[Allen Klee, MD & Senior Research Analyst at Maxim Group]

That's great. I'll ask one more, and then I'll jump back in the queue. You you highlighted a certain amount of money this quarter spent that you operating expenses that you viewed as, investment. Is is there any reason to think that the scale of how much you're gonna be investing for growth in the second half is is gonna change meaningfully from where it's been?

[Aneesh Pendharkar, SVP - Finance & Corporate Development at Innodata]

Yeah. That that great question, Alan. So we as you as you rightly pointed out, we we said we invested about $1,300,000 in q two across several functional areas, including sales, delivery and product solution capabilities. We anticipate that stepping that up from Q2 to Q3 by approximately another $1,500,000,000. And the reason for for doing that is we see tremendous opportunity in in the space, and we wanna be able to capitalize on that.

[Aneesh Pendharkar, SVP - Finance & Corporate Development at Innodata]

So we will be making some incremental investments in sales, delivery, you know, solutioning and product to be able to, you know, capitalize on what we think is a very significant opportunity right now.

[Allen Klee, MD & Senior Research Analyst at Maxim Group]

Great. Congrats. Thank you.

[Operator]

Thank you. Your next question comes from Hamed Khorsand from PWS Financial. Please go ahead.

[Hamed Khorsand, Principal at BWS Financial]

Hi. So my first question was, could you just talk about why you mentioned organic growth and what your intentions are there?

[Jack Abuhoff, CEO at Innodata]

Sure, Hamid. I think we mentioned it to draw attention to the fact that this is organic growth. I think if you look across companies who are reporting and reporting growth, a lot of them are growing inorganically, and and that can be a great strategy for them, but it's a different strategy. And I think our strategy, and and the kind of growth that we're reporting is testament to, you know, the product set and the capabilities that we've developed. And from a risk adjusted basis, I think that's probably a safer bet for investors.

[Jack Abuhoff, CEO at Innodata]

So we're very proud of it. We're very proud of what we've been able to accomplish. And looking ahead to how well aligned we are with what we see as today's market opportunities and tomorrow's likely market opportunities, we think that, that organic growth can continue.

[Hamed Khorsand, Principal at BWS Financial]

And the organic growth that you're seeing in your business, is that coming with any kind of competitive pressures on pricing? Or you're able to maintain pricing and capture new customers?

[Jack Abuhoff, CEO at Innodata]

Well, it's a robust market. Think that we expect well, we're not just we expect we do experience, of course, you know, a competitive environment. But what we're seeing is that the most important thing to our customers isn't our price. It's the quality of our data and the extent now to which we can work hand in glove with them in order to help understand model performance, understand model deficiencies, understand use cases, and make recommendations about the datasets that are required to remediate or to extend those capabilities. So it's a holistic service, and the investments that they're making are so extraordinary.

[Jack Abuhoff, CEO at Innodata]

And you know, there's there's such a deep desire to win in this race that that when we're contributing as well as we are in so many accounts, they become much less price sensitive. Now that having been said, I don't believe that we're the most expensive among our competitive set, but I do think we're among the best. And that's a position that I think if we can sustain, that will, either significantly in order to our benefits from a competitive perspective and a growth perspective.

[Hamed Khorsand, Principal at BWS Financial]

And lastly, last quarter you had a series of different customers you were describing and talking about. And this quarter, I think sounds a little less. So I'm just trying to understand where are you in terms of those relationships? Have they started up what you were talking about last quarter? And so where do you sit as far as revenue opportunity goes when you look out into, you know, year end '26?

[Jack Abuhoff, CEO at Innodata]

Yeah. No. There's more opportunity, and and there's bigger pipeline today than there was, a quarter ago. I just looked at that earnings call and thought that maybe that was a little long and decided stylistically to try to condense it a bit. There's more opportunity.

[Jack Abuhoff, CEO at Innodata]

There are things that we talked about last time that have closed and that are now in our forecast. There are things that we're continuing to progress that are real interesting. By memory, I'm thinking about things we talked about. I think there's only one thing where that kind of went dormant a little bit, but everything else is either closed, moving forward well, advancing significantly in discussions and that we feel very bullish about.

[Hamed Khorsand, Principal at BWS Financial]

Very good. Thank you.

[Jack Abuhoff, CEO at Innodata]

Thank you.

[Operator]

Thank you. Your next question comes from Mr. Alan Klee from Maxim Group LLC. Please go ahead.

[Allen Klee, MD & Senior Research Analyst at Maxim Group]

Oh, hi. I just had a follow-up. I thought it was really interesting how you said that you you can make the data smarter for the customers to get better results. Could you go into that a little bit? Thank you.

[Jack Abuhoff, CEO at Innodata]

Sure. So there are a lot of different dimensions that we use to look at data and analyze data. It our data science team is rapidly expanding. We end up, for engineering teams, producing what are the equivalent of in many cases, the equivalent of white papers with all sorts of, you know, mathematical formula and statistical analysis that correlate what we what we benchmark as a model's performance or, you know, identify as a model's deficiency with what datasets are required in order to remediate that. And what that capability has resulted in is that we're no longer just providing data, but we're you know, our our our status, our our role has been elevated to, you know, sitting at the table with the data scientists who are building these models, and figuring it out with them.

[Jack Abuhoff, CEO at Innodata]

You know, the journey is about data, and it's about as I, you know, said in the prepared remarks, it's about not just scale data, but smart data. So being able to do all that, you know, deep technical scientific analysis of data, of model performance, of correlating the data that's required in order to to achieve the level of performance that's required. In just the last, you know, I'd say several months, that's become a problem space that we're getting to occupy, and that's tremendously exciting for us.

[Allen Klee, MD & Senior Research Analyst at Maxim Group]

Okay. Great. Thank thank you so much.

[Operator]

Thank you. There are no further questions at this time. I will now turn the call over to Jak Abelhoff for closing remarks. Please go ahead.

[Jack Abuhoff, CEO at Innodata]

Thank you, operator. So Q2 was a high performing quarter with 79% year over year growth, and we're anticipating a strong second half to the year. In the second half, we anticipate potentially winning major new customers, significantly deepening relationships and further broadening our base. We'll also be continuing to make investments in infrastructure, talent and platforms that we believe are key to continuing our growth trajectory over the years to come. As a result of our successful execution, we're raising our guidance today from 40% to 45% or more organic revenue growth for the year.

[Jack Abuhoff, CEO at Innodata]

And yeah, I mean, we're humbled by our good fortunes that scale data, our specialty is, we believe, the sine qua non of the greatest technological innovation of our lifetimes. And, you know, with the runway we see ahead, our goal remains to build Innodata into one of the leading AI services companies for this era. So, you know, thank you all for your continued support, and, you know, we'll look forward to being with you a quarter from now.

[Operator]

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

Participants

Executives

• Amy Agress, General Counsel
• Jack Abuhoff, CEO
• Marissa Espineli, Interim CFO
• Aneesh Pendharkar, SVP - Finance & Corporate Development

Analysts

• George Sutton, Senior Research Analyst at Craig-Hallum Capital Group LLC
• Allen Klee, MD & Senior Research Analyst at Maxim Group
• Hamed Khorsand, Principal at BWS Financial