“On exposure management, we are happy that we are seeing stabilization. I would not say that it is a growth driver, to be clear. It is not, but we are seeing the stabilization and improvements that we would expect, and we see good leading indicators that that business is set up to improve.”

In context

“Corey Thomas (Chief Executive Officer): Yes. Rafe and I can tag-team it. On exposure management, we are happy that we are seeing stabilization. I would not say that it is a growth driver, to be clear. It is not, but we are seeing the stabilization and improvements that we would expect, and we see good leading indicators that that business is set up to improve. But it is nothing that we can claim success or improvement on. We are still working through the upgrade cycle in a noisy environment. We are optimistic that the backdrop of what is happening in AI gets customers refocused back on the need to take exposure management seriously as a priority, because there was lots of noise before about all the things people could focus on. We are certainly heartened by the early conversations, but that is not something that we will translate directly into a forecast or guide at this stage.”