Is this going back to 2022, or should I think about this as being roughly the same today?

Our challenge has always been to scale two things: software development at a quality level, and our business analysis function, the professional services. Harris and Constellation are very much a commercial off the shelf software. We have software products and we provide services to implement and support them, which is quite lucrative. I had businesses in the utility side running at 50% EBITDA and we don't do any amortization of software development. It is a proxy just for cash. Mark did not like any financial gains there.

Is this going back to 2022, or should I think about this as being roughly the same today?

I think AI can take young business analysts and put them on projects to be much more productive and scale. Our implementation times may come down from what could be years - Oracle touts nine to 12 months now. If we cut that implementation time down, we can achieve more revenue faster with more customers. Maybe the cost will come down 20% or 30% off the implementation. But customers in government use a four-year cycle, usually in their SaaS versus license maintenance and support. We see higher margins on the SaaS.

I want to understand the competitive dynamic. How fragmented is this utility space in government? How many players are there in the market? Are there Northeast and Pacific Northwest competitors?

If you are number one in Texas in property tax, that really gives you no advantage in Florida, other than being known and reputable, because the rules, calculations and statutes are different. The cost-plus versus relative value—there are a lot of regional barriers to new entrants. When you think about the property tax or the appraisal system, you could take what you have as an off-the-shelf system, but you have to invest another $1 million to 3 million when you go from Texas to Florida, or Florida to North Carolina, or New York to New England or Ohio. There is an investment to move and to win in that marketplace.