Per the January trading update, in line results and strong usage metrics in the key California contract should provide comfort, ahead of the initial term of the contract ending in FY27. Our working assumption is that it will continue on an evergreen basis, albeit at lower revenues, with clarity expected in the next 6 months or so. We suspect the outcome will be significantly less binary than the market is pricing in currently and see asymmetric returns potential from here, with over half the market cap in cash and a profitable business even without California. With no material change to forecasts, we stay at BUY, with an unchanged 315p TP.