Overall Conclusion: Q1 results exceeded expectations, primarily driven by strong organic growth (6%) and accelerated delivery of AI products, leading to increases in both DEPS and free cash flow.

Key Data: Total revenue grew 11%, organic growth 6%, DEPS $5.16 (above the high end of guidance), free cash flow grew 11%.

Business Progress: AI innovation accelerated across the board. CentralReach and Aderant recorded record quarters, with AI-driven new customers accounting for 75%. Deltek GovCon remained weak but is not a core drag, while Neptune cost pressure was better than expected. The company has repurchased 6% of shares and added a $3B authorization.

Guidance & Outlook: Raised full-year DEPS to $21.80-$22.05 (+$0.50), Q2 expected at $5.25-$5.30. No assumption of GovCon/freight recovery, maintaining full-year organic growth of 5%-6%.

Risk/Highlight Signals: The highlight is that AI products have shifted from investment to delivery, with ample capital deployment firepower ($5B). Risks lie in the uncertain macro recovery timing for Deltek and DAT. Management's tone is cautious but with increased confidence.