thank quarter call. earnings everyone, Thank you, first Brian. Good you for our and attending afternoon,
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meaningful on our remain delivering for I That strategy bullish value. said, and long-term shareholder prospects
Turning QX to our results.
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pleased with the this business and demonstrated has flexibility our are disruption dedication how responded employees. and We by our to
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release product and on Our across product features organization are roadmaps portfolio schedule. on spans enhancements continues to brought and work diligently have and up our
is not have hit hardest likely many do said I’ve times, industry to that this crisis. our verticals be and As are resilient, business the exposure to we significant by
revenue despite the the nature critical core our power, that and mission that to fuels they be high optimism software and of will uncertainty. offerings deliver our recurring we the results Furthermore, of solid able applications percentage my
will We customer in ahead the our long-term to us. confident the opportunity ecosystem environment monitor and partner the as macroeconomic remain we continue of situation And and unfolds.
long-term the now a opportunity, of that. Thinking let's discussion on to turn
you focus five businesses As moving goal in stable with with of complement M&A infrastructure years. our know, space, our doubling strategic software a to the accretive forward the business in is of our size
synergies growth also business remain per but While approach. one we only two to are and in not our include: generate is our and of margins disciplined a terms acquisitions average most with businesses consistent meet our capital. audience financial or of that margin of recurring above that our our profile, investment is importantly, product, which criteria, weighted our complete target levels revenue; target on in complementary return to We high one, structure; year, two, cost after our operating
to uniquely a M&A one suited opportunity is that and Progress represents in market address. this huge space
companies As over one data invested point, than in venture last capital infrastructure the decade. billion $XX XX,XXX funds have software more over
of and recurring Those are candidates making Of high but levels sticky of never that revenue many them course, small viable perfect bases become scale, these our businesses. to often customer stable, have for many strategy. remain too
are have or the pipeline exception. size a approximately reviewing and breadth Many these quarter, revenue QX many small no From $XX to per strategic in range, to perspective, cases but us, too of for buyers the pursue. companies million we XX deals other million ideal been P/E in for $XX was
exists, to of positioned our advantage enough strategy it. pool delivering how The we is a The take for for about opportunity acquisition path let's talk well available many support viable long-term so value. making years, targets of to this are large now
at than discussed retention look Coupled operating nature. very with efficient our recurring model, And margin our and cash as into are best-in-class durable is revenue, we previously, flow we've in XX% operating above translates software for XX%. very When this free conversion. our well more rates efficient top-line, enterprise predictable consistently
facility, available within perspective. We're million from $XXX current to credit have capacity and our our strategy. X.Xx execute the of an operational on positioned also financial we well leverage net With
infrastructure And our to with expertise key we We synergies. is own cost and leverage back meaningful operational office model, success. can recurring have to where revenue customer real achieve retention long-term
ability this area a Our our and strategy. adding in execute to integrating opportunities. future this further success we’re testament Ipswitch in And executing, M&A capabilities identifying sourcing, strengthening both is our to and for integrating resources by
liquidity impacting well create months. also valuations. surprisingly, conditions tailwind headwind our for Not while they could capacity may create they debt deal us globally. And coming for macroeconomic positions and M&A a timing, And in are strong the
always, As our approach. disciplined in remain we
our very XXXX. during business is closing, sustaining strong the and we a had healthy achieved momentum So we in QX,
Anthony market performance, will is and period a core that to even uncertainty. confidence of environment to do of the will wavering solid diverse in business our and that continue confident We monitor are discuss guidance this enough the durable changes result uncertainty, any very The reflect our not external of that business. and the remain provide health direct in
and operationally space. value shareholder strategy, real acquisitions well Lastly, M&A positioned infrastructure execute driving target the both we on through and our are financially accretive to software in
And our as and over As to full performance us call QX, you now CFO turn joined him and Anthony for to year Folger like of I'd Anthony? XXXX. review the January. to outlook in QX know,
