We hosted TCS management for investor meetings recently. Overall, we came away with the view that company is executing to plan in front of a large market opportunity in supply chain transformation, while prioritizing a balance of growth and profitability. Importantly, the company remains bullish about the greenfield market opportunity in healthcare, citing pent-up demand, an increased TAM ($1bn vs. $600mm previously), and a leadership position. In our view, this supports management's conservative outlook for >30% y/y SaaS growth, coupled with gross margin expansion and sustained profitability and cash flows over the near-term as the company’s SaaS model transition gains momentum. We maintain our BUY recommendation and continue to see an attractive risk-reward on shares in light of upside potential with stronger execution ahead.