The restructuring actions are producing measurable operating-leverage: opex as a share of revenue dropped ~9 percentage points, and management states these cuts are structural. If revenue stabilizes or grows, the leaner cost base should translate into sharply higher operating margins, improving free-cash-flow generation.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s