Axway provided earnings guidance for the year 2017. For the year, net income is expected to suffer a strong adverse affect from the new law on the taxation of companies in the USA, in an amount estimated between €10 million and €13 million; Growth in Cloud activity is estimated at more than 14% for Fiscal Year 2017; to this growth, revenue can now be added from new signatures of subscription contracts with an Annual Contract Value (ACV) in the amount of €7.5 million; Strong growth in Licenses in fourth quarter (above 8%), did not offset the impact of the new software sales model (growing Cloud revenue) and the corresponding 5% contraction in license revenue for the second half year period; Under these conditions, global revenue is expected to fall 3.8% in organic terms compared with 2016; Profit from operations should slightly exceed 13%, as announced.