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CEO Scott Staples and CFO Steven Marks reported that international revenue grew 7.2% in Q2, outperforming the Americas across all growth algorithm components (base, new logos, upsell/cross-sell), with particular strength in EMEA. Regarding synergies, Marks and Staples clarified that it's too early for significant revenue synergy contribution, as the current focus is on platform integration to improve customer experience, with material revenue synergies expected in 2026.

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CEO Scott Staples stated that RFP volumes are about normal, and attributed the record bookings to industry trends like the growing need for digital identity solutions and the appeal of the combined company's advanced technology platform. He clarified that while average onboarding is 90 days, large, complex deals typically take about 6 months, with revenue from the three recently announced large deals expected in late Q2 or early Q3.

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CFO Steven Marks clarified that the entire guidance range assumes a slight to modest full-year base revenue decline, with improvement in the second half driven by easier year-over-year comparisons and market stabilization, not a significant macro recovery. CEO Scott Staples added that strong pipeline momentum and major new client wins provide confidence in the back-half forecast.

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CEO Scott Staples attributed the strong upsell/cross-sell performance to large deals from the prior quarter beginning to generate revenue and a continued customer focus on safety and compliance over cost-cutting. Regarding integration, he stated that while there is always a risk of distraction, close coordination of the go-to-market teams should lead to a period of stabilization in key metrics, rather than deterioration, with potential for long-term improvement.

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EVP & CFO Craig Safian explained that tariff-affected industries, defined as those heavily reliant on importing and exporting, represent 35-40% of Gartner's contract value (CV). CEO & Chairman Eugene Hall added that while the company has over 50 internal AI applications with promising results, it is too early to quantify their long-term impact on the cost structure.

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CFO Craig Safian outlined the renewal cadence, with Q3 being the next largest renewal quarter. He confirmed the guidance models the ~50% retention rate going forward, noting any win-backs would be upside. He described the OpEx guidance as their 'normal approach,' balancing prudence with long-term investment.

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Executive Eugene Hall stated that there has been no change in trends for the U.S. public sector compared to Q4. Regarding AI, he described it as 'fantastic' for Gartner, with the primary benefit being helping clients navigate uncertainty. Internally, he mentioned 'tens of different kinds of initiatives' using AI for things like training and translation, framing it as part of a continuous improvement strategy rather than a single transformative project.

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CFO Craig Safian attributed the solid new business growth (10% in GBS, 8% in GTS) to the strength of Gartner's value proposition and consistent sales execution, rather than a specific external demand driver. He added that there was no significant change in client spending trends, as the environment remains complex and clients continue to need help with priorities like AI, cybersecurity, and cost optimization.

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Paul Sarvadi, Chairman & CEO, stated that while it's too early to provide precise 2026 financial predictions for the Workday solution, recent pricing research has exceeded expectations. He outlined a rollout plan starting with a beta group early next year, followed by two additional waves of new and existing clients. Regarding hiring, Mr. Sarvadi confirmed an underlying improvement from the February low point, noting that while it remains below historical norms, he is optimistic about future growth catalyzed by recent legislative support for small businesses.

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Paul Sarvadi, an executive, explained that the onboarding pauses stemmed from a sudden reversal in small business optimism due to market uncertainty from government tariff policies, though he noted some moderation. Regarding the Workday partnership, Paul Sarvadi and James Allison, an executive, clarified that the approximate $150 million investment is front-loaded, with $62 million forecasted for 2025. They expect spending to be stable quarterly this year, diminish significantly in subsequent years as development concludes, and see revenue generation beginning in 2026.

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CEO Paul Sarvadi confirmed that the premium pricing potential for the Workday solution was validated by early research and continues to be supported by client dialogue, expecting the value proposition to justify higher markups. He also noted that while the competitive environment was significant, Insperity successfully used unique, short-term incentives that protected its long-term premium pricing strategy, helping drive results.

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CEO Paul Sarvadi explained that the company is using short-term incentives that don't affect long-term pricing to successfully navigate a competitive environment for both new sales and renewals. He noted the Workday partnership has created a positive perception among clients, especially in the mid-market. Former CFO Douglas Sharp added that G&A savings came from general efficiencies during a slower growth period, while still investing in the Workday initiative. Paul Sarvadi also commented that while AI is in early stages, it is expected to create future operating leverage by improving staff efficiency and effectiveness.

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CEO Mark Hussey explained that the bill provided clarity by confirming expected pressures on federal reimbursements, aligning with Huron's existing outlook. CFO John Kelly added that visibility is stronger due to regulatory clarity and robust sales conversions in H1. Kelly also stated that the full-year guidance is not contingent on a recovery in digital healthcare sales, as strength in consulting services is driving confidence, and the digital projects are viewed as delayed, not canceled.

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Chief Financial Officer John Kelly stated there are no changes to the segment's guidance, citing record sales conversion in Q1 driven by the digital business, which grew 12% organically. He acknowledged some softness in strategy consulting due to the macro environment but noted the financial advisory team remains busy. Regarding personnel, Kelly explained that while Q1 saw high utilization, full-year headcount growth is expected to align with revenue growth, with a particular hiring focus in the high-demand Healthcare business. Executive C. Hussey added that the segment's mix of pro and countercyclical offerings provides confidence in the yearly outlook.

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CEO C. Hussey stated that while the company is monitoring the situation, they have not seen significant clients reprioritize spending and believe their guidance captures potential downside. He emphasized that Huron's broad offerings position them well to help clients navigate these changes. CFO John D. Kelly added that backlog and pipeline data remain strong and that recent acquisitions address increasing client needs. Regarding headcount, Kelly attributed the recent increase partly to the AXIA acquisition and strong sales conversion, with hiring focused on Healthcare performance improvement, managed services, and certain digital areas.

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Chief Financial Officer John Kelly stated that confidence in Q4 guidance stems from a record sales conversion quarter in Q3. He noted that while some project starts were delayed, the overall win rate was stronger than anticipated, creating a solid foundation for 2025. Kelly also affirmed that the company is well-staffed, with some excess capacity indicated by a utilization rate in the upper 75% range, and feels confident in its ability to hire more talent as needed. Executive C. Hussey added that the demand backdrop remains very favorable.

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Paul Maleh, Chairman, President & CEO, responded that many antitrust projects are long-lived, providing a stable base of work, and the practice continues to win both new merger and new antitrust enforcement matters without a dramatic shift in the business mix. On talent, Maleh acknowledged that their high-caliber professionals are always targets for competitors, a situation he described as business as usual. He emphasized that CRA focuses on creating a rewarding environment to ensure retention and has not experienced any large-scale attrition issues.

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CEO Paul Maleh noted that the positive momentum from March continued into April but cautioned it was too early to declare a definitive trend. He expressed satisfaction with the Life Sciences practice's recent performance across geographies and business areas. Regarding headcount, Maleh explained that the year-over-year decline is still affected by a Q2 2024 action, but headcount was flat sequentially. He reiterated the long-term goal of aligning headcount growth with revenue growth and stated that recent talent retention payments were in line with prior expectations.

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Executive Paul Maleh acknowledged the market disruption, stating that having top-tier talent inevitably attracts competitors. He emphasized that CRA's goal is to be a 'net positive' from the disruption by focusing on both retention and lateral recruitment. Maleh confirmed that the 2025 guidance incorporates their current best expectations regarding these dynamics. He also affirmed that the competitive environment for talent leads to higher wages, and these increased compensation expectations are fully factored into the provided margin guidance.

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CEO Paul Maleh explained that Q2 headcount actions redirected resources to busier, high-growth areas, which has proven effective. He noted that the faster-growing legal and regulatory segment can operate at higher utilization, providing capacity for growth with the current staff. Regarding management consulting, Maleh described the Life Sciences practice as being in a 'stabilization phase' with a 'sawtooth pattern' performance, while the Energy practice is experiencing 'very strong growth' and has an optimistic outlook.

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President & CEO Martina Cheung framed these partnerships as essential distribution channels to meet clients where they want to work. She stressed two key points to prevent cannibalization and protect IP: clients must have a direct license with S&P Global to access the data, and the data is not used to train the partners' LLMs. She views it as a multi-channel growth opportunity, not a risk, highlighting Kensho's technology for ensuring data integrity.

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President & CEO Martina Cheung explained these partnerships are channels to meet clients where they want to work, similar to providing data via Snowflake. She stressed that clients must license the data from S&P Global to access it, and the data is not used to train the partners' LLMs, protecting IP and the direct customer relationship. She sees it as a growth opportunity to serve sophisticated clients across multiple channels and potentially reach new ones, rather than a cannibalization risk.

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President and CEO Martina Cheung affirmed that AI remains a transformational technology and that for 2025, its impact is certainly more of an efficiency driver, though a healthy pipeline exists for future revenue. She noted that AI investments have been funded out of the existing budget, highlighting the Kensho innovation flywheel.

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President & CEO Jerry Grisko confirmed that guidance assumes the second half will mirror the first, with clients delaying discretionary projects amid economic uncertainty. He characterized pricing pressure as market-driven rather than structural and expressed optimism for future improvements, especially within the legacy Markham business. SVP & CFO Brad Lakhia added that lower incentive compensation was a primary driver of margin improvement and that the company is realizing Markham-related synergies ahead of the original 2026 schedule.

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President and CEO Jerry Grisko explained the low end of the revenue guidance assumes a continuation of Q1's challenging economic climate, similar to the 10-15% decline in discretionary work seen during COVID. To protect profitability, Grisko highlighted levers such as variable compensation tied to growth, reduced hiring, and cuts to discretionary spending like T&E and advertising. CFO Brad Lakhia addressed capital allocation, stating the primary focus for the next 1-2 years is using free cash flow to reduce leverage to below 2.5x by the end of 2026, while remaining opportunistic for strategic M&A and share repurchases.

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CEO Jerry Grisko clarified that Marcum's core practice is expected to perform strongly in 2025, mirroring CBIZ's own core accounting growth, and not be muted. He expressed optimism for stronger overall organic growth in 2025 compared to 2024, anticipating a rebound in discretionary project work as clients gain clarity post-election. Grisko also stated they do not expect a pause in the Government Health Care Consulting business and noted it could potentially benefit from a reduction in the federal workforce, leading to more reliance on external partners.

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President and CEO Jerry Grisko expressed that the reception to the Marcum deal has been overwhelmingly positive from both teams, highlighting a collaborative spirit in the integration workstreams. He noted the future leadership will be a combination of talent from CBIZ, Marcum, and recent external hires. Regarding advisory services, Grisko stated that strength was broad-based, with the private equity advisory side seeing a higher volume of smaller transactions, which drove the strong performance.

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CEO Lee Shavel attributed the momentum to successfully communicating the incremental value from investments, especially the Core Lines Reimagined program, and deeper senior-level client engagement. CFO Elizabeth Mann added that this has translated into high-end performance on pricing, cross-selling, and upselling, as well as lower client attrition.

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President and CEO Lee Shavel clarified that the successful go-to-market strategies initially applied to Verisk's largest businesses (Claims, Extreme Events, Underwriting) are now being extended to growth areas like Life Insurance, Specialty Business Solutions (SBS), and Marketing Solutions. He added that the elevated strategic dialogue with clients is a core philosophy being expanded across the organization.

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CFO Elizabeth Mann described the change as a gradual evolution, not a drastic shift, driven by large customers seeking price certainty. CEO Lee Shavel added that it serves as a 'barometer' of stronger strategic relationships and client confidence in Verisk's long-term value, which allows for deeper partnership.

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CFO Elizabeth Mann revealed that nine of the ten new clients were entirely new to the catastrophe modeling space, indicating broader market adoption driven by climate concerns. She highlighted success in high-growth segments like excess and surplus (E&S) lines and managing general agents (MGAs). An unnamed executive added that heightened catastrophe activity is compelling more market participants to seek solutions to quantify their risk.

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President & CEO Mike Simonds stated that while the market is competitive, he has not observed abnormal pricing behavior from competitors. He noted TriNet's disciplined, quarterly pricing adjustments may position it ahead of the market, which he sees as now catching up. EVP & CFO Kelly Tuminelli added that underlying health trends remain consistent, with the quarter's higher insurance cost ratio driven by a one-time anomaly of older claims from a single carrier, not a change in overall cost inflation.

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President and CEO Michael Simonds clarified that TriNet's insured base is working-age and that low-double-digit healthcare cost trends have stabilized, providing confidence in pricing. CFO Kelly Tuminelli added that while both medical and prescription costs are up, the rate of acceleration on prescription costs is slowing. Regarding COGS, Ms. Tuminelli attributed the decrease to tight expense management, automation efforts, and a strategic focus on high-value services, while still reinvesting in key initiatives.

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CEO Michael Simonds confirmed that 2024 is the baseline for the medium-term plan. Regarding customer health, Simonds described the tone of client conversations as 'markedly improved' but noted this optimism has not yet translated into higher hiring rates, which remain at historic lows. CFO Kelly Tuminelli added that financial services was a bright spot. Simonds explained the ICR guidance reflects improved forecasting; the high end of the range would be triggered by accelerating healthcare cost inflation, which is not the current trend.

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CEO Mike Simonds stated that the full benefit of repricing won't be realized until all cohorts are repriced, as about one-third of the book will renew during 2025. He also noted a headwind from favorable workers' comp adjustments in 2024 that won't recur. CFO Kelly Tuminelli added that the Q4 ICR forecast reflects increased pressure from annual pooling limit resets on October 1, which exposes TriNet to high-cost claims.

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CEO Robert Fauber emphasized Moody's role in providing transparency to an opaque market. He clarified that there is no single 'private credit team'; instead, Moody's leverages its existing, experienced analysts across all relevant rating groups (FIG, Structured Finance, etc.) and applies the same rigorous, regulated methodologies used for public ratings. While headcount has been added to handle flow, the strategy relies on integrating private credit into the core franchise, coordinated by dedicated analytical and commercial leaders.

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CFO Noemie Heuland acknowledged that ARR growth was impacted by stress in the banking sector. While the pipeline for Research Assistant is strong, she noted that adoption by large financial institutions has been slower than anticipated due to their need to establish internal GenAI governance frameworks. CEO Robert Fauber added that they now expect Q4 ARR growth at the lower end of the high single-digit range.

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CEO Mark Begor described the international consumer backdrop as broadly similar to the U.S., with Latin America showing stronger growth and Canada lagging due to economic weakness from tariff concerns. He and CFO John Gamble explained the decision to hold guidance was a balanced and prudent approach given heightened uncertainty and volatility around tariffs, interest rates, and the hiring market.

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CEO Mark Begor asserted that even with 5-10% growth in a recession, high incremental margins would allow for income and margin expansion. CFO John Gamble tempered this by noting the 50bps expansion target is based on higher 7-10% growth. Begor confirmed that in any economic event, especially a downturn, the value of more data like TWIN's income and employment verification increases, as it helps lenders originate with more confidence.

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CEO Mark Begor and CFO John Gamble highlighted that significant cloud cost savings from 2024 are providing a year-over-year benefit in 2025. On new products, Begor stated the strategy is to achieve "both" market share and price, as the differentiated data provides more value for which they expect to be compensated.

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CFO John Gamble clarified that the FMS strength was not a macro read-through but was driven by the execution of large transactions with new customers in the payments industry, which he views as an ongoing revenue source. Regarding EWS mortgage, Gamble stated that the outperformance progression is consistent with their plan and is primarily driven by extremely strong record growth. He noted the business is returning to its long-term framework of outperforming the market by around 10%.

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CFO Bob Schrader specified that the FY26 outlook includes 30 to 50 basis points of growth from revenue synergies, noting this is a conservative initial estimate of the large cross-sell opportunity. Regarding cost synergies, he stated that the necessary actions have already been taken, providing high confidence in the target, though the benefit will build on the P&L throughout the year as transition costs phase out.

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CEO John Gibson explained that growth is a healthy mix of new and existing clients, with a recent tilt toward upselling the base driven by AI-powered analytics. Regarding Florida, he and EVP Robert Schrader clarified that flat enrollment in the at-risk medical plan was a conscious underwriting decision to manage risk, which does not impact earnings, and that overall insurance attachment within the PEO still grew.

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CEO John Gibson confirmed that his earlier comments about a stable competitive environment apply to the PEO business as well. Regarding the insurance agency, he acknowledged the continued headwind from workers' comp rates in Q1, noting that the PEO business was a double-digit grower while the broader Insurance Solutions category was dragged down by the agency. Executive Robert Schrader added that the company is innovating to expand the insurance business, citing the new Perks product as an example.

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CEO Philip Snow explained the focus is shifting to internal use cases like developer productivity and automating administrative tasks. Chief Financial Officer Helen Shan added that while direct ROI is complex, benefits are visible in increased output and flat-to-down core headcount, demonstrating efficiency gains.

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Chief Revenue Officer Goran Skoko outlined a multi-pronged strategy. He explained that growth will come from geographic expansion into Europe and Asia, increasing user penetration within existing clients (especially in the home office), and layering on additional services and workflow solutions, such as lead generation and portfolio management tools.

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CEO Frederick Snow stated that FactSet has a high appetite for M&A to fill a couple of product suite gaps, noting most targets are not AI-related as he believes internal AI investments are sufficient. Chief Financial Officer Helen Shan reaffirmed they have a strong balance sheet and ample capacity for inorganic growth alongside internal capital expenditures.

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CEO Frederick Snow confirmed a high appetite for M&A to fill specific product gaps, noting that most targets are not purely AI-related, though a modern tech stack is a key criterion. CFO Helen Shan reiterated that their strong balance sheet and deliberate capital allocation provide ample room for inorganic growth.

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CFO Helen Shan clarified that the margin decline is half due to the bonus pool reset and half for investments. She stated that roughly 150 basis points of additional, self-funded investment is planned for fiscal 2025. This is allocated to gen AI, content (real-time, fixed income), buy-side workflows (managed services, trading), and infrastructure. The spending is funded by productivity gains and discretionary cost reductions, balancing the need to invest for growth while maintaining strong margins.

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CFO Chris Finn stated that the initial guidance was conservative, and while they've seen about $2 million in government contract cancellations, they are managing costs closely and see opportunities. CSO Nate Swan added that sales force progress is evident in three areas: adoption of their sales methodology, a 33% year-over-year increase in pipeline per account executive, and improved retention lifecycle activities. He also noted that sales headcount is down due to attrition but the company plans to hire in the second half of the year.

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Chief Sales Officer Nate Swan attributed the Q4 bookings shortfall to execution challenges in the small high-tech, government, and India sectors. CEO George Colony noted that large tech companies were a bright spot. Regarding AI, Chief Product Officer Carrie Johnson detailed how the Izola tool is used internally to boost customer success and analyst efficiency, while George Colony highlighted an observed correlation between heavy Izola usage and a 20% higher renewal rate.

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Chief Sales Officer Nate Swan attributed the bookings weakness to execution in a specific group that has since been addressed, expressing confidence in the Q4 forecast. Chief Product Officer Carrie Johnson noted that tech budgets are expected to increase in 2025, aligning with Forrester's strategy. CEO George Colony added that the tech vendor world is stabilizing. Nate Swan further explained that go-to-market traction is measured by pipeline growth, retention rates, and the rollout of the 'retention life cycle,' with George Colony highlighting a specific goal of $500k in rolling pipeline per salesperson.

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CEO Jennifer Scanlon highlighted strength in North America for Industrial and Consumer, as well as across Asia for Consumer. She confirmed the Advisory business is lumpy and currently faces headwinds from shifts in U.S. sustainability regulations and a challenging commercial real estate market.

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EVP and CFO Ryan Robinson attributed the Consumer segment's performance to broad-based demand and a Q3 surge in new product testing, which may moderate. President and CEO Jennifer Scanlon highlighted sustainability testing as a key tailwind. For margins, Robinson ranked the drivers as: 1) organic growth leverage, 2) favorable mix from the Industrial segment, 3) internal productivity initiatives, and 4) post-IPO stock compensation accounting.

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Executive Richard Schlenker explained the Q2 utilization forecast includes a 150-200 basis point headwind from the July 4th holiday timing, with the remainder reflecting minor, temporary client delays in life sciences and consumer products. He confirmed the full-year guidance assumes these remain 'edge cases.' Executive Catherine Corrigan added that there is potential for upside from supply chain shifts and increased regulatory scrutiny to be realized within the 2025 fiscal year.

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Executive Catherine Corrigan acknowledged the positive momentum in chemicals and strong market drivers like power demand and digital health. However, she tempered expectations by highlighting a 5-6% headcount deficit entering 2025 and a difficult comparison to a strong Q1 2024. Corrigan noted that while some user research work may see a normal Q1 dip, the pipeline for Q2 is healthy. She affirmed confidence in the company's realistic growth plan, which is primarily paced by the rate of hiring specialized talent.

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Executive Richard Schlenker clarified that the year-over-year comparison for the chemical sector is lower in Q4 and that current pressures stem from broad economic challenges and client restructuring. Executive Catherine Corrigan addressed the headcount miss, attributing it to higher-than-expected employee turnover in Q3 rather than recruiting issues. She affirmed that recruiting efforts are increasing and expressed confidence in returning to headcount growth.

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CEO Matti Shem Tov explained that the compensation models have been fine-tuned across all three segments to more heavily reward the growth of subscription and recurring revenue. The changes are designed to shift sales focus toward retaining customers, growing retention rates, and prioritizing subscription sales over onetime transactional business.

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CEO Matti Shem Tov explained that after his initial 90-day review, he has clear ideas for the path forward. He noted that some changes will be implemented quickly, while others, like product innovation, will take more time to evolve. He committed to providing specific KPIs in February to allow for progress tracking.

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CEO Christopher Cartwright confirmed that Communications has been the outperformer but framed the overall Neustar story as positive, citing exceeded synergy targets and the successful reconstitution of the product portfolio on the OneTru platform. He expects growth to increase over the medium term as the integration is complete and innovation benefits are realized, positioning them to compete better in fraud and marketing.

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