Andrew Steinerman • JPMorgan Chase & Co.

Answer

CFO Steven Marks clarified that the positive July trends were seen in both base revenue normalization and total organic growth, driven by go-to-market success and easier comps. He also confirmed that the plan to reach the ~3x net leverage target includes continued voluntary debt prepayments, which are expected to occur roughly quarterly, supported by strong and recently enhanced free cash flow projections.

Ask Fintool Equity Research AI

Answer

CEO Scott Staples affirmed that while key labor metrics have shown 'stability despite uncertainty,' he believes returning to a 2-4% positive base growth is achievable but likely not until early 2026. He stated the model has them reaching neutral base growth by the end of 2025, supported by easier comps and the conversion of a record number of deal wins from the previous year into the base.

Ask Fintool Equity Research AI

Answer

CEO Scott Staples confirmed the continued use of NPS to measure customer and candidate experience, noting increased communication with Sterling's client base has been met with excitement for the merger. He clarified that the proprietary database has grown to 900 million records due to new third-party data partnerships, but this figure does not yet include Sterling's data, which is a project for later in the year.

Ask Fintool Equity Research AI

Answer

CEO Scott Staples and CFO Steven Marks clarified this was not a change in the ultimate synergy outlook but a comment on the timing of reported results. They explained that interest expense and share dilution are recognized immediately, while the financial benefits of synergies are realized over time. Therefore, the actual reported EPS accretion in 2025 will appear more neutral before the full run-rate synergies are achieved. They deferred providing specific 2025 base revenue assumptions.

Ask Fintool Equity Research AI

Answer

Chief Product Officer David Wong confirmed that Westlaw Advantage is a new, higher subscription tier that customers must upgrade to in order to access the 'crown jewel' capability, Deep Research. He also stated that the recent launch of CoCounsel Legal introduces a much more seamlessly integrated experience for CoCounsel, Westlaw, and Practical Law, and that continuing to enhance the user experience is a top priority.

Ask Fintool Equity Research AI

Answer

CFO Mike Eastwood confirmed some expense timing shifted from Q1 to Q2, impacting the quarterly margin profile, but reaffirmed the full-year guidance of approximately 39%. CEO Steve Hasker described end-user adoption of AI tools as 'healthy,' particularly in the corporate legal space, and noted the company is investing heavily in customer success teams to support and monitor usage.

Ask Fintool Equity Research AI

Answer

CFO Mike Eastwood highlighted the Corporates segment's 10% organic growth in H1 2024, noting comparable growth in the underlying net sales book of business gives them confidence. He attributed the strong performance to execution across the portfolio, including Practical Law, CLEAR, Indirect Tax (which includes Pagero), and international businesses, rather than one specific product category. He expressed cautious optimism about overcoming previously noted elongated sales cycles.

Ask Fintool Equity Research AI

Answer

EVP & CFO Ryan Robinson acknowledged the tougher comps in H2 (9.3% in Q3 and 9.5% in Q4 of the prior year) and confirmed the company's confidence in the full-year outlook. He noted that while market clarity is improving, some uncertainty remains, making them confident but cautious.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Elizabeth Boland clarified that 'low single-digit' means approximately 2% growth, similar to the current quarter. She added that the fall enrollment cycle is in 'full froth' with good lead generation, and the company feels positive about achieving that level, with a particular focus on infant and toddler enrollment.

Ask Fintool Equity Research AI

Answer

CFO Elizabeth Boland projected that utilization would increase in Q2 before tapering in the second half, averaging in the mid-60s for the full year. She stated that at the current pace of 2-3% annual enrollment growth, it would likely take another couple of years to reach the pre-COVID 70% occupancy threshold, a process involving both enrollment growth and pruning underperforming centers.

Ask Fintool Equity Research AI

Answer

CFO Elizabeth Boland clarified that the 0.5% figure is a net impact of openings and closings. She explained that centers being closed are already significantly under-enrolled with tapered revenue, thus their closure has a smaller impact than historical averages. For Q4, the net headwind from center activity was approximately 100 basis points.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Elizabeth Boland clarified that for the Full Service segment, total revenue growth was 9.4%. Of this, organic constant currency growth was 8%, with foreign exchange contributing approximately 100 basis points and M&A adding about 50 basis points.

Ask Fintool Equity Research AI

Answer

President & CEO Martina Cheung explained the cautious stance is due to several factors: lingering market volatility with the potential for a freeze like in April, a relatively flat refinancing wall in the second half compared to last year, and conservative assumptions about a significant M&A rebound, which is viewed as a more likely driver for 2026.

Ask Fintool Equity Research AI

Answer

President & CEO Martina Cheung explained the cautious outlook is due to persistent market volatility, citing the risk of a freeze like the one in April. She also noted that the refinancing wall in the second half is roughly flat year-over-year, and the company is not making 'overly heroic assumptions' on M&A activity, which may be more of a 2026 story. While acknowledging potential upside, she stressed that performance is highly dependent on market stability.

Ask Fintool Equity Research AI

Answer

CFO Eric Aboaf addressed the first part by suggesting the share count could be calculated from public disclosures and buyback plans. CEO Martina Cheung answered the second, reiterating no plans for transformative M&A and a primary focus on organic growth, while remaining open to attractive tuck-in acquisitions that create shareholder and customer value.

Ask Fintool Equity Research AI

Answer

President and CEO Martina Cheung acknowledged that 2024 results created a challenging comparable for 2025, but general market volumes are back to expected levels. She characterized the M&A assumptions in the guide as 'prudent' and 'modest,' reflecting a balanced view rather than high optimism seen elsewhere in the market.

Ask Fintool Equity Research AI

Answer

Interim CFO Christopher Craig explained that the company prioritizes long-term customer relationships over short-term pricing economics. He noted that while Data & Custom Subscriptions grew 5%, the underlying commercial initiatives are gaining traction, evidenced by mid-teens growth in ACV for the largest product group, with further acceleration expected.

Ask Fintool Equity Research AI

Answer

CEO Lee Shavel identified competitors like ServiceTitan and JobNimbus but clarified they are more generalist platforms. He stated that AccuLinks' competitive advantage lies in its deep specialization for the specific workflow needs of roofing contractors. President of Property Estimating Solutions, Aaron Brunko, affirmed that AccuLinks is the premier provider in its niche.

Ask Fintool Equity Research AI

Answer

CFO Elizabeth Mann explained that current D&A levels reflect large, long-term projects being placed into service. She anticipates the D&A growth rate will moderate. CEO Lee Shavel clarified that for ROIC calculations, D&A is excluded from profit, while the underlying CapEx is included in the invested capital base, ensuring a proper measure of return.

Ask Fintool Equity Research AI

Answer

CFO Elizabeth Mann confirmed that the guidance assumes share buyback activity. She explained the higher interest expense reflects the annualized run-rate from a 2024 refinancing at higher rates. The increase in D&A is a direct result of significant past capital investments in projects that are now being placed into service.

Ask Fintool Equity Research AI

Answer

CFO Elizabeth Mann clarified that the conversion is considered a geographic shift of revenue between categories (transactional to subscription), not a headwind to overall company growth. President and CEO Lee Shavel added that this shift does not impact the long-term growth opportunity. Shavel also confirmed his earlier comment of 8% growth referred to the two-year compound annual growth rate for total organic constant currency revenue.

Ask Fintool Equity Research AI

Answer

President & CEO M. Keith Waddell confirmed that the unadjusted bill rate would be higher than the reported 3.8% mix-adjusted figure. He noted that the positive mix shift has historically contributed an additional 100 to 200 basis points to bill rate growth, reflecting a multi-year trend.

Ask Fintool Equity Research AI

Answer

Executive M. Waddell explained that the cost reductions were a response to negative leverage on administrative overhead and were enabled by technology improvements and lower business volumes. He clarified that the majority of the cuts were in corporate services and field management, ensuring there would be 'very, very little impact' on the support provided to revenue-producing roles.

Ask Fintool Equity Research AI

Answer

Executive M. Waddell acknowledged that while the tone of client conversations has improved significantly, it is still too early to see an uptick in actual starts and placements, noting the Q1 guidance conservatively assumes a flat trend. Waddell confirmed that the technology segment has performed better, driven by data and ERP modernization, and agreed it wouldn't be surprising if tech outperforms F&A in the next cycle, while remaining optimistic about F&A as well.

Ask Fintool Equity Research AI

Answer

CEO M. Waddell highlighted a 14-week period of stable and consistent weekly results, a positive shift from the previous downward drift, indicating a modest pickup in orders. He anticipates that higher-skilled roles, particularly within Robert Half Technology, will likely lead the recovery.

Ask Fintool Equity Research AI

Answer

CFO John Gamble stated that mortgage revenue was 22% of total revenue in Q2. He noted that non-mortgage activity continues to be relatively good, with auto remaining strong and the Financial Institutions (FI) segment expected to strengthen in Q3 after a slight dip in growth rate due to a tough prior-year comparison.

Ask Fintool Equity Research AI

Answer

CFO John Gamble stated that U.S. mortgage revenue was 21% of total revenue. He explained that first-quarter free cash flow is seasonally low due to the payout of prior-year variable compensation, which was substantially larger this year than in Q1 2024. Normalizing for this, FCF growth would be over 20% YoY, consistent with the full-year $900 million guidance.

Ask Fintool Equity Research AI

Answer

CFO John Gamble stated that mortgage revenue was 17.7% of total revenue in Q4 2024. He defined hard inquiries as those that impact a consumer's credit file, unlike soft inquiries for pre-qualification, and noted this metric has been disclosed consistently for over a decade and correlates well with originations over time.

Ask Fintool Equity Research AI

Answer

President & CEO Todd Schneider responded that the new fiscal year has started as expected and is reflected in the guidance. He confirmed there have been no significant changes to the go-to-market strategy, noting the national account business is well-established, and highlighted the continued success of the company's vertical market strategy.

Ask Fintool Equity Research AI

Answer

President & CEO Todd Schneider responded that the start of the new fiscal year is proceeding as expected and is fully reflected in the company's guidance. He stated there have been no real changes to the go-to-market strategy, emphasizing the long-standing national accounts program and the successful vertical-focused strategy implemented over the last 5-10 years.

Ask Fintool Equity Research AI

Answer

EVP and CFO Mike Hansen stated that energy costs were 1.7% of revenue, flat year-over-year. Regarding Q4 guidance, he confirmed a normal seasonal pattern for underlying performance but noted an expected FX headwind and M&A contribution similar to Q3.

Ask Fintool Equity Research AI

Answer

CEO Todd Schneider confirmed that securing price increases has become more challenging and is now back at historical levels as inflation moderates. He added that overall customer behavior remains stable, with strong new business and attractive customer retention rates.

Ask Fintool Equity Research AI

Answer

EVP and CFO Mike Hansen explained that material cost has been a tailwind for the business. This positive trend is driven by successful global supply chain initiatives that lower product costs and increased garment sharing from stock rooms, which reduces the number of new garments put into service. He expects these favorable trends to continue through the fiscal year.

Ask Fintool Equity Research AI

Answer

Chairman & CEO Jonas Prising attributed the strong performance to a combination of factors. He noted that the manufacturing side is slightly stronger and that ManpowerGroup is actively taking share through more granular and accurate targeting of industry verticals, enabled by its PowerSuite technology. He also added that he senses the overall market is starting to improve.

Ask Fintool Equity Research AI

Answer

CEO Jonas Prising responded that a resolution to the trade policy uncertainty could lead to a very quick turnaround in employer confidence. He noted that the first quarter was already stronger than anticipated in some areas, with positive growth in the U.S., Italy, and Spain. Prising emphasized that the core issue is employer confidence, and removing the policy hurdle could unlock pent-up demand, especially as European policymakers are already focused on improving competitiveness.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer John McGinnis attributed the decline to a 60 basis point sequential drop in EBITDA margin, which he noted is consistent with historical seasonality. McGinnis explained that revenue is also impacted by recent business dispositions in Korea and Austria, fewer workdays in the quarter, and typical seasonal contract resets in the Americas and APME, particularly within the Talent Solutions and Manpower brands.

Ask Fintool Equity Research AI

Answer

President & CEO Steven Sintros confirmed the company is "absolutely" realizing benefits from the ABS system, linking it to recent improvements in merchandise costs. He clarified that the new ERP system does not specifically handle route optimization. However, he explained that the ABS system's data, combined with a new telematics implementation for the fleet, will provide the necessary tools to advance route optimization efforts separately.

Ask Fintool Equity Research AI

Answer

President and CEO Steven Sintros declined to provide a specific NPS figure but confirmed the scores are improving and correlate with better staffing stability and customer retention. He affirmed the strategic belief that enhancing the customer experience and service quality is key to winning more business and reducing customer losses. He described the NPS survey as an ongoing, fluid program rather than a single event.

Ask Fintool Equity Research AI

Answer

President and CEO Steven Sintros explained that since the NPS program is only about a year old, they are not disclosing the specific score externally at this time but may do so in the future. He emphasized that the program is a critical tool for gathering unfiltered customer feedback to drive toward their service vision. Sintros believes the company is starting from a 'solid place' and is now establishing internal improvement goals by location and region.

Ask Fintool Equity Research AI

Answer

CEO Paul Thompson reaffirmed the company's confidence in its long-term growth algorithm, anticipating 1-2% annual occupancy growth beginning in 2026. CFO Tony Amandi specified that revenue from tuck-in acquisitions totaled $5.5 million over the trailing 12 months.

Ask Fintool Equity Research AI

Answer

CFO Tony Amandi stated that Q1 2025 trends were consistent with the full-year outlook but declined to provide specific quarterly guidance. He confirmed that acquisitions not yet in the same-center pool contributed $4.6 million to revenue in Q4 2024.

Ask Fintool Equity Research AI

Answer

CFO Anthony Amandi stated that $9.1 million in Q3 revenue came from centers not in the same-center base, which includes both acquisitions and new builds. He clarified that the 1% enrollment growth figure includes all centers and that year-to-date same-center enrollment was relatively flat, with the increase primarily driven by new centers.

Ask Fintool Equity Research AI

Answer

CFO Jim Tarangelo explained that revenue from recent M&A, including Quantum and First Class Vending, was de minimis for the quarter. He then quantified the 3% headwind as approximately 2% from the previously discussed facilities client exits and the remaining 1% from a combination of the education calendar shift and weather-related closures.

Ask Fintool Equity Research AI

Answer

CFO James Tarangelo confirmed the 53rd week is embedded in the double-digit H2 growth guidance, causing Q4 growth to be higher than Q3, but declined to break out the quarters further. He stated that in Q1, 2% to 3% of growth was from price, with the remainder from volume and net new business.

Ask Fintool Equity Research AI

Answer

CEO John Zillmer confirmed a continued robust environment for both first-time outsourcing and market growth, citing strong pipelines across the business. He affirmed that the economic profile of winning new business remains consistent, with profitability in line with historical margins and investment costs at a low single-digit rate of 2.5% to 3%.

Ask Fintool Equity Research AI

Answer

EVP and CFO Todd Cello reaffirmed the 90%-plus free cash flow conversion target for 2026, attributing it to the conclusion of one-time transformation spending and a reduction in CapEx to 6% of revenue. Regarding Q2 trends, Mr. Cello noted that strong Q1 performance in Financial Services has continued into the current quarter with no signs of negative impact, though the auto segment is being watched closely for a potential pull-forward effect.

Ask Fintool Equity Research AI

Answer

CEO Christopher Cartwright emphasized the strategic importance of the new freemium model with Credit Sesame, highlighting how it broadens the product suite with identity protection and offers capabilities. He explained this reset is designed to improve growth across both direct and indirect channels over time by providing a more comprehensive and appealing consumer product.

Ask Fintool Equity Research AI

Answer

EVP and CFO Todd Cello stated that the Q4 guide assumes stable but muted, flattish volumes, with an expectation of mid-single-digit growth in Financial Services (ex-mortgage) as comparisons ease. He clarified that the guidance does not assume a material benefit from recent interest rate cuts in 2024, but expects a positive medium-term impact in 2025, particularly for rate-sensitive areas like consumer lending (Fintech) and auto.

Ask Fintool Equity Research AI

Answer

CEO Anthony Jabbour confirmed a strategic emphasis on a direct-to-client approach, noting that while they remain open to complementary alliances, strengthening their own go-to-market capabilities is a priority. CFO Bryan Hipsher added that this direct model allows Dun & Bradstreet to capture more of the economic value from its client relationships.

Ask Fintool Equity Research AI

Answer

CEO Anthony Jabbour explained that the updated product is easier for clients to use, which has materially improved attrition. He emphasized the new money-back guarantee as a powerful and simple value proposition that is already showing positive sales results. CFO Bryan Hipsher added that the product's pricing is consistent with legacy offerings and that the use of broader data assets, like financial statements and utility payments, provides a more holistic credit picture, potentially lifting client credit scores by 20%.

Ask Fintool Equity Research AI

Answer

CEO Anthony Jabbour stated that client health is consistent with the guidance provided in February, with sales cycles remaining stable. He noted that while supply chain concerns are a tailwind, the Sales and Marketing segment has seen some softness in digital marketing due to tough comparisons from the prior year. CFO Bryan Hipsher added that the strength of the Master Data Management (MDM) solutions provides a stable and growing foundation for the overall Sales and Marketing business.

Ask Fintool Equity Research AI

Answer

CFO Noemie Heuland reported that the M&A contribution in 2024 was minimal, at about 25 basis points for MA. For the full-year 2025 guidance, she stated that the net impact from M&A tailwinds and FX headwinds is not material. Both she and CEO Robert Fauber confirmed that the CAPE Analytics acquisition is factored into the 2025 outlook.

Ask Fintool Equity Research AI

Answer

CEO Robert Fauber clarified that besides Praedicat, Moody's also acquired the remaining interest in GCR, an African rating agency, but stated both are financially immaterial. He confirmed Praedicat's results are not in Q3 and that ARR is an organic metric, so it would not include acquisition contributions. He emphasized Praedicat's strategic value in expanding into casualty risk analytics.

Ask Fintool Equity Research AI

Answer

Barry Hytinen, EVP and CFO, attributed the sequential decline primarily to a significant foreign exchange headwind of approximately $10 million from a stronger U.S. dollar. He also confirmed a strategic, intentional reduction in the lower-margin consumer business. Hytinen assured that the core records management business, excluding these factors, was up sequentially in line with normal trends and pricing actions.

Ask Fintool Equity Research AI

Answer

CEO William Meaney clarified that the 24 DXP deals are profitable service contracts with gross margins typically between 20% and 40%. He stressed that the company does not offer services for free and that the SaaS platform drives significant value by automating metadata and workflow for both physical and digitally-born information, which is reflected in its pricing.

Ask Fintool Equity Research AI

Answer

CEO Kimberly Scott stated that while NPS is an annual metric, daily leading indicators like service requests (SRs) show significant improvement, particularly in on-time delivery and product shortages. She added that successful cross-selling to existing customers also serves as a strong positive indicator of customer satisfaction and experience.

Ask Fintool Equity Research AI

Answer

CFO Rick Dillon and CEO Kim Scott explained the modest growth guide is due to lapping significant pricing headwinds from the first half of fiscal 2024, with underlying growth emerging in the back half. Scott elaborated that their tactical selling involves bifurcated strategies for winning business from competitors versus converting non-programmers, which is yielding a healthy balance of new wins.

Ask Fintool Equity Research AI