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CFO Steven Marks confirmed the revised outlook is due to a broad-based "wait and see" sentiment driven by policy uncertainty (tariffs, immigration), not a single vertical. CEO Scott Staples added that this sentiment is tied to Washington policy, not GenAI. Marks noted that while GenAI is changing how companies hire, it's too early to identify a major macro trend from it.

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CFO Steven Marks stated that the base growth assumption has not materially changed, noting that Q1 base performance of -5.5% was slightly better than expected and that comps get easier in the second half of 2025. CEO Scott Staples added that the conversion of new logo and upsell/cross-sell wins from the prior 12 months into the base revenue calculation will also provide a tailwind.

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President & CEO Martina Cheung attributed the competitive wins to a combination of strong sales execution, such as establishing single account ownership, and broad uptake of the full product range, including the well-received Visible Alpha integration. CFO Eric Abouaf added that Enterprise Solutions growth was driven by strong performance in workflow solutions like Wall Street Office and Notice Manager, which have benefited from recent product reinvestments.

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President & CEO Martina Cheung explained that competitive wins were driven by a combination of strong sales execution, including single account ownership, and broad uptake across the full product range, highlighting the successful integration of Visible Alpha on CapIQ Pro. CFO Eric Abouaf added that the Enterprise Solutions growth was fueled by strong performance in workflow solutions like Wall Street Office and Notice Manager, which benefited from recent product reinvestments.

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CEO Martina Cheung clarified that the full-year outlook is now more cautious, assuming 2025 refinancing activity proceeds but with less pull-forward from 2026, especially in high-yield. M&A-related issuance is now assumed to be flat year-over-year. She acknowledged potential upside from pent-up M&A demand, but the timing remains uncertain.

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President and CEO Martina Cheung attributed the strong margin outlook to disciplined expense management, efficiency efforts, and productivity gains from internal AI tools like Spark Assist. Interim CFO Chris Craig added that the company closely watches incremental margins, noting they are in the high double digits for market-driven businesses.

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Incoming President and CEO Martina Cheung attributed the performance to cyclical end-market headwinds, such as pricing pressure and longer sales cycles with smaller customers, rather than internal execution. She affirmed that portfolio optimization is a continuous, disciplined process and expressed confidence that the value of their offerings will drive a recovery as the market cycle turns.

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CEO Will Lansing confirmed FICO is actively exploring ways to provide refreshed scores to the securitization market. He identified FICO's primary moat as having the most predictive score, which is critical for any entity managing credit risk, combined with its long-standing position as the industry standard.

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CFO Steve Weber estimated a 6-to-9-month period for ACV to begin converting to revenue, while VP of IR Dave Singleton noted a full ramp-up takes closer to 9-to-12 months. Weber confirmed that the auto price increase, effective Jan 1, feathers in over time and may not have been fully reflected in the quarter.

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CFO Steve Weber estimated a 6-to-9-month timeframe for ACV to begin converting to revenue, with VP of Investor Relations Dave Singleton adding it could be 9-to-12 months for a full ramp-up. Weber confirmed that, like other repricing events, the auto price increase effective January 1 can take time to fully roll in, suggesting an ongoing benefit.

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CEO Will Lansing stated that the competitive landscape for auto and card scores remains largely unchanged, with little new activity from competitors. On capital allocation, he reaffirmed FICO's long-standing strategy of returning capital to shareholders through stock buybacks, noting that despite a high stock price, the company still considers its shares a "screaming value" and plans to continue the repurchase program.

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CEO Lee Shavel stated that analysis indicates low cyclicality for AccuLinks, as its business is tied to the stable residential housing stock rather than new construction. CFO Elizabeth Mann noted some seasonality in winter months and explained that investments will focus on building out public company functions and driving product synergies, while maintaining the business's attractive margin profile.

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CFO Elizabeth Mann stated that Verisk does not provide a specific forecast for buybacks. She reiterated the company's capital allocation framework, which prioritizes organic investment, M&A, and dividends, with buybacks used to return excess capital to shareholders. She confirmed the commitment to return capital when not needed for other priorities.

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President and CEO Lee Shavel stated that the M&A pipeline is relatively unchanged with high valuations. He added that as Verisk opens its business ecosystem, it gains better insights into potential targets and how they could integrate, which enhances the company's ability to evaluate opportunities and create value.

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Chief Financial Officer Elizabeth Mann explained that it is too early to quantify the precise impact, though the combined insured losses could be similar to Hurricane Ian. She cautioned that the revenue flow-through can vary. Crucially, Mann highlighted that the ongoing conversion of transactional contracts to subscription models in the property estimating business may dampen the transactional revenue swings from single storm events, as more clients' usage will be covered under their subscriptions.

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Christophe Beck, Chairman & CEO, detailed the strategic shift to 'Pest Intelligence,' highlighting a successful pilot with a major U.S. retailer that improved the pest-free ratio to 98-99%. He confirmed the model is working and being expanded, which is expected to drive significant growth and margin expansion over the next few years as the business transitions to a digitally-driven service.

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Christophe Beck, Chairman and CEO, reported that the Institutional & Specialty (I&S) business is performing very well, with the core Institutional division growing at a steady 5%. He noted that the reported numbers are slightly dampened by the inclusion of Healthcare and the discontinuation of a private label business in Specialty. Beck highlighted that the segment's margins are at an all-time high and are expected to continue improving, driven by strong innovation and helping customers reduce their own operating costs.

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Christophe Beck, Chairman and CEO, stated that tariffs are not a significant concern due to Ecolab's localized production model, where 92% of products are made in the regions they are sold. For 2025, he guided to a volume growth trajectory of around 2%, contributing to an overall organic growth of 4% or more. He highlighted the U.S. as the company's largest, most profitable, and best-performing market, expecting it to strengthen further.

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CEO Christophe Beck explained that these investments are key to accelerating sales growth towards the 5-7% target and achieving the 20% OI margin. He stressed that the company plans to invest 20-30 basis points of sales in growth initiatives while simultaneously delivering a net SG&A productivity improvement of 20-30 basis points. This balanced approach allows for fueling top-line growth while still delivering 12-15% EPS growth.

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President and CEO Chris Cartwright expressed high confidence in India's continued recovery, noting the Q2 growth acceleration to 8% was expected. He stated the company is on track for 10% full-year growth, implying high-teens growth by Q4. He attributed this to the Reserve Bank of India's pro-growth stance, rate cuts, and the return of non-bank lenders, reaffirming a long-term potential for 20%+ growth.

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President and CEO Christopher Cartwright responded with a direct 'no.' He elaborated that the strength in consumer lending is not a pull-forward but a sustained rebound, driven by well-funded fintechs capitalizing on a strong, counter-cyclical opportunity for debt consolidation among consumers with high credit card balances.

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CFO Todd Cello detailed the drivers of the EBITDA outlook, explaining that the company is absorbing normal cost inflation while making intentional investments in technology, product innovation like TruAudience, sales specialists, and international expansion. He stated this reflects a long-term approach to building future growth, while still benefiting from transformation savings and healthy flow-through on revenue.

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President and CEO Christopher Cartwright explained that the Q3 growth of 3% was muted by lumpiness in public sector business and tough comps in media. He stated that the segment is expected to re-accelerate to mid-single-digit growth in Q4, driven by a return to growth in insurance, solid performance in tenant/employment screening, and improving momentum overall. He added that the segment is well-positioned as it sells many marketing and fraud solutions.

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EVP & CFO Sarah Youngwood reiterated Nasdaq's capital priorities: reinvesting for organic growth, maintaining a progressive dividend, and opportunistically managing debt and share repurchases. She emphasized that the company is currently focused on its 'organic growth trajectory for now,' suggesting M&A is not an immediate priority.

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CEO Adena Friedman declined to provide a specific quarterly outlook but reiterated that Q2 faces a challenging year-over-year comparison in Capital Markets Technology due to a large renewal in Q2 2024. She acknowledged that longer approval times for some large deals could impact Q2 growth. However, Friedman expressed confidence in achieving the full-year medium-term outlook for the FinTech division, citing healthy client engagement and the mission-critical nature of Nasdaq's solutions.

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Sarah Youngwood, CFO, attributed the ARR vs. revenue growth differential to two factors: the impact of professional services fees across FinTech and the timing of on-premise revenue recognition for Calypso. Regarding expenses, she stated the efficiency program will provide a ~2 percentage point benefit to 2025 expense growth but declined to provide a specific quarterly breakdown.

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CEO Robert Fauber detailed the specific attrition events but highlighted strong underlying growth drivers for the second half. He pointed to the CreditLens lending product, boosted by the Numerated acquisition, a strong insurance pipeline, and robust KYC cross-selling. CFO Noémie Heuland added that the sales pipeline is up significantly year-over-year, positioning the segment for growth.

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CEO Robert Fauber explained that uncertainty from tariffs and a more headline-driven market has led to issuance delays. He stated that the M&A growth assumption has been revised down from 50% to 15% for the year, with activity expected to be back-end loaded. He also noted that assumptions regarding maturity walls, which support future issuance, remain unchanged.

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CFO Noemie Heuland explained that higher incentive compensation in 2024 provides a margin tailwind for 2025 after rebaselining. She emphasized that Moody's continues to make long-term investments in the Ratings business, including in workflow automation, analytical tools, risk and resiliency programs, and growth areas like private credit and sustainable finance.

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CEO Robert Fauber provided a preliminary 2025 view, stating that while not formal guidance, he believes the balance of tailwinds to headwinds favors the tailwinds. He cited declining spec-grade default rates, tight spreads, significant refunding walls, and an expected M&A recovery as positive drivers that should support issuance despite tough comps from a record 2024.

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CFO Andrew Wiechmann explained that quarterly cancels can be lumpy and the lower retention was driven by Analytics and Sustainability, due to client events and budget pressures. He noted that lower retention in Real Assets, Sustainability, and with hedge funds is expected to continue, while highlighting that retention with asset managers remains solid at around 96%.

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Chief Financial Officer Andrew Wiechmann explained that the contribution from price increases to new sales in Q1 was roughly in line with the prior year but slightly lower than in 2023. He emphasized that price increases are often tied to product enhancements and broader usage rights, and that MSCI considers client health and the overall environment to act as a strong partner.

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CFO Andrew Wiechmann confirmed that elevated markets are boosting client confidence and budgets, particularly in the U.S., leading to some improvement in sales cycles. He highlighted strong growth momentum with hedge funds, wealth managers, and asset owners. For the Index segment, he noted that custom index subscription growth was in the mid-teens, with strong traction in non-market cap products and direct indexing.

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Chairman and CEO Henry Fernandez described the current weakness as a 'cyclical drought' caused by a short-term global focus on inflation and geopolitical issues. He reiterated his strong belief in the long-term, secular need for ESG and Climate solutions, predicting Climate will recover sooner than ESG. He affirmed that the company is investing for this long-term trend and the new leadership is key to that strategy.

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CFO John Gamble confirmed that the auto business has performed well and is expected to continue doing so, attributing it to good overall performance beyond just pricing. He noted the offline business has seen broad-based growth in prescreen and marketing, benefiting from new product introductions, but has not seen a material increase in account review activity, which would signal economic weakening.

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CEO Mark Begor avoided commenting on specific customer impacts from the merger. He emphasized that Equifax views both companies as strategic partners and maintains strong relationships with them and others across the background screening industry.

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President & CEO Todd Schneider confirmed all strategic verticals are performing well and are expected to outpace the company's average growth. EVP & COO James Rozakis highlighted innovations like scrub dispensing and privacy curtains as benefits of the vertical strategy. For the First Aid business, Schneider attributed the strong performance to momentum in recurring revenue products like AEDs and eyewash stations, while also noting a one-time spike in training revenue contributed to the quarterly result.

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President & CEO Todd Schneider stated that all strategic verticals are expected to grow above the company average. EVP & COO James Rozakis highlighted how organizing around verticals drives innovation, citing healthcare solutions like scrub dispensing and privacy curtains. For the First Aid business, Mr. Schneider credited momentum in recurring revenue products like AEDs and eyewash stations, but also noted a temporary spike in the training business contributed to the strong quarterly result.

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EVP and CFO Mike Hansen reiterated the target incremental margin range of 25% to 35%, noting quarterly results will vary within that range. President and CEO Todd Schneider stated that while Cintas is open to deals of all sizes, a specific large potential acquisition ([Vestis]) would be challenging because it has been an 'uninvested asset,' making it difficult to generate expected value.

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CFO Bob Schrader reported that checks per client were softer than expected in Q4, and the FY26 plan assumes this metric will be down. He clarified that most one-time cash restructuring costs are complete, and future adjustments are primarily non-cash, so free cash flow is expected to grow in line with earnings.

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An executive and CEO John Gibson acknowledged that direct costs are up, driven by worksite employee growth and broad healthcare inflation, which the company is actively managing. EVP Robert Schrader added that overall hiring has been in line with their modest expectations for the year.

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Executive Robert Schrader clarified that total expenses were up 3%, driven primarily by higher PEO direct insurance costs related to strong growth in worksite employees and insurance revenues. He noted that excluding these PEO-related costs, total expenses were essentially flat, reflecting the success of cost optimization efforts initiated last year to offset the ERTC earnings headwind while continuing to invest in the business.

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CEO Philip Snow acknowledged it's a competitive area that was a headwind in Q3 but noted the Q4 pipeline looks stronger. Chief Revenue Officer Goran Skoko characterized the quarter as an outlier and expects improvement, highlighting that investments in LiquidityBook and total portfolio solutions will help address client needs.

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CFO Helen Shan explained that the lower CPI rate directly impacts the annual price increase, which is based on the higher of CPI or 3%. While this creates a headwind, she noted that new business volume is up nearly 25%, driving total ASV from new business higher. She also mentioned that rate cards were raised in January, leading to higher price realization in specific firm types like corporates and hedge funds.

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Chief Revenue Officer Goran Skoko stated that early signs suggest client budgets will remain largely flat with a continued focus on cost control. However, he noted that clients remain engaged in technology transformation, evidenced by a significant year-over-year increase in trials and RFPs, which provides reason for optimism.

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Chief Revenue Officer Goran Skoko stated that client budgets are expected to remain largely flat, with a continued focus on cost. However, he noted increased client engagement in technology transformation and a significant rise in trials and RFPs, indicating optimism and productive conversations for the remainder of the year.

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Executive Frederick Snow explained that while they see green shoots, headwinds are expected to continue for the next few months. He noted that FactSet's business is traditionally weighted towards the second half of the fiscal year and that clients will reset budgets after the calendar year ends. Executive Goran Skoko added that a strong pipeline of new products launched in Q4 is expected to contribute to the second-half acceleration.

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Global President David Howson described the shift to shorter-dated options as a secular trend driven by the need for nimble risk management, citing strong year-over-year growth in SPX and XSP 0 DTE products. He characterized the ecosystem as robust, diverse, and balanced, with a healthy outlook for continued growth from new international users and use cases.

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Global President David Howson differentiated between multi-list options, where pricing is dynamic to optimize revenue, and proprietary index options, where changes are less frequent and more targeted. He noted that while retail adoption of products like 0DTE options drives volume, the company's focus is on balancing market share and capture, supported by education and global distribution efforts.

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COO Chris Isaacson provided a clear roadmap. He explained that Dedicated Cores, successful in U.S. equities, will be rolled out to Europe in Q4, Australia in Q1 2025, and then Japan and Canada. For Cboe Global Cloud, he noted that its growth is strong and primarily international, serving as a key precursor to transaction revenue as global clients seek U.S. market data before trading.

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President Benjamin Jackson emphasized that ICE's energy markets are heavily focused on commercial users, with many contracts being physically settled, which ensures a strong commercial base. He stated that a geopolitical resolution is unlikely to change hedging demand, as numerous other structural risks—such as supply chain resets, energy security concerns, and growing demand from new sources like AI—will continue to drive activity.

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CFO Warren Gardiner explained that while a minority of customer volumes are above their minimums, the situation has been improving quarterly due to a combination of modest market recovery and lower renewed minimums. He reiterated previous commentary that a return to a more normal market of 7-10 million industry loans could generate an incremental $200 million to nearly $500 million in revenue.

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CFO Don McGuire noted that while Q3 PEO results were better than expected, there are some puts and takes for Q4 but no major signals. CEO Maria Black expressed excitement about GenAI progress, highlighting the award-winning ADP Assist and a broad strategy to embed AI across products and internal operations, while noting it is still 'very early days.'

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Derek Sammann, Senior Managing Director, detailed strong performance, with Q1 energy volume up 20%. He attributed this to a structural shift positioning WTI and Henry Hub as global benchmarks, driven by record U.S. exports. He noted strong client adoption in Europe and Asia and provided competitive metrics, stating WTI's share versus Brent was static at 73%, while WTI options share grew to 91%.

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CEO Anthony Jabbour declined to comment on specific reports but stated the board is open to any structure that maximizes shareholder value. CFO Bryan Hipsher added that portfolio evaluation is ongoing. Jabbour described the demand pipeline as consistent but acknowledged some client and employee hesitation due to the process. He also highlighted AI as a significant tailwind, noting strong early demand for the new Chat D&B solution.

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CEO Anthony Jabbour acknowledged the slower sales environment seen across the industry since late 2023 but noted rising client optimism. He stated that new regulations typically create more opportunities for D&B to solve client problems. For growth, he highlighted a focus on cross-selling successful use cases, such as providing credit limits at onboarding to increase client ROI, to the entire customer base. Jabbour clarified that the company's focus is squarely on fixing the challenged 10% of revenues, as significant work has already been done to migrate clients from other legacy solutions.

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CEO Anthony Jabbour affirmed that the management team is highly shareholder-focused and open to any actions that would create value for shareholders. He emphasized that the team is aligned with shareholders, highlighting his personal practice of using his salary and bonuses to buy company shares since the IPO as a testament to this alignment.

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CFO Jonathan Collins stated that the primary criterion for the strategic review is unlocking shareholder value by potentially monetizing assets that are undervalued in the current structure. Regarding ACV growth, he explained it will be driven by a combination of factors, with the largest benefit expected from the payoff of multi-year investments in core products like Web of Science, Cortellis, and Derwent AI.

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CFO Jonathan Collins stated it was a combination of both factors, with market headwinds being higher than anticipated. CEO Matti Shem Tov detailed internal opportunities for improvement, including creating more specialized sales roles, realigning territories, and investing more in customer success to boost renewal rates.

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CFO Ken Krause expressed confidence in achieving pricing above CPI, similar to recent years, citing the essential nature of their services. Regarding investments, Krause guided that the first half of 2025 would see a 'slightly elevated level' of growth spending, creating a tougher margin comparison that will ease in the second half as they lap the initial ramp-up. He also noted rising fleet costs as a minor headwind.

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President and CEO Jerry Gahlhoff stated the primary focus remains on proven strategies, such as adding sales staff to cross-sell services like recurring termite control, rather than introducing revolutionary new services. On M&A, EVP and CFO Kenneth Krause reiterated the goal of 2-3% annual revenue growth from acquisitions, emphasizing that the company will remain committed to the large and fragmented pest control market rather than expanding into new verticals.

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CEO Patrick Zammit detailed the expected mix, stating that within Endpoint Solutions, PCs should have a positive impact while mobile demand is likely to be muted, particularly in Europe. For Advanced Solutions, he anticipates a recovery in traditional compute and networking, with continued strength in cloud and security. He concluded that based on current trends, the Advanced Solutions portfolio should grow slightly faster than Endpoint Solutions.

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CFO Christian Lown acknowledged that in a subscription business, lower net bookings mechanically flow through to the following year's revenue. He advised investors to pay close attention to net bookings in Q4 and the first half of 2025 to get a line of sight on growth for the second half of 2025 and into 2026. He emphasized that re-engaging and investing in the core sales force is key to offsetting the headwind.

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