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    Daniel Maxwell • William Blair & Company, L.L.C.

    Daniel Maxwell's questions to UL Solutions Inc (ULS) leadership

    Daniel Maxwell's questions to UL Solutions Inc (ULS) leadership • Q2 2025

    Question

    Daniel Maxwell of William Blair & Company, L.L.C. inquired about shifts in client behavior due to tariffs, particularly regarding China, and asked for an update on lab capacity and future investment priorities.

    Answer

    President & CEO Jennifer Scanlon noted that uncertainty in 2025 led to some demand pull-forward but expects normalization as clarity increases. She also highlighted recent lab expansions in Europe, Mexico, Korea, and Japan, emphasizing a disciplined, growth-oriented approach to capital investment where customer demand is strong.

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    Daniel Maxwell's questions to Paychex Inc (PAYX) leadership

    Daniel Maxwell's questions to Paychex Inc (PAYX) leadership • Q3 2025

    Question

    Daniel Maxwell inquired about the client preference between ASO and PEO models, the reasons for the lower Q4 PEO guidance, and whether the softness in client hiring was concentrated in specific areas.

    Answer

    Executive Robert Schrader confirmed the lower guidance is primarily due to challenges with the at-risk medical plan in Florida, which has no impact on earnings. CEO John Gibson elaborated that while overall PEO performance is strong, a reduction in participation in the high-value Florida plan, smaller deal sizes, and a trade-down to lower-cost plans created a revenue headwind. Gibson also noted that the hiring softness was broad-based but was impacted by events like the California fires and lower bonus check volume.

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