Keen Fai Tong • Goldman Sachs Group Inc.

Answer

CEO Mark Eubanks explained that the company does not expect any direct exposure from tariffs, as most costs and revenues are in local currencies and hardware is sourced regionally. He noted that precious metals, which saw increased Q1 shipment volume due to tariff concerns, were ultimately exempted. Regarding Latin America, Eubanks clarified that while the company prices to offset hyperinflation in markets like Argentina, the primary FX headwind was from the Mexican peso's year-over-year devaluation, which is expected to moderate in the second half of the year.

Ask Fintool Equity Research AI

Answer

CEO Mark Eubanks stated there is no ceiling on North American margins, with a 20% EBITDA margin as a near-term target. He detailed investments in route optimization technology, expected to be fully implemented by mid-2025, and cloud migration for legacy systems. Eubanks highlighted a 310 basis point improvement in direct labor as a percentage of revenue, driven by productivity gains in routing and cash processing, and expressed confidence that North America's efficiency will catch up to Latin America's more mature lean operations.

Ask Fintool Equity Research AI

Answer

CEO Mark Eubanks explained that the new Global Services leader, Nader Antar, is tasked with taking a fresh look at end markets, customer coverage, and service expansion, while also strengthening the talent agenda and compliance culture. Regarding the security loss, Eubanks described it as a theft in Latin America and a timing issue for the quarter. He noted that since the company has now reached its insurance deductible for the year, no further impact from this event is expected.

Ask Fintool Equity Research AI

Answer

CEO Dale Asplund attributed the expected growth to momentum in customer retention and development-to-maintenance conversions, which drives ancillary work. He stated that price and scope adjustments have successfully offset labor inflation, but emphasized that the primary profitability driver is improving route density, not just price hikes. CFO Brett Urban added that their confidence is reflected in the raised EBITDA guidance.

Ask Fintool Equity Research AI

Answer

CEO Dale Asplund explained that markets with ancillary headwinds likely have lower customer retention, emphasizing the direct link between happy customers and discretionary spending. He clarified that the company is not relying on any single lever for its H2 growth target; instead, it will be a combined result of improvements in ancillary revenue, development-to-maintenance conversions, and core contract growth, all stemming from better customer retention.

Ask Fintool Equity Research AI

Answer

President and CEO Dale Asplund explained the snow forecast of $160M-$200M is based on a more realistic two-year average, not a 30-year average, and includes a ~$25M reduction from unwinding the BES business. For Development, he noted the backlog is sold out into 2026. CFO Brett Urban added that the segment's strong performance allows for more selectivity in projects that can convert to long-term maintenance contracts, and that margins have returned to pre-pandemic levels.

Ask Fintool Equity Research AI

Answer

CEO Tim Oliver stated that no hardware orders were shifted and that Q1 results were exactly as planned. Regarding network optimization, Oliver and COO Stuart MacKinnon acknowledged risks from pharmacy closures but noted that transactions typically migrate to nearby ATMs, preserving revenue. MacKinnon highlighted the new 7-Eleven partnership as a key initiative to infill locations and grow the network.

Ask Fintool Equity Research AI

Answer

CEO Timothy Oliver stated they ended Q4 with 28,000 AaaS units and will now focus on revenue growth over unit counts, projecting an exit 2025 ARR well north of $300 million. Regarding the Network segment, he explained that while pharmacy partners are closing some low-performing locations, Atleos expects to sign new deals to add 3,000-4,000 units in 2025, offsetting the reductions.

Ask Fintool Equity Research AI

Answer

CEO Jim DeVries explained the decline in gross adds was a result of disciplined strategy, primarily due to tightened credit standards in DIY and lumpiness in the Health business, while noting that core professional installation direct adds were up 4%. He stated no bulk deals occurred in Q1 and the company remains returns-focused. CFO Jeff Likosar clarified that the higher revenue payback was a timing issue related to their receivables securitization facility and is expected to reverse in Q2, with the underlying contractual payback remaining flat.

Ask Fintool Equity Research AI

Answer

Chairman, President and CEO Jim DeVries explained that the $81 million bulk purchase of 49,000 accounts is expected to yield high-teens IRRs, consistent with their dealer business. CFO Jeff Likosar added that macroeconomic challenges make such deals attractive, but noted that core professionally installed residential adds also grew year-over-year, contributing to a record RMR balance.

Ask Fintool Equity Research AI

Answer

President and CEO Lee Shavel described the approach as a continuous journey, not a finite goal. He explained that improved pricing is tied to investments made based on client feedback and is being applied across all major channels, including underwriting, extreme events, and claims. He noted that a higher-level strategic dialogue has helped clarify and communicate the value Verisk creates.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Elizabeth Mann explained that the company's forecast assumes an 'average year of storms.' She noted that while Q4 2023 comps are lapping, that period itself was lapping the impact of Hurricane Ian from Q4 2022. Mann also reminded that the previously discussed contract conversion from transactional to subscription will continue to affect transactional revenue variability in the fourth quarter, making a direct storm impact comparison complex.

Ask Fintool Equity Research AI

Answer

CFO Ryan Robinson stated that the affirmed guidance already accounts for the current level of uncertainty, supported by business strength and the order book. CEO Jennifer Scanlon added that the pace of customer innovation remains strong, with no meaningful impact observed to date.

Ask Fintool Equity Research AI

Answer

President and CEO Jennifer Scanlon described the Consumer segment's margin as reaching a 'new normal,' supported by strategic investments and operational leverage. Regarding Software and Advisory, she acknowledged the underperformance but pointed to positive signs like lower churn and new customer wins, expecting the sales transformation to gain more traction in 2025.

Ask Fintool Equity Research AI

Answer

CFO Craig Safian stated that the guidance revision is a holistic update reflecting Q1 trends, specific U.S. federal knowledge, FX rates, and overall prudence, without providing a specific breakdown. CEO Gene Hall noted that the tech vendor business continues to improve and accelerate, while other enterprise business remains more in line with historical trends.

Ask Fintool Equity Research AI

Answer

CFO Mike Eastwood explained the monetization strategy is to 'price to value' using an enterprise-wide model rather than per-seat. CEO Steve Hasker identified the key secular driver for Tax & Accounting as a chronic industry-wide talent shortage combined with rising return complexity, which increases demand for technology and automation. He also credited heavy investment in product stability and targeted acquisitions.

Ask Fintool Equity Research AI

Answer

CFO Mike Eastwood noted that Legal Professionals' growth showed a 100 basis point full-year improvement, excluding certain effects, and he expects acceleration in 2025 driven by GenAI. For the Corporates segment, he attributed its sustained double-digit growth to strong leadership, operational improvements in sales pipeline management, and benefits from the Pagero acquisition, expressing confidence in its continued trajectory.

Ask Fintool Equity Research AI

Answer

CFO Christian Lown clarified that the overall investment plan is unchanged. He explained the $50 million in savings was a proactive reallocation of capital within the Homes.com budget, shifting funds from one area to accelerate the growth of the sales force, which is ahead of plan.

Ask Fintool Equity Research AI

Answer

CEO Andy Florance attributed the revision primarily to 'sales force mechanics' rather than a lack of client demand. He explained that the main constraint is the pace at which the company can hire and train new salespeople for the dedicated Homes.com team without sacrificing quality. He emphasized that they are finding plenty of market demand for the product.

Ask Fintool Equity Research AI

Answer

CEO Will Lansing noted that FICO is a lagging indicator and hasn't seen significant changes in origination volumes. CFO Steve Weber added that guidance was held firm due to high uncertainty, making it difficult to revise. Regarding the platform, Lansing stated that while there is visibility into a healthy, reaccelerating business via booked deals, it is still tempered by the macro environment.

Ask Fintool Equity Research AI

Answer

CEO Will Lansing noted that FICO is a lagging indicator for origination volumes. CFO Steve Weber added that while they are comfortable with the current guidance, market volatility makes adjustments premature. Lansing expressed optimism for platform reacceleration based on deal visibility but acknowledged that this is tempered by the broader macro environment.

Ask Fintool Equity Research AI

Answer

CEO William Lansing clarified that the mortgage price increase was less than 50% and confirmed that FICO did apply some price increases to non-mortgage score segments as part of its annual portfolio review. Regarding the political landscape, Mr. Lansing expressed confidence that FICO would continue to operate effectively, as it has with both Republican and Democratic administrations, due to its integral role in the credit lending market.

Ask Fintool Equity Research AI

Answer

CEO Martina Cheung responded that sales pipelines are performing as expected, which provides confidence for the subscription businesses for the rest of the year. She emphasized that renewal performance has been quite stable, particularly in Market Intelligence, which was a key objective for 2025 and is a good indicator for a strong second half.

Ask Fintool Equity Research AI

Answer

President and CEO Martina Cheung reiterated that growth will be softer in the first half of the year as the company laps higher cancellations from early 2024. The expected improvement is driven by lapping these cancellations, a gradual recovery in the financial services end market, and momentum from strong competitive wins in Q4.

Ask Fintool Equity Research AI

Answer

CFO Noemie Heuland stated that Research & Insights growth is driven by the CreditView product suite and that while they are monitoring cost pressures at asset managers, they see growth opportunities with banks. For Data & Information, she noted slower Q1 growth due to U.S. government attrition and ESG strategy adjustments but expects a return to high single-digit ARR growth, supported by investments in data quality and corporate go-to-market efforts.

Ask Fintool Equity Research AI

Answer

Stephen Tulenko, President of Moody's Analytics, explained that the core Data & Information and Research & Insights franchises are expected to deliver reliable high-single-digit ARR growth. He projected higher growth for the Decision Solutions segment, driven by significant innovation and demand for integrated solutions that solve complex customer problems in areas like KYC and third-party risk management.

Ask Fintool Equity Research AI

Answer

CEO Robert Fauber clarified that the company has consistently guided for a Q4 slowdown due to intra-year pull-forward, as issuers acted ahead of potential election volatility. He highlighted that the Q4 issuance outlook was actually raised from a mid-teens decline to a mid-single-digit decline. He cautioned against using Q4 as a direct proxy, suggesting 2025 could be a 'different ball game'.

Ask Fintool Equity Research AI

Answer

CFO Ken Krause stated the company was not concerned, attributing the moderation to the fewer business day and a 40-basis-point currency headwind, adding that the business exited Q1 and entered Q2 on strong footing. CEO Jerry Gahlhoff added that the lost day disproportionately affects onetime services, which are prevalent in the termite and ancillary category. He also confirmed that Saela's business is approximately 95% residential.

Ask Fintool Equity Research AI

Answer

Executive M. Waddell detailed that weekly revenues drifted down in February before stabilizing at a lower level in March and April. He attributed the overall revenue decline almost entirely to cyclical factors, such as client and candidate caution, stating there has been 'very, very little impact' from AI-driven job displacement in their core sectors. He also cited Jevon's paradox, suggesting AI's efficiency could ultimately increase demand for related services.

Ask Fintool Equity Research AI

Answer

Executive M. Waddell explained that short-term data, especially for the more volatile perm business and periods affected by holidays, can be noisy and not predictive. He clarified that the recent 23-week flat trend for contract revenue is an improvement over the slow downward drift seen in prior quarters. Waddell also attributed the disconnect with the broader labor market to the fact that recent job growth has been concentrated in sectors where Robert Half has less exposure, like government and healthcare.

Ask Fintool Equity Research AI

Answer

CEO Mark Begor reiterated that there has been no change in trends for card, personal loans, or auto in recent weeks. He clarified that the long-term growth framework assumes a 'normal economy,' not a full return to historical mortgage volumes from current depressed levels. A mortgage market recovery would provide upside to that 8-12% long-term growth target.

Ask Fintool Equity Research AI

Answer

CEO Mark Begor and CFO John Gamble stated that while internal execution on new products and cost control helps, the principal upside to 2025 margins would come from a better-than-expected mortgage and hiring market, as the incremental revenue has very high flow-through. Gamble noted remaining cloud savings are much smaller and already in the guide.

Ask Fintool Equity Research AI

Answer

CEO Mark Begor commented that despite rising delinquencies, credit health remains manageable from their customers' perspective, largely due to low unemployment. He noted that significant credit tightening has not occurred outside of the subprime segment. CFO John Gamble addressed the margin outlook by focusing on the strong sequential improvement expected in Q4, driven by cost reductions from cloud migrations. He highlighted that this leads to record EBITDA levels, which bodes well for future performance.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Andrew Wiechmann attributed the weakness to muted demand, particularly in the U.S., and persistent regulatory complexity in Europe. While the tools remain mission-critical, he expects performance to remain similar for the next couple of quarters due to these near-term headwinds. He reiterated long-term optimism as client needs evolve toward physical risk and broader resilience.

Ask Fintool Equity Research AI

Answer

CFO Andrew Wiechmann stated there were no dramatic surprises, with Q4 cancellations coming in as expected. He noted that lingering impacts from client events and budget constraints continue, with elevated cancels in areas like Real Assets and lumpy cancels in Analytics. While encouraged by the outlook, he did not provide a specific timeline for an inflection point, citing ongoing noise in the market.

Ask Fintool Equity Research AI

Answer

CFO Jack McGinnis stated that demand trends exiting Q1 and entering April were fairly stable in key markets, including France, the U.S. (excluding seasonal projects), the U.K., and Japan. CEO Jonas Prising added that the Q2 guidance does not reflect any major changes from tariff uncertainty, as clients have adopted a 'wait-and-see' approach. The main impact of uncertainty is reflected in softer expectations for permanent recruitment, while staffing trends are expected to continue along their recent stable path.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer John McGinnis explained the U.S. outlook is due to the roll-off of seasonal Q4 RPO work and a difficult year-over-year comparison in healthcare IT, while underlying trends are stable. Regarding restructuring, he confirmed actions were focused on the most challenged markets (Germany, Nordics, U.K., Netherlands) and that future actions depend on how those markets evolve.

Ask Fintool Equity Research AI

Answer

CEO Jonas Prising observed that while employers are retaining staff longer, there is no fundamental shift away from temporary hiring; in fact, it's currently outperforming permanent recruitment. CFO John McGinnis specified that recent restructuring costs were heavily concentrated in Northern Europe (Germany, Sweden, Norway), with a focus on overhead and back-office functions.

Ask Fintool Equity Research AI

Answer

President and CEO Todd Schneider responded that the pricing environment remains challenging but is currently at historic levels, consistent with the previous quarter. He emphasized that despite market uncertainty, the company is successfully expanding margins by improving operational efficiencies rather than through significant pricing changes.

Ask Fintool Equity Research AI

Answer

President and CEO Todd Schneider stated that Cintas has not observed significant changes in customer behavior and that demand remains strong. He elaborated on the company's success in the healthcare vertical, providing examples of innovative solutions like garment dispensing systems and privacy curtains that were developed in direct response to customer needs for better inventory management and compliance.

Ask Fintool Equity Research AI

Answer

CEO Gary Burnison clarified that the Digital segment's new business decline was due to a difficult year-over-year comparison against large compensation database licensing deals from the prior year, and he stressed the segment's overall stability. Regarding macro uncertainty, Burnison expressed confidence that hiring will not pull back, citing powerful secular drivers like the 'Peak 65' demographic trend, C-suite burnout, and a structural labor shortage that outweigh short-term concerns.

Ask Fintool Equity Research AI

Answer

Executive Gary Burnison attributed the Digital revenue dip to a strategic shift toward subscription agreements, which comprised 43% of new business and defer revenue recognition. He expressed confidence in a future inflection, citing strong new business growth (up 11%) and investments in the integrated Korn Ferry Talent Suite. For Consulting, Burnison explained that a deliberate move to larger, million-dollar-plus deals and slower client drawdowns in the current macro environment have impacted revenue recognition. Executive Robert Rozek clarified that clients are not canceling these large deals but consuming the services at a slower pace.

Ask Fintool Equity Research AI

Answer

Executive Gary Burnison attributed the Executive Search strength to high-level succession-focused work and favorable demographic trends, expressing confidence in its sustainability. For Professional Search and RPO, Burnison explained that headwinds from China and a deliberate strategic pivot towards more profitable engagements have impacted top-line growth.

Ask Fintool Equity Research AI

Answer

President and CEO Jeff Jones stated that the company is accustomed to administration changes and expects the IRS's Direct File to remain operational without a significant impact, as many free options already exist. Regarding independent preparers, Jones emphasized that H&R Block does not compete on being the lowest price provider but differentiates through its value proposition, including local expertise, a larger Refund Advance, and the Second Look service.

Ask Fintool Equity Research AI

Answer

President and CEO Jeff Jones detailed several enhancements to the Assisted experience aimed at improving new client conversion, including better onboarding, upfront pricing, and a new 'outcome reveal' screen to improve transparency. He also noted an increase in the Refund Advance loan amount. Regarding the risk of clients moving to DIY, Jones stated they observed no such behavior last year. In fact, new clients who used AI Tax Assist converted at a higher rate, reinforcing the company's strategy to offer help through multiple channels.

Ask Fintool Equity Research AI

Answer

CFO Elizabeth Boland stated that occupancy is expected to exit the year in the low 60s. While the top cohort is already at high occupancy and the middle cohort is progressing well for 2025, the timeline for the bottom cohort (under 40% occupied) is less clear. CEO Stephen Kramer added that there's no single issue for this bottom cohort; it's a mix of underutilized client-sponsored centers and a disproportionate number of lease consortium centers in the U.K.

Ask Fintool Equity Research AI

Answer

CEO Anthony Jabbour and CFO Bryan Hipsher cited resolution of the company's strategic process and greater external economic clarity as potential catalysts for improved spending. Internally, they are pushing efficiency tools like Chat D&B. Regarding 2025, they cautioned against using any single quarter as a baseline, stating that progress towards medium-term targets and resolving underperforming business units are better indicators for future growth.

Ask Fintool Equity Research AI

Answer

CEO Anthony Jabbour explained that strong international growth was driven by third-party and supply chain risk solutions, which grew nearly 40%. He also noted some timing differences between the regions. CFO Bryan Hipsher added that the credibility business, which is unique to North America, acts as a headwind for the North America Finance & Risk segment. Anthony Jabbour projected the credibility business would remain a headwind in Q2 before pivoting to low-single-digit growth mid-year.

Ask Fintool Equity Research AI

Answer

CFO Helen Shan explained that the relationship between ASV and revenue is not immediate due to the recurring nature of the business. Revenue recognition is a lagging indicator of ASV growth. While a strong Q4 helps, the full year's revenue is impacted by the lower ASV from the preceding three quarters. She also noted that with ASV growth expected to be stronger in the second half of fiscal 2025, its full revenue impact will be more visible in fiscal 2026.

Ask Fintool Equity Research AI