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CEO Steve Hasker asserted that Thomson Reuters is ahead of competitors in Tax & Accounting AI and differentiated in Legal by its proprietary content (Westlaw, Practical Law) and its single, integrated solution strategy. Chief Product Officer David Wong emphasized that the 'Deep Research' capability in Westlaw sets a new market standard, as it's an agentic AI trained specifically for legal research workflows, unlike more generic AI solutions.

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CFO Mike Eastwood detailed that of the 68% 'other' product bucket, 20-25% grows below 5% and 40-42% grows between 5-10%. CEO Steve Hasker explained the strategy to accelerate these products involves injecting GenAI capabilities to expand their role in customer workflows. Regarding the government business, Eastwood stated it represents about 8% of total revenue, with no material impacts to date, and highlighted opportunities in efficiency, national security, and fraud prevention.

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CEO Steve Hasker responded that it is too early to determine if share shifts will occur. He emphasized that Thomson Reuters is focused on creating more value for its customers by expanding its value proposition beyond traditional metrics. While respectful of competition, Hasker expressed strong confidence in the company's current position and investment trajectory.

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CFO Eric Aboaf specified that recent EU and UK sanctions create a manageable 1-2 percentage point headwind for the price assessments business in the second half. He defended the upstream business, stating that recent softness is due to client consolidation (M&A) and that the business is highly integrated with the full suite of Commodity Insights offerings, making it strategically important.

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CFO Eric Abouaf clarified that recent sanctions from the EU and UK are expected to have a contained impact, creating a 1-2 percentage point headwind for the price assessments business in the second half. Regarding upstream, he explained that the softness is due to significant client consolidation in the energy sector. He defended its strategic fit, noting the data is heavily integrated with other offerings like price assessments and is crucial for serving the full needs of major energy clients.

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CEO Martina Cheung confirmed this is accurate for the subscription businesses, which provide a 'ballast' in the current environment. She noted that S&P Global is well-positioned for vendor consolidation opportunities and has seen a significant year-over-year uptick in platform usage, indicating strong customer engagement and reliance on their data.

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President and CEO Martina Cheung stated that S&P Global continuously reviews its portfolio for optimization. She clarified that the comment on pressure related to earlier 2024 quarters, while Q4 saw strong retention, the lowest cancels in over a year, and good competitive wins. The improving ACV in Q4 sets up for gradual improvement in 2025 as the company laps the earlier cancellations.

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Incoming President and CEO Martina Cheung emphasized that the new leadership team will maintain the company's historical discipline in capital management and shareholder returns. She stated that they will continuously evaluate the portfolio through a strategic lens, assessing M&A and divestiture opportunities to ensure they are the right owners of their businesses and are prioritizing investments effectively.

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CEO Will Lansing confirmed a strong pipeline for FICO 10T with customers actively using it, noting that system retooling is modest. CFO Steve Weber described the insurance renewal as a one-off, multi-year license deal recognized in the quarter.

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CEO Will Lansing confirmed that holding guidance was a conservative move due to macroeconomic uncertainty, stating there is ample time to raise it later. He attributed the non-platform software performance to lower growth in CCS usage, reflecting customer conservatism, but expressed confidence in the platform's healthy pipeline and future reacceleration.

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CEO Will Lansing explained that the decision to reiterate guidance stems from a conservative stance amid macroeconomic uncertainty. He affirmed the software business remains healthy, attributing the non-platform dip to lower growth in Customer Communication Services (CCS) usage as clients act more conservatively, rather than a fundamental issue with the business.

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CEO William Lansing confirmed that FICO sees continued opportunity for mortgage score price increases due to the tremendous value it provides. Regarding the software business, he stated they are in the "very, very early innings" of penetrating the market, with significant runway for growth. Mr. Lansing affirmed that FICO will continue investing in the platform's features, distribution, and partner ecosystem, while also reengineering for scalability, which should improve margins over time.

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CEO Lee Shavel explained that AccuLinks extends Verisk's network capabilities in property estimating solutions, highlighting significant customer overlap and immediate cross-sell opportunities. He also noted the value of AccuLinks' precise roofing data for insurers. CFO Elizabeth Mann added that the acquisition is focused on revenue growth and investment rather than cost-cutting synergies.

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President and CEO Lee Shavel acknowledged that the M&A environment has improved due to market uncertainty. He stated Verisk seeks products that add value to the insurance industry, which Verisk can enhance through its distribution or data integration. He cited the recent acquisition of Simplitium as an example of this active, value-focused strategy.

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CFO Elizabeth Mann clarified that the impact from one specific large contract conversion will continue through mid-Q2 2025. She added that conversions in the Anti-Fraud business will also provide a tailwind through the first half of the year. More broadly, she suggested that as customers increasingly recognize value, this trend could be a sustained tailwind for subscription revenue.

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Chief Financial Officer Elizabeth Mann clarified that there isn't a direct volume component. Instead, the growth is driven by clients adding new data sets, particularly in the underwriting data and analytics solutions business. She also cited affiliated growth products, such as 'electronic ratings content' and 'ratings as a service,' as the types of additions clients are making during renewals.

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EVP & CFO Jonathan Collins explained that new AI-related patent filings take a few years to impact renewal revenues. He noted that while there is a disproportionate volume of AI patent filings in Asia, particularly China, the trend is global and is expected to create a favorable tailwind for the business over the next few years.

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CEO Matti Shem Tov acknowledged that a small percentage of revenue comes from U.S. government spending and that significant cuts could create exposure. However, he expressed long-term optimism, citing his 20 years of experience seeing the academia business successfully navigate numerous economic cycles.

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CEO Matti Shem Tov defended the three-segment structure, citing shared characteristics in data, analytics, SaaS delivery, and technology infrastructure. While acknowledging the premise of the question, he stated it was 'too early to comment' further, implying the topic is under consideration.

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Christophe Beck, Chairman & CEO, stated he is pleased with the 2% value pricing achieved in Q1 and Q2. He confirmed the new U.S. trade surcharge is being implemented successfully and expects total pricing to accelerate closer to 3% in Q3 and Q4, supported by strong value delivery and customer retention.

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Christophe Beck, Chairman and CEO, stated that after a dip in demand in late February, particularly in heavier industries, the situation has stabilized at that lower level. While he views this as reasonably good news, he assumes demand will remain soft for the rest of the year. Beck emphasized that Ecolab is on offense, focusing on new business generation, which was a record in Q1, to create its own tailwinds and ensure positive volume growth in 2025.

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Christophe Beck, Chairman and CEO, revealed that Ecolab Digital is a business with several hundred million dollars in sales, with precise figures to be disclosed starting in Q1 2025. He described it as a high-growth, high-margin opportunity monetized via equipment leases, software subscriptions, and data consumption. Beck confirmed it is "very clearly intertwined" with the One Ecolab initiative, as its connected systems provide the data foundation for the Ecolab 3D platform.

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President and CEO Chris Cartwright confirmed that FinTechs are a significant and recovering part of the consumer lending category, benefiting from a stable funding environment and strong consumer demand for debt consolidation. However, he emphasized that TransUnion's strong performance is broad-based across all financial services subcategories and not solely dependent on the FinTech recovery.

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President and CEO Christopher Cartwright stated that both Capital One and Discover are significant clients, and TransUnion will be highly engaged in supporting them through the merger. Regarding TruWork, he confirmed TransUnion rolled its minority equity stake into the combined entity with Checker (also a client) and will continue its data distribution partnership.

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CEO Christopher Cartwright declined to provide a specific value but emphasized that a rebound in credit volumes represents a material opportunity for both revenue and profit. He explained that a mix shift back toward higher-margin credit origination products would have a substantial positive impact on profitability due to high incremental margins.

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President and CEO Christopher Cartwright and EVP and CFO Todd Cello explained the reduction is driven by technology transformation effectiveness. Cello clarified that migrating applications to the cloud eliminates the need for capitalized hardware and software purchases, shifting costs to opex. Cartwright added that consolidating onto a single global platform (OneTru) means fewer systems to maintain, creating leverage for both earnings and innovation.

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Chairman & CEO Henry Fernandez outlined a two-pronged strategy. First, to accelerate growth in the non-active asset manager segments (banks, hedge funds, asset owners, wealth), which collectively grow at 11.5%. Second, to maintain or gradually improve growth with asset managers, which is challenging due to industry pressures. He highlighted active ETFs as a key innovation and growth opportunity for this segment.

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Chief Financial Officer Andrew Wiechmann detailed several expense management levers MSCI can use. These include incentive compensation, which has a ~$20 million annual impact for a 10% swing in performance; flexing non-comp expenses like professional fees for a ~$20 million annualized impact; and controlling the pace of hiring, which can also have a ~$20 million annual impact. He noted that if market levels remain flat, expenses would be at the low end of the current guidance.

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CFO Andrew Wiechmann explained that rising equity markets are creating a more constructive environment for client buying behavior, particularly in the U.S. He added that excitement also stems from traction with innovations like custom indexes and front-office analytics. While some pressures remain on active managers in Europe, he does not expect the same level of cancellations seen in the prior year's first quarter.

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Chairman and CEO Henry Fernandez clarified that the hires are a continuation of a strategy to strengthen leadership in key long-term growth areas. He emphasized that private assets are transforming global finance and that ESG and Climate investing are durable, secular trends, despite current cyclical softness. The new executives, Luke Flammer and Richard Madison, are expected to scale these businesses and develop new capabilities.

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CEO Mark Begor reiterated that the government business faces near-term volatility from prior administration changes to federal-state cost-sharing, making it prudent to handicap the H2 outlook. CFO John Gamble clarified the criminal data issue was due to a large customer of an Equifax client switching to a background screener that does not use Equifax for court records, noting it's a low-margin part of the business.

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CEO Mark Begor and CFO John Gamble confirmed the headwind calculation assumes a flat market scenario. Regarding the government business, they cited tough comps and a change in the CMS reimbursement program impacting the first half of 2025, but expect a return to double-digit growth in the second half, aided by a large SSA contract and pricing escalators.

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CEO Mark Begor stated there is no change in their guidance philosophy, which aims for transparency and to set achievable targets. He attributed the Q4 guidance reduction primarily to weakness in the EWS employer business, related to the cessation of Employee Retention Credits (ERC) and slower state adoption of Work Opportunity Tax Credits (WOTC). Regarding the tech transformation, Begor highlighted USIS's improving Vitality Index, future cost savings, expected market share gains, and the development of unique "only Equifax" products that combine EWS income data with USIS credit files.

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CFO Steven Marks explained that confidence stems from controllable factors like new logo wins, upsell/cross-sell, and high retention, with the main variable being underlying base volumes. He noted the guidance maintains a conservative posture for macro uncertainty. He also clarified that the 78 enterprise bookings are ratable throughout the year and that the record dollar volume in Q1 helps de-risk the second half.

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CFO Steven Marks explained that synergy acceleration was broad-based across the P&L, allowing the company to action over 50% of its target within six months. CEO Scott Staples identified the strong cultural match between the two organizations as the biggest positive surprise. He noted that while Sterling's lower margin profile is a known challenge, they have a clear plan for improvement.

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CEO Scott Staples emphasized that the company will not force-migrate clients from their existing platforms, as synergies do not depend on it. The strategy is to keep the 'better of the two' products to ensure no customer disruption. He reiterated the company's long-term growth algorithm of 8-10% and noted that all components (upsell, new logos, attrition) are performing as expected, with only base growth currently fluctuating due to the macro environment.

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CFO Elizabeth Boland clarified the Q1 margin was 6.5% and projected a full-year margin improvement of about 125 basis points, with Q1's strength tapering as they lap prior-year U.K. improvements. She quantified the U.K. headwind at roughly 100 basis points on full-service margins and reaffirmed the outlook for a net neutral change in center count for the year (approx. 25 openings and 25 closures).

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CFO Elizabeth Boland provided a detailed breakdown for the 2025 full-service growth outlook, projecting a 4-5% price increase, 2.5-3.5% enrollment growth, and a modest 0.5% drag from net center closures, alongside a 1.5% headwind from foreign exchange. For segment margins, she guided for full-service to improve by about 150 basis points to the mid-single-digit range, Backup Care to remain strong in the high end of the 25-30% range, and Educational Advisory to be in the mid-to-high teens.

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CFO Elizabeth Boland explained that enrollment growth was consistent across both domestic and international markets. She noted that infant and toddler enrollment growth has come more in line with preschool, which is why it wasn't singled out. For 2025, she indicated an expectation for continued low-single-digit enrollment growth, pricing increases tapering to around 4%, and backup care growth normalizing to a 10-12% range.

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CEO Robert Fauber detailed that private credit's impact is seen in structured finance, fund finance (ratings on BDCs and asset managers), and as a significant driver of first-time mandates in the Financial Institutions Group (FIG). He acknowledged potential asset quality issues but highlighted the new MSCI partnership as a major opportunity to provide credit scoring tools to investors in the space, meeting a critical need for transparency.

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CFO Noemie Heuland confirmed that the medium-term target for MA's Annual Recurring Revenue (ARR) growth of 9% to 10% is mostly organic. She noted that the contribution from M&A has been lower than initially anticipated when the targets were first set, partly due to a different interest rate environment.

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CFO Noemie Heuland clarified that recurring revenue, which is 95% of the MA total, grew 9% in line with ARR. The lower overall reported revenue growth of 7% was due to a strategic de-emphasis and double-digit decline in non-recurring transactional revenue. CEO Robert Fauber added that a tougher comparison to the prior year, when onetime revenue grew, also contributed to the gap.

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Executive M. Waddell responded that a continuation of client cautiousness, driven by renewed economic and trade policy uncertainty, suggested the challenging environment would persist longer than previously hoped, making it the right time to act. Regarding the M&A, Waddell described it as a 'very small transaction' involving the acquisition of a 50-consultant financial services firm in France, which adds new capabilities.

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Executive M. Waddell highlighted the strong collaboration, stating that Protiviti's revenue from contractors sourced via Talent Solutions grew 18% in Q4, far outpacing Protiviti's overall growth. On the economic outlook, Waddell explained that the surge in business confidence encompasses a net assessment of all factors, including tax rates and regulation, resulting in a very positive outlook. He confirmed the improved tone in client conversations, even if it hasn't yet converted to placements.

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CEO Jonas Prising clarified that the pullback in permanent hiring is a traditional response to employer caution and is primarily focused on lower-skilled roles, while demand for specialized and technical skills remains good. He explained that the company continuously evaluates its cost base on a country-by-country basis, balancing cost control with the need to maintain service levels and capture market share, as evidenced by the recent significant actions taken in Northern Europe.

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CFO Ken Krause acknowledged that predicting claims is difficult and that volatility has been a factor since the post-COVID period, though they are actively implementing mitigation measures. On modernization, Krause confirmed that since 2022, approximately 50 basis points of administrative cost savings have fully funded the increase in selling and marketing expenses, stating they are still in the early stages of this long-term efficiency journey.

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Executive Eugene Hall explained that for GTS, they believe they can drive growth through both improved productivity, particularly on the tech vendor side, and new headcount. CFO Craig Safian clarified that their strong cash position makes buybacks and M&A an 'and' not an 'or' decision. He stated the buyback strategy is not influenced by the M&A pipeline, which focuses on small to medium tuck-in acquisitions.

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CFO Craig Safian confirmed Q4 is significant, generating roughly 50% of annual Net Contract Value Increase (NCVI) and 40% of new business. CEO Gene Hall explained that the hiring pace is deliberately managed to align with their operational capability to effectively onboard, train, and develop new talent, preferring a steady acceleration over a large step-change that could strain the system.

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CFO Mike Hansen explained the guidance change was primarily a mathematical adjustment after incorporating the Q2 results, with the implied outlook for the rest of the year remaining unchanged. CEO Todd Schneider added that M&A was active across all route-based businesses, focusing on acquiring high-quality, complementary companies.

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Chief Financial Officer Helen Shan explained that for new business involving competitive displacements, FactSet has proactively changed its pricing structure for specific firm types. This has led to higher volume at a lower price realization but resulted in overall increased ASV. She also noted that enterprise solutions are being leveraged effectively during renewals.

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CFO Helen Shan explained that in a competitive environment, especially for new business involving displacements, they have adopted a more proactive pricing structure for specific firm types. This has led to lower price realization in some cases but has been offset by higher volume, resulting in an overall increase in ASV, particularly in the Americas and EMEA.

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Executive Frederick Snow stated that FactSet does not break out CUSIP's performance separately but confirmed it was the primary driver of the 6% aggregate growth in the Partners & CGS business line. He noted that CUSIP's strength offset some ASV losses in other traditional partnerships and praised the CUSIP team's execution and pace of new development.

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CEO Kim Scott confirmed that significant cost actions, including headcount reductions, have already been taken to support fiscal 2025 commitments. CFO Rick Dillon added that CapEx is focused on plant operating efficiencies, not new buildings. Scott assessed that while the core IT platform is solid, the company is 'just getting started' on plant automation and layout optimization.

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CFO Anthony Amandi indicated that Q3 and early back-to-school results were in line with full-year expectations. He reiterated that the pricing strategy aims for a 50-100 basis point spread above wage growth, with new rates taking effect January 1 for new students and in September for remaining students.

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