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CEO Savneet Singh revealed the deals are with three top-20 brands (two of which are top-10) and are all POS-related, with decisions for two expected in 2025 and one in 2026. He noted these deals were made possible by the TASK acquisition. Regarding active sites, Singh explained the dip was a timing issue, with signed Engagement Cloud deals not yet live and Operator Cloud rollouts weighted toward the second half of the year.

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CEO Savneet Singh and CFO Bryan Menar explained that the historical ARR adjustment was entirely due to foreign exchange (FX) fluctuations, primarily from the Australian and New Zealand dollars following the TASK acquisition. Menar highlighted that sequential ARR grew $10 million in constant currency. Regarding 2026, Singh stated that while it's too early for specific guidance, he feels positive about the outlook due to the increasing number of multiproduct deal wins, which enhances the value of each new customer.

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CEO and President Savneet Singh clarified the expansion into PAR Ops is for the Data Central product, with potential to add Delaget in the future. Regarding the 2025 outlook, he reiterated that growth would be higher in the second half of the year, driven by the Burger King acceleration and other large, signed deals, expressing high confidence in the full-year target.

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CEO Savneet Singh confirmed that PAR has already increased resources for the convenience store market and plans to grow the go-to-market team there next year. Regarding free cash flow, Singh anticipates roughly a one-quarter lag from positive adjusted EBITDA, with the primary difference being interest expense from the debt used to fund the TASK acquisition.

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CEO Tamir Poleg clarified that the revenue share model changes will not have a financial impact on the company's statements as the total payout is capped; it will only redistribute funds within the agent community. CFO Ravi Jani confirmed that gross margins are expected to decline year-over-year in the second half due to a higher mix of productive, capped agents, a trend seen across the industry. Tamir Poleg added that the recruiting pipeline remains strong, noting the addition of 1,200 agents in the five weeks since the quarter ended, following a significant off-boarding of non-productive agents in Q2.

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CEO Tamir Poleg detailed plans to use his AI voice for the agent support line and test Leo for real-time conversations with clients, with a long-term vision of providing agents their own AI assistants. CFO Ravi Jani attributed strong agent attraction to the company's balance of value and cost. He also stated that converting India-based contractors to employees would not have a material financial impact but should strengthen team commitment and could positively impact time to market.

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President Sharran Srivatsaa confirmed the agent growth momentum is strong, with the recruiting pipeline being the largest in the company's history, driven by the 'flywheel' effect of having more agents. However, he cautioned that onboarding larger teams and brokerages is a more complex and lengthy process. Chairman and CEO Tamir Poleg added that the loan officer count at One Real Mortgage grew from 18 to 90 in 2024, with about half being existing Real agents. He detailed initiatives to boost attach rates, including a $2,500 buyer credit and a new API to facilitate agent commission advances.

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President Sharran Srivatsaa noted that while Q4 and Q1 are seasonally strong for agent moves and conversations are active, he could not provide a precise forecast. Chairman and CEO Tamir Poleg shared early Real Wallet metrics, including over $100,000 in debit card spending and $80,000 in credit lines drawn. CFO Michelle Ressler confirmed OpEx would rise sequentially due to recent and planned headcount additions in R&D and operations but did not provide specific guidance.

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CEO Christian Ulbrich described Capital Markets pipelines as 'fairly strong' and up notably year-over-year. CFO Kelly Howe addressed the other points, stating that while JLL continues to monitor its portfolio, no other specific areas of fraud have been identified. She clarified that the potential for 'elevated contract churn' is specific to the property management business as it undergoes a strategic review to optimize for growth and profitability.

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CFO Karen Brennan highlighted that U.S. office leasing has significant runway as large transactions remain 30% below pre-pandemic levels. For industrial, she noted JLL's outperformance despite market softness. Regarding data centers, she described it as a small but rapidly growing part of the business where JLL is active across the asset lifecycle.

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CFO Karen Brennan detailed that the EBITDA guidance midpoint assumes a gradual recovery, with the range dependent on the pace of this recovery. She noted that 2024 incremental margins were affected by one-off items, with Markets Advisory's high margin expected to moderate and Capital Markets' depressed margin likely to normalize. CEO Christian Ulbrich added that JLL is highly focused on deploying its dozens of AI products to drive significant productivity gains and enhance client services.

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Global CEO Christian Ulbrich stated that the capital markets environment is steadily improving, expecting a seasonal Q4 uptick and continuous improvement through 2025. Regarding RES, he explained its technology platform will be rolled out to all U.S. leasing brokers over 18 months to enhance productivity and client experience. CFO Karen Brennan added that while RES's revenue contribution is small, it is expected to generate an attractive ROIC within three years through cost offsets.

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CEO Michelle MacKay attributed EMEA's strength to a combination of improving market dynamics and internal operational efficiencies, creating a 'multiplier effect.' She also confirmed the 96% GOS retention is a 'notable improvement.' CFO Neil Johnston affirmed that Services guidance implies mid-single-digit reported growth in the second half of the year.

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CEO Michelle MacKay acknowledged margin pressure from long-term investments. CFO Neil Johnston added that the company will balance investment spend with growth, expecting to outpace 2024's 8% EPS growth. Johnston noted Q1 margins would be flat year-over-year. Regarding Capital Markets, MacKay highlighted a strong pipeline with a notable shift toward institutional investors. For Services, Johnston projected a gradual improvement to a mid-single-digit growth rate by mid-2025, driven by recurring contracts and project management.

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CFO Neil Johnston confirmed the 20% Capital Markets growth forecast is year-over-year. He also expressed strong confidence in the 2025 Services growth target, citing momentum in facilities management in APAC, healthier contracts in facility services, and a strong development pipeline for global occupier services.

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CFO Christian Mayer clarified that the guidance increase is driven roughly 50% by acquisitions and 50% by stronger organic growth expectations, especially in engineering and real estate services. CEO Jay Hennick stated that while the company is undervalued, the rebranding was a natural strategic step. He noted that while no final decision on a spin-off has been made, the improving fundraising environment makes it an opportune time for these changes.

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CEO Jay Hennick stated that cross-selling is significant within the engineering platform itself and is beginning to develop with the traditional real estate business, noting it's still in the early stages but showing more promise than other historical cross-selling initiatives. CFO Christian Mayer explained the leasing decline was due to tough comps from large data center transactions in prior years and expects a return to mid-single-digit growth for the full year.

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CEO Jay Hennick clarified that Investment Management integration is focused on back-office, regulatory, and fundraising functions to create a more streamlined operation, while core investment strategies will remain independent. CFO Christian Mayer broke down the Real Estate Services outlook, assuming high single-digit growth for Capital Markets and mid-single-digits for Leasing and Outsourcing. He noted this guidance is tempered by macro uncertainty and a 2-3% negative impact from foreign exchange rates.

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CFO Christian Mayer attributed the slowdown in Outsourcing & Advisory to persistent flatness in the valuation business, which is tied to depressed capital markets activity, while reaffirming the full-year mid- to high single-digit growth outlook. Regarding interest expense, Mayer advised that the model should incorporate the recent use of the revolving credit facility to finance the approximately $480 million Englobe acquisition.

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CFO Emma Giamartino confirmed that the company expects low double-digit net revenue growth for the full year in project management. She explained that a revenue mischaracterization made Q2 growth appear low, which will reverse in Q3, with results normalizing for the full year.

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CEO Robert Sulentic explained that Industrial Leasing is expected to normalize to flattish year-over-year growth, with a notable trend of users shifting to 3PLs for flexibility. CFO Emma Giamartino confirmed they can quickly manage costs through variable compensation, discretionary spending cuts, and hiring adjustments if needed. She also stated that hiring plans for the year have not changed.

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CEO Bob Sulentic projected low single-digit growth for industrial leasing in 2025, with an expected pickup in subsequent years as sublease space is absorbed. Regarding talent, he stated that CBRE competes effectively due to its brand and stability, has capacity to grow revenue without adding headcount, and may see favorable recruiting economics as some competitors are less aggressive.

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Chair and CEO Bob Sulentic noted that CBRE has considerable existing capacity in its capital markets teams and does not need to rehire to achieve material growth, though it continues to invest in talent. CFO Emma Giamartino outlined several levers for GWS margin expansion, including resetting the cost base, securing higher-margin contracts, acquiring higher-margin technical services businesses, and optimizing existing contracts.

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CFO Ken Hahn clarified that the Q4 guidance reflects seasonality and the decline of the Degrees product, with the overall guidance lift driven by the Consumer segment. CEO Greg Hart added that Coursera is well-positioned with its trusted content and AI platform to help enterprises, including big tech, navigate the rapid skill shifts driven by AI.

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CEO Gregory Hart explained that content strategy focuses on breadth, depth, and nimbleness, highlighting growth in topical areas like GenAI and entry-level certificates, and increased investment in Coursera-produced content for better economics and testing. Regarding career discovery, he noted it's showing positive early signs on conversion but that any direct monetization by connecting learners to employers is a potential long-term opportunity, not a near-term focus.

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CEO Jeff Maggioncalda explained that AI course monetization is still in its early stages and not yet a major revenue driver, though enrollment demand is high. He identified softer month-to-month retention, potentially due to macro factors, as the primary source of Consumer weakness. Regarding cost cuts, Maggioncalda stated the strategy is to reallocate resources to high-growth, high-leverage opportunities. CFO Ken Hahn added that the timing is intended to set up for 2025 EBITDA performance and growth, noting that development headcount is still planned to increase.

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CEO D. Scott Patterson explained that gaining share in day-to-day national accounts also improves their position during major catastrophic events, thus improving overall revenue capability rather than necessarily reducing volatility. CFO Jeremy Rakusin added that for margin improvement, the home improvement segment's gains are tied to a macro-driven top-line recovery, while restoration's margin expansion is a multi-year effort that will not be linear due to its dependence on activity levels.

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Executive Jeremy Rakusin attributed margin gains to headcount reductions in client accounting and the use of digital and AI tools in contact centers to improve productivity. He reaffirmed the long-term 9% to 10% margin target for the segment, expecting to be in the upper half this year. Executive D. Patterson added that while the focus is on current brands, the company remains interested in adjacencies within the 'repair and maintenance of the built environment' thesis, such as painting, which would fit into existing segments.

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Jeremy Rakusin (executive) clarified that 2025 revenue growth is expected to be 4-5% organic, with the remainder from tuck-under acquisitions. D. Patterson (executive) and Jeremy Rakusin detailed that Roofing Corp's scale benefits include servicing premier accounts and better purchasing, but significant near-term margin expansion beyond previous guidance shouldn't be modeled. D. Patterson added that amenity staffing might be reduced as part of broader cuts, but openings are not expected to be impacted.

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D. Patterson (executive) explained that budgetary pressures from rising costs, particularly in Florida, have created a temporary headwind expected to last into early 2025 before growth normalizes back to the mid-single-digit range. He noted incremental opportunities in project management and loan facilitation for communities. Regarding M&A, Patterson described the roofing market as highly active and competitive, with elevated multiples due to private equity activity, stating the company will be selective in pursuing deals.

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CEO Andy Florance attributed the NPS growth to the new sales force becoming more effective at communicating the product's value proposition. He noted it's a learning curve for a new product and highlighted the strong uptake of the integrated Matterport offering as a key differentiator. He stated that building high NPS scores takes years, but the business is on the right trajectory.

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Founder & CEO Andy Florance explained that the NPS improvement stems from the new sales team becoming more effective at communicating the product's strong value proposition. He highlighted the compelling ROI for agents who win more listings and noted the strong uptake of the integrated Matterport offering. He framed the progress as part of a multi-year journey to build high NPS and renewal rates.

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CEO Andrew Florance stated that the company historically slows price increases in tough markets but can be 'a touch more aggressive' as the CRE market clearly improves. CFO Christian Lown added that the product's value proposition has expanded dramatically with new data and tools like STR and lender products, supporting its value.

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CEO Andrew Florance noted strong early results, with 71% of January net new sales being the high-renewing silver ads, and tracking for the best January and February in years. CFO Christian Lown added that while 2025 growth is expected to be similar to 2024, he anticipates momentum will build each quarter, setting up for an acceleration in 2026. He declined to give specific Q1 bookings guidance but expressed confidence in the forecast.

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CEO Andy Florance responded that the company has performed remarkably well in a difficult market, and an easing of market pressures should turn headwinds into tailwinds, benefiting growth. He noted that there is significant room for market penetration and that investing in growing the sales force for these core products will also provide a boost, leading to optimism for the upcoming year.

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CEO Ramesh Srinivasan explained that sales capacity was added primarily in the hotel/resorts vertical and a new inside sales team, leading to better territory coverage and more opportunities. He noted that while productivity can still improve, the new hires are already contributing to recent sales success. For international growth, he emphasized that Agilysys's integrated product ecosystem is the key differentiator, especially in large, multi-product deals. CFO Dave Wood clarified that the user conference accounted for most of the sequential increase in sales and marketing expenses but that the full-year margin outlook remains on track.

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President & CEO Ramesh Srinivasan attributed the POS success to the company's now fully modernized and unified platform, which has improved implementation efficiency and moved past prior challenges. He also confirmed most complex implementations are handled by Agilysys's internal teams. CFO Dave Wood clarified that the 25% subscription growth guidance for FY26 implies an organic growth rate of approximately 22-23% after accounting for the Book4time acquisition.

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CEO Ramesh Srinivasan attributed the slight moderation in organic subscription growth expectations primarily to the lingering effects of the POS business transformation, which impacted sales in recent quarters, although Q2 showed improvement. Regarding APAC, Srinivasan described the region as 'up and down' and 'frustrating,' citing longer deal cycles and the difficulty of establishing the brand against large, entrenched competitors, but noted they are pursuing sizable opportunities.

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CEO Angela Selden detailed several profit levers for Rasmussen, including optimizing classroom capacity ('filling the back row'), refining the program mix at each campus to align with student and employer demand, and improving marketing effectiveness. Regarding market positioning, she emphasized the 'natural moats' of APEI's military-focused (APUS) and healthcare-focused (Rasmussen, Hondros) businesses, which are somewhat insulated from general economic cycles and benefit from durable demand in their respective fields.

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CFO Rick Sunderland explained that a two-week military tuition assistance portal outage impacted Q1 APUS enrollment guidance, but the issue is now resolved. CEO Angela Selden noted that while APEI is not providing multi-year guidance, she is pleased with Rasmussen's enrollment momentum and expects significant profit flow-through. Mr. Sunderland attributed the Q1 EBITDA pressure to increased investments in advertising and student-facing staff to support growth.

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CFO Peter Benevides confirmed expectations for gross profit growth to reaccelerate in the second half of 2025, attributing Q1's strength to faster-than-expected customer deployments and strong order volumes in the QSR segment. Founder and CEO Noah Glass affirmed Olo's strong competitive position, citing high gross revenue retention, and outlined growth opportunities across the Order (Catering+), Pay (card-present), and Engage (guest data) suites.

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Peter Benevides, CFO, projected that gross profit growth will reaccelerate in the second half of 2025, with Q2 likely representing the trough due to tougher year-over-year comparisons. He stated that Catering+ is currently a key driver of ARPU growth and carries high, software-like margins, which contributes to the positive gross profit outlook. He also noted its potential to pull through other modules like Dispatch and Pay.

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CEO Noah Glass confirmed that driving profitable traffic with data is a top-of-mind issue for restaurant leadership, especially as an alternative to discounting. He noted Olo's professional services are key to helping brands utilize these new data tools effectively. CFO Peter Benavides clarified that excluding one-time items, non-GAAP gross profit growth would have been just over 13% year-over-year, marking a sequential increase for the second consecutive quarter.

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CEO Aman Narang explained that it's still early for AI, with the current focus on demonstrating customer impact, such as increased check sizes and effective marketing campaigns, before finalizing monetization. Regarding international markets, he noted that traction is strong and mirrors the early days in the U.S., with a focus on replicating the successful U.S. playbook.

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CEO Aman Narang expressed excitement over the Potbelly win and noted that the enterprise pipeline continues to build and scale each year. He attributed the success to go-to-market execution and, more importantly, product investments in upmarket capabilities like enterprise configuration management and other 'above store' tools. He characterized enterprise as a steady, important long-term growth vector for the next decade.

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CEO Stephen Trundle acknowledged this is an opportunity, suggesting dealers can upsell video to customers at contract renewal and that a new, fully wireless battery-powered camera coming later in the year should help drive adoption. CFO Kevin Bradley clarified that the company's guidance does not assume the elevated NRR will persist at current levels for the full year, modeling a return to the historical range in the second half.

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CFO Sarah Blanchard attributed the sequential Q1 dip to FX headwinds, reduced SMB sales capacity, and fewer days in the quarter, stating it's not expected to continue. CTO Eren Bali added that they will launch a diverse set of career academies in H1 to refine the model before scaling. Both confirmed the features would benefit consumer and enterprise segments.

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CEO Greg Brown characterized the spending environment as having "continued scrutiny on budgets" but noted this creates an opportunity for Udemy to be a platform consolidator. CFO Sarah Blanchard addressed the 2025 outlook, highlighting headwinds from a $20 million reduction in SMB quota capacity and continued softness in EMEA, which will impact overall and Udemy Business growth. She reiterated the focus is on a transition year to achieve the 2025 adjusted EBITDA target of $70 million.

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