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CEO Balkrishan Kalra stated the ATS pipeline is growing at a healthy pace with a faster conversion rate, noting it delivers over twice the revenue per headcount and is approximately 70% amortized and non-FTE. On segment performance, Kalra highlighted strong growth in High-tech and Manufacturing (13%) and Financial Services (6%), attributing the slower 1% growth in Consumer and Healthcare to specific macro-sensitive clients.

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CEO BK Kalra positioned Genpact as a solutions firm whose deep domain and process expertise allows it to solve business problems at the 'key stroke level,' a capability he argues software firms lack. This value proposition helps attract top tech talent. On M&A, Kalra affirmed that the company maintains a disciplined approach, viewing acquisitions as a strategic option to add capabilities when organic development is not fast enough.

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CEO Balkrishan Kalra attributed the TAM expansion to GenAI increasing the scope of services and elevating the role of data in client conversations, which benefits Genpact's data and analytics franchise. He credited the growth acceleration to improved execution and innovation within the company's '3+1 Framework,' which is delivering results even in a stable demand environment, rather than a change in client budgets.

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Balazs Fejes, President of Global Business & CRO, responded that the goal is a sustainable, balanced pyramid of talent, emphasizing that engineering skills, not just coding, remain critical. CEO Arkadiy Dobkin clarified that while EPAM avoids traditional legacy managed services, it does manage the complex platforms it builds for clients, which is a dynamic and continuous engagement model distinct from traditional outsourcing.

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CFO Jason Peterson explained that margin profiles across different geographies are more similar than perceived and that the main pressures are the senior-heavy pyramid and the gap between wage inflation and pricing. CEO Arkadiy Dobkin added that while there is an opportunity to benefit from hiring more junior talent, the timing and extent of that benefit depend on how the demand environment evolves. Both executives agreed it is a dial that takes time to show results.

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CEO Ryan Barretto noted strong progress in building a multiproduct pipeline with solutions like Guardian and NewsWhip, adding that significant opportunity remains to increase attach rates. He described the international market as a strong, albeit smaller, opportunity. CFO Joe DelPretto confirmed the international revenue mix was materially unchanged from the previous quarter.

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CEO Bill Wagner explained that links within AI-generated answers convert at a rate over four times higher, creating a new priority for brands that plays to Semrush's strengths. Regarding enterprise, Wagner reiterated his increased conviction since becoming CEO, leading to a strategic reallocation of capital away from low-return marketing spend and towards high-demand areas like Enterprise and AI, complemented by a share repurchase program.

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CEO & Chairman Eugene Hall stated that tariff-impacted companies behave similarly globally, but noted that Canada and Australia face separate issues: Canada has tougher procurement processes, and Australia's recent election paused government purchasing. EVP & CFO Craig Safian added that QBH is expected to be roughly flat for the year, with a focus on 'territory optimization' before re-accelerating hiring in 2026.

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Executive Eugene Hall described the recent tech cycle as an 'extraordinary' and 'unusually large bubble' in VC spending that he doesn't expect to repeat. CFO Craig Safian added that the company's medium-term 12-16% CV growth target includes tech vendors, and they expect this segment to continue accelerating. Regarding the nonsubscription business, Hall stated it was also impacted by the tech bubble and expects traffic and pricing to stabilize over the next few quarters.

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CEO Gene Hall stated that while internal AI prototypes are promising, he expects the long-term productivity impact to be positive but modest. Regarding the sales and marketing practices, he attributed the relative weakness to a combination of overweight exposure to the tech sector, a higher proportion of legacy CV, and the tendency for marketing spend to face scrutiny in tough economic times.

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CEO Henry Schuck confirmed that recent product innovation has positioned ZoomInfo to be a beneficiary of tech stack consolidation, winning deals that span sales, marketing, and operations teams. However, he believes that while consolidation will be a contributor, the expansion of DaaS, Go-to-Market Studio, and Copilot will be bigger growth drivers in the near term.

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CEO Henry Schuck confirmed that recent product innovation has positioned ZoomInfo to be a beneficiary of consolidation, winning deals where clients unify their sales, marketing, and operations teams on the platform. While he sees it as a contributor to growth, he noted that DaaS, Go-to-Market Studio, and Copilot expansion are expected to be larger drivers.

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CFO Eric Abouaf described the company's philosophy as a balanced 'both and' approach. He explained that investments are necessary to drive revenue growth, and the company uses productivity gains to fund those investments while also expanding margins. He pointed to the current full-year guidance as proof of this model. President & CEO Martina Cheung added that the broader multiyear vision will be detailed at the upcoming Investor Day.

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CFO Eric Abouaf responded that the approach is a balanced 'both and' strategy. The company needs to reinvest in products, coverage, and technology to drive future revenue growth, but it also aims to expand margins. He explained that productivity initiatives help fund these investments, allowing the company to grow while widening margins, as reflected in the current full-year guidance. President & CEO Martina Cheung added that the medium-term plan will be shared at the upcoming investor day.

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CFO Eric Aboaf outlined several key levers, including managing headcount and hiring for backfills, variable incentive compensation that flexes with performance, discretionary third-party and professional services spend, and, as a last resort, adjusting investment timing. He confirmed that selective tactical adjustments are already being made.

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Incoming President and CEO Martina Cheung explained that the role is designed to address the challenge that clients using products from one division are often unaware of the full breadth of S&P Global's offerings. The new function, led by Sally Moore, will ensure customers understand the company's complete capabilities, bring consistency to go-to-market practices, and bolster strategic client relationships.

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CEO Ravi Kumar S clarified that "innovation" currently means applying agentic AI to transform core business processes for better experience and lower cost, which is happening even with limited discretionary budgets. He asserted that frontier model providers are not a direct competitive threat, as implementing enterprise-grade AI requires deep domain knowledge, system integration, and "IP on the Edge" to handle business context, which is Cognizant's core strength.

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CEO Ravi Kumar S described their proprietary solutions like Flowsource as 'practical tooling' to bridge immediate client gaps, stating that as platforms evolve, Cognizant will move to solve the next set of problems. CFO Jatin Dalal clarified that the 'texture' of growth in 2025 will be different from 2024, driven by both the ramp-up of large deals and a recovery in short-term discretionary spend, which is reflected in a significant jump in Annual Contract Value (ACV) in Q4.

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CEO Will Lansing explained that clients adopt 10T for its superior predictive power, which translates into lower credit defaults. He described the transition for existing customers to the new FICO Platform as 'very straightforward,' designed to be seamless and provide cost benefits and new features.

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CEO Will Lansing clarified the DBNRR slowdown was driven by lower usage of existing services due to the macro environment, not slower adoption of new use cases. CFO Steve Weber confirmed expenses will rise in the second half, primarily due to FICO World and other marketing, but that headcount growth is not a major driver.

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CEO Will Lansing clarified the DBNRR slowdown was primarily due to lower usage of existing, usage-based services, which he attributed to the macro environment, rather than clients postponing new use cases. CFO Steve Weber indicated that expenses would be moderately higher in the second half of the year due to FICO World and other marketing activities, as well as some headcount additions.

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CFO Steven Weber stated that FICO does not provide guidance at the segment level (Scores vs. Software) or for sub-segments like platform vs. non-platform. CEO William Lansing elaborated on partnerships, using TCS as an example, explaining that partners leverage their own distribution and vertical expertise to build solutions, such as in logistics, using FICO's core decisioning IP, creating a complementary and economically beneficial relationship.

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Chairman & CEO Rohit Kapoor detailed that EXL's moat is built on two pillars: access to proprietary datasets from its owned platforms for training unique AI models, and an accelerating pace of creating patented solutions. He clarified that the firm's overall double-digit growth target is driven by a strategic pivot to the faster-growing Data & AI segment, which is increasingly being embedded into traditional Digital Operations services.

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Rohit Kapoor, Chairman and Chief Executive Officer, attributed EXL's advantage to long-term foundational investments in domain expertise, data, and analytics, culminating in the excelerate.ai platform. He stressed that sustained investment is key to maintaining this lead. Regarding client adoption, Kapoor noted that clients are focused on reducing costs to fund strategic AI investments, a dual objective where EXL's value proposition of driving both efficiency and transformation fits perfectly.

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Rohit Kapoor, Chairman and CEO, confirmed that developing proprietary IP and innovation are now critical for growth. He explained that EXL addresses client infrastructure challenges by assisting with the shift to the cloud, modernizing legacy platforms with tools like Code Harbor, and managing data assets, particularly unstructured data. This comprehensive approach enables clients to effectively leverage AI.

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CEO Rohit Kapoor explained that EXL's strategy is twofold: build proprietary AI models in areas of deep domain expertise and proprietary data, and also integrate a mix of third-party LLMs and Agentic AI to optimize client outcomes. He noted EXL's models offer higher productivity and lower costs. Both Rohit Kapoor and CFO Maurizio Nicolelli confirmed that EXL will significantly step up OpEx and CapEx investments, funded by driving higher gross margins from value-added services, leading to incremental annual AOPM increases.

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President and CEO François Boulanger explained that while CGI does not separate organic from acquired growth, the environment shows challenges in European manufacturing due to tariffs, which slows systems integration but boosts managed services demand. He highlighted strong organic momentum in the financial sector, particularly in North America. Regarding partnerships, Mr. Boulanger confirmed the strategy is succeeding, citing $2.6 billion in bookings from go-to-market partnerships in the first nine months of the fiscal year, a 120% year-over-year increase.

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Chairman and CEO William Stone highlighted that SS&C is using its own successful internal deployment of Blue Prism as a case study to drive client interest in its AI solutions. President and COO Rahul Kanwar noted that leading indicators for Intralinks, such as deal counts and bookings, are now up, and he expects positive growth in the second half of the year.

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Rahul Kanwar (Executive) stated that Intralinks is conservatively forecasted to grow in the mid-single digits, with potential upside if markets improve in the second half. For Blue Prism, he highlighted the opportunity in providing trusted, governed AI platforms for regulated industries. He confirmed that internal AI use cases are growing in complexity, serving as powerful proof points for customers. Bill Stone (Executive) added that these internal efficiencies help maintain and expand margins, noting the 30-40 basis point increase in adjusted EBITDA margin despite heavy investment.

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Chairman and CEO Bill Stone attributed the Q4 organic growth outlook primarily to a challenging comparison, as Q4 2023 was a substantially stronger quarter than the rest of that year. Regarding healthcare M&A, he stated that SS&C sees opportunity regardless of the outcome, citing long-standing client relationships with both companies and the advanced capabilities of the DomaniRx platform, which he believes will be viewed positively in any scenario.

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President Shiv Iyer detailed a strategy of developing account-specific IP and leveraging partnerships with AWS and Workday, while also applying AI internally for future monetization. CEO Ted Hanson added that the baseline revenue for the federal segment is in the mid-$290 to mid-$295 million range after adjusting for Q2's pass-through revenues. He also pointed to the 1.1x book-to-bill and new defense funding as positive future indicators.

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CEO Ted Hanson clarified that widening the guidance was a prudent measure due to macro uncertainties like tariffs and DOGE, not a reflection of project cancellations, as bookings remain strong. CFO Marie Perry addressed the margin question, explaining that the Q2 outlook is impacted by a higher mix of lower-margin federal revenue and the loss of some high-margin federal work due to DOGE, which partially offsets the positive contribution from TopBloc.

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Executive Theodore Hanson reported that the assignment business is generally stable quarter-to-quarter, though permanent placement has weakened slightly. Regarding GenAI, he explained that while client skill needs will evolve, the fundamental need for technical talent will persist, and ASGN is also using AI to enhance its own internal productivity.

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CEO Mark Begor acknowledged that AI will likely lead to less hiring over the long term but noted the immediate impact is from economic uncertainty. CFO John Gamble added that currently, employee churn is simply down. Regarding the scores, Begor emphasized the implementation is highly complex and will take significant time, with no meaningful change expected in the second half of the year, as it depends on individual lender decisions.

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CEO Mark Begor explained that the mortgage recovery model assumes a return to historical 2015-2019 averages, which includes a significant purchase component. He expressed confidence in the pent-up demand for both purchase and refi activity as rates decline. Regarding 2025 pricing, Begor declined to provide specific guidance but confirmed that Equifax plans to implement price increases on January 1, consistent with past practice, with more details to be shared in February.

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Chief Financial Officer Helen Shan reiterated that the company expects to land within its current margin guidance for the year. She mentioned that investments are being self-funded through efficiencies and lower hiring, and that current trends are expected to continue, without providing a specific long-term outlook.

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Chief Revenue Officer Goran Skoko explained that the current timing is primarily driven by contract expiration dates, but noted that FactSet is implementing more proactive renewal playbooks to better manage the cadence going forward. CFO Helen Shan added that they are not sacrificing price to secure renewals, highlighting that recent large banking renewals were, in aggregate, up in value.

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CEO Frederick Snow emphasized the value proposition is 'brute force efficiency,' citing products like Portfolio Commentary and Pitch Creator that save clients hours of manual work. Chief Revenue Officer Goran Skoko added that FactSet uses a subscription-plus-consumption pricing model to give clients visibility and control over their spending on these new tools.

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CEO Frederick Snow stated the primary value proposition is saving clients' time and providing "brute force efficiency," citing examples like Portfolio Commentary and Pitch Creator. Chief Revenue Officer Goran Skoko added that FactSet has optimized its own costs and uses a subscription-plus-consumption pricing model to provide clients with visibility and control over their spending.

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CFO Helen Shan explained that while the annual price increase faces some headwinds, price realization on new sales remains strong, above 80% against adjusted rate cards. Executive Frederick Snow detailed the AI pricing strategy, which includes a mix of baking features into the core product, usage-based fees for deep workflow solutions like Portfolio Commentary, and a federated approach for conversational APIs. Executive Goran Skoko added that this federated API approach is repeatable and helps clients accelerate their own internal development.

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CEO Or Offer attributed the 1% NRR dip to a tough comparison from a large upsell in the prior year's Q1. He noted strong top-of-funnel demand from smaller clients and a significant increase in multi-year contracts. He also detailed plans to launch a full "AI intelligence" model this quarter, combining traffic data with market share and sentiment analysis for chatbots.

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CEO Or Offer explained that the majority of the spend is for accelerating go-to-market teams, with some allocated to R&D and to offset foreign exchange pressure. He stated the 15% growth guidance for 2025 is a starting point, anticipating softness in Q1 due to hiring ramp-up and FX headwinds, followed by significant growth acceleration in the second half of the year, setting a higher exit rate for 2026.

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CEO Or Offer described the 8-figure deals as the culmination of nearly decade-long relationships that expanded across multiple solutions before growing into major data partnerships. He explained the hiring acceleration is focused on two areas: capturing increased inbound demand and proactively targeting enterprise clients in key industries.

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CEO Matti Shem Tov detailed a multi-faceted approach, including upgrading sales leadership, empowering the customer success team (which improved renewal rates by 1%), and rebalancing incentive plans to better reward subscription revenue growth, retention, and new logo wins.

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CEO Matti Shem Tov responded that the business segments can operate on a stand-alone basis and that the potential for separation is considered when sharing technology. He asserted that the current investment level is appropriate and that the strategic focus is on being more laser-focused on a smaller number of high-impact projects, rather than simply increasing spending by lowering margins.

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CFO Jonathan Collins clarified that renewal rates in the A&G segment remain strong. He specified that the renewal pressure was concentrated in the Life Sciences & Healthcare and IP segments, driven by customer budget constraints and, for IP, customers awaiting the new Derwent product launch.

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CEO Keshav Murugesh explained the large deals are shifting conversations from simple cost savings to a Total Cost of Ownership (TCO) model, creating 'Black Box' relationships. Executive David Mackey added the deals are 5+ years in duration and that productivity commitments vary based on upfront AI deployment. Regarding discretionary spend, CFO Arijit Sengupta and Mackey stated the guidance is largely de-risked, as WNS's project work is primarily focused on cost reduction themes, making it less likely to be deprioritized.

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CEO Keshav Murugesh stated the typical sales cycle is 6-9 months and that the current macro and tech environment is adding momentum. Executive David Mackey noted that new logo signings and relationship expansions are up year-over-year. Regarding Gen AI, Mackey explained the assets are proprietary but integrate best-in-class third-party tech, designed to be reusable and customizable rather than standalone products.

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Executive David Mackey explained that Gen AI deals have been additive to revenue, focusing on expanded benefits like customer satisfaction and new revenue streams rather than cost reductions. He noted that while some pressure is expected over time, current niche solutions are not negatively impacting revenue. Regarding attrition, Mackey stated that while the rate is expected to stabilize in the low-to-mid 30% range, normal quarter-to-quarter fluctuations are expected and not unusual for the current environment.

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CEO Paul Bay confirmed that the SMB segment was down by double digits in Q4 but noted there are early signs of a recovery. He believes a comeback is tied to the broader recovery in Advanced Solutions. While a significant rebound may not occur in Q1, customer conversations suggest pipelines are building for the second half of the year.

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CEO Paul Bay stated that Xvantage is now active in 14 countries, built upon a $600 million cloud platform investment and enhanced with new code and over 100 AI models. He characterized the current phase as the 'early days' of decommissioning legacy ERP systems, which implies that significant future operational efficiencies are expected as the company transitions away from running parallel systems.

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President and CEO Lee Shavel explained that the situation highlights the need for increased, risk-based pricing. He noted that California's recent decision to allow forward-looking models is a positive step, and Verisk was the first to submit its wildfire model. He believes the situation ultimately heightens the importance of catastrophic risk modeling and analytics for the industry.

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President and CEO Lee Shavel framed the industry's focus on profitability as a significant opportunity for Verisk. He explained that this environment increases demand for Verisk's data and analytics for better risk selection and for its solutions that automate functions and improve internal process efficiency. Shavel noted these topics are central to high-level enterprise discussions with clients' C-suite executives, citing the Whitespace platform in London as an example of improving ecosystem efficiency.

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CFO Juan Urthiague acknowledged that the post-COVID market is more volatile, with varied performance across industries and regions, unlike the broad-based growth of the past. However, he emphasized that Globant's business is highly diversified. CEO Martín Migoya added that projects naturally evolve and turn over. He stressed that Globant's ability to continuously expand its offerings to meet clients' changing needs with new technologies is the key driver of sustained growth within these long-term relationships.

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CTO Diego Tartara explained that Globant has been 'super aggressive' in adopting AI, developing its own agentic tools to automate full workflows in areas like code fixing and testing. He noted that while AI models are plateauing, the next frontier is working with these models through agents and other techniques to extract maximum value, a process Globant is actively pursuing to bring efficiencies to clients.

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CEO Christopher Cartwright reiterated his belief that the business can compound at high single-digit revenue growth, positioning the current wave of innovation as a 'net positive' that enhances their ability to win, retain, and grow. He provided the example of consolidating 87 marketing products into the single TruAudience solution as evidence of the profound and competitiveness-enhancing nature of their transformation.

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CEO Edward West stated that the integration program will be executed swiftly in fiscal 2025, with all associated costs already incorporated into the provided guidance. CFO David Lyle added that successful execution should lead to margin expansion beyond 2025. West clarified that the flat-to-slightly-down spending in identity is a matter of disciplined focus and driving efficiency after years of heavy investment, not a reduction in innovation or customer-facing capabilities.

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CEO Ed West clarified that the major restructuring actions were completed in Q1, and the team is now stable and focused on execution. He does not anticipate sales disruptions, viewing the product focus as a positive for customer conversations. He positioned Check Fraud Defender as a key strategic growth platform addressing increasing fraud threats, without providing a direct revenue comparison to mobile deposits.

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CFO Roni Giladi explained that the SaaS transition's impact will extend beyond 2025, likely over a 2-to-5-year period, as it involves both new deal implementations and a multi-year process of converting existing customers. He noted the headwind's percentage impact should decrease over time. Regarding spending, he stated Sapiens is maintaining its operating margin target by reinvesting growing profit dollars into strategic areas like sales, marketing, and R&D, rather than expanding the margin percentage.

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CEO Andy Florance responded that a conclusive result cannot be expected in just seven months. He said the company is focused on leading indicators like growth in consumer awareness, site preference, and improving member NPS scores. He stated that while the micro-level sales metrics are laying out a path to a good result, it will likely be next year before the success becomes obvious to the public.

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CEO Anthony Jabbour confirmed that for the challenged 10% of revenues, 'everything is on the table,' including strategic partnerships, licensing, or other options. He clarified that Digital Marketing is less integrated, while the SMB/Credibility business's data is valuable and would likely involve ongoing licensing in any deal. Regarding AI, Jabbour expressed confidence in the current investment level, noting that efficiencies from completed projects are funding new initiatives and that AI capabilities are developing faster than anticipated.

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CEO Anthony Jabbour described the IBM partnership as a go-to-market collaboration leveraging IBM's watsonx technology and enterprise client base with Dun & Bradstreet's data and analytics. Regarding the credibility business, he detailed a strategy to retool the value proposition by incorporating more client data to improve credit scores and by cross-selling a simplified version of the Hoovers solution to help these small businesses grow.

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