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President and CEO Dale Asplund explained the decline was primarily driven by customers reducing discretionary spend, including some with 'per occurrence' contracts who stretched service intervals, rather than altering long-term agreements. He expressed optimism that the worst of these headwinds is over. EVP & CFO Brett Urban added that this trend is consistent with past macro events and that fundamentals like customer retention, which has improved by 300 basis points, remain strong.

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CEO Mark Eubanks explained the margin beat was driven by strong underlying organic growth (masked by fewer workdays), a favorable revenue mix toward high-margin AMS/DRS, and significant productivity gains. He noted that while AMS/DRS growth is expected to accelerate in H2, the guidance accounts for the inherent lumpiness of large customer rollouts. He also confirmed the BGS business moderated to mid-single-digit growth as expected. CFO Kurt McMaken added that pricing successfully covered cost inflation during the quarter.

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President & COO Timothy Boswell confirmed that WillScot did see sequential improvement in storage units on rent during Q2, though year-over-year order rates were still down. He clarified his earlier comment on pricing, stating that spot rates on new contracts in the modular business were flat year-over-year in aggregate, which he views as stable. He noted this was also largely similar for the container side of the business.

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Dan Batrak, CEO, President & Chairman of the Board, explained that while contract issuance remains steady, the conversion to funded, authorized backlog has slowed due to personnel changes within government contracting offices. He characterized the situation as a shift to a 'book and burn' model with shorter visibility, not an impact on revenue potential. Batrak confirmed the backlog's margin profile is increasing, supporting the company's goal of 50 basis points of annual margin expansion, driven by a shift to higher-value front-end services and more fixed-price contracts.

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EVP & CFO David Jackola explained that the revenue outperformance was due to strong contract and project activity, along with some pull-forward of materials from rising costs. He attributed the Specialty Services margin pressure to an increase in new project starts, which are more material-heavy upfront, as well as rising material costs and weather impacts, noting that margins are expected to improve sequentially.

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Christophe Beck, Chairman & CEO, explained the decision is a combination of conservatism and a strategy to increase investments in high-growth areas. He reaffirmed the company's commitment to delivering 12-15% adjusted EPS growth, noting that any over-performance would be shared between incremental investor returns and further reinvestment into growth engines like Life Sciences and Data Centers.

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EVP & CFO Kenneth Krause noted that residential growth was choppy but ended June strong, with performance in line with the prior full year. President & CEO Jerry Gahlhoff added that while lead volumes softened due to Google AI changes, lead quality and close rates improved, leading to daily sales records in June. On AI's cost impact, Krause mentioned the company is focused on more immediate 'lower hanging fruit' for cost savings, while Gahlhoff stated the marketing team has adapted well to AI-driven search changes.

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President & CEO Todd Schneider attributed the outperformance to strong business momentum, along with some discrete, one-time benefits. He specifically highlighted a great performance in the training area of the First Aid business and a strong 9% growth in the Uniform Direct Sale business to close out what he described as a 'bumpy year' for that segment.

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President & CEO Todd Schneider confirmed the quarter exceeded expectations, attributing the outperformance to business momentum and some discrete, one-time benefits. Specifically, he highlighted a strong performance in training services within the First Aid business and a robust 9% growth in the Uniform Direct Sale business, which he characterized as a strong but bumpy close to the year.

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EVP and CFO Earl Ellis clarified that the RavenBold earn-out is largely a financing cash flow item and reiterated the normalized full-year free cash flow guidance of $250M to $290M. He attributed the first-half shortfall to temporary billing delays from the new ERP system, noting a $138M sequential improvement in Q2 and expecting further progress in Q3 and Q4. President and CEO Scott Salmirs expressed confidence that the B&I segment has now entered a period of sustained positive organic growth.

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CFO Rick Dillon stated that while Uniform wins are expected to pick up, Workplace Supplies will likely continue to outpace Uniforms in growth. CEO Kim Scott attributed improved employee retention to a step-change in engagement, better training, and a new regional structure with smaller leadership spans of control, all contributing to making teammates feel more valued.

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President and CEO Vijay Manthripragada explained that the company grew significantly during the previous Trump administration and expects consulting and treatment services to perform well. He clarified that the COO is stepping down from the role for personal reasons but will remain with Montrose to assist in a transition. He also confirmed that the Origins and Spirit acquisitions are performing exceptionally well, integrating smoothly, and driving accretive growth and cross-selling opportunities.

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