Alex Hess

Restated the 30 basis point theoretical estimate but deferred to the analyst's own MBS traders, conceding signal is limited today.

Named UltraFICO with Plaid, UltraFICO 3 and FICO 11 in development, and flagged a four-year adoption curve for new scores.

Lansing said innovation spend is modest but constant, with UltraFICO likely to be a significant factor in the Scores business, with plans to be detailed at FICO World.

Weber said the growth is primarily from the new rack rate plus volume, with some customers having been on lighter rates in the prior year now at full rate.

Weber said positive volumes across all three underwriting lines are encouraging but mostly macro-driven rather than FICO innovation-led, with some marginal innovation contribution.

Lansing said customers still come for traditional risk use cases (originations, customer management, fraud) but the platform enables much broader decisioning innovation on the expand side.

Lansing argued credit defaults and prepayments are related (a default functions as a prepayment for paper holders), so 10T's superior default prediction should also improve prepayment prediction.

Lansing expressed minimal market share concern, noted rate-driven volume increases are not built into guidance consistent with multi-year conservatism on rates.

Lansing gave a very brief answer confirming they're working with FHFA on data release, without explaining the delay.

Lansing highlighted expanding use cases including BNPL, telco/utility data scores, and account management, noting scores volume growth beyond just GDP correlation.

Weber pointed to easier volume comps and multiple areas of confidence without detailing specific new streams.

Andy said the price-increase contribution to new recurring sales has been relatively stable, with MSCI taking a measured, long-term approach.

Andy said non-ETF passive AUM was around $5 trillion as of June 30 and described growing traction with active-ETF managers via a new licensing product.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Todd cited multi-vendor, geographically diverse sourcing and confirmed the incremental margin comparison is adjusted-to-adjusted; direct.

Carhartt/Ford partnership about branded garments employees want to wear. Trades are underpenetrated opportunity. Apparel+ reflects innovation culture, outfit any job across North America.

SAP Fire brings standardization, better customer and employee experiences. Good muscle memory from Rental and First Aid rollouts. Highly positioned to do same for UniFirst post-close.

Not forecasting employment improvement. Guide reflects attractive growth without favorable employment. Inventory injection reflects strong growth across all three route-based businesses.

Management pivoted to cross-selling example: manufacturing customer expanding facilities led to adding rental, facility services, First Aid, and Fire to new building. Trusted resource relationship drives expansion.

Meaney described the cradle-to-grave hyperscaler relationship, from leasing to decommissioning, driving 88% ALM growth; Barry added Iron Mountain is the only end-to-end lifecycle provider.

Bill differentiated IRM's focus on inference and cloud build-out vs LLM campuses. 500MW of available power is key competitive advantage.

Noémie confirmed CAPE Analytics was already included in prior MA guidance with no change to M&A assumptions.

Eric confirmed ACV acceleration from 6-6.5% in H1 to 6.5-7% in H2. Described $5B buybacks in 2025, targeting ~$1B in Q1 2026 alone (up from $650M last Q1) given stock price levels. Funded partially via commercial paper.