Andy Nicholas

Just one question for me on maybe the AI front. You talked about operating efficiency from AI, product funnels, developm

Got it. And then maybe just a point of clarification. I think within EWS non-mortgage consumer lending was up 20%.

I wanted to first ask about just overall consumer credit trends or conditions, seen some headlines and bankruptcies late

Hi, good morning. Thanks for taking my questions. First one is just on the international business broadly.

Very helpful. Thank you. And then for my follow-up, just on the guidance broadly, obviously, two really strong quarters

Very helpful. Thank you. And then switching gears a little bit for my follow-up and maybe a hard question to answer, but

Good morning, thanks for taking my question. I wanted to go back to the recession scenario that you outlined and maybe a

Hi, good morning. Thanks for taking my questions. First one is on margins.

Perfect. Thank you. And then for my follow-up, I know it's a little bit more detailed, but on the new product that you'r

I am curious, just as you think about where FactSet Research Systems Inc. sits in the ecosystem relative to newer competitors or even the model providers, maybe address what you think are some of t...

how you'd characterize your suite of AI products and the specific kind of execution around that relative to your peers at this early stage? And then maybe conceptually, how important is it for you ...

how much of that is GenAI-related? And if we're thinking about kind of the increased investment there, how much of that could potentially be offset and over what time frame from cost savings from t...

Can you help outline, maybe what the land and expand strategy has skewed towards on a go forward basis within that market? Is it adding additional services to existing clients? Is it selling additi...

your appetite for M&A. The latest and greatest there. And, relatedly, is your conviction in the monetization of your AI investments changing that appetite

I think you had outlined low single-digit growth for GTS and in mid-singles for GBS as kind of your targets for this year. Is that still the case

is there any changes to kind of the magnitude of those benefits that you would speak to today versus 6 months ago

Can you give an update on maybe CV growth there relative to the rest of the business

does that give you any pause in terms of your expectation for improvement next year

Is there anything you can do to kind of size what you've determined to be the tariff-affected industries? How much that represents in terms of CV

is there anything you can do to kind of quantify that? I understand that improving the product was one part of the top line growth acceleration

I just wanted to ask about the conservatism of the OpEx guide

just curious if you could provide any additional color on the timing of renewals throughout the remainder of this year

Any update to how you're thinking about your ability to leverage that technology within your business, become more efficient

are you already getting feedback from that part of your business that the renewal cycle will be choppy

Is there any gating factor on adoption internally tied to regulatory pushback or what the regulators are comfortable with

Is there any way to quantify? Or maybe it's not in the numbers yet, but kind of the impact on cost efficiency

Wanted to talk a bit about the upsell motion to PEO specifically. Kind of a two-parter here. One on just overall Paycor client receptivity to PEO

I just wanted to kind of dig into the second half ramp for PEO. Can you speak a little bit more to kind of the attach rate dynamics in Florida specifically? Have they stabilized and is it mostly ju...

How would you describe the competitiveness of the environment maybe outside of the health care and the insurance piece? Like, are your competitors there being aggressive with price on the admin fee?

in terms of top line synergies, can you speak to maybe what's embedded in your outlook for '26? It sounds like you've already had some indications of cross-sell opportunity and cross-sell success i...

just in terms of cadence of cost synergy realization, you've updated the number, $90 million in fiscal '26. Is there anything you could say about how much of that is front-end loaded?

Is there any way for us to think about how much of that comes from up-sell from clients with an existing payroll relationship versus clients that are new to Paychex entirely?

Could you speak a little bit more if you have any insight in terms of what's driving that?

competitive dynamics in the pricing there. It seems like some of your peers, both public and private, are talking about increased aggressiveness on the pricing front

curious how you stack or rank the priorities and where you might be most interested to deploy capital on the M&A front going forward?

do you envision more of your data being consumed that way via those channels over time? And how does that impact the go-to-market motion

have your thoughts evolved in terms of the opportunities, threats, investment requirements on this front? And is it fair to say that as it relates to 2025 specifically, generative AI maybe more an ...

what is the -- is there a difference in monetization potential between them

I wanted to switch gears a little bit and just talk about transactional growth or declines of late

have you been able to have maybe more lengthy dialogues with your clients on the strategic merits to that deal and maybe the opportunity for increased engagement

are there any kind of components of the long-term growth algorithm between price, new customers, upsell, cross-sell, new initiatives, client consolidation, all the different drivers

Lee, in your prepared remarks, you talked about bringing the improved sales model to a broader group of businesses and your new growth vectors. Could you spend a little bit more time fleshing that ...

I wanted to touch on the extended duration of contract renewals, which I think, Lee and Elizabeth, you both mentioned today. Can you maybe describe a little bit more about what is enabling that?