Andrew Steinerman

Management attributed the deceleration to a weakening mortgage market and a tougher pre-qual share comp.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Eric explained the volatility mechanic directly and confirmed the upstream software divestiture is now reflected in the organic constant currency guide.

Eric confirmed ACV growth around 6%, in line with subscription revenue growth. Clarified bank loan repricing is not included in billed issuance.

Martina described With Intelligence as multi-asset class covering 30,000 managers and investors with unique family office data. Emphasized data quality and acceleration of organic private markets initiatives.

Explained prudence based on potential volatility flare-ups, flat H2 refi comps, limited pull-forward assumptions, and flat M&A year-over-year. Acknowledged upside risk possibility.

Eric deferred on specific share count calculation. Martina ruled out transformative M&A, emphasizing organic growth with openness to small tuck-in acquisitions aligned with strategic themes.

Confirmed market volumes back to or above 2021 highs. Noted 2025 comp is difficult, with prudent and modest expectations for M&A and opportunistic issuance.

Rohan Kalra (on for Andrew Steinerman) asked on LLM costs and pricing model; Hasker said agentic solutions are token-efficient, Thomson gives a cost advantage, and TR is considering a consumption-based pricing component with infrastructure investments to support it next year.

Eastwood expects government growth subdued near term, improving toward end of 2026 as cancellations lap. CoCounsel Next will contribute some revenue in late 2026 but larger contribution in 2027 due to rev rec timing.

Steve said too early for like-for-like usage comparison but penetration is growing. AI will create complex legal issues driving headline demand. Expects lawyers to use CoCounsel as first and last tool of the day. Mike declined to break down Q1 guidance by segment, consistent with prior practice.

David confirmed Westlaw Advantage requires an upgrade subscription tier that includes Deep Research as the crown jewel. CoCounsel Legal provides a much more integrated single experience.

Mike explained Q1+Q2 margins average to ~39% consistent with full year. Steve noted end user adoption is healthy, customer success investments ramping under leaders from S&P and ServiceNow.

Mann confirmed an average weather year is the base case and framed lighter activity as a contained transactional risk within the guidance range.

Elizabeth Mann clarified auto business has no premium linkage and shopping activity is stable. Lee added that improved rate adequacy has reduced non-rate action opportunities.

Lee Shavel identified ServiceTitan and JobNimbus as competitors, noting AccuLynx differentiates through roofing-specific specialization in materials, process, and job management.

Elizabeth Mann attributed current D&A to long-term builds (Core Lines Reimagine, next-gen financial models) being placed into service; expects D&A growth to moderate. Lee clarified ROIC methodology excludes D&A.

Elizabeth Mann confirmed buyback is assumed, explained interest step-up from 2024 refinancing, and attributed D&A increase to project investment and capitalization timing.

Ad stops/current customer growth very stable, if anything slightly positive. Q2 acquisition impact was 70bps; second half should assume about half that (30-35bps) with normal tail-off.

FY2026 start consistent with expectations and reflected in guidance. No change to go-to-market strategy. Vertical strategy performing well over 5-10 years.

Energy costs flat at 1.7% of revenue. Q4 organic implied to be normal seasonal pattern with ~40bps FX headwind and ~90bps M&A impact.

Confirmed price increases back to historical levels as inflation declined. Ad stops showed no significant changes. New business remains strong.

CEO confirmed no capital constraints on data center growth with 400 megawatts energizing over next 2 years. CFO reiterated CapEx slightly down from last year with vast majority pre-leased to high credit quality tenants.

Barry confirmed zero restructuring charges in 2026. ~$1.8B of $2.0B growth CapEx goes to data center. Cash interest ~$905M, cash taxes up ~$20M YoY.

Bill said IRM targets inference and cloud, not LLM campus build-outs. Data center CapEx expected to gradually rise with pre-leased backlog growth.

Barry attributed sequential decline to FX ($10M headwind) and intentional consumer storage profitability focus. Core records business was up sequentially.