Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Ashish Sabadra
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 106on tracked calls
- Challenge rate
- 11%12 of 106 questions
- Companies
- 18questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 106 of 106 questions from 18 companies
FICOFair Isaac13 questions · 7 reporting periods · 3 of 13 challenging
Calendar 2026 Q2
particularly UWM and Rocket, the market share for VantageScore seems to be closer to 20%
Show response
Gave a quantified ceiling for VantageScore share and the gaming-math rationale behind it, while noting only a week of 20-handle data.
from a pricing strategy perspective, is there things that FICO can implement to help influence the
Show response
Explicitly declined to disclose pricing levers, saying everything is on the table but nothing is shareable.
Calendar 2026 Q1
what's your pricing strategy over the midterm? Is there still a gap between price and value
Show response
Lansing said various pricing approaches are under constant evaluation. The $0.99 repricing represents early steps in a multi-year shift toward distributing IP monetization more broadly.
what are the key credit risk that they would consider when they are designing these matrices?
Show response
Lansing highlighted credit default risk and prepayment risk differentials, noting VantageScore data only goes back to 2013 and has never been tested through a full cycle, creating uncertainty for downstream investors.
Calendar 2025 Q4
your revenue model is agnostic irrespective of whether the customers adopt performance or per score model. Is that right?
Show response
Lansing clarified the revenue model is designed to be relatively agnostic between the two pricing options, though not perfectly so.
I was just wondering if you had some time lines around when they would go live. And then at least when we've done checks with brokers, they are not aware of the performance model as yet
Show response
Lansing could not provide a specific go-live timeline, emphasizing the need for thorough integration testing and downstream impact assessment before launch.
Calendar 2025 Q3
ARR moderated there, but you obviously had a very strong ACV bookings quarter, but as well as the year. How should we think about this ACV starting to convert into ARR
Show response
Weber confirmed ARR acceleration expected starting Q1 FY26 as recent bookings go live.
Calendar 2025 Q2
opportunities for using FICO Scores at having more use cases for FICO Scores or using it in more places within the processes where it may currently not being used, like, for example, securitization...
Show response
Lansing confirmed FICO is actively exploring real-time score refresh for the securitization market, where current models use stale origination-time scores.
what are the moats around the business and then in the event that if there is a lender's choice for the GSE, could that affect the non-GSE market
Show response
Lansing argued predictiveness is the core moat, not regulatory mandate, noting FICO Classic's 20 years of optimized infrastructure also create switching costs.
Calendar 2025 Q1
There was a comment there during the Q&A about pricing getting feathered in. So, if our understanding is right, there was only a partial benefit of pricing in the quarter
Show response
Weber confirmed auto pricing repriced January 1 with gradual rollout, consistent with mortgage and credit card pricing approach.
How do we think about the timing of converting some of that ACV. We've seen pretty strong ACV in the first half of '25, the timing of that converting over to ARR
Show response
Weber confirmed 6-9 month conversion timeline, with Singleton adding 9-12 months to full ramp. Strong H1 bookings bode well for H2 ARR.
Calendar 2024 Q4
It's good to see that inflection in growth there. I was wondering if you could talk about some of the trends that you're seeing on myFICO
Show response
Weber cited marketing investment and clearing of difficult refi-era comps, with excitement about myFICO growth potential.
the overall B2B revenue moderated. So I was just wondering if you can comment on what caused that softness
Show response
Weber explained non-origination B2B segments (prescreen, account management, international) grow more slowly and lack onetime license events this quarter.
EFXEquifax10 questions · 7 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
government revenues are sequentially flat from 2Q to 3Q. Is that a similar cadence that we should expect
Show response
Management expects government to return to growth in the second half and accelerate into next year.
Calendar 2026 Q1
The CMS recently launched Emmy, an income verification tool.
Show response
Management addressed the question directly with specific data points.
That's very helpful color. And if I can ask a question around agentic AI, one of the concerns that we've heard is agenti
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q4
Hi, good morning. This is David on for Ashish. Just following up on the government vertical I was wondering if you could
Show response
Management addressed the question directly with specific data points.
Thanks so much.
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q3
This is David Paige on for Ashish. I was just wondering maybe you could touch on International.
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q2
Thanks for taking my question. I I have a two-part question. On the USIS non-mortgage. One was on autos.
Show response
Management addressed the question directly with specific data points.
That's very helpful color. Thank you.
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q1
Good morning. This is David Paige on for Ashish. I just had a clarifying question on the amended SSA agreement.
Show response
Management addressed the question directly with specific data points.
Calendar 2024 Q4
Hi, this is David on for Ashish. Thanks for taking our question. Just a follow-up to that last question.
Show response
Management addressed the question directly with specific data points.
FDSFactSet8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q3
how should we think about the tax rate for fiscal year 2027, as well as interest expense?
Show response
Guided to a slightly higher tax rate and higher refinancing cost, sizing the two below-the-line items as roughly a 2% EPS headwind.
how does FactSet continue to differentiate, and can you continue to sustain that strong sales momentum that you've seen?
Show response
Pointed to early MCP leadership, data quality, and the bundling of data, analytics, and capabilities as the differentiator.
Calendar 2026 Q2
as we look at the guidance, the guidance implies a moderation in the fourth quarter.
Show response
Mgmt attributed the implied Q4 moderation to a tough compare (Q4'25 was the largest quarter ever) but said bookings are ahead of last year with a robust pipeline.
Calendar 2026 Q1
My question was focused on the sales pipeline, demand environment as well as sales cycle, particularly in the context of these geopolitical, evolving geopolitical concerns. Any color that you can p...
Show response
Sanoke said macro conditions are not affecting demand. Sales cycle unchanged except for AI solutions where it is considerably faster. MCP Server launched in December is the fastest-growing solution.
Calendar 2025 Q3
how do you think about more 7-figure deals there and as well as ability to add more through improved attach rate at existing clients?
Show response
Sanoke cited secular wealth trends favoring FactSet: increasing analytics in business development and portfolio management workflows. Goran highlighted two seven-figure expansion deals in Q4, geographic expansion opportunity, and AI solutions in wealth management.
Calendar 2025 Q2
if you could provide some color on the headwinds there, but also how do we think about inflecting the growth for that
Show response
Phil acknowledged asset owners as competitive area. Q4 pipeline looks better than prior year. Goran called Q3 an outlier, noting LiquidityBook will close MSA compliance gap.
Calendar 2025 Q1
if you could provide any color on pricing versus pricing realization for existing deal versus new and renewals? Any color on that front? And then similarly on international, should we expect simila...
Show response
Helen explained standard contracts use higher of CPI/RPI or 3%. International pricing expected proportional to Americas. Rate cards raised globally in January. New business price realization slightly lower but volume up 25%, total new business ASV up ~10%.
Calendar 2024 Q4
as we get into calendar year 2025, any early commentary on how those budgets are shaping up for your customers
Show response
Goran said budgets expected flat with clients focused on cost, but encouraged by increased engagement on transformation and new tools.
CBOECboe Global Markets7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
the products that you could innovate once you get that capabilities and approval to launch clearing capabilities.
Show response
Craig said clearing enables faster product innovation (KPIs, 23/5-24/7, tokenization) plus EU securities-finance growth; Scott said Cboe is open to inorganic options. Direct.
Calendar 2026 Q1
How does that change the competitive dynamic, particularly given you have the exclusivity for the SPX option?
Show response
Craig argued index-based binary options are securities and expressed optimism on regulatory clarity; Rob said XSP fees stay in line with existing structure.
Calendar 2025 Q4
Was wondering if you could provide more color on the rollout of dedicated cores as well as talk about the new growth initiatives and new product roadmap within the DataVantage?
Show response
Craig outlined: dedicated cores, timestamping, one-minute open-close all rolled out US then Europe. New for 2026: option-like dataset (strong APAC interest), Cboe clock service mid-year. Continuing to innovate around client demand.
Calendar 2025 Q3
how are you thinking about organic investments going forward, but also like inorganic investment broadly outside -- across all the spaces
Show response
Craig outlined investment areas: derivatives scale, prediction/crypto, clearing capabilities (US and Europe), on-chain capabilities, atomized settlement, multi-list liquidity improvements. Mostly low capital intensity.
Calendar 2025 Q2
Maybe just a question on the competitive environment of single stock 0DTE and how that's evolving?
Show response
Cathy said single stock 0DTEs compete with ETF options, not index options (different value prop: cash settlement, European exercise). Retail journey of sophistication moves from stocks/ETFs to index. Positive for Cboe long-term.
Calendar 2025 Q1
Zero DTE obviously has ramped up significantly from low 20% back in Jan 2022 to now mid-fifties in March of 2025
Show response
Dave cited strong growth across all zero DTE products. Ecosystem robust with diverse customer types, balanced buyers vs sellers, put/call ratios around 1. International expansion and new use cases support continued growth.
Calendar 2024 Q4
I was just wondering if you could comment on the price increases for options in 2025. And then just as we think about adoption of greater -- retail adoption of options, how should we think about th...
Show response
Chris Isaacson split answer into multi-list (dynamic monthly calibration) vs proprietary index (infrequent, targeted). Highlighted 11% 0DTE growth Jan '25 vs Jan '24 as retail tailwind.
ECLEcolab7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I was just wondering if you could help or discuss how that can help drive more cross selling opportunity
Show response
Beck said CoolIT multiplies the data center sales opportunity 3x to 5x and cited embedding 3D TRASAR in the next generation CDU within two weeks as evidence of integration speed.
Calendar 2026 Q1
I was wondering if you could also talk about Ovivo, how that's tracking compared to your expectation?
Show response
Beck detailed combined $1.5B high-tech platform growing 20-25%+. Ovivo backlog higher than expected with mid-teens growth. Highlighted water recycling from 5% to 95% for fabs.
Calendar 2025 Q4
I was wondering if you could provide any incremental color on the savings in '26, but also payments from pricing as well as mix shift in '26
Show response
Kirkland broke down margin expansion: 75-100bps gross margin (value pricing, mix, innovation) plus 25-50bps SG&A leverage. One Ecolab $325M savings: ~$120M through 2025, remaining $200M split roughly equally over 2026-2027. Sales productivity up 30% over 5 years.
Calendar 2025 Q3
I was wondering if you could drill down further about on shifting resources, innovation as well as share gains, how that can help offset some of the end market weakness?
Show response
Beck noted Paper industry consolidating with mill closures driving sales loss. Underlying performance strong with share gains. Expects both Paper and Basic Industries to reach bottom in next 1-3 quarters and return to growth in 2026.
Calendar 2025 Q2
Can you talk about some of the efforts around pest intelligence, how those rollouts are coming together?
Show response
Beck detailed pest intelligence transformation: industry pest-free ratio 92%, Ecolab average 95%, pilot achieving 98-99%. Major US retailer pilot concluded, second retailer deploying, third lined up. Full shift expected in under 5 years.
Calendar 2025 Q1
I was just wondering, if you could talk about the demand trends there, what you're seeing from a foot traffic perspective
Show response
Beck noted institutional growing 5% in soft markets. Healthcare integration reduces INS by ~1pp. Specialty improving as private label discontinuation annualizes.
Calendar 2024 Q4
I just wanted to better understand the volume growth expectation as we get into 2025. If you could provide any color by segments as well as any potential impact from tariffs
Show response
Beck expects ~2% volume plus 2-3% value pricing for 4%+ organic in 2025. Tariffs minimal given 92% local production. Surcharge mechanism available.
MSCIMSCI7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
If you look at the subscription sales growth there, that was a bit soft.
Show response
Henry attributed soft analytics subscription sales to quarter-to-quarter lumpiness and pointed to a strong second-half pipeline.
Calendar 2026 Q1
Thanks for taking my question. Really strong subscription run rate growth in hedge funds, asset owners, and broker-dealers.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q4
Andy, I wanted to ask you a question about the free cash flow puts and takes. You obviously called out the $100 million of cash taxes impacting free cash flow.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q3
So in the quarter, we saw really strong momentum in the Index and Analytics net new subscription sales.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q2
Thanks for taking my question. I just wanted to focus on the retention, which was a bit soft, overall level, particularly on analytics and sustainability.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q1
Thank you for your question. I just wanted to focus on the pricing. I was just wondering if you could comment on how the pricing is trending both for renewals and for new sales. Thanks.
Show response
Management addressed the question with specific commentary.
Calendar 2024 Q4
Thanks for taking my question. Wanted to drill down further on Andy, your comment on improving pipeline and a constructive environment.
Show response
Management addressed the question with specific commentary.
Show 12 more companies
NDAQNasdaq, Inc.7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
How has your thinking evolved on AI monetization? Are you primarily focused on driving better sales momentum
Show response
Adena described product-by-product AI pricing (integrated vs freemium upsell) but declined to quantify midterm monetization.
Calendar 2026 Q1
can you talk about the pipeline for Tier 1, Tier 2 clients
Show response
Friedman noted enterprise signings were 3x prior year with concentration in H2 2025. Clients still in implementation with ARR recognition expected later in 2026. Pipeline described as very strong with wide range of clients in POC or contract negotiation.
Calendar 2025 Q4
Does Nasdaq have aspirations to get into the prediction market as well?
Show response
Friedman noted regulatory environment for prediction markets not settled. Evaluating event options within regulated options framework. Currently provides technology and data distribution to prediction markets but cautious on direct participation.
Calendar 2025 Q3
how are the conversations with the bank or your customers in general on the regulatory technology solutions? And then just maybe a follow-up on the CFTC partnership
Show response
Friedman highlighted improving regulatory clarity driving AxiomSL engagement, early Q4 global Tier 1 cloud deal, and CFTC partnership creating network effect: when regulators adopt Nasdaq surveillance, it catalyzes member firms to follow.
Calendar 2025 Q2
Anything that you see from a tuck-in perspective? Any color there will be helpful
Show response
Youngwood highlighted $1.9B LTM free cash flow enabling multiple options but reiterated focus on organic investment, progressive dividend, and opportunistic repurchases over inorganic growth.
Calendar 2025 Q1
how should we think about like the impact to revenues in if you could provide any further detail by segment
Show response
Friedman declined quarterly specifics but flagged tough Q2 comp from Calypso strategic renewal and maintained confidence in full-year medium-term outlook ranges.
Calendar 2024 Q4
On ARR versus revenue growth, we saw some differential there in '24, anything to be cognizant of as we get into '25
Show response
Youngwood cited professional services drag and Calypso on-prem revenue timing as key ARR/revenue divergence factors, expects 2% expense benefit from efficiency program in 2025.
SPGIS&P Global7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I was just wondering if you could talk about the puts and takes on issuances in the back half of the year.
Show response
Eric flagged tougher second-half compares explicitly while reaffirming that underlying issuance volumes continue to move along strongly.
Calendar 2026 Q1
the subscription growth is expected to accelerate in 2Q. I was just wondering if you could unpack that some more
Show response
Eric cited multiple strong underlying indicators: net renewals up 100bps, growing pipeline, higher deal size, and higher net sales building momentum.
Calendar 2025 Q4
I just wanted to drill down on Market Intelligence, some of the softness that we saw on the volume-driven products. I was wondering if you could provide any incremental color
Show response
Eric broke down 6-7 volume-driven products: WSO, Notice Manager, corporate actions positive; IG book building, equity issuances, ClearPar negative. Guided MI 5.5-7% with subscription at top half, being conservative on volumetric.
Calendar 2025 Q3
Can you help us size the EDM and thinkFolio divestiture? But more importantly, I also wanted to follow up on an earlier question regarding MI
Show response
Eric noted divestitures slightly accretive to MI organic growth and margin in 2026. Deferred 2026 guidance and midterm targets to Investor Day in a few weeks.
Calendar 2025 Q2
on the competitive wins, just wanted to better understand how these competitive displacement driven by also products, if those are resonating much better with customer
Show response
Described broad-based competitive displacement combining execution and product enhancements like Visible Alpha integration. Eric highlighted Wall Street Office and Notice Manager as Enterprise Solutions drivers.
Calendar 2025 Q1
the flat issuance assumptions for the back half of the year. Does that include any kind of pulls forward or what are your assumptions around high spreads as well as rate volatility
Show response
Martina broke down assumptions: 2025 refis on track, less pull-forward from 2026+, M&A flat year over year. Acknowledged risks to both upside and downside with potential for negative transaction revenue.
Calendar 2024 Q4
Margins are now -- the margin guidance are more at the higher end of the midterm guidance and was better than, I think, what we were expecting
Show response
Martina cited location strategy, cloud spend optimization, and AI integration via Spark Assist with nearly 30,000 users. Chris noted high double-digit incremental margins.
ITGartner6 questions · 4 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
Can we know what the ex-Fed NCVI was in the quarter? We get around $11 million from Fed and $3 million from ex-Fed NCVI.
Show response
Craig Safian confirmed ex-Fed NCVI was about positive $4 million in the quarter, and Gene Hall noted tariff-hit industries face tighter cost constraints.
Calendar 2026 Q1
I was wondering if you could provide any color on that front, how is that trending
Show response
Craig said software and services tech vendors growing high single digits, consistent with recent quarters. Hardware providers and telecom carriers underperforming. Bulk of CV sits with software and services.
how do we think about that mix shift going forward and influence on productivity
Show response
Craig described driving account manager productivity gains by adding clients to territories, freeing resources for BD investment. With 140,000 potential enterprises and only 14,000 current clients, BD investment captures incremental market.
Calendar 2025 Q4
based on what you've seen in Jan, any thoughts or based on the feedback that you might have received for the sales people, how do you think about the sales environment
Show response
Gene said they assume no selling environment improvement. Mixed picture: oil producers facing lower prices (worse), but some tariff-impacted companies stabilizing at 15% tariffs (better). Planning conservatively.
Calendar 2025 Q3
have you seen a difference in retention trend or new business growth across any of those tiers
Show response
Gene confirmed historical retention differences across tiers are holding steady with no change from traditional patterns.
how often does LLM, if any, comes up in those conversations as an alternative to Gartner
Show response
Gene confirmed LLM as alternative comes up in a very small number of transactions. Main AI-related client discussion is about getting value and ROI from AI investments.
MCOMoody's Corporation5 questions · 5 reporting periods · 2 of 5 challenging
Calendar 2026 Q2
what would be, as you mentioned, the puts and takes going forward, what could provide upside
Show response
Rob listed potential tailwinds (M&A pickup, hotter hyperscaler issuance, a rate cut driving refinancing, tighter spreads, seasonality) and flagged headline risk and a tough H2 comp.
Calendar 2025 Q4
One of the investor concerns lately have focused on the adoption of white coding and multiplatform LLM offerings such as Claude for financial services, and those potentially impacting vertical soft...
Show response
Rob argued different customer segments have different adoption curves. Tier 1 banks consume content through smart APIs, MCPs, and specialized agents rather than software. Tier 3 banks want full lending platforms. Software is a delivery mechanism for proprietary content, not standalone business logic.
Calendar 2025 Q2
I was just curious if you could provide some more color on the strategic termination and the account loss, which is weighing on the KYC and Insurance
Show response
Rob detailed three ARR growth drivers for H2: Banking lending (CreditLens low-to-mid teens growth, pipeline 15% ahead of last year), Insurance (double-digit pipeline growth, new model launch), KYC (cross-sell 20%+ growth, corporate ramp in Q4).
Calendar 2025 Q1
when you reduced that guidance, just given some of the uncertainty, what were the key assumptions that were made in terms of M&A volume
Show response
Rob explained M&A assumption reduced from 50% to 15% growth, still back-end loaded. No change to maturity wall expectations. Tariffs creating uncertainty and delay in April issuance.
Calendar 2024 Q4
the MIS margins are already at low 60%. So just wanted to better understand if there's not much room for margin expansion
Show response
Noémie explained incentive comp rebaselining provides 2025 tailwind. Continuing investments in automation, private credit, and sustainable finance to fuel long-term MIS growth.
PAYXPaychex5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
I was wondering if you could provide some color on the year-on-year growth in Paycor in the quarter.
Show response
Management addressed Paycor organic growth rate and enterprise segment growth.
I was just wondering if you had some initial thoughts on pricing for next year and how does that trend compare to your historical range?
Show response
Follow-up on Paycor organic growth rate and enterprise segment growth.
Calendar 2025 Q2
I was just wondering if you can comment on checks per client, how that trended in 4Q, but also what your expectations are for fiscal year '26? And have you seen any impact from some of the things g...
Show response
Management addressed Checks per client trends and restructuring cash flow impact.
How should we think about the restructuring expenses impacting cash flow next year?
Show response
Follow-up on Checks per client trends and restructuring cash flow impact.
Calendar 2024 Q4
I was just wondering if you could comment on how that's trending on a per worksite employee basis just given the health care inflation?
Show response
Schrader said costs up but driven by WSE growth not adverse claims. No significant plan design changes planned. Books performing well across medical and workers' comp.
ROLRollins, Inc.5 questions · 3 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
Why maintain that current guidance rather than lowering the bar and embedding some conservatism
Show response
Management defended keeping the medium-term algorithm, citing confidence in returning to 7%-plus revenue growth once demand normalizes.
Calendar 2025 Q4
have you seen any change from a competitive perspective?
Show response
Jerry said no significant competitive shift in 2025. Continued investing in feet on street and door-knocking (fastest growing channel). Internally focused on executing strategy.
Are there any puts and takes to be cognizant of as you think about incremental margins in 2026?
Show response
Ken outlined tailwinds: 3-4% pricing, improving new-hire retention reducing people costs, $17M fleet headwind from FY2025 not repeating, and enterprise-wide financial systems implementation. Remains confident in 25-30% incremental target.
Calendar 2024 Q4
how do we think about those investments going into 2025. You've guided to roughly 30% incremental margins, but I was just curious if you could provide some color, on the quarterly cadence
Show response
Ken indicated first half will have more challenging comps from growth investments; fleet cost step-up from lease replacements also noted.
I was just wondering if you could comment on your ability to continue, to drive 3% to 4% price increase in 2025 on the consumer side
Show response
Ken confirmed CPI-plus pricing expected to continue in 2025, noting customers see value of essential service and no reason to ease pricing.
VRSKVerisk5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
is there a risk that they could move some of these processes in-house?
Show response
Shavel argued more sophisticated clients consume more data; Mann confirmed elongated sales cycles persist on data-rights and protection negotiations.
Calendar 2026 Q1
there was a comment on strong pricing realization on renewals. I was wondering if you could unpack that further
Show response
Lee Shavel noted multiyear contracts averaging 4-5 years with stronger annualized price increases, reflecting data criticality in the AI environment. Annual increases also benefit from Core Lines Reimagine value delivery.
Calendar 2025 Q3
the difficult comps from hurricanes as we get into the fourth quarter. We estimate that was almost 100 basis points of tailwind last year
Show response
Elizabeth Mann confirmed the tough Q4 weather comp will persist, noting 2025 is shaping up as a light weather year overall. Sales momentum benefits will continue into next year.
Calendar 2025 Q2
Property estimating solution often experienced strength related to extreme event, particularly hurricanes. Does AccuLynx also exhibit similar cyclicality?
Show response
Lee Shavel noted third-party analysis confirmed low cyclicality for AccuLynx. Elizabeth Mann added winter seasonality and investment plans to build out public company functions and revenue synergies.
Calendar 2024 Q4
I just wanted to focus on the M&A. I wanted to see if there is more opportunities for portfolio rationalization, but also how is the pipeline for M&A and thoughts on M&A?
Show response
Lee Shavel noted that the ecosystem approach provides better visibility into potential targets and that the environment remains unchanged with interesting companies adding value to the industry.
ADPADP4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2025 Q4
are there any particular regions or where you have seen any particular softness or in terms of, again, attach rate or employee penetration
Show response
Maria said PEO performance is broad-based across regions and industries with usual strong fits (property management, professional services) continuing. Health insurance participation rates across PEO remain healthy and strong.
Your peer talked about a lower revenue per client. I was just wondering if you have seen anything on that front
Show response
Maria said they have not seen lower revenue per client or lower attach rates. Peter added that retirement and insurance services in the down market have been among their strongest bookings performers, suggesting the opposite trend.
Calendar 2025 Q1
The 5% to 6% guidance for the full-year implies like a material slowdown. Is that just conservatism
Show response
Don explained Q3 benefited from higher SUI pass-throughs and better retention; Q4 expected to be solid contributor but without the same favorable timing factors.
I was wondering if you could share any additional progress on that front
Show response
Maria highlighted ADP Assist award win and four-pronged GenAI strategy: client products, service tools, sales enablement, and product development. Still early days but progress accelerating across all areas.
CTASCintas4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
I was just wondering if you could talk more about some of the softness that we saw in the quarter, but also any comments on the trend going forward
Show response
Direct Sale at 2.6% of revenue is strategic for cross-selling into rental, First Aid, and Fire. Business can be lumpy with large program rollouts. Hotel example illustrates front-of-house to back-of-house cross-sell.
Wondering if you could talk about the M&A pipeline, not just for more tuck-in deals, but also larger deals. And would you consider diversifying into newer areas
Show response
Q1 M&A lighter than trailing 12 months but pipeline looks good. Always evaluating opportunities outside current businesses but don't need to given immense opportunity in current markets.
Calendar 2025 Q2
I was just curious if there is incremental traction that you're getting for certain products or just improving penetration
Show response
First Aid growth driven by AEDs, water break, eyewash recurring products. Training spike in Q4 not expected to continue at those levels.
I just wanted to focus on the four strategic verticals. Healthcare, government, education, and hospitality
Show response
All verticals expected to grow above average. Organizing around verticals (not just selling) drives innovation like scrub dispensing and privacy curtains.
ICEIntercontinental Exchange3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q4
when do we expect that headwind from the lower minimums to come off? Is it mostly 26%?
Show response
Warren said 2020 vintage renewals complete, 2021 vintage to work through in 2026. In a normalized 7-10M loan market, incremental revenue of a couple hundred to half a billion dollars. Strong pipeline of new customers.
Calendar 2025 Q1
I was wondering if it's possible to parse what percentage of the energy OI growth over the last several years is driven by commercial customers versus financials
Show response
Ben emphasized commercial focus citing Midland WTI physical deliveries at 2x competitor. Did not provide specific commercial vs financial split. Geopolitical resolution would not change dynamics.
Calendar 2024 Q4
How are the contract minimums on average for Encompass compared to the Mortgage origination levels in 2024
Show response
Warren said vast minority of customers above minimums but trend improving. In a normalized $10M loan market (30-year average), $200M-$500M incremental revenue opportunity.
CMECME Group2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q4
I just wanted to ask a question on the progress on the Google Cloud migration and if you can quantify the expense in the fourth quarter
Show response
Sunil confirmed non-ultra-low latency migration completing early 2026. Ultra-low latency Chicago region available for client testing in 2027. Full-year Google spend was $100M. Going forward, expense folded into overall $1.695B guidance.
Calendar 2025 Q1
How do you think about the puts and takes going forward? And then maybe just on the same topic of energy, how do you think about any updated thoughts on WTI versus Brent
Show response
Derek cited Q1 energy volume up 20%, options up 34%, April growth 39%. WTI share vs ICE static at 73%, Henry Hub options share grew to 71% from 66%. All driven by US export leadership.
CSGPCoStar Group1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
I just wanted to better understand how much of it was due to Homes.com versus multifamily?
Show response
Gave only the roughly one-quarter Ten-X split and declined to break the residential reduction between Homes.com and multifamily.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| FICO Fair Isaac | 13 | 23%3 of 13 questions |
| EFX Equifax | 10 | 0%none of 10 questions |
| FDS FactSet | 8 | 0%none of 8 questions |
| CBOE Cboe Global Markets | 7 | 14%1 of 7 questions |
| ECL Ecolab | 7 | 0%none of 7 questions |
| MSCI MSCI | 7 | 14%1 of 7 questions |
| NDAQ Nasdaq, Inc. | 7 | 14%1 of 7 questions |
| SPGI S&P Global | 7 | 0%none of 7 questions |
| IT Gartner | 6 | 17%1 of 6 questions |
| MCO Moody's Corporation | 5 | 40%2 of 5 questions |
- FICOFair Isaac · 13 questions23%3 of 13 questions
- EFXEquifax · 10 questions0%none of 10 questions
- FDSFactSet · 8 questions0%none of 8 questions
- CBOECboe Global Markets · 7 questions14%1 of 7 questions
- ECLEcolab · 7 questions0%none of 7 questions
- MSCIMSCI · 7 questions14%1 of 7 questions
- NDAQNasdaq, Inc. · 7 questions14%1 of 7 questions
- SPGIS&P Global · 7 questions0%none of 7 questions
- ITGartner · 6 questions17%1 of 6 questions
- MCOMoody's Corporation · 5 questions40%2 of 5 questions
Show all 18 companies
| Company | Questions | Challenge rate |
|---|---|---|
| PAYX Paychex | 5 | 0%none of 5 questions |
| ROL Rollins, Inc. | 5 | 20%1 of 5 questions |
| VRSK Verisk | 5 | 20%1 of 5 questions |
| ADP ADP | 4 | 25%1 of 4 questions |
| CTAS Cintas | 4 | 0%none of 4 questions |
| ICE Intercontinental Exchange | 3 | 0%none of 3 questions |
| CME CME Group | 2 | —Rate withheld: fewer than 3 questions |
| CSGP CoStar Group | 1 | —Rate withheld: fewer than 3 questions |
- PAYXPaychex · 5 questions0%none of 5 questions
- ROLRollins, Inc. · 5 questions20%1 of 5 questions
- VRSKVerisk · 5 questions20%1 of 5 questions
- ADPADP · 4 questions25%1 of 4 questions
- CTASCintas · 4 questions0%none of 4 questions
- ICEIntercontinental Exchange · 3 questions0%none of 3 questions
- CMECME Group · 2 questions—rate withheld: under 3 questions
- CSGPCoStar Group · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 15 | 13%2 of 15 questions | 13 |
| 2025 Q1 | 14 | 7%1 of 14 questions | 12 |
| 2025 Q2 | 16 | 6%1 of 16 questions | 12 |
| 2025 Q3 | 13 | 8%1 of 13 questions | 11 |
| 2025 Q4 | 17 | 12%2 of 17 questions | 13 |
| 2026 Q1 | 15 | 7%1 of 15 questions | 11 |
| 2026 Q2 | 14 | 29%4 of 14 questions | 13 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q415 questions · challenge rate 13% (2 of 15 questions) · 13 companies
- 2025 Q114 questions · challenge rate 7% (1 of 14 questions) · 12 companies
- 2025 Q216 questions · challenge rate 6% (1 of 16 questions) · 12 companies
- 2025 Q313 questions · challenge rate 8% (1 of 13 questions) · 11 companies
- 2025 Q417 questions · challenge rate 12% (2 of 17 questions) · 13 companies
- 2026 Q115 questions · challenge rate 7% (1 of 15 questions) · 11 companies
- 2026 Q214 questions · challenge rate 29% (4 of 14 questions) · 13 companies
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand35
- Revenue Growth32
- Competitive Dynamics24
- Pricing17
- Cloud & AI15
- M&A12
- Guidance Reliability9
- Innovation & R&D8
- Subscriber Growth8
- Product Launch7
Show all 20 topics
- Regulation Policy7
- Margin7
- Macroeconomic5
- Credit5
- Capex Investment5
- Cost Pressure4
- Capital Allocation3
- Labor Market3
- Geographic Expansion2
- Trade Tariffs1