Faiza Alwy

Attributed the raise to the DLP revenue deferral not occurring plus a mortgage market better than the original guide assumed.

Acknowledged a likely three-score shopping market and said retiring Classic is hard to imagine anytime soon.

Described the current bundle and hinted at a revenue jump if unbundled, but said no final pricing decisions have been made.

Lansing said growth is primarily financial services driven through successful land-and-expand, with customers discovering the platform's power and adding use cases after initial adoption.

Weber attributed the 127% growth primarily to the new rack rate plus decent volume growth from a period of lower interest rates, better than expected when guidance was set.

Lansing attributed mortgage revenue acceleration to a combination of pricing, value capture, and refi volume growth.

Lansing noted 10T is architecturally similar to Classic (same attributes, similar weighting) versus VantageScore's different architecture, so grid adjustments should be simpler.

Lansing reported positive lender reception, minimal operational complexity, and confidence that the mix between per-score and performance models will work for FICO.

Lansing acknowledged growth isn't at prior 40-quarter pace but expressed hope for 20%+ platform growth, citing strong bookings visibility.

Weber attributed auto acceleration primarily to pricing with some volume contribution, no significant customer mix shift.

Weber cited a combination of license sales, international markets, and prescreen growth rather than any single driver.

Lansing described the regulatory environment as favorable, noting ongoing conversations with regulators with no material changes.

Lansing declined to forecast rates but confirmed guidance assumes minimal rate declines, with upside if rates fall in H2.

Lansing pointed to direct flow-through from recent strong bookings quarters, with Weber adding visibility into go-live timing.

Lansing acknowledged eventual mortgage recovery but declined to forecast timing, noting conservative guidance assumptions.

Lansing acknowledged downstream users don't pay but emphasized caution about market disruption, saying changes are studied but must be carefully considered.

Reed confirmed the figure and explained it assumes diesel normalization after Q3, giving the basis for the assumption rather than defending it as conservative.

Reed first said he was not sure what she was referring to, then reconciled it as $75 million net on C&D plus about $75 million from sustainability volumes.

Fish rejected the price-elasticity explanation and located the weakness in commercial national accounts, noting industrial had been negative for 5 consecutive quarters before turning.

Hemmer noted March exited at $69/ton vs $70 guide. 80% of commodities stay domestic. Tracking Middle East freight disruptions but no demand concerns.

Fish could not break down cross-selling contribution by line of business but confirmed $27M annualized EBITDA benefit overall from cross-selling.

Jim attributed Q4 volume softness to December weather, impacting MSW and industrial most. EBITDA line unaffected as costs flexed. John noted residential finished at 20%+ EBITDA margin in Q4 despite negative volume. 50bp wildfire headwind built into 2026 volume guide.

David outlined 30bp margin expansion (50bp adjusted): C&D is biggest contributor from pricing and operational excellence; business mix improvement from landfill growth vs resi shedding; 30bp collectively from sustainability; Healthcare Solutions additive. EBITDA cadence 47/53 first/second half, in line with historical.

John confirmed continued runway from 63%+ range a few years ago to below 60% now. Jim noted further gains require doing things differently, using technology and AI to replace labor that leaves, not just running faster.

Rafa explained hospital churn related to customers most frustrated by ERP implementation in late 2023-early 2024. Cross-sell success broad across all channels. Jim emphasized Stericycle's network is unsurpassed and churn is not extraordinary.

Devina identified only $25M EBITDA reduction in recycling ($15M commodity, $10M costs). All other segments at or above expectations, with synergies rising from $90M midpoint to $100M high end.

Devina detailed Q2 C&D margin: 40bp efficiency/price-cost, 70bp mix/landfill volumes, less 30bp fuel credit headwind = 80bp net. H2 moderation expected on mix normalization.

Tara explained the $40M gap between $190M total and $150M segment-reported is due to royalties and fees flowing to C&D.

Devina provided clear quarterly phasing, C&D tougher comps in H1, Stericycle synergies ramp H2, recycling commodity pressure in H1.

Management credited VOE and education/incarceration penetration but cautioned the outperformance may not persist at this rate.

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.

Gene Hall said the Q2 selling environment improved with many factors modestly better, and framed AI as the single biggest driver of client demand.

Gene said pricing feedback is positive. Multiple service tiers offer options for price-sensitive clients. Craig noted they target top of org chart where price sensitivity is low. Individual subscriptions are a very small part of functional budgets.

Gene said slowdown was broad-based but worse in airlines/transportation than financial institutions, and worse in directly impacted geographies like Gulf Cooperation Council countries than less impacted areas like the US.

Craig confirmed renewal phasing consistent with historical patterns, slightly overweighted in Q1/Q4. NCVI build should track historical trends. Revenue guide most sensitive to ending 2025 CV and NCVI phasing. Transformation impact more in H2 than H1.

Gene attributed improvement to both operational adaptations (research pace, quantity, sales training) and less tariff uncertainty in certain geographies enabling client decisions.

Craig said expense management is focused on permanent savings and exit run rate for 2026, not one-time cuts. Driving productivity, automation, and lower-cost geographies while investing in areas that catalyze CV growth.

Craig highlighted $2.1B cash, ~$800M expected FCF this year, $1B+ annually. Focused on optimizing long-term returns, not short-term timing.

Gene described a historical pattern: shock of uncertainty causes slowdown, then clients recognize they still need help with cybersecurity, AI, cost optimization and resume buying.

Gene emphasized diversification across 74 countries and federal/state/local levels. Positioned as essential service for government technology needs.

Craig clarified Q1 has slightly higher-than-average renewals combined with seasonally lowest new business quarter.

Todd said employee-partner retention is at record levels; tightness in construction and transportation reflects their unique circumstances and is not affecting Cintas.

Todd declined to comment further on UniFirst to avoid speculation, reiterating only confidence in closing in the back half of calendar 2026.

No change in business approach pre-close. Q4 attractive incrementals reflect normal planning and timing, not strategic pull-back. Continuing to invest for long term as normal.

Good customer response. Customers see benefits in better technology, infrastructure, and speed of delivery. National accounts are hunting licenses, locations decide independently. No dissynergies expected beyond one-time costs.

Technology benefits showing in material costs, production, and delivery. SmartTruck, garment utilization from single SAP system. AI in early stages but organizing and investing appropriately.

Not expecting a margin pop after a specific timing. Will continue to get leverage over time. 56.8% First Aid gross margin is very attractive. Mix has been favorable with more recurring revenue products.

Low double-digit growth expected forward for First Aid. Investing smartly for long-term positioning while increasing operating margins simultaneously.

Pricing pressure described as broad-based rather than vertical-specific, driven by lower inflation. Team finding efficiencies to grow margins despite this.

Denied any pull-forward, attributing the strong Q4 to execution and noting the naturally second-half-weighted business.

Mgmt quantified AI monetization at over 10% of ASV growth from AI SKUs, cited a top-10 client doubling data subscriptions and a hedge fund growing 6x via MCP.

Sanoke described aligned incentives across the company focused on new business development, noting renewed vigor in attacking the full sales funnel with significant top-of-funnel lead generation expansion.

Sanoke emphasized AI as biggest opportunity. Acknowledged dynamic competitive landscape with startups and traditional competitors in AI arms race. Plans to spend time with clients on priorities and review product road map. Encouraged by exciting projects seen in first week.

Helen declined to discuss FY26, saying guidance will come on September call. Indicated current trends would continue but stayed focused on Q4 execution.

Goran confirmed UBS deal booked in Q2 but users won't come through until next quarter or two during rollout. No further legacy product retirements planned for rest of year. Phil clarified UBS ASV is not part of robust second-half pipeline.

Phil detailed 6-7 monetized AI products including conversational API and Pitch Creator. Pipeline is solid with first AI partner program commitment.