Jason Haas

Answered the volume-loss question head on and explained why gaming requires pulling both scores.

Weber attributed both the YoY and sequential deceleration to the rate-driven mortgage slowdown, consistent with bureau data.

Lansing explained the $0.99 repricing encourages 10T adoption and distributes IP monetization across more value chain participants rather than concentrating cost upfront.

Lansing argued FICO wins on both predictiveness and price parity, and in a gaming scenario, originators would likely pull both scores, expanding total volume.

Lansing said no one knows the LLPA timeline, citing gaming and adverse selection problems as significant obstacles that must be overcome before grids can be released.

Lansing dismissed score accuracy concerns as misguided, confirmed extensive testing underway, and said regulators are reviewing and proceeding at pace.

Lansing reaffirmed the value gap thesis and commitment to closing it predictably over time, but declined to give specifics on future pricing.

Lansing confirmed no lender defections and detailed extensive infrastructure dependencies on FICO across the entire mortgage ecosystem.

Lansing said pricing decisions are made at fiscal year-end, reaffirmed the value gap philosophy, and noted FICO has competed with VantageScore for 15 years without change.

Lansing explained price increases feather in over the year but declined to quantify specific auto price increase percentage.

Weber attributed expense moderation to fringe cost true-ups on the supplemental retirement plan, not headcount changes, with a few million dollar benefit this quarter.

Lansing confirmed Q1 aligned with internal expectations, noting FICO's rate assumptions were more conservative than market consensus.

Lansing confirmed smooth price socialization with no issues. Weber added they don't see any elasticity.

Lansing described a multi-factor non-formulaic approach considering volumes, market conditions, and value delivered, without revealing specifics.

Lansing attributed non-platform fluctuation to normal usage variation, emphasizing the legacy business remains healthy with no harvest mode.

Asked to square improving trends with the cut to 6%-plus organic; management stressed caution after variable quarters and full-year framing.

Jerry said some backlog may have carried from February into March but February was not nearly as tough as January for branch closures. Most of March's organic strength was genuine demand arriving in-quarter as weather broke by the first week of the month.

Ken dismissed competitive concern by pointing to 90bps organic growth improvement. Jerry said team stays on brand, focuses on targeting the right customers efficiently, and adjusts spend across channels. Not reacting to any specific competitor's marketing.

Jerry said some convert but cautioned against selling recurring service to someone who wants one-time (sets up failure). Research shows many 'recurring one-time' customers return annually for 1-2 services, trusting the brand.

Jerry said digital is one channel but not only channel; brand diversification is the competitive advantage. Door-knocking brands (Saela, Fox) growing exceptionally well. Ability to pivot across channels is advantageous.

Jerry attributed acceleration to cross-selling to existing customers as the least expensive lead-gen; multi-service customers are stickier and more loyal.

Ken said some vehicle gains headwind continues in Q4 but at lower level. Jerry cautioned this is a short-cycle business subject to weather and hurricane season.

Jerry said no consumer struggles on ancillary decisions; financing options help close deals. Ken noted June ancillary organic growth was several hundred bps above the 10.3% quarterly rate.

Ken didn't directly confirm mid-30s but pointed to lower H2 2024 comps (~17% incrementals). Emphasized double-digit EPS growth and cash flow compounding as primary algorithm.

Ken described pragmatic integration helping on fleet, materials, back office. Jerry highlighted technology sharing (BizSuite/HomeSuite) as growth enabler rather than pure cost synergy.

Ken said ex-S&M investments, margins would be 25-30%; pulled-forward TV ad costs were a factor. Expects improvement through year as investments lap.

Ken identified $10-15M of one-time items in Q4 (claims, S&M ramp, non-recurring). First half margins may be lower but lifetime value of acquired customers drives confidence.

Jerry said January was strong and dismissed weather concerns about pest populations, noting insects are highly adaptive. Ken noted similar tough weather comp in Jan 2024.

Hasker cited efficiency gains in software engineering (Joel Hron, cutting-edge tools, better code quality) and early progress in customer support, with the change program targeting agentic adoption across all functions over 12-24 months.

Bischoping said government transactional revenue may not repeat as strongly in Q3 (still confident on the full year), while Pagero has exceeded expectations and is expected to keep contributing in the second half.

Eastwood attributed TAP Q1 slowdown to rev rec timing on 2 products normalizing in H2. Full year 11-13% confidence supported by Dominio product extension in Brazil (~20% growth), rev rec normalization, and newer AI offerings.

Eastwood confirmed no negative impact. Hasker noted the conflict increased Reuters subscription interest and highlighted journalism quality, but core business is largely immune to geopolitical cycles.

Steve emphasized no new entrants in core legal research space. Competition only in white space AI workflow area. Two key differentiators: decades/centuries of editorially enhanced content, and deep domain expertise from thousands of attorney editors retrained to train agents. Westlaw Advantage is unmatched.

Mike attributed the slowdown entirely to government. Ex-government, Legal has clear AI-driven momentum. Government grew 5% in Q4 but expected to slow in Q1 2026 from prior cancellations. Confident in 8-9% Legal for full year 2026.

Steve clarified no new competition in core research/know-how or tax engines. New entrants are in the AI assistant white space, a greenfield opportunity for TR. CoCounsel remains clear market leader with aggressive product development plans.

Mike attributed fluctuation to normal quarterly variation, confident in 11% full year. For 2026 11-13%, cited SafeSend performing incredibly well, Materia additive, and strong synergy conference feedback from customers.

Mike said there will be a step-up premium and higher out-year increases for the overall commercial package, not just point solutions. Declined to specify exact percentages.

Mike declined to share specific CoCounsel revenue or ARR figures, saying only they are very pleased with progress across total TR.

Mike pointed to strong bookings across Big Three segments, product roadmap, recent acquisitions scaling, and 2026 segment targets as confidence drivers.

Mike explained large law firms adopt first, followed by mid and small law, consistent with Westlaw Edge pattern. Newer GenAI products showing smoother adoption across firm sizes.

Mike detailed ~$600M government revenue with 8% organic growth expected for 2025-2026, diverse across federal/state/local with Westlaw, print, and CLEAR/TRSS products.

Craig Safian confirmed the company still expects ex-Fed CV growth to accelerate as part of overall CV reacceleration this year.

Craig declined to comment on April stats. Said they expect the whole CV base to accelerate over 2026, combining US Fed recovery and non-Fed acceleration.

Craig confirmed medium-term objectives unchanged, applicable to normal operating environment. Committed to 12%+ EPS CAGR. Rebaselined EBITDA margin at 24.1% with expansion expected. Addressable market and value proposition unchanged.

Gene described the neural network-based system that processes hundreds of thousands of client conversations to identify trending topics and route relevant proprietary data to the right analysts in real time. Core part of the BTI transformation.

Gene said AskGartner drives more content consumption rather than different content. They continuously fine-tune document structure, length, and format based on client preferences.

Gene described the Digital Markets business as helping millions of small businesses find the right software, connecting end users with vendors. Adds value to both sides of the marketplace.

Gene described the full service suite (experts, conferences, peer interactions, contract reviews, tools) and said tens of thousands of clients could benefit from peer interactions they aren't using. Declined to give specific percentage.

Gene confirmed that LLM usage as a cancellation reason is not material and essentially unmeasurable in their deal-level tracking data.

Gene confirmed they developed an AI chat tool being piloted with thousands of associates internally. Plans to release to clients once hallucination issues are fully resolved.

Craig said it reflects US federal impact on GBS plus more challenging macro environment. Have recruiting capacity to accelerate if market improves.

Craig confirmed directional acceleration to exit 2025 above 7.8% but cautioned the path may not be a straight line. Goal is 12-16% medium-term.

Gene attributed improvement to better recruiting, enhanced training, and continuously improved sales tools.

Management declined to give a 2027 government number but reaffirmed the $100M is new revenue for 2027.

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.

Jim reaffirmed Fire as a double-digit grower (TTM ~10.5%, finishing over 10%); Q1 margin benefited from an extra workday and favorable revenue mix that will vary quarterly.

Scott said the 32 to 34 implied incremental margin is based on the mid and high end of the revenue range.

Todd noted the customer mix has shifted from 70% goods-producing to 70% services and that automation does not change the growth outlook; direct.

SAP Fire rollout expected to carry into FY2027 with ~100bps margin impact for Fire Protection. M&A also contributing to Fire margin pressure, 340bps of Q2 Fire growth from acquisitions running below target margins.

Not simply delayed tariff impact, culture drives active cost mitigation. Pricing at historical levels. Long-term approach focused on volume growth, not pricing pass-through. Extracting inefficiencies instead.

No competitive landscape change. Focus on expanding pie: 1M+ customers vs 16-17M businesses in US and Canada. Not focused on competitor growth rates.

Pricing expected to remain at historical levels in FY2026. Company doesn't simply pass on tariff costs, finds efficiencies to offset.

Pricing flat vs last quarter at historical levels. No further moderation.

Property sale gain was one-time. Over time, expect 25-35% incrementals. Investment in technology, infrastructure, products, and training normalizes margins.

Confirmed price increases back in historical 0%-2% range. No vertical-specific differences, pricing environment is broad-based.