Jasper Bibb

Jim said First Aid's growth mirrors rental's four inputs, pricing (flat), new business, retention (up), and cross-sell, with good cross-sell momentum.

Scott said energy was 1.8% of revenue, up 10 bps YoY but down 10 bps vs Q4, and the guide contemplates energy slightly above Q4, not a headwind to the guide.

Jim flagged a ~100bps SAP headwind and acquisition-integration margin variability while affirming long-term Fire fundamentals; direct.

Will continue M&A across all route-based businesses. In Fire, prefer service over installation business, right deal matters. Balance sheet and infrastructure support continued acquisitiveness.

Customer base resilient. Growth from current customers slightly improved. Jobs reports not as robust as desired but customers hanging onto people. Cross-selling opportunity remains strong.

Tariff impact coming in about as expected. Supply chain flexible with geographic diversity and 90%+ dual sourcing. Amortization provides time to pivot. Guide contemplates current environment.

Mix of business impacts margins quarter to quarter. Management comfortable with range. Running the business isn't linear. Low double-digit growth expected for foreseeable future.

Sales cycles remain consistent for no-programmers and overall business. Continuing to invest for future success.

Not immune but supply chain is competitive advantage. 90%+ dual sourced with geographic diversity. Culture of positive discontent drives efficiency rather than passing costs to customers. Guide contemplates current tariff environment.

Management declined to give specific ad stop numbers but characterized momentum as positive. Services sector (70% of base) performing well.

FY2026 guide consistent with prior year approach. Mid to high single-digit revenue, EPS 7-10.2% growth, operating margin above 23% at midpoint.

Tuck-in M&A key strategy for decades. Brings route efficiencies, customer base, and capacity. Pacing depends on family dynamics and retirement timing.

Too early to tell impact. Less than 10% sole sourced. Dual sourcing and geographic diversity provide advantage. Amortization gives visibility and time to pivot.

Management guided for 25%-35% incremental margins long-term. First half outperformance above 40% not expected to sustain, but initiatives continue.

Management confident in supply chain resilience. Noted garment cost amortization over time provides buffer, and global supply chain positioned to pivot.

Gene Hall said Gartner will add sales headcount as productivity improves, noting significant underutilized capacity that BTI and engagement gains should lift.

Craig declined to provide per-segment per-quarter expectations but reiterated overall CV growth acceleration over the course of 2026.

Craig firmly denied any discounting changes. Normal annual price increase went into effect November 1 and remains in place. No change in discounting posture or philosophy.

Gene confirmed 100% rollout to licensed users with no additional fees. Key impact is increased content usage and engagement, expected to help retention.

Craig confirmed client count decline driven by small tech vendor churn (going out of business, losing funding). Expects stabilization and modest growth over medium term as they target 12-16% CV growth.

Jon acknowledged some ES churn primarily on event-based work pricing, not recurring revenue customers. Some lost customers are returning after discovering low price doesn't equal best value.

Jon confirmed 75-100bps price-cost spread maintained heading into 2026, with both pricing and cost inflation moderating in tandem.