Jeff Meuler

Management confirmed pricing and commercial terms are unchanged and government momentum remains strong.

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.

Management addressed the question directly with specific data points.

Gene Hall attributed midsized outperformance to lower complexity making AI ROI and cost control easier, while large enterprises face more complex, global environments.

Gene confirmed March-delayed deals are closing in April. Craig added growth through February was broad-based across both new logos and existing clients; March slowdown was also broad-based.

Gene said AskGartner usage and repeat usage both increasing. New releases every 2 weeks combining feature enhancements and incremental proprietary data. Added 25-language support and PowerPoint generation.

Gene confirmed acceleration expected beyond federal lapping, driven by BTI transformation changes from H2 2025. Leading indicators include significantly higher conference ratings, rising engagement, and AskGartner users showing substantially higher renewal rates.

Gene acknowledged upselling to existing enterprises is where they've been hurt most, with occasional seat losses instead of growth. Selling environment improved modestly. Craig added in-quarter retention rate improvement from Q2 to Q3 correlates with upsell potential.

Gene said AskGartner is rolling out at several thousand clients per month with full rollout expected by year-end. Available to all named license users with small product carve-outs.

Gene reiterated robust double-digit pipeline growth. Craig emphasized proprietary insights, complex multi-quarter journeys, and the misconception about Gartner's value proposition. Gene added they're training sales teams to directly address AI competition questions.

Craig said $30M in termination notices remains in CV since revenue is still being recognized. Relatively small in context of total CV.

Craig confirmed direct impact is largely US federal. Not backfilling there but reassigning strong salespeople where possible. Mid-single-digit QBH growth continues outside impacted areas.

Management said 2025 could be the new baseline if it's a normal year, but hedged given dynamic environment. ~9% opex growth baked in.

Craig explained that ~80-85% of forward revenue is locked by prior-year CV and Q1/Q2 NCVI phasing drives the rest. Prudent Q1 approach given heavy renewal season.

Weber pointed to timing and quarter-cutoff differences but conceded FICO lacks visibility into bureau underlying data.

Lansing acknowledged limited visibility into the VantageScore pilot program, understanding it to be a fairly manual process.

Lansing said the question of pulling multiple score models early in the process awaits GSE selling guidelines.

Lansing cited 30% score divergence in both directions making substitution difficult, plus gaming/adverse selection problems with dual grids, and potential securitization market penalties on VantageScore paper.

Singleton clarified the distinction: 10T on DLP expected first half calendar 2026, while 10T general market data availability via FHFA/GSEs has no confirmed timeline.

Lansing argued originators still bear putback risk from GSEs on documentation issues, so credit risk predictiveness matters even in conforming markets.

Lansing argued against staggered score implementations and said FICO is in conversation with FHFA to accelerate 10T implementation.

Weber confirmed 6-12 month lag from booking to ARR, explaining recent strong bookings bode well for H2 platform growth.

Martina argued flexible distribution positions the company to win from consolidation and cited a renewal with an over 20% uptick over several years.

Martina described cross-division opportunities: data center Ratings issuances, utility issuances, Energy scenario planning for power sector, and critical minerals data demand.

Martina framed desktop at ~6% of enterprise revenue but emphasized interconnectedness via single sign-on with Visible Alpha and With Intelligence. Cited Doc Intelligence integration with Salesforce and noted Ratings analysts are largest CapIQ Pro power user group.

Eric identified MI volumetric and transactional usage revenues in Enterprise Solutions as primary IPO sensitivity, with broader franchise benefits from increased debt and equity issuance.

Acknowledged difficulty quantifying hit rate without clear denominator. Cited uptake across structured finance, debt ratings, infrastructure, surveillance, and ICRs. Highlighted Cambridge Associates index partnership launch.

Highlighted iBoxx fixed income franchise, maritime data, private credit tools (Wall Street Office, iLevel), commodity insights 360 capabilities, and CERAWeek as key acquisition benefits.

Chris clarified 6% headcount growth included ~700 Visible Alpha employees and was in line with revenue growth. Martina confirmed continued focus on IR Day margin targets.

Mann ruled out an upgrade fee and pointed to hosting revenue; Shavel cited the consistent economic framework across models as the differentiator.

Lee Shavel acknowledged AI governance and IP complexity is extending contract negotiations, noting some caution but framing it as related to growing pipeline opportunity. Expects industry standards to improve over time.

Elizabeth Mann confirmed government is entirely subscription, weather/auto are primarily transactional with modest subscription impact, noting subscription growth is all the more notable absorbing these headwinds.

Lee Shavel sized the roofing TAM at ~$2B vs AccuLynx's ~$150M 2025 revenue, indicating significant white space. Aaron Brunko cited PE roll-ups and severe convective storm trends as additional growth drivers.

Elizabeth Mann confirmed the platform is designed for ongoing innovation including GenAI. Saurabh Khemka added that long-term contracts embed value accrual. Lee noted deeper integration into client processes creates long-term stickiness.

Elizabeth Mann acknowledged the strong exit rate while noting technical helps from the discrete contract conversion (~60bp) and easier prior-year comp in Q4.

Florance acknowledged 750 is above prior 500-600 target. Addressable market is 500K-750K viable agents with roughly 1,000 prospects per rep.

Florance shared that 6-month in-contract cancellation dropped to 0.25% but acknowledged most contracts are 12-month so full renewal data comes in 3-6 months.

Lown pushed back with specific competitive metrics showing CSGP produced $153M incremental revenue vs competitor's $96M with twice the property base.