Kevin McVeigh

Management confirmed guidance uses current mortgage rates, up roughly 30-40 basis points since April.

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.

Lansing said the $13 trillion mortgage market moves slowly with no surprises expected. Even GSE privatization would benefit FICO as emphasis on credit default risk would increase.

Lansing said they are aggressively expanding direct sales and partner sales headcount across both software and Scores after years of conservatism.

Lansing expects a staggered but close-in-time launch sequence, with all signed resellers well underway and motivated to offer DLP as quickly as possible.

Lansing confirmed reseller implementation is on track with minimal operational hurdles.

Weber explained Q4 onetime charges and year-end expenses offset some of the Q3 upside in the full-year guidance raise.

Lansing set expectations for a multi-year timeline for any market share impact from the FHFA decision.

Lansing acknowledged no visibility on CCS usage recovery timing, noting usage is driven by economic activity levels beyond FICO's control.

Weber attributed PS decline primarily to milestone timing (March to April), expecting PS revenue to recover in Q3.

Lansing explained fiscal/calendar misalignment means Q1 uses prior pricing, plus multi-year deal lags further moderate the phase-in.

Peter explained the $10M increase is balance-driven not yield-driven, with Q1 seeing 7% balance growth from strong wage growth. Guiding to 3-4% for full year as they contemplate some wage growth moderation.

Peter estimated roughly 10 basis points impact on revenue growth rate, with Matt Keating confirming it's a modest, small number. Main Q2 headwind is the anniversary of the WorkForce Software acquisition effect.

Don attributed retention strength to record NPS, less switching activity, and substantial normalization of out-of-business rates. Continue to beat retention guide quarter after quarter.

Peter Hadley explained balance growth driven by higher wages and strong Q3 bonus season; well hedged on short-term rates across the year. Each balance point worth ~$11-12M annual revenue.

Don attributed Q4 reacceleration to reduced short-term rate headwind as short portfolio shrinks, plus lighter WorkForce Software integration expenses in Q4 vs Q3.

Don confirmed Q3 sees seasonal retention dip from switching but compared YoY; retention declined less than expected driven by client satisfaction and NPS, with opportunity for full-year improvement.

Don acknowledged early stage but expressed excitement about opportunities with sales forces now able to collaborate post-close; declined to quantify revenue expectations given deal only closed two weeks prior.

Bischoping declined to give after-tax Print proceeds, citing regulatory filing timing and leaving it at ~$500M gross; on buyback size he pointed back to the balanced capital allocation philosophy rather than a number.

Hasker said he sees no ceiling on organic growth, citing fiduciary professions early in retooling for AI and TR's asset base, and a focus on raising the pace of innovation to drive growth up year by year without quantifying a target.

Eastwood described 2-3pp quarterly increases in AI ACV, expects continued growth with CoCounsel Next launch. Hasker added that AI tools are being adopted across all firm sizes including small and mid-market, a fundamentally new dynamic.

Steve detailed content moat: some jurisdictions have centuries of content, much never digitized, requiring courthouse collection. Editors interpret, categorize, and add expertise determining precedent relevance. Under Leanne Blanchfield's leadership, editors retrained to also train agents for agentic workflows.

Mike confirmed launches from ILTACON in mid-late August are already driving sales, with October another great month. Named segment leaders Aaron Rademacher (small law), Liz Zimick (mid-law), and John Shatwell (Europe) as driving progression.

Mike clarified Global 7 (Big 4 + next 3) are in Corporates segment, not TAP. Steve noted G7 more likely to take APIs and build on top versus smaller firms wanting turnkey solutions. Opportunity equally weighted across customer base.

Angie quantified entering FY2027 just under 2% inorganic; Julie added the deals skew to higher-growth, non-FTE areas.

Angie confirmed $5B target with potential to do more. Inorganic contribution still 1.5% due to timing. Acquisitions increasingly focused on higher-growth, higher-margin assets.

Julie said strong growth with both large and emerging partners. Better models open new enterprise areas like KYC in banking, mainframe modernization. Think of all partners together as ecosystem.

Angie pleased with 30bp expansion in line with expectations. Reconfirming 10-30bp for full year. Flagged Q2 will have higher tax rate from equity comp and lower gains on investment versus prior year.

Julie cautioned against creating new metrics from the 1,300 of 9,000 client data point. Too early to draw correlations. Meant to show pace of adoption and how early the market still is.

Schrader said gating is consistent with tougher PEO comps in the back half but less perceived risk than FY26; answered.

Management addressed Paycor synergy quantification and AI go-to-market by segment.

Follow-up on Paycor synergy quantification and AI go-to-market by segment.

Gibson said growth is primarily introducing clients to PEO concept (not PEO-to-PEO takeaways). Competitive wins happen when prospects are evaluating PEO for the first time.

Schrader clarified no acceleration assumed in underlying business; the apparent ramp is purely from easier YoY ERTC compares.