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Analyst
Shlomo Rosenbaum
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 67on tracked calls
- Challenge rate
- 10%7 of 67 questions
- Companies
- 10questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 67 of 67 questions from 10 companies
FDSFactSet10 questions · 8 reporting periods · 1 of 10 challenging
Calendar 2026 Q3
is the company thinking about different metrics in terms of overall incentive-based comp
Show response
Said incentive design was optimized through FY2026 and will keep evolving, but maintained ASV remains the best forward revenue indicator.
the growth in ASV from AI that was in the double digits was the growth portion from AI?
Show response
Confirmed AI was more than 10% of new ASV added in the quarter and teased the agentic workstation reveal for the Nov 10 Investor Day.
Calendar 2026 Q2
are you trading anything like price to get you know, an extended term?
Show response
Mgmt confirmed no price compression for longer terms; contracts are value-based with flexibility and provisions for new consumption patterns.
Calendar 2026 Q1
Can you talk a little bit about what has changed so much in the last couple of quarters? We were seeing kind of the company's organic growth slowing down, kind of meandering. You came in a few quar...
Show response
Sanoke credited prior targeted investments in data (real-time data now competitive), AI solutions (48 of top 50 clients using 3+ AI products), content expansion (pricing/reference, private capital), and commercial excellence. Sees huge Data Solutions cross-sell headroom.
Calendar 2025 Q4
I had a broader question just on the environment. It seems like during the quarter, the company took a step forward in the organic growth in each of the geographic units. And what I'm trying to und...
Show response
Sanoke cited strong positive client sentiment across the board, a diversified and stronger pipeline versus prior year, and complementary effects of internal execution and favorable market environment.
Calendar 2025 Q3
Do you feel that this investment is going to materially accelerate the growth rate for FactSet? Or do you think that with everything going on in the industry, realistically, all these investments t...
Show response
Sanoke positioned AI adoption as still early discovery phase. Expects breakout phase ahead where winners separate. FactSet's investments enabling leadership in client conversations. Personally excited about product road map seen in first week. Helen added green shoots from existing investments provide confidence for further investment.
Calendar 2025 Q2
is it all better execution and products getting traction? Or are you seeing anything in the end markets that are giving you any tailwind whatsoever?
Show response
Phil said not much macro change this fiscal year, April volatility caused brief pause. Main driver is client technology transformations. Goran attributed momentum to products resonating, Data Solutions focus, and GenAI solutions.
Calendar 2025 Q1
if you could parse out, is the environment getting better? Or do you feel like the company is doing better in an environment that’s not really changing that much with all the proactive items that y...
Show response
Phil credited company execution not improving environment. Americas, Europe, and Asia all expected to accelerate. Feeds business having strong comeback. Not relying on banking for numbers. Goran added improvement in EMS/Portware and LiquidityBook completing PLC lifecycle.
Calendar 2024 Q4
do you think that that has something to do specifically with the fact that efforts in the product that is resonating more? Would you think that might have to do with just more optimism after
Show response
Phil attributed pickup to combination of post-election optimism and deliberate sales force activity. Goran added internal reach-out improvements.
Can you explain the total company ASV growth of 4.5% but the components were each lower than that, like buy side of 4.3 and sell side 3.5
Show response
Helen explained CGS issuance contributed ~25 bps not included in buy-side or sell-side segment calculations, bridging the gap.
EFXEquifax9 questions · 6 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
Mark, can you talk a little bit more about the TWN Indicator and the progress you're seeing in auto and credit card?
Show response
Management said auto/card/P-loan are early but customer response is strong, with little share shift yet.
Calendar 2026 Q1
And then just as a follow-up, can you talk about where you are in terms of completing the cloud platform in the internat
Show response
Management addressed the question directly with specific data points.
Mark, can you talk a little bit more about The Work Number indicator?
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q4
Hi, thank you very much for taking my questions. Mark, I just want to ask you a little bit more about the mortgage lende
Show response
Management addressed the question directly with specific data points.
Just a question if I can follow-up with John. Just on that selling the credit reports, it seems like from the guidance t
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q3
Mark, given the focus on generating more VantageScore traction, can you talk about what it is that you guys can do to ki
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q1
Thank you, very much. I just wanted to ask a little bit about like a follow-up on the last question.
Show response
Management addressed the question directly with specific data points.
Okay. Great. I want to pivot to something completely outside of what's been talked about.
Show response
Management addressed the question directly with specific data points.
Calendar 2024 Q4
Hi, this is Adam from Shlomo. Just one for me. What are you hearing from banks in terms of macro expectations and how th
Show response
Management addressed the question directly with specific data points.
CTASCintas7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2025 Q4
Maybe you could talk a little bit about the growth of those verticals in aggregate versus the rest of the business and maybe -- versus each other
Show response
All four verticals growing faster than company aggregate. Healthcare ~8% of revenue, all four combined ~11%. Scrubs dispensers a strategic advantage leveraging balance sheet. Changes product from commodity to value-add.
Calendar 2025 Q2
In that first aid business, how much of that revenue would you say is more kind of recurring? And how much of that business is usually training
Show response
Declined to share recurring vs consumption split. Expects First Aid business to grow in low double digits going forward.
Could you comment a little on the spike up in Uniform sales? Is that and usually, I know you expect it to grow in the low single digits
Show response
Q4 Direct Sale spike not expected to continue. Plans for low single-digit growth in FY2026. Business inherently lumpy due to rollout timing.
Calendar 2025 Q1
are you seeing any change at all competitively? One of your major competitors is just seeing a lot of change on the top of their organization
Show response
No competitive dynamic changes noticed on the ground. Growth continues to come primarily from no-programmer new customers expanding the overall market.
can you just give us a heads up on what the days look like for the quarters in fiscal year 2026 for modeling
Show response
FY2026 workdays identical to FY2025 at 65 per quarter. No workday headwind/tailwind for year-over-year comparisons.
Calendar 2024 Q4
could you give a little bit more color on the growth of the targeted verticals? Specifically in the quarter, did some do better than others
Show response
Management confirmed all four verticals (healthcare, hospitality, education, state/local government) growing above company average but gave no specifics.
Could you talk about how much those acquisitions are expected to add to revenue in this fiscal year? And if there -- where exactly would they be falling
Show response
CFO declined to quantify acquisition revenue contribution. Confirmed deals span rental, Fire, and First Aid but are local-to-regional in scale.
IQVIQVIA7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
how much of your guidance raised on the organic side is you know, just a rising tide lifting all boats,
Show response
Credited both market improvement and rising win rates but gave no quantified split between the two, which is what was asked.
Calendar 2026 Q1
Where are you seeing growth actually accelerating versus just stabilizing
Show response
Bousbib said coming out of 3-4 years of turmoil from post-COVID deflationary environment, biotech funding decline, IRA, tariffs, FDA changes. Q1 beat on every metric beyond internal expectations. AI concerns are tailwind not headwind. Large pharma more constructive. EBP funding nearly doubled YoY. Clients planning to increase pipeline molecules using AI for discovery.
Calendar 2025 Q4
talk about the concerns everyone is having in the market about the potential for AI to disrupt various established businesses
Show response
Bousbib delivered extended defense of AI positioning. Three requirements: proprietary data, domain expertise, technology (only tech is purchasable). IQVIA data is non-public, dynamic, heavily regulated across geographies. Over 150 agents deployed covering 30+ use cases. NVIDIA partnership training agents on proprietary data for over a year.
Calendar 2025 Q3
I want to ask you to talk a little bit about the subcomponents in TAS and how they're growing in terms of real-world evidence and consulting and analytics
Show response
Bousbib said Q3 performance strong against tough 8.6% comp. Real-world evidence very strong, data low single digits as usual, everything else low to mid-single digits. Consulting positive after negative double-digit decline in late 2023/early 2024, viewed as positive leading indicator.
Calendar 2025 Q2
It sounds like from what you're saying is the environment did not really improve, but you're gaining more ground in that
Show response
Bousbib said clients are getting on with programs they can't delay further, especially Phase III. See More Win More strategy driving intensified go-to-market with more aggressive RFP responses. EBP segment particularly strong. Win rate increased across all segments.
Calendar 2025 Q1
do you think that there's risk that that could spill over into some of the uncertainty into some of those areas in TAS
Show response
Bousbib said no spillover seen yet in TAS. Pent-up demand from 2023-2024 holdback driving current activity. Drug launches and commercialization work are day-to-day necessities.
Calendar 2024 Q4
how the operating environment progressed through the quarter and relative to what you were expecting
Show response
Bousbib confirmed 65-75% of reprioritizations complete, 1-2 quarters of volatility may remain. Two delayed mega trials still on track for back end of 2025.
IRMIron Mountain7 questions · 5 reporting periods · 1 of 7 challenging
Calendar 2025 Q4
Could you just dive a little bit deeper into the gross margin trends in the services business?
Show response
Barry confirmed services gross margin up 100bp YoY and 350bp sequentially. All business units improving. Storage gross margin down slightly due to data center mix but up within RIM.
Calendar 2025 Q3
Both storage and services gross margins were down sequentially. And I assume that it's mix because that's usually what's going on
Show response
Barry confirmed storage margin decline is power pass-through in data center. Services margin decline is mix from higher-growth but lower-margin ALM and digital businesses.
can you talk about how much energy capacity is expected to be energized in the next 12 months that could really spur like the near-term leasing activity?
Show response
Bill parsed 450MW into 250MW in 18 months and 200MW in the following 6 months. 25% data center revenue growth in 2026 already contracted.
Calendar 2025 Q2
I was just wondering if you could parse the ALM growth in the quarter, how much was enterprise versus data center?
Show response
Barry said growth was balanced across channels, disproportionately volume-driven. Pricing was single-digit million increase year-on-year.
I just want to ask if you can talk a little bit more about the growth in the digital business. How much was it, some of the additional capabilities that are being added in?
Show response
Bill highlighted DXP platform's ability to structure unstructured data as key differentiator. Won an AI SaaS company as customer. Digital business on $540M run rate.
Calendar 2025 Q1
The leasing activity has been uncharacteristically low for the last three quarters. Last quarter, you talked about a large deal that you walked away from
Show response
Bill expressed confidence in 125MW guidance based on pipeline across US, Europe, and India. Barry added DC tariff exposure is sub-5%.
Calendar 2024 Q4
could you talk a little bit about the factors that led to the revenue coming in a little bit lower than you expected in the quarter
Show response
Barry confirmed the miss was primarily FX and intentional consumer storage restructuring. ALM performed in line; Wisetek and APCD did slightly better.
RSGRepublic Services7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I just wanted to probe a little bit more about the pipeline of activity that you’re seeing in ES and the nature of it.
Show response
CEO said the pipeline is broad-based across manufacturing, oil and gas and semiconductors, strongest where an integrated multi-asset offering wins complex jobs.
Calendar 2026 Q1
you mentioned that you're starting to see some green shoots in the solid waste business. And I was wondering if you're seeing similar type of green shoots in the ES business
Show response
CEO confirmed ES improving but not as quickly as solid waste. Oil price volatility delaying some project work by 3-6 months, but trend line is up.
what was driving the volumes down in the C&D business? Was there a tough comp issue over there with some of the stuff that you were talking about?
Show response
CFO confirmed C&D decline was a comp issue from prior-year hurricane cleanup in the Southeast, not underlying market weakness.
Calendar 2025 Q4
what was -- can you talk a little bit about the contribution also from the polymer centers in '25
Show response
Brian quantified 2025 polymer center contribution at $45M revenue and $10M EBITDA, with 2026 expecting $30M incremental revenue and $10M incremental EBITDA.
the C&D with the yield spiking up like 6.5%, it's the largest we've seen in a couple of years now
Show response
Brian attributed 6.5% C&D yield to mix effects on a small base, with underlying trend closer to 4%. Service intervals showed more increases than decreases for the full year.
Calendar 2025 Q3
How much of it is your figuring out the issues with the pricing in specific areas? And how much of it is finding kind of a bottom
Show response
Brian described ES as earlier in its commercial maturity than R&W, with pricing recalibration mainly on event-based work and macro stabilization both contributing.
Would you say you're still in early innings, mid-innings, where do you feel you are
Show response
Jon sees considerable remaining pricing runway given irreplaceable post-collection assets, but cautioned against quarter-to-quarter measurement of progress.
Show 4 more companies
WMWaste Management7 questions · 3 reporting periods · 0 of 7 challenging
Calendar 2026 Q1
Could you talk a little bit about the current price cost spread within collection disposal and where that's looking running versus your outlook
Show response
Morris confirmed price-cost spread now exceeding 200bp, translating to 70bp overall EBITDA margin improvement and 110bp in C&D. Inflationary environment at 3-3.5%, labor closer to 4%.
can you comment a little bit about the churn rate in the quarter versus last quarter then year-over-year?
Show response
Morris reported churn rate around 10% with no wide swings. Highlighted predictive analytics capability enabling better pricing decisions without driving customer defection.
Calendar 2025 Q4
Are you still on track for that? I mean, obviously, from your commentary, it looks like pricing is going to pick up this year
Show response
Jim clarified price suspension was not universal, most customers getting increases but diluted by credit memos. Credit memos peaked in Q4 and trending down, providing a tailwind for full-year 2026 vs 2025. Less dilution to gross pricing is the main 2026 improvement.
Can you give us -- just delve in a little bit more into some of the -- like the metrics on that, the service interval trends
Show response
Jim identified special waste as a leading indicator, pipeline remains strong and jobs manifesting. C&D at 3.4% for the year vs negative prior year also encouraging. Temp roll-off improving. GDP looks like it could be strengthening.
Calendar 2025 Q3
how do I think about that in terms of kind of the flow-through of the business
Show response
Rafa cautioned against extrapolating $200M renewals directly to 5-6% growth target, noting contracts extend 2-3 years. Positioned it as an indication that pricing power exists in the large complex customer network.
Where do you feel you are in terms of stabilizing that whole system so that we're kind of clean
Show response
Devina distinguished credits (revenue reduction) from write-offs (SG&A cost). Write-offs well in hand; credits had outsized Q3 impact. Stabilization period ends Q1 2026, then scalable/growth phase starts Q2 2026.
if you kind of exclude the internalization of the Healthcare Solutions, are we starting to see an uptick just in general
Show response
John confirmed healthcare internalization accounts for about 50bp of industrial volume increase, half the total. Remaining improvement from less negative temp business and permanent customer haul upticks. Underlying business genuinely improving.
ECLEcolab5 questions · 5 reporting periods · 2 of 5 challenging
Calendar 2026 Q2
Can you talk about where you are seeing the volume increases where you might not be seeing them?
Show response
Beck put the near-term volume run rate at 1%, closer to 2% excluding the Middle East, with growth engines and food and beverage ahead of that and paper and heavier industries behind.
Calendar 2025 Q4
if you normalize for that distributor inventory reduction, reductions, again, you know, just looking at a normalized way, what's going on with the volumes?
Show response
Beck confirmed INS underlying at 4% organic (3% institutional, 7% specialty) normalized for distributor inventory. Destocking driven by Ecolab's improved supply chain reliability, customers need less safety stock. Impact expected to normalize in Q1.
Calendar 2025 Q2
do you still have the same level of confidence on that operating margin target, especially if we don't start to see a material improvement in the volume side?
Show response
Beck reaffirmed 20% OI margin by 2027 confidence, citing 13% earnings growth on 3% top line plus 170bps OI expansion as demonstration of leverage. Growth engine mix shift toward higher-margin businesses accelerating path to target.
Calendar 2025 Q1
when you expected to get growth accelerate back to what we've been seeing kind of the upper single-digits range?
Show response
Beck expects pest growth to recover to high single-digits in H2 2025 or certainly 2026. 1,500 digital employees building most advanced pest platform globally.
Calendar 2024 Q4
CapEx typically for the company was 5%. It moved up to a little over 6% last year, and we're talking about 7%. Are we into a new normal
Show response
Kirkland noted half of CapEx is customer equipment, remainder is digital investments. Not expected as long-term trend above 7%. Possibly elevated in 2026.
SPGIS&P Global5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q1
how you are thinking about the Ratings revenue through the year? I know you gave the cadence, but in aggregate
Show response
Martina confirmed full-year Ratings guidance unchanged. Flagged potential weakness if GDP growth declines or broader sector shocks materialize. Noted good RES quarter driven by M&A assessments.
Calendar 2025 Q4
is any of the wallet share going to clients investing in AI and other areas that just might not be with S&P?
Show response
Eric denied wallet share loss to AI, attributing softness entirely to external market factors like bank loan volumes. Quantified MI margin would have been 33.5% excluding With Intelligence, pull-forward investments, and lower variable revenue (~150bp combined drag).
Calendar 2025 Q3
once you're done with that and kind of the spin-off of the Mobility division, is there going to be a focus on other divisions in the same way
Show response
Confirmed MI portfolio optimization substantially complete. May do tactical divestitures going forward but nothing at Mobility scale. MI desktop growing faster than end market through execution.
Calendar 2025 Q1
Is leaving at the same just because you have not seen an impact yet, or is leaving the guidance in the other divisions because you are looking at the range of outcomes
Show response
Martina emphasized bottom-up division-by-division analysis of key subscription metrics to determine unchanged guidance, not top-down netting.
Calendar 2024 Q4
do you feel like you have better visibility than normal going into a year where things are recovering? Or do you feel like it's less because of what's going on
Show response
Acknowledged inherent difficulty in predicting issuance, emphasized bottom-up approach using maturity walls, rates, spreads, and direct customer feedback. Highlighted infrastructure, data center, ABS, and private credit momentum.
MCOMoody's Corporation3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q1
how did you incorporate the war in Iran, what's going on and the potential impact to inflation
Show response
Fauber drew parallel to Liberation Day tariffs last year where April softness was recovered in H2. Noted 80% of March IG issuance occurred in just 6 days, showing pent-up demand waiting for risk-on windows.
Calendar 2025 Q2
can you go over the specifics over that so we get that clear? Was that $200 million as some kind of products that have any aspect of AI
Show response
Rob clarified: $200M is total MA ARR from customers who bought at least one GenAI offering (not just AI revenue). These early adopters' total spend grows 2x MA average due to deeper engagement and expanded cross-sell.
Calendar 2024 Q4
I was wondering if you could update us and some of the other capabilities that you added, like the, you know, the automated credit memo, the early warning system
Show response
Rob noted eight products now have Navigator AI enablement. Steve added large institutions shifting from compliance mindset to transformation, citing quotes like 'help us save one million hours of work.'
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| FDS FactSet | 10 | 10%1 of 10 questions |
| EFX Equifax | 9 | 0%none of 9 questions |
| CTAS Cintas | 7 | 0%none of 7 questions |
| IQV IQVIA | 7 | 29%2 of 7 questions |
| IRM Iron Mountain | 7 | 14%1 of 7 questions |
| RSG Republic Services | 7 | 0%none of 7 questions |
| WM Waste Management | 7 | 0%none of 7 questions |
| ECL Ecolab | 5 | 40%2 of 5 questions |
| SPGI S&P Global | 5 | 20%1 of 5 questions |
| MCO Moody's Corporation | 3 | 0%none of 3 questions |
- FDSFactSet · 10 questions10%1 of 10 questions
- EFXEquifax · 9 questions0%none of 9 questions
- CTASCintas · 7 questions0%none of 7 questions
- IQVIQVIA · 7 questions29%2 of 7 questions
- IRMIron Mountain · 7 questions14%1 of 7 questions
- RSGRepublic Services · 7 questions0%none of 7 questions
- WMWaste Management · 7 questions0%none of 7 questions
- ECLEcolab · 5 questions40%2 of 5 questions
- SPGIS&P Global · 5 questions20%1 of 5 questions
- MCOMoody's Corporation · 3 questions0%none of 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 10 | 10%1 of 10 questions | 8 |
| 2025 Q1 | 9 | 11%1 of 9 questions | 7 |
| 2025 Q2 | 8 | 25%2 of 8 questions | 6 |
| 2025 Q3 | 11 | 9%1 of 11 questions | 7 |
| 2025 Q4 | 12 | 0%none of 12 questions | 9 |
| 2026 Q1 | 10 | 10%1 of 10 questions | 7 |
| 2026 Q2 | 5 | 20%1 of 5 questions | 5 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q410 questions · challenge rate 10% (1 of 10 questions) · 8 companies
- 2025 Q19 questions · challenge rate 11% (1 of 9 questions) · 7 companies
- 2025 Q28 questions · challenge rate 25% (2 of 8 questions) · 6 companies
- 2025 Q311 questions · challenge rate 9% (1 of 11 questions) · 7 companies
- 2025 Q412 questions · challenge rate 0% (none of 12 questions) · 9 companies
- 2026 Q110 questions · challenge rate 10% (1 of 10 questions) · 7 companies
- 2026 Q25 questions · challenge rate 20% (1 of 5 questions) · 5 companies
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth23
- Demand23
- Competitive Dynamics19
- Macroeconomic13
- Cloud & AI11
- Pricing7
- Innovation & R&D7
- Margin6
- Cost Pressure4
- Guidance Reliability4
Show all 20 topics
- Credit4
- M&A4
- Capex Investment3
- Geographic Expansion2
- Capital Allocation2
- Labor Market2
- Product Launch1
- Subscriber Growth1
- Trade Tariffs1
- Fx1