Surinder Thind

Confirmed the acceleration expectation and tied it to the land-and-expand use case flywheel.

Confirmed an active end-of-life strategy while restating that migration is not being forced to manufacture platform growth.

Lansing confirmed a simple two-step process: release 10T data for market testing, then GSE acceptance. No hidden dependencies.

Weber characterized incremental expenses (personnel, FICO World, Scores marketing, software COGS) as modest and immaterial to the overall picture.

Weber confirmed gradual platform migration will continue widening the gap. Also noted the big international deal had minimal Q1 ARR impact but will contribute more next quarter.

Lansing acknowledged they are in early Phase 2 of vertical expansion beyond financial services, with traction in telco, and a partner/SI-led go-to-market strategy for new verticals.

Lansing explained nonconforming lenders prioritize predictiveness, noted adoption moves slowly with testing required, but significant room for further penetration.

Lansing cited 10T's superior predictiveness and lower credit defaults as compelling for risk-bearing lenders, even before full conforming market rollout.

Lansing described a straightforward transition with cost benefits from returns to scale and new features improving ease of use.

Lansing clarified it's lower usage growth, not customer losses or postponed implementations. Weber added most cases show slower growth rather than actual declines.

Weber confirmed FICO World is the biggest expense driver in H2, with some additional marketing spend but no material headcount-driven increases.

Lansing argued both scores are highly predictive with marginal differences, so dual usage should not create investor concerns.

Lansing confirmed usage was primary driver with some contribution from weaker prior bookings; no customer churn.

Lansing detailed TCS building logistics solutions on FICO IP, with intent to replicate in other verticals; complementary reach and domain expertise.

Weber declined to provide segment-level guidance, noting difficulty distinguishing platform from non-platform in early-stage deals.

Craig Safian said downsell is stabilizing rather than worsening Q1 to Q2, and expects better engagement to lift wallet retention over time.

Gene said both new business and retention expected to improve driven by BTI transformation increasing engagement. Craig added CV acceleration should show in wallet retention metric as well as top-line CV growth.

Craig outlined four priorities: delivering on EBITDA/FCF commitments, keeping run rates aligned with CV growth, driving operational efficiencies (AI, tech, process improvement), and investing in future growth areas (analysts, QBH, AI).

Gene said they're assuming the world will always be more challenging and the BTI transformation is designed to deliver double-digit growth even in bad environments. Craig emphasized the very large addressable market and unparalleled value proposition remain unchanged.

Craig emphasized focus on permanent savings and exit run rate rather than one-time cuts. Managing the P&L to ensure strong profitability and FCF setup entering 2026.

Gene explained that enterprise licenses wouldn't add value since content targets senior executives. Open to developing products for the broader 5,000-person IT department as a future growth avenue.

Gene said tariff impact is consistent regardless of geography. Canada has separate procurement process changes and some anti-US sentiment. Australia had election-driven government machinery reset.

Craig said QBH will be roughly flat for 2025, with territory optimization ongoing. Reduced US federal territories but reinvesting in higher-opportunity areas. QBH growth resumes in 2026-2027.

Gene said the non-subscription business was impacted by the same tech bubble and is working through it, expecting normalization over the next few quarters.

Gene attributed the cycle to an unusual VC bubble (3-4x normal) plus a simultaneous shift from non-AI to AI investing. Craig added medium-term CV target is 12-16% across full portfolio.

Ravi acknowledged the tradeoff but emphasized savings are being reinvested for growth while also contributing to margin expansion. 2027 savings opportunity much bigger. Balancing growth investment with winner circle commitment on margins.

Ravi described combination model: Flowsource boosts productivity metrics, other platforms make AI enterprise-grade (accuracy, responsible AI, multi-agent systems). Context engineering emerging as pioneering opportunity. Transitioning from capability firm to platforms plus capability.

Ravi described multi-lane strategy: own custom platforms built on enterprise software, SaaS partnerships, and frontier model partnerships (Anthropic). Also working with startups like WRITER and Workfabric AI for value layers on top of LLMs.

Ravi dismissed threat, noting enterprise AI deployment requires domain knowledge, context engineering, and last-mile IP layers beyond frontier models. IP on the edge is real differentiator.

Ravi framed innovation as process change using Agentic AI, reducing cycle times, improving experience, opening new labor pools. FS more open, other sectors following.

Jatin explained 2025 growth texture will differ from 2024, with both short-end discretionary work and large deal volumes contributing.

Ravi acknowledged some tools may be replicated by platforms but emphasized evolving role of system integrator in solving next-generation problems.

Said absorption varies by client AI maturity; a simplified, unified product organization is shipping products faster and better.

Mgmt described the review spanning the AI stack (data, agentic infrastructure, workflows) plus data/analytics expansion in private markets and real-time data.

Sanoke said the company sees opportunity in uncertainty, is developing strategy around differentiation, new growth vectors, and sweating existing assets. Confident medium-term guidance will come in future quarters.

Helen cited productivity gains in CallStreet, StreetAccount, and engineering. Expects slowdown in employee growth with talent redeployment. Focus on faster product delivery, reduced manual processes, and improved client service.

Helen said margin will land comfortably in range. Self-funding through lower hiring and efficiency. Declined to elaborate beyond Investor Day targets.

Goran said current cycle reflects contract expiration dates but going forward creating renewal playbooks, being proactive, and improving dispersion across the year. Helen noted dozen large banking renewals were flat or up in aggregate. Phil added banking product strength with private company data and deep sector investments driving renewal success.

Phil said AI deals range from tens of thousands to hundreds of thousands, focused on brute force efficiency. Subscription plus consumption-based pricing model.

Management argued token and cloud cost discipline make the AI savings sustainable.

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.

Eric answered directly, framing incremental investment as self-funded by productivity programs across the EDO, MI, energy, ratings and indices.

Martina cited $1B invested since Kensho 2018 acquisition. Eric detailed four productivity pools comprising one-third of 40,000+ headcount: EDO (20% cost reduction target), software development, researchers ($10M+ savings), and analysts.

Eric described balanced approach of driving revenue growth and margin expansion simultaneously, funded by productivity savings. Medium-term plan to be shared at November Investor Day.

Eric outlined four lever categories: headcount/backfills, incentive compensation, third-party spend, and embedded costs. Noted tactical adjustments already underway division by division.