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Analyst
Toni Kaplan
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 99on tracked calls
- Challenge rate
- 11%11 of 99 questions
- Companies
- 12questioned 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 99 of 99 questions from 12 companies
WMWaste Management14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
what trends are you sort of seeing that, that gives you the confidence in the recovery
Show response
Morris pointed to positive MSW landfill volumes and special waste up 4.5% net of wildfires as the industrial indicator behind the second-half view.
Just what are you seeing in terms of sort of volume or price there? And how should we think about growth going forward?
Show response
Fish gave a full integration update covering DSOs, customer credits, cross-selling at $32 million and Healthcare SG&A down to 18%, but did not quantify Healthcare volume or price growth.
Calendar 2026 Q1
I was hoping you could just refresh us on your capital deployment strategy going forward and how you're thinking about M&A
Show response
Reed confirmed 2026 is a harvest year with over 90% of FCF to shareholders. Buybacks 55-60% back-half weighted. Tuck-in pipeline at high end of $100-200M range. Leverage back within 2.5-3x target.
which of the technology benefits are you seeing the most benefit right now? And sort of when you look forward continuing to benefit
Show response
Morris detailed: recycling automation lowering commodity sensitivity, Smart Truck capturing 300M+ images/year with 95% automated processing, AI driver coaching improving safety and retention, routing/logistics and remote heavy equipment as future opportunities.
Calendar 2025 Q4
Do you expect all this to be resolved this year? And how are you thinking about growth in this segment for future years
Show response
Jim emphasized customer-facing wall now in place between back-office ERP work and customer experience. Service metrics above Legacy Business. Lost accounts anniversary in back half 2026, turning from headwind to tailwind. 5-6% growth trajectory intact excluding lost accounts.
which areas are you most focused on for efficiency or technology
Show response
John outlined three areas: recycling automation paying off already; connected truck technology expanded to residential fleet (late middle innings); post-collection/landfill IoT deployment in early innings with significant cost reduction opportunity.
Calendar 2025 Q3
when you think about the M&A pipeline, how is that looking? How are valuations looking
Show response
John confirmed $450M closed YTD with potential to reach $500M. 2026 M&A likely normalizes to $100-200M range. Jim indicated at $3.8B FCF, capital allocation will include dividend, some M&A, and very likely substantial share repurchase.
I was hoping you could talk a little bit more on what's going on with yield and also just in the quarter, but also looking into 2026
Show response
Jim detailed strong yield across segments. Industrial yield at 2.3% was lowest since COVID, attributed to temp roll-off mix and national accounts mix. John noted temp business is profitable but lower top-line, affecting yield but not margins.
Calendar 2025 Q2
outside of that, maybe could you just give some incremental color on the strength in volume that you're seeing
Show response
Jim noted MSW and C&D strong independent of fire volume. Roll-off industrial improving significantly. Economy seems reasonable, no downturn visible.
I just want to be clear on the messaging
Show response
Jim attributed gap to mix, expects full-year yield near 4% vs initial 4-4.2% guide. Core price on track; yield delta is a mix issue, not pricing weakness.
Calendar 2025 Q1
any stats or anything you can provide on cost of fleet and how an impact of higher tariffs might be on your business
Show response
John confirmed low single-digit millions tariff impact for 2025. Fleet front-loaded, equipment procured. May need to revisit for 2026.
how you would expect the sustainability business, as well as the new health care business to perform in a potentially slower macro environment
Show response
Jim emphasized recession resistance and diversification benefits of sustainability and healthcare. Confirmed March/April volume recovery proved Q1 softness was weather-driven, not economic.
Calendar 2024 Q4
could you talk about the potential impacts from the California wildfire cleanup on your volumes
Show response
Devina confirmed 0.5 point of volume included. Jim noted nothing meaningful in the $500M guide, but John highlighted ~60% of years see natural disaster volumes.
were these contracts that were inherited from acquisitions or were they just signed a long time ago and something changed in the markets
Show response
Jim attributed unprofitability to labor cost inflation in the most labor-intensive segment, not acquisitions specifically.
ITGartner13 questions · 7 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
are you seeing any impact in the amount that they're willing to spend with you as a result of the reprioritization?
Show response
Gene Hall confirmed clients are reprioritizing IT spend toward AI but said it does not hurt Gartner, which is a tiny share of IT budgets and helps clients reprioritize.
Calendar 2026 Q1
do you just attribute the slowdown there to just normal macro slowdown
Show response
Gene said the consulting slowdown is macro-driven, not structural. Different behavior from Q4. Contract optimization also impacted by clients postponing software purchase decisions which delays Gartner's CFC revenue.
is there a sort of broader data distribution that you would consider? Or do you think that, that dilutes your value proposition too much
Show response
Gene said their value is proactive guidance, not answering questions. Written content is only about 5% of analyst knowledge, inquiry provides the other 95%. LLM distribution doesn't fit their model of helping clients see around corners.
Calendar 2025 Q4
if AI sort of entered the renewal conversations a little bit more in terms of client decision-making around adding or removing seats
Show response
Gene said AI as substitute is tracked carefully through salespeople documentation and help desk systems. Q4 was less of an issue than before. Real challenges are tariffs, budgets, and federal government, not AI substitution.
Do you see those problems getting better, the Doge and tariff problems and things like that
Show response
Gene said federal clients wanting to cancel will have cycled through by end of Q1 2026, then environment normalizes. For tariff-impacted industries, the BTI transformation is the key driver of improvement.
Calendar 2025 Q3
does that sort of change your view on the seat-based model? And would you ever consider going more towards an enterprise-based model
Show response
Gene explained their target audience is C-level and direct reports who survive headcount reductions. Enterprise license wouldn't add value since content is targeted at senior executives. Open to developing products for broader audience as future growth avenue.
what are your expectations for sales headcount growth in '26 for both of the segments
Show response
Craig said QBH growth will be 3-4 points slower than expected CV growth rate, investing to sustain growth into 2027-2028 and beyond.
Calendar 2025 Q2
what is it that can't be addressed by sort of deep research AI tools that you're able to help with that clients are seeing the value in
Show response
Gene emphasized Gartner helps with complex multi-quarter mission-critical priority journeys using proprietary data from 500,000+ annual conversations, not simple Q&A that AI tools address.
if there's clients that are cutting seats because of either the macro or other things? And how much insight you get from them in terms of the reasons why
Show response
Gene described purchase decisions being escalated from functional leaders to CFO/CEO in tariff-impacted industries, stretching selling cycles. Same pattern seen in pandemic and 2009 recession. Non-tariff companies also beginning similar escalation as their clients are tariff-affected.
Calendar 2025 Q1
does the guidance reflect like the complete 1Q, which was maybe a little bit better or more weighted towards like the more recent
Show response
Craig confirmed January was normal but things changed mid-February to March. March dominated the quarter metrics and those trends were rolled forward.
are you seeing anything at the state and local level or international government level that is similar to U.S. Federal
Show response
Gene confirmed no change at state/local or international government levels. Impact is isolated to US federal.
Calendar 2024 Q4
could you just remind us what goes into your decision-making process on that
Show response
Craig emphasized philosophy of being price-sensitive, opportunistic and disciplined. Ready to go big during disruptions.
are we in a place where a tech vendor is a nonissue now for this year and should we expect to see accelerating growth throughout the year
Show response
Gene confirmed tech vendor recovery and expectation of continued acceleration through the year.
EFXEquifax12 questions · 7 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
so I was hoping you could maybe expand on the opportunity that you see for those win-backs
Show response
Management explained win-backs of states that had turned off the solution and framed the $100M/$200M split.
Calendar 2026 Q1
Yes. Great. And wanted to ask just on VantageScore. I guess, what's taking so long with the grid?
Show response
Management addressed the question directly with specific data points.
I wanted to go back to CMS and basically, when you think about competition, we saw an article a couple of months ago abo
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q4
Great. And looking at government, I think there's a big opportunity there with OV3 and this year as well as next year.
Show response
Management addressed the question directly with specific data points.
Thanks so much. And thanks for all the information around the FICO impacts and spelling out the different scenarios in t
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q3
Wanted to start on Government, very helpful commentary about the error rates and the ramp-up that you're seeing in discu
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q2
Perfect. And wanted to ask also, John, about the EBITDA margin raised to revenue, but lowered EBITDA touch on the margin
Show response
Management addressed the question directly with specific data points.
Thanks so much. Was hoping you could talk about VantageScore and what you're expecting in terms of price competition in
Show response
Management addressed the question directly with specific data points.
Calendar 2025 Q1
Okay. Fantastic. And then I think that's better than expected.
Show response
Management addressed the question directly with specific data points.
I wanted to ask a follow-up on Government. Just to confirm, I wanted to make sure the low double-digit in Government is
Show response
Management addressed the question directly with specific data points.
Calendar 2024 Q4
Great. And then on my follow-up, I did want to ask about the government opportunity.
Show response
Management addressed the question directly with specific data points.
Thanks so much. Maybe first on just USIS 2% non-mortgage growth versus last quarter of up 5, just wanted to hear about a
Show response
Management addressed the question directly with specific data points.
CTASCintas10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q3
I was wondering if you would expect the industry to sort of command higher prices next year
Show response
Todd would not speak for the industry; said Cintas will not simply pass input costs to customers in a competitive market, leaning on culture and productivity.
can you give an example maybe of maybe an impactful productivity initiative that you've been able to achieve recently
Show response
Jim pointed to top-line-driven leverage plus technology, SmartTruck routing, garment sharing, and automation/sortation, as the main productivity levers.
Calendar 2026 Q2
I was hoping you could give some examples of what you are doing in the automation and robotics side
Show response
Todd cited automatic sortation, garment sharing and SmartTruck but declined to give away specifics on where they invest; partial.
Calendar 2025 Q4
Where do you see the next like step-up of growth coming from? Is it from the key verticals? Is it from new geographies, new products
Show response
Growth algorithm includes verticals growing above average, new products/services, Fire geographic expansion, and M&A. Don't need new geographies. Mid-to-high single-digit organic growth allows leverage and margin expansion.
Calendar 2025 Q3
Should we expect a similar level of investment throughout the year that would be really helpful to understand how SG&A, in particular, should continue to progress
Show response
SG&A investment levels expected to remain stable. Total company SG&A improved 10bps YoY from 27.6% to 27.5%. All Other timing issue, not structural increase.
In light of all the news on visa requirements, are you expecting any impact from changes to impact your customers' hiring
Show response
No material impact from immigration policy changes. H-1B seems more technology-focused. Not hearing from customers or seeing in results.
Calendar 2025 Q1
I was hoping you could give us an update on cross-selling, how many products on average each customer is purchasing, how that's trended
Show response
Cross-sell in early innings. Fire protection legally required for all businesses. First aid AEDs and eyewash going well. Walk-off mats most penetrated.
have you seen that historically and just maybe an update on outsourcing and how that's been trending over the last, call it, few months
Show response
Outsourcing can benefit from belt-tightening as customers look for cost savings. Cintas can reduce program costs vs. self-sourced alternatives.
Calendar 2024 Q4
when you think about how fast that line of business should grow over time. How should we be thinking about that
Show response
Direct Sale expected to grow slower than other segments. Cross-selling described as very early innings. Declined to give specific cross-sell percentages.
should we expect those to be sustainable? How big were those benefits? And maybe just in general, like the margins were very good
Show response
Management expects First Aid margins to be sustainable. Attributed to dedicated distribution center efficiencies, favorable mix, and repeat revenue.
TRIThomson Reuters Corporation8 questions · 6 reporting periods · 3 of 8 challenging
Calendar 2026 Q2
Can you dive a little bit deeper into some of the execution challenges
Show response
Yehuda Silverman (on for Toni Kaplan) asked about the TAAP shortfall; Bischoping attributed it to messaging around the future Ready to Review vision confusing customers and sales, not competition, and cited leadership changes to get back on track.
Calendar 2026 Q1
I just wanted to understand why this hasn't taken off across the top 100 law firms, for example
Show response
Hasker candidly acknowledged prior CoCounsel versions lacked full Westlaw/Practical Law content integration. CoCounsel Next is fully agentic and grounded in authoritative content. Early beta testing supports optimism for broader adoption.
Calendar 2025 Q4
will the AI product suite eventually either get commoditized or harder to monetize
Show response
Steve argued against commoditization risk via three points: extraordinarily high professional stakes requiring correctness, TR's highly curated trusted data source that few competitors have, and deep experts needed to train agents for increasingly complex agentic workflows.
the sort of differentiation or moat there because I I do think that that is a little bit of a different animal
Show response
Steve identified tax calculation engine stickiness as core moat, firms won't swap engines mid-tax season. Engines are lightning fast, constantly updated, and carry years of customer-specific data. Opportunity is extending into shoulder activities via Ready to Review and Ready to Advise across UltraTax, GoSystem Tax, ONESOURCE, and Pagero.
Calendar 2025 Q3
how you're thinking about partnerships right now. You have the content, you have the AI capabilities
Show response
Steve said TR doesn't need distribution partnerships like competitors. CoCounsel Legal is fully integrated with content and expertise. Partnerships are limited to point solutions in specific areas like debt capital markets or niche legal domains.
Calendar 2025 Q2
I was wondering if there was a way to break that into Legal, Tax & Accounting and Corporates
Show response
Mike said Legal has the largest share of the 22% GenAI ACV due to Westlaw Precision's early start. Expects all three segments to increase with Q3 product launches, but Legal will remain largest due to scale.
Calendar 2025 Q1
it sounds like that is in your higher growth bucket and wanted to just get a sense on the additional demand
Show response
Steve noted Pagero's unique multi-jurisdiction e-invoicing platform benefits from expanding mandates in Europe, Southeast Asia, and Latin America. Integration on track with lessons learned.
if you did start to see a slowdown which it sounds like you have not so far, but if you saw a slowdown in the -- in demand
Show response
Mike said strategic investments would continue given business resilience. Steve added that efficiency-focused value proposition means demand could increase in a difficult environment.
MSCIMSCI7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
Does that inherently lead to revenue volatility in the future?
Show response
Henry acknowledged some quarter-to-quarter volatility but argued the large multi-strategy hedge fund base is more secular and stable than in the past.
Calendar 2026 Q1
Thanks so much. I was hoping if you could talk about whether you have seen any uptick to revenue specifically related to AI. I know you talked about the products built on AI.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q4
Baer, I really wish you all the best. Henry, I wanted to talk about AI. You talked about some of the launches that you made.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q3
Henry, you touched on in the prepared remarks that your teams are leveraging AI models, AI to help develop new products.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q2
Thanks so much. Maybe this sort of dovetails on the last part of the last question.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q1
Thank you. I wanted to ask about just the selling environment. It looked like in periods of market volatility, I feel like retention typically is strong and we saw that this quarter.
Show response
Management addressed the question with specific commentary.
Calendar 2024 Q4
Thanks so much. Henry, I wanted to ask a question about how you're thinking about ESG ex-climate, more on the subscription side than on the ABF side.
Show response
Management addressed the question with specific commentary.
Show 6 more companies
RSGRepublic Services7 questions · 4 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
Just wanted to know your thoughts on how you see that trending through the rest of the year.
Show response
CFO expects core price to stay near Q2 levels (~6.2-6.4); CEO said AI pricing favors scale players and industry discipline remains solid.
Calendar 2026 Q1
Really strong quarter. It sounded like maybe it was because of CapEx timing. You talked about it being roughly 12% of the full year CapEx spend
Show response
CFO clarified FCF strength was primarily working capital timing (AP and payroll payments), not abnormal CapEx phasing. Expects full year CapEx as originally guided.
were you trying to strengthen current markets that you're already in, entering new ones? Just trying to understand what opportunities you're able to find
Show response
CEO confirmed both market-deepening and geographic expansion across recycling/waste and environmental solutions. 90%+ of year-to-date activity in recycling and waste, with balance rotating slightly.
Calendar 2025 Q2
Do you think it impacts the cost in the industry in the future on price/cost spread? Like, is it more of an industry thing
Show response
Jon characterized disruptions as localized with no industry-wide implications, noting local contracts limit systemic wage pressure.
we saw some disparity between the big 3 on this particular line. I was wondering if you thought that this was a geographic thing or definitional
Show response
Brian clarified C&D spike was entirely hurricane cleanup through landfills, not organic construction improvement, with proximity driving allocation.
Calendar 2025 Q1
that level of expansion has to moderate through the year in order to get to the guide. Just maybe just help bridge what do you think gets a little bit worse
Show response
Brian noted price-cost spread will gradually narrow and tougher comps emerge through the year, with flatter seasonal margin progression than 2024.
you mentioned the resi shedding. Should that continue through the next few quarters, or when does that lap
Show response
John explained shedding comes from M&A integration and municipal contract optimization, expecting it to continue for a few more quarters.
SPGIS&P Global7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
Are you able to cumulatively size them, and would we expect that you look to sell those or divest those
Show response
Martina characterized the weak products as subscale consulting and sustainability offerings and left divestiture open, but did not size them.
Calendar 2026 Q1
how you're thinking about the partnership strategy with the large AI players
Show response
Martina gave detailed examples of plug-in strategy, MCP applications, and cited two clients paying 35-45% renewal premiums for AI-ready data access.
Calendar 2025 Q4
I know your guide is below the long-term framework despite there being some positive tailwinds from the factors you spoke about, the refi wall, M&A, having closed a lot of it in the second half of ...
Show response
Martina outlined three key assumptions: majority of 2026 refis come to market without massive pull-forward from 2027-28, modest M&A growth, and haircuts on hyperscaler CapEx materialization and debt funding percentage.
Calendar 2025 Q3
I was hoping you could expand more on the success there, whether you're seeing a better market environment, higher pricing or just more success with your new product introductions
Show response
Eric disclosed ACV growth of 6.5-7% organic, up from prior quarters. Martina cited revenue transformation, Cap IQ Pro competitive displacement at major investment bank, and economical AI innovation from Kensho foundation.
Calendar 2025 Q2
I was wondering if you could just talk about your ability to sustain that level of growth. I notice you didn't raise the MI organic growth target for the year
Show response
Martina broke down three pillars: restructured commercial teams with single account ownership, incentive plans reduced from 60+ to ~10, and fine-tuned performance metrics. Eric noted performance was in line with quarterly plans.
Calendar 2025 Q1
I was hoping you could just give some color on timing. So why now and then maybe the implications for Remainco, are there any datasets that you'll continue to try to license
Show response
Martina confirmed the decision was the product of deep analysis and board alignment. Eric noted dissynergies and stranded costs appear relatively immaterial but details will come later.
Calendar 2024 Q4
are there specific areas of Market Intelligence seeing more competition? And previously, I know it is always a competitive space
Show response
Martina attributed competition to financial end-market softness rather than new entrants, highlighting vendor consolidation opportunities and the Chief Client Office as differentiators.
VRSKVerisk7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
should we be prepared for a few years of growth towards the lower end of your growth algorithm?
Show response
Shavel gave specific historical soft- and hard-market growth rates and argued AI-driven value creation is a differentiator versus prior cycles.
Calendar 2026 Q1
you talked in the prepared remarks about clients wanting to use your data and capabilities in their internal AI strategies
Show response
Lee Shavel outlined monetization through higher pricing for data, new AI-specific data use cases, and broader cross-sell across underwriting/claims/cat modeling. Noted clients moving from experimentation to integration in 2026.
Calendar 2025 Q4
would they prefer to be the ones to use your data to create AI products themselves so they have an advantage versus other insurers, or would they prefer that you create the AI product
Show response
Lee Shavel explained largest clients want to align AI strategies with Verisk data delivery (including MCP servers), while smaller clients prefer Verisk's pre-built AI products for faster ROI. Call was briefly disconnected mid-answer.
Calendar 2025 Q3
I was hoping you could talk about what you're seeing in the competitive landscape regarding AI startups. You have a very strong moat with your proprietary data
Show response
Lee Shavel acknowledged general AI companies and bespoke solution providers competing but emphasized Verisk's proprietary data moat and the ecosystem integration opportunity.
Calendar 2025 Q2
I know in the past, you've tried to integrate with a number of P&C insurance SaaS platforms. Is that an area that strategically we should expect to see more sort of going towards that type of platform
Show response
Lee Shavel positioned Verisk as already a software/SaaS company across PES, Extreme Events (migrating to SaaS), and Core Lines Reimagine. Saurabh Khemka highlighted core.verisk.com as a one-stop platform.
Calendar 2025 Q1
I was really wondering is this core to your business or are there synergies that you have with your insurance marketing solutions and that's why you have it or just wondering if it makes sense to c...
Show response
Elizabeth Mann acknowledged the insurance segment continues to grow but the non-insurance segments (financial services, mortgages) face headwinds and potential discretionary spend pressure.
Calendar 2024 Q4
How much pushback are you getting from customers? I know in the past, there was the sensitivity around raising prices because you get the data from the insurers
Show response
Lee Shavel gave a thorough answer citing Core Lines Reimagine and Extreme Events as specific examples of value-driven pricing, emphasizing this is a structural and philosophical change, not one-time.
FDSFactSet6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q3
what they're offering in financial services verticals, how deep you think they'll go, how you fit into that?
Show response
Described Frontier Labs as a complementary distribution channel that activates new workloads, downplaying the competitive threat.
Calendar 2025 Q4
The organic ASV growth has been accelerating for the past three quarters and is better than I was expecting in this quarter. And so just based on the guide, it looks like you're expecting it to dec...
Show response
Sanoke acknowledged pipeline strength but said it is early in the year with significant business still to be won. Wants to be prudent and hopes to support the growth trajectory in future quarters.
Calendar 2025 Q3
do you think that 37% to 38% is off the table at this point for the next few years? Maybe what has changed from 10 months ago? And so a little bit of a longer-term margin question in terms of where...
Show response
Helen declined to change medium-term guidance but focused on FY26: 250 bps investment (2/3 growth, 1/3 structural), about 100 bps cost reduction from productivity, lower professional fees, and content savings. Said they will get better on productivity and drive operating leverage.
Calendar 2025 Q2
On the signed deals, are these customers who already said that want to adopt Pitch Creator? Or are these new banks that want to have sort of a full FactSet product and are adopting -- and Pitch Cre...
Show response
Goran said mostly existing clients adding Pitch Creator. Pipeline includes new business where Pitch Creator is significant contributor. Product only ~4-5 months old.
Calendar 2025 Q1
is your confidence coming from your strong pipeline in deals? It sounds like the international price increase you’re expecting to be sort of similar to US, so that probably doesn’t help that much. ...
Show response
Goran cited booked ASV significantly higher YoY versus both 2024 and 2023. Pipeline better than both years. Selling environment more like 2023 than 2024. Better visibility into downside with no material losses expected in H2. Diverse pipeline with both large seven-figure and easier mid-sized deals.
Calendar 2024 Q4
are you seeing even more elongated decision-making in wealth? Are you seeing any changes in the competitive environment? Are people being particularly aggressive
Show response
Phil said no massive change in timing or competitive dynamics. Goran confirmed successful competitor displacements and geographic expansion in Switzerland and UK.
MCOMoody's Corporation6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
I was wondering if you could talk about how much of an uplift you're seeing from MCP adoption right now?
Show response
Rob cited good traction with some big banks among early paid customers and five content sets driving demand, but did not quantify the revenue uplift.
Calendar 2026 Q1
if you've seen a number of them move to the frequent issuer program and whether the economics there are sort of similar
Show response
Fauber confirmed hyperscalers are on frequent issuer pricing like other serial IG issuers, implying revenue per dollar of issuance is lower for these large transactions.
Calendar 2025 Q4
I have been getting an increasing number of questions recently around how much of your data is proprietary, the sources of your data, and which parts and how much of MA is based on proprietary data
Show response
Rob reframed around competitive positioning rather than statistics. Described unifying all data, models, ratings, research into a single normalized entity record to create a powerful knowledge graph. Introduced the trusted context layer concept sitting between raw data and AI reasoning engines, making data usable for reasoning.
Calendar 2025 Q3
usually during the third quarter, you talk about your early thoughts into 2026 for issuance
Show response
Rob outlined 2026 tailwinds: tight spreads, Fed easing, M&A pickup (especially sponsor-backed), potential geopolitical resolution, declining default rates. Headwinds: economic growth uncertainty, US-China trade headline risk.
Calendar 2025 Q2
is it these like one- off situations that are really driving that growth slower? Or is the underlying environment really not that good
Show response
Rob attributed 1pp of ARR deceleration to specific attrition events. Acknowledged slight sales cycle lengthening but offset by larger average deal sizes. No material deterioration in end markets.
Calendar 2024 Q4
Are you pulling back on investment at all? And just any additional color on simplification or the efficiency plan
Show response
Noémie and Steve explained efficiency comes from integration of acquired entities, go-to-market shift to end-to-end solutions, and Gen AI productivity gains in engineering and customer success.
ROLRollins, Inc.2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q1
what are just long-term factors that are really driving the elevated growth there?
Show response
Jerry attributed sustained growth to trusted technician relationships enabling cross-sell; not reliant on digital leads. Ken cited 9 'shots on goal' with each customer.
what would change the trajectory dialing up or down the marketing spend
Show response
Ken said spend decisions are driven by market health and strategy execution. Jerry added they can pivot channels if digital costs spike, leveraging multi-brand diversification.
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 |
|---|---|---|
| WM Waste Management | 14 | 0%none of 14 questions |
| IT Gartner | 13 | 8%1 of 13 questions |
| EFX Equifax | 12 | 8%1 of 12 questions |
| CTAS Cintas | 10 | 0%none of 10 questions |
| TRI Thomson Reuters Corporation | 8 | 38%3 of 8 questions |
| MSCI MSCI | 7 | 0%none of 7 questions |
| RSG Republic Services | 7 | 14%1 of 7 questions |
| SPGI S&P Global | 7 | 14%1 of 7 questions |
| VRSK Verisk | 7 | 14%1 of 7 questions |
| FDS FactSet | 6 | 33%2 of 6 questions |
- WMWaste Management · 14 questions0%none of 14 questions
- ITGartner · 13 questions8%1 of 13 questions
- EFXEquifax · 12 questions8%1 of 12 questions
- CTASCintas · 10 questions0%none of 10 questions
- TRIThomson Reuters Corporation · 8 questions38%3 of 8 questions
- MSCIMSCI · 7 questions0%none of 7 questions
- RSGRepublic Services · 7 questions14%1 of 7 questions
- SPGIS&P Global · 7 questions14%1 of 7 questions
- VRSKVerisk · 7 questions14%1 of 7 questions
- FDSFactSet · 6 questions33%2 of 6 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 | 13 | 0%none of 13 questions | 9 |
| 2025 Q1 | 18 | 17%3 of 18 questions | 11 |
| 2025 Q2 | 14 | 7%1 of 14 questions | 10 |
| 2025 Q3 | 13 | 8%1 of 13 questions | 10 |
| 2025 Q4 | 14 | 21%3 of 14 questions | 10 |
| 2026 Q1 | 13 | 15%2 of 13 questions | 9 |
| 2026 Q2 | 11 | 9%1 of 11 questions | 10 |
| 2026 Q3 | 3 | 0%none of 3 questions | 2 |
- 2024 Q413 questions · challenge rate 0% (none of 13 questions) · 9 companies
- 2025 Q118 questions · challenge rate 17% (3 of 18 questions) · 11 companies
- 2025 Q214 questions · challenge rate 7% (1 of 14 questions) · 10 companies
- 2025 Q313 questions · challenge rate 8% (1 of 13 questions) · 10 companies
- 2025 Q414 questions · challenge rate 21% (3 of 14 questions) · 10 companies
- 2026 Q113 questions · challenge rate 15% (2 of 13 questions) · 9 companies
- 2026 Q211 questions · challenge rate 9% (1 of 11 questions) · 10 companies
- 2026 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Cloud & AI30
- Revenue Growth28
- Competitive Dynamics26
- Demand22
- Pricing14
- Macroeconomic10
- Innovation & R&D9
- M&A9
- Regulation Policy8
- Capex Investment8
Show all 21 topics
- Margin7
- Credit6
- Guidance Reliability6
- Capital Allocation5
- Cost Pressure4
- Product Launch4
- Subscriber Growth4
- Geographic Expansion3
- Labor Market3
- Trade Tariffs2
- Fx1