S&P Global Inc. — Call Transcript 2026

Great. Good morning everyone, welcome to Mobility Global's 2026 Inaugural Investor Day. My name is Tejal Engman. I lead investor relations at Mobility Global. It is fantastic to see so many of you in the room and so many more of you on the webcast. It's great to have you join us. We're going to have a very action-packed morning for you today, but first I'm going to make the lawyers happy. We're going to go into a few things on this disclaimer slide that it's important for me to mention, which is that this presentation is being recorded and webcast, the presentation today will contain forward-looking statements within the meaning of U.S. and international regulations. Any such statements are based on current conditions and subject to risks and uncertainties which are discussed at length in our Form 10 filing with the SEC. As you know, Mobility Global plans to complete its spin from S&P Global to become an independent public company in mid-2026. Our discussion today will focus exclusively on Mobility Global with the financial outlook reflecting the company on a standalone basis. We'll also be discussing non-GAAP financial metrics. We filed an 8-K this morning with information regarding these metrics and the financial targets we'll be discussing today. Everything is available, the deck, the 8-K, et cetera, on S&P Global's investor relations website. Okay, now for the fun stuff. We have a very exciting and very informative day for you today. We're gonna kick off with our Chief Executive Officer, Bill Eager, who'll talk to us about his strategy and vision for Mobility Global. We're then gonna move into B2B solutions with Joe Lafeir, the President of that division, who'll talk to us about planning as well as sales and marketing. We're gonna have a break for 15 minutes. Many of you have seen the product demos that are outside. Please do spend time with them in the break. We'll come back after the break to CARFAX with Scott Fredericks, who's the president of CARFAX. We'll have a data technology and AI section with our Head of AI, Jeremy Morehouse, that'll be followed by the session that you're all waiting for, our financial framework section with Matt Calderone. There'll be a Q&A session after that where you have plenty of time to ask your questions. We'll also be taking questions from the web, please, on the webcast, folks there, feel free to submit questions and we'll select and address as many of those as we can. After all of this, we invite you to please join us for lunch and spend more time with the product demo stations outside. Great. With that, I'm gonna introduce you all to someone very important at Mobility Global, the Car Fox. [Presentation] It's my pleasure to introduce someone who's dedicated the past three decades to serving the mobility market. Please welcome President of S&P Global Mobility, Chief Executive Officer of Mobility Global, and my friend, Bill Eager. Thank you, CARFAX. As CARFAX mentioned, I'm Bill Eager, Chief Executive Officer of Mobility Global, and I wanna thank everyone for being here today. We're really looking forward to sharing our story with you, sharing the opportunity that we have, and our plans for going after it. We've had the honor of serving the auto industry for over 100 years. We were there for the Model T all the way to the Tesla 3, and every model in between. Today, there's over $1.5 billion with a B, vehicles on the road globally, and every year, another 90 million new vehicles are built and sold. Now, at Mobility Global, we have a mission, and that mission is to provide trusted information to billions of people to build, sell, and own vehicles with more confidence. For most of us, our vehicles will be the second-largest purchase of our life, only behind our homes. A car is never just a car. Our vehicles become a part of us. They're a reflection of us and where we are in life. They're how we get to school, to work, to practice, the grocery store. Our vehicles are what we load up when we go off to college or on a family vacation. I apologize for the sound of my feet here. We look forward to that day we finally get our license. How many people in here remember their first car? I see a bunch. The first car at least that you had access to. I remember mine. I come from a big family. It was a 15-passenger van, big blue van. I eventually went and bought a Ford Country Squire station wagon, high mileage, wood paneling and all, and I loved both. I loved both those vehicles and the freedoms they afforded me. Today, we're gonna throw a lot at you. We're proud of the business that we've built, and we want you to understand it. If I could ask you to hone in on three things, just three things today. The first one is the market we serve, the massive $8 trillion a year automotive market and the runway that that's created for our business. Second, the assets that we have, built to go after that runway. The third thing is our opportunity, the people, the team that we have, the strategy we have, the setup that we have that you'll hear about today, to take those assets and go do it. Let's hop right in. Here's what I plan to cover. I plan to give you just a high-level introduction to Mobility Global, some of the numbers and, you know, how we make money, where we operate. I wanna go into those assets that I was talking about, and you'll hear quite a bit about them throughout the day. It's a big part of our business. I wanna give you a taste of my vision for the business over the next two, three years, and then why we believe it's a compelling investment. Let's hop right in. I'll start with revenue. Our revenue has been subscription first. The majority of our revenue is recurring. That subscription model has allowed us to give our customers overwhelming value over the years in all parts of our business. We operate in two segments. The first, run by Joe Lafeir, and you'll hear from Joe next, is 35% of our revenue, and it serves OEMs, suppliers, dealers. After Joe, you'll hear from Scott Fredericks, who runs our CARFAX business, which is 65% of our revenue. CARFAX is hyper-focused on the automotive information needs of consumers. Both are scaled, both are growing, and both reinforce each other. Here are a few highlights from last year. You can see we had solid revenue growth at 8.5% and a healthy margin. I'll give you two stats from Joe's world, the B2B world. The first one is we do business with 40 of the top 40 OEMs around the globe. That's the 100%, and 94 of the top 100 suppliers. Two stats from Scott's world. Scott and the team do business with over 40,000 dealers and have a direct relationship with over 53 million consumers, helping them manage their vehicles in the U.S. and Canada. If you look at these numbers at first glance, you've got 40 of the 40 top OEMs in Joe's world. Bill, where's the opportunity? If you sat down and talked with Joe's folks, and they're here today, they'll tell you, "We haven't hit the 50% mark on the stuff we can sell those 40." On the 53 million number, that's Scott's' world. If you talk to Scott, Scott would tell you we're really pleased that we have 53 million consumers in a direct relationship with him. It's really hard. Nobody else has that in helping them manage their vehicles. His goal in the U.S. and Canada is not $53 million, it's $150 million, and it's $1 billion globally. When I look at that number, and Scott looks at that number, we say we're 5.3% of the way there. Lots of opportunity. Now, the automotive space today is going through massive amounts of change. You've got electrification, you've got supply chain issues, autonomous driving, affordability issues, chip shortages, changing consumer demands, just to name a few. The convergence of these trends is just causing a tidal wave of change in our industry. That change is driving up demand for data. Now, you'll see this slide a couple times in my presentation. In order to understand our business, you have to understand we operate across the entire automotive ecosystem, serving the two life cycles that matter most. Those building the 90 million new cars and selling those new cars each year, that's the 1 on the left. On the right, providing information to the owners of the 1.5 billion vehicles around the globe. The first one, that's our B2B business run by Joe Lafeir. In that space, we're serving that new car market. Every new car creates thousands and thousands of questions and decisions. The OEMs and the suppliers and the dealers, many of those people making those decisions rely on our data to do it. On the right side, that life cycle, that's the CARFAX life cycle. Scott and his team, they partner with OEMs and dealers to get our information into the hands of consumers as they shop, buy, service and sell their vehicles. This process benefits a dealer because when the dealer puts our products into that process, they sell their cars faster and they sell them for more money. They create a much better shopping and buying experience for the consumer. In that part of our business, we monetize primarily through dealer subscriptions, some direct from consumer. Our history, I have to touch on our history. We got started in the information space in 1870. 1870 when R. L. Polk started this business. It was the directory business. We got our start in automotive in the 1920s with a partnership with Alfred Sloan of GM and then Henry Ford, providing them the critical information they needed to grow those great businesses. 60 years later, in Columbia, Missouri, 1984, Ewin Barnett started the CARFAX business, some say in a garage, but I think it might have been at his kitchen table, with one file, 10,000 records and a dream. He wanted to help local consumers avoid really bad cars, that's when CARFAX started. Now, when you start a category like that, you hope that your brand becomes synonymous with it. We've been really fortunate in the automotive business to have that happen multiple times. I'll give you one example. In the vehicle history business, consumers don't ask for a vehicle history report. They ask for a CARFAX. Let's hop in and take a look at some of these core assets that we've talked about. These are our core assets. If you wanna know what we've done for 30 years, where our focus, our time, our money has been spent, it has been spent here. We're hyper-focused on it. These are our core assets. It's our data estate, it's our brands, it's the network that we've built, and it's how embedded we are throughout the industry. Before I go and touch upon a couple of things here, Scott and Joe will both go into far more detail, I wanna hit on two things. One, how we built them, and two, the way they interact. The way that we built them, we built these through a strategic lens. We didn't just build them willy-nilly, we built them with purpose. As we built them, as we went after our data estate that you will see has over 177,000 sources, we're asking, "Is it unique? Is it differentiated? Can somebody else do this?" We're asking those strategic questions that have led us to the differentiated assets that we have. My second point is that this is a flywheel. This is the type of thing where one asset grows the other, and both Scott and Joe will give you some examples. I'll give you one, though, you know, just to put it in context. I mentioned the 53 million consumers that Scott and the CARFAX team have in our Car Care app maintaining their vehicle. We send them reminders, "Hey, it's time to get an oil change. Hey, it's time to go get a service done. What they do is they go to our 92,000 shops and get that service done. The shop gives us the information. The second they do, we pop a little thing in the app to that consumer, "Hey, how was it?" Just like they're stepping out of an Uber. Millions and millions of times a year, they tell us, "Here's how it was." That data from our network then starts building our data asset. We don't leave it there. We take that data and we say, "Okay, we now know who the best dealers and the best shops are in the country. Let's give them CARFAX top-rated awards for that." We do, and we give them all kinds of assets, and we send them out to them. Collectively, they take those assets and send them to millions of consumers. "Hey, we won an award. It's a CARFAX award. Here's what it is." You saw some of that in the video, and that builds our brand. You can see how our network feeds our data and then feeds our brand, and we have many, many of these, and that's what I mean when we say we have a flywheel. I'll hop through each one quickly. Our data. We are data geeks at our core. We're a data company. We love it. It's some of the things, like that 177 number. We had a dinner last night, one of the team members came up to me and he said, "Bill, you mentioned the 177, but you didn't say anything about how good we are making sure 177 sources flow, and every time they change one little thing and this or that, it stops." We know how to keep that going, and we've taken 30 years to figure out how to get all that data that's scattered all over to the industry in one place and put it in a form that consumers can actually understand. We do the hard work that nobody else wants to do, and we've done it over decades. Our data is responsible for over 90% of our revenue. Our trusted brands, our industry-leading trusted brands. Now we have a first-mover advantage. When you create a category and you create that brand, we're able to maintain and grow those brands at a fraction of what it would cost anyone else trying to follow. In an age of AI, when people don't know what to trust, who to trust, and what they can believe in, we're seeing our brands become a bigger and bigger part of our value proposition. Now in automotive, CARFAX is 1 of the most recognized and trusted brands. Here's one little thing that we absolutely love. On a day like today, we're sitting here having this, you know, great investor day. All over the country, at thousands and thousands of dealerships today, consumers will walk in and say, "Show me the CARFAX." Now, this is our network, our customer network, and as I mentioned, Joe and Scott are gonna hit on this again. I would ask you, when they talk about it and when you look at the numbers and when you start to understand this network, just think about the size and the scale. We go beginning to end. We start in that planning stage, and we follow that vehicle throughout its life. Most vehicles are on the road for somewhere in the neighborhood of 17-18 years, and we're following that vehicle cradle to grave. We're not following one or 1,000 or a million. We're following hundreds of millions of vehicles, cradle to grave. The amazing thing about what we do is we don't just follow the vehicle, we connect with the people, the planning team, the OEM that builds it, the dealer that sells it, the customer that buys it, the shop that works on it. We connect with all the people along the way for that 17 and a half years. We have hundreds of millions of vehicles, and we have hundreds of millions of people, and we're the connective tissue between the two. It's really a pretty amazing thing that we do in our network. Last but not least, being embedded in the workflow. We've worked for 30 years to get embedded throughout the industry in the places that our customers want us most at those points of decision. What's happened is over time, we've gone from being just embedded and having our data embedded to having other assets and other things that we bring to the table embedded into our customers' businesses. I'll give you just two quick examples. On the B2B side, I was in Asia about two months ago, I went with a bunch of our leaders to meet with an OEM. They were talking about a vehicle launch, and they were using our data, but they were trying to figure out, you know, the launch of this vehicle. What was incredible to me over the course of that meeting was this, is that OEM was making a massive bet on this vehicle. Just a massive bet. They needed help. They needed help navigating and coming up with the right data to make the right decisions. Our leaders were at the table with that OEM, figuring out the data plan required in order for them to feel confident in launching that vehicle. I was also struck by two things. One, nobody else in the market had the data, and nobody else in the market had the experts we had to go do that. I'll give you another example on the CARFAX side. Somebody called me a few weeks ago, somebody that I'd worked with 10 years ago. They called and they said, "Bill, I've been meaning to call you. I keep, you know, thinking about you." I thought, "Oh, that's really nice." They said, "Well, I've been calling on dealers in the Baltimore/Washington market, and I've gone into over 100 of them in the last two, three months, and I've been struck, and now that I've noticed it, I keep seeing it, at how your brand is all over those dealerships. You're on the door, you're on the vehicles. I see you all over the showroom. Every time I see it, I go, 'Yeah, I gotta call Bill. I gotta call Bill.' I keep seeing it over and over again. CARFAX has built a brand that is synonymous with transparency and trust in the industry. We partner with those 40,000 dealers, Scott and his team. We let them use our brand in their dealership. They use our brand to build trust with the consumer. They use it to build confidence in the vehicle, confidence in their price, and confidence in their business. Let's hop in. I'll talk a little about where I wanna take the business here in the next few years. Our mission. It all starts here. Our mission of providing trusted information that helps billions of people build, sell, and own vehicles with more confidence. Our opportunity flows off of this mission. If you think of making sure that every single person at every single OEM that needs our information is getting it, the same thing at the suppliers, same thing at the dealers, same thing with the 1.5 billion vehicles on the road owners, that's what our mission's all about. What it's done is it's created this massive opportunity for us to go serve the information needs of this huge market. Now, when you think about it can be quite daunting. We have a saying that I like, "Think big, think really big, but go step by step." What I wanna do is I wanna share with you my steps over the next few years in driving the business toward this mission, and they are these. First, bringing Mobility Global together as one business. Infusing AI in everything we do and continuing those efforts. Third, expanding our market position. I'll start with the first, bringing Mobility Global together. For those of you that don't know, the S&P Global Mobility division was five separate businesses a year ago. We were run as five separate businesses, five separate HR, legal, and finance groups, five separate financial system, building product in five different places. Five healthy businesses, all growing, five separate businesses. A year ago, we began bringing those businesses together, consolidating our data, streamlining our processes. One finance department, one legal department, one HR department. Aligning the business to the customers we served. We now have the business aligned with our B2B division, serving those that build and those that sell those 90 million vehicles. We weren't aligned that way before. Now we have CARFAX serving that other side with one CARFAX, not three different CARFAX businesses. We've got the right structure to go grow the business. The second is the people, making sure we have the right team, from leadership right to our front lines. You might have seen last week we announced our board of directors, an incredible group of people, and we're thrilled to have them. We have a new executive leadership team comprised of four people that have been in the business for an average of 22 years building this business, and four people that have joined us in the last year, bringing with them a track record of growing performance in publicly traded companies. They're all here today, and I encourage you to meet them and spend some time talking to them about our business and where we're going. These first two are feeding the third. We were going at the market from five separate siloed businesses, and now we are going to the market as one from a position of strength. We're able to now not go into a customer three different ways. We're coming at it once. We can see where our opportunity lies, and we can create a far better customer experience. The second one, AI. We're already seeing this as an accelerant in a bunch of different places in our business, but I wanna give you an idea how we think about it. We think about it in these four areas. One, drive productivity, two, amplify our data, three, supercharge our core products, four, create new products. As you can imagine, I mentioned we were data geeks. We started actually with the second one here, probably back in 2018, 2019, with some of those early models. In our business, we're so focused on data, those early models gave us a little bit of lift out of what we were getting in all of those feeds. When we got that lift, we'd have sheet cakes, we'd celebrate, all kinds of stuff, and it's only gotten better and better since then. We wanna run an efficient business. We have a saying, "Work smarter," and that drove us into that first one. We started with tools for our tech teams and doing different things for, you know, our customer service teams to make us more efficient. Those you'll hear from Jeremy later are part of our overall AI plan, and they're a big part of what he's working on. The part that really excites me are those second two, our ability to supercharge our current product set and create new ones. The first two actually feed the second two. Jeremy, I think we have 15, 20 minutes later where he'll walk you through all of that. I wanna touch on the last one, creating new product. I'll just give you one example. You saw the Car Fox at the beginning, the video there, has to do with that. Our flagship product on the CARFAX side of the house is a vehicle history report. As we do a better job of going and getting more information, that report gets longer. There was a day when that report was one page long. Today, it's four for most vehicles. Consumers love it, and they spend tons of time on it. When we talk about getting it shorter, they say, "No, we want more on there." Our team recognized that there was a growing subset of consumers that loved consuming information from a 30-second video. Not just entertainment, but information from a 30-second video. What did the team do? The team took our four-page report, and through AI and a bunch of other technologies, they were able to find the 30 seconds worth of content on that report that's most relevant to a consumer, and then take that and arrange it in a way that makes sense to a consumer. They can take that, and we take that and we convert it to voice. Now we have 30 seconds of audio on the most relevant information on that report that a consumer might have spent eight minutes on. What we do is we convert that voice into the voice of the Car Fox, which is our IP, which is pretty cool. You've got a 30-second voice of the Car Fox talking you through the report, then we plug it into the Car Fox. Four years ago, when we wanted 30 seconds of the Car Fox animated for a commercial, it would take us four weeks. CGI, we'd, you know, have to go do that. Now we can do it on the fly. We can take that audio, put it in, now we have a 30-second video walking a consumer through that report. I'm happy to say that our core flagship product, that four-page report, is still being viewed over 25 million times a month. We're also delivering over 25 million of those videos today, a month. When consumers watch them, their engagement goes up. That's what I mean about creating new product with the technology. Now, if you think of that premise before I move on, we have this massive amount of data, and we have owners of 1.5 billion vehicles that we want to help shop, buy, service, and sell. We now have the ability to take that data, to create something meaningful, plug it into the Car Fox, create a video, and walk a consumer through that process. It's pretty amazing and tons of opportunity moving forward. Now, you'll see this framework in Scott and Joe section. The things I talked about are really that foundation, this foundation of growth for the business. This is what we're laying on top of it, our growth vectors. They'll talk about growing our core, these new solutions that we're building, and they'll go into what those solutions are. They're not solutions that we're gonna deliver in the future, they're solutions that we've been selling for the past year. Our international footprint. We have a big international footprint, and we plan to take the business through what we already have there. In our core, we have a ton of cross-sell opportunities. We've been operating in five separate businesses, and we haven't been selling each other's products. Joe has all kinds of datasets that'd be really interesting to Scott's dealers, but we haven't been moving them over and selling them to them, and we now can. As we build out one data estate, the insights that we can get from it are gonna drive that middle column. Both Joe and Scott will talk to you about our international plans. I wanna touch on this TAM chart here. Oftentimes, when people put TAM charts together, they put them together to show opportunity. I will not come to you in the next five years saying we are struggling to find opportunity. It is not a challenge that we have. When I think of this chart and I think of where we're focused, we are focused in the core right now, and there is plenty there to keep us busy. Scott and Joe will touch on a product or two that'll bleed us over into that extended. For the next five years, we won't go beyond those two rings. There is just so much opportunity for us in those two bottom rings. My job won't be to create opportunity. It's gonna be to keep the business focused on the best opportunity, the stuff that's right in front of us. Why are we a compelling investment? You know, it really starts with what I started out with, right? We are part of a massive market, a $8 trillion market with growing information needs. We're going into that with incredible assets that we have built over decades, anchored in our data estate and our market-leading brands. Finally, our opportunity, our setup with the right people, the right team and structure, the right setup to take those assets and just go do it. The framework or the way that I think about this is three parts. One, we have to drive the business. Two, we've built the business creating overwhelming value for our customers, and we're gonna continue to do that. Three, strong shareholder return. Matt will go through a lot of these numbers for you and talk about, you know, how we will go about it and what you can expect from us. Our business and the low capital intensity of it allows us to convert EBITDA to free cash flow. We're committing to returning 75% of that to you annually. When you think of our profile as a business, the financial profile is strong growth, expanding margins, and healthy returns. I thank you all for being here today. I hope you enjoy the rest of the presentation. As Tejal said, we have stations outside that highlight our products. We want you to know our business. We want you to see our products. We want you to ask questions on those assets. We're proud of what we've built, and we really look forward to you getting to know our business. Thank you for being here, and I'll turn it over to Joe to start walking through the B2B business. Thank you, everybody. Thank you, Bill. I really enjoyed having conversations with some of you this morning at the demo stations. I have to get this on the table. I was a little animated and I spilled coffee on me. There might be a little bit of coffee on my shirt. I promise this morning I had a clean shirt when I started. I'm excited to be standing on this stage talking about our B2B business with everybody. My name is Joe Lafeir. I'm the President of Mobility Business Solutions. I have to get a big shout-out to our team and colleagues all over the world for helping to build an amazing business, and I'm extremely proud to be standing here talking about it. I want to start the conversation today by touching on something that Bill talked about earlier. That's our legacy. We didn't enter into this category. We created it. We created it over 100 years ago. We've been leading it through this focus on relentless innovation ever since. The foundation of the business when it originally started was around this concept of performance truth. Essentially, we created an independent scorecard for the automotive industry. Then 40 years later, or 40 years ago from today, we introduced a new category. We launched the industry's first global forecasting standard. Today, we're the reference point for OEMs and suppliers and dealers when they're looking at assessing market share, or they're validating a strategy, or they got to make a really critical decision. You see, for decades, our customers have trusted us to really answer and help them with a really fundamental question: What's really happening in the market, and what do I do next? Our customers have pulled us into the fabric of the industry. We're not just a data provider here. We're helping them answer those critical questions. This is an industry that's moving fast. It's getting more complex, and those decisions are getting really hard. That's what's gonna drive our growth in the future. We're also gonna be connecting AI into our core assets to strengthen our leadership position and help answer those questions of today better and well into the future. How do I wanna spend the time? I'd love to spend the time talking just a little bit more about who we are. I wanna drill into some of those differentiators that Bill talked about. The really exciting stuff is where we're taking this business and how we're going to grow it going forward. Let's get right into it. This is a strong, resilient business. We have over $600 million in revenue last year, and we operate this business on two complementary portfolios. Our strategy and planning business, which is primarily serving those suppliers and OEMs, and that's where the high-stake decisions that we're talking about really start. Then in our marketing and sales division, we're helping dealers and OEMs in those downstream critical workflows that are helping to get cars into the hands of consumers. 82% of our revenue is subscription-based. Now, there is some transactional revenue here, but I think it's kind of important to note that that transactional revenue is almost entirely driven by our subscription customers, and that revenue's driving retention and account expansion. You know, two simple examples. You know, we got USMCA coming up for review this summer. That's the North American Free Trade Agreement there. There's huge implications. Suppliers will come to us to do custom studies to understand the implication for their business. An OEM launching a brand-new vehicle. They wanna get the biggest reach possible to get consumers to purchase that new launched vehicle, they're coming to us for those campaigns. Now, I talked about this being durable and highly reoccurring revenue. It was stress-tested. If we go back and we look at the challenging times during COVID, this industry was hit particularly hard. When the dust settled in those most challenging years, our subscription revenue for OEMs and suppliers actually grew. It really shows the resilience and the indispensability that we have with our services that we're providing the industry. We're operating at scale. We're highly reoccurring, high retention. We're not fighting a churn here. We're sustaining value, that's helping us grow the business. Bill mentioned it, we're working with all the top OEMs. We're also working with all the top suppliers, really we're working thousands of suppliers. We just happen to be pointing out 94 of the top 100. Our data moat is unmatched. 13 billion records that are representing the transactions in the marketplace, over 800 million VINs, we're covering 99% of the global vehicle production. That scale, that's impressive, what we really focus on is what we do with that. We're creating better signals, better models, all focused on helping our customers get better outcomes from that data. That's allowed us to serve this really wide range of offerings across the industry, and Bill mentioned that life cycle. Yes, we're operating across that entire vehicle life cycle. Where it starts in planning solutions is like the tip of the spear. This is where OEMs are determining what to build, how to configure them, how to source the components, and how to bring those vehicles to market. That was those top three nodes on that life cycle. This is where their long-term competitiveness and their cost structures are set. On the sales side, we're extending downstream, helping OEMs and dealers translate those plans into effective pricing strategies, targeting strategies to go to market and get those vehicles into the hands of consumers. The spanning of the entire life cycle sets us apart. We don't have anybody in the industry that does this in complete life cycle. We're connecting what the industry often is separating, this kind of upstream planning intent with the downstream market behavior. It gives us a great opportunity to expand our business in many ways. Each one of those nodes are growth opportunities for us. Just think about that thing growing outward in any one of those directions. Just to go a little bit deeper into our strategy business, in the forecasting side, our intelligence is helping suppliers understand what to do this year. How are they thinking about their production? Then we're also making bets five, 10, 15 years down the road, big bets that are often irreversible and can cost a lot if they get it wrong. Across our sales and marketing, our intelligence is actually helping to inform how is that vehicle actually competing in the marketplace? Who is buying it? What are they buying? Who are they buying it from? How much are they spending on it? Through our sales solutions, we're helping the industry to effectively spend billions of dollars in marketing spend and tens of billions of dollars in incentive spend. We're connecting those signals, those upstream planning signals and actual behavior in the marketplace, we're not just describing what's happening, we're helping our customers identify where those opportunities in the markets are, and also, as early as possible, identify where those threats are, so they can take action. Let me talk about the four core assets. Bill mentioned them earlier. I want to drill into those unique assets in the B2B business. They're the ones we talked about, proprietary data, our trusted brands, our scaled network, and our embeddedness in the industry. These aren't static. They're continually changing, and we're adjusting them to address the needs of the day for the industry. They've been in place for decades supporting these customers. Individually, they're powerful, but when we combine them all together, it creates this compounding advantage, and you should see that as I walk through this. Let me talk about them. The first one, let's talk about data. Our moat starts with data, and it's comprehensive. Over 90% of our revenue is being generated from this proprietary data. In our strategy and planning business, we're covering every major aspect of the industry. We're talking about commercial vehicles, passenger vehicles, the powertrains that move those vehicles, every component and technology that makes those vehicles unique. We're tracking all of that, we're defining 85,000 variants of vehicles that are getting manufactured around the world. When you go underneath the covers on that, you'll see we know where every plant is. We know what they're making in those plants. We know who they're making it for, and we know how long they're going to be making it. All of that is to inform how 90 million vehicles are gonna be produced each and every year. In our sales and marketing solutions, we connect the vehicle, the consumer, and the transaction, a combination our competitors just don't have. I talked about this 800 million VINs that we're tracking. When I talk about tracking, I mean, we know specifications on each and every one of those vehicles. We know who bought each and every one of those vehicles. We know how long they owned that vehicle. We know where they were when they owned that vehicle. We know when they sold that vehicle, and we know what they bought next. We see the patterns. You know, if these blinds weren't down here, I'd tell you to look out the window and just look at the vehicles on the road. If you're in the shopping mall and you're in the parking lot, look at the vehicles. I know there's not a lot of shopping malls here in N.Y., but you get my point. Next time you're in a parking lot, every single one of those vehicles is in our database. It has tens or hundreds or 1,000 records, depending on its age, that represents its lineage. This depth and comprehensiveness of data, it's what's powering our AI. This is how we're getting to predict the Behavior Prediction Scores I'm going to talk about. This is how we get to understand effective pricing and many, many other things that we're gonna get out of in integrating this with the AI infrastructure, which is the way this industry is gonna make decisions going forward. Having great data is good. I'm a data guy. I'm a technology guy at heart. I love this stuff. What really matters is what we do with it. We're the gold standard in this industry because we've earned that right to be the gold standard. We know how to turn that into valuable solutions. We are the reference point. Very simple example. If an OEM's gonna claim best-selling vehicle, longest-lasting vehicle on the road, well, they're claiming it against our data. We're the independent scorecard. We bring on-the-ground expertise across the world, we don't just have analysts. We have, like, industry practitioners. Bill mentioned it when he was talking about his experience in Asia. They're not locked up in a back room writing white papers. We have them write white papers. Don't get me wrong. They're smart guys, they like to put that stuff on paper sometimes, they're really focused on being out in the market talking with our customers. When major events happen in the world or in the industry, the industry's looking to us, major media outlets look to us to understand our perspective on the impact to the industry. You know, when a war broke out in Iran, our analysts were immediately communicating our perspective on the implication of that industry if the war lasted one month, three months, 6+ months, what's happening today. They're turning to us. We also host briefings all around the automotive hotspots around the world, Tokyo, Shanghai, Seoul, Detroit, Frankfurt, among others, where we're bringing together hundreds of customers into a room like this multiple times a year to discuss the industry and where things are going. You see, we're not observing the industry from the outside. We're inside working with them where the action's really taking place. What this is doing, it's creating that powerful network effect. It's a flywheel that compounds in value, and we get better, our value increases, and more participants want to join in that conversation. Why do they engage? They engage for a lot of different reasons. I'll outline a couple of them. One, we create an independent view. When an executive will come to me, he'll say or she'll say, "You guys remove our blind spots, and that's what we love." They know when they go to a board with a billion-dollar decision, they're gonna ask what data validated that decision, and they know that we have that reference point in the industry to be used. We have an understanding of what those OEMs are thinking about building, and actually, we have to create a reference point that the industry can feel comfortable with. If you look at the way an OEM will operate, God bless them, everybody is ambitious. You add up all of those plans, guess what happens? It's going to exceed the demand in the marketplace. It just will. We have to be there as a reference point to take that noise out, to reconcile those volumes so that if you're a supplier and you're gonna make a major investment on a program, you're protecting margins by understanding what the likely volumes of those vehicles are gonna be. We also have high-value interactions at the dealer level with our automotiveMastermind team, with dealer relationship managers that are in those local markets working with those dealers to understand how to deploy campaigns to keep customers loyal and to perform against the competition. Our, our competitors struggle to replicate our data advantage. The reality is they'll struggle probably even more to replicate this interaction model that we've created. I have one more differentiator I want to walk through before we get to the good stuff, which is the growth story, but I really think it's important to talk about how deeply embedded in the industry we are. We have full ecosystem reach. I talked about this, top OEMs, top suppliers, and top dealer groups. The OEMs are in our sales and planning side, the 6,000 OEM users will be logging into our tools every day to understand how to manage the markets that they're operating in. When industry disputes come up, it's our data that's been tested in court and considered the truth. Our pricing and payment engines are embedded in over 10,000 dealers, helping to make sure monthly payments are computed correctly for consumers. If you register a car at a DMV, or you insure your vehicle, or you get a recall notice, or you go to your local auto parts store, and they just happen to always have the right part in stock for you, if you're on your favorite social media platform, and you see an ad for a car that you're really interested in, well, that's probably being powered by us. We're taking friction out of the workflows across the entire industry. I do have a little story I wanna share. About 10 years ago, an OEM, a major OEM, was bringing a new vehicle to the U.S. market. They were building it in Europe, brand-new, brand-new platform. When the vehicles landed here, 20,000 of them, they couldn't get registered. Someone got the VIN specification wrong. That was a billion of stranded inventory sitting there for that manufacturer. It was an all-hands-on-deck situation. They turned to us. Why'd they turn to us? Because we're the embedded intelligence across the industry that make those workflows function. We systematically worked with every state DMV, deployed workarounds so those vehicles could get registered. We then deployed those to insurance companies that we work with so they can get insured, and we resolved that problem for them. We're proud to be named one of the suppliers of the year, but we're more proud of the fact that we were there in the time of need for our customers, and it illustrates how deeply embedded we are in this industry. Let's get into the growth drivers, the exciting part. Bill mentioned this, we are undergoing structural change in this industry, and that's gonna influence where our customers go and where we're gonna drive our growth. we thrive in stable periods, a lot of organizations do, but we also excel in times of uncertainty and volatility because this is the time when some of those decisions are gonna matter the most. we're looking at some of the trends at play right now in our strategy and planning space. We see cycle times compressing. the time it takes for a manufacturer to bring a new vehicle to market, leading OEMs are doing it in three years now. Most manufacturers are struggling to do it in five. The complexity of these vehicles are increasing, and with $1 billion, $2 billion, $3 billion bets to be made amid uncertainty on tariff and regulations, there's risk all over the place here. On the sales side, pressure is building downstream. The inventory dynamics are changing constantly, and some would say there's an affordability crisis for the consumer. We're seeing over 20% of car loans at 84 months now. This is a rising trend. It only stands to reason that consumers are probably gonna hold their cars longer. What does that mean? It's gonna put pressure on volumes. It's gonna put pressure on loyalty. It's gonna require manufacturers to increase incentive spend just to hold volume and share. As these forces are accelerating, our customers can't afford to wait. They have to take action, they need clarity, they need data and information in this rapidly changing landscape, and that's what we're here to do. Bill talked about the TAM. When we look at the B2B side of the house, we're serving a $6 billion addressable market, about 10% market share here, but we do see a clear actionable path to an $18 billion opportunity. Now, we're gonna stay focused in those first two, the core and the extended core, but the global automotive industry is an $8 trillion industry, and it's not about inventing demand, like Bill said. It's about us going deeper into the industry we know really, really well. That opportunity is sitting in our backyard, and we're gonna do this in four ways. We're gonna extend our core. We're gonna deepen the value in our existing products and sales and planning. We're gonna move into adjacent use cases that we naturally go into with our data and expertise. We're gonna scale internationally with our customers in those growing markets, and we're gonna unlock new categories through AI, turning that insight into predictions and decision-grade intelligence. Let me walk through what we have in our plan in a little bit more detail. Bill mentioned we have significant growth opportunity in the core, just selling the products we currently have. We're less than halfway penetrated with our existing offerings, and with automotiveMastermind, we have a tremendous runway, especially as we start to connect into the CARFAX dealer network. We are embedding AI into the core of our products. We know that AI agents in the future, deployed by us or our customers, are gonna be operating the workflows we're touching today. That AI technology combined with our data is what's gonna unlock an entirely new level of insight that wasn't previously possible. Take a look at some of the demo stations that we have out there to see this in action. Second, I wanna talk about new solutions where AI is helping us win, and I'm gonna walk through three examples today, but we're really taking and moving beyond insights, and we're talking about prediction and simulation to support actions. Third, international. We're gonna scale alongside the global OEMs, particularly in China, as they start to take their brands international. We're gonna be looking at scaling our sales solutions across Europe, Canada, and Australia, and we're gonna go deeper into India. In One Mobility Global, our teams are collaborating. We've just recently brought them together. I can't tell you how exciting it is to see these guys in the rooms in Virginia and New York thinking about all the ideas. They're like kids in a candy store. It's great. Let me get into the growth opportunities. AutomotiveMastermind is one of our fastest-growing products and has significant growth opportunity ahead of it. It's growing at double digits. It's deeply penetrated into the luxury market of dealers. It's where it got its start. Over the last couple of years, we've proven the fit for the mass market, and we're building a tremendous amount of momentum in that space. You guys might be saying, "Joe, what's this Mastermind thing? I heard Mastermind, I heard automotiveMastermind. Like, really simply put, this is our solution for dealers to help them reach a customer to sell a car. While it's a workflow solution, the power is really embedded in the analytics. If you get to the demo station, you can see the depth of analytics that's in there. Reaching a customer today with the right at the right time with the right message is harder than it ever was. It's a fragmented digital world where people are consuming content on so many different platforms. It's making marketing to them extremely complicated and expensive. Gone are those days of, you know, the Sunday paper with, like, I don't know, like, tons of car ads in it. I remember those. Local TV ads, they're all gone. Our Behavior Prediction Score is delivering that targeting that's necessary, and it's not a one-size-fits-all. We've taken thousands of data points, and we run it through our machine learning and AI infrastructure, and we're considering things like, are they at near the end of their lease term? Okay, that's an easy one. Are they about to go over their miles on their lease? Do they have major service events? Are they in a positive, negative equity position? Maybe the version of the car that they're driving was just refreshed, and there's a nice new one that's better looking than the one they have, and they might wanna get into that. Well, those scores that come out of BPS are being delivered to the dealer sales professionals to help them engage with each and every consumer for the things that are important for that consumer for that transaction. It's been proven. We have significant loyalty lift, 10%, through our customers that are using this product. We hear from them, and it's crystal clear the value that we're creating. They're telling us things like, "I get 10-15 sales a month in my dealership by using this." That's significant for a dealership. It's not table stakes anymore. It's becoming table stakes. It's not nice to have. Now, I wanna shift over to another product that we have in our planning business. It's called FAST. We're putting 40 years of forecasting experience and expertise into the hands of our customers. Planning used to be really hard. Now it's really, really, really hard. Multiple powertrains in play, compliance things in play. FAST, which are Forecast Adjustment and Scenario Tool, it codifies that expertise that we have and allows our customers to create their own unique scenarios to understand an implication in the marketplace when they decide they wanna make a change. Today, the only real alternative is a spreadsheet and pumping some of our data into it and trying to do some things manually. When I say 40 years of forecasting intelligence, what am I talking about? I'm talking about a deep understanding of how variables will change the forecast. Things like we understand the life cycle of vehicles. When a vehicle gets launched in the market, it might spike in volume, and some vehicles are gonna tail right off the next year or 2 after a launch. Some vehicles are gonna spike, and they're gonna hold that volume for a while. Well, you know what? We know what those life cycles look like by vehicle. We know how long they'll hold their volume. We also understand the sensitivity on things like powertrain and features and price and how those move the forecast. Imagine taking the horsepower down in a high-performance vehicle segment. Well, guess what? Your volume's coming down. Think about raising your price $5,000 in a compact vehicle segment. Guess what? Your volume's gonna go down. Those sensitivities are built-in, and they've been developed over decades of understanding how the market moves. Our value is very measurable here. It's automating 90% of the workflow. We're generating 4x improvement in forecasting quality. We're talking about integrating a tool, an AI tool at scale for the enterprise. Last, my favorite for last. Well, I love them all, so I can't say that. Someone's gonna get mad at me. This is really the last one. It's Data Studio. Data Studio addresses one of the biggest hidden drags in the industry. When I say, there's a misalignment between tiers. When I talk about the sales side, tiers, tier 1 is the OEM and tier 3 is the dealer. They often send mixed messages to the consumers. Consumers are getting one message from an OEM, one message from a dealer, and they're different, and they're confused. There's a lack of priority within those organizations to connect all those data assets together, so the information isn't flowing through the industry. Well, we have a trusted relationship with the OEM, and we have a trusted relationship with the dealer. We're pulling the first-party OEM data into our platform, we're pulling the first-party dealer data into our platform, and we're integrating with our proprietary data into this clean room environment where we're the independent steward, and we're building solutions to help them both, the dealer and the OEM. Our first solution on this platform is something we call EEQ. This allows OEMs to deploy incentive programs, personalized incentive programs, out into the marketplace. The tool allows them to run scenarios and look at what the cost of that program is likely to be, what volume will they get from that program. They can execute and measure that program, and it gets activated and deployed through our automotiveMastermind product into the dealer network. There's a consistency and linkage there. The results are strong. We're seeing 40% improvement in close rates on those campaigns, a 10% lift in sales. We're having a reduction in incentive spend, increase in margins. It's not a one-trick pony. We're talking about a data platform that we built that we're going to build other products off of the top of to help both the OEM and the dealer. It's a full suite of solutions going forward. I could talk all day about this, and I can already see I'm probably running over time. Bill's probably going to say, "Get off the stage," but let me close where we started. This is a proven model, $600 million in revenue, 82% subscription, highly recurring, very durable. We're deeply embedded in this industry, and we're trusted by all of the largest players in this industry. We've only begun to tap into the expanding opportunity that we have sitting in our backyard. AI isn't theoretical here. It's scaled, it's delivering results, and in my mind, the opportunities are mind-boggling where we can go with this. As the complexity of this industry increases, our partners are gonna continue to turn to us just as they have for a century. With that, I wanna thank you all for the time today, and I think we're ready for a break. All right, thank you. [Break] Hello, everybody. Thank you very much. Hard to follow all of that. My name is Scott Fredericks. I am the president of CARFAX. I have been a part of this business for over 29 years. Yes, since the 1900s. I can tell you that we have been on a great ride. I'm happy to share some of that with you today. To me, the most exciting part is our brightest days are ahead of us. We have a huge growth opportunity in front of us and a great story, and I'm happy to share it with you today. It really all starts with the consumer. We have long been on the side of helping the consumer. They have anxiety. Think about yourself getting ready to buy a car. You have a lot of questions about it. It's a lot of money. You don't have a lot of information. You may think the person on the other side of the table has more information than you have. This spawns questions. That anxiety creates questions all the way around this life cycle. When they shop, when they buy, when they own the car and take care of it, and then eventually, when they sell it. CARFAX answers those questions, and these are just four. Consumers have thousands of questions, and we use our data that you can't find anywhere else, wrapped in our brand, that Car Fox, to help them feel confident. When consumers feel confident, they're ready to take an action. They're ready to buy the car. They're ready to take that car in for service, or they feel like it's time to sell and they're getting a good value for the vehicle they own. This is what we do, and I'm gonna walk you through it a little bit today. It is the power of our business. We'll do a quick introduction to CARFAX. I'll walk through the core assets, and then I'll show you some of the key growth drivers we have ahead of us. Let me show you some numbers, okay? We are a diversified, resilient, and subscription-led revenue model, okay? +80% of our business is built on subscription recurring revenue. Highly visible, clear visibility line of sight, very stable, durable. It's built on a lot of diverse product sources. Our core product, hopefully you've seen it out in the demo station, is the Vehicle History Report. That's the CARFAX Advantage line you see there. Doesn't even represent 40%, and that's because the other products that we've launched over the years have grown so well. We have a very diversified set of products, and we're now taking those products more broadly internationally. You can see we primarily are operating in the U.S., but we are growing our international footprint. The same troubles and questions consumers have in the U.S., they have those same questions everywhere on the globe, and our products can help answer those questions. Let me give you a few more numbers. We have a very high-growth organic business. This is all organic growth, and it's built on these assets, these assets that Bill talked about and I'll talk a little bit about as well. Look at these highlights. We have huge brand awareness among end market shoppers. Virtually everybody knows us. We have 38 billion records on all the cars on the road that answer those questions consumers have. Was this car in an accident?" "Is the car well-maintained?" Many, many more. We distribute our products through a growing network of dealers, 40,000 dealers strong. The newest asset is we are building a direct consumer audience. That's the CARFAX Car Care program. I would encourage you to download it. It's a free app, and we can help you take care of your car. We could actually add to the 53 million and grow it even further. Consumers depend on us to help them when they need to get their car serviced and maintained. That's the audience that we are continuing to build, and Bill said we gotta go to 150 million. Okay. We have these two life cycles. Bill talked about it. Joe talked about the one on the left. I'm gonna talk to you about the consumer life cycle on the right. We have been in this for a long time, and we have scaled our reach in each one of these areas. When consumers shop, they're coming to our listing site millions of times a month to shop for cars. When consumers are ready to buy, they are asking and demanding and wanting CARFAX reports at the point of sale or online. When they wanna take care of their car, that's that big audience I just told you about. More and more, we are helping that consumer connect at the right time, get the value of the car that they currently own, and then connect them with willing dealers that wanna buy those cars from them. That's the sell side. This is a big, big market opportunity. In the U.S., we have hundreds of millions of cars that we touch, but globally 1.5 billion. That's the audience that we're talking about. All of this is built on that same flywheel that Bill outlined earlier. Okay? That's on the left. That's that Mobility Global engine. I'm gonna go into each of those for CARFAX and what we bring to the table. You can see over the years we have launched core products. Vehicle history now more than 40 years ago, CARFAX Car Listings in 2014, and then the CARFAX Car Care program in 2019. Those are our core products, and we've built them over many years. What I'm proud of is we have actually launched new solutions in the last 12 months. These are new revenue growth opportunities for our business built on those same data assets and brand, and we can operate and grow these new products into the market. Why do we have these new products? For two big reasons. We've been able to accelerate our product innovation using AI, and I'll show you some of that, and I know Jeremy Morehouse will get into even more of that later. There is this insatiable demand from consumers. They want the answers to more and more questions, which spawns these new solutions. Like I said, these questions that consumers have are global, so we can take our show on the road and bring them to Canada and Europe and beyond. Let me walk you through these strategic assets. Here's that flywheel. In the upper left, we have the data, the 38 billion records driven by 177,000 different data sources. We have this trusted brand that consumers know and trust. Our mascot, the Car Fox, is better known than the Pillsbury Doughboy. It's pretty good. The Michelin Man. All right. These are brands that people know and trust. CARFAX is at the top. We have this unmatched customer network. We bake ourselves into how dealers operate and make it easy for them to use CARFAX information to make business decisions, but then also to share our products with their customers, with the consumer. This is the magical part. The magical part is it's driven by embedding it in how people operate. We have loaded the lips of consumers to say, "Show me the CARFAX." What that means is they want the transparency that only we can provide. When they walk into the dealership at that moment of truth, they're saying, "Hey, before I buy this car, show me the CARFAX." Now let me walk you through each of these, just a quick double-click. Here comes the data. Ten thousand records way back in 1987, and now 38 billion. This comes from a huge network, that I'll show how it works, of data providers, including 92,000 service shops. Practically every service shop in the United States. What's important here, maybe the most important number here, is our revenue, 90% of it is driven by this data estate that nobody else has. It's proprietary. It's built with IP and analytics. How do we do this? How do we get all of this data? Well, it comes from this network that we've built, you can see the categories of data providers that we have around this circle, it's very diverse. We get more than six billion new records today. Even right now, six million today. I'm gonna walk you through one of these examples. Let's talk about the 92,000 shops that work with us. Bill mentioned it earlier, but why would they give us their information? The reason they give us their information to put on the report is because we give them two things back. First, we give them data back so they can be better mechanics. They can use our information to better diagnose a car and repair it better. They like that. Two, they get brand exposure on the report next to every record that they give us. We give them their name, their phone number, and their URL, and that gets more consumers to come back to that shop to get more work done in the future. They see that as a huge marketing engine for their business. We've done that for every single one of these 177 data providers. We provide data and insights, value to them, they exchange that with data back to us, and it's a relationship by relationship, shop by shop, dealer by dealer, police agency by police agency ground truth built over 40 years. Good luck trying to replicate it. Our brand. We take all that data, and we wrap it in a brand that consumers know and trust. The Car Fox is a well-known fella, cute guy. There might be some stuffed Car Foxes outside, I don't know. If for anybody who wants to take them home, dogs love them. FYI. We've been able to become the number one place consumers go to when they're shopping for a car. 54 million visits a month, consumers coming to us as they're getting ready to shop for their next vehicle. We have all of these consumers that depend on us when they own the car and want to take care of it. This is something that's really unmatched in our space. Dealers put up 25-foot Car Foxes in front of their showroom on the weekend because they know that it helps build confidence and makes them look trustworthy, and they want to use that trust in order to earn the trust with the consumer. How do we make this product easily available for our dealers and OEMs and banks and financial institutions to use it? We embed CARFAX everywhere, in all the tools and workflows that they use every day, and you can kind of see the long list. In the CPO area, we have 36 OEMs that will not certify a car without a CARFAX report, and then they make that report available to the consumer to build confidence in their certified pre-owned program. That started with Mercedes-Benz back in the late 1990s, and now we've added 36 more. I'm going to walk you through one example on the dealer side. My favorite dealer is in Fairfax, Virginia. He's a Ford dealer. He is going to go to auction today, and his auction buyer is going to consider many cars online at auction, perhaps as many as 300 cars that they'll evaluate in order to buy five to bring into retail inventory. 300 CARFAX reports to figure out which five cars we should buy to put on our front lot next week. The reason that Ted Britt does that is he wants to know what the consumer knows before he acquires the car. He wants the knowledge, anticipating that consumer need and demand, before he gets involved with that car. That is how we've changed the industry. They are using our information before they get involved with the car, just like the consumer wants to use our information before they get involved with the car. Show me the CARFAX. This might be the magic secret sauce. This is push/pull that nobody else has been able to replicate. Two million times a month, consumers come in or go online and ask the dealer for a CARFAX report. They say, "Show me the CARFAX," and that powers this entire thing. Consumer pull is the monetization engine into the dealer. Dealers have then learned, "Hey, you know what? It's a really good idea for me to share CARFAX proactively to the consumer. Let me put it on my listings online. Let me share it in my advertising that I use CARFAX. Let me put signs up in my showroom that say I'm a CARFAX dealer, and then let me show it to the customer at every deal in the showroom. Now dealers are starting to present and push CARFAX 28 million times a month. Consumers say, "Show me the CARFAX," and that spins our flywheel. This all translates into proven ROI. Dealers get huge business benefits from working with CARFAX. They get more service visits. They get more customer loyalty. They sell cars fast, and they sell them for more money. This translates into 10x-15x ROI. That's right. It's alarming. Unbelievable. I mean, what are you going to do? You can't make this stuff up. Banking and financial institutions use our information to make better decisions. Okay? They use it to reduce fraud risk. They use it to underwrite at the right level, and then, of course, consumers depend on it. They love our products. We get a very high customer satisfaction. They use it to make sure that they're getting a good deal, and they're also selling the car and getting when they're ready, and they're getting a good deal for their vehicle that they're selling. Unbelievable. Couldn't make this up if I wanted. Okay, I'm going to keep moving here. Key growth drivers, two trends that are kind of underneath this business working in our favor. One is cars are expensive. New cars are more than $50,000. Used cars are almost $30. When the stakes are high, people have questions. Vehicles are on the road for longer than ever, probably because of the trend on the left, right? What does that mean? That means more CARFAX. More CARFAX when you're about to buy a car, more CARFAX because you want to make sure you're servicing it right. More CARFAX Car Care relationships, more service records, more lending decisions, all of these things equal more CARFAX. We have this big TAM. Okay? Huge opportunity in front of us. I'm going to focus on the core TAM for a second. Our core business still has big runway of growth. People have asked, "Well, you've been in the market for a long time. You must have a lot of penetration." Well, in our core product, we do have a lot of penetration, but we actually have more opportunity with our core product, and then we've added other core products on top of that, the CARFAX Used Car Listings, the CARFAX Car Care program. Most dealers are only on 1.5 products. We know that we can sell three or four or five products to those dealers. There is a core growth market opportunity there that we can go into. In the extended area, we have new things that we're adding, Digital Advertising, Sell My Car, a new program to connect the consumer at the right time with the dealer that wants to buy their car. Then of course, we can take these products that we currently have into other markets internationally. I want to focus really on that $26 billion as we hop into, here are the three places we're gonna grow to reach our TAM. Core growth, we have more solutions that we want to sell in, higher adoption and retention of those. We're gonna capture value. We continually innovate on our product. When you go out to the demo station, you'll see the Vehicle History Report, and we've innovated more on that product over the last several years, and you'll see some of those innovations. That enables us to deliver more value to our dealers and capture that value over time. We also have upsells, where we can sell dealers on the Lifetime Program. I'll show you what that looks like. We have some new solutions, Sell My Car and Showroom Listings and Service Marketing Coordination. I'll show you what those look like. We have international expansion. We have some of our products in Canada, but we can bring more, and we continue to expand in Europe. We're in a few markets in Europe, but we want to go to more markets in Europe as well. Underneath this is One Mobility Global. This is where Joe and his team have data sets that we can use to make our products smarter. We're already starting to do that with Market Scan and the prediction scores. All of that works together. Let me talk to you about the Lifetime as one of the examples. We have taken our three core products and stitched them together into the Lifetime Program for dealers. When you do that, it unlocks more value and helps them solve big problems. You know, dealers have low service retention. Most consumers don't go back to get the car serviced at the dealer. They would love to have that. They would also love to have the customer turn the car in and buy another car from them down the road. They see these as big leaky buckets in their business. When they stitch these three products together, they see big lift. They see more service retention, 19 points. They see higher OEM brand loyalty, 16 points. The OEMs have definitely taken notice because 14 OEMs now support this program with co-op funds for the dealer. We are just getting started on this. The traction is really strong. We started doing this in Q4 of 2025. We already have 1,600 dealers that are on this program. We are just getting started. It's really building in momentum. This is the Vehicle History Report. It's often been thought of as strictly a history report. I can tell you now, it is about the past of the report, the present, what's that car worth, and then the future. Tell me how many more miles this car will go. Tell me how many major repairs are gonna be needed on this car. Let me compare the futures of different cars so I can determine which car is right for me and my family. I don't wanna talk about it. I'll let the Fox tell you about it. Hi, I'm Car Fox. I'm here to help you get to know this car. This car's reported damage is minor. Minor damage is generally cosmetic, including dents or scratches, and doesn't typically affect safety or how a car runs. CARFAX makes knowing where the damage occurred easy. It's always a good idea to get a car inspected before you buy. Wow. Based on the CARFAX history and its current selling price, this car is a great value. You're not gonna believe it, but CARFAX can now tell you about the future of a vehicle. Based on its history and others just like it, this vehicle has great reliability. That means it should have fewer unexpected repairs than similar vehicles. That's just the beginning of the Fox telling you the future. You'll see more and more of that as we innovate and bring more granularity. We're gonna be able to tell you how many more miles a car has life left in it. You can use that to make a smart decision. It's just the beginning. We also can take our show on the road. We're primarily operating in North America right now. We have a little bit of runway already started in Europe, but you can see that there's big opportunities still in front of us. The questions that consumers have that power this market are the same in these other geographic locations. They worry about spending too much on a car that might not be a good car. They worry about should they get the car fixed and who should do it that I can trust. They worry about, am I getting the right price for my car that I'm trading in? We can take the same questions that consumers have and answer them using our same data assets, our same trusted brand. Let me wrap all this up for you before the alarm goes off. Okay? We have this proven financial model, subscription business, very durable business, clear line of sight on our revenue. We have these key differentiators that power it, this awesome data, our trusted brand, great network of dealers and such. We have these core and new solutions that are powering more value for our dealers in the current and new growth opportunities. We can capture that value as we deliver that on existing, we can add on top of that new revenue streams from these new products. We can go out on the road and take this story internationally and help consumers around the globe. That's my story, and I'm sticking to it. I'm gonna invite Jeremy to come up before the next alarm goes off to talk about our AI. We have a huge AI initiative, and I'm gonna let him talk you through it. Thank you very much. All right. I have it on good authority that we're not going to have a disco ball going on. That's exciting. Sorry, just one sec. We're working on the monitors. Good. Okay. All right. Hello, everybody, in the room and online. I'm really excited to be here to talk about my favorite topics, data and AI. You know, Bill, Joe, and Scott were talking earlier about where we're taking the business and how we're using AI and data to do that. I'm going to try to dive a little bit deeper into that. My name's Jeremy Morehouse, and I have the privilege of being the head of the AI office for Mobility Global. Before I get started, I was hoping you could help me with an exercise. Could you please look under your seat? If you reach under your seat just for one second, you'll find that there's absolutely nothing there. It's a demonstration of how a little bit of misinformation or hallucination from an AI model can have a real-world impact. You know, while looking under your seat's not a big deal, making a decision that's a major financial impact, whether it's capital misallocation or buying a car, is a big deal. We take our mission very seriously by providing trusted information regardless of the technology. Before I jump into the AI piece, though, I wanna talk about the demand for our data and how AI is changing the world and how we consume data, whether we're a consumer using an LLM to search for a vehicle, an OEM who wants to plan smarter, a dealer looking to manage their inventory a bit better, or bank and insurance companies looking to do better underwriting. The demand for the demand to change those businesses to use AI means that there's a major demand for data. I'm sure everyone in this room has heard that data's becoming a new currency and demand is increasing, not decreasing. AI's not replacing the need for data. It's actually increasing it. Because all these people on this slide can't use public AI models to make their decisions. Public AI models are trained on public data. They have access to public data. One thing we've learned over the years that these models have been available is that this is not the kind of data that we want to make decisions with. It's good enough data. Data can do lots of interesting things, but it's not decision-grade data. We have decision-grade data, VIN-level data, global data that allows us to provide these services to customers in a trustworthy way that public AI can't do. The cost of doing things wrong and just using good enough data or a hallucination means major fines, legal exposure, capital misallocation, or everyone in this room buying the wrong car for their family and live with it for the duration of their lease or their finance. Our mission hasn't changed. Even though we need to provide more data to these systems, we need to find new ways of providing that data and provide the trusted information in a safe way. You've heard this a couple times now about our data moat, and our data moat is deep and wide. We also enhance it with AI, which I'm gonna talk about in a little bit. Every one of those 177,000 sources are contractual relationships that are slow to replicate. We have that two-way relationship that Scott mentioned that makes it There's no incentive to leave. To continue providing that data to us is a very important thing for them. It's a very important thing for us. The data we have isn't scraped, it's not publicly available, and it's not synthetic. This is real world data, real things that are happening in the industry to the vehicles and to the people in this room. As I mentioned earlier, this is all VIN level, too. It's global. We know exactly what's happened to that car. Joe mentioned there's so many things that happen, whether it's the vehicle itself, the people that own it. There's a lot going on, and we know that data better than anybody. More importantly, this moat is not static. It's growing all the time. You've heard numbers, six million, millions. Millions of records pour in every single day. I'll talk a bit about how we ingest all that. We use AI to enhance that even further. Many of those records contain more than just one piece of information, and we want to extract all the possible value that we can. This living data moat is just constantly evolving, and we keep all that data. We have decades of data that we look back on and say, "What else could we do? What other insights could we bring? What other forecasted models can we create?" This data is embedded in workflows today, and it's very sticky. We talked about CARFAX. People don't go and say, "Can I see a vehicle history report?" They say, "Can I see the CARFAX?" The OEMs plan in cycles. They're using our information. We're so embedded in these systems that the switching cost is just too high. It's way too high. If they did switch, they'd have to go revalidate all the decisions from the past, rebuild trust with their customers, redesign their workflows. It just doesn't make sense to do that. That's our data. You've heard a lot about our data. I'm going to go through each one of these in excruciating detail. Well, I'm just kidding. Actually, what I want to highlight here is that we're not just getting started in AI. We have this powerful data moat. We've been working in AI for nearly a decade. We've been building this institutional AI excellence within our business for a very long time. Where others are just getting started because GenAI has changed the world and people are excited about it, we've been in the business of AI machine learning for a very long time. Today, we have over 100 dedicated data scientists and AI experts that just love solving problems using AI. This is all they do. They love creating value with AI. They're not just playing around with the technology. They're understanding what problems we can solve and what value we can create with this technology. Let me take you back a little bit. In the very beginning, we brought the very first neural network models into our business to solve some natural language problems. The reason why we did this wasn't 'cause it was fun, it was because we wanted to provide signals to our consumers that were the highest accuracy possible. When we told them they need to get an oil change or a tire rotation, we didn't want a big error rate in that. We want that to be as close to 100% as possible. The only way to do that was to make sure the underlying services were decoded extremely well. We designed that program to have a 98.5% accuracy in everything that extract it, and today we do over 180 services with that program at that rate. I actually pulled some numbers for this presentation, and currently our production models are run at 99.5% accuracy, because that accuracy is super important in that program, so those signals are correct at all times. Like everyone else, we moved into GenAI really, really early. We wanted to understand how would this technology would transform our business, how people would wanna interact with our data, how chatbots might change things, but more importantly, what would the cost of that be? How would hallucinations affect trust in our business and our brand? Now we can start getting ahead of some of those concerns. We established our very first formal AI teams to focus only on AI technology, and where to add AI. Along the way, we've compounded a lot of our AI layers, which I'm gonna talk about next, and created more advanced products like our enhanced reliability that Scott spoke about. We've also created this very mature AI operations group and platform. What does that mean? That means these folks are creating models that operate the most efficiently possible. They're not necessarily using the large language models and frontier models that are very heavy to consume and very costly. They're creating cost-efficient models, high accuracy. They're creating programs that repeat these, test quality. This year, we're actually launching something called the Model Health Initiative to take a proactive look at the models we have in production and ensure they're always running at the highest efficiency possible and the highest quality possible. What we've learned over the years is that getting into AI is very easy and everyone's talking about it, but doing it right, making sure that it's accurate, that it's scalable, and that it's safe is very, very hard. It's something that we do every single day for the past decade. You saw a similar slide earlier. Bill talked about this. These two sort of key moats, key features, key skill sets are data, AI expertise, feed into these four engines. It's productivity and efficiency, our data amplification, supercharging our core products, and our new growth opportunities. I want to talk about each one of them individually. The first is something that everyone should be talking about right now, and that's productivity. If people aren't talking about this, then they're behind. We're not behind. We've been ahead of this for a long time. I've picked two of many examples to talk about today, but we look at this as a key staple in using AI in our business. In our customer operations, for example, we introduced AI to answer some of our chat and email questions. And today, 84% of those queries are deflected into an AI system to answer those questions. Now when I talk about that stat, I always get asked, "Well, what happened to your CSAT score? Do people like that experience? Well, yes, because what happened was that freed up a lot of our staff to be able to focus on the highest complexity problems, the ones requiring the most empathy, the most care. Our CSATs actually went up. Of course, we need to talk about engineering. How do we actually use AI in engineering? We wanna do this in a safe way. We don't want to be on the news making mistakes with AI in engineering. Last year, our programs saw a 10%-15% lift in our engineering programs. That's embedded in coding, reviewing, reviews, things like that. We're just getting started in both these pillars. For example, in customer operations, we're talking about how we can actually create systems that allow customers to resolve their own billing disputes, interact with live avatars, do lots of really interesting, cool things. What more can we do in that space? Even more exciting on the engineering side, we introduced programs for agentic engineering this year. In the first quarter, we're already seeing four to five times what we saw last year in productivity. We're very excited to see what those results will be by the end of the year. We're also talking about policyware AI for compliance. We do a lot of reviews, as you can imagine, whether it's legal, security, in my office. We wanna make sure what we're doing is safe and it makes a lot of sense. Having a policyware agent right beside us to help us make sure we don't make any mistakes is incredibly powerful. Just wanna highlight this because we're not just starting productivity. We're already compounding it, and we're trying to find out what's that next level for various different areas of our business. CARFAX again. This is my favorite layer. We're gonna talk about ingest and enrichment and decoding. We call this our data amplification layer. Acquisition of data and ingestion is hard all by itself, but to me, it's just a start line. We wanna go beyond that. We wanna amplify that. We wanna use AI to find even more details after we already have the data in-house. Let's start with the ingest layer. We have all these partners, what's really important to highlight is that we work with them, we take data however we can get it, whether it's text, images, structured or unstructured, data feeds, FTPs, you name it, we'll take it. We even collect some data through CD-ROM and fax still. I'm not even making that up. We'll figure out how to make sense of it and how to bring it into our system so that other groups within the company can use it, leverage it, and it becomes product that you guys see today out in the floor. We don't stop there. We know that each one of those records has more to tell, we use different types of proprietary models to understand and unlock more value in each one of those records. Let me give you an example. When you take your vehicle to a service shop, they're typing up what they're doing to your car in the back. They're doing this. There's typos, there's codes, there's different ways of saying things. Someone told me a long time ago, there's 1,500 ways to say oil change. I can count them all, but that's a lot. We use AI to really understand what's happened to that vehicle and what hasn't, what was recommended, what did you decline? We need to understand the difference between what's in there and what actually happened to the vehicle, and that's incredibly difficult to do. It's something that we do every single day. An accident record typically contains at least two cars, maybe some more, that all had a really bad day. You saw CARFAX talking about the point of impact and the severity earlier, that information's in there. There's other stuff in there that's very interesting. The intersection, the time of day. Was there a fire? Was the air bag is deployed? There's all sorts of stuff that we're really interested in learning for future products, and things we might be able to do with that information. Along the way, in this layer, we have comment and feedback loops as well. There's humans in the loop every stage as necessary. Every time we do find something wrong, we make sure we correct it right away, upgrade the models, redeploy. We're always doing our best to make sure we maintain that 99.5% accuracy in the things we're doing in this layer. This is what actually powers the Car Fox. This is why he's talking right now, while I'm talking. All the data he's talking about, all the facts he's talking about come from this layer. Everything you see on the vehicle history report, it's this data amplification layer that powers that. Simplifies it in a way that we can all consume it in an easy way to do that within 28 million vehicle history reports a month. That's a lot of reports. It's a lot of technology that goes into making that data simple to consume. Gotta love this because that base, that rich data sets that we're getting from that data amplification layer, we can compound that. We can build on top of that. We can build forecasts, and we can build prediction systems. We go beyond just the data amplification layer, and we really supercharge our core products. What more can we do? We can take them into a higher order of predictive capabilities that can only be done because we have that layer. These systems aren't possible without that foundational data amplification layer that we've created from our ingest and from our AI systems. You've heard about reliability. That isn't just a feeling that the car might last a little bit longer than the next one. That's based on thousands and thousands of records of similar vehicles, of that particular VIN. Everything we know about these different vehicles, we're not just feeling like it's a good reliability. We know that it will be. That does lead into other products like top repairs, how long the car will last. Where I would love to see it go is to remind me what to expect at the next service visit. You know, not just because of the OEM schedule, but because of everything that's happened to cars like that. I declined the brake job last time I was there. That's probably gonna come up. Behavior Prediction Score you heard about as well, our ability to understand what a consumer might respond to before they even show up. Our Market Response Model, you can see that about that on the floor, that allows the OEM to simulate incentive programs, understand what different types of levers might do to their incentive programs globally. All these are built on that rich data sets that we created in the first two layers. The bigger picture here is that these systems aren't possible without the proprietary data at the very beginning, the ability to ingest it quickly. I don't think we've talked about this, but there's an example I like to use where if an accident happens, we have it within two hours on our systems. It's very, very quick. Then amplifying that further using AI and creating rich data sets that nobody else possibly can have. Those layers get us ready for what's happening right now. I've heard a couple folks ask me today, and this is happening across the globe right now, is this fundamental shift to agents, agentic workflows, things like that. Our enterprise partners and everyone in this room, we're changing how we consume data. We do wanna use agents to not just search, but maybe do things autonomously for us. Maybe find vehicles that I'm looking for. I'm in the market, just go find me something that I want. That is, that's where we're going in this space. So are our commercial partners. They wanna use agentic AI workflows. They wanna consume data through MCP servers, Model Context Protocol servers that are the language that agents communicate, that we can expose the data that we want to expose to those agents and provide them the power to make the decisions they need. Some of the things are already in motion. We already have internal agents to unlock data for our ideation and product discovery. We really wanna empower people within the organization to think about what's next. We're designing infrastructure to modernize, monetize those agents. I had a lot of good questions already today about how do you monetize MCP servers and agents. I think people are trying to figure that out. We're already ahead of that, trying to figure that out too. Of course, we're trying to think of what are the higher value use cases in this layer? What else can we do? I feel like this moves us up the value chain from providing data to providing actionable intelligence and answers directly. Let me give you an example. Scott talked about the buyer at a dealership. Tens of thousands of dealerships all have this person that have to go and buy vehicles for their lots. Today, we aggregate all that data, and they use all this data, and they're figuring all these things out. I think the numbers he used were if they buy five cars out of 300. That's a lot of work. That's a lot of time and money spent every single week trying to find vehicles. Well, we're already building agents to help them in this case, agents to understand what they prioritize. They prioritize profit, time to market, certain makes and models, maybe a clean CARFAX report. What is it that they prioritize? They combine that with intelligence about what's going on in their community. What other cars are selling? What cars are not selling? We bring all that together, and we can provide them the answer. We can just tell them, "Go buy these five cars," right? Don't spend that time going through 300 different vehicles. Just go get these five. These are the ones that'll fit your business. Maybe one day, we even give those agents a balance and allow the agent just to go buy the cars and just notify the buyer when they're gonna show up. Now, might be some skeptics in the room that go, "Well, that's not gonna happen." It might happen, and it might happen soon. That's what we're thinking about, is how can we automate these workflows and how can we change them and empower our customers to do more? That time that they're not spending going through 300 different rows, they can spend with a customer or spend on strategy or think about what's next for their business. All that, though, is just things we're doing, and we're just getting started. To me, this is the biggest opportunity that gets me excited about Mobility Global. We have this proprietary data moat. We're enhancing with AI all the time. We're super excited about that. If we can unify this all together, all of our data, all of our AI strategies into one cohesive strategy and create an enterprise AI data fabric, that'll securely connect everything. Allow us to manage and govern our data across all of our ecosystem. Allow us to create all these new ideas and new products. It allows us to prototype faster. I want us to get into a position where we're prototyping ideas at this huge, fast rate. Lots of them aren't gonna work, but that's okay. Let's prototype faster. Let's get things to the market quicker. Let's see what our customers want. Let's get to market as quickly as we can and help our customers power their futures as well. This will be the beginning of our ability to provide AI-first products. We'll have that mindset of how do we create these from the ground up to be AI first. Not only that, this is a major operational multiplier. If we combine all these things, we can do things to supercharge in all of our data feeds. Some of the layers I talked about before. We can do more of that. We can get lower unit costs. Because again, there's economical side to this. We can't just throw all this at an LLM. It gets very expensive. I'm happy to talk about the numbers later if you want. It can be really expensive. We can lower those unit costs, and we can create new predictive intelligence products. This isn't years away. We're already talking about this, and we're already on our way. I'm over time, they're flashing a red light at me. In summary, I really want you to take away that AI is not replacing the need for a company like ours. It's actually creating a global demand for our data because the data we provide is decision-grade. The kind of decisions our customers need to make and everyone in this room needs to make, we can't make with just good enough data. We need to know that it's decision-grade data, only we can provide that. Then we have years of AI experience. We're not just getting started. We're not at beginning. We have nearly a decade of experience, hundreds of people working in this space. We are amplifying this business every single day. That's what drives all the rest of our growth. Just finally, we are ready for the agentic AI revolution, and we're right there with our customers to be ready for it too. Thank you, everybody. All right. Good morning. It's still morning. My objective is to finish before noon. I always laugh when Tejal says, you know, "We're gonna save the best for last," because I know you do exactly what I do when you get a big presentation. You go right to the end. You look at the numbers. You start there. I got a lot of great questions today. I'll hopefully provide you some context for those numbers, bring it all together, right? The great stories, business strategies, data that my colleagues have shown, I'll put it into a financial context for you today. Before I do that, I wanna just share a little bit about why I decided to join Mobility, what makes me so excited. First, the team, right? Folks you saw up here, my colleagues and friends, the leadership team, the extraordinary people you met out there. It was funny. I was supposed to at this point say, "Well, I really hope in the break you go engage them," but that's happened already, right? There's a reason why we started there, because our people are amazing. Of course, the 3,400 people at Mobility, these women and men, they're just, they're innovative, they're customer-focused, and they are deeply technical. That's number one. Number two, the assets are pretty awesome. I won't go through them again, but what a foundation on which to build. Number three, you know, spinning this company out and going public is gonna be a lot of fun, right? It's exciting, I'm quite confident that Mobility Global is only gonna get stronger as a standalone public company. With that, let's get into the highlights. We are a compounding organic growth engine, right? That's the core. That's the fundamental to our value proposition to you and our value creation framework. It's what we do. It's what we're focused on. It's what we will do. That is number one. On top of that, we're relatively unique in that we have this great compounding organic growth engine, and we're a high-margin business, right? We're high-margin because we create a lot of value. We're high-margin because we got good operating leverage. We're high-margin because we continue to innovate. Growth, margins, that generates a lot of cash and supports a strong balance sheet. We intend to use that cash and that balance sheet to create significant additional value for investors through a disciplined approach to capital deployment. We think all that adds up to a compelling investor value proposition. Bill touched on it. I will describe in a little more detail. Perhaps most important, it's why we're here today, we are on track for a 2026, mid 2026 public company launch. It's gonna be a lot of fun. As I said, growth is the key. You heard this from Bill, you heard this from Joe, you heard it from Scott. We are a compounding growth engine. I do wanna highlight a couple of things just to reinforce some of the messages you heard today. Highly subscription-based, increasingly diversified, right? All parts of the business are growing. Everybody's pulling on the oar with one minor exception, recall business. We can create demand in a lot of places. We can't create demand for recall. Everybody's pulling on the oar. Going forward, we expect to deliver consistent organic growth. You saw we just reaffirmed guidance for 2026 at 7.5%-9%. We're going to continue to compound in 2026. Going forward, we hope we see some potential to take that top side up. We are targeting 7.5%-10% organic growth in the medium term. We will continue to compound. I thought I'd take us back. The point of this chart is, you know, we are not just counter-cyclical, we're relatively acyclical. If you go back to 2014, right? Auto industry and the broader economy have gone through a lot of perturbations, a lot of change, but we've kept going. Each of these markets are different. I've heard stories. Some are easier markets, some are tougher markets. You know, this is the year we're grinding it, to be honest, right? There's a lot of work to be done. We're making progress. Look at the remarkable consistency of that growth, particularly if you average the two COVID years, right? We didn't just, quote-unquote, recover in COVID and get back online, we actually made up for the first year in COVID. Is it always easy? No. Right? Why does it hold? There are some structural reasons. There's some natural hedges in the business between used cars and new cars, between different players in the automotive ecosystem. More than that, it is the value we bring, and I hope that has come through for you. It's actually, I think, the thing that surprised me the most as I learned the business as a relative newcomer is we are on the revenue side. The vast majority of what we do is on the revenue side. You heard it from Scott, you heard it from Joe, you heard it from Bill. We provide the information that makes transactions happen. Transactions are valuable, right? They're valuable for the OEMs, for the dealers, the suppliers, for the consumer, right? We are not discretionary in the vast majority of what we do. Lastly, you don't grow this consistently for this long without changing, right? I hope you heard that today as well. The capacity to change, to innovate, to adapt. I won't belabor this, you've heard quite a bit about it, but the subscription-based model, you know, does provide a tremendous amount of predictability for our business. Our retention numbers are excellent. You don't grow as consistently as we do without the ability not just to retain customers, but to continue to upsell to them because we provide more value. We expect these numbers to continue to increase through the Lifetime Dealer Program that Scott mentioned. A lot of what Joe described in terms of where he's headed. As a Chief Financial Officer, this is great, right? The stability of the revenue stream is a real asset. It allows us to plan the next wave of investment and manage the business, right, at the same time, so we can keep that flywheel going, right? The next wave of investment to fuel innovation, to fuel growth, and to fuel diversification. This adds up to a strong business. $1.75 billion in revenue, increasingly diversified, building on a core of products and solutions, taking them to new customers. We expect this to continue this trend of diversification to continue as well. We anticipate continued diversification across the business lines. You heard about some of where we're taking our core products out in the hall, across geographies and across customer sets. As I mentioned, Mobility Global is relatively unique, right? Compounding growth, subscription-based model, very predictable, increasingly diversified, and also high margin. Our margins have been on an adjusted EBITDA basis in the 40% range, give or take, over the last three years. Very stable and starts with unit economics, right? Our stuff is valuable. We produce it in a way that's efficient. Strong unit economics. This produces growth that coupled with operating leverage, it provides us the ability to continue to invest while maintaining or expanding margins, and we anticipate that to continue. Now, we are gonna see a period of brief margin reset. There's costs associated with becoming a standalone public company. I'll describe that in a minute. After that, we expect margins to increase at a steady pace. Now, at the root of this is not just unit economics, but the fact that our strategic assets yield significant economic advantages. You've seen this wheel a lot. I wanna just sort of highlight what it means from an economic standpoint. I'm gonna start with the bottom right. It's always hard to do this looking the opposite direction. Number four with embedded in decision-making, right? A lot of what people think about when they think about being embedded has sort of negative connotations, right? It's a moat, it's stickiness, it's, you know, hard to replicate, it's this and that. That is true, right? The real value for where we're headed for growth and innovation is how well we know the customers, how well we know the market, how well we can tailor products and solutions to them. Many of these products are being built. They're co-developed with our customers. They're inside our development process, and that's hugely impactful for us from an economic perspective. That, coupled with number one, the power of the proprietary data estate that Jeremy described so well, building on what you heard earlier today, allows us to build solutions that are better, faster, cheaper. Right. We have the data, we have the depth of the data, we have the breadth of the data. We know how to manipulate it. It's on top of a scaled AI platform. Not perfect. We had a long pedagogical debate, I think it was last week, about whether fully AI native or partially AI native, and you know, I'll let the experts handle that one. We are well up the curve, right? We know what people need. We're developing it with them. We got the data to do it. We've got customers who trust us, who are welcoming us in, and we've got a distribution network through our unmatched customer reach that provides significant economic advantages. That's how we sustain our margins going forward. Let me translate some of this for you. We do expect on the right-hand side of this chart that there's gonna be 3 impacts of building a standalone public company foundation. First is an incremental $20 million-$25 million in run rate expense for standing up a public company. It's non-trivial. Integrating One Mobility. We'll hit that run rate in sort of 12-8 months. That's at the same time that, you know, we're ramping up as we're ramping down the TSA from S&P. They've been phenomenal partners. We love working with them. I think we're also looking forward to standing on our own. Lastly, our equity compensation is gonna increase to be in line with public company peers. I think we're right, Lisa, right now we're at the 1% range, a little more, we anticipate that being more in line 3%-4% with our public company peers. That's a huge advantage. I know I've already gotten the question about how are you gonna align management's incentives to investor incentives. This is how you do it, right? Stock-based compensation is a great tool for public companies both to align incentives and to attract and retain talent. There is gonna be this sort of period and reset. I think it's important that we're transparent about that. At the same time, we're gonna be driving margin expansion. You're not gonna see it necessarily in the first 12-18 months, but it is there, right? It's there for all the reasons on the left-hand side of that. Higher value products, we talked about quite a bit. The advantages of acting as one, both in the revenue and cost side, ultimately operating leverage that comes with growth, that comes with a scalable business model, that's already in place. The AI-driven efficiencies that Bill talked about and Jeremy described in more detail. We anticipate that over the medium term, that'll provide 50 basis point margin expansion or more, even while we're investing to fuel the next waves of growth, because growth comes first. As a result of growth, margin expansion, we generate a lot of cash flow. These are the numbers in the Form 10. I do wanna call out on the left-hand side a few things that I think are important when you bridge from legacy to where we're headed. The first is, you know, along with the run rate cost, there is gonna be a one-time cost of standing up a public company. S&P's already spent a lot of money to help us get here. We anticipate spending a little bit more in the first 12-18 months, $75 million-$100 million of cash over the first 12-18 months to fully stand this thing up. On the other side, our medium-term effective tax rate, we expect will be lower than what you saw on the Form 10. We have a set of initiatives already underway that will get us to the 25%-27% range, I think more in line with what one would expect. This was called out in the Form 10, it's material enough that I wanna make sure I highlight it here today. We are inheriting a billion-dollar deferred tax liability associated with the IHS merger, that's gonna impact our cash to the tune of approximately $80 billion-$90 billion per year over the next 12 years. All told, the power of organic profit growth and cash generation is gonna support a strong investment-grade balance sheet. That's the next slide. This is what we anticipate our balance sheet to look like and our capital structure to be. We've already secured a half a billion-dollar revolving credit facility that was completed last week. We anticipate adding approximately $2 billion worth of bonds prior to launch. That's gonna be the balance sheet side of that $2 billion, and this was in the Form 10. Almost all of that is gonna be dividended back, dividended, I can never say that word. Dividended back to S&P Global. But we are building up cash inside of Mobility Global, so we expect that at launch, we will have $150 million or potentially more on the balance sheet to start us off. And the bottom piece I do wanna spend a little bit of time on. We do believe we are going to be an investment-grade company. It's important to us. It's consistent with how we manage our business. We expect that we will manage this business to a target gross leverage ratio of 2.5x or below. Likely start off a little bit higher than this, but, you know, given the power of the business that we've talked about today, we'll delever relatively quickly. That's the balance sheet side. Gives a lot of capacity to generate additional growth and value for shareholders. Here's our capital allocation framework. Start on the right. Organic growth comes first. We are a low CapEx business. This is not gonna consume a significant amount of our capital, but it's gonna come first. You heard about some of the areas both on the AI side and in the business that we expect to invest. That said, our CapEx will remain relatively low. The middle I'm sure is where you're most focused. We are targeting returning 75% or more. I've already received a couple of questions about the 75% or more of free cash flow to investors. That'll come in two forms. A dividend with a dividend payout ratio of 20%-25% of net income that will help us maintain our the dividend aristocrat status that we're inheriting from S&P as well as share repurchases through a balanced approach. I'll note, we're likely not gonna do share repurchases until 2027 just to give things time to settle. It's going to be a consistent mechanism that we employ to return value to shareholders. Of course, if we're growing, delevering, we'll have additional balance sheet capacity, either to return more capital directly to shareholders, that's the plus there, or to do M&A. Targeted tuck-in M&A. We are an organic growth company first. Don't anticipate doing M&A, any M&A, in the first, you know, 6-12 months, certainly. On a situational basis, when we have a strategy, an organic growth strategy that we think we can accelerate through M&A, we'll entertain those opportunities. That's capital allocation. Growth comes first. You've heard a lot about, you know, the three buckets. I wrote them in a slightly different way here. The core growth, new solutions, and as Scott likes to say, taking our show on the road. Although, honestly, we're already on the road, we're taking it further down the road. This is how we get to 7.5%-10% organic growth over the medium term. Of course, it starts with the core, right? The core, the stable foundation, the 5%-7% revenue growth visibility that we typically have every year. That's a great place to start. And it's a place that we delivered, you know, consistently over time. You add to that new solutions. And I will just say as an editorial, in some ways, these aren't even new, right? I mean, you saw most of them out in the hallway here. They're already launched. There's the next wave and the next wave and the next wave of solutions that the team is already planning. Bill mentioned this, I think in some ways our bigger challenge is how do we sort of gate that and structure it, something that Bill and Mark Metzger, our Chief Strategy Officer, and I are gonna be working with the team on, so we can build in a sequential way over time. And then there's upside in international that we have all described. Supported by One Mobility synergies, we expect that will generate 7.5%-10% annual organic growth over the medium term. Growth is the foundation of our framework for investor value creation. Pretty simple. Growth on the right, we think we can get between 7.5% and 10%. Margin expansion after this period of reset, that should generate 8%-11% annual organic adjusted EBITDA growth. In a capital-efficient business, we can return a significant amount of that back to shareholders, the +75% of free cash flow we discussed, inclusive of a stable, consistent dividend. We're still delevering, we're still building up cash to either deploy more capital back to shareholders or for tuck-in M&A. Organic profit generation, consistent capital returns, great investment. We are on track for a mid-2026 public company launch. I do wanna take a small break just to thank S&P. We wouldn't have gotten here without them. It's been an extraordinary effort. If you think about all that we've accomplished already, whether it's the initial Form 10 filing, it's the announcement of the leadership team or the construction of leadership team, it's some incredibly productive discussions we've had with the rating agencies. It's the revolving credit facility. It's the new board that we just announced last week, which is awesome. The public 10, the Form 10 public flip, being here today, really exciting opportunity to sort of begin the conversation with our investor community. We are on track. We look forward to continuing this conversation with you as a public company. As we go public, we do our first earnings call, we hit the road to do equity roadshow and bond roadshow. It's gonna be a lot of fun. It's a phenomenal business. Hopefully, you've really enjoyed the opportunity to hear not just from people on the stage, but as important the people out there about this business and their passion for it. Let's get this conversation started. I think now is the opportunity for Q&A. Tejal, I believe that I have caught us up fully. We are back on track. Ready? Hopefully, this gives you a sense of the culture of this team, right? We bring our own chairs. I'll sit. Yeah, sit down. My mic. Hi, everybody. Oh. Is this on? I don't think it's on. Okay. Can I just ask the question? Sure. Go ahead. Two questions. On the, i'll go, is that particularly, I'm gonna say Matt, but everybody, is that intended for every year? You call it medium term. Is that 3-5 years, and is that every year, or is that a CAGR? My second question is about the competitive landscape. Could you just comment on how Mobility competes on the CARFAX side versus Experian's AutoCheck product, and then of course on the Polk side versus GlobalData at LMC Automotive? Sure. Let's break that up into two parts. We'll take the first one, and I'll kick that over to Matt, and then I'll have Scott and Joe help me out on the second. The question, if you couldn't hear it online, was about the growth algorithm. I think the third to last slide that I went through. We say medium term, I would think of that as sort of 28+ a couple years. You know, if you think about we're guiding to 7.5%-10% this year, right? Or sorry, to 9% this year. The medium term growth algo is 7.5%-10%. You know, all that says is you believe the 7.5%, and obviously we've got a tremendous amount of stability and predictability in our business, on top of all the new things that we're launching both in B2B and CARFAX. At a 10%, you know, can we add an incremental 1% to our current year guidance through some of the new growth opportunities, international expansion, you know, plus One Mobility? We believe that that's feasible. I would think of that, we're not giving specific guidance. It's a framework, I would think of medium term as sort of meaning 2028 and beyond. I asked is that meant to be a CAGR or should that be the target range every year? It's. An average that was target range every year. Right. Yeah. I mean, I think that should end up. Yeah. Equaling a CAGR over time, but there you go. I think the second question was about. Yeah, the second question was about competition. The way I would frame it is this, is that we had the two life cycles. You saw the new car life cycle, which is Joe's world, and then the 1.5 billion vehicles that are on the road today. If you think about it, we don't compete with anyone directly across that entire thing. When you look at a life cycle, I'll use Scott's as an example. Scott has a different set of competitors at each stop in that life cycle, right? Whether it's shop, buy, service, or sell. Joe has the same thing as you go around his life cycle. I'll let Joe comment on what we're seeing in the B2B space, and then Scott on the CARFAX space. Okay. Is this working? Oh, it sounds like it worked. Okay. Yeah. Relative to the planning side of the house that you mentioned, you know, I think there's a fundamental difference there in the level of detail we go to versus the alternative that's in the marketplace, and we've branched off into a number of different additional products that get built up off of our forecasting data set. You know, if we do typically see that competitors, it's a low-cost alternative to what we're providing and a very different product. On a sales side, we've, you know, we have competitors that operate at different points in that life cycle. You know, in our core market reporting, legacy Polk business, you know, that's certainly there. We've wrapped around that core data asset many more assets. You know, as we extend out and add inventory data to that mix, as we add pricing data to that mix, it's an opening up and moving us into close adjacencies where they're just not competing. We're kind of knitting together this kind of full life cycle that really they haven't been able to do. Scott? Yeah, on the CARFAX side, like let's talk about the Vehicle History Report, which is our flagship product. We talked a little bit about here today that it's driven by what consumers want. Consumers are about to spend a lot of money on a car, and they want the answer. They want the right answer, and we have more data available to answer those questions than anybody else, and we showed a little bit about that today. More important, they want that data and answer around a brand that they know and trust. When you talk to a dealer, they say, "Wait a second. I can build my consumer confidence with a relatively low-cost part based upon as a percentage of the total price of the car." Cars continue to go up. The cost of the CARFAX report as a percent of that continues to decline. A dealer looks at that and says, "It'd be crazy to try to bring an alternative in here to try to inject that into the process." The consumer walked in and said, "Show me the CARFAX," and you want to put in brand Z in front of them, and the dealer loses confidence with the consumer. The consumer decides, "I'm gonna leave." The dealer does not want that. The consumer never pays for the CARFAX. We do have some consumers that come online, and we welcome it. If anybody would like to do it today, we'd encourage you. You can go online, employ your credit card. Most consumers, though, the typical scenario is the dealer makes it available at no charge online and in their showroom because it builds that confidence. Thanks so much. Toni Kaplan from Morgan Stanley. I was hoping we could talk about proprietary data that you have. You talked a lot about why you're the. Shops, might give you the data, but maybe talk also about do you have long-term contracts? Are they exclusive agreements? Anything else in terms of trying to really solidify that you're consistently going to be getting this data and no one else is? Yeah, sure. I'll tell you kind of how we think about it. Like, you had mentioned the shops, and that's probably a good example. We first started building those relationships 20 years ago. At that point, that, you know, our data assets and all of our assets combined, were nowhere near where they are today. We're able to offer parts of our assets to that shop, and it's grown over time as those assets have grown. You know, Scott and his team are firsthand working on that exchange. You know, I think that what they've done is really, you know, an amazing thing. We're able to pull that data, but we're driving their business. As our exposure gets greater, as people look at more reports and do more and more, that value back to them just has continued to grow. Maybe, Scott, if you'd walk through one or two of those value exchanges, I think it's helpful. Yeah. I'll give you two. One we talked a little bit about was the service shops. They get data back, and that returns them things that they can do that benefit their business. That is the way that we build that deep relationship where they're fully committed to working with CARFAX because we help them operate their shop more efficiently. They make more money because they're able to better diagnose the vehicle and repair it better. They know that they're also getting advertising from CARFAX because we put their name right on the report. They like that. That builds that deep relationship where they don't have any need to work with anybody but us because of the value exchange that they get that's so tangible. We also do that with police agencies, and police agencies work with us, and you can see we have more than 6,000 that do so. We provide them with tools that they can use to help investigate crime using our information, which is very, very powerful for them. We give them access to that information so that they can actually solve crimes better, which is their mission, and that's why they want to share it with us. Those are two examples. We've built those value exchanges relationship by relationship times 177,000 data providers. That's the way that we feel like we build the unique asset that we have that can't be replicated and is hard for anybody else to come in and provide. Are they exclusive agreements? Are they exclusive agreements? I mean, there's, we have 177,000 of them. It's, it's a mix. In that case, we would prefer that the value that we deliver creates the relationship. You know, the, they're solving a really big problem. Shops have a massive problem, and that is that every year they lose 22%, 23% of the vehicles that they work on, right? If they could run the best shop in the world, have customers think it is the greatest thing, but that car is gonna change hands, and they will lose that vehicle, and they had nothing to do with it. There's a big problem, which is they don't know who now owns that vehicle, and there's no way for them to connect except through us. We are that connecting tissue because what'll happen, you can see it on a report out there, they'll give us the data they've serviced that vehicle for the last five years, and it's on the CARFAX report. The vehicle gets sold, and that consumer's using that CARFAX report to understand the vehicle, and now they own it, and the likelihood that they go back to that shop goes way up if those are on there because I know that that shop knows this vehicle. They've been working on this vehicle. Now I'll go back there. That's one of the biggest challenges that both shops and dealers have in their service base, and we're the solution that connects them to that next buyer. Hi. Yeah. Jeff Meuler from Baird. A follow-up question, sorry. Can you be any more specific? I get the CARFAX brand advantage and market position advantage. Just from a raw data perspective, in what ways is your data superior? Can you give us some metrics relative to what Experian AutoCheck has? For Polk, to what extent is the registration data public, or where do you have unique data rights or non-public sources? Anything that you'd want to highlight from either MarketScan or AMM, in terms of unique data beyond what you already have with Polk and CARFAX that you put into those products. Sure. I'll start, and then I can have both Joe and Scott help here. You know, when you think of this asset, the 177,000, you know, and how we have built it's a blend. You'll hear us talk about it, you know, in a, in a, in a very big way, and sometimes the proof is in the pudding. I would tell you if you go run a bunch of reports, you'll see exactly what that difference is. But if I could describe our culture around data a little bit, we're paranoid about it and the way that we build it. What I mean by that is this, is that we have data sources that come into our business that nobody in our business, three people might know what those sources are. We do that, we do that because this is such an important asset for us. We'll put it under a code name. We may have 500 people that touch that data source and may not know exactly which source that is. This is part of our secret sauce. This is part of what we do. It's ingrained in what we do, and we're not gonna put a map out there that says, "You know what? Anyone who wants to follow us, here are the 177 sources, here are the contacts there. Oh, by the way, this is the way the data comes in," so on and so forth. It has taken us decades to build and learn that, and when that data comes in. Somebody said to this, and I mentioned this at dinner last night, those 177,000 sources, when we built the relationships with them, and they said, "What format do you want it in?" Our response was, "Any way you've got it. We'll take it in any form, any you know, and we'll take it in, and we'll figure it out, and we'll learn that data, and it'll become part of this ecosystem. We'll take it on paper. We'll take it in this format, that format." We've learned that data, and we know that data, and when we have a feed and something changes in the feed, we've put the systems in place to understand that it did change. We've worked with OEMs, dealers, municipalities, shops to get to the point where after 30, 40 years, that we have that as a well-oiled machine. You know, it is a massive data advantage for us. You probably won't hear me or anyone on our teams talk publicly about all the work we've done to create that, all the detail work underneath to create that. You know, I can kick it to Scott. Yeah, I'll. Go for it I'll give you two examples. Number one thing consumers wanna know before they buy a car is the accident history, okay? We go out and scour the Earth to get that accident history, and we have the best accident information, and we continue to extend that lead. The consumer wants to know the beginning, the middle, and the end of every accident. They wanna know the point of severity. They wanna know, did the airbag deploy? All of these different details that we go out and get from many, many sources in order to compile together. Nobody else can touch it. Our lead continues to expand there. The number two thing consumers wanna know is tell me about the service and the maintenance history of this vehicle. They wanna know that because that gives them a view into how long that car might last for them down the road, because it was well taken care of before they got involved with it. We go out, and we get that service data. We don't just add vehicle service. We actually provide the deep detail, and we use our intelligence to tell you exactly what was done and now more often, what even was declined, so you have a really good understanding of that. Nobody else can do that. Nobody else is following us. Our lead in that kind of data continues to expand. Joe, maybe on your side too. Yeah, just real quick on the Polk side. You mentioned the state data, and there certainly are barriers to that. You know, a lot of organizations have tried to come in over the years and acquire that data. It's very complicated. There's trust issues at play. There's legislation issues at play. It's not really just that. It's what we wrap around it. We're really driving a multi-source strategy, so we're bringing in, you know, other data records that are validating it and confirming the information we have in there. There's a ton of time being spent on that and there's a lot of nuances to the way that data gets processed, and we've had decades of experience understanding when it's coming from this particular state with this particular setup. Like, we gotta treat it a different way, it's really hard to take a very complex set of data that's supposed to mean the same thing, but showing up in so many different ways across, you know, 50 different variations when you talk about states, that we've learned how to, how to knit that together in a, in a way that creates the best quality. You know, that quality shows up in the marketplace. Our customers use us. We are, you know, providing those core services to, like, over 90% of the volume in the US market because, you know, we are the premium provider in that space because of applying that, those decades of intelligence to process that data. Thank you. Hey, Alex Kramm, UBS. A pretty big-picture question on the growth algorithm. You didn't really talk about pricing and retention. I think retention you mentioned very high, but maybe you can be a little more specific and in particular talk about the different businesses and why you may have or have not lost clients. On the pricing side, same thing, right? Maybe on a combined business basis, but also what areas do you have more pricing power, less? Maybe what areas have you not used pricing as much as a lever as you could and actually have very, a lot of pricing power that you haven't used so far? Sure. Do you wanna start? I'll start. I'll start with pricing, and I understand the need and the desire for sort of P x Q, right? I mean, we're not a software company, right? We're selling a lot of different solutions to a lot of different customers. It is, both a business, a lot of commonality, but a lot of heterogeneity as well, right? When you sort of think about the solution customer intersection. There's not an easy answer to that question. Stepping back, and I'll wrap it into the retention discussion, we actually had an NRR number in the presentation early on. We pulled it. It's a great number. We just wanna make sure that we're comfortable with it and that it's replicable given how important it is. You can imagine it's meaningfully north of 100%. Given, you know, our exposure to our current customer base, you don't grow at these kind of rates if you're not, you know, both retaining customers and continuing to upsell them. I think some of the nuance around the price question in particular is, you know, as you've seen, we're bringing extraordinary value to our customers every year, right? You know, how I think we think about it is how much more value are we adding to customer A, right? How much is that worth? Does that drive your subscription, you know, the cost of our subscription base up? Over time. I know, Scott, you're doing a lot of thinking on the CARFAX side, Joe similarly on the B2B side, about sort of how we optimize that. Again, you know, this is not as simple as saying, "We've got this very static product, and every year we're gonna increase price by 3%, 4%, 5%." That's not actually how it works in reality. Scott, if you wanna jump in. I mean, we are constantly adding more value. I talk about the Vehicle History Report for a second, right? You know, we are the leading provider of that information, and we continue to extend the value on it. You know, we're now going to be putting future reliability on it. Now it's the past, the present, and the future. We can capture that in the form of taking value capture from dealers because the dealers are seeing overwhelming value in using that tool to help build confidence with the consumer at the time that they're ready to purchase a vehicle or that they want to maintain that vehicle. It's designed to do that, and we're an ever-smaller part of the total price of the car. In the grand scheme of things, it is a no-brainer for a dealer to want to get on and stay on that program for a long time. Thank you. You know, I want to talk about overseas if we could. You know, more mature markets overseas, if you will, like in Europe. Just talk about the market dynamics there in terms of are you guys the only player in town there? Is there any other competitors there? Talk about Europe, and then talk about your India and China aspirations, if you would. The growth aspirations there. Thank you. Yeah. I'll take that then. You know, I'll talk about both sides of the business. As I think of Scott bringing, you know, the CARFAX business to Europe, we've got a great position. I'll have him talk about it. You know, you'd mentioned India or, say, China. You know, both great markets. Joe can talk about the business that we already have there and the teams that we have there and what we're seeing and what that opportunity is. Maybe first, Scott, talk a little bit about the CARFAX business in Europe, and then Joe, maybe what we're doing with the OEMs and suppliers in China. Yeah. A good base of the two. We've taken CARFAX into Europe. We've been there for several years. We're in a few countries there right now. Later this year, we're going to open up Germany, which is largest market. There are no big-scaled incumbents there, but there are different players in different parts of the ecosystem as we go around that life cycle. But what we've found is we continue to use our formula, which is go acquire the best information, combine it with our trusted brand, and then connect it to the dealers and the consumers there. We are building that model out that has worked here in the United States in more markets in Europe. On the question on China and India, we've been in China for decades working with them. That market has obviously transformed over those decades, you know, we have a great understanding of that market. It was maturing itself. Lot of players. I would say early on, much less sophistication. As we've seen what's happened you know, kind of post-COVID, the advancement in that market is gone significantly higher. We're seeing, you know, a little bit of consolidation on a number of players in that market, now that need for data is accelerating a bit. We also see the Chinese manufacturers now looking outside of China to get volume. That's where we think we have a tremendous opportunity to serve them even beyond their domestic market there as they're reaching out and trying to get into other markets where we have, you know, the depth of data they need. In India, we just acquired some core assets there to help us build out that business. It's again a maturing business. It's large. It's still a maturing industry there. We're on the ground. We have a huge team there that is eager to apply the things that we've done around the rest of the world into that market. Hi. Manav Patnaik with Barclays. First, just to follow up on Alex's question, you know, the 5%-7% you've attributed to the core, which is value plus, I forgot what you phrased it. Value plus volume. Maybe if you can help break that out, you know, how much is the volume in that component, and also just the structure of your subscription contracts, like how long do you have price escalators in there? Maybe just one quick question on the international follow-up. It sounds like it's more of an organic build, so maybe just perspective with AI and these new tools, like relative to what you did in the U.S., how fast can we expect you guys to scale there? Sure. Do you wanna start with the international question? Why don't we start with that last one? I'll have Scott talk about, you know, he mentioned, you know, we're moving into some new countries there and, you know, we're taking the foundation that we have, but maybe Scott can talk about how we're taking that and changing the approach. Yeah. In Europe, we are going into Germany, for example. We're opening that up later this year. We have large partnerships in order to distribute our data to some of the big marketplaces that are in Germany, and we have unique data available. The market has changed in Germany, the VIN is no longer considered PII, that has enabled us because we are trusted, we are able to get access to the data in Germany in order to provide a vehicle history product there, for example. Those changes have been a big change for us. We are building on the same formula that we've taken from the United States into other parts of Europe, and we're gonna continue to expand that. Consumers have those same questions. Dealers want to provide confidence, and CARFAX helps them do that with the data and the brand that we bring to the market. I'll take the growth algorithm question. You're right, it's, you know, value plus volume in the 5%-7%. I think, you know, you see we're relatively well penetrated, right? The majority of that is in value, but again, I wouldn't, you know, say that's exactly P times Q, right? As Scott mentioned, you know, even inside the CARFAX business, the average dealer's only using 1/2 of our three, soon to be four or five products, right? We see significant upside there. You know, plus when you add in the opportunity for, you know, cross-selling through One Mobility. I mean, Joe, how many dealers is automotiveMastermind in right now? $32. $3,200, right? Scott, you're still under $40,000. $40,000, right. Meaningful opportunities there. You know, now is that in the core? Is that in the growth? You know, which one of those buckets is that in? You know, you can argue that. All this, you know, we think adds up to 7.5%-10% over the medium term. Great. We're gonna take one more question from the room and then take one from online. Go for it. Thank you. Jason Haas with Wells Fargo. Can you talk about how you think the rise in autonomous vehicles will impact your business? Yeah, great question, and, pretty exciting stuff. Yeah. You know, I think it highlights the amazing industry that we're in. You know, there's been a couple, you know, articles that got a lot of attention in the last couple weeks on the robotaxis and, you know, how they're growing. You know, I think they're gonna play an important role. I think that people, you know, will ride in them a couple of times and get very comfortable with it. I think the numbers I saw that were that, you know, there could be upwards of six million of them on the road, you know, by 2035. You know, the amazing thing about this industry, and I commented on it earlier, is, you know, that it's so big. You know, there's 1.5 billion on the road today. It'll be 1.65 years from now and grow from there. You know, you're talking about six million vehicles in a fleet of, you know, 1.6 billion. You know, I think that we're seeing shifts in, you know, how people use mobility. That change is great for our business. You know, as I mentioned before, change drives demand for data, and data is what we sell. Really, you know, we love to see the innovation. We love to see these new things coming, so it's great. Great. The last question is a double header. It starts with the white space in the U.S. for both CARFAX and for B2B, and then it goes into, with One Mobility Global, what are the data and revenue synergies that you're thinking about over the medium term? What, why don't we start with Joe and Scott both talking, maybe Joe first, Scott second, on, you know, the white space that we have here in the U.S. Yeah. Yeah. Um, and then we can, um Yeah, we have quite a bit of white space, and, like, we do have a core set of flagship products, but, you know, we've created a number of products that branch off of that, and this is where Bill had talked about, like, less than 50% penetrated with the things that we have with the customers that we're working with today. Then when we think about the cross-sell opportunities, there's two things I'll talk about here. One, you know, Bill talked about bringing two businesses, five businesses together. Well, two of them came together to create what we have in B2B, and that was automotiveMastermind and the legacy IHS Polk business. You know, there's a tremendous amount of data just in that B2B business that's never gotten pushed into the dealer community as strongly as it could. There's market analysis and other things that we know we can distribute through the automotiveMastermind platform. We have a couple of products in the queue right now that'll be, you know, connected into automotiveMastermind and distributed out to that. Then same with CARFAX. You know, that same data that we're talking about that dealers are interested in can flow through that as well. As soon as we establish that and get that momentum built, we'll start pushing it through those other channels. For CARFAX, the white space opportunity in the U.S. is really huge. We have a lot of dealers that maybe use only one or one and a half of our products. There are many more products that we have to offer those dealers, and we want to get them fully committed, have them become those lifetime dealers that we spoke of. We've already gotten 1,600 dealers, but there's a big runway of growth opportunity to get the large base of dealers here in the U.S. to get onto more products that we have to offer them. Can I have One Mobility? What's that? You wanna talk about One Mobility synergies or? Yeah, I'm happy to. I mean, you know, we are bringing five businesses together. I talked about it in the presentation. You know, it's exciting to see, you know, where we had, you know, five teams doing very similar work, where we're able to kind of bring that together, and, you know, really streamline what we're doing. We're also able, you know, as we pull our data assets and some of the other assets together, see where the different parts of the business can use the assets from the other parts of the business. You know, and we're seeing it both ways. I commented to somebody that there's a conference room outside my office. I saw three or four people from automotiveMastermind, three or four people from CARFAX coming out of it, three weeks ago, and they were just so excited about the stuff they were gonna be able to do together. You know, Mastermind knowing that consumer so well, CARFAX knowing that VIN so well, and being able to kind of bring those assets to each other is really a great thing, so. Thank you. We're just gonna hand it back to Bill Eager for some closing remarks. I promise to keep it brief. I know I'm between us and lunch and us and the demo stands. I did want to mention, we've had a number of us up here today, but we have our entire leadership team here today. They're here in the front row. I really want to encourage everyone to, you know, get to know them. It's been great. We've been working together the last six months and pulling this together, some of us for 20 years, some of us for six months. It really has been amazing. I want to leave you with just one parting thought outside of thank you. Thank you for your interest in our business. Thank you for the questions. We do have demo stations set up outside. We want you to get to know our products. We want you to get to know our people. I started off today with, you know, a comment on three things that I wanted you to take away from today, and I'll end on them as well. First, the amazing, enormous market, that $8 trillion automotive market that's going through massive change and creating massive amounts of demand for data. Two, our unmatched assets, and I hope today you started to get a feel for them, and over time you'll learn them more and more. Three, the clear opportunity. I think we have the right team, we have the right strategy, we've put together the right assets, and we're gonna go after that opportunity. Thank you for listening to our story today. We appreciate it. We'll be around for the next hour or two for you to get your questions answered and see our products. Once again, thank you for joining us today. Take care.

Speaker 10: Great. Good morning everyone, welcome to Mobility Global's 2026 Inaugural Investor Day. My name is Tejal Engman. I lead investor relations at Mobility Global. It is fantastic to see so many of you in the room and so many more of you on the webcast. It's great to have you join us. We're going to have a very action-packed morning for you today, but first I'm going to make the lawyers happy. We're going to go into a few things on this disclaimer slide that it's important for me to mention, which is that this presentation is being recorded and webcast, the presentation today will contain forward-looking statements within the meaning of U.S. and international regulations. Any such statements are based on current conditions and subject to risks and uncertainties which are discussed at length in our Form 10 filing with the SEC. Great. great Good morning everyone, welcome to Mobility Global's 2026 Inaugural Investor Day. good morning everyone welcome to mobility global's 2026 inaugural investor day My name is Tejal Engman. my name is tejal engman I lead investor relations at Mobility Global. i lead investor relations at mobility global It is fantastic to see so many of you in the room and so many more of you on the webcast. it is fantastic to see so many of you in the room and so many more of you on the webcast It's great to have you join us. it's great to have you join us We're going to have a very action-packed morning for you today, but first I'm going to make the lawyers happy. we're going to have a very action-packed morning for you today but first i'm going to make the lawyers happy We're going to go into a few things on this disclaimer slide that it's important for me to mention, which is that this presentation is being recorded and webcast, the presentation today will contain forward-looking statements within the meaning of U.S. and international regulations. we're going to go into a few things on this disclaimer slide that it's important for me to mention which is that this presentation is being recorded and webcast the presentation today will contain forward-looking statements within the meaning of u.s and international regulations Any such statements are based on current conditions and subject to risks and uncertainties which are discussed at length in our Form 10 filing with the SEC. any such statements are based on current conditions and subject to risks and uncertainties which are discussed at length in our form 10 filing with the sec As you know, Mobility Global plans to complete its spin from S&P Global to become an independent public company in mid-2026. Our discussion today will focus exclusively on Mobility Global with the financial outlook reflecting the company on a standalone basis. We'll also be discussing non-GAAP financial metrics. We filed an 8-K this morning with information regarding these metrics and the financial targets we'll be discussing today. Everything is available, the deck, the 8-K, et cetera, on S&P Global's investor relations website. Okay, now for the fun stuff. We have a very exciting and very informative day for you today. We're gonna kick off with our Chief Executive Officer, Bill Eager, who'll talk to us about his strategy and vision for Mobility Global. We're then gonna move into B2B solutions with Joe Lafeir, the President of that division, who'll talk to us about planning as well as sales and marketing. As you know, Mobility Global plans to complete its spin from S&P Global to become an independent public company in mid-2026. as you know mobility global plans to complete its spin from s&p global to become an independent public company in mid-2026 Our discussion today will focus exclusively on Mobility Global with the financial outlook reflecting the company on a standalone basis. our discussion today will focus exclusively on mobility global with the financial outlook reflecting the company on a standalone basis We'll also be discussing non-GAAP financial metrics. we'll also be discussing non-gaap financial metrics We filed an 8-K this morning with information regarding these metrics and the financial targets we'll be discussing today. we filed an 8-k this morning with information regarding these metrics and the financial targets we'll be discussing today Everything is available, the deck, the 8-K, et cetera, on S&P Global's investor relations website. everything is available the deck the 8-k et cetera on s&p global's investor relations website Okay, now for the fun stuff. okay now for the fun stuff We have a very exciting and very informative day for you today. we have a very exciting and very informative day for you today We're gonna kick off with our Chief Executive Officer, Bill Eager, who'll talk to us about his strategy and vision for Mobility Global. we're gonna kick off with our chief executive officer bill eager who'll talk to us about his strategy and vision for mobility global We're then gonna move into B2B solutions with Joe Lafeir, the President of that division, who'll talk to us about planning as well as sales and marketing. we're then gonna move into b2b solutions with joe lafeir the president of that division who'll talk to us about planning as well as sales and marketing We're gonna have a break for 15 minutes. Many of you have seen the product demos that are outside. Please do spend time with them in the break. We'll come back after the break to CARFAX with Scott Fredericks, who's the president of CARFAX. We'll have a data technology and AI section with our Head of AI, Jeremy Morehouse, that'll be followed by the session that you're all waiting for, our financial framework section with Matt Calderone. There'll be a Q&A session after that where you have plenty of time to ask your questions. We'll also be taking questions from the web, please, on the webcast, folks there, feel free to submit questions and we'll select and address as many of those as we can. We're gonna have a break for 15 minutes. we're gonna have a break for 15 minutes Many of you have seen the product demos that are outside. many of you have seen the product demos that are outside Please do spend time with them in the break. please do spend time with them in the break We'll come back after the break to CARFAX with Scott Fredericks, who's the president of CARFAX. we'll come back after the break to carfax with scott fredericks who's the president of carfax We'll have a data technology and AI section with our Head of AI, Jeremy Morehouse, that'll be followed by the session that you're all waiting for, our financial framework section with Matt Calderone. we'll have a data technology and ai section with our head of ai jeremy morehouse that'll be followed by the session that you're all waiting for our financial framework section with matt calderone There'll be a Q&A session after that where you have plenty of time to ask your questions. there'll be a q&a session after that where you have plenty of time to ask your questions We'll also be taking questions from the web, please, on the webcast, folks there, feel free to submit questions and we'll select and address as many of those as we can. we'll also be taking questions from the web please on the webcast folks there feel free to submit questions and we'll select and address as many of those as we can After all of this, we invite you to please join us for lunch and spend more time with the product demo stations outside. Great. With that, I'm gonna introduce you all to someone very important at Mobility Global, the Car Fox. After all of this, we invite you to please join us for lunch and spend more time with the product demo stations outside. after all of this we invite you to please join us for lunch and spend more time with the product demo stations outside Great. great With that, I'm gonna introduce you all to someone very important at Mobility Global, the Car Fox. with that i'm gonna introduce you all to someone very important at mobility global the car fox

Speaker 12: [Presentation] [Presentation] [presentation] It's my pleasure to introduce someone who's dedicated the past three decades to serving the mobility market. Please welcome President of S&P Global Mobility, Chief Executive Officer of Mobility Global, and my friend, Bill Eager. It's my pleasure to introduce someone who's dedicated the past three decades to serving the mobility market. it's my pleasure to introduce someone who's dedicated the past three decades to serving the mobility market Please welcome President of S&P Global Mobility, Chief Executive Officer of Mobility Global, and my friend, Bill Eager. please welcome president of s&p global mobility chief executive officer of mobility global and my friend bill eager

Speaker 2: Thank you, CARFAX. As CARFAX mentioned, I'm Bill Eager, Chief Executive Officer of Mobility Global, and I wanna thank everyone for being here today. We're really looking forward to sharing our story with you, sharing the opportunity that we have, and our plans for going after it. We've had the honor of serving the auto industry for over 100 years. We were there for the Model T all the way to the Tesla 3, and every model in between. Today, there's over $1.5 billion with a B, vehicles on the road globally, and every year, another 90 million new vehicles are built and sold. Now, at Mobility Global, we have a mission, and that mission is to provide trusted information to billions of people to build, sell, and own vehicles with more confidence. Thank you, CARFAX. thank you carfax As CARFAX mentioned, I'm Bill Eager, Chief Executive Officer of Mobility Global, and I wanna thank everyone for being here today. as carfax mentioned i'm bill eager chief executive officer of mobility global and i wanna thank everyone for being here today We're really looking forward to sharing our story with you, sharing the opportunity that we have, and our plans for going after it. we're really looking forward to sharing our story with you sharing the opportunity that we have and our plans for going after it We've had the honor of serving the auto industry for over 100 years. we've had the honor of serving the auto industry for over 100 years We were there for the Model T all the way to the Tesla 3, and every model in between. we were there for the model t all the way to the tesla 3 and every model in between Today, there's over $1.5 billion with a B, vehicles on the road globally, and every year, another 90 million new vehicles are built and sold. today there's over $1.5 billion with a b vehicles on the road globally and every year another 90 million new vehicles are built and sold Now, at Mobility Global, we have a mission, and that mission is to provide trusted information to billions of people to build, sell, and own vehicles with more confidence. now at mobility global we have a mission and that mission is to provide trusted information to billions of people to build sell and own vehicles with more confidence For most of us, our vehicles will be the second-largest purchase of our life, only behind our homes. A car is never just a car. Our vehicles become a part of us. They're a reflection of us and where we are in life. They're how we get to school, to work, to practice, the grocery store. Our vehicles are what we load up when we go off to college or on a family vacation. I apologize for the sound of my feet here. We look forward to that day we finally get our license. How many people in here remember their first car? I see a bunch. The first car at least that you had access to. I remember mine. I come from a big family. It was a 15-passenger van, big blue van. For most of us, our vehicles will be the second-largest purchase of our life, only behind our homes. for most of us our vehicles will be the second-largest purchase of our life only behind our homes A car is never just a car. a car is never just a car Our vehicles become a part of us. our vehicles become a part of us They're a reflection of us and where we are in life. they're a reflection of us and where we are in life They're how we get to school, to work, to practice, the grocery store. they're how we get to school to work to practice the grocery store Our vehicles are what we load up when we go off to college or on a family vacation. our vehicles are what we load up when we go off to college or on a family vacation I apologize for the sound of my feet here. i apologize for the sound of my feet here We look forward to that day we finally get our license. we look forward to that day we finally get our license How many people in here remember their first car? how many people in here remember their first car I see a bunch. i see a bunch The first car at least that you had access to. the first car at least that you had access to I remember mine. i remember mine I come from a big family. i come from a big family It was a 15-passenger van, big blue van. it was a 15-passenger van big blue van I eventually went and bought a Ford Country Squire station wagon, high mileage, wood paneling and all, and I loved both. I loved both those vehicles and the freedoms they afforded me. Today, we're gonna throw a lot at you. We're proud of the business that we've built, and we want you to understand it. If I could ask you to hone in on three things, just three things today. The first one is the market we serve, the massive $8 trillion a year automotive market and the runway that that's created for our business. Second, the assets that we have, built to go after that runway. The third thing is our opportunity, the people, the team that we have, the strategy we have, the setup that we have that you'll hear about today, to take those assets and go do it. I eventually went and bought a Ford Country Squire station wagon, high mileage, wood paneling and all, and I loved both. i eventually went and bought a ford country squire station wagon high mileage wood paneling and all and i loved both I loved both those vehicles and the freedoms they afforded me. i loved both those vehicles and the freedoms they afforded me Today, we're gonna throw a lot at you. today we're gonna throw a lot at you We're proud of the business that we've built, and we want you to understand it. we're proud of the business that we've built and we want you to understand it If I could ask you to hone in on three things, just three things today. if i could ask you to hone in on three things just three things today The first one is the market we serve, the massive $8 trillion a year automotive market and the runway that that's created for our business. the first one is the market we serve the massive $8 trillion a year automotive market and the runway that that's created for our business Second, the assets that we have, built to go after that runway. second the assets that we have built to go after that runway The third thing is our opportunity, the people, the team that we have, the strategy we have, the setup that we have that you'll hear about today, to take those assets and go do it. the third thing is our opportunity the people the team that we have the strategy we have the setup that we have that you'll hear about today to take those assets and go do it Let's hop right in. Here's what I plan to cover. I plan to give you just a high-level introduction to Mobility Global, some of the numbers and, you know, how we make money, where we operate. I wanna go into those assets that I was talking about, and you'll hear quite a bit about them throughout the day. It's a big part of our business. I wanna give you a taste of my vision for the business over the next two, three years, and then why we believe it's a compelling investment. Let's hop right in. I'll start with revenue. Our revenue has been subscription first. The majority of our revenue is recurring. That subscription model has allowed us to give our customers overwhelming value over the years in all parts of our business. We operate in two segments. Let's hop right in. let's hop right in Here's what I plan to cover. here's what i plan to cover I plan to give you just a high-level introduction to Mobility Global, some of the numbers and, you know, how we make money, where we operate. i plan to give you just a high-level introduction to mobility global some of the numbers and you know how we make money where we operate I wanna go into those assets that I was talking about, and you'll hear quite a bit about them throughout the day. i wanna go into those assets that i was talking about and you'll hear quite a bit about them throughout the day It's a big part of our business. it's a big part of our business I wanna give you a taste of my vision for the business over the next two, three years, and then why we believe it's a compelling investment. i wanna give you a taste of my vision for the business over the next two three years and then why we believe it's a compelling investment Let's hop right in. let's hop right in I'll start with revenue. i'll start with revenue Our revenue has been subscription first. our revenue has been subscription first The majority of our revenue is recurring. the majority of our revenue is recurring That subscription model has allowed us to give our customers overwhelming value over the years in all parts of our business. that subscription model has allowed us to give our customers overwhelming value over the years in all parts of our business We operate in two segments. we operate in two segments The first, run by Joe Lafeir, and you'll hear from Joe next, is 35% of our revenue, and it serves OEMs, suppliers, dealers. After Joe, you'll hear from Scott Fredericks, who runs our CARFAX business, which is 65% of our revenue. CARFAX is hyper-focused on the automotive information needs of consumers. Both are scaled, both are growing, and both reinforce each other. Here are a few highlights from last year. You can see we had solid revenue growth at 8.5% and a healthy margin. I'll give you two stats from Joe's world, the B2B world. The first one is we do business with 40 of the top 40 OEMs around the globe. That's the 100%, and 94 of the top 100 suppliers. Two stats from Scott's world. The first, run by Joe Lafeir, and you'll hear from Joe next, is 35% of our revenue, and it serves OEMs, suppliers, dealers. the first run by joe lafeir and you'll hear from joe next is 35% of our revenue and it serves oems suppliers dealers After Joe, you'll hear from Scott Fredericks, who runs our CARFAX business, which is 65% of our revenue. after joe you'll hear from scott fredericks who runs our carfax business which is 65% of our revenue CARFAX is hyper-focused on the automotive information needs of consumers. carfax is hyper-focused on the automotive information needs of consumers Both are scaled, both are growing, and both reinforce each other. both are scaled both are growing and both reinforce each other Here are a few highlights from last year. here are a few highlights from last year You can see we had solid revenue growth at 8.5% and a healthy margin. you can see we had solid revenue growth at 8.5% and a healthy margin I'll give you two stats from Joe's world, the B2B world. i'll give you two stats from joe's world the b2b world The first one is we do business with 40 of the top 40 OEMs around the globe. the first one is we do business with 40 of the top 40 oems around the globe That's the 100%, and 94 of the top 100 suppliers. that's the 100% and 94 of the top 100 suppliers Two stats from Scott's world. two stats from scott's world Scott and the team do business with over 40,000 dealers and have a direct relationship with over 53 million consumers, helping them manage their vehicles in the U.S. and Canada. If you look at these numbers at first glance, you've got 40 of the 40 top OEMs in Joe's world. Bill, where's the opportunity? If you sat down and talked with Joe's folks, and they're here today, they'll tell you, "We haven't hit the 50% mark on the stuff we can sell those 40." On the 53 million number, that's Scott's' world. If you talk to Scott, Scott would tell you we're really pleased that we have 53 million consumers in a direct relationship with him. It's really hard. Nobody else has that in helping them manage their vehicles. Scott and the team do business with over 40,000 dealers and have a direct relationship with over 53 million consumers, helping them manage their vehicles in the U.S. and Canada. scott and the team do business with over 40,000 dealers and have a direct relationship with over 53 million consumers helping them manage their vehicles in the u.s and canada If you look at these numbers at first glance, you've got 40 of the 40 top OEMs in Joe's world. if you look at these numbers at first glance you've got 40 of the 40 top oems in joe's world Bill, where's the opportunity? bill where's the opportunity If you sat down and talked with Joe's folks, and they're here today, they'll tell you, "We haven't hit the 50% mark on the stuff we can sell those 40." On the 53 million number, that's Scott's' world. if you sat down and talked with joe's folks and they're here today they'll tell you "we haven't hit the 50% mark on the stuff we can sell those 40." on the 53 million number that's scott's' world If you talk to Scott, Scott would tell you we're really pleased that we have 53 million consumers in a direct relationship with him. if you talk to scott, scott would tell you we're really pleased that we have 53 million consumers in a direct relationship with him It's really hard. it's really hard Nobody else has that in helping them manage their vehicles. nobody else has that in helping them manage their vehicles His goal in the U.S. and Canada is not $53 million, it's $150 million, and it's $1 billion globally. When I look at that number, and Scott looks at that number, we say we're 5.3% of the way there. Lots of opportunity. Now, the automotive space today is going through massive amounts of change. You've got electrification, you've got supply chain issues, autonomous driving, affordability issues, chip shortages, changing consumer demands, just to name a few. The convergence of these trends is just causing a tidal wave of change in our industry. That change is driving up demand for data. Now, you'll see this slide a couple times in my presentation. His goal in the U.S. and Canada is not $53 million, it's $150 million, and it's $1 billion globally. his goal in the u.s and canada is not $53 million it's $150 million and it's $1 billion globally When I look at that number, and Scott looks at that number, we say we're 5.3% of the way there. when i look at that number and scott looks at that number we say we're 5.3% of the way there Lots of opportunity. lots of opportunity Now, the automotive space today is going through massive amounts of change. now the automotive space today is going through massive amounts of change You've got electrification, you've got supply chain issues, autonomous driving, affordability issues, chip shortages, changing consumer demands, just to name a few. you've got electrification you've got supply chain issues autonomous driving affordability issues chip shortages changing consumer demands just to name a few The convergence of these trends is just causing a tidal wave of change in our industry. the convergence of these trends is just causing a tidal wave of change in our industry That change is driving up demand for data. that change is driving up demand for data Now, you'll see this slide a couple times in my presentation. now you'll see this slide a couple times in my presentation In order to understand our business, you have to understand we operate across the entire automotive ecosystem, serving the two life cycles that matter most. Those building the 90 million new cars and selling those new cars each year, that's the 1 on the left. On the right, providing information to the owners of the 1.5 billion vehicles around the globe. The first one, that's our B2B business run by Joe Lafeir. In that space, we're serving that new car market. Every new car creates thousands and thousands of questions and decisions. The OEMs and the suppliers and the dealers, many of those people making those decisions rely on our data to do it. On the right side, that life cycle, that's the CARFAX life cycle. In order to understand our business, you have to understand we operate across the entire automotive ecosystem, serving the two life cycles that matter most. in order to understand our business you have to understand we operate across the entire automotive ecosystem serving the two life cycles that matter most Those building the 90 million new cars and selling those new cars each year, that's the 1 on the left. those building the 90 million new cars and selling those new cars each year that's the 1 on the left On the right, providing information to the owners of the 1.5 billion vehicles around the globe. on the right providing information to the owners of the 1.5 billion vehicles around the globe The first one, that's our B2B business run by Joe Lafeir. the first one that's our b2b business run by joe lafeir In that space, we're serving that new car market. in that space we're serving that new car market Every new car creates thousands and thousands of questions and decisions. every new car creates thousands and thousands of questions and decisions The OEMs and the suppliers and the dealers, many of those people making those decisions rely on our data to do it. the oems and the suppliers and the dealers many of those people making those decisions rely on our data to do it On the right side, that life cycle, that's the CARFAX life cycle. on the right side that life cycle that's the carfax life cycle Scott and his team, they partner with OEMs and dealers to get our information into the hands of consumers as they shop, buy, service and sell their vehicles. This process benefits a dealer because when the dealer puts our products into that process, they sell their cars faster and they sell them for more money. They create a much better shopping and buying experience for the consumer. In that part of our business, we monetize primarily through dealer subscriptions, some direct from consumer. Our history, I have to touch on our history. We got started in the information space in 1870. 1870 when R. L. Polk started this business. It was the directory business. Scott and his team, they partner with OEMs and dealers to get our information into the hands of consumers as they shop, buy, service and sell their vehicles. scott and his team they partner with oems and dealers to get our information into the hands of consumers as they shop buy service and sell their vehicles This process benefits a dealer because when the dealer puts our products into that process, they sell their cars faster and they sell them for more money. this process benefits a dealer because when the dealer puts our products into that process they sell their cars faster and they sell them for more money They create a much better shopping and buying experience for the consumer. they create a much better shopping and buying experience for the consumer In that part of our business, we monetize primarily through dealer subscriptions, some direct from consumer. in that part of our business we monetize primarily through dealer subscriptions some direct from consumer Our history, I have to touch on our history. our history i have to touch on our history We got started in the information space in 1870. 1870 when R. L. we got started in the information space in 1870 1870 when r. l Polk started this business. polk started this business It was the directory business. it was the directory business We got our start in automotive in the 1920s with a partnership with Alfred Sloan of GM and then Henry Ford, providing them the critical information they needed to grow those great businesses. 60 years later, in Columbia, Missouri, 1984, Ewin Barnett started the CARFAX business, some say in a garage, but I think it might have been at his kitchen table, with one file, 10,000 records and a dream. He wanted to help local consumers avoid really bad cars, that's when CARFAX started. Now, when you start a category like that, you hope that your brand becomes synonymous with it. We've been really fortunate in the automotive business to have that happen multiple times. I'll give you one example. In the vehicle history business, consumers don't ask for a vehicle history report. They ask for a CARFAX. We got our start in automotive in the 1920s with a partnership with Alfred Sloan of GM and then Henry Ford, providing them the critical information they needed to grow those great businesses. 60 years later, in Columbia, Missouri, 1984, Ewin Barnett started the CARFAX business, some say in a garage, but I think it might have been at his kitchen table, with one file, 10,000 records and a dream. we got our start in automotive in the 1920s with a partnership with alfred sloan of gm and then henry ford providing them the critical information they needed to grow those great businesses 60 years later in columbia missouri 1984 ewin barnett started the carfax business some say in a garage but i think it might have been at his kitchen table with one file 10,000 records and a dream He wanted to help local consumers avoid really bad cars, that's when CARFAX started. he wanted to help local consumers avoid really bad cars that's when carfax started Now, when you start a category like that, you hope that your brand becomes synonymous with it. now when you start a category like that you hope that your brand becomes synonymous with it We've been really fortunate in the automotive business to have that happen multiple times. we've been really fortunate in the automotive business to have that happen multiple times I'll give you one example. i'll give you one example In the vehicle history business, consumers don't ask for a vehicle history report. in the vehicle history business consumers don't ask for a vehicle history report They ask for a CARFAX. they ask for a carfax Let's hop in and take a look at some of these core assets that we've talked about. These are our core assets. If you wanna know what we've done for 30 years, where our focus, our time, our money has been spent, it has been spent here. We're hyper-focused on it. These are our core assets. It's our data estate, it's our brands, it's the network that we've built, and it's how embedded we are throughout the industry. Before I go and touch upon a couple of things here, Scott and Joe will both go into far more detail, I wanna hit on two things. One, how we built them, and two, the way they interact. The way that we built them, we built these through a strategic lens. We didn't just build them willy-nilly, we built them with purpose. Let's hop in and take a look at some of these core assets that we've talked about. let's hop in and take a look at some of these core assets that we've talked about These are our core assets. these are our core assets If you wanna know what we've done for 30 years, where our focus, our time, our money has been spent, it has been spent here. if you wanna know what we've done for 30 years where our focus our time our money has been spent it has been spent here We're hyper-focused on it. we're hyper-focused on it These are our core assets. these are our core assets It's our data estate, it's our brands, it's the network that we've built, and it's how embedded we are throughout the industry. it's our data estate it's our brands it's the network that we've built and it's how embedded we are throughout the industry Before I go and touch upon a couple of things here, Scott and Joe will both go into far more detail, I wanna hit on two things. before i go and touch upon a couple of things here scott and joe will both go into far more detail i wanna hit on two things One, how we built them, and two, the way they interact. one how we built them and two the way they interact The way that we built them, we built these through a strategic lens. the way that we built them we built these through a strategic lens We didn't just build them willy-nilly, we built them with purpose. we didn't just build them willy-nilly we built them with purpose As we built them, as we went after our data estate that you will see has over 177,000 sources, we're asking, "Is it unique? Is it differentiated? Can somebody else do this?" We're asking those strategic questions that have led us to the differentiated assets that we have. My second point is that this is a flywheel. This is the type of thing where one asset grows the other, and both Scott and Joe will give you some examples. I'll give you one, though, you know, just to put it in context. I mentioned the 53 million consumers that Scott and the CARFAX team have in our Car Care app maintaining their vehicle. We send them reminders, "Hey, it's time to get an oil change. As we built them, as we went after our data estate that you will see has over 177,000 sources, we're asking, "Is it unique? as we built them as we went after our data estate that you will see has over 177,000 sources we're asking "is it unique Is it differentiated? is it differentiated Can somebody else do this?" We're asking those strategic questions that have led us to the differentiated assets that we have. can somebody else do this?" we're asking those strategic questions that have led us to the differentiated assets that we have My second point is that this is a flywheel. my second point is that this is a flywheel This is the type of thing where one asset grows the other, and both Scott and Joe will give you some examples. this is the type of thing where one asset grows the other and both scott and joe will give you some examples I'll give you one, though, you know, just to put it in context. i'll give you one though you know just to put it in context I mentioned the 53 million consumers that Scott and the CARFAX team have in our Car Care app maintaining their vehicle. i mentioned the 53 million consumers that scott and the carfax team have in our car care app maintaining their vehicle We send them reminders, "Hey, it's time to get an oil change. we send them reminders "hey it's time to get an oil change Hey, it's time to go get a service done. What they do is they go to our 92,000 shops and get that service done. The shop gives us the information. The second they do, we pop a little thing in the app to that consumer, "Hey, how was it?" Just like they're stepping out of an Uber. Millions and millions of times a year, they tell us, "Here's how it was." That data from our network then starts building our data asset. We don't leave it there. We take that data and we say, "Okay, we now know who the best dealers and the best shops are in the country. Let's give them CARFAX top-rated awards for that." We do, and we give them all kinds of assets, and we send them out to them. Hey, it's time to go get a service done. hey it's time to go get a service done What they do is they go to our 92,000 shops and get that service done. what they do is they go to our 92,000 shops and get that service done The shop gives us the information. the shop gives us the information The second they do, we pop a little thing in the app to that consumer, "Hey, how was it?" Just like they're stepping out of an Uber. the second they do we pop a little thing in the app to that consumer "hey how was it?" just like they're stepping out of an uber Millions and millions of times a year, they tell us, "Here's how it was." That data from our network then starts building our data asset. millions and millions of times a year they tell us "here's how it was." that data from our network then starts building our data asset We don't leave it there. we don't leave it there We take that data and we say, "Okay, we now know who the best dealers and the best shops are in the country. we take that data and we say "okay we now know who the best dealers and the best shops are in the country Let's give them CARFAX top-rated awards for that." We do, and we give them all kinds of assets, and we send them out to them. let's give them carfax top-rated awards for that." we do and we give them all kinds of assets and we send them out to them Collectively, they take those assets and send them to millions of consumers. "Hey, we won an award. It's a CARFAX award. Here's what it is." You saw some of that in the video, and that builds our brand. You can see how our network feeds our data and then feeds our brand, and we have many, many of these, and that's what I mean when we say we have a flywheel. I'll hop through each one quickly. Our data. We are data geeks at our core. We're a data company. We love it. It's some of the things, like that 177 number. Collectively, they take those assets and send them to millions of consumers. "Hey, we won an award. collectively they take those assets and send them to millions of consumers "hey we won an award It's a CARFAX award. it's a carfax award Here's what it is." You saw some of that in the video, and that builds our brand. here's what it is." you saw some of that in the video and that builds our brand You can see how our network feeds our data and then feeds our brand, and we have many, many of these, and that's what I mean when we say we have a flywheel. you can see how our network feeds our data and then feeds our brand and we have many many of these and that's what i mean when we say we have a flywheel I'll hop through each one quickly. i'll hop through each one quickly Our data. our data We are data geeks at our core. we are data geeks at our core We're a data company. we're a data company We love it. we love it It's some of the things, like that 177 number. it's some of the things like that 177 number We had a dinner last night, one of the team members came up to me and he said, "Bill, you mentioned the 177, but you didn't say anything about how good we are making sure 177 sources flow, and every time they change one little thing and this or that, it stops." We know how to keep that going, and we've taken 30 years to figure out how to get all that data that's scattered all over to the industry in one place and put it in a form that consumers can actually understand. We do the hard work that nobody else wants to do, and we've done it over decades. Our data is responsible for over 90% of our revenue. Our trusted brands, our industry-leading trusted brands. Now we have a first-mover advantage. We had a dinner last night, one of the team members came up to me and he said, "Bill, you mentioned the 177, but you didn't say anything about how good we are making sure 177 sources flow, and every time they change one little thing and this or that, it stops." We know how to keep that going, and we've taken 30 years to figure out how to get all that data that's scattered all over to the industry in one place and put it in a form that consumers can actually understand. we had a dinner last night one of the team members came up to me and he said "bill you mentioned the 177 but you didn't say anything about how good we are making sure 177 sources flow and every time they change one little thing and this or that it stops." we know how to keep that going and we've taken 30 years to figure out how to get all that data that's scattered all over to the industry in one place and put it in a form that consumers can actually understand We do the hard work that nobody else wants to do, and we've done it over decades. we do the hard work that nobody else wants to do and we've done it over decades Our data is responsible for over 90% of our revenue. our data is responsible for over 90% of our revenue Our trusted brands, our industry-leading trusted brands. our trusted brands our industry-leading trusted brands Now we have a first-mover advantage. now we have a first-mover advantage When you create a category and you create that brand, we're able to maintain and grow those brands at a fraction of what it would cost anyone else trying to follow. In an age of AI, when people don't know what to trust, who to trust, and what they can believe in, we're seeing our brands become a bigger and bigger part of our value proposition. Now in automotive, CARFAX is 1 of the most recognized and trusted brands. Here's one little thing that we absolutely love. On a day like today, we're sitting here having this, you know, great investor day. All over the country, at thousands and thousands of dealerships today, consumers will walk in and say, "Show me the CARFAX." Now, this is our network, our customer network, and as I mentioned, Joe and Scott are gonna hit on this again. When you create a category and you create that brand, we're able to maintain and grow those brands at a fraction of what it would cost anyone else trying to follow. when you create a category and you create that brand we're able to maintain and grow those brands at a fraction of what it would cost anyone else trying to follow In an age of AI, when people don't know what to trust, who to trust, and what they can believe in, we're seeing our brands become a bigger and bigger part of our value proposition. in an age of ai when people don't know what to trust who to trust and what they can believe in we're seeing our brands become a bigger and bigger part of our value proposition Now in automotive, CARFAX is 1 of the most recognized and trusted brands. now in automotive carfax is 1 of the most recognized and trusted brands Here's one little thing that we absolutely love. here's one little thing that we absolutely love On a day like today, we're sitting here having this, you know, great investor day. on a day like today we're sitting here having this you know great investor day All over the country, at thousands and thousands of dealerships today, consumers will walk in and say, "Show me the CARFAX." Now, this is our network, our customer network, and as I mentioned, Joe and Scott are gonna hit on this again. all over the country at thousands and thousands of dealerships today consumers will walk in and say "show me the carfax." now this is our network our customer network and as i mentioned joe and scott are gonna hit on this again I would ask you, when they talk about it and when you look at the numbers and when you start to understand this network, just think about the size and the scale. We go beginning to end. We start in that planning stage, and we follow that vehicle throughout its life. Most vehicles are on the road for somewhere in the neighborhood of 17-18 years, and we're following that vehicle cradle to grave. We're not following one or 1,000 or a million. We're following hundreds of millions of vehicles, cradle to grave. The amazing thing about what we do is we don't just follow the vehicle, we connect with the people, the planning team, the OEM that builds it, the dealer that sells it, the customer that buys it, the shop that works on it. I would ask you, when they talk about it and when you look at the numbers and when you start to understand this network, just think about the size and the scale. i would ask you when they talk about it and when you look at the numbers and when you start to understand this network just think about the size and the scale We go beginning to end. we go beginning to end We start in that planning stage, and we follow that vehicle throughout its life. we start in that planning stage and we follow that vehicle throughout its life Most vehicles are on the road for somewhere in the neighborhood of 17 - 18 years, and we're following that vehicle cradle to grave. most vehicles are on the road for somewhere in the neighborhood of 17 - 18 years and we're following that vehicle cradle to grave We're not following one or 1,000 or a million. we're not following one or 1,000 or a million We're following hundreds of millions of vehicles, cradle to grave. we're following hundreds of millions of vehicles cradle to grave The amazing thing about what we do is we don't just follow the vehicle, we connect with the people, the planning team, the OEM that builds it, the dealer that sells it, the customer that buys it, the shop that works on it. the amazing thing about what we do is we don't just follow the vehicle we connect with the people the planning team the oem that builds it the dealer that sells it the customer that buys it the shop that works on it We connect with all the people along the way for that 17 and a half years. We have hundreds of millions of vehicles, and we have hundreds of millions of people, and we're the connective tissue between the two. It's really a pretty amazing thing that we do in our network. Last but not least, being embedded in the workflow. We've worked for 30 years to get embedded throughout the industry in the places that our customers want us most at those points of decision. What's happened is over time, we've gone from being just embedded and having our data embedded to having other assets and other things that we bring to the table embedded into our customers' businesses. I'll give you just two quick examples. We connect with all the people along the way for that 17 and a half years. we connect with all the people along the way for that 17 and a half years We have hundreds of millions of vehicles, and we have hundreds of millions of people, and we're the connective tissue between the two. we have hundreds of millions of vehicles and we have hundreds of millions of people and we're the connective tissue between the two It's really a pretty amazing thing that we do in our network. it's really a pretty amazing thing that we do in our network Last but not least, being embedded in the workflow. last but not least being embedded in the workflow We've worked for 30 years to get embedded throughout the industry in the places that our customers want us most at those points of decision. we've worked for 30 years to get embedded throughout the industry in the places that our customers want us most at those points of decision What's happened is over time, we've gone from being just embedded and having our data embedded to having other assets and other things that we bring to the table embedded into our customers' businesses. what's happened is over time we've gone from being just embedded and having our data embedded to having other assets and other things that we bring to the table embedded into our customers' businesses I'll give you just two quick examples. i'll give you just two quick examples On the B2B side, I was in Asia about two months ago, I went with a bunch of our leaders to meet with an OEM. They were talking about a vehicle launch, and they were using our data, but they were trying to figure out, you know, the launch of this vehicle. What was incredible to me over the course of that meeting was this, is that OEM was making a massive bet on this vehicle. Just a massive bet. They needed help. They needed help navigating and coming up with the right data to make the right decisions. Our leaders were at the table with that OEM, figuring out the data plan required in order for them to feel confident in launching that vehicle. I was also struck by two things. On the B2B side, I was in Asia about two months ago, I went with a bunch of our leaders to meet with an OEM. on the b2b side i was in asia about two months ago i went with a bunch of our leaders to meet with an oem They were talking about a vehicle launch, and they were using our data, but they were trying to figure out, you know, the launch of this vehicle. they were talking about a vehicle launch and they were using our data but they were trying to figure out you know the launch of this vehicle What was incredible to me over the course of that meeting was this, is that OEM was making a massive bet on this vehicle. what was incredible to me over the course of that meeting was this is that oem was making a massive bet on this vehicle Just a massive bet. just a massive bet They needed help. they needed help They needed help navigating and coming up with the right data to make the right decisions. they needed help navigating and coming up with the right data to make the right decisions Our leaders were at the table with that OEM, figuring out the data plan required in order for them to feel confident in launching that vehicle. our leaders were at the table with that oem figuring out the data plan required in order for them to feel confident in launching that vehicle I was also struck by two things. i was also struck by two things One, nobody else in the market had the data, and nobody else in the market had the experts we had to go do that. I'll give you another example on the CARFAX side. Somebody called me a few weeks ago, somebody that I'd worked with 10 years ago. They called and they said, "Bill, I've been meaning to call you. I keep, you know, thinking about you." I thought, "Oh, that's really nice." They said, "Well, I've been calling on dealers in the Baltimore/Washington market, and I've gone into over 100 of them in the last two, three months, and I've been struck, and now that I've noticed it, I keep seeing it, at how your brand is all over those dealerships. You're on the door, you're on the vehicles. I see you all over the showroom. One, nobody else in the market had the data, and nobody else in the market had the experts we had to go do that. one nobody else in the market had the data and nobody else in the market had the experts we had to go do that I'll give you another example on the CARFAX side. i'll give you another example on the carfax side Somebody called me a few weeks ago, somebody that I'd worked with 10 years ago. somebody called me a few weeks ago somebody that i'd worked with 10 years ago They called and they said, "Bill, I've been meaning to call you. they called and they said "bill i've been meaning to call you I keep, you know, thinking about you." I thought, "Oh, that's really nice." They said, "Well, I've been calling on dealers in the Baltimore/Washington market, and I've gone into over 100 of them in the last two, three months, and I've been struck, and now that I've noticed it, I keep seeing it, at how your brand is all over those dealerships. i keep you know thinking about you." i thought "oh that's really nice." they said "well i've been calling on dealers in the baltimore/washington market and i've gone into over 100 of them in the last two three months and i've been struck and now that i've noticed it i keep seeing it at how your brand is all over those dealerships You're on the door, you're on the vehicles. you're on the door you're on the vehicles I see you all over the showroom. i see you all over the showroom Every time I see it, I go, 'Yeah, I gotta call Bill. I gotta call Bill.' I keep seeing it over and over again. CARFAX has built a brand that is synonymous with transparency and trust in the industry. We partner with those 40,000 dealers, Scott and his team. We let them use our brand in their dealership. They use our brand to build trust with the consumer. They use it to build confidence in the vehicle, confidence in their price, and confidence in their business. Let's hop in. I'll talk a little about where I wanna take the business here in the next few years. Our mission. It all starts here. Our mission of providing trusted information that helps billions of people build, sell, and own vehicles with more confidence. Our opportunity flows off of this mission. Every time I see it, I go, 'Yeah, I gotta call Bill. every time i see it i go 'yeah i gotta call bill I gotta call Bill.' I keep seeing it over and over again. i gotta call bill.' i keep seeing it over and over again CARFAX has built a brand that is synonymous with transparency and trust in the industry. carfax has built a brand that is synonymous with transparency and trust in the industry We partner with those 40,000 dealers, Scott and his team. we partner with those 40,000 dealers scott and his team We let them use our brand in their dealership. we let them use our brand in their dealership They use our brand to build trust with the consumer. They use it to build confidence in the vehicle, confidence in their price, and confidence in their business. they use our brand to build trust with the consumer. they use it to build confidence in the vehicle confidence in their price and confidence in their business Let's hop in. let's hop in I'll talk a little about where I wanna take the business here in the next few years. i'll talk a little about where i wanna take the business here in the next few years Our mission. our mission It all starts here. it all starts here Our mission of providing trusted information that helps billions of people build, sell, and own vehicles with more confidence. our mission of providing trusted information that helps billions of people build sell and own vehicles with more confidence Our opportunity flows off of this mission. our opportunity flows off of this mission If you think of making sure that every single person at every single OEM that needs our information is getting it, the same thing at the suppliers, same thing at the dealers, same thing with the 1.5 billion vehicles on the road owners, that's what our mission's all about. What it's done is it's created this massive opportunity for us to go serve the information needs of this huge market. Now, when you think about it can be quite daunting. We have a saying that I like, "Think big, think really big, but go step by step." What I wanna do is I wanna share with you my steps over the next few years in driving the business toward this mission, and they are these. First, bringing Mobility Global together as one business. If you think of making sure that every single person at every single OEM that needs our information is getting it, the same thing at the suppliers, same thing at the dealers, same thing with the 1.5 billion vehicles on the road owners, that's what our mission's all about. if you think of making sure that every single person at every single oem that needs our information is getting it the same thing at the suppliers same thing at the dealers same thing with the 1.5 billion vehicles on the road owners that's what our mission's all about What it's done is it's created this massive opportunity for us to go serve the information needs of this huge market. what it's done is it's created this massive opportunity for us to go serve the information needs of this huge market Now, when you think about it can be quite daunting. now when you think about it can be quite daunting We have a saying that I like, "Think big, think really big, but go step by step." What I wanna do is I wanna share with you my steps over the next few years in driving the business toward this mission, and they are these. we have a saying that i like "think big think really big but go step by step." what i wanna do is i wanna share with you my steps over the next few years in driving the business toward this mission and they are these First, bringing Mobility Global together as one business. first bringing mobility global together as one business Infusing AI in everything we do and continuing those efforts. Third, expanding our market position. I'll start with the first, bringing Mobility Global together. For those of you that don't know, the S&P Global Mobility division was five separate businesses a year ago. We were run as five separate businesses, five separate HR, legal, and finance groups, five separate financial system, building product in five different places. Five healthy businesses, all growing, five separate businesses. A year ago, we began bringing those businesses together, consolidating our data, streamlining our processes. One finance department, one legal department, one HR department. Aligning the business to the customers we served. We now have the business aligned with our B2B division, serving those that build and those that sell those 90 million vehicles. We weren't aligned that way before. Infusing AI in everything we do and continuing those efforts. infusing ai in everything we do and continuing those efforts Third, expanding our market position. third expanding our market position I'll start with the first, bringing Mobility Global together. i'll start with the first bringing mobility global together For those of you that don't know, the S&P Global Mobility division was five separate businesses a year ago. for those of you that don't know the s&p global mobility division was five separate businesses a year ago We were run as five separate businesses, five separate HR, legal, and finance groups, five separate financial system, building product in five different places. we were run as five separate businesses five separate hr legal and finance groups five separate financial system building product in five different places Five healthy businesses, all growing, five separate businesses. five healthy businesses all growing five separate businesses A year ago, we began bringing those businesses together, consolidating our data, streamlining our processes. a year ago we began bringing those businesses together consolidating our data streamlining our processes One finance department, one legal department, one HR department. one finance department one legal department one hr department Aligning the business to the customers we served. aligning the business to the customers we served We now have the business aligned with our B2B division, serving those that build and those that sell those 90 million vehicles. we now have the business aligned with our b2b division serving those that build and those that sell those 90 million vehicles We weren't aligned that way before. we weren't aligned that way before Now we have CARFAX serving that other side with one CARFAX, not three different CARFAX businesses. We've got the right structure to go grow the business. The second is the people, making sure we have the right team, from leadership right to our front lines. You might have seen last week we announced our board of directors, an incredible group of people, and we're thrilled to have them. We have a new executive leadership team comprised of four people that have been in the business for an average of 22 years building this business, and four people that have joined us in the last year, bringing with them a track record of growing performance in publicly traded companies. They're all here today, and I encourage you to meet them and spend some time talking to them about our business and where we're going. Now we have CARFAX serving that other side with one CARFAX, not three different CARFAX businesses. now we have carfax serving that other side with one carfax not three different carfax businesses We've got the right structure to go grow the business. we've got the right structure to go grow the business The second is the people, making sure we have the right team, from leadership right to our front lines. the second is the people making sure we have the right team from leadership right to our front lines You might have seen last week we announced our board of directors, an incredible group of people, and we're thrilled to have them. you might have seen last week we announced our board of directors an incredible group of people and we're thrilled to have them We have a new executive leadership team comprised of four people that have been in the business for an average of 22 years building this business, and four people that have joined us in the last year, bringing with them a track record of growing performance in publicly traded companies. we have a new executive leadership team comprised of four people that have been in the business for an average of 22 years building this business and four people that have joined us in the last year bringing with them a track record of growing performance in publicly traded companies They're all here today, and I encourage you to meet them and spend some time talking to them about our business and where we're going. they're all here today and i encourage you to meet them and spend some time talking to them about our business and where we're going These first two are feeding the third. We were going at the market from five separate siloed businesses, and now we are going to the market as one from a position of strength. We're able to now not go into a customer three different ways. We're coming at it once. We can see where our opportunity lies, and we can create a far better customer experience. The second one, AI. We're already seeing this as an accelerant in a bunch of different places in our business, but I wanna give you an idea how we think about it. We think about it in these four areas. One, drive productivity, two, amplify our data, three, supercharge our core products, four, create new products. As you can imagine, I mentioned we were data geeks. These first two are feeding the third. these first two are feeding the third We were going at the market from five separate siloed businesses, and now we are going to the market as one from a position of strength. we were going at the market from five separate siloed businesses and now we are going to the market as one from a position of strength We're able to now not go into a customer three different ways. we're able to now not go into a customer three different ways We're coming at it once. we're coming at it once We can see where our opportunity lies, and we can create a far better customer experience. we can see where our opportunity lies and we can create a far better customer experience The second one, AI. the second one ai We're already seeing this as an accelerant in a bunch of different places in our business, but I wanna give you an idea how we think about it. we're already seeing this as an accelerant in a bunch of different places in our business but i wanna give you an idea how we think about it We think about it in these four areas. we think about it in these four areas One, drive productivity, two , amplify our data, three, supercharge our core products, four, create new products. one drive productivity, two amplify our data three supercharge our core products four create new products As you can imagine, I mentioned we were data geeks. as you can imagine i mentioned we were data geeks We started actually with the second one here, probably back in 2018, 2019, with some of those early models. In our business, we're so focused on data, those early models gave us a little bit of lift out of what we were getting in all of those feeds. When we got that lift, we'd have sheet cakes, we'd celebrate, all kinds of stuff, and it's only gotten better and better since then. We wanna run an efficient business. We have a saying, "Work smarter," and that drove us into that first one. We started with tools for our tech teams and doing different things for, you know, our customer service teams to make us more efficient. We started actually with the second one here, probably back in 2018, 2019, with some of those early models. we started actually with the second one here probably back in 2018 2019 with some of those early models In our business, we're so focused on data, those early models gave us a little bit of lift out of what we were getting in all of those feeds. in our business we're so focused on data those early models gave us a little bit of lift out of what we were getting in all of those feeds When we got that lift, we'd have sheet cakes, we'd celebrate, all kinds of stuff, and it's only gotten better and better since then. when we got that lift we'd have sheet cakes we'd celebrate all kinds of stuff and it's only gotten better and better since then We wanna run an efficient business. we wanna run an efficient business We have a saying, "Work smarter," and that drove us into that first one. we have a saying "work smarter," and that drove us into that first one We started with tools for our tech teams and doing different things for, you know, our customer service teams to make us more efficient. we started with tools for our tech teams and doing different things for you know our customer service teams to make us more efficient Those you'll hear from Jeremy later are part of our overall AI plan, and they're a big part of what he's working on. The part that really excites me are those second two, our ability to supercharge our current product set and create new ones. The first two actually feed the second two. Jeremy, I think we have 15, 20 minutes later where he'll walk you through all of that. I wanna touch on the last one, creating new product. I'll just give you one example. You saw the Car Fox at the beginning, the video there, has to do with that. Our flagship product on the CARFAX side of the house is a vehicle history report. As we do a better job of going and getting more information, that report gets longer. Those you'll hear from Jeremy later are part of our overall AI plan, and they're a big part of what he's working on. those you'll hear from jeremy later are part of our overall ai plan and they're a big part of what he's working on The part that really excites me are those second two, our ability to supercharge our current product set and create new ones. the part that really excites me are those second two our ability to supercharge our current product set and create new ones The first two actually feed the second two. the first two actually feed the second two Jeremy, I think we have 15, 20 minutes later where he'll walk you through all of that. jeremy i think we have 15 20 minutes later where he'll walk you through all of that I wanna touch on the last one, creating new product. i wanna touch on the last one creating new product I'll just give you one example. i'll just give you one example You saw the Car Fox at the beginning, the video there, has to do with that. you saw the car fox at the beginning the video there has to do with that Our flagship product on the CARFAX side of the house is a vehicle history report. our flagship product on the carfax side of the house is a vehicle history report As we do a better job of going and getting more information, that report gets longer. as we do a better job of going and getting more information that report gets longer There was a day when that report was one page long. Today, it's four for most vehicles. Consumers love it, and they spend tons of time on it. When we talk about getting it shorter, they say, "No, we want more on there." Our team recognized that there was a growing subset of consumers that loved consuming information from a 30-second video. Not just entertainment, but information from a 30-second video. What did the team do? The team took our four-page report, and through AI and a bunch of other technologies, they were able to find the 30 seconds worth of content on that report that's most relevant to a consumer, and then take that and arrange it in a way that makes sense to a consumer. They can take that, and we take that and we convert it to voice. There was a day when that report was one page long. there was a day when that report was one page long Today, it's four for most vehicles. today it's four for most vehicles Consumers love it, and they spend tons of time on it. consumers love it and they spend tons of time on it When we talk about getting it shorter, they say, "No, we want more on there." Our team recognized that there was a growing subset of consumers that loved consuming information from a 30-second video. Not just entertainment, but information from a 30-second video. when we talk about getting it shorter they say "no we want more on there." our team recognized that there was a growing subset of consumers that loved consuming information from a 30-second video. not just entertainment but information from a 30-second video What did the team do? what did the team do The team took our four-page report, and through AI and a bunch of other technologies, they were able to find the 30 seconds worth of content on that report that's most relevant to a consumer, and then take that and arrange it in a way that makes sense to a consumer. the team took our four-page report and through ai and a bunch of other technologies they were able to find the 30 seconds worth of content on that report that's most relevant to a consumer and then take that and arrange it in a way that makes sense to a consumer They can take that, and we take that and we convert it to voice. they can take that and we take that and we convert it to voice Now we have 30 seconds of audio on the most relevant information on that report that a consumer might have spent eight minutes on. What we do is we convert that voice into the voice of the Car Fox, which is our IP, which is pretty cool. You've got a 30-second voice of the Car Fox talking you through the report, then we plug it into the Car Fox. Four years ago, when we wanted 30 seconds of the Car Fox animated for a commercial, it would take us four weeks. CGI, we'd, you know, have to go do that. Now we can do it on the fly. We can take that audio, put it in, now we have a 30-second video walking a consumer through that report. Now we have 30 seconds of audio on the most relevant information on that report that a consumer might have spent eight minutes on. now we have 30 seconds of audio on the most relevant information on that report that a consumer might have spent eight minutes on What we do is we convert that voice into the voice of the Car Fox, which is our IP, which is pretty cool. what we do is we convert that voice into the voice of the car fox which is our ip which is pretty cool You've got a 30-second voice of the Car Fox talking you through the report, then we plug it into the Car Fox. you've got a 30-second voice of the car fox talking you through the report then we plug it into the car fox Four years ago, when we wanted 30 seconds of the Car Fox animated for a commercial, it would take us four weeks. four years ago when we wanted 30 seconds of the car fox animated for a commercial it would take us four weeks CGI, we'd, you know, have to go do that. cgi we'd you know have to go do that Now we can do it on the fly. now we can do it on the fly We can take that audio, put it in, now we have a 30-second video walking a consumer through that report. we can take that audio put it in now we have a 30-second video walking a consumer through that report I'm happy to say that our core flagship product, that four-page report, is still being viewed over 25 million times a month. We're also delivering over 25 million of those videos today, a month. When consumers watch them, their engagement goes up. That's what I mean about creating new product with the technology. Now, if you think of that premise before I move on, we have this massive amount of data, and we have owners of 1.5 billion vehicles that we want to help shop, buy, service, and sell. We now have the ability to take that data, to create something meaningful, plug it into the Car Fox, create a video, and walk a consumer through that process. It's pretty amazing and tons of opportunity moving forward. Now, you'll see this framework in Scott and Joe section. I'm happy to say that our core flagship product, that four-page report, is still being viewed over 25 million times a month. i'm happy to say that our core flagship product that four-page report is still being viewed over 25 million times a month We're also delivering over 25 million of those videos today, a month. we're also delivering over 25 million of those videos today a month When consumers watch them, their engagement goes up. when consumers watch them their engagement goes up That's what I mean about creating new product with the technology. that's what i mean about creating new product with the technology Now, if you think of that premise before I move on, we have this massive amount of data, and we have owners of 1.5 billion vehicles that we want to help shop, buy, service, and sell. now if you think of that premise before i move on we have this massive amount of data and we have owners of 1.5 billion vehicles that we want to help shop buy service and sell We now have the ability to take that data, to create something meaningful, plug it into the Car Fox, create a video, and walk a consumer through that process. we now have the ability to take that data to create something meaningful plug it into the car fox create a video and walk a consumer through that process It's pretty amazing and tons of opportunity moving forward. it's pretty amazing and tons of opportunity moving forward Now, you'll see this framework in S cott and Joe section. now you'll see this framework in s cott and joe section The things I talked about are really that foundation, this foundation of growth for the business. This is what we're laying on top of it, our growth vectors. They'll talk about growing our core, these new solutions that we're building, and they'll go into what those solutions are. They're not solutions that we're gonna deliver in the future, they're solutions that we've been selling for the past year. Our international footprint. We have a big international footprint, and we plan to take the business through what we already have there. In our core, we have a ton of cross-sell opportunities. We've been operating in five separate businesses, and we haven't been selling each other's products. The things I talked about are really that foundation, this foundation of growth for the business. the things i talked about are really that foundation this foundation of growth for the business This is what we're laying on top of it, our growth vectors. this is what we're laying on top of it our growth vectors They'll talk about growing our core, these new solutions that we're building, and they'll go into what those solutions are. they'll talk about growing our core these new solutions that we're building and they'll go into what those solutions are They're not solutions that we're gonna deliver in the future, they're solutions that we've been selling for the past year. they're not solutions that we're gonna deliver in the future they're solutions that we've been selling for the past year Our international footprint. our international footprint We have a big international footprint, and we plan to take the business through what we already have there. we have a big international footprint and we plan to take the business through what we already have there In our core, we have a ton of cross-sell opportunities. in our core we have a ton of cross-sell opportunities We've been operating in five separate businesses, and we haven't been selling each other's products. we've been operating in five separate businesses and we haven't been selling each other's products Joe has all kinds of datasets that'd be really interesting to Scott's dealers, but we haven't been moving them over and selling them to them, and we now can. As we build out one data estate, the insights that we can get from it are gonna drive that middle column. Both Joe and Scott will talk to you about our international plans. I wanna touch on this TAM chart here. Oftentimes, when people put TAM charts together, they put them together to show opportunity. I will not come to you in the next five years saying we are struggling to find opportunity. It is not a challenge that we have. When I think of this chart and I think of where we're focused, we are focused in the core right now, and there is plenty there to keep us busy. Joe has all kinds of datasets that'd be really interesting to Scott's dealers, but we haven't been moving them over and selling them to them, and we now can. joe has all kinds of datasets that'd be really interesting to scott's dealers but we haven't been moving them over and selling them to them and we now can As we build out one data estate, the insights that we can get from it are gonna drive that middle column. as we build out one data estate the insights that we can get from it are gonna drive that middle column Both Joe and Scott will talk to you about our international plans. both joe and scott will talk to you about our international plans I wanna touch on this TAM chart here. i wanna touch on this tam chart here Oftentimes, when people put TAM charts together, they put them together to show opportunity. oftentimes when people put tam charts together they put them together to show opportunity I will not come to you in the next five years saying we are struggling to find opportunity. i will not come to you in the next five years saying we are struggling to find opportunity It is not a challenge that we have. it is not a challenge that we have When I think of this chart and I think of where we're focused, we are focused in the core right now, and there is plenty there to keep us busy. when i think of this chart and i think of where we're focused we are focused in the core right now and there is plenty there to keep us busy Scott and Joe will touch on a product or two that'll bleed us over into that extended. For the next five years, we won't go beyond those two rings. There is just so much opportunity for us in those two bottom rings. My job won't be to create opportunity. It's gonna be to keep the business focused on the best opportunity, the stuff that's right in front of us. Why are we a compelling investment? You know, it really starts with what I started out with, right? We are part of a massive market, a $8 trillion market with growing information needs. We're going into that with incredible assets that we have built over decades, anchored in our data estate and our market-leading brands. Scott and Joe will touch on a product or two that'll bleed us over into that extended. scott and joe will touch on a product or two that'll bleed us over into that extended For the next five years, we won't go beyond those two rings. for the next five years we won't go beyond those two rings There is just so much opportunity for us in those two bottom rings. there is just so much opportunity for us in those two bottom rings My job won't be to create opportunity. my job won't be to create opportunity It's gonna be to keep the business focused on the best opportunity, the stuff that's right in front of us. it's gonna be to keep the business focused on the best opportunity the stuff that's right in front of us Why are we a compelling investment? why are we a compelling investment You know, it really starts with what I started out with, right? you know it really starts with what i started out with right We are part of a massive market, a $8 trillion market with growing information needs. we are part of a massive market a $8 trillion market with growing information needs We're going into that with incredible assets that we have built over decades, anchored in our data estate and our market-leading brands. we're going into that with incredible assets that we have built over decades anchored in our data estate and our market-leading brands Finally, our opportunity, our setup with the right people, the right team and structure, the right setup to take those assets and just go do it. The framework or the way that I think about this is three parts. One, we have to drive the business. Two, we've built the business creating overwhelming value for our customers, and we're gonna continue to do that. Three, strong shareholder return. Matt will go through a lot of these numbers for you and talk about, you know, how we will go about it and what you can expect from us. Our business and the low capital intensity of it allows us to convert EBITDA to free cash flow. We're committing to returning 75% of that to you annually. Finally, our opportunity, our setup with the right people, the right team and structure, the right setup to take those assets and just go do it. finally our opportunity our setup with the right people the right team and structure the right setup to take those assets and just go do it The framework or the way that I think about this is three parts. the framework or the way that i think about this is three parts One, we have to drive the business. Two , we've built the business creating overwhelming value for our customers, and we're gonna continue to do that. one we have to drive the business. two we've built the business creating overwhelming value for our customers and we're gonna continue to do that Three, strong shareholder return. three strong shareholder return Matt will go through a lot of these numbers for you and talk about, you know, how we will go about it and what you can expect from us. matt will go through a lot of these numbers for you and talk about you know how we will go about it and what you can expect from us Our business and the low capital intensity of it allows us to convert EBITDA to free cash flow. our business and the low capital intensity of it allows us to convert ebitda to free cash flow We're committing to returning 75% of that to you annually. we're committing to returning 75% of that to you annually When you think of our profile as a business, the financial profile is strong growth, expanding margins, and healthy returns. I thank you all for being here today. I hope you enjoy the rest of the presentation. As Tejal said, we have stations outside that highlight our products. We want you to know our business. We want you to see our products. We want you to ask questions on those assets. We're proud of what we've built, and we really look forward to you getting to know our business. Thank you for being here, and I'll turn it over to Joe to start walking through the B2B business. Thank you, everybody. When you think of our profile as a business, the financial profile is strong growth, expanding margins, and healthy returns. when you think of our profile as a business the financial profile is strong growth expanding margins and healthy returns I thank you all for being here today. i thank you all for being here today I hope you enjoy the rest of the presentation. i hope you enjoy the rest of the presentation As Tejal said, we have stations outside that highlight our products. as tejal said we have stations outside that highlight our products We want you to know our business. we want you to know our business We want you to see our products. we want you to see our products We want you to ask questions on those assets. we want you to ask questions on those assets We're proud of what we've built, and we really look forward to you getting to know our business. we're proud of what we've built and we really look forward to you getting to know our business Thank you for being here, and I'll turn it over to Joe to start walking through the B2B business. thank you for being here and i'll turn it over to joe to start walking through the b2b business Thank you, everybody. thank you everybody

Speaker 6: Thank you, Bill. I really enjoyed having conversations with some of you this morning at the demo stations. I have to get this on the table. I was a little animated and I spilled coffee on me. There might be a little bit of coffee on my shirt. I promise this morning I had a clean shirt when I started. I'm excited to be standing on this stage talking about our B2B business with everybody. My name is Joe Lafeir. I'm the President of Mobility Business Solutions. I have to get a big shout-out to our team and colleagues all over the world for helping to build an amazing business, and I'm extremely proud to be standing here talking about it. Thank you, Bill. thank you bill I really enjoyed having conversations with some of you this morning at the demo stations. i really enjoyed having conversations with some of you this morning at the demo stations I have to get this on the table. i have to get this on the table I was a little animated and I spilled coffee on me. i was a little animated and i spilled coffee on me There might be a little bit of coffee on my shirt. there might be a little bit of coffee on my shirt I promise this morning I had a clean shirt when I started. i promise this morning i had a clean shirt when i started I'm excited to be standing on this stage talking about our B2B business with everybody. i'm excited to be standing on this stage talking about our b2b business with everybody My name is Joe Lafeir. my name is joe lafeir I'm the President of Mobility Business Solutions. i'm the president of mobility business solutions I have to get a big shout-out to our team and colleagues all over the world for helping to build an amazing business, and I'm extremely proud to be standing here talking about it. i have to get a big shout-out to our team and colleagues all over the world for helping to build an amazing business and i'm extremely proud to be standing here talking about it I want to start the conversation today by touching on something that Bill talked about earlier. That's our legacy. We didn't enter into this category. We created it. We created it over 100 years ago. We've been leading it through this focus on relentless innovation ever since. The foundation of the business when it originally started was around this concept of performance truth. Essentially, we created an independent scorecard for the automotive industry. Then 40 years later, or 40 years ago from today, we introduced a new category. We launched the industry's first global forecasting standard. Today, we're the reference point for OEMs and suppliers and dealers when they're looking at assessing market share, or they're validating a strategy, or they got to make a really critical decision. I want to start the conversation today by touching on something that Bill talked about earlier. i want to start the conversation today by touching on something that bill talked about earlier That's our legacy. that's our legacy We didn't enter into this category. we didn't enter into this category We created it. we created it We created it over 100 years ago. we created it over 100 years ago We've been leading it through this focus on relentless innovation ever since. we've been leading it through this focus on relentless innovation ever since The foundation of the business when it originally started was around this concept of performance truth. the foundation of the business when it originally started was around this concept of performance truth Essentially, we created an independent scorecard for the automotive industry. essentially we created an independent scorecard for the automotive industry Then 40 years later, or 40 years ago from today, we introduced a new category. then 40 years later or 40 years ago from today we introduced a new category We launched the industry's first global forecasting standard. we launched the industry's first global forecasting standard Today, we're the reference point for OEMs and suppliers and dealers when they're looking at assessing market share, or they're validating a strategy, or they got to make a really critical decision. today we're the reference point for oems and suppliers and dealers when they're looking at assessing market share or they're validating a strategy or they got to make a really critical decision You see, for decades, our customers have trusted us to really answer and help them with a really fundamental question: What's really happening in the market, and what do I do next? Our customers have pulled us into the fabric of the industry. We're not just a data provider here. We're helping them answer those critical questions. This is an industry that's moving fast. It's getting more complex, and those decisions are getting really hard. That's what's gonna drive our growth in the future. We're also gonna be connecting AI into our core assets to strengthen our leadership position and help answer those questions of today better and well into the future. How do I wanna spend the time? I'd love to spend the time talking just a little bit more about who we are. I wanna drill into some of those differentiators that Bill talked about. You see, for decades, our customers have trusted us to really answer and help them with a really fundamental question: What's really happening in the market, and what do I do next? you see for decades our customers have trusted us to really answer and help them with a really fundamental question what's really happening in the market and what do i do next Our customers have pulled us into the fabric of the industry. our customers have pulled us into the fabric of the industry We're not just a data provider here. we're not just a data provider here We're helping them answer those critical questions. we're helping them answer those critical questions This is an industry that's moving fast. this is an industry that's moving fast It's getting more complex, and those decisions are getting really hard. it's getting more complex and those decisions are getting really hard That's what's gonna drive our growth in the future. that's what's gonna drive our growth in the future We're also gonna be connecting AI into our core assets to strengthen our leadership position and help answer those questions of today better and well into the future. we're also gonna be connecting ai into our core assets to strengthen our leadership position and help answer those questions of today better and well into the future How do I wanna spend the time? how do i wanna spend the time I'd love to spend the time talking just a little bit more about who we are. i'd love to spend the time talking just a little bit more about who we are I wanna drill into some of those differentiators that Bill talked about. i wanna drill into some of those differentiators that bill talked about The really exciting stuff is where we're taking this business and how we're going to grow it going forward. Let's get right into it. This is a strong, resilient business. We have over $600 million in revenue last year, and we operate this business on two complementary portfolios. Our strategy and planning business, which is primarily serving those suppliers and OEMs, and that's where the high-stake decisions that we're talking about really start. Then in our marketing and sales division, we're helping dealers and OEMs in those downstream critical workflows that are helping to get cars into the hands of consumers. 82% of our revenue is subscription-based. Now, there is some transactional revenue here, but I think it's kind of important to note that that transactional revenue is almost entirely driven by our subscription customers, and that revenue's driving retention and account expansion. The really exciting stuff is where we're taking this business and how we're going to grow it going forward. the really exciting stuff is where we're taking this business and how we're going to grow it going forward Let's get right into it. let's get right into it This is a strong, resilient business. this is a strong resilient business We have over $600 million in revenue last year, and we operate this business on two complementary portfolios. we have over $600 million in revenue last year and we operate this business on two complementary portfolios Our strategy and planning business, which is primarily serving those suppliers and OEMs, and that's where the high-stake decisions that we're talking about really start. our strategy and planning business which is primarily serving those suppliers and oems and that's where the high-stake decisions that we're talking about really start Then in our marketing and sales division, we're helping dealers and OEMs in those downstream critical workflows that are helping to get cars into the hands of consumers. 82% of our revenue is subscription-based. then in our marketing and sales division we're helping dealers and oems in those downstream critical workflows that are helping to get cars into the hands of consumers 82% of our revenue is subscription-based Now, there is some transactional revenue here, but I think it's kind of important to note that that transactional revenue is almost entirely driven by our subscription customers, and that revenue's driving retention and account expansion. now there is some transactional revenue here but i think it's kind of important to note that that transactional revenue is almost entirely driven by our subscription customers and that revenue's driving retention and account expansion You know, two simple examples. You know, we got USMCA coming up for review this summer. That's the North American Free Trade Agreement there. There's huge implications. Suppliers will come to us to do custom studies to understand the implication for their business. An OEM launching a brand-new vehicle. They wanna get the biggest reach possible to get consumers to purchase that new launched vehicle, they're coming to us for those campaigns. Now, I talked about this being durable and highly reoccurring revenue. It was stress-tested. If we go back and we look at the challenging times during COVID, this industry was hit particularly hard. When the dust settled in those most challenging years, our subscription revenue for OEMs and suppliers actually grew. You know, two simple examples. you know two simple examples You know, we got USMCA coming up for review this summer. you know we got usmca coming up for review this summer That's the North American Free Trade Agreement there. that's the north american free trade agreement there There's huge implications. there's huge implications Suppliers will come to us to do custom studies to understand the implication for their business. suppliers will come to us to do custom studies to understand the implication for their business An OEM launching a brand-new vehicle. an oem launching a brand-new vehicle They wanna get the biggest reach possible to get consumers to purchase that new launched vehicle, they're coming to us for those campaigns. they wanna get the biggest reach possible to get consumers to purchase that new launched vehicle they're coming to us for those campaigns Now, I talked about this being durable and highly reoccurring revenue. now i talked about this being durable and highly reoccurring revenue It was stress-tested. it was stress-tested If we go back and we look at the challenging times during COVID, this industry was hit particularly hard. if we go back and we look at the challenging times during covid this industry was hit particularly hard When the dust settled in those most challenging years, our subscription revenue for OEMs and suppliers actually grew. when the dust settled in those most challenging years our subscription revenue for oems and suppliers actually grew It really shows the resilience and the indispensability that we have with our services that we're providing the industry. We're operating at scale. We're highly reoccurring, high retention. We're not fighting a churn here. We're sustaining value, that's helping us grow the business. Bill mentioned it, we're working with all the top OEMs. We're also working with all the top suppliers, really we're working thousands of suppliers. We just happen to be pointing out 94 of the top 100. Our data moat is unmatched. 13 billion records that are representing the transactions in the marketplace, over 800 million VINs, we're covering 99% of the global vehicle production. That scale, that's impressive, what we really focus on is what we do with that. It really shows the resilience and the indispensability that we have with our services that we're providing the industry. it really shows the resilience and the indispensability that we have with our services that we're providing the industry We're operating at scale. we're operating at scale We're highly reoccurring, high retention. we're highly reoccurring high retention We're not fighting a churn here. we're not fighting a churn here We're sustaining value, that's helping us grow the business. we're sustaining value that's helping us grow the business Bill mentioned it, we're working with all the top OEMs. bill mentioned it we're working with all the top oems We're also working with all the top suppliers, really we're working thousands of suppliers. we're also working with all the top suppliers really we're working thousands of suppliers We just happen to be pointing out 94 of the top 100. we just happen to be pointing out 94 of the top 100 Our data moat is unmatched. 13 billion records that are representing the transactions in the marketplace, over 800 million VINs, we're covering 99% of the global vehicle production. our data moat is unmatched 13 billion records that are representing the transactions in the marketplace over 800 million vins we're covering 99% of the global vehicle production That scale, that's impressive, what we really focus on is what we do with that. that scale that's impressive what we really focus on is what we do with that We're creating better signals, better models, all focused on helping our customers get better outcomes from that data. That's allowed us to serve this really wide range of offerings across the industry, and Bill mentioned that life cycle. Yes, we're operating across that entire vehicle life cycle. Where it starts in planning solutions is like the tip of the spear. This is where OEMs are determining what to build, how to configure them, how to source the components, and how to bring those vehicles to market. That was those top three nodes on that life cycle. This is where their long-term competitiveness and their cost structures are set. On the sales side, we're extending downstream, helping OEMs and dealers translate those plans into effective pricing strategies, targeting strategies to go to market and get those vehicles into the hands of consumers. We're creating better signals, better models, all focused on helping our customers get better outcomes from that data. we're creating better signals better models all focused on helping our customers get better outcomes from that data That's allowed us to serve this really wide range of offerings across the industry, and Bill mentioned that life cycle. that's allowed us to serve this really wide range of offerings across the industry and bill mentioned that life cycle Yes, we're operating across that entire vehicle life cycle. Where it starts in planning solutions is like the tip of the spear. yes we're operating across that entire vehicle life cycle. where it starts in planning solutions is like the tip of the spear This is where OEMs are determining what to build, how to configure them, how to source the components, and how to bring those vehicles to market. this is where oems are determining what to build how to configure them how to source the components and how to bring those vehicles to market That was those top three nodes on that life cycle. that was those top three nodes on that life cycle This is where their long-term competitiveness and their cost structures are set. this is where their long-term competitiveness and their cost structures are set On the sales side, we're extending downstream, helping OEMs and dealers translate those plans into effective pricing strategies, targeting strategies to go to market and get those vehicles into the hands of consumers. on the sales side we're extending downstream helping oems and dealers translate those plans into effective pricing strategies targeting strategies to go to market and get those vehicles into the hands of consumers The spanning of the entire life cycle sets us apart. We don't have anybody in the industry that does this in complete life cycle. We're connecting what the industry often is separating, this kind of upstream planning intent with the downstream market behavior. It gives us a great opportunity to expand our business in many ways. Each one of those nodes are growth opportunities for us. Just think about that thing growing outward in any one of those directions. Just to go a little bit deeper into our strategy business, in the forecasting side, our intelligence is helping suppliers understand what to do this year. How are they thinking about their production? Then we're also making bets five, 10, 15 years down the road, big bets that are often irreversible and can cost a lot if they get it wrong. The spanning of the entire life cycle sets us apart. the spanning of the entire life cycle sets us apart We don't have anybody in the industry that does this in complete life cycle. we don't have anybody in the industry that does this in complete life cycle We're connecting what the industry often is separating, this kind of upstream planning intent with the downstream market behavior. we're connecting what the industry often is separating this kind of upstream planning intent with the downstream market behavior It gives us a great opportunity to expand our business in many ways. it gives us a great opportunity to expand our business in many ways Each one of those nodes are growth opportunities for us. each one of those nodes are growth opportunities for us Just think about that thing growing outward in any one of those directions. just think about that thing growing outward in any one of those directions Just to go a little bit deeper into our strategy business, in the forecasting side, our intelligence is helping suppliers understand what to do this year. just to go a little bit deeper into our strategy business in the forecasting side our intelligence is helping suppliers understand what to do this year How are they thinking about their production? how are they thinking about their production Then we're also making bets five, 10, 15 years down the road, big bets that are often irreversible and can cost a lot if they get it wrong. then we're also making bets five 10 15 years down the road big bets that are often irreversible and can cost a lot if they get it wrong Across our sales and marketing, our intelligence is actually helping to inform how is that vehicle actually competing in the marketplace? Who is buying it? What are they buying? Who are they buying it from? How much are they spending on it? Through our sales solutions, we're helping the industry to effectively spend billions of dollars in marketing spend and tens of billions of dollars in incentive spend. We're connecting those signals, those upstream planning signals and actual behavior in the marketplace, we're not just describing what's happening, we're helping our customers identify where those opportunities in the markets are, and also, as early as possible, identify where those threats are, so they can take action. Let me talk about the four core assets. Bill mentioned them earlier. I want to drill into those unique assets in the B2B business. Across our sales and marketing, our intelligence is actually helping to inform how is that vehicle actually competing in the marketplace? across our sales and marketing our intelligence is actually helping to inform how is that vehicle actually competing in the marketplace Who is buying it? who is buying it What are they buying? what are they buying Who are they buying it from? who are they buying it from How much are they spending on it? how much are they spending on it Through our sales solutions, we're helping the industry to effectively spend billions of dollars in marketing spend and tens of billions of dollars in incentive spend. through our sales solutions we're helping the industry to effectively spend billions of dollars in marketing spend and tens of billions of dollars in incentive spend We're connecting those signals, those upstream planning signals and actual behavior in the marketplace, we're not just describing what's happening, we're helping our customers identify where those opportunities in the markets are, and also, as early as possible, identify where those threats are, so they can take action. we're connecting those signals those upstream planning signals and actual behavior in the marketplace we're not just describing what's happening we're helping our customers identify where those opportunities in the markets are and also as early as possible identify where those threats are so they can take action Let me talk about the four core assets. let me talk about the four core assets Bill mentioned them earlier. bill mentioned them earlier I want to drill into those unique assets in the B2B business. i want to drill into those unique assets in the b2b business They're the ones we talked about, proprietary data, our trusted brands, our scaled network, and our embeddedness in the industry. These aren't static. They're continually changing, and we're adjusting them to address the needs of the day for the industry. They've been in place for decades supporting these customers. Individually, they're powerful, but when we combine them all together, it creates this compounding advantage, and you should see that as I walk through this. Let me talk about them. The first one, let's talk about data. Our moat starts with data, and it's comprehensive. Over 90% of our revenue is being generated from this proprietary data. In our strategy and planning business, we're covering every major aspect of the industry. We're talking about commercial vehicles, passenger vehicles, the powertrains that move those vehicles, every component and technology that makes those vehicles unique. They're the ones we talked about, proprietary data, our trusted brands, our scaled network, and our embeddedness in the industry. they're the ones we talked about proprietary data our trusted brands our scaled network and our embeddedness in the industry These aren't static. these aren't static They're continually changing, and we're adjusting them to address the needs of the day for the industry. they're continually changing and we're adjusting them to address the needs of the day for the industry They've been in place for decades supporting these customers. they've been in place for decades supporting these customers Individually, they're powerful, but when we combine them all together, it creates this compounding advantage, and you should see that as I walk through this. individually they're powerful but when we combine them all together it creates this compounding advantage and you should see that as i walk through this Let me talk about them. let me talk about them The first one, let's talk about data. the first one let's talk about data Our moat starts with data, and it's comprehensive. our moat starts with data and it's comprehensive Over 90% of our revenue is being generated from this proprietary data. over 90% of our revenue is being generated from this proprietary data In our strategy and planning business, we're covering every major aspect of the industry. in our strategy and planning business we're covering every major aspect of the industry We're talking about commercial vehicles, passenger vehicles, the powertrains that move those vehicles, every component and technology that makes those vehicles unique. we're talking about commercial vehicles passenger vehicles the powertrains that move those vehicles every component and technology that makes those vehicles unique We're tracking all of that, we're defining 85,000 variants of vehicles that are getting manufactured around the world. When you go underneath the covers on that, you'll see we know where every plant is. We know what they're making in those plants. We know who they're making it for, and we know how long they're going to be making it. All of that is to inform how 90 million vehicles are gonna be produced each and every year. In our sales and marketing solutions, we connect the vehicle, the consumer, and the transaction, a combination our competitors just don't have. I talked about this 800 million VINs that we're tracking. When I talk about tracking, I mean, we know specifications on each and every one of those vehicles. We know who bought each and every one of those vehicles. We're tracking all of that, we're defining 85,000 variants of vehicles that are getting manufactured around the world. we're tracking all of that we're defining 85,000 variants of vehicles that are getting manufactured around the world When you go underneath the covers on that, you'll see we know where every plant is. when you go underneath the covers on that you'll see we know where every plant is We know what they're making in those plants. we know what they're making in those plants We know who they're making it for, and we know how long they're going to be making it. we know who they're making it for and we know how long they're going to be making it All of that is to inform how 90 million vehicles are gonna be produced each and every year. all of that is to inform how 90 million vehicles are gonna be produced each and every year In our sales and marketing solutions, we connect the vehicle, the consumer, and the transaction, a combination our competitors just don't have. in our sales and marketing solutions we connect the vehicle the consumer and the transaction a combination our competitors just don't have I talked about this 800 million VINs that we're tracking. i talked about this 800 million vins that we're tracking When I talk about tracking, I mean, we know specifications on each and every one of those vehicles. when i talk about tracking i mean we know specifications on each and every one of those vehicles We know who bought each and every one of those vehicles. we know who bought each and every one of those vehicles We know how long they owned that vehicle. We know where they were when they owned that vehicle. We know when they sold that vehicle, and we know what they bought next. We see the patterns. You know, if these blinds weren't down here, I'd tell you to look out the window and just look at the vehicles on the road. If you're in the shopping mall and you're in the parking lot, look at the vehicles. I know there's not a lot of shopping malls here in N.Y., but you get my point. Next time you're in a parking lot, every single one of those vehicles is in our database. It has tens or hundreds or 1,000 records, depending on its age, that represents its lineage. This depth and comprehensiveness of data, it's what's powering our AI. We know how long they owned that vehicle. we know how long they owned that vehicle We know where they were when they owned that vehicle. we know where they were when they owned that vehicle We know when they sold that vehicle, and we know what they bought next. we know when they sold that vehicle and we know what they bought next We see the patterns. we see the patterns You know, if these blinds weren't down here, I'd tell you to look out the window and just look at the vehicles on the road. you know if these blinds weren't down here i'd tell you to look out the window and just look at the vehicles on the road If you're in the shopping mall and you're in the parking lot, look at the vehicles. if you're in the shopping mall and you're in the parking lot look at the vehicles I know there's not a lot of shopping malls here in N.Y., but you get my point. i know there's not a lot of shopping malls here in n.y but you get my point Next time you're in a parking lot, every single one of those vehicles is in our database. next time you're in a parking lot every single one of those vehicles is in our database It has tens or hundreds or 1,000 records, depending on its age, that represents its lineage. it has tens or hundreds or 1,000 records depending on its age that represents its lineage This depth and comprehensiveness of data, it's what's powering our AI. this depth and comprehensiveness of data it's what's powering our ai This is how we're getting to predict the Behavior Prediction Scores I'm going to talk about. This is how we get to understand effective pricing and many, many other things that we're gonna get out of in integrating this with the AI infrastructure, which is the way this industry is gonna make decisions going forward. Having great data is good. I'm a data guy. I'm a technology guy at heart. I love this stuff. What really matters is what we do with it. We're the gold standard in this industry because we've earned that right to be the gold standard. We know how to turn that into valuable solutions. We are the reference point. Very simple example. If an OEM's gonna claim best-selling vehicle, longest-lasting vehicle on the road, well, they're claiming it against our data. This is how we're getting to predict the Behavior Prediction Scores I'm going to talk about. this is how we're getting to predict the behavior prediction scores i'm going to talk about This is how we get to understand effective pricing and many, many other things that we're gonna get out of in integrating this with the AI infrastructure, which is the way this industry is gonna make decisions going forward. this is how we get to understand effective pricing and many many other things that we're gonna get out of in integrating this with the ai infrastructure which is the way this industry is gonna make decisions going forward Having great data is good. having great data is good I'm a data guy. i'm a data guy I'm a technology guy at heart. i'm a technology guy at heart I love this stuff. i love this stuff What really matters is what we do with it. what really matters is what we do with it We're the gold standard in this industry because we've earned that right to be the gold standard. we're the gold standard in this industry because we've earned that right to be the gold standard We know how to turn that into valuable solutions. we know how to turn that into valuable solutions We are the reference point. we are the reference point Very simple example. very simple example If an OEM's gonna claim best-selling vehicle, longest-lasting vehicle on the road, well, they're claiming it against our data. if an oem's gonna claim best-selling vehicle longest-lasting vehicle on the road well they're claiming it against our data We're the independent scorecard. We bring on-the-ground expertise across the world, we don't just have analysts. We have, like, industry practitioners. Bill mentioned it when he was talking about his experience in Asia. They're not locked up in a back room writing white papers. We have them write white papers. Don't get me wrong. They're smart guys, they like to put that stuff on paper sometimes, they're really focused on being out in the market talking with our customers. When major events happen in the world or in the industry, the industry's looking to us, major media outlets look to us to understand our perspective on the impact to the industry. We're the independent scorecard. We bring on-the-ground expertise across the world, we don't just have analysts. we're the independent scorecard. we bring on-the-ground expertise across the world we don't just have analysts We have, like, industry practitioners. we have like industry practitioners Bill mentioned it when he was talking about his experience in Asia. bill mentioned it when he was talking about his experience in asia They're not locked up in a back room writing white papers. they're not locked up in a back room writing white papers We have them write white papers. we have them write white papers Don't get me wrong. don't get me wrong They're smart guys, they like to put that stuff on paper sometimes, they're really focused on being out in the market talking with our customers. they're smart guys they like to put that stuff on paper sometimes they're really focused on being out in the market talking with our customers When major events happen in the world or in the industry, the industry's looking to us, major media outlets look to us to understand our perspective on the impact to the industry. when major events happen in the world or in the industry the industry's looking to us major media outlets look to us to understand our perspective on the impact to the industry You know, when a war broke out in Iran, our analysts were immediately communicating our perspective on the implication of that industry if the war lasted one month, three months, 6+ months, what's happening today. They're turning to us. We also host briefings all around the automotive hotspots around the world, Tokyo, Shanghai, Seoul, Detroit, Frankfurt, among others, where we're bringing together hundreds of customers into a room like this multiple times a year to discuss the industry and where things are going. You see, we're not observing the industry from the outside. We're inside working with them where the action's really taking place. What this is doing, it's creating that powerful network effect. It's a flywheel that compounds in value, and we get better, our value increases, and more participants want to join in that conversation. Why do they engage? You know, when a war broke out in Iran, our analysts were immediately communicating our perspective on the implication of that industry if the war lasted one month, three months, 6+ months, what's happening today. you know when a war broke out in iran our analysts were immediately communicating our perspective on the implication of that industry if the war lasted one month three months 6+ months what's happening today They're turning to us. they're turning to us We also host briefings all around the automotive hotspots around the world, Tokyo, Shanghai, Seoul, Detroit, Frankfurt, among others, where we're bringing together hundreds of customers into a room like this multiple times a year to discuss the industry and where things are going. we also host briefings all around the automotive hotspots around the world tokyo shanghai seoul detroit frankfurt among others where we're bringing together hundreds of customers into a room like this multiple times a year to discuss the industry and where things are going You see, we're not observing the industry from the outside. you see we're not observing the industry from the outside We're inside working with them where the action's really taking place. we're inside working with them where the action's really taking place What this is doing, it's creating that powerful network effect. what this is doing it's creating that powerful network effect It's a flywheel that compounds in value, and we get better, our value increases, and more participants want to join in that conversation. it's a flywheel that compounds in value and we get better our value increases and more participants want to join in that conversation Why do they engage? why do they engage They engage for a lot of different reasons. I'll outline a couple of them. One, we create an independent view. When an executive will come to me, he'll say or she'll say, "You guys remove our blind spots, and that's what we love." They know when they go to a board with a billion-dollar decision, they're gonna ask what data validated that decision, and they know that we have that reference point in the industry to be used. We have an understanding of what those OEMs are thinking about building, and actually, we have to create a reference point that the industry can feel comfortable with. If you look at the way an OEM will operate, God bless them, everybody is ambitious. You add up all of those plans, guess what happens? It's going to exceed the demand in the marketplace. It just will. They engage for a lot of different reasons. they engage for a lot of different reasons I'll outline a couple of them. i'll outline a couple of them One, we create an independent view. one we create an independent view When an executive will come to me, he'll say or she'll say, "You guys remove our blind spots, and that's what we love." They know when they go to a board with a billion-dollar decision, they're gonna ask what data validated that decision, and they know that we have that reference point in the industry to be used. when an executive will come to me he'll say or she'll say "you guys remove our blind spots and that's what we love." they know when they go to a board with a billion-dollar decision they're gonna ask what data validated that decision and they know that we have that reference point in the industry to be used We have an understanding of what those OEMs are thinking about building, and actually, we have to create a reference point that the industry can feel comfortable with. we have an understanding of what those oems are thinking about building and actually we have to create a reference point that the industry can feel comfortable with If you look at the way an OEM will operate, God bless them, everybody is ambitious. if you look at the way an oem will operate god bless them everybody is ambitious You add up all of those plans, guess what happens? you add up all of those plans guess what happens It's going to exceed the demand in the marketplace. it's going to exceed the demand in the marketplace It just will. it just will We have to be there as a reference point to take that noise out, to reconcile those volumes so that if you're a supplier and you're gonna make a major investment on a program, you're protecting margins by understanding what the likely volumes of those vehicles are gonna be. We also have high-value interactions at the dealer level with our automotiveMastermind team, with dealer relationship managers that are in those local markets working with those dealers to understand how to deploy campaigns to keep customers loyal and to perform against the competition. Our, our competitors struggle to replicate our data advantage. The reality is they'll struggle probably even more to replicate this interaction model that we've created. We have to be there as a reference point to take that noise out, to reconcile those volumes so that if you're a supplier and you're gonna make a major investment on a program, you're protecting margins by understanding what the likely volumes of those vehicles are gonna be. we have to be there as a reference point to take that noise out to reconcile those volumes so that if you're a supplier and you're gonna make a major investment on a program you're protecting margins by understanding what the likely volumes of those vehicles are gonna be We also have high-value interactions at the dealer level with our automotive Mastermind team, with dealer relationship managers that are in those local markets working with those dealers to understand how to deploy campaigns to keep customers loyal and to perform against the competition. we also have high-value interactions at the dealer level with our automotive mastermind team with dealer relationship managers that are in those local markets working with those dealers to understand how to deploy campaigns to keep customers loyal and to perform against the competition Our, our competitors struggle to replicate our data advantage. our our competitors struggle to replicate our data advantage The reality is they'll struggle probably even more to replicate this interaction model that we've created. the reality is they'll struggle probably even more to replicate this interaction model that we've created I have one more differentiator I want to walk through before we get to the good stuff, which is the growth story, but I really think it's important to talk about how deeply embedded in the industry we are. We have full ecosystem reach. I talked about this, top OEMs, top suppliers, and top dealer groups. The OEMs are in our sales and planning side, the 6,000 OEM users will be logging into our tools every day to understand how to manage the markets that they're operating in. When industry disputes come up, it's our data that's been tested in court and considered the truth. Our pricing and payment engines are embedded in over 10,000 dealers, helping to make sure monthly payments are computed correctly for consumers. I have one more differentiator I want to walk through before we get to the good stuff, which is the growth story, but I really think it's important to talk about how deeply embedded in the industry we are. i have one more differentiator i want to walk through before we get to the good stuff which is the growth story but i really think it's important to talk about how deeply embedded in the industry we are We have full ecosystem reach. we have full ecosystem reach I talked about this, top OEMs, top suppliers, and top dealer groups. i talked about this top oems top suppliers and top dealer groups The OEMs are in our sales and planning side, the 6,000 OEM users will be logging into our tools every day to understand how to manage the markets that they're operating in. the oems are in our sales and planning side the 6,000 oem users will be logging into our tools every day to understand how to manage the markets that they're operating in When industry disputes come up, it's our data that's been tested in court and considered the truth. when industry disputes come up it's our data that's been tested in court and considered the truth Our pricing and payment engines are embedded in over 10,000 dealers, helping to make sure monthly payments are computed correctly for consumers. our pricing and payment engines are embedded in over 10,000 dealers helping to make sure monthly payments are computed correctly for consumers If you register a car at a DMV, or you insure your vehicle, or you get a recall notice, or you go to your local auto parts store, and they just happen to always have the right part in stock for you, if you're on your favorite social media platform, and you see an ad for a car that you're really interested in, well, that's probably being powered by us. We're taking friction out of the workflows across the entire industry. I do have a little story I wanna share. About 10 years ago, an OEM, a major OEM, was bringing a new vehicle to the U.S. market. They were building it in Europe, brand-new, brand-new platform. When the vehicles landed here, 20,000 of them, they couldn't get registered. Someone got the VIN specification wrong. If you register a car at a DMV, or you insure your vehicle, or you get a recall notice, or you go to your local auto parts store, and they just happen to always have the right part in stock for you, if you're on your favorite social media platform, and you see an ad for a car that you're really interested in, well, that's probably being powered by us. if you register a car at a dmv or you insure your vehicle or you get a recall notice or you go to your local auto parts store and they just happen to always have the right part in stock for you if you're on your favorite social media platform and you see an ad for a car that you're really interested in well that's probably being powered by us We're taking friction out of the workflows across the entire industry. we're taking friction out of the workflows across the entire industry I do have a little story I wanna share. i do have a little story i wanna share About 10 years ago, an OEM, a major OEM, was bringing a new vehicle to the U.S. market. about 10 years ago an oem a major oem was bringing a new vehicle to the u.s market They were building it in Europe, brand-new, brand-new platform. they were building it in europe brand-new brand-new platform When the vehicles landed here, 20,000 of them, they couldn't get registered. when the vehicles landed here 20,000 of them they couldn't get registered Someone got the VIN specification wrong. someone got the vin specification wrong That was a billion of stranded inventory sitting there for that manufacturer. It was an all-hands-on-deck situation. They turned to us. Why'd they turn to us? Because we're the embedded intelligence across the industry that make those workflows function. We systematically worked with every state DMV, deployed workarounds so those vehicles could get registered. We then deployed those to insurance companies that we work with so they can get insured, and we resolved that problem for them. We're proud to be named one of the suppliers of the year, but we're more proud of the fact that we were there in the time of need for our customers, and it illustrates how deeply embedded we are in this industry. Let's get into the growth drivers, the exciting part. That was a billion of stranded inventory sitting there for that manufacturer. that was a billion of stranded inventory sitting there for that manufacturer it It was an all-hands-on-deck situation. it was an all-hands-on-deck situation They turned to us. they turned to us Why'd they turn to us? why'd they turn to us Because we're the embedded intelligence across the industry that make those workflows function. because we're the embedded intelligence across the industry that make those workflows function We systematically worked with every state DMV, deployed workarounds so those vehicles could get registered. we systematically worked with every state dmv deployed workarounds so those vehicles could get registered We then deployed those to insurance companies that we work with so they can get insured, and we resolved that problem for them. we then deployed those to insurance companies that we work with so they can get insured and we resolved that problem for them We're proud to be named one of the suppliers of the year, but we're more proud of the fact that we were there in the time of need for our customers, and it illustrates how deeply embedded we are in this industry. we're proud to be named one of the suppliers of the year but we're more proud of the fact that we were there in the time of need for our customers and it illustrates how deeply embedded we are in this industry Let's get into the growth drivers, the exciting part. let's get into the growth drivers the exciting part Bill mentioned this, we are undergoing structural change in this industry, and that's gonna influence where our customers go and where we're gonna drive our growth. we thrive in stable periods, a lot of organizations do, but we also excel in times of uncertainty and volatility because this is the time when some of those decisions are gonna matter the most. we're looking at some of the trends at play right now in our strategy and planning space. We see cycle times compressing. the time it takes for a manufacturer to bring a new vehicle to market, leading OEMs are doing it in three years now. Most manufacturers are struggling to do it in five. Bill mentioned this, we are undergoing structural change in this industry, and that's gonna influence where our customers go and where we're gonna drive our growth. we thrive in stable periods, a lot of organizations do, but we also excel in times of uncertainty and volatility because this is the time when some of those decisions are gonna matter the most. we're looking at some of the trends at play right now in our strategy and planning space. bill mentioned this we are undergoing structural change in this industry and that's gonna influence where our customers go and where we're gonna drive our growth we thrive in stable periods a lot of organizations do but we also excel in times of uncertainty and volatility because this is the time when some of those decisions are gonna matter the most we're looking at some of the trends at play right now in our strategy and planning space We see cycle times compressing. the time it takes for a manufacturer to bring a new vehicle to market, leading OEMs are doing it in three years now. we see cycle times compressing the time it takes for a manufacturer to bring a new vehicle to market leading oems are doing it in three years now Most manufacturers are struggling to do it in five. most manufacturers are struggling to do it in five The complexity of these vehicles are increasing, and with $1 billion, $2 billion, $3 billion bets to be made amid uncertainty on tariff and regulations, there's risk all over the place here. On the sales side, pressure is building downstream. The inventory dynamics are changing constantly, and some would say there's an affordability crisis for the consumer. We're seeing over 20% of car loans at 84 months now. This is a rising trend. It only stands to reason that consumers are probably gonna hold their cars longer. What does that mean? It's gonna put pressure on volumes. It's gonna put pressure on loyalty. It's gonna require manufacturers to increase incentive spend just to hold volume and share. As these forces are accelerating, our customers can't afford to wait. The complexity of these vehicles are increasing, and with $1 billion, $2 billion, $3 billion bets to be made amid uncertainty on tariff and regulations, there's risk all over the place here. the complexity of these vehicles are increasing and with $1 billion $2 billion $3 billion bets to be made amid uncertainty on tariff and regulations there's risk all over the place here On the sales side, pressure is building downstream. on the sales side pressure is building downstream The inventory dynamics are changing constantly, and some would say there's an affordability crisis for the consumer. the inventory dynamics are changing constantly and some would say there's an affordability crisis for the consumer We're seeing over 20% of car loans at 84 months now. we're seeing over 20% of car loans at 84 months now This is a rising trend. this is a rising trend It only stands to reason that consumers are probably gonna hold their cars longer. it only stands to reason that consumers are probably gonna hold their cars longer What does that mean? what does that mean It's gonna put pressure on volumes. it's gonna put pressure on volumes It's gonna put pressure on loyalty. it's gonna put pressure on loyalty It's gonna require manufacturers to increase incentive spend just to hold volume and share. it's gonna require manufacturers to increase incentive spend just to hold volume and share As these forces are accelerating, our customers can't afford to wait. as these forces are accelerating our customers can't afford to wait They have to take action, they need clarity, they need data and information in this rapidly changing landscape, and that's what we're here to do. Bill talked about the TAM. When we look at the B2B side of the house, we're serving a $6 billion addressable market, about 10% market share here, but we do see a clear actionable path to an $18 billion opportunity. Now, we're gonna stay focused in those first two, the core and the extended core, but the global automotive industry is an $8 trillion industry, and it's not about inventing demand, like Bill said. It's about us going deeper into the industry we know really, really well. That opportunity is sitting in our backyard, and we're gonna do this in four ways. We're gonna extend our core. We're gonna deepen the value in our existing products and sales and planning. They have to take action, they need clarity, they need data and information in this rapidly changing landscape, and that's what we're here to do. they have to take action they need clarity they need data and information in this rapidly changing landscape and that's what we're here to do Bill talked about the TAM. bill talked about the tam When we look at the B2B side of the house, we're serving a $6 billion addressable market, about 10% market share here, but we do see a clear actionable path to an $18 billion opportunity. when we look at the b2b side of the house we're serving a $6 billion addressable market about 10% market share here but we do see a clear actionable path to an $18 billion opportunity Now, we're gonna stay focused in those first two, the core and the extended core, but the global automotive industry is an $8 trillion industry, and it's not about inventing demand, like Bill said. now we're gonna stay focused in those first two the core and the extended core but the global automotive industry is an $8 trillion industry and it's not about inventing demand like bill said It's about us going deeper into the industry we know really, really well. it's about us going deeper into the industry we know really really well That opportunity is sitting in our backyard, and we're gonna do this in four ways. that opportunity is sitting in our backyard and we're gonna do this in four ways We're gonna extend our core. we're gonna extend our core We're gonna deepen the value in our existing products and sales and planning. we're gonna deepen the value in our existing products and sales and planning We're gonna move into adjacent use cases that we naturally go into with our data and expertise. We're gonna scale internationally with our customers in those growing markets, and we're gonna unlock new categories through AI, turning that insight into predictions and decision-grade intelligence. Let me walk through what we have in our plan in a little bit more detail. Bill mentioned we have significant growth opportunity in the core, just selling the products we currently have. We're less than halfway penetrated with our existing offerings, and with automotiveMastermind, we have a tremendous runway, especially as we start to connect into the CARFAX dealer network. We are embedding AI into the core of our products. We're gonna move into adjacent use cases that we naturally go into with our data and expertise. we're gonna move into adjacent use cases that we naturally go into with our data and expertise We're gonna scale internationally with our customers in those growing markets, and we're gonna unlock new categories through AI, turning that insight into predictions and decision-grade intelligence. we're gonna scale internationally with our customers in those growing markets and we're gonna unlock new categories through ai turning that insight into predictions and decision-grade intelligence Let me walk through what we have in our plan in a little bit more detail. let me walk through what we have in our plan in a little bit more detail Bill mentioned we have significant growth opportunity in the core, just selling the products we currently have. bill mentioned we have significant growth opportunity in the core just selling the products we currently have We're less than halfway penetrated with our existing offerings, and with automotive Mastermind, we have a tremendous runway, especially as we start to connect into the CARFAX dealer network. we're less than halfway penetrated with our existing offerings and with automotive mastermind we have a tremendous runway especially as we start to connect into the carfax dealer network We are embedding AI into the core of our products. we are embedding ai into the core of our products We know that AI agents in the future, deployed by us or our customers, are gonna be operating the workflows we're touching today. That AI technology combined with our data is what's gonna unlock an entirely new level of insight that wasn't previously possible. Take a look at some of the demo stations that we have out there to see this in action. Second, I wanna talk about new solutions where AI is helping us win, and I'm gonna walk through three examples today, but we're really taking and moving beyond insights, and we're talking about prediction and simulation to support actions. Third, international. We're gonna scale alongside the global OEMs, particularly in China, as they start to take their brands international. We're gonna be looking at scaling our sales solutions across Europe, Canada, and Australia, and we're gonna go deeper into India. We know that AI agents in the future, deployed by us or our customers, are gonna be operating the workflows we're touching today. we know that ai agents in the future deployed by us or our customers are gonna be operating the workflows we're touching today That AI technology combined with our data is what's gonna unlock an entirely new level of insight that wasn't previously possible. that ai technology combined with our data is what's gonna unlock an entirely new level of insight that wasn't previously possible Take a look at some of the demo stations that we have out there to see this in action. take a look at some of the demo stations that we have out there to see this in action Second, I wanna talk about new solutions where AI is helping us win, and I'm gonna walk through three examples today, but we're really taking and moving beyond insights, and we're talking about prediction and simulation to support actions. second i wanna talk about new solutions where ai is helping us win and i'm gonna walk through three examples today but we're really taking and moving beyond insights and we're talking about prediction and simulation to support actions Third, international. third international We're gonna scale alongside the global OEMs, particularly in China, as they start to take their brands international. we're gonna scale alongside the global oems particularly in china as they start to take their brands international We're gonna be looking at scaling our sales solutions across Europe, Canada, and Australia, and we're gonna go deeper into India. we're gonna be looking at scaling our sales solutions across europe canada and australia and we're gonna go deeper into india In One Mobility Global, our teams are collaborating. We've just recently brought them together. I can't tell you how exciting it is to see these guys in the rooms in Virginia and New York thinking about all the ideas. They're like kids in a candy store. It's great. Let me get into the growth opportunities. AutomotiveMastermind is one of our fastest-growing products and has significant growth opportunity ahead of it. It's growing at double digits. It's deeply penetrated into the luxury market of dealers. It's where it got its start. Over the last couple of years, we've proven the fit for the mass market, and we're building a tremendous amount of momentum in that space. You guys might be saying, "Joe, what's this Mastermind thing? In One Mobility Global, our teams are collaborating. in one mobility global our teams are collaborating We've just recently brought them together. we've just recently brought them together I can't tell you how exciting it is to see these guys in the rooms in Virginia and New York thinking about all the ideas. i can't tell you how exciting it is to see these guys in the rooms in virginia and new york thinking about all the ideas They're like kids in a candy store. they're like kids in a candy store It's great. it's great Let me get into the growth opportunities. let me get into the growth opportunities Automotive Mastermind is one of our fastest-growing products and has significant growth opportunity ahead of it. automotive mastermind is one of our fastest-growing products and has significant growth opportunity ahead of it It's growing at double digits. it's growing at double digits It's deeply penetrated into the luxury market of dealers. it's deeply penetrated into the luxury market of dealers It's where it got its start. it's where it got its start Over the last couple of years, we've proven the fit for the mass market, and we're building a tremendous amount of momentum in that space. over the last couple of years we've proven the fit for the mass market and we're building a tremendous amount of momentum in that space You guys might be saying, "Joe, what's this Mastermind thing? you guys might be saying "joe what's this mastermind thing I heard Mastermind, I heard automotiveMastermind. Like, really simply put, this is our solution for dealers to help them reach a customer to sell a car. While it's a workflow solution, the power is really embedded in the analytics. If you get to the demo station, you can see the depth of analytics that's in there. Reaching a customer today with the right at the right time with the right message is harder than it ever was. It's a fragmented digital world where people are consuming content on so many different platforms. It's making marketing to them extremely complicated and expensive. Gone are those days of, you know, the Sunday paper with, like, I don't know, like, tons of car ads in it. I remember those. I heard Mastermind, I heard automotive Mastermind. i heard mastermind i heard automotive mastermind Like, really simply put, this is our solution for dealers to help them reach a customer to sell a car. like really simply put this is our solution for dealers to help them reach a customer to sell a car While it's a workflow solution, the power is really embedded in the analytics. while it's a workflow solution the power is really embedded in the analytics If you get to the demo station, you can see the depth of analytics that's in there. if you get to the demo station you can see the depth of analytics that's in there Reaching a customer today with the right at the right time with the right message is harder than it ever was. reaching a customer today with the right at the right time with the right message is harder than it ever was It's a fragmented digital world where people are consuming content on so many different platforms. it's a fragmented digital world where people are consuming content on so many different platforms It's making marketing to them extremely complicated and expensive. it's making marketing to them extremely complicated and expensive Gone are those days of, you know, the Sunday paper with, like, I don't know, like, tons of car ads in it. gone are those days of you know the sunday paper with like i don't know like tons of car ads in it I remember those. i remember those Local TV ads, they're all gone. Our Behavior Prediction Score is delivering that targeting that's necessary, and it's not a one-size-fits-all. We've taken thousands of data points, and we run it through our machine learning and AI infrastructure, and we're considering things like, are they at near the end of their lease term? Okay, that's an easy one. Are they about to go over their miles on their lease? Do they have major service events? Are they in a positive, negative equity position? Maybe the version of the car that they're driving was just refreshed, and there's a nice new one that's better looking than the one they have, and they might wanna get into that. Local TV ads, they're all gone. local tv ads they're all gone Our Behavior Prediction Score is delivering that targeting that's necessary, and it's not a one-size-fits-all. our behavior prediction score is delivering that targeting that's necessary and it's not a one-size-fits-all We've taken thousands of data points, and we run it through our machine learning and AI infrastructure, and we're considering things like, are they at near the end of their lease term? we've taken thousands of data points and we run it through our machine learning and ai infrastructure and we're considering things like are they at near the end of their lease term Okay, that's an easy one. okay that's an easy one Are they about to go over their miles on their lease? are they about to go over their miles on their lease Do they have major service events? do they have major service events Are they in a positive, negative equity position? are they in a positive negative equity position Maybe the version of the car that they're driving was just refreshed, and there's a nice new one that's better looking than the one they have, and they might wanna get into that. maybe the version of the car that they're driving was just refreshed and there's a nice new one that's better looking than the one they have and they might wanna get into that Well, those scores that come out of BPS are being delivered to the dealer sales professionals to help them engage with each and every consumer for the things that are important for that consumer for that transaction. It's been proven. We have significant loyalty lift, 10%, through our customers that are using this product. We hear from them, and it's crystal clear the value that we're creating. They're telling us things like, "I get 10-15 sales a month in my dealership by using this." That's significant for a dealership. It's not table stakes anymore. It's becoming table stakes. It's not nice to have. Now, I wanna shift over to another product that we have in our planning business. It's called FAST. We're putting 40 years of forecasting experience and expertise into the hands of our customers. Well, those scores that come out of BPS are being delivered to the dealer sales professionals to help them engage with each and every consumer for the things that are important for that consumer for that transaction. well those scores that come out of bps are being delivered to the dealer sales professionals to help them engage with each and every consumer for the things that are important for that consumer for that transaction It's been proven. it's been proven We have significant loyalty lift, 10%, through our customers that are using this product. we have significant loyalty lift 10% through our customers that are using this product We hear from them, and it's crystal clear the value that we're creating. we hear from them and it's crystal clear the value that we're creating They're telling us things like, "I get 10-15 sales a month in my dealership by using this." That's significant for a dealership. they're telling us things like "i get 10-15 sales a month in my dealership by using this." that's significant for a dealership It's not table stakes anymore. it's not table stakes anymore It's becoming table stakes. it's becoming table stakes It's not nice to have. it's not nice to have Now, I wanna shift over to another product that we have in our planning business. now i wanna shift over to another product that we have in our planning business It's called FAST. it's called fast We're putting 40 years of forecasting experience and expertise into the hands of our customers. we're putting 40 years of forecasting experience and expertise into the hands of our customers Planning used to be really hard. Now it's really, really, really hard. Multiple powertrains in play, compliance things in play. FAST, which are Forecast Adjustment and Scenario Tool, it codifies that expertise that we have and allows our customers to create their own unique scenarios to understand an implication in the marketplace when they decide they wanna make a change. Today, the only real alternative is a spreadsheet and pumping some of our data into it and trying to do some things manually. When I say 40 years of forecasting intelligence, what am I talking about? I'm talking about a deep understanding of how variables will change the forecast. Things like we understand the life cycle of vehicles. Planning used to be really hard. planning used to be really hard Now it's really, really, really hard. now it's really really really hard Multiple powertrains in play, compliance things in play. multiple powertrains in play compliance things in play FAST, which are Forecast Adjustment and Scenario Tool, it codifies that expertise that we have and allows our customers to create their own unique scenarios to understand an implication in the marketplace when they decide they wanna make a change. fast which are forecast adjustment and scenario tool it codifies that expertise that we have and allows our customers to create their own unique scenarios to understand an implication in the marketplace when they decide they wanna make a change Today, the only real alternative is a spreadsheet and pumping some of our data into it and trying to do some things manually. today the only real alternative is a spreadsheet and pumping some of our data into it and trying to do some things manually When I say 40 years of forecasting intelligence, what am I talking about? when i say 40 years of forecasting intelligence what am i talking about I'm talking about a deep understanding of how variables will change the forecast. i'm talking about a deep understanding of how variables will change the forecast Things like we understand the life cycle of vehicles. things like we understand the life cycle of vehicles When a vehicle gets launched in the market, it might spike in volume, and some vehicles are gonna tail right off the next year or 2 after a launch. Some vehicles are gonna spike, and they're gonna hold that volume for a while. Well, you know what? We know what those life cycles look like by vehicle. We know how long they'll hold their volume. We also understand the sensitivity on things like powertrain and features and price and how those move the forecast. Imagine taking the horsepower down in a high-performance vehicle segment. Well, guess what? Your volume's coming down. Think about raising your price $5,000 in a compact vehicle segment. Guess what? Your volume's gonna go down. Those sensitivities are built-in, and they've been developed over decades of understanding how the market moves. Our value is very measurable here. When a vehicle gets launched in the market, it might spike in volume, and some vehicles are gonna tail right off the next year or 2 after a launch. when a vehicle gets launched in the market it might spike in volume and some vehicles are gonna tail right off the next year or 2 after a launch Some vehicles are gonna spike, and they're gonna hold that volume for a while. some vehicles are gonna spike and they're gonna hold that volume for a while Well, you know what? well you know what We know what those life cycles look like by vehicle. we know what those life cycles look like by vehicle We know how long they'll hold their volume. we know how long they'll hold their volume We also understand the sensitivity on things like powertrain and features and price and how those move the forecast. we also understand the sensitivity on things like powertrain and features and price and how those move the forecast Imagine taking the horsepower down in a high-performance vehicle segment. imagine taking the horsepower down in a high-performance vehicle segment Well, guess what? well guess what Your volume's coming down. your volume's coming down Think about raising your price $5,000 in a compact vehicle segment. think about raising your price $5,000 in a compact vehicle segment Guess what? guess what Your volume's gonna go down. your volume's gonna go down Those sensitivities are built-in, and they've been developed over decades of understanding how the market moves. those sensitivities are built-in and they've been developed over decades of understanding how the market moves Our value is very measurable here. our value is very measurable here It's automating 90% of the workflow. We're generating 4x improvement in forecasting quality. We're talking about integrating a tool, an AI tool at scale for the enterprise. Last, my favorite for last. Well, I love them all, so I can't say that. Someone's gonna get mad at me. This is really the last one. It's Data Studio. Data Studio addresses one of the biggest hidden drags in the industry. When I say, there's a misalignment between tiers. When I talk about the sales side, tiers, tier 1 is the OEM and tier 3 is the dealer. They often send mixed messages to the consumers. Consumers are getting one message from an OEM, one message from a dealer, and they're different, and they're confused. It's automating 90% of the workflow. it's automating 90% of the workflow We're generating 4x improvement in forecasting quality. we're generating 4x improvement in forecasting quality We're talking about integrating a tool, an AI tool at scale for the enterprise. we're talking about integrating a tool an ai tool at scale for the enterprise Last, my favorite for last. last my favorite for last Well, I love them all, so I can't say that. well i love them all so i can't say that Someone's gonna get mad at me. someone's gonna get mad at me This is really the last one. this is really the last one It's Data Studio. it's data studio Data Studio addresses one of the biggest hidden drags in the industry. data studio addresses one of the biggest hidden drags in the industry When I say, there's a misalignment between tiers. when i say there's a misalignment between tiers When I talk about the sales side, tiers, tier 1 is the OEM and tier 3 is the dealer. when i talk about the sales side tiers tier 1 is the oem and tier 3 is the dealer They often send mixed messages to the consumers. they often send mixed messages to the consumers Consumers are getting one message from an OEM, one message from a dealer, and they're different, and they're confused. consumers are getting one message from an oem one message from a dealer and they're different and they're confused There's a lack of priority within those organizations to connect all those data assets together, so the information isn't flowing through the industry. Well, we have a trusted relationship with the OEM, and we have a trusted relationship with the dealer. We're pulling the first-party OEM data into our platform, we're pulling the first-party dealer data into our platform, and we're integrating with our proprietary data into this clean room environment where we're the independent steward, and we're building solutions to help them both, the dealer and the OEM. Our first solution on this platform is something we call EEQ. This allows OEMs to deploy incentive programs, personalized incentive programs, out into the marketplace. The tool allows them to run scenarios and look at what the cost of that program is likely to be, what volume will they get from that program. There's a lack of priority within those organizations to connect all those data assets together, so the information isn't flowing through the industry. there's a lack of priority within those organizations to connect all those data assets together so the information isn't flowing through the industry Well, we have a trusted relationship with the OEM, and we have a trusted relationship with the dealer. well we have a trusted relationship with the oem and we have a trusted relationship with the dealer We're pulling the first-party OEM data into our platform, we're pulling the first-party dealer data into our platform, and we're integrating with our proprietary data into this clean room environment where we're the independent steward, and we're building solutions to help them both, the dealer and the OEM. we're pulling the first-party oem data into our platform we're pulling the first-party dealer data into our platform and we're integrating with our proprietary data into this clean room environment where we're the independent steward and we're building solutions to help them both the dealer and the oem Our first solution on this platform is something we call EEQ. our first solution on this platform is something we call eeq This allows OEMs to deploy incentive programs, personalized incentive programs, out into the marketplace. this allows oems to deploy incentive programs personalized incentive programs out into the marketplace The tool allows them to run scenarios and look at what the cost of that program is likely to be, what volume will they get from that program. the tool allows them to run scenarios and look at what the cost of that program is likely to be what volume will they get from that program They can execute and measure that program, and it gets activated and deployed through our automotiveMastermind product into the dealer network. There's a consistency and linkage there. The results are strong. We're seeing 40% improvement in close rates on those campaigns, a 10% lift in sales. We're having a reduction in incentive spend, increase in margins. It's not a one-trick pony. We're talking about a data platform that we built that we're going to build other products off of the top of to help both the OEM and the dealer. It's a full suite of solutions going forward. I could talk all day about this, and I can already see I'm probably running over time. Bill's probably going to say, "Get off the stage," but let me close where we started. They can execute and measure that program, and it gets activated and deployed through our automotive Mastermind product into the dealer network. they can execute and measure that program and it gets activated and deployed through our automotive mastermind product into the dealer network There's a consistency and linkage there. there's a consistency and linkage there The results are strong. the results are strong We're seeing 40% improvement in close rates on those campaigns, a 10% lift in sales. we're seeing 40% improvement in close rates on those campaigns a 10% lift in sales We're having a reduction in incentive spend, increase in margins. we're having a reduction in incentive spend increase in margins It's not a one-trick pony. it's not a one-trick pony We're talking about a data platform that we built that we're going to build other products off of the top of to help both the OEM and the dealer. we're talking about a data platform that we built that we're going to build other products off of the top of to help both the oem and the dealer It's a full suite of solutions going forward. it's a full suite of solutions going forward I could talk all day about this, and I can already see I'm probably running over time. i could talk all day about this and i can already see i'm probably running over time Bill's probably going to say, "Get off the stage," but let me close where we started. bill's probably going to say "get off the stage," but let me close where we started This is a proven model, $600 million in revenue, 82% subscription, highly recurring, very durable. We're deeply embedded in this industry, and we're trusted by all of the largest players in this industry. We've only begun to tap into the expanding opportunity that we have sitting in our backyard. AI isn't theoretical here. It's scaled, it's delivering results, and in my mind, the opportunities are mind-boggling where we can go with this. As the complexity of this industry increases, our partners are gonna continue to turn to us just as they have for a century. With that, I wanna thank you all for the time today, and I think we're ready for a break. All right, thank you. This is a proven model, $600 million in revenue, 82% subscription, highly recurring, very durable. this is a proven model $600 million in revenue 82% subscription highly recurring very durable We're deeply embedded in this industry, and we're trusted by all of the largest players in this industry. we're deeply embedded in this industry and we're trusted by all of the largest players in this industry We've only begun to tap into the expanding opportunity that we have sitting in our backyard. we've only begun to tap into the expanding opportunity that we have sitting in our backyard AI isn't theoretical here. ai isn't theoretical here It's scaled, it's delivering results, and in my mind, the opportunities are mind-boggling where we can go with this. it's scaled it's delivering results and in my mind the opportunities are mind-boggling where we can go with this As the complexity of this industry increases, our partners are gonna continue to turn to us just as they have for a century. as the complexity of this industry increases our partners are gonna continue to turn to us just as they have for a century With that, I wanna thank you all for the time today, and I think we're ready for a break. with that i wanna thank you all for the time today and i think we're ready for a break All right, thank you. all right thank you [Break] [Break] [break]

Speaker 9: Hello, everybody. Thank you very much. Hard to follow all of that. My name is Scott Fredericks. I am the president of CARFAX. I have been a part of this business for over 29 years. Yes, since the 1900s. I can tell you that we have been on a great ride. I'm happy to share some of that with you today. To me, the most exciting part is our brightest days are ahead of us. We have a huge growth opportunity in front of us and a great story, and I'm happy to share it with you today. It really all starts with the consumer. We have long been on the side of helping the consumer. They have anxiety. Think about yourself getting ready to buy a car. You have a lot of questions about it. It's a lot of money. Hello, everybody. hello everybody Thank you very much. thank you very much Hard to follow all of that. hard to follow all of that My name is Scott Fredericks. my name is scott fredericks I am the president of CARFAX. i am the president of carfax I have been a part of this business for over 29 years. i have been a part of this business for over 29 years Yes, since the 1900s. yes since the 1900s I can tell you that we have been on a great ride. i can tell you that we have been on a great ride I'm happy to share some of that with you today. i'm happy to share some of that with you today To me, the most exciting part is our brightest days are ahead of us. to me the most exciting part is our brightest days are ahead of us We have a huge growth opportunity in front of us and a great story, and I'm happy to share it with you today. we have a huge growth opportunity in front of us and a great story and i'm happy to share it with you today It really all starts with the consumer. it really all starts with the consumer We have long been on the side of helping the consumer. we have long been on the side of helping the consumer They have anxiety. they have anxiety Think about yourself getting ready to buy a car. think about yourself getting ready to buy a car You have a lot of questions about it. you have a lot of questions about it It's a lot of money. it's a lot of money You don't have a lot of information. You may think the person on the other side of the table has more information than you have. This spawns questions. That anxiety creates questions all the way around this life cycle. When they shop, when they buy, when they own the car and take care of it, and then eventually, when they sell it. CARFAX answers those questions, and these are just four. Consumers have thousands of questions, and we use our data that you can't find anywhere else, wrapped in our brand, that Car Fox, to help them feel confident. When consumers feel confident, they're ready to take an action. They're ready to buy the car. They're ready to take that car in for service, or they feel like it's time to sell and they're getting a good value for the vehicle they own. You don't have a lot of information. you don't have a lot of information You may think the person on the other side of the table has more information than you have. you may think the person on the other side of the table has more information than you have This spawns questions. this spawns questions That anxiety creates questions all the way around this life cycle. that anxiety creates questions all the way around this life cycle When they shop, when they buy, when they own the car and take care of it, and then eventually, when they sell it. when they shop when they buy when they own the car and take care of it and then eventually when they sell it CARFAX answers those questions, and these are just four. carfax answers those questions and these are just four Consumers have thousands of questions, and we use our data that you can't find anywhere else, wrapped in our brand, that Car Fox, to help them feel confident. consumers have thousands of questions and we use our data that you can't find anywhere else wrapped in our brand that car fox to help them feel confident When consumers feel confident, they're ready to take an action. when consumers feel confident they're ready to take an action They're ready to buy the car. they're ready to buy the car They're ready to take that car in for service, or they feel like it's time to sell and they're getting a good value for the vehicle they own. they're ready to take that car in for service or they feel like it's time to sell and they're getting a good value for the vehicle they own This is what we do, and I'm gonna walk you through it a little bit today. It is the power of our business. We'll do a quick introduction to CARFAX. I'll walk through the core assets, and then I'll show you some of the key growth drivers we have ahead of us. Let me show you some numbers, okay? We are a diversified, resilient, and subscription-led revenue model, okay? +80% of our business is built on subscription recurring revenue. Highly visible, clear visibility line of sight, very stable, durable. It's built on a lot of diverse product sources. Our core product, hopefully you've seen it out in the demo station, is the Vehicle History Report. That's the CARFAX Advantage line you see there. Doesn't even represent 40%, and that's because the other products that we've launched over the years have grown so well. This is what we do, and I'm gonna walk you through it a little bit today. this is what we do and i'm gonna walk you through it a little bit today It is the power of our business. it is the power of our business We'll do a quick introduction to CARFAX. we'll do a quick introduction to carfax I'll walk through the core assets, and then I'll show you some of the key growth drivers we have ahead of us. i'll walk through the core assets and then i'll show you some of the key growth drivers we have ahead of us Let me show you some numbers, okay? let me show you some numbers okay We are a diversified, resilient, and subscription-led revenue model, okay? +80% of our business is built on subscription recurring revenue. we are a diversified resilient and subscription-led revenue model okay +80% of our business is built on subscription recurring revenue Highly visible, clear visibility line of sight, very stable, durable. highly visible clear visibility line of sight very stable durable It's built on a lot of diverse product sources. it's built on a lot of diverse product sources Our core product, hopefully you've seen it out in the demo station, is the Vehicle History Report. our core product hopefully you've seen it out in the demo station is the vehicle history report That's the CARFAX Advantage line you see there. that's the carfax advantage line you see there Doesn't even represent 40%, and that's because the other products that we've launched over the years have grown so well. doesn't even represent 40% and that's because the other products that we've launched over the years have grown so well We have a very diversified set of products, and we're now taking those products more broadly internationally. You can see we primarily are operating in the U.S., but we are growing our international footprint. The same troubles and questions consumers have in the U.S., they have those same questions everywhere on the globe, and our products can help answer those questions. Let me give you a few more numbers. We have a very high-growth organic business. This is all organic growth, and it's built on these assets, these assets that Bill talked about and I'll talk a little bit about as well. Look at these highlights. We have huge brand awareness among end market shoppers. Virtually everybody knows us. We have 38 billion records on all the cars on the road that answer those questions consumers have. We have a very diversified set of products, and we're now taking those products more broadly internationally. we have a very diversified set of products and we're now taking those products more broadly internationally You can see we primarily are operating in the U.S., but we are growing our international footprint. you can see we primarily are operating in the u.s but we are growing our international footprint The same troubles and questions consumers have in the U.S., they have those same questions everywhere on the globe, and our products can help answer those questions. the same troubles and questions consumers have in the u.s they have those same questions everywhere on the globe and our products can help answer those questions Let me give you a few more numbers. let me give you a few more numbers We have a very high-growth organic business. we have a very high-growth organic business This is all organic growth, and it's built on these assets, these assets that Bill talked about and I'll talk a little bit about as well. this is all organic growth and it's built on these assets these assets that bill talked about and i'll talk a little bit about as well Look at these highlights. look at these highlights We have huge brand awareness among end market shoppers. we have huge brand awareness among end market shoppers Virtually everybody knows us. virtually everybody knows us We have 38 billion records on all the cars on the road that answer those questions consumers have. we have 38 billion records on all the cars on the road that answer those questions consumers have Was this car in an accident?" "Is the car well-maintained?" Many, many more. We distribute our products through a growing network of dealers, 40,000 dealers strong. The newest asset is we are building a direct consumer audience. That's the CARFAX Car Care program. I would encourage you to download it. It's a free app, and we can help you take care of your car. We could actually add to the 53 million and grow it even further. Consumers depend on us to help them when they need to get their car serviced and maintained. That's the audience that we are continuing to build, and Bill said we gotta go to 150 million. Okay. We have these two life cycles. Bill talked about it. Joe talked about the one on the left. Was this car in an accident?" "Is the car well-maintained?" Many, many more. was this car in an accident?" "is the car well-maintained?" many many more We distribute our products through a growing network of dealers, 40,000 dealers strong. we distribute our products through a growing network of dealers 40,000 dealers strong The newest asset is we are building a direct consumer audience. the newest asset is we are building a direct consumer audience That's the CARFAX Car Care program. that's the carfax car care program I would encourage you to download it. i would encourage you to download it It's a free app, and we can help you take care of your car. it's a free app and we can help you take care of your car We could actually add to the 53 million and grow it even further. we could actually add to the 53 million and grow it even further Consumers depend on us to help them when they need to get their car serviced and maintained. consumers depend on us to help them when they need to get their car serviced and maintained That's the audience that we are continuing to build, and Bill said we gotta go to 150 million. that's the audience that we are continuing to build and bill said we gotta go to 150 million Okay. okay We have these two life cycles. we have these two life cycles Bill talked about it. bill talked about it Joe talked about the one on the left. joe talked about the one on the left I'm gonna talk to you about the consumer life cycle on the right. We have been in this for a long time, and we have scaled our reach in each one of these areas. When consumers shop, they're coming to our listing site millions of times a month to shop for cars. When consumers are ready to buy, they are asking and demanding and wanting CARFAX reports at the point of sale or online. When they wanna take care of their car, that's that big audience I just told you about. More and more, we are helping that consumer connect at the right time, get the value of the car that they currently own, and then connect them with willing dealers that wanna buy those cars from them. That's the sell side. This is a big, big market opportunity. I'm gonna talk to you about the consumer life cycle on the right. i'm gonna talk to you about the consumer life cycle on the right We have been in this for a long time, and we have scaled our reach in each one of these areas. we have been in this for a long time and we have scaled our reach in each one of these areas When consumers shop, they're coming to our listing site millions of times a month to shop for cars. when consumers shop they're coming to our listing site millions of times a month to shop for cars When consumers are ready to buy, they are asking and demanding and wanting CARFAX reports at the point of sale or online. when consumers are ready to buy they are asking and demanding and wanting carfax reports at the point of sale or online When they wanna take care of their car, that's that big audience I just told you about. when they wanna take care of their car that's that big audience i just told you about More and more, we are helping that consumer connect at the right time, get the value of the car that they currently own, and then connect them with willing dealers that wanna buy those cars from them. more and more we are helping that consumer connect at the right time get the value of the car that they currently own and then connect them with willing dealers that wanna buy those cars from them That's the sell side. that's the sell side This is a big, big market opportunity. this is a big big market opportunity In the U.S., we have hundreds of millions of cars that we touch, but globally 1.5 billion. That's the audience that we're talking about. All of this is built on that same flywheel that Bill outlined earlier. Okay? That's on the left. That's that Mobility Global engine. I'm gonna go into each of those for CARFAX and what we bring to the table. You can see over the years we have launched core products. Vehicle history now more than 40 years ago, CARFAX Car Listings in 2014, and then the CARFAX Car Care program in 2019. Those are our core products, and we've built them over many years. What I'm proud of is we have actually launched new solutions in the last 12 months. In the U.S., we have hundreds of millions of cars that we touch, but globally 1.5 billion. in the u.s we have hundreds of millions of cars that we touch but globally 1.5 billion That's the audience that we're talking about. that's the audience that we're talking about All of this is built on that same flywheel that Bill outlined earlier. all of this is built on that same flywheel that bill outlined earlier Okay? okay That's on the left. that's on the left That's that Mobility Global engine. that's that mobility global engine I'm gonna go into each of those for CARFAX and what we bring to the table. i'm gonna go into each of those for carfax and what we bring to the table You can see over the years we have launched core products. you can see over the years we have launched core products Vehicle history now more than 40 years ago, CARFAX Car Listings in 2014, and then the CARFAX Car Care program in 2019. vehicle history now more than 40 years ago carfax car listings in 2014 and then the carfax car care program in 2019 Those are our core products, and we've built them over many years. those are our core products and we've built them over many years What I'm proud of is we have actually launched new solutions in the last 12 months. what i'm proud of is we have actually launched new solutions in the last 12 months These are new revenue growth opportunities for our business built on those same data assets and brand, and we can operate and grow these new products into the market. Why do we have these new products? For two big reasons. We've been able to accelerate our product innovation using AI, and I'll show you some of that, and I know Jeremy Morehouse will get into even more of that later. There is this insatiable demand from consumers. They want the answers to more and more questions, which spawns these new solutions. Like I said, these questions that consumers have are global, so we can take our show on the road and bring them to Canada and Europe and beyond. Let me walk you through these strategic assets. Here's that flywheel. These are new revenue growth opportunities for our business built on those same data assets and brand, and we can operate and grow these new products into the market. these are new revenue growth opportunities for our business built on those same data assets and brand and we can operate and grow these new products into the market Why do we have these new products? why do we have these new products For two big reasons. for two big reasons We've been able to accelerate our product innovation using AI, and I'll show you some of that, and I know Jeremy Morehouse will get into even more of that later. we've been able to accelerate our product innovation using ai and i'll show you some of that and i know jeremy morehouse will get into even more of that later There is this insatiable demand from consumers. there is this insatiable demand from consumers They want the answers to more and more questions, which spawns these new solutions. they want the answers to more and more questions which spawns these new solutions Like I said, these questions that consumers have are global, so we can take our show on the road and bring them to Canada and Europe and beyond. like i said these questions that consumers have are global so we can take our show on the road and bring them to canada and europe and beyond Let me walk you through these strategic assets. let me walk you through these strategic assets Here's that flywheel. here's that flywheel In the upper left, we have the data, the 38 billion records driven by 177,000 different data sources. We have this trusted brand that consumers know and trust. Our mascot, the Car Fox, is better known than the Pillsbury Doughboy. It's pretty good. The Michelin Man. All right. These are brands that people know and trust. CARFAX is at the top. We have this unmatched customer network. We bake ourselves into how dealers operate and make it easy for them to use CARFAX information to make business decisions, but then also to share our products with their customers, with the consumer. This is the magical part. In the upper left, we have the data, the 38 billion records driven by 177,000 different data sources. in the upper left we have the data the 38 billion records driven by 177,000 different data sources We have this trusted brand that consumers know and trust. we have this trusted brand that consumers know and trust Our mascot, the Car Fox, is better known than the Pillsbury Doughboy. our mascot the car fox is better known than the pillsbury doughboy It's pretty good. it's pretty good The Michelin Man. the michelin man All right. all right These are brands that people know and trust. these are brands that people know and trust CARFAX is at the top. carfax is at the top We have this unmatched customer network. we have this unmatched customer network We bake ourselves into how dealers operate and make it easy for them to use CARFAX information to make business decisions, but then also to share our products with their customers, with the consumer. we bake ourselves into how dealers operate and make it easy for them to use carfax information to make business decisions but then also to share our products with their customers with the consumer This is the magical part. this is the magical part The magical part is it's driven by embedding it in how people operate. We have loaded the lips of consumers to say, "Show me the CARFAX." What that means is they want the transparency that only we can provide. When they walk into the dealership at that moment of truth, they're saying, "Hey, before I buy this car, show me the CARFAX." Now let me walk you through each of these, just a quick double-click. Here comes the data. Ten thousand records way back in 1987, and now 38 billion. This comes from a huge network, that I'll show how it works, of data providers, including 92,000 service shops. Practically every service shop in the United States. The magical part is it's driven by embedding it in how people operate. the magical part is it's driven by embedding it in how people operate We have loaded the lips of consumers to say, "Show me the CARFAX." What that means is they want the transparency that only we can provide. we have loaded the lips of consumers to say "show me the carfax." what that means is they want the transparency that only we can provide When they walk into the dealership at that moment of truth, they're saying, "Hey, before I buy this car, show me the CARFAX." Now let me walk you through each of these, just a quick double-click. when they walk into the dealership at that moment of truth they're saying "hey before i buy this car show me the carfax." now let me walk you through each of these just a quick double-click Here comes the data. here comes the data Ten thousand records way back in 1987, and now 38 billion. ten thousand records way back in 1987 and now 38 billion This comes from a huge network, that I'll show how it works, of data providers, including 92,000 service shops. this comes from a huge network that i'll show how it works of data providers including 92,000 service shops Practically every service shop in the United States. practically every service shop in the united states What's important here, maybe the most important number here, is our revenue, 90% of it is driven by this data estate that nobody else has. It's proprietary. It's built with IP and analytics. How do we do this? How do we get all of this data? Well, it comes from this network that we've built, you can see the categories of data providers that we have around this circle, it's very diverse. We get more than six billion new records today. Even right now, six million today. I'm gonna walk you through one of these examples. Let's talk about the 92,000 shops that work with us. Bill mentioned it earlier, but why would they give us their information? What's important here, maybe the most important number here, is our revenue, 90% of it is driven by this data estate that nobody else has. what's important here maybe the most important number here is our revenue 90% of it is driven by this data estate that nobody else has It's proprietary. it's proprietary It's built with IP and analytics. it's built with ip and analytics How do we do this? how do we do this How do we get all of this data? how do we get all of this data Well, it comes from this network that we've built, you can see the categories of data providers that we have around this circle, it's very diverse. well it comes from this network that we've built you can see the categories of data providers that we have around this circle it's very diverse We get more than six billion new records today. we get more than six billion new records today Even right now, six million today. even right now six million today I'm gonna walk you through one of these examples. i'm gonna walk you through one of these examples Let's talk about the 92,000 shops that work with us. let's talk about the 92,000 shops that work with us Bill mentioned it earlier, but why would they give us their information? bill mentioned it earlier but why would they give us their information The reason they give us their information to put on the report is because we give them two things back. First, we give them data back so they can be better mechanics. They can use our information to better diagnose a car and repair it better. They like that. Two, they get brand exposure on the report next to every record that they give us. We give them their name, their phone number, and their URL, and that gets more consumers to come back to that shop to get more work done in the future. They see that as a huge marketing engine for their business. We've done that for every single one of these 177 data providers. The reason they give us their information to put on the report is because we give them two things back. the reason they give us their information to put on the report is because we give them two things back First, we give them data back so they can be better mechanics. first we give them data back so they can be better mechanics They can use our information to better diagnose a car and repair it better. they can use our information to better diagnose a car and repair it better They like that. they like that Two, they get brand exposure on the report next to every record that they give us. two they get brand exposure on the report next to every record that they give us We give them their name, their phone number, and their URL, and that gets more consumers to come back to that shop to get more work done in the future. we give them their name their phone number and their url and that gets more consumers to come back to that shop to get more work done in the future They see that as a huge marketing engine for their business. they see that as a huge marketing engine for their business We've done that for every single one of these 177 data providers. we've done that for every single one of these 177 data providers We provide data and insights, value to them, they exchange that with data back to us, and it's a relationship by relationship, shop by shop, dealer by dealer, police agency by police agency ground truth built over 40 years. Good luck trying to replicate it. Our brand. We take all that data, and we wrap it in a brand that consumers know and trust. The Car Fox is a well-known fella, cute guy. There might be some stuffed Car Foxes outside, I don't know. If for anybody who wants to take them home, dogs love them. FYI. We've been able to become the number one place consumers go to when they're shopping for a car. 54 million visits a month, consumers coming to us as they're getting ready to shop for their next vehicle. We provide data and insights, value to them, they exchange that with data back to us, and it's a relationship by relationship, shop by shop, dealer by dealer, police agency by police agency ground truth built over 40 years. we provide data and insights value to them they exchange that with data back to us and it's a relationship by relationship shop by shop dealer by dealer police agency by police agency ground truth built over 40 years Good luck trying to replicate it. good luck trying to replicate it Our brand. our brand We take all that data, and we wrap it in a brand that consumers know and trust. we take all that data and we wrap it in a brand that consumers know and trust The Car Fox is a well-known fella, cute guy. the car fox is a well-known fella cute guy There might be some stuffed Car Foxes outside, I don't know. there might be some stuffed car foxes outside i don't know If for anybody who wants to take them home, dogs love them. if for anybody who wants to take them home dogs love them FYI. fyi We've been able to become the number one place consumers go to when they're shopping for a car. 54 million visits a month, consumers coming to us as they're getting ready to shop for their next vehicle. we've been able to become the number one place consumers go to when they're shopping for a car 54 million visits a month consumers coming to us as they're getting ready to shop for their next vehicle We have all of these consumers that depend on us when they own the car and want to take care of it. This is something that's really unmatched in our space. Dealers put up 25-foot Car Foxes in front of their showroom on the weekend because they know that it helps build confidence and makes them look trustworthy, and they want to use that trust in order to earn the trust with the consumer. How do we make this product easily available for our dealers and OEMs and banks and financial institutions to use it? We embed CARFAX everywhere, in all the tools and workflows that they use every day, and you can kind of see the long list. We have all of these consumers that depend on us when they own the car and want to take care of it. we have all of these consumers that depend on us when they own the car and want to take care of it This is something that's really unmatched in our space. this is something that's really unmatched in our space Dealers put up 25-foot Car Foxes in front of their showroom on the weekend because they know that it helps build confidence and makes them look trustworthy, and they want to use that trust in order to earn the trust with the consumer. dealers put up 25-foot car foxes in front of their showroom on the weekend because they know that it helps build confidence and makes them look trustworthy and they want to use that trust in order to earn the trust with the consumer How do we make this product easily available for our dealers and OEMs and banks and financial institutions to use it? how do we make this product easily available for our dealers and oems and banks and financial institutions to use it We embed CARFAX everywhere, in all the tools and workflows that they use every day, and you can kind of see the long list. we embed carfax everywhere in all the tools and workflows that they use every day and you can kind of see the long list In the CPO area, we have 36 OEMs that will not certify a car without a CARFAX report, and then they make that report available to the consumer to build confidence in their certified pre-owned program. That started with Mercedes-Benz back in the late 1990s, and now we've added 36 more. I'm going to walk you through one example on the dealer side. My favorite dealer is in Fairfax, Virginia. He's a Ford dealer. He is going to go to auction today, and his auction buyer is going to consider many cars online at auction, perhaps as many as 300 cars that they'll evaluate in order to buy five to bring into retail inventory. 300 CARFAX reports to figure out which five cars we should buy to put on our front lot next week. In the CPO area, we have 36 OEMs that will not certify a car without a CARFAX report, and then they make that report available to the consumer to build confidence in their certified pre-owned program. in the cpo area we have 36 oems that will not certify a car without a carfax report and then they make that report available to the consumer to build confidence in their certified pre-owned program That started with Mercedes-Benz back in the late 1990s, and now we've added 36 more. that started with mercedes-benz back in the late 1990s and now we've added 36 more I'm going to walk you through one example on the dealer side. i'm going to walk you through one example on the dealer side My favorite dealer is in Fairfax, Virginia. my favorite dealer is in fairfax virginia He's a Ford dealer. he's a ford dealer He is going to go to auction today, and his auction buyer is going to consider many cars online at auction, perhaps as many as 300 cars that they'll evaluate in order to buy five to bring into retail inventory. 300 CARFAX reports to figure out which five cars we should buy to put on our front lot next week. he is going to go to auction today and his auction buyer is going to consider many cars online at auction perhaps as many as 300 cars that they'll evaluate in order to buy five to bring into retail inventory 300 carfax reports to figure out which five cars we should buy to put on our front lot next week The reason that Ted Britt does that is he wants to know what the consumer knows before he acquires the car. He wants the knowledge, anticipating that consumer need and demand, before he gets involved with that car. That is how we've changed the industry. They are using our information before they get involved with the car, just like the consumer wants to use our information before they get involved with the car. Show me the CARFAX. This might be the magic secret sauce. This is push/pull that nobody else has been able to replicate. Two million times a month, consumers come in or go online and ask the dealer for a CARFAX report. They say, "Show me the CARFAX," and that powers this entire thing. Consumer pull is the monetization engine into the dealer. Dealers have then learned, "Hey, you know what? The reason that Ted Britt does that is he wants to know what the consumer knows before he acquires the car. the reason that ted britt does that is he wants to know what the consumer knows before he acquires the car He wants the knowledge, anticipating that consumer need and demand, before he gets involved with that car. he wants the knowledge anticipating that consumer need and demand before he gets involved with that car That is how we've changed the industry. that is how we've changed the industry They are using our information before they get involved with the car, just like the consumer wants to use our information before they get involved with the car. they are using our information before they get involved with the car just like the consumer wants to use our information before they get involved with the car Show me the CARFAX. show me the carfax This might be the magic secret sauce. this might be the magic secret sauce This is push/pull that nobody else has been able to replicate. this is push/pull that nobody else has been able to replicate Two million times a month, consumers come in or go online and ask the dealer for a CARFAX report. two million times a month consumers come in or go online and ask the dealer for a carfax report They say, "Show me the CARFAX," and that powers this entire thing. they say "show me the carfax," and that powers this entire thing Consumer pull is the monetization engine into the dealer. consumer pull is the monetization engine into the dealer Dealers have then learned, "Hey, you know what? dealers have then learned "hey you know what It's a really good idea for me to share CARFAX proactively to the consumer. Let me put it on my listings online. Let me share it in my advertising that I use CARFAX. Let me put signs up in my showroom that say I'm a CARFAX dealer, and then let me show it to the customer at every deal in the showroom. Now dealers are starting to present and push CARFAX 28 million times a month. Consumers say, "Show me the CARFAX," and that spins our flywheel. This all translates into proven ROI. Dealers get huge business benefits from working with CARFAX. They get more service visits. They get more customer loyalty. They sell cars fast, and they sell them for more money. This translates into 10x-15x ROI. That's right. It's alarming. Unbelievable. I mean, what are you going to do? It's a really good idea for me to share CARFAX proactively to the consumer. it's a really good idea for me to share carfax proactively to the consumer Let me put it on my listings online. let me put it on my listings online Let me share it in my advertising that I use CARFAX. let me share it in my advertising that i use carfax Let me put signs up in my showroom that say I'm a CARFAX dealer, and then let me show it to the customer at every deal in the showroom. let me put signs up in my showroom that say i'm a carfax dealer and then let me show it to the customer at every deal in the showroom Now dealers are starting to present and push CARFAX 28 million times a month. now dealers are starting to present and push carfax 28 million times a month Consumers say, "Show me the CARFAX," and that spins our flywheel. consumers say "show me the carfax," and that spins our flywheel This all translates into proven ROI. this all translates into proven roi Dealers get huge business benefits from working with CARFAX. dealers get huge business benefits from working with carfax They get more service visits. they get more service visits They get more customer loyalty. they get more customer loyalty They sell cars fast, and they sell them for more money. they sell cars fast and they sell them for more money This translates into 10x-15x ROI. this translates into 10x-15x roi That's right. that's right It's alarming. it's alarming Unbelievable. unbelievable I mean, what are you going to do? i mean what are you going to do You can't make this stuff up. Banking and financial institutions use our information to make better decisions. Okay? They use it to reduce fraud risk. They use it to underwrite at the right level, and then, of course, consumers depend on it. They love our products. We get a very high customer satisfaction. They use it to make sure that they're getting a good deal, and they're also selling the car and getting when they're ready, and they're getting a good deal for their vehicle that they're selling. Unbelievable. Couldn't make this up if I wanted. You can't make this stuff up. you can't make this stuff up Banking and financial institutions use our information to make better decisions. banking and financial institutions use our information to make better decisions Okay? okay They use it to reduce fraud risk. they use it to reduce fraud risk They use it to underwrite at the right level, and then, of course, consumers depend on it. they use it to underwrite at the right level and then of course consumers depend on it They love our products. they love our products We get a very high customer satisfaction. we get a very high customer satisfaction They use it to make sure that they're getting a good deal, and they're also selling the car and getting when they're ready, and they're getting a good deal for their vehicle that they're selling. they use it to make sure that they're getting a good deal and they're also selling the car and getting when they're ready and they're getting a good deal for their vehicle that they're selling Unbelievable. unbelievable Couldn't make this up if I wanted. couldn't make this up if i wanted Okay, I'm going to keep moving here. Key growth drivers, two trends that are kind of underneath this business working in our favor. One is cars are expensive. New cars are more than $50,000. Used cars are almost $30. When the stakes are high, people have questions. Vehicles are on the road for longer than ever, probably because of the trend on the left, right? What does that mean? That means more CARFAX. More CARFAX when you're about to buy a car, more CARFAX because you want to make sure you're servicing it right. More CARFAX Car Care relationships, more service records, more lending decisions, all of these things equal more CARFAX. We have this big TAM. Okay? Huge opportunity in front of us. I'm going to focus on the core TAM for a second. Okay, I'm going to keep moving here. okay i'm going to keep moving here Key growth drivers, two trends that are kind of underneath this business working in our favor. key growth drivers two trends that are kind of underneath this business working in our favor One is cars are expensive. one is cars are expensive New cars are more than $50,000. new cars are more than $50,000 Used cars are almost $30. used cars are almost $30 When the stakes are high, people have questions. when the stakes are high people have questions Vehicles are on the road for longer than ever, probably because of the trend on the left, right? vehicles are on the road for longer than ever probably because of the trend on the left right What does that mean? what does that mean That means more CARFAX. that means more carfax More CARFAX when you're about to buy a car, more CARFAX because you want to make sure you're servicing it right. more carfax when you're about to buy a car more carfax because you want to make sure you're servicing it right More CARFAX Car Care relationships, more service records, more lending decisions, all of these things equal more CARFAX. more carfax car care relationships more service records more lending decisions all of these things equal more carfax We have this big TAM. we have this big tam Okay? okay Huge opportunity in front of us. huge opportunity in front of us I'm going to focus on the core TAM for a second. i'm going to focus on the core tam for a second Our core business still has big runway of growth. People have asked, "Well, you've been in the market for a long time. You must have a lot of penetration." Well, in our core product, we do have a lot of penetration, but we actually have more opportunity with our core product, and then we've added other core products on top of that, the CARFAX Used Car Listings, the CARFAX Car Care program. Most dealers are only on 1.5 products. We know that we can sell three or four or five products to those dealers. There is a core growth market opportunity there that we can go into. In the extended area, we have new things that we're adding, Digital Advertising, Sell My Car, a new program to connect the consumer at the right time with the dealer that wants to buy their car. Our core business still has big runway of growth. our core business still has big runway of growth People have asked, "Well, you've been in the market for a long time. people have asked "well you've been in the market for a long time You must have a lot of penetration." Well, in our core product, we do have a lot of penetration, but we actually have more opportunity with our core product, and then we've added other core products on top of that, the CARFAX Used Car Listings, the CARFAX Car Care program. you must have a lot of penetration." well in our core product we do have a lot of penetration but we actually have more opportunity with our core product and then we've added other core products on top of that the carfax used car listings the carfax car care program Most dealers are only on 1.5 products. We know that we can sell three or four or five products to those dealers. most dealers are only on 1.5 products. we know that we can sell three or four or five products to those dealers There is a core growth market opportunity there that we can go into. there is a core growth market opportunity there that we can go into In the extended area, we have new things that we're adding, Digital Advertising, Sell My Car, a new program to connect the consumer at the right time with the dealer that wants to buy their car. in the extended area we have new things that we're adding digital advertising sell my car a new program to connect the consumer at the right time with the dealer that wants to buy their car Then of course, we can take these products that we currently have into other markets internationally. I want to focus really on that $26 billion as we hop into, here are the three places we're gonna grow to reach our TAM. Core growth, we have more solutions that we want to sell in, higher adoption and retention of those. We're gonna capture value. We continually innovate on our product. When you go out to the demo station, you'll see the Vehicle History Report, and we've innovated more on that product over the last several years, and you'll see some of those innovations. That enables us to deliver more value to our dealers and capture that value over time. We also have upsells, where we can sell dealers on the Lifetime Program. I'll show you what that looks like. Then of course, we can take these products that we currently have into other markets internationally. then of course we can take these products that we currently have into other markets internationally I want to focus really on that $26 billion as we hop into, here are the three places we're gonna grow to reach our TAM. i want to focus really on that $26 billion as we hop into here are the three places we're gonna grow to reach our tam Core growth, we have more solutions that we want to sell in, higher adoption and retention of those. core growth we have more solutions that we want to sell in higher adoption and retention of those We're gonna capture value. we're gonna capture value We continually innovate on our product. we continually innovate on our product When you go out to the demo station, you'll see the Vehicle History Report, and we've innovated more on that product over the last several years, and you'll see some of those innovations. when you go out to the demo station you'll see the vehicle history report and we've innovated more on that product over the last several years and you'll see some of those innovations That enables us to deliver more value to our dealers and capture that value over time. that enables us to deliver more value to our dealers and capture that value over time We also have upsells, where we can sell dealers on the Lifetime Program. we also have upsells where we can sell dealers on the lifetime program I'll show you what that looks like. i'll show you what that looks like We have some new solutions, Sell My Car and Showroom Listings and Service Marketing Coordination. I'll show you what those look like. We have international expansion. We have some of our products in Canada, but we can bring more, and we continue to expand in Europe. We're in a few markets in Europe, but we want to go to more markets in Europe as well. Underneath this is One Mobility Global. This is where Joe and his team have data sets that we can use to make our products smarter. We're already starting to do that with Market Scan and the prediction scores. All of that works together. Let me talk to you about the Lifetime as one of the examples. We have taken our three core products and stitched them together into the Lifetime Program for dealers. We have some new solutions, Sell My Car and Showroom Listings and Service Marketing Coordination. we have some new solutions sell my car and showroom listings and service marketing coordination I'll show you what those look like. i'll show you what those look like We have international expansion. we have international expansion We have some of our products in Canada, but we can bring more, and we continue to expand in Europe. we have some of our products in canada but we can bring more and we continue to expand in europe We're in a few markets in Europe, but we want to go to more markets in Europe as well. we're in a few markets in europe but we want to go to more markets in europe as well Underneath this is One Mobility Global. underneath this is one mobility global This is where Joe and his team have data sets that we can use to make our products smarter. this is where joe and his team have data sets that we can use to make our products smarter We're already starting to do that with Market Scan and the prediction scores. we're already starting to do that with market scan and the prediction scores All of that works together. all of that works together Let me talk to you about the Lifetime as one of the examples. let me talk to you about the lifetime as one of the examples We have taken our three core products and stitched them together into the Lifetime Program for dealers. we have taken our three core products and stitched them together into the lifetime program for dealers When you do that, it unlocks more value and helps them solve big problems. You know, dealers have low service retention. Most consumers don't go back to get the car serviced at the dealer. They would love to have that. They would also love to have the customer turn the car in and buy another car from them down the road. They see these as big leaky buckets in their business. When they stitch these three products together, they see big lift. They see more service retention, 19 points. They see higher OEM brand loyalty, 16 points. The OEMs have definitely taken notice because 14 OEMs now support this program with co-op funds for the dealer. We are just getting started on this. The traction is really strong. We started doing this in Q4 of 2025. When you do that, it unlocks more value and helps them solve big problems. when you do that it unlocks more value and helps them solve big problems You know, dealers have low service retention. you know dealers have low service retention Most consumers don't go back to get the car serviced at the dealer. most consumers don't go back to get the car serviced at the dealer They would love to have that. they would love to have that They would also love to have the customer turn the car in and buy another car from them down the road. they would also love to have the customer turn the car in and buy another car from them down the road They see these as big leaky buckets in their business. they see these as big leaky buckets in their business When they stitch these three products together, they see big lift. when they stitch these three products together they see big lift They see more service retention, 19 points. they see more service retention 19 points They see higher OEM brand loyalty, 16 points. they see higher oem brand loyalty 16 points The OEMs have definitely taken notice because 14 OEMs now support this program with co-op funds for the dealer. the oems have definitely taken notice because 14 oems now support this program with co-op funds for the dealer We are just getting started on this. we are just getting started on this The traction is really strong. the traction is really strong We started doing this in Q4 of 2025. we started doing this in q4 of 2025 We already have 1,600 dealers that are on this program. We are just getting started. It's really building in momentum. This is the Vehicle History Report. It's often been thought of as strictly a history report. I can tell you now, it is about the past of the report, the present, what's that car worth, and then the future. Tell me how many more miles this car will go. Tell me how many major repairs are gonna be needed on this car. Let me compare the futures of different cars so I can determine which car is right for me and my family. I don't wanna talk about it. I'll let the Fox tell you about it. We already have 1,600 dealers that are on this program. we already have 1,600 dealers that are on this program We are just getting started. we are just getting started It's really building in momentum. it's really building in momentum This is the Vehicle History Report. this is the vehicle history report It's often been thought of as strictly a history report. it's often been thought of as strictly a history report I can tell you now, it is about the past of the report, the present, what's that car worth, and then the future. i can tell you now it is about the past of the report the present what's that car worth and then the future Tell me how many more miles this car will go. tell me how many more miles this car will go Tell me how many major repairs are gonna be needed on this car. tell me how many major repairs are gonna be needed on this car Let me compare the futures of different cars so I can determine which car is right for me and my family. let me compare the futures of different cars so i can determine which car is right for me and my family I don't wanna talk about it. i don't wanna talk about it I'll let the Fox tell you about it. i'll let the fox tell you about it

Speaker 12: Hi, I'm Car Fox. I'm here to help you get to know this car. This car's reported damage is minor. Minor damage is generally cosmetic, including dents or scratches, and doesn't typically affect safety or how a car runs. CARFAX makes knowing where the damage occurred easy. It's always a good idea to get a car inspected before you buy. Wow. Based on the CARFAX history and its current selling price, this car is a great value. You're not gonna believe it, but CARFAX can now tell you about the future of a vehicle. Based on its history and others just like it, this vehicle has great reliability. That means it should have fewer unexpected repairs than similar vehicles. Hi, I'm Car Fox. hi i'm car fox I'm here to help you get to know this car. i'm here to help you get to know this car This car's reported damage is minor. this car's reported damage is minor Minor damage is generally cosmetic, including dents or scratches, and doesn't typically affect safety or how a car runs. minor damage is generally cosmetic including dents or scratches and doesn't typically affect safety or how a car runs CARFAX makes knowing where the damage occurred easy. carfax makes knowing where the damage occurred easy It's always a good idea to get a car inspected before you buy. it's always a good idea to get a car inspected before you buy Wow. wow Based on the CARFAX history and its current selling price, this car is a great value. based on the carfax history and its current selling price this car is a great value You're not gonna believe it, but CARFAX can now tell you about the future of a vehicle. you're not gonna believe it but carfax can now tell you about the future of a vehicle Based on its history and others just like it, this vehicle has great reliability. based on its history and others just like it this vehicle has great reliability That means it should have fewer unexpected repairs than similar vehicles. that means it should have fewer unexpected repairs than similar vehicles

Speaker 9: That's just the beginning of the Fox telling you the future. You'll see more and more of that as we innovate and bring more granularity. We're gonna be able to tell you how many more miles a car has life left in it. You can use that to make a smart decision. It's just the beginning. We also can take our show on the road. We're primarily operating in North America right now. We have a little bit of runway already started in Europe, but you can see that there's big opportunities still in front of us. The questions that consumers have that power this market are the same in these other geographic locations. They worry about spending too much on a car that might not be a good car. That's just the beginning of the Fox telling you the future. that's just the beginning of the fox telling you the future You'll see more and more of that as we innovate and bring more granularity. you'll see more and more of that as we innovate and bring more granularity We're gonna be able to tell you how many more miles a car has life left in it. we're gonna be able to tell you how many more miles a car has life left in it You can use that to make a smart decision. you can use that to make a smart decision It's just the beginning. it's just the beginning We also can take our show on the road. we also can take our show on the road We're primarily operating in North America right now. we're primarily operating in north america right now We have a little bit of runway already started in Europe, but you can see that there's big opportunities still in front of us. we have a little bit of runway already started in europe but you can see that there's big opportunities still in front of us The questions that consumers have that power this market are the same in these other geographic locations. the questions that consumers have that power this market are the same in these other geographic locations They worry about spending too much on a car that might not be a good car. they worry about spending too much on a car that might not be a good car They worry about should they get the car fixed and who should do it that I can trust. They worry about, am I getting the right price for my car that I'm trading in? We can take the same questions that consumers have and answer them using our same data assets, our same trusted brand. Let me wrap all this up for you before the alarm goes off. Okay? We have this proven financial model, subscription business, very durable business, clear line of sight on our revenue. We have these key differentiators that power it, this awesome data, our trusted brand, great network of dealers and such. We have these core and new solutions that are powering more value for our dealers in the current and new growth opportunities. They worry about should they get the car fixed and who should do it that I can trust. they worry about should they get the car fixed and who should do it that i can trust They worry about, am I getting the right price for my car that I'm trading in? they worry about am i getting the right price for my car that i'm trading in We can take the same questions that consumers have and answer them using our same data assets, our same trusted brand. we can take the same questions that consumers have and answer them using our same data assets our same trusted brand Let me wrap all this up for you before the alarm goes off. let me wrap all this up for you before the alarm goes off Okay? okay We have this proven financial model, subscription business, very durable business, clear line of sight on our revenue. we have this proven financial model subscription business very durable business clear line of sight on our revenue We have these key differentiators that power it, this awesome data, our trusted brand, great network of dealers and such. we have these key differentiators that power it this awesome data our trusted brand great network of dealers and such We have these core and new solutions that are powering more value for our dealers in the current and new growth opportunities. we have these core and new solutions that are powering more value for our dealers in the current and new growth opportunities We can capture that value as we deliver that on existing, we can add on top of that new revenue streams from these new products. We can go out on the road and take this story internationally and help consumers around the globe. That's my story, and I'm sticking to it. I'm gonna invite Jeremy to come up before the next alarm goes off to talk about our AI. We have a huge AI initiative, and I'm gonna let him talk you through it. Thank you very much. We can capture that value as we deliver that on existing, we can add on top of that new revenue streams from these new products. we can capture that value as we deliver that on existing we can add on top of that new revenue streams from these new products We can go out on the road and take this story internationally and help consumers around the globe. we can go out on the road and take this story internationally and help consumers around the globe That's my story, and I'm sticking to it. that's my story and i'm sticking to it I'm gonna invite Jeremy to come up before the next alarm goes off to talk about our AI. i'm gonna invite jeremy to come up before the next alarm goes off to talk about our ai We have a huge AI initiative, and I'm gonna let him talk you through it. we have a huge ai initiative and i'm gonna let him talk you through it Thank you very much. thank you very much

Speaker 5: All right. I have it on good authority that we're not going to have a disco ball going on. That's exciting. Sorry, just one sec. We're working on the monitors. Good. Okay. All right. Hello, everybody, in the room and online. I'm really excited to be here to talk about my favorite topics, data and AI. You know, Bill, Joe, and Scott were talking earlier about where we're taking the business and how we're using AI and data to do that. I'm going to try to dive a little bit deeper into that. My name's Jeremy Morehouse, and I have the privilege of being the head of the AI office for Mobility Global. Before I get started, I was hoping you could help me with an exercise. Could you please look under your seat? All right. all right I have it on good authority that we're not going to have a disco ball going on. i have it on good authority that we're not going to have a disco ball going on That's exciting. that's exciting Sorry, just one sec. sorry just one sec We're working on the monitors. we're working on the monitors Good. good Okay. okay All right. all right Hello, everybody, in the room and online. hello everybody in the room and online I'm really excited to be here to talk about my favorite topics, data and AI. i'm really excited to be here to talk about my favorite topics data and ai You know, Bill, Joe, and Scott were talking earlier about where we're taking the business and how we're using AI and data to do that. you know bill joe and scott were talking earlier about where we're taking the business and how we're using ai and data to do that I'm going to try to dive a little bit deeper into that. i'm going to try to dive a little bit deeper into that My name's Jeremy Morehouse, and I have the privilege of being the head of the AI office for Mobility Global. my name's jeremy morehouse and i have the privilege of being the head of the ai office for mobility global Before I get started, I was hoping you could help me with an exercise. before i get started i was hoping you could help me with an exercise Could you please look under your seat? could you please look under your seat If you reach under your seat just for one second, you'll find that there's absolutely nothing there. It's a demonstration of how a little bit of misinformation or hallucination from an AI model can have a real-world impact. You know, while looking under your seat's not a big deal, making a decision that's a major financial impact, whether it's capital misallocation or buying a car, is a big deal. We take our mission very seriously by providing trusted information regardless of the technology. If you reach under your seat just for one second, you'll find that there's absolutely nothing there. if you reach under your seat just for one second you'll find that there's absolutely nothing there It's a demonstration of how a little bit of misinformation or hallucination from an AI model can have a real-world impact. it's a demonstration of how a little bit of misinformation or hallucination from an ai model can have a real-world impact You know, while looking under your seat's not a big deal, making a decision that's a major financial impact, whether it's capital misallocation or buying a car, is a big deal. you know while looking under your seat's not a big deal making a decision that's a major financial impact whether it's capital misallocation or buying a car is a big deal We take our mission very seriously by providing trusted information regardless of the technology. we take our mission very seriously by providing trusted information regardless of the technology Before I jump into the AI piece, though, I wanna talk about the demand for our data and how AI is changing the world and how we consume data, whether we're a consumer using an LLM to search for a vehicle, an OEM who wants to plan smarter, a dealer looking to manage their inventory a bit better, or bank and insurance companies looking to do better underwriting. The demand for the demand to change those businesses to use AI means that there's a major demand for data. I'm sure everyone in this room has heard that data's becoming a new currency and demand is increasing, not decreasing. AI's not replacing the need for data. It's actually increasing it. Because all these people on this slide can't use public AI models to make their decisions. Public AI models are trained on public data. Before I jump into the AI piece, though, I wanna talk about the demand for our data and how AI is changing the world and how we consume data, whether we're a consumer using an LLM to search for a vehicle, an OEM who wants to plan smarter, a dealer looking to manage their inventory a bit better, or bank and insurance companies looking to do better underwriting. before i jump into the ai piece though i wanna talk about the demand for our data and how ai is changing the world and how we consume data whether we're a consumer using an llm to search for a vehicle an oem who wants to plan smarter a dealer looking to manage their inventory a bit better or bank and insurance companies looking to do better underwriting The demand for the demand to change those businesses to use AI means that there's a major demand for data. the demand for the demand to change those businesses to use ai means that there's a major demand for data I'm sure everyone in this room has heard that data's becoming a new currency and demand is increasing, not decreasing. i'm sure everyone in this room has heard that data's becoming a new currency and demand is increasing not decreasing AI's not replacing the need for data. ai's not replacing the need for data It's actually increasing it. it's actually increasing it Because all these people on this slide can't use public AI models to make their decisions. because all these people on this slide can't use public ai models to make their decisions Public AI models are trained on public data. public ai models are trained on public data They have access to public data. One thing we've learned over the years that these models have been available is that this is not the kind of data that we want to make decisions with. It's good enough data. Data can do lots of interesting things, but it's not decision-grade data. We have decision-grade data, VIN-level data, global data that allows us to provide these services to customers in a trustworthy way that public AI can't do. The cost of doing things wrong and just using good enough data or a hallucination means major fines, legal exposure, capital misallocation, or everyone in this room buying the wrong car for their family and live with it for the duration of their lease or their finance. Our mission hasn't changed. They have access to public data. they have access to public data One thing we've learned over the years that these models have been available is that this is not the kind of data that we want to make decisions with. one thing we've learned over the years that these models have been available is that this is not the kind of data that we want to make decisions with It's good enough data. it's good enough data Data can do lots of interesting things, but it's not decision-grade data. data can do lots of interesting things but it's not decision-grade data We have decision-grade data, VIN-level data, global data that allows us to provide these services to customers in a trustworthy way that public AI can't do. we have decision-grade data vin-level data global data that allows us to provide these services to customers in a trustworthy way that public ai can't do The cost of doing things wrong and just using good enough data or a hallucination means major fines, legal exposure, capital misallocation, or everyone in this room buying the wrong car for their family and live with it for the duration of their lease or their finance. the cost of doing things wrong and just using good enough data or a hallucination means major fines legal exposure capital misallocation or everyone in this room buying the wrong car for their family and live with it for the duration of their lease or their finance Our mission hasn't changed. our mission hasn't changed Even though we need to provide more data to these systems, we need to find new ways of providing that data and provide the trusted information in a safe way. You've heard this a couple times now about our data moat, and our data moat is deep and wide. We also enhance it with AI, which I'm gonna talk about in a little bit. Every one of those 177,000 sources are contractual relationships that are slow to replicate. We have that two-way relationship that Scott mentioned that makes it There's no incentive to leave. To continue providing that data to us is a very important thing for them. It's a very important thing for us. The data we have isn't scraped, it's not publicly available, and it's not synthetic. Even though we need to provide more data to these systems, we need to find new ways of providing that data and provide the trusted information in a safe way. even though we need to provide more data to these systems we need to find new ways of providing that data and provide the trusted information in a safe way You've heard this a couple times now about our data moat, and our data moat is deep and wide. you've heard this a couple times now about our data moat and our data moat is deep and wide We also enhance it with AI, which I'm gonna talk about in a little bit. we also enhance it with ai which i'm gonna talk about in a little bit Every one of those 177,000 sources are contractual relationships that are slow to replicate. every one of those 177,000 sources are contractual relationships that are slow to replicate We have that two-way relationship that Scott mentioned that makes it There's no incentive to leave. we have that two-way relationship that scott mentioned that makes it there's no incentive to leave To continue providing that data to us is a very important thing for them. to continue providing that data to us is a very important thing for them It's a very important thing for us. it's a very important thing for us The data we have isn't scraped, it's not publicly available, and it's not synthetic. the data we have isn't scraped it's not publicly available and it's not synthetic This is real world data, real things that are happening in the industry to the vehicles and to the people in this room. As I mentioned earlier, this is all VIN level, too. It's global. We know exactly what's happened to that car. Joe mentioned there's so many things that happen, whether it's the vehicle itself, the people that own it. There's a lot going on, and we know that data better than anybody. More importantly, this moat is not static. It's growing all the time. You've heard numbers, six million, millions. Millions of records pour in every single day. I'll talk a bit about how we ingest all that. We use AI to enhance that even further. Many of those records contain more than just one piece of information, and we want to extract all the possible value that we can. This is real world data, real things that are happening in the industry to the vehicles and to the people in this room. this is real world data real things that are happening in the industry to the vehicles and to the people in this room As I mentioned earlier, this is all VIN level, too. as i mentioned earlier this is all vin level too It's global. it's global We know exactly what's happened to that car. we know exactly what's happened to that car Joe mentioned there's so many things that happen, whether it's the vehicle itself, the people that own it. joe mentioned there's so many things that happen whether it's the vehicle itself the people that own it There's a lot going on, and we know that data better than anybody. there's a lot going on and we know that data better than anybody More importantly, this moat is not static. more importantly this moat is not static It's growing all the time. it's growing all the time You've heard numbers, six million, millions. you've heard numbers six million millions Millions of records pour in every single day. millions of records pour in every single day I'll talk a bit about how we ingest all that. i'll talk a bit about how we ingest all that We use AI to enhance that even further. we use ai to enhance that even further Many of those records contain more than just one piece of information, and we want to extract all the possible value that we can. many of those records contain more than just one piece of information and we want to extract all the possible value that we can This living data moat is just constantly evolving, and we keep all that data. We have decades of data that we look back on and say, "What else could we do? What other insights could we bring? What other forecasted models can we create?" This data is embedded in workflows today, and it's very sticky. We talked about CARFAX. People don't go and say, "Can I see a vehicle history report?" They say, "Can I see the CARFAX?" The OEMs plan in cycles. They're using our information. We're so embedded in these systems that the switching cost is just too high. It's way too high. If they did switch, they'd have to go revalidate all the decisions from the past, rebuild trust with their customers, redesign their workflows. It just doesn't make sense to do that. That's our data. This living data moat is just constantly evolving, and we keep all that data. this living data moat is just constantly evolving and we keep all that data We have decades of data that we look back on and say, "What else could we do? we have decades of data that we look back on and say "what else could we do What other insights could we bring? what other insights could we bring What other forecasted models can we create?" This data is embedded in workflows today, and it's very sticky. what other forecasted models can we create?" this data is embedded in workflows today and it's very sticky We talked about CARFAX. we talked about carfax People don't go and say, "Can I see a vehicle history report?" They say, "Can I see the CARFAX?" The OEMs plan in cycles. people don't go and say "can i see a vehicle history report?" they say "can i see the carfax?" the oems plan in cycles They're using our information. they're using our information We're so embedded in these systems that the switching cost is just too high. we're so embedded in these systems that the switching cost is just too high It's way too high. it's way too high If they did switch, they'd have to go revalidate all the decisions from the past, rebuild trust with their customers, redesign their workflows. if they did switch they'd have to go revalidate all the decisions from the past rebuild trust with their customers redesign their workflows It just doesn't make sense to do that. it just doesn't make sense to do that That's our data. that's our data You've heard a lot about our data. I'm going to go through each one of these in excruciating detail. Well, I'm just kidding. Actually, what I want to highlight here is that we're not just getting started in AI. We have this powerful data moat. We've been working in AI for nearly a decade. We've been building this institutional AI excellence within our business for a very long time. Where others are just getting started because GenAI has changed the world and people are excited about it, we've been in the business of AI machine learning for a very long time. Today, we have over 100 dedicated data scientists and AI experts that just love solving problems using AI. This is all they do. They love creating value with AI. They're not just playing around with the technology. You've heard a lot about our data. you've heard a lot about our data I'm going to go through each one of these in excruciating detail. i'm going to go through each one of these in excruciating detail Well, I'm just kidding. well i'm just kidding Actually, what I want to highlight here is that we're not just getting started in AI. actually what i want to highlight here is that we're not just getting started in ai We have this powerful data moat. we have this powerful data moat We've been working in AI for nearly a decade. we've been working in ai for nearly a decade We've been building this institutional AI excellence within our business for a very long time. we've been building this institutional ai excellence within our business for a very long time Where others are just getting started because GenAI has changed the world and people are excited about it, we've been in the business of AI machine learning for a very long time. where others are just getting started because genai has changed the world and people are excited about it we've been in the business of ai machine learning for a very long time Today, we have over 100 dedicated data scientists and AI experts that just love solving problems using AI. today we have over 100 dedicated data scientists and ai experts that just love solving problems using ai This is all they do. this is all they do They love creating value with AI. they love creating value with ai They're not just playing around with the technology. they're not just playing around with the technology They're understanding what problems we can solve and what value we can create with this technology. Let me take you back a little bit. In the very beginning, we brought the very first neural network models into our business to solve some natural language problems. The reason why we did this wasn't 'cause it was fun, it was because we wanted to provide signals to our consumers that were the highest accuracy possible. When we told them they need to get an oil change or a tire rotation, we didn't want a big error rate in that. We want that to be as close to 100% as possible. The only way to do that was to make sure the underlying services were decoded extremely well. They're understanding what problems we can solve and what value we can create with this technology. they're understanding what problems we can solve and what value we can create with this technology Let me take you back a little bit. In the very beginning, we brought the very first neural network models into our business to solve some natural language problems. let me take you back a little bit. in the very beginning we brought the very first neural network models into our business to solve some natural language problems The reason why we did this wasn't 'cause it was fun, it was because we wanted to provide signals to our consumers that were the highest accuracy possible. the reason why we did this wasn't 'cause it was fun it was because we wanted to provide signals to our consumers that were the highest accuracy possible When we told them they need to get an oil change or a tire rotation, we didn't want a big error rate in that. when we told them they need to get an oil change or a tire rotation we didn't want a big error rate in that We want that to be as close to 100% as possible. we want that to be as close to 100% as possible The only way to do that was to make sure the underlying services were decoded extremely well. the only way to do that was to make sure the underlying services were decoded extremely well We designed that program to have a 98.5% accuracy in everything that extract it, and today we do over 180 services with that program at that rate. I actually pulled some numbers for this presentation, and currently our production models are run at 99.5% accuracy, because that accuracy is super important in that program, so those signals are correct at all times. Like everyone else, we moved into GenAI really, really early. We wanted to understand how would this technology would transform our business, how people would wanna interact with our data, how chatbots might change things, but more importantly, what would the cost of that be? How would hallucinations affect trust in our business and our brand? Now we can start getting ahead of some of those concerns. We designed that program to have a 98.5% accuracy in everything that extract it, and today we do over 180 services with that program at that rate. we designed that program to have a 98.5% accuracy in everything that extract it and today we do over 180 services with that program at that rate I actually pulled some numbers for this presentation, and currently our production models are run at 99.5% accuracy, because that accuracy is super important in that program, so those signals are correct at all times. i actually pulled some numbers for this presentation and currently our production models are run at 99.5% accuracy because that accuracy is super important in that program so those signals are correct at all times Like everyone else, we moved into GenAI really, really early. like everyone else we moved into genai really really early We wanted to understand how would this technology would transform our business, how people would wanna interact with our data, how chatbots might change things, but more importantly, what would the cost of that be? we wanted to understand how would this technology would transform our business how people would wanna interact with our data how chatbots might change things but more importantly what would the cost of that be How would hallucinations affect trust in our business and our brand? how would hallucinations affect trust in our business and our brand Now we can start getting ahead of some of those concerns. now we can start getting ahead of some of those concerns We established our very first formal AI teams to focus only on AI technology, and where to add AI. Along the way, we've compounded a lot of our AI layers, which I'm gonna talk about next, and created more advanced products like our enhanced reliability that Scott spoke about. We've also created this very mature AI operations group and platform. What does that mean? That means these folks are creating models that operate the most efficiently possible. They're not necessarily using the large language models and frontier models that are very heavy to consume and very costly. They're creating cost-efficient models, high accuracy. They're creating programs that repeat these, test quality. We established our very first formal AI teams to focus only on AI technology, and where to add AI. we established our very first formal ai teams to focus only on ai technology and where to add ai Along the way, we've compounded a lot of our AI layers, which I'm gonna talk about next, and created more advanced products like our enhanced reliability that Scott spoke about. along the way we've compounded a lot of our ai layers which i'm gonna talk about next and created more advanced products like our enhanced reliability that scott spoke about We've also created this very mature AI operations group and platform. we've also created this very mature ai operations group and platform What does that mean? what does that mean That means these folks are creating models that operate the most efficiently possible. that means these folks are creating models that operate the most efficiently possible They're not necessarily using the large language models and frontier models that are very heavy to consume and very costly. they're not necessarily using the large language models and frontier models that are very heavy to consume and very costly They're creating cost-efficient models, high accuracy. they're creating cost-efficient models high accuracy They're creating programs that repeat these, test quality. they're creating programs that repeat these test quality This year, we're actually launching something called the Model Health Initiative to take a proactive look at the models we have in production and ensure they're always running at the highest efficiency possible and the highest quality possible. What we've learned over the years is that getting into AI is very easy and everyone's talking about it, but doing it right, making sure that it's accurate, that it's scalable, and that it's safe is very, very hard. It's something that we do every single day for the past decade. You saw a similar slide earlier. Bill talked about this. These two sort of key moats, key features, key skill sets are data, AI expertise, feed into these four engines. It's productivity and efficiency, our data amplification, supercharging our core products, and our new growth opportunities. I want to talk about each one of them individually. This year, we're actually launching something called the Model Health Initiative to take a proactive look at the models we have in production and ensure they're always running at the highest efficiency possible and the highest quality possible. this year we're actually launching something called the model health initiative to take a proactive look at the models we have in production and ensure they're always running at the highest efficiency possible and the highest quality possible What we've learned over the years is that getting into AI is very easy and everyone's talking about it, but doing it right, making sure that it's accurate, that it's scalable, and that it's safe is very, very hard. what we've learned over the years is that getting into ai is very easy and everyone's talking about it but doing it right making sure that it's accurate that it's scalable and that it's safe is very very hard It's something that we do every single day for the past decade. it's something that we do every single day for the past decade You saw a similar slide earlier. you saw a similar slide earlier Bill talked about this. bill talked about this These two sort of key moats, key features, key skill sets are data, AI expertise, feed into these four engines. these two sort of key moats key features key skill sets are data ai expertise feed into these four engines It's productivity and efficiency, our data amplification, supercharging our core products, and our new growth opportunities. it's productivity and efficiency our data amplification supercharging our core products and our new growth opportunities I want to talk about each one of them individually. i want to talk about each one of them individually The first is something that everyone should be talking about right now, and that's productivity. If people aren't talking about this, then they're behind. We're not behind. We've been ahead of this for a long time. I've picked two of many examples to talk about today, but we look at this as a key staple in using AI in our business. In our customer operations, for example, we introduced AI to answer some of our chat and email questions. And today, 84% of those queries are deflected into an AI system to answer those questions. Now when I talk about that stat, I always get asked, "Well, what happened to your CSAT score? The first is something that everyone should be talking about right now, and that's productivity. the first is something that everyone should be talking about right now and that's productivity If people aren't talking about this, then they're behind. if people aren't talking about this then they're behind We're not behind. we're not behind We've been ahead of this for a long time. we've been ahead of this for a long time I've picked two of many examples to talk about today, but we look at this as a key staple in using AI in our business. i've picked two of many examples to talk about today but we look at this as a key staple in using ai in our business In our customer operations, for example, we introduced AI to answer some of our chat and email questions. in our customer operations for example we introduced ai to answer some of our chat and email questions And today, 84% of those queries are deflected into an AI system to answer those questions. and today 84% of those queries are deflected into an ai system to answer those questions Now when I talk about that stat, I always get asked, "Well, what happened to your CSAT score? now when i talk about that stat i always get asked "well what happened to your csat score Do people like that experience? Well, yes, because what happened was that freed up a lot of our staff to be able to focus on the highest complexity problems, the ones requiring the most empathy, the most care. Our CSATs actually went up. Of course, we need to talk about engineering. How do we actually use AI in engineering? We wanna do this in a safe way. We don't want to be on the news making mistakes with AI in engineering. Last year, our programs saw a 10%-15% lift in our engineering programs. That's embedded in coding, reviewing, reviews, things like that. We're just getting started in both these pillars. Do people like that experience? do people like that experience Well, yes, because what happened was that freed up a lot of our staff to be able to focus on the highest complexity problems, the ones requiring the most empathy, the most care. well yes because what happened was that freed up a lot of our staff to be able to focus on the highest complexity problems the ones requiring the most empathy the most care Our CSATs actually went up. our csats actually went up Of course, we need to talk about engineering. of course we need to talk about engineering How do we actually use AI in engineering? how do we actually use ai in engineering We wanna do this in a safe way. we wanna do this in a safe way We don't want to be on the news making mistakes with AI in engineering. we don't want to be on the news making mistakes with ai in engineering Last year, our programs saw a 10%-15% lift in our engineering programs. last year our programs saw a 10%-15% lift in our engineering programs That's embedded in coding, reviewing, reviews, things like that. that's embedded in coding reviewing reviews things like that We're just getting started in both these pillars. we're just getting started in both these pillars For example, in customer operations, we're talking about how we can actually create systems that allow customers to resolve their own billing disputes, interact with live avatars, do lots of really interesting, cool things. What more can we do in that space? Even more exciting on the engineering side, we introduced programs for agentic engineering this year. In the first quarter, we're already seeing four to five times what we saw last year in productivity. We're very excited to see what those results will be by the end of the year. We're also talking about policyware AI for compliance. We do a lot of reviews, as you can imagine, whether it's legal, security, in my office. We wanna make sure what we're doing is safe and it makes a lot of sense. For example, in customer operations, we're talking about how we can actually create systems that allow customers to resolve their own billing disputes, interact with live avatars, do lots of really interesting, cool things. for example in customer operations we're talking about how we can actually create systems that allow customers to resolve their own billing disputes interact with live avatars do lots of really interesting cool things What more can we do in that space? what more can we do in that space Even more exciting on the engineering side, we introduced programs for agentic engineering this year. even more exciting on the engineering side we introduced programs for agentic engineering this year In the first quarter, we're already seeing four to five times what we saw last year in productivity. in the first quarter we're already seeing four to five times what we saw last year in productivity We're very excited to see what those results will be by the end of the year. we're very excited to see what those results will be by the end of the year We're also talking about policyware AI for compliance. we're also talking about policyware ai for compliance We do a lot of reviews, as you can imagine, whether it's legal, security, in my office. we do a lot of reviews as you can imagine whether it's legal security in my office We wanna make sure what we're doing is safe and it makes a lot of sense. we wanna make sure what we're doing is safe and it makes a lot of sense Having a policyware agent right beside us to help us make sure we don't make any mistakes is incredibly powerful. Just wanna highlight this because we're not just starting productivity. We're already compounding it, and we're trying to find out what's that next level for various different areas of our business. CARFAX again. This is my favorite layer. We're gonna talk about ingest and enrichment and decoding. We call this our data amplification layer. Acquisition of data and ingestion is hard all by itself, but to me, it's just a start line. We wanna go beyond that. We wanna amplify that. We wanna use AI to find even more details after we already have the data in-house. Let's start with the ingest layer. Having a policyware agent right beside us to help us make sure we don't make any mistakes is incredibly powerful. having a policyware agent right beside us to help us make sure we don't make any mistakes is incredibly powerful Just wanna highlight this because we're not just starting productivity. just wanna highlight this because we're not just starting productivity We're already compounding it, and we're trying to find out what's that next level for various different areas of our business. we're already compounding it and we're trying to find out what's that next level for various different areas of our business CARFAX again. carfax again This is my favorite layer. this is my favorite layer We're gonna talk about ingest and enrichment and decoding. we're gonna talk about ingest and enrichment and decoding We call this our data amplification layer. we call this our data amplification layer Acquisition of data and ingestion is hard all by itself, but to me, it's just a start line. acquisition of data and ingestion is hard all by itself but to me it's just a start line We wanna go beyond that. we wanna go beyond that We wanna amplify that. we wanna amplify that We wanna use AI to find even more details after we already have the data in-house. we wanna use ai to find even more details after we already have the data in-house Let's start with the ingest layer. let's start with the ingest layer We have all these partners, what's really important to highlight is that we work with them, we take data however we can get it, whether it's text, images, structured or unstructured, data feeds, FTPs, you name it, we'll take it. We even collect some data through CD-ROM and fax still. I'm not even making that up. We'll figure out how to make sense of it and how to bring it into our system so that other groups within the company can use it, leverage it, and it becomes product that you guys see today out in the floor. We don't stop there. We know that each one of those records has more to tell, we use different types of proprietary models to understand and unlock more value in each one of those records. Let me give you an example. We have all these partners, what's really important to highlight is that we work with them, we take data however we can get it, whether it's text, images, structured or unstructured, data feeds, FTPs, you name it, we'll take it. we have all these partners what's really important to highlight is that we work with them we take data however we can get it whether it's text images structured or unstructured data feeds ftps you name it we'll take it We even collect some data through CD-ROM and fax still. we even collect some data through cd-rom and fax still I'm not even making that up. i'm not even making that up We'll figure out how to make sense of it and how to bring it into our system so that other groups within the company can use it, leverage it, and it becomes product that you guys see today out in the floor. we'll figure out how to make sense of it and how to bring it into our system so that other groups within the company can use it leverage it and it becomes product that you guys see today out in the floor We don't stop there. we don't stop there We know that each one of those records has more to tell, we use different types of proprietary models to understand and unlock more value in each one of those records. we know that each one of those records has more to tell we use different types of proprietary models to understand and unlock more value in each one of those records Let me give you an example. let me give you an example When you take your vehicle to a service shop, they're typing up what they're doing to your car in the back. They're doing this. There's typos, there's codes, there's different ways of saying things. Someone told me a long time ago, there's 1,500 ways to say oil change. I can count them all, but that's a lot. We use AI to really understand what's happened to that vehicle and what hasn't, what was recommended, what did you decline? We need to understand the difference between what's in there and what actually happened to the vehicle, and that's incredibly difficult to do. It's something that we do every single day. An accident record typically contains at least two cars, maybe some more, that all had a really bad day. You saw CARFAX talking about the point of impact and the severity earlier, that information's in there. When you take your vehicle to a service shop, they're typing up what they're doing to your car in the back. when you take your vehicle to a service shop they're typing up what they're doing to your car in the back They're doing this. they're doing this There's typos, there's codes, there's different ways of saying things. there's typos there's codes there's different ways of saying things Someone told me a long time ago, there's 1,500 ways to say oil change. someone told me a long time ago there's 1,500 ways to say oil change I can count them all, but that's a lot. i can count them all but that's a lot We use AI to really understand what's happened to that vehicle and what hasn't, what was recommended, what did you decline? we use ai to really understand what's happened to that vehicle and what hasn't what was recommended what did you decline We need to understand the difference between what's in there and what actually happened to the vehicle, and that's incredibly difficult to do. we need to understand the difference between what's in there and what actually happened to the vehicle and that's incredibly difficult to do It's something that we do every single day. it's something that we do every single day An accident record typically contains at least two cars, maybe some more, that all had a really bad day. an accident record typically contains at least two cars maybe some more that all had a really bad day You saw CARFAX talking about the point of impact and the severity earlier, that information's in there. you saw carfax talking about the point of impact and the severity earlier that information's in there There's other stuff in there that's very interesting. The intersection, the time of day. Was there a fire? Was the air bag is deployed? There's all sorts of stuff that we're really interested in learning for future products, and things we might be able to do with that information. Along the way, in this layer, we have comment and feedback loops as well. There's humans in the loop every stage as necessary. Every time we do find something wrong, we make sure we correct it right away, upgrade the models, redeploy. We're always doing our best to make sure we maintain that 99.5% accuracy in the things we're doing in this layer. This is what actually powers the Car Fox. This is why he's talking right now, while I'm talking. There's other stuff in there that's very interesting. there's other stuff in there that's very interesting The intersection, the time of day. the intersection the time of day Was there a fire? was there a fire Was the air bag is deployed? was the air bag is deployed There's all sorts of stuff that we're really interested in learning for future products, and things we might be able to do with that information. there's all sorts of stuff that we're really interested in learning for future products and things we might be able to do with that information Along the way, in this layer, we have comment and feedback loops as well. along the way in this layer we have comment and feedback loops as well There's humans in the loop every stage as necessary. there's humans in the loop every stage as necessary Every time we do find something wrong, we make sure we correct it right away, upgrade the models, redeploy. every time we do find something wrong we make sure we correct it right away upgrade the models redeploy We're always doing our best to make sure we maintain that 99.5% accuracy in the things we're doing in this layer. we're always doing our best to make sure we maintain that 99.5% accuracy in the things we're doing in this layer This is what actually powers the Car Fox. this is what actually powers the car fox This is why he's talking right now, while I'm talking. this is why he's talking right now while i'm talking All the data he's talking about, all the facts he's talking about come from this layer. Everything you see on the vehicle history report, it's this data amplification layer that powers that. Simplifies it in a way that we can all consume it in an easy way to do that within 28 million vehicle history reports a month. That's a lot of reports. It's a lot of technology that goes into making that data simple to consume. Gotta love this because that base, that rich data sets that we're getting from that data amplification layer, we can compound that. We can build on top of that. We can build forecasts, and we can build prediction systems. We go beyond just the data amplification layer, and we really supercharge our core products. What more can we do? All the data he's talking about, all the facts he's talking about come from this layer. all the data he's talking about all the facts he's talking about come from this layer Everything you see on the vehicle history report, it's this data amplification layer that powers that. everything you see on the vehicle history report it's this data amplification layer that powers that Simplifies it in a way that we can all consume it in an easy way to do that within 28 million vehicle history reports a month. simplifies it in a way that we can all consume it in an easy way to do that within 28 million vehicle history reports a month That's a lot of reports. that's a lot of reports It's a lot of technology that goes into making that data simple to consume. it's a lot of technology that goes into making that data simple to consume Gotta love this because that base, that rich data sets that we're getting from that data amplification layer, we can compound that. gotta love this because that base that rich data sets that we're getting from that data amplification layer we can compound that We can build on top of that. we can build on top of that We can build forecasts, and we can build prediction systems. we can build forecasts and we can build prediction systems We go beyond just the data amplification layer, and we really supercharge our core products. we go beyond just the data amplification layer and we really supercharge our core products What more can we do? what more can we do We can take them into a higher order of predictive capabilities that can only be done because we have that layer. These systems aren't possible without that foundational data amplification layer that we've created from our ingest and from our AI systems. You've heard about reliability. That isn't just a feeling that the car might last a little bit longer than the next one. That's based on thousands and thousands of records of similar vehicles, of that particular VIN. Everything we know about these different vehicles, we're not just feeling like it's a good reliability. We know that it will be. That does lead into other products like top repairs, how long the car will last. Where I would love to see it go is to remind me what to expect at the next service visit. We can take them into a higher order of predictive capabilities that can only be done because we have that layer. we can take them into a higher order of predictive capabilities that can only be done because we have that layer These systems aren't possible without that foundational data amplification layer that we've created from our ingest and from our AI systems. these systems aren't possible without that foundational data amplification layer that we've created from our ingest and from our ai systems You've heard about reliability. you've heard about reliability That isn't just a feeling that the car might last a little bit longer than the next one. that isn't just a feeling that the car might last a little bit longer than the next one That's based on thousands and thousands of records of similar vehicles, of that particular VIN. that's based on thousands and thousands of records of similar vehicles of that particular vin Everything we know about these different vehicles, we're not just feeling like it's a good reliability. everything we know about these different vehicles we're not just feeling like it's a good reliability We know that it will be. we know that it will be That does lead into other products like top repairs, how long the car will last. that does lead into other products like top repairs how long the car will last Where I would love to see it go is to remind me what to expect at the next service visit. where i would love to see it go is to remind me what to expect at the next service visit You know, not just because of the OEM schedule, but because of everything that's happened to cars like that. I declined the brake job last time I was there. That's probably gonna come up. Behavior Prediction Score you heard about as well, our ability to understand what a consumer might respond to before they even show up. Our Market Response Model, you can see that about that on the floor, that allows the OEM to simulate incentive programs, understand what different types of levers might do to their incentive programs globally. All these are built on that rich data sets that we created in the first two layers. The bigger picture here is that these systems aren't possible without the proprietary data at the very beginning, the ability to ingest it quickly. You know, not just because of the OEM schedule, but because of everything that's happened to cars like that. you know not just because of the oem schedule but because of everything that's happened to cars like that I declined the brake job last time I was there. i declined the brake job last time i was there That's probably gonna come up. that's probably gonna come up Behavior Prediction Score you heard about as well, our ability to understand what a consumer might respond to before they even show up. behavior prediction score you heard about as well our ability to understand what a consumer might respond to before they even show up Our Market Response Model, you can see that about that on the floor, that allows the OEM to simulate incentive programs, understand what different types of levers might do to their incentive programs globally. our market response model you can see that about that on the floor that allows the oem to simulate incentive programs understand what different types of levers might do to their incentive programs globally All these are built on that rich data sets that we created in the first two layers. all these are built on that rich data sets that we created in the first two layers The bigger picture here is that these systems aren't possible without the proprietary data at the very beginning, the ability to ingest it quickly. the bigger picture here is that these systems aren't possible without the proprietary data at the very beginning the ability to ingest it quickly I don't think we've talked about this, but there's an example I like to use where if an accident happens, we have it within two hours on our systems. It's very, very quick. Then amplifying that further using AI and creating rich data sets that nobody else possibly can have. Those layers get us ready for what's happening right now. I've heard a couple folks ask me today, and this is happening across the globe right now, is this fundamental shift to agents, agentic workflows, things like that. Our enterprise partners and everyone in this room, we're changing how we consume data. We do wanna use agents to not just search, but maybe do things autonomously for us. Maybe find vehicles that I'm looking for. I'm in the market, just go find me something that I want. I don't think we've talked about this, but there's an example I like to use where if an accident happens, we have it within two hours on our systems. i don't think we've talked about this but there's an example i like to use where if an accident happens we have it within two hours on our systems It's very, very quick. it's very very quick Then amplifying that further using AI and creating rich data sets that nobody else possibly can have. then amplifying that further using ai and creating rich data sets that nobody else possibly can have Those layers get us ready for what's happening right now. those layers get us ready for what's happening right now I've heard a couple folks ask me today, and this is happening across the globe right now, is this fundamental shift to agents, agentic workflows, things like that. i've heard a couple folks ask me today and this is happening across the globe right now is this fundamental shift to agents agentic workflows things like that Our enterprise partners and everyone in this room, we're changing how we consume data. our enterprise partners and everyone in this room we're changing how we consume data We do wanna use agents to not just search, but maybe do things autonomously for us. we do wanna use agents to not just search but maybe do things autonomously for us Maybe find vehicles that I'm looking for. maybe find vehicles that i'm looking for I'm in the market, just go find me something that I want. i'm in the market just go find me something that i want That is, that's where we're going in this space. So are our commercial partners. They wanna use agentic AI workflows. They wanna consume data through MCP servers, Model Context Protocol servers that are the language that agents communicate, that we can expose the data that we want to expose to those agents and provide them the power to make the decisions they need. Some of the things are already in motion. We already have internal agents to unlock data for our ideation and product discovery. We really wanna empower people within the organization to think about what's next. We're designing infrastructure to modernize, monetize those agents. I had a lot of good questions already today about how do you monetize MCP servers and agents. I think people are trying to figure that out. That is, that's where we're going in this space. that is that's where we're going in this space So are our commercial partners. so are our commercial partners They wanna use agentic AI workflows. they wanna use agentic ai workflows They wanna consume data through MCP servers, Model Context Protocol servers that are the language that agents communicate, that we can expose the data that we want to expose to those agents and provide them the power to make the decisions they need. they wanna consume data through mcp servers model context protocol servers that are the language that agents communicate that we can expose the data that we want to expose to those agents and provide them the power to make the decisions they need Some of the things are already in motion. some of the things are already in motion We already have internal agents to unlock data for our ideation and product discovery. we already have internal agents to unlock data for our ideation and product discovery We really wanna empower people within the organization to think about what's next. we really wanna empower people within the organization to think about what's next We're designing infrastructure to modernize, monetize those agents. we're designing infrastructure to modernize monetize those agents I had a lot of good questions already today about how do you monetize MCP servers and agents. i had a lot of good questions already today about how do you monetize mcp servers and agents I think people are trying to figure that out. i think people are trying to figure that out We're already ahead of that, trying to figure that out too. Of course, we're trying to think of what are the higher value use cases in this layer? What else can we do? I feel like this moves us up the value chain from providing data to providing actionable intelligence and answers directly. Let me give you an example. Scott talked about the buyer at a dealership. Tens of thousands of dealerships all have this person that have to go and buy vehicles for their lots. Today, we aggregate all that data, and they use all this data, and they're figuring all these things out. I think the numbers he used were if they buy five cars out of 300. That's a lot of work. That's a lot of time and money spent every single week trying to find vehicles. We're already ahead of that, trying to figure that out too. we're already ahead of that trying to figure that out too Of course, we're trying to think of what are the higher value use cases in this layer? of course we're trying to think of what are the higher value use cases in this layer What else can we do? what else can we do I feel like this moves us up the value chain from providing data to providing actionable intelligence and answers directly. i feel like this moves us up the value chain from providing data to providing actionable intelligence and answers directly Let me give you an example. let me give you an example Scott talked about the buyer at a dealership. scott talked about the buyer at a dealership Tens of thousands of dealerships all have this person that have to go and buy vehicles for their lots. tens of thousands of dealerships all have this person that have to go and buy vehicles for their lots Today, we aggregate all that data, and they use all this data, and they're figuring all these things out. today we aggregate all that data and they use all this data and they're figuring all these things out I think the numbers he used were if they buy five cars out of 300. i think the numbers he used were if they buy five cars out of 300 That's a lot of work. that's a lot of work That's a lot of time and money spent every single week trying to find vehicles. that's a lot of time and money spent every single week trying to find vehicles Well, we're already building agents to help them in this case, agents to understand what they prioritize. They prioritize profit, time to market, certain makes and models, maybe a clean CARFAX report. What is it that they prioritize? They combine that with intelligence about what's going on in their community. What other cars are selling? What cars are not selling? We bring all that together, and we can provide them the answer. We can just tell them, "Go buy these five cars," right? Don't spend that time going through 300 different vehicles. Just go get these five. These are the ones that'll fit your business. Well, we're already building agents to help them in this case, agents to understand what they prioritize. well we're already building agents to help them in this case agents to understand what they prioritize They prioritize profit, time to market, certain makes and models, maybe a clean CARFAX report. they prioritize profit time to market certain makes and models maybe a clean carfax report What is it that they prioritize? what is it that they prioritize They combine that with intelligence about what's going on in their community. they combine that with intelligence about what's going on in their community What other cars are selling? what other cars are selling What cars are not selling? what cars are not selling We bring all that together, and we can provide them the answer. we bring all that together and we can provide them the answer We can just tell them, "Go buy these five cars," right? we can just tell them "go buy these five cars," right Don't spend that time going through 300 different vehicles. don't spend that time going through 300 different vehicles Just go get these five. just go get these five These are the ones that'll fit your business. these are the ones that'll fit your business Maybe one day, we even give those agents a balance and allow the agent just to go buy the cars and just notify the buyer when they're gonna show up. Now, might be some skeptics in the room that go, "Well, that's not gonna happen." It might happen, and it might happen soon. That's what we're thinking about, is how can we automate these workflows and how can we change them and empower our customers to do more? That time that they're not spending going through 300 different rows, they can spend with a customer or spend on strategy or think about what's next for their business. All that, though, is just things we're doing, and we're just getting started. To me, this is the biggest opportunity that gets me excited about Mobility Global. We have this proprietary data moat. We're enhancing with AI all the time. Maybe one day, we even give those agents a balance and allow the agent just to go buy the cars and just notify the buyer when they're gonna show up. Now, might be some skeptics in the room that go, "Well, that's not gonna happen." It might happen, and it might happen soon. maybe one day we even give those agents a balance and allow the agent just to go buy the cars and just notify the buyer when they're gonna show up. now might be some skeptics in the room that go "well that's not gonna happen." it might happen and it might happen soon That's what we're thinking about, is how can we automate these workflows and how can we change them and empower our customers to do more? that's what we're thinking about is how can we automate these workflows and how can we change them and empower our customers to do more That time that they're not spending going through 300 different rows, they can spend with a customer or spend on strategy or think about what's next for their business. that time that they're not spending going through 300 different rows they can spend with a customer or spend on strategy or think about what's next for their business All that, though, is just things we're doing, and we're just getting started. all that though is just things we're doing and we're just getting started To me, this is the biggest opportunity that gets me excited about Mobility Global. to me this is the biggest opportunity that gets me excited about mobility global We have this proprietary data moat. we have this proprietary data moat We're enhancing with AI all the time. we're enhancing with ai all the time We're super excited about that. If we can unify this all together, all of our data, all of our AI strategies into one cohesive strategy and create an enterprise AI data fabric, that'll securely connect everything. Allow us to manage and govern our data across all of our ecosystem. Allow us to create all these new ideas and new products. It allows us to prototype faster. I want us to get into a position where we're prototyping ideas at this huge, fast rate. Lots of them aren't gonna work, but that's okay. Let's prototype faster. Let's get things to the market quicker. Let's see what our customers want. Let's get to market as quickly as we can and help our customers power their futures as well. This will be the beginning of our ability to provide AI-first products. We're super excited about that. we're super excited about that If we can unify this all together, all of our data, all of our AI strategies into one cohesive strategy and create an enterprise AI data fabric, that'll securely connect everything. if we can unify this all together all of our data all of our ai strategies into one cohesive strategy and create an enterprise ai data fabric that'll securely connect everything Allow us to manage and govern our data across all of our ecosystem. allow us to manage and govern our data across all of our ecosystem Allow us to create all these new ideas and new products. allow us to create all these new ideas and new products It allows us to prototype faster. it allows us to prototype faster I want us to get into a position where we're prototyping ideas at this huge, fast rate. i want us to get into a position where we're prototyping ideas at this huge fast rate Lots of them aren't gonna work, but that's okay. lots of them aren't gonna work but that's okay Let's prototype faster. let's prototype faster Let's get things to the market quicker. let's get things to the market quicker Let's see what our customers want. let's see what our customers want Let's get to market as quickly as we can and help our customers power their futures as well. let's get to market as quickly as we can and help our customers power their futures as well This will be the beginning of our ability to provide AI-first products. this will be the beginning of our ability to provide ai-first products We'll have that mindset of how do we create these from the ground up to be AI first. Not only that, this is a major operational multiplier. If we combine all these things, we can do things to supercharge in all of our data feeds. Some of the layers I talked about before. We can do more of that. We can get lower unit costs. Because again, there's economical side to this. We can't just throw all this at an LLM. It gets very expensive. I'm happy to talk about the numbers later if you want. It can be really expensive. We can lower those unit costs, and we can create new predictive intelligence products. This isn't years away. We're already talking about this, and we're already on our way. We'll have that mindset of how do we create these from the ground up to be AI first. we'll have that mindset of how do we create these from the ground up to be ai first Not only that, this is a major operational multiplier. not only that this is a major operational multiplier If we combine all these things, we can do things to supercharge in all of our data feeds. if we combine all these things we can do things to supercharge in all of our data feeds Some of the layers I talked about before. some of the layers i talked about before We can do more of that. we can do more of that We can get lower unit costs. we can get lower unit costs Because again, there's economical side to this. because again there's economical side to this We can't just throw all this at an LLM. we can't just throw all this at an llm It gets very expensive. it gets very expensive I'm happy to talk about the numbers later if you want. i'm happy to talk about the numbers later if you want It can be really expensive. it can be really expensive We can lower those unit costs, and we can create new predictive intelligence products. we can lower those unit costs and we can create new predictive intelligence products This isn't years away. this isn't years away We're already talking about this, and we're already on our way. we're already talking about this and we're already on our way I'm over time, they're flashing a red light at me. In summary, I really want you to take away that AI is not replacing the need for a company like ours. It's actually creating a global demand for our data because the data we provide is decision-grade. The kind of decisions our customers need to make and everyone in this room needs to make, we can't make with just good enough data. We need to know that it's decision-grade data, only we can provide that. Then we have years of AI experience. We're not just getting started. We're not at beginning. We have nearly a decade of experience, hundreds of people working in this space. We are amplifying this business every single day. That's what drives all the rest of our growth. I'm over time, they're flashing a red light at me. i'm over time they're flashing a red light at me In summary, I really want you to take away that AI is not replacing the need for a company like ours. in summary i really want you to take away that ai is not replacing the need for a company like ours It's actually creating a global demand for our data because the data we provide is decision-grade. it's actually creating a global demand for our data because the data we provide is decision-grade The kind of decisions our customers need to make and everyone in this room needs to make, we can't make with just good enough data. the kind of decisions our customers need to make and everyone in this room needs to make we can't make with just good enough data We need to know that it's decision-grade data, only we can provide that. we need to know that it's decision-grade data only we can provide that Then we have years of AI experience. then we have years of ai experience We're not just getting started. we're not just getting started We're not at beginning. we're not at beginning We have nearly a decade of experience, hundreds of people working in this space. we have nearly a decade of experience hundreds of people working in this space We are amplifying this business every single day. we are amplifying this business every single day That's what drives all the rest of our growth. that's what drives all the rest of our growth Just finally, we are ready for the agentic AI revolution, and we're right there with our customers to be ready for it too. Thank you, everybody. Just finally, we are ready for the agentic AI revolution, and we're right there with our customers to be ready for it too. just finally we are ready for the agentic ai revolution and we're right there with our customers to be ready for it too Thank you, everybody. thank you everybody

Speaker 8: All right. Good morning. It's still morning. My objective is to finish before noon. I always laugh when Tejal says, you know, "We're gonna save the best for last," because I know you do exactly what I do when you get a big presentation. You go right to the end. You look at the numbers. You start there. I got a lot of great questions today. I'll hopefully provide you some context for those numbers, bring it all together, right? The great stories, business strategies, data that my colleagues have shown, I'll put it into a financial context for you today. Before I do that, I wanna just share a little bit about why I decided to join Mobility, what makes me so excited. First, the team, right? All right. all right Good morning. good morning It's still morning. it's still morning My objective is to finish before noon. my objective is to finish before noon I always laugh when Tejal says, you know, "We're gonna save the best for last," because I know you do exactly what I do when you get a big presentation. i always laugh when tejal says you know "we're gonna save the best for last," because i know you do exactly what i do when you get a big presentation You go right to the end. you go right to the end You look at the numbers. you look at the numbers You start there. you start there I got a lot of great questions today. i got a lot of great questions today I'll hopefully provide you some context for those numbers, bring it all together, right? i'll hopefully provide you some context for those numbers bring it all together right The great stories, business strategies, data that my colleagues have shown, I'll put it into a financial context for you today. the great stories business strategies data that my colleagues have shown i'll put it into a financial context for you today Before I do that, I wanna just share a little bit about why I decided to join Mobility, what makes me so excited. before i do that i wanna just share a little bit about why i decided to join mobility what makes me so excited First, the team, right? first the team right Folks you saw up here, my colleagues and friends, the leadership team, the extraordinary people you met out there. It was funny. I was supposed to at this point say, "Well, I really hope in the break you go engage them," but that's happened already, right? There's a reason why we started there, because our people are amazing. Of course, the 3,400 people at Mobility, these women and men, they're just, they're innovative, they're customer-focused, and they are deeply technical. That's number one. Number two, the assets are pretty awesome. I won't go through them again, but what a foundation on which to build. Number three, you know, spinning this company out and going public is gonna be a lot of fun, right? Folks you saw up here, my colleagues and friends, the leadership team, the extraordinary people you met out there. folks you saw up here my colleagues and friends the leadership team the extraordinary people you met out there It was funny. it was funny I was supposed to at this point say, "Well, I really hope in the break you go engage them," but that's happened already, right? i was supposed to at this point say "well i really hope in the break you go engage them," but that's happened already right There's a reason why we started there, because our people are amazing. there's a reason why we started there because our people are amazing Of course, the 3,400 people at Mobility, these women and men, they're just, they're innovative, they're customer-focused, and they are deeply technical. of course the 3,400 people at mobility these women and men they're just they're innovative they're customer-focused and they are deeply technical That's number one. that's number one Number two, the assets are pretty awesome. number two the assets are pretty awesome I won't go through them again, but what a foundation on which to build. i won't go through them again but what a foundation on which to build Number three, you know, spinning this company out and going public is gonna be a lot of fun, right? number three you know spinning this company out and going public is gonna be a lot of fun right It's exciting, I'm quite confident that Mobility Global is only gonna get stronger as a standalone public company. With that, let's get into the highlights. We are a compounding organic growth engine, right? That's the core. That's the fundamental to our value proposition to you and our value creation framework. It's what we do. It's what we're focused on. It's what we will do. That is number one. On top of that, we're relatively unique in that we have this great compounding organic growth engine, and we're a high-margin business, right? We're high-margin because we create a lot of value. We're high-margin because we got good operating leverage. We're high-margin because we continue to innovate. Growth, margins, that generates a lot of cash and supports a strong balance sheet. It's exciting, I'm quite confident that Mobility Global is only gonna get stronger as a standalone public company. it's exciting i'm quite confident that mobility global is only gonna get stronger as a standalone public company With that, let's get into the highlights. with that let's get into the highlights We are a compounding organic growth engine, right? we are a compounding organic growth engine right That's the core. that's the core That's the fundamental to our value proposition to you and our value creation framework. that's the fundamental to our value proposition to you and our value creation framework It's what we do. it's what we do It's what we're focused on. it's what we're focused on It's what we will do. it's what we will do That is number one. that is number one On top of that, we're relatively unique in that we have this great compounding organic growth engine, and we're a high-margin business, right? on top of that we're relatively unique in that we have this great compounding organic growth engine and we're a high-margin business right We're high-margin because we create a lot of value. we're high-margin because we create a lot of value We're high-margin because we got good operating leverage. we're high-margin because we got good operating leverage We're high-margin because we continue to innovate. we're high-margin because we continue to innovate Growth, margins, that generates a lot of cash and supports a strong balance sheet. growth margins that generates a lot of cash and supports a strong balance sheet We intend to use that cash and that balance sheet to create significant additional value for investors through a disciplined approach to capital deployment. We think all that adds up to a compelling investor value proposition. Bill touched on it. I will describe in a little more detail. Perhaps most important, it's why we're here today, we are on track for a 2026, mid 2026 public company launch. It's gonna be a lot of fun. As I said, growth is the key. You heard this from Bill, you heard this from Joe, you heard it from Scott. We are a compounding growth engine. I do wanna highlight a couple of things just to reinforce some of the messages you heard today. Highly subscription-based, increasingly diversified, right? All parts of the business are growing. We intend to use that cash and that balance sheet to create significant additional value for investors through a disciplined approach to capital deployment. we intend to use that cash and that balance sheet to create significant additional value for investors through a disciplined approach to capital deployment We think all that adds up to a compelling investor value proposition. we think all that adds up to a compelling investor value proposition Bill touched on it. bill touched on it I will describe in a little more detail. i will describe in a little more detail Perhaps most important, it's why we're here today, we are on track for a 2026, mid 2026 public company launch. perhaps most important it's why we're here today we are on track for a 2026 mid 2026 public company launch It's gonna be a lot of fun. it's gonna be a lot of fun As I said, growth is the key. as i said growth is the key You heard this from Bill, you heard this from Joe, you heard it from Scott. you heard this from bill you heard this from joe you heard it from scott We are a compounding growth engine. we are a compounding growth engine I do wanna highlight a couple of things just to reinforce some of the messages you heard today. i do wanna highlight a couple of things just to reinforce some of the messages you heard today Highly subscription-based, increasingly diversified, right? highly subscription-based increasingly diversified right All parts of the business are growing. all parts of the business are growing Everybody's pulling on the oar with one minor exception, recall business. We can create demand in a lot of places. We can't create demand for recall. Everybody's pulling on the oar. Going forward, we expect to deliver consistent organic growth. You saw we just reaffirmed guidance for 2026 at 7.5%-9%. We're going to continue to compound in 2026. Going forward, we hope we see some potential to take that top side up. We are targeting 7.5%-10% organic growth in the medium term. We will continue to compound. I thought I'd take us back. The point of this chart is, you know, we are not just counter-cyclical, we're relatively acyclical. If you go back to 2014, right? Everybody's pulling on the oar with one minor exception, recall business. everybody's pulling on the oar with one minor exception recall business We can create demand in a lot of places. we can create demand in a lot of places We can't create demand for recall. we can't create demand for recall Everybody's pulling on the oar. everybody's pulling on the oar Going forward, we expect to deliver consistent organic growth. going forward we expect to deliver consistent organic growth You saw we just reaffirmed guidance for 2026 at 7.5%-9%. you saw we just reaffirmed guidance for 2026 at 7.5%-9% We're going to continue to compound in 2026. we're going to continue to compound in 2026 Going forward, we hope we see some potential to take that top side up. going forward we hope we see some potential to take that top side up We are targeting 7.5%-10% organic growth in the medium term. we are targeting 7.5%-10% organic growth in the medium term We will continue to compound. we will continue to compound I thought I'd take us back. i thought i'd take us back The point of this chart is, you know, we are not just counter-cyclical, we're relatively acyclical. the point of this chart is you know we are not just counter-cyclical we're relatively acyclical If you go back to 2014, right? if you go back to 2014 right Auto industry and the broader economy have gone through a lot of perturbations, a lot of change, but we've kept going. Each of these markets are different. I've heard stories. Some are easier markets, some are tougher markets. You know, this is the year we're grinding it, to be honest, right? There's a lot of work to be done. We're making progress. Look at the remarkable consistency of that growth, particularly if you average the two COVID years, right? We didn't just, quote-unquote, recover in COVID and get back online, we actually made up for the first year in COVID. Is it always easy? No. Right? Why does it hold? There are some structural reasons. Auto industry and the broader economy have gone through a lot of perturbations, a lot of change, but we've kept going. auto industry and the broader economy have gone through a lot of perturbations a lot of change but we've kept going Each of these markets are different. each of these markets are different I've heard stories. i've heard stories Some are easier markets, some are tougher markets. some are easier markets some are tougher markets You know, this is the year we're grinding it, to be honest, right? you know this is the year we're grinding it to be honest right There's a lot of work to be done. there's a lot of work to be done We're making progress. we're making progress Look at the remarkable consistency of that growth, particularly if you average the two COVID years, right? look at the remarkable consistency of that growth particularly if you average the two covid years right We didn't just, quote-unquote, recover in COVID and get back online, we actually made up for the first year in COVID. we didn't just quote-unquote recover in covid and get back online we actually made up for the first year in covid Is it always easy? is it always easy No. no Right? right Why does it hold? why does it hold There are some structural reasons. there are some structural reasons There's some natural hedges in the business between used cars and new cars, between different players in the automotive ecosystem. More than that, it is the value we bring, and I hope that has come through for you. It's actually, I think, the thing that surprised me the most as I learned the business as a relative newcomer is we are on the revenue side. The vast majority of what we do is on the revenue side. You heard it from Scott, you heard it from Joe, you heard it from Bill. We provide the information that makes transactions happen. Transactions are valuable, right? They're valuable for the OEMs, for the dealers, the suppliers, for the consumer, right? We are not discretionary in the vast majority of what we do. There's some natural hedges in the business between used cars and new cars, between different players in the automotive ecosystem. there's some natural hedges in the business between used cars and new cars between different players in the automotive ecosystem More than that, it is the value we bring, and I hope that has come through for you. more than that it is the value we bring and i hope that has come through for you It's actually, I think, the thing that surprised me the most as I learned the business as a relative newcomer is we are on the revenue side. it's actually i think the thing that surprised me the most as i learned the business as a relative newcomer is we are on the revenue side The vast majority of what we do is on the revenue side. the vast majority of what we do is on the revenue side You heard it from Scott, you heard it from Joe, you heard it from Bill. you heard it from scott you heard it from joe you heard it from bill We provide the information that makes transactions happen. we provide the information that makes transactions happen Transactions are valuable, right? transactions are valuable right They're valuable for the OEMs, for the dealers, the suppliers, for the consumer, right? they're valuable for the oems for the dealers the suppliers for the consumer right We are not discretionary in the vast majority of what we do. we are not discretionary in the vast majority of what we do Lastly, you don't grow this consistently for this long without changing, right? I hope you heard that today as well. The capacity to change, to innovate, to adapt. I won't belabor this, you've heard quite a bit about it, but the subscription-based model, you know, does provide a tremendous amount of predictability for our business. Our retention numbers are excellent. You don't grow as consistently as we do without the ability not just to retain customers, but to continue to upsell to them because we provide more value. We expect these numbers to continue to increase through the Lifetime Dealer Program that Scott mentioned. A lot of what Joe described in terms of where he's headed. As a Chief Financial Officer, this is great, right? The stability of the revenue stream is a real asset. Lastly, you don't grow this consistently for this long without changing, right? lastly you don't grow this consistently for this long without changing right I hope you heard that today as well. i hope you heard that today as well The capacity to change, to innovate, to adapt. the capacity to change to innovate to adapt I won't belabor this, you've heard quite a bit about it, but the subscription-based model, you know, does provide a tremendous amount of predictability for our business. i won't belabor this you've heard quite a bit about it but the subscription-based model you know does provide a tremendous amount of predictability for our business Our retention numbers are excellent. our retention numbers are excellent You don't grow as consistently as we do without the ability not just to retain customers, but to continue to upsell to them because we provide more value. you don't grow as consistently as we do without the ability not just to retain customers but to continue to upsell to them because we provide more value We expect these numbers to continue to increase through the Lifetime Dealer Program that Scott mentioned. we expect these numbers to continue to increase through the lifetime dealer program that scott mentioned A lot of what Joe described in terms of where he's headed. a lot of what joe described in terms of where he's headed As a Chief Financial Officer, this is great, right? as a chief financial officer this is great right The stability of the revenue stream is a real asset. the stability of the revenue stream is a real asset It allows us to plan the next wave of investment and manage the business, right, at the same time, so we can keep that flywheel going, right? The next wave of investment to fuel innovation, to fuel growth, and to fuel diversification. This adds up to a strong business. $1.75 billion in revenue, increasingly diversified, building on a core of products and solutions, taking them to new customers. We expect this to continue this trend of diversification to continue as well. We anticipate continued diversification across the business lines. You heard about some of where we're taking our core products out in the hall, across geographies and across customer sets. As I mentioned, Mobility Global is relatively unique, right? Compounding growth, subscription-based model, very predictable, increasingly diversified, and also high margin. It allows us to plan the next wave of investment and manage the business, right, at the same time, so we can keep that flywheel going, right? it allows us to plan the next wave of investment and manage the business right at the same time so we can keep that flywheel going right The next wave of investment to fuel innovation, to fuel growth, and to fuel diversification. the next wave of investment to fuel innovation to fuel growth and to fuel diversification This adds up to a strong business. $1.75 billion in revenue, increasingly diversified, building on a core of products and solutions, taking them to new customers. this adds up to a strong business $1.75 billion in revenue increasingly diversified building on a core of products and solutions taking them to new customers We expect this to continue this trend of diversification to continue as well. we expect this to continue this trend of diversification to continue as well We anticipate continued diversification across the business lines. we anticipate continued diversification across the business lines You heard about some of where we're taking our core products out in the hall, across geographies and across customer sets. you heard about some of where we're taking our core products out in the hall across geographies and across customer sets As I mentioned, Mobility Global is relatively unique, right? as i mentioned mobility global is relatively unique right Compounding growth, subscription-based model, very predictable, increasingly diversified, and also high margin. compounding growth subscription-based model very predictable increasingly diversified and also high margin Our margins have been on an adjusted EBITDA basis in the 40% range, give or take, over the last three years. Very stable and starts with unit economics, right? Our stuff is valuable. We produce it in a way that's efficient. Strong unit economics. This produces growth that coupled with operating leverage, it provides us the ability to continue to invest while maintaining or expanding margins, and we anticipate that to continue. Now, we are gonna see a period of brief margin reset. There's costs associated with becoming a standalone public company. I'll describe that in a minute. After that, we expect margins to increase at a steady pace. Now, at the root of this is not just unit economics, but the fact that our strategic assets yield significant economic advantages. You've seen this wheel a lot. Our margins have been on an adjusted EBITDA basis in the 40% range, give or take, over the last three years. our margins have been on an adjusted ebitda basis in the 40% range give or take over the last three years Very stable and starts with unit economics, right? very stable and starts with unit economics right Our stuff is valuable. our stuff is valuable We produce it in a way that's efficient. we produce it in a way that's efficient Strong unit economics. strong unit economics This produces growth that coupled with operating leverage, it provides us the ability to continue to invest while maintaining or expanding margins, and we anticipate that to continue. this produces growth that coupled with operating leverage it provides us the ability to continue to invest while maintaining or expanding margins and we anticipate that to continue Now, we are gonna see a period of brief margin reset. now we are gonna see a period of brief margin reset There's costs associated with becoming a standalone public company. there's costs associated with becoming a standalone public company I'll describe that in a minute. i'll describe that in a minute After that, we expect margins to increase at a steady pace. after that we expect margins to increase at a steady pace Now, at the root of this is not just unit economics, but the fact that our strategic assets yield significant economic advantages. now at the root of this is not just unit economics but the fact that our strategic assets yield significant economic advantages You've seen this wheel a lot. you've seen this wheel a lot I wanna just sort of highlight what it means from an economic standpoint. I'm gonna start with the bottom right. It's always hard to do this looking the opposite direction. Number four with embedded in decision-making, right? A lot of what people think about when they think about being embedded has sort of negative connotations, right? It's a moat, it's stickiness, it's, you know, hard to replicate, it's this and that. That is true, right? The real value for where we're headed for growth and innovation is how well we know the customers, how well we know the market, how well we can tailor products and solutions to them. Many of these products are being built. They're co-developed with our customers. They're inside our development process, and that's hugely impactful for us from an economic perspective. I wanna just sort of highlight what it means from an economic standpoint. i wanna just sort of highlight what it means from an economic standpoint I'm gonna start with the bottom right. i'm gonna start with the bottom right It's always hard to do this looking the opposite direction. it's always hard to do this looking the opposite direction Number four with embedded in decision-making, right? number four with embedded in decision-making right A lot of what people think about when they think about being embedded has sort of negative connotations, right? a lot of what people think about when they think about being embedded has sort of negative connotations right It's a moat, it's stickiness, it's, you know, hard to replicate, it's this and that. it's a moat it's stickiness it's you know hard to replicate it's this and that That is true, right? that is true right The real value for where we're headed for growth and innovation is how well we know the customers, how well we know the market, how well we can tailor products and solutions to them. the real value for where we're headed for growth and innovation is how well we know the customers how well we know the market how well we can tailor products and solutions to them Many of these products are being built. many of these products are being built They're co-developed with our customers. they're co-developed with our customers They're inside our development process, and that's hugely impactful for us from an economic perspective. they're inside our development process and that's hugely impactful for us from an economic perspective That, coupled with number one, the power of the proprietary data estate that Jeremy described so well, building on what you heard earlier today, allows us to build solutions that are better, faster, cheaper. Right. We have the data, we have the depth of the data, we have the breadth of the data. We know how to manipulate it. It's on top of a scaled AI platform. Not perfect. We had a long pedagogical debate, I think it was last week, about whether fully AI native or partially AI native, and you know, I'll let the experts handle that one. We are well up the curve, right? We know what people need. We're developing it with them. We got the data to do it. That, coupled with number one, the power of the proprietary data estate that Jeremy described so well, building on what you heard earlier today, allows us to build solutions that are better, faster, cheaper. Right. that coupled with number one the power of the proprietary data estate that jeremy described so well building on what you heard earlier today allows us to build solutions that are better faster cheaper. right We have the data, we have the depth of the data, we have the breadth of the data. we have the data we have the depth of the data we have the breadth of the data We know how to manipulate it. we know how to manipulate it It's on top of a scaled AI platform. it's on top of a scaled ai platform Not perfect. not perfect We had a long pedagogical debate, I think it was last week, about whether fully AI native or partially AI native, and you know, I'll let the experts handle that one. we had a long pedagogical debate i think it was last week about whether fully ai native or partially ai native and you know i'll let the experts handle that one We are well up the curve, right? we are well up the curve right We know what people need. we know what people need We're developing it with them. we're developing it with them We got the data to do it. we got the data to do it We've got customers who trust us, who are welcoming us in, and we've got a distribution network through our unmatched customer reach that provides significant economic advantages. That's how we sustain our margins going forward. Let me translate some of this for you. We do expect on the right-hand side of this chart that there's gonna be 3 impacts of building a standalone public company foundation. First is an incremental $20 million-$25 million in run rate expense for standing up a public company. It's non-trivial. Integrating One Mobility. We'll hit that run rate in sort of 12-8 months. That's at the same time that, you know, we're ramping up as we're ramping down the TSA from S&P. They've been phenomenal partners. We love working with them. We've got customers who trust us, who are welcoming us in, and we've got a distribution network through our unmatched customer reach that provides significant economic advantages. we've got customers who trust us who are welcoming us in and we've got a distribution network through our unmatched customer reach that provides significant economic advantages That's how we sustain our margins going forward. that's how we sustain our margins going forward Let me translate some of this for you. let me translate some of this for you We do expect on the right-hand side of this chart that there's gonna be 3 impacts of building a standalone public company foundation. we do expect on the right-hand side of this chart that there's gonna be 3 impacts of building a standalone public company foundation First is an incremental $20 million-$25 million in run rate expense for standing up a public company. first is an incremental $20 million-$25 million in run rate expense for standing up a public company It's non-trivial. it's non-trivial Integrating One Mobility. integrating one mobility We'll hit that run rate in sort of 12 - 8 months. we'll hit that run rate in sort of 12 - 8 months That's at the same time that, you know, we're ramping up as we're ramping down the TSA from S&P. that's at the same time that you know we're ramping up as we're ramping down the tsa from s&p They've been phenomenal partners. they've been phenomenal partners We love working with them. we love working with them I think we're also looking forward to standing on our own. Lastly, our equity compensation is gonna increase to be in line with public company peers. I think we're right, Lisa, right now we're at the 1% range, a little more, we anticipate that being more in line 3%-4% with our public company peers. That's a huge advantage. I know I've already gotten the question about how are you gonna align management's incentives to investor incentives. This is how you do it, right? Stock-based compensation is a great tool for public companies both to align incentives and to attract and retain talent. There is gonna be this sort of period and reset. I think it's important that we're transparent about that. I think we're also looking forward to standing on our own. i think we're also looking forward to standing on our own Lastly, our equity compensation is gonna increase to be in line with public company peers. lastly our equity compensation is gonna increase to be in line with public company peers I think we're right, Lisa, right now we're at the 1% range, a little more, we anticipate that being more in line 3%-4% with our public company peers. i think we're right lisa right now we're at the 1% range a little more we anticipate that being more in line 3%-4% with our public company peers That's a huge advantage. that's a huge advantage I know I've already gotten the question about how are you gonna align management's incentives to investor incentives. i know i've already gotten the question about how are you gonna align management's incentives to investor incentives This is how you do it, right? this is how you do it right Stock-based compensation is a great tool for public companies both to align incentives and to attract and retain talent. stock-based compensation is a great tool for public companies both to align incentives and to attract and retain talent There is gonna be this sort of period and reset. there is gonna be this sort of period and reset I think it's important that we're transparent about that. i think it's important that we're transparent about that At the same time, we're gonna be driving margin expansion. You're not gonna see it necessarily in the first 12-18 months, but it is there, right? It's there for all the reasons on the left-hand side of that. Higher value products, we talked about quite a bit. The advantages of acting as one, both in the revenue and cost side, ultimately operating leverage that comes with growth, that comes with a scalable business model, that's already in place. The AI-driven efficiencies that Bill talked about and Jeremy described in more detail. We anticipate that over the medium term, that'll provide 50 basis point margin expansion or more, even while we're investing to fuel the next waves of growth, because growth comes first. As a result of growth, margin expansion, we generate a lot of cash flow. At the same time, we're gonna be driving margin expansion. at the same time we're gonna be driving margin expansion You're not gonna see it necessarily in the first 12 - 18 months, but it is there, right? you're not gonna see it necessarily in the first 12 - 18 months but it is there right It's there for all the reasons on the left-hand side of that. it's there for all the reasons on the left-hand side of that Higher value products, we talked about quite a bit. higher value products we talked about quite a bit The advantages of acting as one, both in the revenue and cost side, ultimately operating leverage that comes with growth, that comes with a scalable business model, that's already in place. the advantages of acting as one both in the revenue and cost side ultimately operating leverage that comes with growth that comes with a scalable business model that's already in place The AI-driven efficiencies that Bill talked about and Jeremy described in more detail. the ai-driven efficiencies that bill talked about and jeremy described in more detail We anticipate that over the medium term, that'll provide 50 basis point margin expansion or more, even while we're investing to fuel the next waves of growth, because growth comes first. we anticipate that over the medium term that'll provide 50 basis point margin expansion or more even while we're investing to fuel the next waves of growth because growth comes first As a result of growth, margin expansion, we generate a lot of cash flow. as a result of growth margin expansion we generate a lot of cash flow These are the numbers in the Form 10. I do wanna call out on the left-hand side a few things that I think are important when you bridge from legacy to where we're headed. The first is, you know, along with the run rate cost, there is gonna be a one-time cost of standing up a public company. S&P's already spent a lot of money to help us get here. We anticipate spending a little bit more in the first 12-18 months, $75 million-$100 million of cash over the first 12-18 months to fully stand this thing up. On the other side, our medium-term effective tax rate, we expect will be lower than what you saw on the Form 10. These are the numbers in the Form 10. these are the numbers in the form 10 I do wanna call out on the left-hand side a few things that I think are important when you bridge from legacy to where we're headed. i do wanna call out on the left-hand side a few things that i think are important when you bridge from legacy to where we're headed The first is, you know, along with the run rate cost, there is gonna be a one-time cost of standing up a public company. the first is you know along with the run rate cost there is gonna be a one-time cost of standing up a public company S&P's already spent a lot of money to help us get here. s&p's already spent a lot of money to help us get here We anticipate spending a little bit more in the first 12 - 18 months, $75 million-$100 million of cash over the first 12 - 18 months to fully stand this thing up. we anticipate spending a little bit more in the first 12 - 18 months $75 million-$100 million of cash over the first 12 - 18 months to fully stand this thing up On the other side, our medium-term effective tax rate, we expect will be lower than what you saw on the Form 10. on the other side our medium-term effective tax rate we expect will be lower than what you saw on the form 10 We have a set of initiatives already underway that will get us to the 25%-27% range, I think more in line with what one would expect. This was called out in the Form 10, it's material enough that I wanna make sure I highlight it here today. We are inheriting a billion-dollar deferred tax liability associated with the IHS merger, that's gonna impact our cash to the tune of approximately $80 billion-$90 billion per year over the next 12 years. All told, the power of organic profit growth and cash generation is gonna support a strong investment-grade balance sheet. That's the next slide. This is what we anticipate our balance sheet to look like and our capital structure to be. We have a set of initiatives already underway that will get us to the 25%-27% range, I think more in line with what one would expect. we have a set of initiatives already underway that will get us to the 25%-27% range i think more in line with what one would expect This was called out in the Form 10, it's material enough that I wanna make sure I highlight it here today. this was called out in the form 10 it's material enough that i wanna make sure i highlight it here today We are inheriting a billion-dollar deferred tax liability associated with the IHS merger, that's gonna impact our cash to the tune of approximately $80 billion-$90 billion per year over the next 12 years. we are inheriting a billion-dollar deferred tax liability associated with the ihs merger that's gonna impact our cash to the tune of approximately $80 billion-$90 billion per year over the next 12 years All told, the power of organic profit growth and cash generation is gonna support a strong investment-grade balance sheet. all told the power of organic profit growth and cash generation is gonna support a strong investment-grade balance sheet That's the next slide. that's the next slide This is what we anticipate our balance sheet to look like and our capital structure to be. this is what we anticipate our balance sheet to look like and our capital structure to be We've already secured a half a billion-dollar revolving credit facility that was completed last week. We anticipate adding approximately $2 billion worth of bonds prior to launch. That's gonna be the balance sheet side of that $2 billion, and this was in the Form 10. Almost all of that is gonna be dividended back, dividended, I can never say that word. Dividended back to S&P Global. But we are building up cash inside of Mobility Global, so we expect that at launch, we will have $150 million or potentially more on the balance sheet to start us off. And the bottom piece I do wanna spend a little bit of time on. We do believe we are going to be an investment-grade company. It's important to us. We've already secured a half a billion-dollar revolving credit facility that was completed last week. we've already secured a half a billion-dollar revolving credit facility that was completed last week We anticipate adding approximately $2 billion worth of bonds prior to launch. we anticipate adding approximately $2 billion worth of bonds prior to launch That's gonna be the balance sheet side of that $2 billion, and this was in the Form 10. that's gonna be the balance sheet side of that $2 billion and this was in the form 10 Almost all of that is gonna be dividended back, dividended, I can never say that word. almost all of that is gonna be dividended back dividended i can never say that word Dividended back to S&P Global. dividended back to s&p global But we are building up cash inside of Mobility Global, so we expect that at launch, we will have $150 million or potentially more on the balance sheet to start us off. but we are building up cash inside of mobility global so we expect that at launch we will have $150 million or potentially more on the balance sheet to start us off And the bottom piece I do wanna spend a little bit of time on. and the bottom piece i do wanna spend a little bit of time on We do believe we are going to be an investment-grade company. we do believe we are going to be an investment-grade company It's important to us. it's important to us It's consistent with how we manage our business. We expect that we will manage this business to a target gross leverage ratio of 2.5x or below. Likely start off a little bit higher than this, but, you know, given the power of the business that we've talked about today, we'll delever relatively quickly. That's the balance sheet side. Gives a lot of capacity to generate additional growth and value for shareholders. Here's our capital allocation framework. Start on the right. Organic growth comes first. We are a low CapEx business. This is not gonna consume a significant amount of our capital, but it's gonna come first. It's consistent with how we manage our business. it's consistent with how we manage our business We expect that we will manage this business to a target gross leverage ratio of 2.5 x or below. we expect that we will manage this business to a target gross leverage ratio of 2.5 x or below Likely start off a little bit higher than this, but, you know, given the power of the business that we've talked about today, we'll delever relatively quickly. likely start off a little bit higher than this but you know given the power of the business that we've talked about today we'll delever relatively quickly That's the balance sheet side. that's the balance sheet side Gives a lot of capacity to generate additional growth and value for shareholders. gives a lot of capacity to generate additional growth and value for shareholders Here's our capital allocation framework. here's our capital allocation framework Start on the right. start on the right Organic growth comes first. organic growth comes first We are a low CapEx business. we are a low capex business This is not gonna consume a significant amount of our capital, but it's gonna come first. this is not gonna consume a significant amount of our capital but it's gonna come first You heard about some of the areas both on the AI side and in the business that we expect to invest. That said, our CapEx will remain relatively low. The middle I'm sure is where you're most focused. We are targeting returning 75% or more. I've already received a couple of questions about the 75% or more of free cash flow to investors. That'll come in two forms. A dividend with a dividend payout ratio of 20%-25% of net income that will help us maintain our the dividend aristocrat status that we're inheriting from S&P as well as share repurchases through a balanced approach. I'll note, we're likely not gonna do share repurchases until 2027 just to give things time to settle. You heard about some of the areas both on the AI side and in the business that we expect to invest. That said, our CapEx will remain relatively low. you heard about some of the areas both on the ai side and in the business that we expect to invest. that said our capex will remain relatively low The middle I'm sure is where you're most focused. the middle i'm sure is where you're most focused We are targeting returning 75% or more. we are targeting returning 75% or more I've already received a couple of questions about the 75% or more of free cash flow to investors. i've already received a couple of questions about the 75% or more of free cash flow to investors That'll come in two forms. that'll come in two forms A dividend with a dividend payout ratio of 20%-25% of net income that will help us maintain our the dividend aristocrat status that we're inheriting from S&P as well as share repurchases through a balanced approach. a dividend with a dividend payout ratio of 20%-25% of net income that will help us maintain our the dividend aristocrat status that we're inheriting from s&p as well as share repurchases through a balanced approach I'll note, we're likely not gonna do share repurchases until 2027 just to give things time to settle. i'll note we're likely not gonna do share repurchases until 2027 just to give things time to settle It's going to be a consistent mechanism that we employ to return value to shareholders. Of course, if we're growing, delevering, we'll have additional balance sheet capacity, either to return more capital directly to shareholders, that's the plus there, or to do M&A. Targeted tuck-in M&A. We are an organic growth company first. Don't anticipate doing M&A, any M&A, in the first, you know, 6-12 months, certainly. On a situational basis, when we have a strategy, an organic growth strategy that we think we can accelerate through M&A, we'll entertain those opportunities. That's capital allocation. Growth comes first. You've heard a lot about, you know, the three buckets. I wrote them in a slightly different way here. It's going to be a consistent mechanism that we employ to return value to shareholders. it's going to be a consistent mechanism that we employ to return value to shareholders Of course, if we're growing, delevering, we'll have additional balance sheet capacity, either to return more capital directly to shareholders, that's the plus there, or to do M&A. of course if we're growing delevering we'll have additional balance sheet capacity either to return more capital directly to shareholders that's the plus there or to do m&a Targeted tuck-in M&A. targeted tuck-in m&a We are an organic growth company first. we are an organic growth company first Don't anticipate doing M&A, any M&A, in the first, you know, 6 -1 2 months, certainly. don't anticipate doing m&a any m&a in the first you know 6 -1 2 months certainly On a situational basis, when we have a strategy, an organic growth strategy that we think we can accelerate through M&A, we'll entertain those opportunities. on a situational basis when we have a strategy an organic growth strategy that we think we can accelerate through m&a we'll entertain those opportunities That's capital allocation. that's capital allocation Growth comes first. growth comes first You've heard a lot about, you know, the three buckets. you've heard a lot about you know the three buckets I wrote them in a slightly different way here. i wrote them in a slightly different way here The core growth, new solutions, and as Scott likes to say, taking our show on the road. Although, honestly, we're already on the road, we're taking it further down the road. This is how we get to 7.5%-10% organic growth over the medium term. Of course, it starts with the core, right? The core, the stable foundation, the 5%-7% revenue growth visibility that we typically have every year. That's a great place to start. And it's a place that we delivered, you know, consistently over time. You add to that new solutions. And I will just say as an editorial, in some ways, these aren't even new, right? I mean, you saw most of them out in the hallway here. They're already launched. The core growth, new solutions, and as Scott likes to say, taking our show on the road. the core growth new solutions and as scott likes to say taking our show on the road Although, honestly, we're already on the road, we're taking it further down the road. although honestly we're already on the road we're taking it further down the road This is how we get to 7.5%-10% organic growth over the medium term. this is how we get to 7.5%-10% organic growth over the medium term Of course, it starts with the core, right? of course it starts with the core right The core, the stable foundation, the 5%-7% revenue growth visibility that we typically have every year. the core the stable foundation the 5%-7% revenue growth visibility that we typically have every year That's a great place to start. that's a great place to start And it's a place that we delivered, you know, consistently over time. and it's a place that we delivered you know consistently over time You add to that new solutions. you add to that new solutions And I will just say as an editorial, in some ways, these aren't even new, right? and i will just say as an editorial in some ways these aren't even new right I mean, you saw most of them out in the hallway here. i mean you saw most of them out in the hallway here They're already launched. they're already launched There's the next wave and the next wave and the next wave of solutions that the team is already planning. Bill mentioned this, I think in some ways our bigger challenge is how do we sort of gate that and structure it, something that Bill and Mark Metzger, our Chief Strategy Officer, and I are gonna be working with the team on, so we can build in a sequential way over time. And then there's upside in international that we have all described. Supported by One Mobility synergies, we expect that will generate 7.5%-10% annual organic growth over the medium term. Growth is the foundation of our framework for investor value creation. Pretty simple. There's the next wave and the next wave and the next wave of solutions that the team is already planning. there's the next wave and the next wave and the next wave of solutions that the team is already planning Bill mentioned this, I think in some ways our bigger challenge is how do we sort of gate that and structure it, something that Bill and Mark Metzger, our Chief Strategy Officer, and I are gonna be working with the team on, so we can build in a sequential way over time. bill mentioned this i think in some ways our bigger challenge is how do we sort of gate that and structure it something that bill and mark metzger our chief strategy officer and i are gonna be working with the team on so we can build in a sequential way over time And then there's upside in international that we have all described. and then there's upside in international that we have all described Supported by One Mobility synergies, we expect that will generate 7.5%-10% annual organic growth over the medium term. supported by one mobility synergies we expect that will generate 7.5%-10% annual organic growth over the medium term Growth is the foundation of our framework for investor value creation. growth is the foundation of our framework for investor value creation Pretty simple. pretty simple Growth on the right, we think we can get between 7.5% and 10%. Margin expansion after this period of reset, that should generate 8%-11% annual organic adjusted EBITDA growth. In a capital-efficient business, we can return a significant amount of that back to shareholders, the +75% of free cash flow we discussed, inclusive of a stable, consistent dividend. We're still delevering, we're still building up cash to either deploy more capital back to shareholders or for tuck-in M&A. Organic profit generation, consistent capital returns, great investment. We are on track for a mid-2026 public company launch. I do wanna take a small break just to thank S&P. We wouldn't have gotten here without them. It's been an extraordinary effort. Growth on the right, we think we can get between 7.5% and 10%. growth on the right we think we can get between 7.5% and 10% Margin expansion after this period of reset, that should generate 8%-11% annual organic adjusted EBITDA growth. margin expansion after this period of reset that should generate 8%-11% annual organic adjusted ebitda growth In a capital-efficient business, we can return a significant amount of that back to shareholders, the +75% of free cash flow we discussed, inclusive of a stable, consistent dividend. in a capital-efficient business we can return a significant amount of that back to shareholders the +75% of free cash flow we discussed inclusive of a stable consistent dividend We're still delevering, we're still building up cash to either deploy more capital back to shareholders or for tuck-in M&A. we're still delevering we're still building up cash to either deploy more capital back to shareholders or for tuck-in m&a Organic profit generation, consistent capital returns, great investment. organic profit generation consistent capital returns great investment We are on track for a mid-2026 public company launch. we are on track for a mid-2026 public company launch I do wanna take a small break just to thank S&P. i do wanna take a small break just to thank s&p We wouldn't have gotten here without them. we wouldn't have gotten here without them It's been an extraordinary effort. it's been an extraordinary effort If you think about all that we've accomplished already, whether it's the initial Form 10 filing, it's the announcement of the leadership team or the construction of leadership team, it's some incredibly productive discussions we've had with the rating agencies. It's the revolving credit facility. It's the new board that we just announced last week, which is awesome. The public 10, the Form 10 public flip, being here today, really exciting opportunity to sort of begin the conversation with our investor community. We are on track. We look forward to continuing this conversation with you as a public company. As we go public, we do our first earnings call, we hit the road to do equity roadshow and bond roadshow. It's gonna be a lot of fun. It's a phenomenal business. If you think about all that we've accomplished already, whether it's the initial Form 10 filing, it's the announcement of the leadership team or the construction of leadership team, it's some incredibly productive discussions we've had with the rating agencies. if you think about all that we've accomplished already whether it's the initial form 10 filing it's the announcement of the leadership team or the construction of leadership team it's some incredibly productive discussions we've had with the rating agencies It's the revolving credit facility. it's the revolving credit facility It's the new board that we just announced last week, which is awesome. it's the new board that we just announced last week which is awesome The public 10, the Form 10 public flip, being here today, really exciting opportunity to sort of begin the conversation with our investor community. the public 10 the form 10 public flip being here today really exciting opportunity to sort of begin the conversation with our investor community We are on track. we are on track We look forward to continuing this conversation with you as a public company. we look forward to continuing this conversation with you as a public company As we go public, we do our first earnings call, we hit the road to do equity roadshow and bond roadshow. as we go public we do our first earnings call we hit the road to do equity roadshow and bond roadshow It's gonna be a lot of fun. it's gonna be a lot of fun It's a phenomenal business. it's a phenomenal business Hopefully, you've really enjoyed the opportunity to hear not just from people on the stage, but as important the people out there about this business and their passion for it. Let's get this conversation started. I think now is the opportunity for Q&A. Tejal, I believe that I have caught us up fully. We are back on track. Ready? Hopefully, this gives you a sense of the culture of this team, right? We bring our own chairs. I'll sit. Hopefully, you've really enjoyed the opportunity to hear not just from people on the stage, but as important the people out there about this business and their passion for it. hopefully you've really enjoyed the opportunity to hear not just from people on the stage but as important the people out there about this business and their passion for it Let's get this conversation started. let's get this conversation started I think now is the opportunity for Q&A. i think now is the opportunity for q&a Tejal, I believe that I have caught us up fully. tejal i believe that i have caught us up fully We are back on track. we are back on track Ready? ready Hopefully, this gives you a sense of the culture of this team, right? hopefully this gives you a sense of the culture of this team right We bring our own chairs. we bring our own chairs I'll sit. i'll sit

Speaker 10: Yeah, sit down. Yeah, sit down. yeah sit down

Speaker 2: My mic. My mic. my mic

Speaker 4: Hi, everybody. Hi, everybody. hi everybody

Speaker 2: Oh. Oh. oh

Speaker 4: Is this on? Is this on? is this on

Speaker 2: I don't think it's on. I don't think it's on. i don't think it's on

Speaker 4: Okay. Can I just ask the question? Okay. okay Can I just ask the question? can i just ask the question

Speaker 2: Sure. Go ahead. Sure. sure Go ahead. go ahead

Speaker 4: Two questions. On the, i'll go, is that particularly, I'm gonna say Matt, but everybody, is that intended for every year? You call it medium term. Is that 3-5 years, and is that every year, or is that a CAGR? My second question is about the competitive landscape. Could you just comment on how Mobility competes on the CARFAX side versus Experian's AutoCheck product, and then of course on the Polk side versus GlobalData at LMC Automotive? Two questions. two questions On the, i'll go, is that particularly, I'm gonna say Matt, but everybody, is that intended for every year? on the, i'll go is that particularly i'm gonna say matt but everybody is that intended for every year You call it medium term. you call it medium term Is that 3 - 5 years, and is that every year, or is that a CAGR? is that 3 - 5 years and is that every year or is that a cagr My second question is about the competitive landscape. my second question is about the competitive landscape Could you just comment on how Mobility competes on the CARFAX side versus Experian's AutoCheck product, and then of course on the Polk side versus GlobalData at LMC Automotive? could you just comment on how mobility competes on the carfax side versus experian's autocheck product and then of course on the polk side versus globaldata at lmc automotive

Speaker 2: Sure. Let's break that up into two parts. We'll take the first one, and I'll kick that over to Matt, and then I'll have Scott and Joe help me out on the second. Sure. sure Let's break that up into two parts. let's break that up into two parts We'll take the first one, and I'll kick that over to Matt, and then I'll have Scott and Joe help me out on the second. we'll take the first one and i'll kick that over to matt and then i'll have scott and joe help me out on the second

Speaker 8: The question, if you couldn't hear it online, was about the growth algorithm. I think the third to last slide that I went through. We say medium term, I would think of that as sort of 28+ a couple years. You know, if you think about we're guiding to 7.5%-10% this year, right? Or sorry, to 9% this year. The medium term growth algo is 7.5%-10%. You know, all that says is you believe the 7.5%, and obviously we've got a tremendous amount of stability and predictability in our business, on top of all the new things that we're launching both in B2B and CARFAX. The question, if you couldn't hear it online, was about the growth algorithm. the question if you couldn't hear it online was about the growth algorithm I think the third to last slide that I went through. i think the third to last slide that i went through We say medium term, I would think of that as sort of 28 + a couple years. we say medium term i would think of that as sort of 28 + a couple years You know, if you think about we're guiding to 7.5%-10% this year, right? you know if you think about we're guiding to 7.5%-10% this year right Or sorry, to 9% this year. or sorry to 9% this year The medium term growth algo is 7.5%-10%. the medium term growth algo is 7.5%-10% You know, all that says is you believe the 7.5%, and obviously we've got a tremendous amount of stability and predictability in our business, on top of all the new things that we're launching both in B2B and CARFAX. you know all that says is you believe the 7.5% and obviously we've got a tremendous amount of stability and predictability in our business on top of all the new things that we're launching both in b2b and carfax At a 10%, you know, can we add an incremental 1% to our current year guidance through some of the new growth opportunities, international expansion, you know, plus One Mobility? We believe that that's feasible. I would think of that, we're not giving specific guidance. It's a framework, I would think of medium term as sort of meaning 2028 and beyond. At a 10%, you know, can we add an incremental 1% to our current year guidance through some of the new growth opportunities, international expansion, you know, plus One Mobility? at a 10% you know can we add an incremental 1% to our current year guidance through some of the new growth opportunities international expansion you know plus one mobility We believe that that's feasible. we believe that that's feasible I would think of that, we're not giving specific guidance. i would think of that we're not giving specific guidance It's a framework, I would think of medium term as sort of meaning 2028 and beyond. it's a framework i would think of medium term as sort of meaning 2028 and beyond

Speaker 4: I asked is that meant to be a CAGR or should that be the target range every year? I asked is that meant to be a CAGR or should that be the target range every year? i asked is that meant to be a cagr or should that be the target range every year

Speaker 8: It's. It's. it's

Speaker 4: An average An average an average

Speaker 8: that was target range every year. Right. Yeah. I mean, I think that should end up. that was target range every year. that was target range every year Right. right Yeah. yeah I mean, I think that should end up. i mean i think that should end up

Speaker 4: Yeah. Yeah. yeah

Speaker 8: Equaling a CAGR over time, but there you go. I think the second question was about. Equaling a CAGR over time, but there you go. equaling a cagr over time but there you go I think the second question was about. i think the second question was about

Speaker 2: Yeah, the second question was about competition. The way I would frame it is this, is that we had the two life cycles. You saw the new car life cycle, which is Joe's world, and then the 1.5 billion vehicles that are on the road today. If you think about it, we don't compete with anyone directly across that entire thing. When you look at a life cycle, I'll use Scott's as an example. Scott has a different set of competitors at each stop in that life cycle, right? Whether it's shop, buy, service, or sell. Joe has the same thing as you go around his life cycle. I'll let Joe comment on what we're seeing in the B2B space, and then Scott on the CARFAX space. Yeah, the second question was about competition. yeah the second question was about competition The way I would frame it is this, is that we had the two life cycles. the way i would frame it is this is that we had the two life cycles You saw the new car life cycle, which is Joe's world, and then the 1.5 billion vehicles that are on the road today. you saw the new car life cycle which is joe's world and then the 1.5 billion vehicles that are on the road today If you think about it, we don't compete with anyone directly across that entire thing. if you think about it we don't compete with anyone directly across that entire thing When you look at a life cycle, I'll use Scott's as an example. when you look at a life cycle i'll use scott's as an example Scott has a different set of competitors at each stop in that life cycle, right? scott has a different set of competitors at each stop in that life cycle right Whether it's shop, buy, service, or sell. whether it's shop buy service or sell Joe has the same thing as you go around his life cycle. joe has the same thing as you go around his life cycle I'll let Joe comment on what we're seeing in the B2B space, and then Scott on the CARFAX space. i'll let joe comment on what we're seeing in the b2b space and then scott on the carfax space

Speaker 6: Okay. Is this working? Oh, it sounds like it worked. Okay. Yeah. Relative to the planning side of the house that you mentioned, you know, I think there's a fundamental difference there in the level of detail we go to versus the alternative that's in the marketplace, and we've branched off into a number of different additional products that get built up off of our forecasting data set. You know, if we do typically see that competitors, it's a low-cost alternative to what we're providing and a very different product. On a sales side, we've, you know, we have competitors that operate at different points in that life cycle. You know, in our core market reporting, legacy Polk business, you know, that's certainly there. Okay. okay Is this working? is this working Oh, it sounds like it worked. oh it sounds like it worked Okay. okay Yeah. yeah Relative to the planning side of the house that you mentioned, you know, I think there's a fundamental difference there in the level of detail we go to versus the alternative that's in the marketplace, and we've branched off into a number of different additional products that get built up off of our forecasting data set. relative to the planning side of the house that you mentioned you know i think there's a fundamental difference there in the level of detail we go to versus the alternative that's in the marketplace and we've branched off into a number of different additional products that get built up off of our forecasting data set You know, if we do typically see that competitors, it's a low-cost alternative to what we're providing and a very different product. you know if we do typically see that competitors it's a low-cost alternative to what we're providing and a very different product On a sales side, we've, you know, we have competitors that operate at different points in that life cycle. on a sales side we've you know we have competitors that operate at different points in that life cycle You know, in our core market reporting, legacy Polk business, you know, that's certainly there. you know in our core market reporting legacy polk business you know that's certainly there We've wrapped around that core data asset many more assets. You know, as we extend out and add inventory data to that mix, as we add pricing data to that mix, it's an opening up and moving us into close adjacencies where they're just not competing. We're kind of knitting together this kind of full life cycle that really they haven't been able to do. We've wrapped around that core data asset many more assets. we've wrapped around that core data asset many more assets You know, as we extend out and add inventory data to that mix, as we add pricing data to that mix, it's an opening up and moving us into close adjacencies where they're just not competing. you know as we extend out and add inventory data to that mix as we add pricing data to that mix it's an opening up and moving us into close adjacencies where they're just not competing We're kind of knitting together this kind of full life cycle that really they haven't been able to do. we're kind of knitting together this kind of full life cycle that really they haven't been able to do

Speaker 2: Scott? Scott? scott

Speaker 9: Yeah, on the CARFAX side, like let's talk about the Vehicle History Report, which is our flagship product. We talked a little bit about here today that it's driven by what consumers want. Consumers are about to spend a lot of money on a car, and they want the answer. They want the right answer, and we have more data available to answer those questions than anybody else, and we showed a little bit about that today. More important, they want that data and answer around a brand that they know and trust. When you talk to a dealer, they say, "Wait a second. I can build my consumer confidence with a relatively low-cost part based upon as a percentage of the total price of the car." Cars continue to go up. Yeah, on the CARFAX side, like let's talk about the Vehicle History Report, which is our flagship product. yeah on the carfax side like let's talk about the vehicle history report which is our flagship product We talked a little bit about here today that it's driven by what consumers want. we talked a little bit about here today that it's driven by what consumers want Consumers are about to spend a lot of money on a car, and they want the answer. consumers are about to spend a lot of money on a car and they want the answer They want the right answer, and we have more data available to answer those questions than anybody else, and we showed a little bit about that today. they want the right answer and we have more data available to answer those questions than anybody else and we showed a little bit about that today More important, they want that data and answer around a brand that they know and trust. more important they want that data and answer around a brand that they know and trust When you talk to a dealer, they say, "Wait a second. when you talk to a dealer they say "wait a second I can build my consumer confidence with a relatively low-cost part based upon as a percentage of the total price of the car." Cars continue to go up. i can build my consumer confidence with a relatively low-cost part based upon as a percentage of the total price of the car." cars continue to go up The cost of the CARFAX report as a percent of that continues to decline. A dealer looks at that and says, "It'd be crazy to try to bring an alternative in here to try to inject that into the process." The consumer walked in and said, "Show me the CARFAX," and you want to put in brand Z in front of them, and the dealer loses confidence with the consumer. The consumer decides, "I'm gonna leave." The dealer does not want that. The cost of the CARFAX report as a percent of that continues to decline. the cost of the carfax report as a percent of that continues to decline A dealer looks at that and says, "It'd be crazy to try to bring an alternative in here to try to inject that into the process." The consumer walked in and said, "Show me the CARFAX," and you want to put in brand Z in front of them, and the dealer loses confidence with the consumer. a dealer looks at that and says "it'd be crazy to try to bring an alternative in here to try to inject that into the process." the consumer walked in and said "show me the carfax," and you want to put in brand z in front of them and the dealer loses confidence with the consumer The consumer decides, "I'm gonna leave." The dealer does not want that. the consumer decides "i'm gonna leave." the dealer does not want that

Speaker 4: The consumer never pays for the CARFAX. The consumer never pays for the CARFAX. the consumer never pays for the carfax

Speaker 9: We do have some consumers that come online, and we welcome it. If anybody would like to do it today, we'd encourage you. You can go online, employ your credit card. Most consumers, though, the typical scenario is the dealer makes it available at no charge online and in their showroom because it builds that confidence. We do have some consumers that come online, and we welcome it. we do have some consumers that come online and we welcome it If anybody would like to do it today, we'd encourage you. if anybody would like to do it today we'd encourage you You can go online, employ your credit card. you can go online employ your credit card Most consumers, though, the typical scenario is the dealer makes it available at no charge online and in their showroom because it builds that confidence. most consumers though the typical scenario is the dealer makes it available at no charge online and in their showroom because it builds that confidence

Speaker 11: Thanks so much. Toni Kaplan from Morgan Stanley. I was hoping we could talk about proprietary data that you have. You talked a lot about why you're the. Thanks so much. thanks so much Toni Kaplan from Morgan Stanley. toni kaplan from morgan stanley I was hoping we could talk about proprietary data that you have. i was hoping we could talk about proprietary data that you have You talked a lot about why you're the. you talked a lot about why you're the Shops, might give you the data, but maybe talk also about do you have long-term contracts? Are they exclusive agreements? Anything else in terms of trying to really solidify that you're consistently going to be getting this data and no one else is? Shops, might give you the data, but maybe talk also about do you have long-term contracts? shops might give you the data but maybe talk also about do you have long-term contracts Are they exclusive agreements? are they exclusive agreements Anything else in terms of trying to really solidify that you're consistently going to be getting this data and no one else is? anything else in terms of trying to really solidify that you're consistently going to be getting this data and no one else is

Speaker 2: Yeah, sure. I'll tell you kind of how we think about it. Like, you had mentioned the shops, and that's probably a good example. We first started building those relationships 20 years ago. At that point, that, you know, our data assets and all of our assets combined, were nowhere near where they are today. We're able to offer parts of our assets to that shop, and it's grown over time as those assets have grown. You know, Scott and his team are firsthand working on that exchange. You know, I think that what they've done is really, you know, an amazing thing. We're able to pull that data, but we're driving their business. Yeah, sure. yeah sure I'll tell you kind of how we think about it. i'll tell you kind of how we think about it Like, you had mentioned the shops, and that's probably a good example. like you had mentioned the shops and that's probably a good example We first started building those relationships 20 years ago. we first started building those relationships 20 years ago At that point, that, you know, our data assets and all of our assets combined, were nowhere near where they are today. at that point that you know our data assets and all of our assets combined were nowhere near where they are today We're able to offer parts of our assets to that shop, and it's grown over time as those assets have grown. we're able to offer parts of our assets to that shop and it's grown over time as those assets have grown You know, Scott and his team are firsthand working on that exchange. you know scott and his team are firsthand working on that exchange You know, I think that what they've done is really, you know, an amazing thing. you know i think that what they've done is really you know an amazing thing We're able to pull that data, but we're driving their business. we're able to pull that data but we're driving their business As our exposure gets greater, as people look at more reports and do more and more, that value back to them just has continued to grow. Maybe, Scott, if you'd walk through one or two of those value exchanges, I think it's helpful. As our exposure gets greater, as people look at more reports and do more and more, that value back to them just has continued to grow. as our exposure gets greater as people look at more reports and do more and more that value back to them just has continued to grow Maybe, Scott, if you'd walk through one or two of those value exchanges, I think it's helpful. maybe scott if you'd walk through one or two of those value exchanges i think it's helpful

Speaker 9: Yeah. I'll give you two. One we talked a little bit about was the service shops. Yeah. yeah I'll give you two. i'll give you two One we talked a little bit about was the service shops. one we talked a little bit about was the service shops They get data back, and that returns them things that they can do that benefit their business. That is the way that we build that deep relationship where they're fully committed to working with CARFAX because we help them operate their shop more efficiently. They make more money because they're able to better diagnose the vehicle and repair it better. They know that they're also getting advertising from CARFAX because we put their name right on the report. They like that. That builds that deep relationship where they don't have any need to work with anybody but us because of the value exchange that they get that's so tangible. We also do that with police agencies, and police agencies work with us, and you can see we have more than 6,000 that do so. They get data back, and that returns them things that they can do that benefit their business. they get data back and that returns them things that they can do that benefit their business That is the way that we build that deep relationship where they're fully committed to working with CARFAX because we help them operate their shop more efficiently. that is the way that we build that deep relationship where they're fully committed to working with carfax because we help them operate their shop more efficiently They make more money because they're able to better diagnose the vehicle and repair it better. they make more money because they're able to better diagnose the vehicle and repair it better They know that they're also getting advertising from CARFAX because we put their name right on the report. they know that they're also getting advertising from carfax because we put their name right on the report They like that. they like that That builds that deep relationship where they don't have any need to work with anybody but us because of the value exchange that they get that's so tangible. that builds that deep relationship where they don't have any need to work with anybody but us because of the value exchange that they get that's so tangible We also do that with police agencies, and police agencies work with us, and you can see we have more than 6,000 that do so. we also do that with police agencies and police agencies work with us and you can see we have more than 6,000 that do so We provide them with tools that they can use to help investigate crime using our information, which is very, very powerful for them. We give them access to that information so that they can actually solve crimes better, which is their mission, and that's why they want to share it with us. Those are two examples. We've built those value exchanges relationship by relationship times 177,000 data providers. That's the way that we feel like we build the unique asset that we have that can't be replicated and is hard for anybody else to come in and provide. We provide them with tools that they can use to help investigate crime using our information, which is very, very powerful for them. we provide them with tools that they can use to help investigate crime using our information which is very very powerful for them We give them access to that information so that they can actually solve crimes better, which is their mission, and that's why they want to share it with us. we give them access to that information so that they can actually solve crimes better which is their mission and that's why they want to share it with us Those are two examples. those are two examples We've built those value exchanges relationship by relationship times 177,000 data providers. we've built those value exchanges relationship by relationship times 177,000 data providers That's the way that we feel like we build the unique asset that we have that can't be replicated and is hard for anybody else to come in and provide. that's the way that we feel like we build the unique asset that we have that can't be replicated and is hard for anybody else to come in and provide

Speaker 11: Are they exclusive agreements? Are they exclusive agreements? are they exclusive agreements

Speaker 2: Are they exclusive agreements? I mean, there's, we have 177,000 of them. It's, it's a mix. In that case, we would prefer that the value that we deliver creates the relationship. You know, the, they're solving a really big problem. Shops have a massive problem, and that is that every year they lose 22%, 23% of the vehicles that they work on, right? If they could run the best shop in the world, have customers think it is the greatest thing, but that car is gonna change hands, and they will lose that vehicle, and they had nothing to do with it. There's a big problem, which is they don't know who now owns that vehicle, and there's no way for them to connect except through us. Are they exclusive agreements? are they exclusive agreements I mean, there's, we have 177,000 of them. i mean there's we have 177,000 of them It's, it's a mix. it's it's a mix In that case, we would prefer that the value that we deliver creates the relationship. in that case we would prefer that the value that we deliver creates the relationship You know, the, they're solving a really big problem. you know the they're solving a really big problem Shops have a massive problem, and that is that every year they lose 22%, 23% of the vehicles that they work on, right? shops have a massive problem and that is that every year they lose 22% 23% of the vehicles that they work on right If they could run the best shop in the world, have customers think it is the greatest thing, but that car is gonna change hands, and they will lose that vehicle, and they had nothing to do with it. if they could run the best shop in the world have customers think it is the greatest thing but that car is gonna change hands and they will lose that vehicle and they had nothing to do with it There's a big problem, which is they don't know who now owns that vehicle, and there's no way for them to connect except through us. there's a big problem which is they don't know who now owns that vehicle and there's no way for them to connect except through us We are that connecting tissue because what'll happen, you can see it on a report out there, they'll give us the data they've serviced that vehicle for the last five years, and it's on the CARFAX report. The vehicle gets sold, and that consumer's using that CARFAX report to understand the vehicle, and now they own it, and the likelihood that they go back to that shop goes way up if those are on there because I know that that shop knows this vehicle. They've been working on this vehicle. Now I'll go back there. That's one of the biggest challenges that both shops and dealers have in their service base, and we're the solution that connects them to that next buyer. We are that connecting tissue because what'll happen, you can see it on a report out there, they'll give us the data they've serviced that vehicle for the last five years, and it's on the CARFAX report. we are that connecting tissue because what'll happen you can see it on a report out there they'll give us the data they've serviced that vehicle for the last five years and it's on the carfax report The vehicle gets sold, and that consumer's using that CARFAX report to understand the vehicle, and now they own it, and the likelihood that they go back to that shop goes way up if those are on there because I know that that shop knows this vehicle. the vehicle gets sold and that consumer's using that carfax report to understand the vehicle and now they own it and the likelihood that they go back to that shop goes way up if those are on there because i know that that shop knows this vehicle They've been working on this vehicle. they've been working on this vehicle Now I'll go back there. now i'll go back there That's one of the biggest challenges that both shops and dealers have in their service base, and we're the solution that connects them to that next buyer. that's one of the biggest challenges that both shops and dealers have in their service base and we're the solution that connects them to that next buyer

Speaker 4: Hi. Hi. hi

Speaker 2: Yeah. Yeah. yeah

Speaker 4: Jeff Meuler from Baird. A follow-up question, sorry. Can you be any more specific? I get the CARFAX brand advantage and market position advantage. Just from a raw data perspective, in what ways is your data superior? Can you give us some metrics relative to what Experian AutoCheck has? For Polk, to what extent is the registration data public, or where do you have unique data rights or non-public sources? Anything that you'd want to highlight from either MarketScan or AMM, in terms of unique data beyond what you already have with Polk and CARFAX that you put into those products. Jeff Meuler from Baird. jeff meuler from baird A follow-up question, sorry. a follow-up question sorry Can you be any more specific? can you be any more specific I get the CARFAX brand advantage and market position advantage. i get the carfax brand advantage and market position advantage Just from a raw data perspective, in what ways is your data superior? just from a raw data perspective in what ways is your data superior Can you give us some metrics relative to what Experian AutoCheck has? can you give us some metrics relative to what experian autocheck has For Polk, to what extent is the registration data public, or where do you have unique data rights or non-public sources? for polk to what extent is the registration data public or where do you have unique data rights or non-public sources Anything that you'd want to highlight from either MarketScan or AMM, in terms of unique data beyond what you already have with Polk and CARFAX that you put into those products. anything that you'd want to highlight from either marketscan or amm in terms of unique data beyond what you already have with polk and carfax that you put into those products

Speaker 2: Sure. I'll start, and then I can have both Joe and Scott help here. You know, when you think of this asset, the 177,000, you know, and how we have built it's a blend. You'll hear us talk about it, you know, in a, in a, in a very big way, and sometimes the proof is in the pudding. I would tell you if you go run a bunch of reports, you'll see exactly what that difference is. But if I could describe our culture around data a little bit, we're paranoid about it and the way that we build it. What I mean by that is this, is that we have data sources that come into our business that nobody in our business, three people might know what those sources are. Sure. sure I'll start, and then I can have both Joe and Scott help here. i'll start and then i can have both joe and scott help here You know, when you think of this asset, the 177,000, you know, and how we have built it's a blend. you know when you think of this asset the 177,000 you know and how we have built it's a blend You'll hear us talk about it, you know, in a, in a, in a very big way, and sometimes the proof is in the pudding. you'll hear us talk about it you know in a in a in a very big way and sometimes the proof is in the pudding I would tell you if you go run a bunch of reports, you'll see exactly what that difference is. i would tell you if you go run a bunch of reports you'll see exactly what that difference is But if I could describe our culture around data a little bit, we're paranoid about it and the way that we build it. but if i could describe our culture around data a little bit we're paranoid about it and the way that we build it What I mean by that is this, is that we have data sources that come into our business that nobody in our business, three people might know what those sources are. what i mean by that is this is that we have data sources that come into our business that nobody in our business three people might know what those sources are We do that, we do that because this is such an important asset for us. We'll put it under a code name. We may have 500 people that touch that data source and may not know exactly which source that is. This is part of our secret sauce. This is part of what we do. It's ingrained in what we do, and we're not gonna put a map out there that says, "You know what? Anyone who wants to follow us, here are the 177 sources, here are the contacts there. Oh, by the way, this is the way the data comes in," so on and so forth. We do that, we do that because this is such an important asset for us. we do that we do that because this is such an important asset for us We'll put it under a code name. we'll put it under a code name We may have 500 people that touch that data source and may not know exactly which source that is. we may have 500 people that touch that data source and may not know exactly which source that is This is part of our secret sauce. this is part of our secret sauce This is part of what we do. this is part of what we do It's ingrained in what we do, and we're not gonna put a map out there that says, "You know what? it's ingrained in what we do and we're not gonna put a map out there that says "you know what Anyone who wants to follow us, here are the 177 sources, here are the contacts there. anyone who wants to follow us here are the 177 sources here are the contacts there Oh, by the way, this is the way the data comes in," so on and so forth. oh by the way this is the way the data comes in," so on and so forth It has taken us decades to build and learn that, and when that data comes in. Somebody said to this, and I mentioned this at dinner last night, those 177,000 sources, when we built the relationships with them, and they said, "What format do you want it in?" Our response was, "Any way you've got it. We'll take it in any form, any you know, and we'll take it in, and we'll figure it out, and we'll learn that data, and it'll become part of this ecosystem. We'll take it on paper. We'll take it in this format, that format." We've learned that data, and we know that data, and when we have a feed and something changes in the feed, we've put the systems in place to understand that it did change. It has taken us decades to build and learn that, and when that data comes in. it has taken us decades to build and learn that and when that data comes in Somebody said to this, and I mentioned this at dinner last night, those 177,000 sources, when we built the relationships with them, and they said, "What format do you want it in?" Our response was, "Any way you've got it. somebody said to this and i mentioned this at dinner last night those 177,000 sources when we built the relationships with them and they said "what format do you want it in?" our response was "any way you've got it We'll take it in any form, any you know, and we'll take it in, and we'll figure it out, and we'll learn that data, and it'll become part of this ecosystem. we'll take it in any form any you know and we'll take it in and we'll figure it out and we'll learn that data and it'll become part of this ecosystem We'll take it on paper. we'll take it on paper We'll take it in this format, that format." We've learned that data, and we know that data, and when we have a feed and something changes in the feed, we've put the systems in place to understand that it did change. we'll take it in this format that format." we've learned that data and we know that data and when we have a feed and something changes in the feed we've put the systems in place to understand that it did change We've worked with OEMs, dealers, municipalities, shops to get to the point where after 30, 40 years, that we have that as a well-oiled machine. You know, it is a massive data advantage for us. You probably won't hear me or anyone on our teams talk publicly about all the work we've done to create that, all the detail work underneath to create that. You know, I can kick it to Scott. We've worked with OEMs, dealers, municipalities, shops to get to the point where after 30, 40 years, that we have that as a well-oiled machine. we've worked with oems dealers municipalities shops to get to the point where after 30 40 years that we have that as a well-oiled machine You know, it is a massive data advantage for us. you know it is a massive data advantage for us You probably won't hear me or anyone on our teams talk publicly about all the work we've done to create that, all the detail work underneath to create that. you probably won't hear me or anyone on our teams talk publicly about all the work we've done to create that all the detail work underneath to create that You know, I can kick it to Scott. you know i can kick it to scott

Speaker 9: Yeah, I'll. Yeah, I'll. yeah i'll

Speaker 2: Go for it Go for it go for it

Speaker 9: I'll give you two examples. Number one thing consumers wanna know before they buy a car is the accident history, okay? We go out and scour the Earth to get that accident history, and we have the best accident information, and we continue to extend that lead. The consumer wants to know the beginning, the middle, and the end of every accident. They wanna know the point of severity. They wanna know, did the airbag deploy? All of these different details that we go out and get from many, many sources in order to compile together. Nobody else can touch it. Our lead continues to expand there. I'll give you two examples. i'll give you two examples Number one thing consumers wanna know before they buy a car is the accident history, okay? number one thing consumers wanna know before they buy a car is the accident history okay We go out and scour the Earth to get that accident history, and we have the best accident information, and we continue to extend that lead. we go out and scour the earth to get that accident history and we have the best accident information and we continue to extend that lead The consumer wants to know the beginning, the middle, and the end of every accident. the consumer wants to know the beginning the middle and the end of every accident They wanna know the point of severity. they wanna know the point of severity They wanna know, did the airbag deploy? they wanna know did the airbag deploy All of these different details that we go out and get from many, many sources in order to compile together. all of these different details that we go out and get from many many sources in order to compile together Nobody else can touch it. nobody else can touch it Our lead continues to expand there. our lead continues to expand there The number two thing consumers wanna know is tell me about the service and the maintenance history of this vehicle. They wanna know that because that gives them a view into how long that car might last for them down the road, because it was well taken care of before they got involved with it. We go out, and we get that service data. We don't just add vehicle service. We actually provide the deep detail, and we use our intelligence to tell you exactly what was done and now more often, what even was declined, so you have a really good understanding of that. Nobody else can do that. Nobody else is following us. Our lead in that kind of data continues to expand. The number two thing consumers wanna know is tell me about the service and the maintenance history of this vehicle. the number two thing consumers wanna know is tell me about the service and the maintenance history of this vehicle They wanna know that because that gives them a view into how long that car might last for them down the road, because it was well taken care of before they got involved with it. they wanna know that because that gives them a view into how long that car might last for them down the road because it was well taken care of before they got involved with it We go out, and we get that service data. we go out and we get that service data We don't just add vehicle service. we don't just add vehicle service We actually provide the deep detail, and we use our intelligence to tell you exactly what was done and now more often, what even was declined, so you have a really good understanding of that. we actually provide the deep detail and we use our intelligence to tell you exactly what was done and now more often what even was declined so you have a really good understanding of that Nobody else can do that. nobody else can do that Nobody else is following us. nobody else is following us Our lead in that kind of data continues to expand. our lead in that kind of data continues to expand

Speaker 2: Joe, maybe on your side too. Joe, maybe on your side too. joe maybe on your side too

Speaker 6: Yeah, just real quick on the Polk side. You mentioned the state data, and there certainly are barriers to that. You know, a lot of organizations have tried to come in over the years and acquire that data. It's very complicated. There's trust issues at play. There's legislation issues at play. It's not really just that. It's what we wrap around it. We're really driving a multi-source strategy, so we're bringing in, you know, other data records that are validating it and confirming the information we have in there. There's a ton of time being spent on that and there's a lot of nuances to the way that data gets processed, and we've had decades of experience understanding when it's coming from this particular state with this particular setup. Yeah, just real quick on the Polk side. yeah just real quick on the polk side You mentioned the state data, and there certainly are barriers to that. you mentioned the state data and there certainly are barriers to that You know, a lot of organizations have tried to come in over the years and acquire that data. you know a lot of organizations have tried to come in over the years and acquire that data It's very complicated. it's very complicated There's trust issues at play. there's trust issues at play There's legislation issues at play. there's legislation issues at play It's not really just that. it's not really just that It's what we wrap around it. it's what we wrap around it We're really driving a multi-source strategy, so we're bringing in, you know, other data records that are validating it and confirming the information we have in there. we're really driving a multi-source strategy so we're bringing in you know other data records that are validating it and confirming the information we have in there There's a ton of time being spent on that and there's a lot of nuances to the way that data gets processed, and we've had decades of experience understanding when it's coming from this particular state with this particular setup. there's a ton of time being spent on that and there's a lot of nuances to the way that data gets processed and we've had decades of experience understanding when it's coming from this particular state with this particular setup Like, we gotta treat it a different way, it's really hard to take a very complex set of data that's supposed to mean the same thing, but showing up in so many different ways across, you know, 50 different variations when you talk about states, that we've learned how to, how to knit that together in a, in a way that creates the best quality. You know, that quality shows up in the marketplace. Our customers use us. We are, you know, providing those core services to, like, over 90% of the volume in the US market because, you know, we are the premium provider in that space because of applying that, those decades of intelligence to process that data. Like, we gotta treat it a different way, it's really hard to take a very complex set of data that's supposed to mean the same thing, but showing up in so many different ways across, you know, 50 different variations when you talk about states, that we've learned how to, how to knit that together in a, in a way that creates the best quality. like we gotta treat it a different way it's really hard to take a very complex set of data that's supposed to mean the same thing but showing up in so many different ways across you know 50 different variations when you talk about states that we've learned how to how to knit that together in a in a way that creates the best quality You know, that quality shows up in the marketplace. you know that quality shows up in the marketplace Our customers use us. our customers use us We are, you know, providing those core services to, like, over 90% of the volume in the US market because, you know, we are the premium provider in that space because of applying that, those decades of intelligence to process that data. we are you know providing those core services to like over 90% of the volume in the us market because you know we are the premium provider in that space because of applying that those decades of intelligence to process that data

Speaker 1: Thank you. Hey, Alex Kramm, UBS. A pretty big-picture question on the growth algorithm. You didn't really talk about pricing and retention. I think retention you mentioned very high, but maybe you can be a little more specific and in particular talk about the different businesses and why you may have or have not lost clients. On the pricing side, same thing, right? Maybe on a combined business basis, but also what areas do you have more pricing power, less? Maybe what areas have you not used pricing as much as a lever as you could and actually have very, a lot of pricing power that you haven't used so far? Thank you. thank you Hey, Alex Kramm, UBS. hey alex kramm ubs A pretty big-picture question on the growth algorithm. a pretty big-picture question on the growth algorithm You didn't really talk about pricing and retention. you didn't really talk about pricing and retention I think retention you mentioned very high, but maybe you can be a little more specific and in particular talk about the different businesses and why you may have or have not lost clients. i think retention you mentioned very high but maybe you can be a little more specific and in particular talk about the different businesses and why you may have or have not lost clients On the pricing side, same thing, right? on the pricing side same thing right Maybe on a combined business basis, but also what areas do you have more pricing power, less? maybe on a combined business basis but also what areas do you have more pricing power less Maybe what areas have you not used pricing as much as a lever as you could and actually have very, a lot of pricing power that you haven't used so far? maybe what areas have you not used pricing as much as a lever as you could and actually have very a lot of pricing power that you haven't used so far

Speaker 2: Sure. Sure. sure

Speaker 8: Do you wanna start? I'll start. I'll start with pricing, and I understand the need and the desire for sort of P x Q, right? I mean, we're not a software company, right? We're selling a lot of different solutions to a lot of different customers. It is, both a business, a lot of commonality, but a lot of heterogeneity as well, right? When you sort of think about the solution customer intersection. There's not an easy answer to that question. Stepping back, and I'll wrap it into the retention discussion, we actually had an NRR number in the presentation early on. We pulled it. It's a great number. We just wanna make sure that we're comfortable with it and that it's replicable given how important it is. Do you wanna start? do you wanna start I'll start. i'll start I'll start with pricing, and I understand the need and the desire for sort of P x Q, right? i'll start with pricing and i understand the need and the desire for sort of p x q right I mean, we're not a software company, right? i mean we're not a software company right We're selling a lot of different solutions to a lot of different customers. we're selling a lot of different solutions to a lot of different customers It is, both a business, a lot of commonality, but a lot of heterogeneity as well, right? it is both a business a lot of commonality but a lot of heterogeneity as well right When you sort of think about the solution customer intersection. when you sort of think about the solution customer intersection There's not an easy answer to that question. there's not an easy answer to that question Stepping back, and I'll wrap it into the retention discussion, we actually had an NRR number in the presentation early on. stepping back and i'll wrap it into the retention discussion we actually had an nrr number in the presentation early on We pulled it. we pulled it It's a great number. it's a great number We just wanna make sure that we're comfortable with it and that it's replicable given how important it is. we just wanna make sure that we're comfortable with it and that it's replicable given how important it is You can imagine it's meaningfully north of 100%. Given, you know, our exposure to our current customer base, you don't grow at these kind of rates if you're not, you know, both retaining customers and continuing to upsell them. I think some of the nuance around the price question in particular is, you know, as you've seen, we're bringing extraordinary value to our customers every year, right? You know, how I think we think about it is how much more value are we adding to customer A, right? How much is that worth? Does that drive your subscription, you know, the cost of our subscription base up? You can imagine it's meaningfully north of 100%. you can imagine it's meaningfully north of 100% Given, you know, our exposure to our current customer base, you don't grow at these kind of rates if you're not, you know, both retaining customers and continuing to upsell them. given you know our exposure to our current customer base you don't grow at these kind of rates if you're not you know both retaining customers and continuing to upsell them I think some of the nuance around the price question in particular is, you know, as you've seen, we're bringing extraordinary value to our customers every year, right? i think some of the nuance around the price question in particular is you know as you've seen we're bringing extraordinary value to our customers every year right You know, how I think we think about it is how much more value are we adding to customer A, right? you know how i think we think about it is how much more value are we adding to customer a right How much is that worth? how much is that worth Does that drive your subscription, you know, the cost of our subscription base up? does that drive your subscription you know the cost of our subscription base up Over time. I know, Scott, you're doing a lot of thinking on the CARFAX side, Joe similarly on the B2B side, about sort of how we optimize that. Again, you know, this is not as simple as saying, "We've got this very static product, and every year we're gonna increase price by 3%, 4%, 5%." That's not actually how it works in reality. Scott, if you wanna jump in. Over time. over time I know, Scott, you're doing a lot of thinking on the CARFAX side, Joe similarly on the B2B side, about sort of how we optimize that. i know scott you're doing a lot of thinking on the carfax side joe similarly on the b2b side about sort of how we optimize that Again, you know, this is not as simple as saying, "We've got this very static product, and every year we're gonna increase price by 3%, 4%, 5%." That's not actually how it works in reality. again you know this is not as simple as saying "we've got this very static product and every year we're gonna increase price by 3% 4% 5%." that's not actually how it works in reality Scott, if you wanna jump in. scott if you wanna jump in

Speaker 9: I mean, we are constantly adding more value. I talk about the Vehicle History Report for a second, right? You know, we are the leading provider of that information, and we continue to extend the value on it. You know, we're now going to be putting future reliability on it. Now it's the past, the present, and the future. We can capture that in the form of taking value capture from dealers because the dealers are seeing overwhelming value in using that tool to help build confidence with the consumer at the time that they're ready to purchase a vehicle or that they want to maintain that vehicle. It's designed to do that, and we're an ever-smaller part of the total price of the car. In the grand scheme of things, it is a no-brainer for a dealer to want to get on and stay on that program for a long time. I mean, we are constantly adding more value. i mean we are constantly adding more value I talk about the Vehicle History Report for a second, right? i talk about the vehicle history report for a second right You know, we are the leading provider of that information, and we continue to extend the value on it. you know we are the leading provider of that information and we continue to extend the value on it You know, we're now going to be putting future reliability on it. you know we're now going to be putting future reliability on it Now it's the past, the present, and the future. now it's the past the present and the future We can capture that in the form of taking value capture from dealers because the dealers are seeing overwhelming value in using that tool to help build confidence with the consumer at the time that they're ready to purchase a vehicle or that they want to maintain that vehicle. we can capture that in the form of taking value capture from dealers because the dealers are seeing overwhelming value in using that tool to help build confidence with the consumer at the time that they're ready to purchase a vehicle or that they want to maintain that vehicle It's designed to do that, and we're an ever-smaller part of the total price of the car. it's designed to do that and we're an ever-smaller part of the total price of the car In the grand scheme of things, it is a no-brainer for a dealer to want to get on and stay on that program for a long time. in the grand scheme of things it is a no-brainer for a dealer to want to get on and stay on that program for a long time

Speaker 1: Thank you. You know, I want to talk about overseas if we could. You know, more mature markets overseas, if you will, like in Europe. Just talk about the market dynamics there in terms of are you guys the only player in town there? Is there any other competitors there? Talk about Europe, and then talk about your India and China aspirations, if you would. The growth aspirations there. Thank you. Thank you. thank you You know, I want to talk about overseas if we could. you know i want to talk about overseas if we could You know, more mature markets overseas, if you will, like in Europe. you know more mature markets overseas if you will like in europe Just talk about the market dynamics there in terms of are you guys the only player in town there? just talk about the market dynamics there in terms of are you guys the only player in town there Is there any other competitors there? is there any other competitors there Talk about Europe, and then talk about your India and China aspirations, if you would. talk about europe and then talk about your india and china aspirations if you would The growth aspirations there. the growth aspirations there Thank you. thank you

Speaker 2: Yeah. I'll take that then. You know, I'll talk about both sides of the business. As I think of Scott bringing, you know, the CARFAX business to Europe, we've got a great position. I'll have him talk about it. You know, you'd mentioned India or, say, China. You know, both great markets. Joe can talk about the business that we already have there and the teams that we have there and what we're seeing and what that opportunity is. Maybe first, Scott, talk a little bit about the CARFAX business in Europe, and then Joe, maybe what we're doing with the OEMs and suppliers in China. Yeah. yeah I'll take that then. i'll take that then You know, I'll talk about both sides of the business. you know i'll talk about both sides of the business As I think of Scott bringing, you know, the CARFAX business to Europe, we've got a great position. as i think of scott bringing you know the carfax business to europe we've got a great position I'll have him talk about it. i'll have him talk about it You know, you'd mentioned India or, say, China. you know you'd mentioned india or say china You know, both great markets. you know both great markets Joe can talk about the business that we already have there and the teams that we have there and what we're seeing and what that opportunity is. joe can talk about the business that we already have there and the teams that we have there and what we're seeing and what that opportunity is Maybe first, Scott, talk a little bit about the CARFAX business in Europe, and then Joe, maybe what we're doing with the OEMs and suppliers in China. maybe first scott talk a little bit about the carfax business in europe and then joe maybe what we're doing with the oems and suppliers in china

Speaker 9: Yeah. Yeah. yeah

Speaker 2: A good base of the two. A good base of the two. a good base of the two

Speaker 9: We've taken CARFAX into Europe. We've been there for several years. We're in a few countries there right now. Later this year, we're going to open up Germany, which is largest market. There are no big-scaled incumbents there, but there are different players in different parts of the ecosystem as we go around that life cycle. But what we've found is we continue to use our formula, which is go acquire the best information, combine it with our trusted brand, and then connect it to the dealers and the consumers there. We are building that model out that has worked here in the United States in more markets in Europe. We've taken CARFAX into Europe. we've taken carfax into europe We've been there for several years. we've been there for several years We're in a few countries there right now. we're in a few countries there right now Later this year, we're going to open up Germany, which is largest market. later this year we're going to open up germany which is largest market There are no big-scaled incumbents there, but there are different players in different parts of the ecosystem as we go around that life cycle. there are no big-scaled incumbents there but there are different players in different parts of the ecosystem as we go around that life cycle But what we've found is we continue to use our formula, which is go acquire the best information, combine it with our trusted brand, and then connect it to the dealers and the consumers there. but what we've found is we continue to use our formula which is go acquire the best information combine it with our trusted brand and then connect it to the dealers and the consumers there We are building that model out that has worked here in the United States in more markets in Europe. we are building that model out that has worked here in the united states in more markets in europe

Speaker 6: On the question on China and India, we've been in China for decades working with them. That market has obviously transformed over those decades, you know, we have a great understanding of that market. It was maturing itself. Lot of players. I would say early on, much less sophistication. As we've seen what's happened you know, kind of post-COVID, the advancement in that market is gone significantly higher. We're seeing, you know, a little bit of consolidation on a number of players in that market, now that need for data is accelerating a bit. On the question on China and India, we've been in China for decades working with them. on the question on china and india we've been in china for decades working with them That market has obviously transformed over those decades, you know, we have a great understanding of that market. that market has obviously transformed over those decades you know we have a great understanding of that market It was maturing itself. it was maturing itself Lot of players. lot of players I would say early on, much less sophistication. i would say early on much less sophistication As we've seen what's happened you know, kind of post-COVID, the advancement in that market is gone significantly higher. as we've seen what's happened you know kind of post-covid the advancement in that market is gone significantly higher We're seeing, you know, a little bit of consolidation on a number of players in that market, now that need for data is accelerating a bit. we're seeing you know a little bit of consolidation on a number of players in that market now that need for data is accelerating a bit We also see the Chinese manufacturers now looking outside of China to get volume. That's where we think we have a tremendous opportunity to serve them even beyond their domestic market there as they're reaching out and trying to get into other markets where we have, you know, the depth of data they need. In India, we just acquired some core assets there to help us build out that business. It's again a maturing business. It's large. It's still a maturing industry there. We're on the ground. We have a huge team there that is eager to apply the things that we've done around the rest of the world into that market. We also see the Chinese manufacturers now looking outside of China to get volume. we also see the chinese manufacturers now looking outside of china to get volume That's where we think we have a tremendous opportunity to serve them even beyond their domestic market there as they're reaching out and trying to get into other markets where we have, you know, the depth of data they need. that's where we think we have a tremendous opportunity to serve them even beyond their domestic market there as they're reaching out and trying to get into other markets where we have you know the depth of data they need In India, we just acquired some core assets there to help us build out that business. in india we just acquired some core assets there to help us build out that business It's again a maturing business. it's again a maturing business It's large. it's large It's still a maturing industry there. it's still a maturing industry there We're on the ground. we're on the ground We have a huge team there that is eager to apply the things that we've done around the rest of the world into that market. we have a huge team there that is eager to apply the things that we've done around the rest of the world into that market

Speaker 7: Hi. Manav Patnaik with Barclays. First, just to follow up on Alex's question, you know, the 5%-7% you've attributed to the core, which is value plus, I forgot what you phrased it. Value plus volume. Maybe if you can help break that out, you know, how much is the volume in that component, and also just the structure of your subscription contracts, like how long do you have price escalators in there? Maybe just one quick question on the international follow-up. It sounds like it's more of an organic build, so maybe just perspective with AI and these new tools, like relative to what you did in the U.S., how fast can we expect you guys to scale there? Hi. hi Manav Patnaik with Barclays. manav patnaik with barclays First, just to follow up on Alex's question, you know, the 5%-7% you've attributed to the core, which is value plus, I forgot what you phrased it. first just to follow up on alex's question you know the 5%-7% you've attributed to the core which is value plus i forgot what you phrased it Value plus volume. value plus volume Maybe if you can help break that out, you know, how much is the volume in that component, and also just the structure of your subscription contracts, like how long do you have price escalators in there? maybe if you can help break that out you know how much is the volume in that component and also just the structure of your subscription contracts like how long do you have price escalators in there Maybe just one quick question on the international follow-up. maybe just one quick question on the international follow-up It sounds like it's more of an organic build, so maybe just perspective with AI and these new tools, like relative to what you did in the U.S., how fast can we expect you guys to scale there? it sounds like it's more of an organic build so maybe just perspective with ai and these new tools like relative to what you did in the u.s how fast can we expect you guys to scale there

Speaker 2: Sure. Sure. sure

Speaker 6: Do you wanna start with the international question? Do you wanna start with the international question? do you wanna start with the international question

Speaker 2: Why don't we start with that last one? I'll have Scott talk about, you know, he mentioned, you know, we're moving into some new countries there and, you know, we're taking the foundation that we have, but maybe Scott can talk about how we're taking that and changing the approach. Why don't we start with that last one? why don't we start with that last one I'll have Scott talk about, you know, he mentioned, you know, we're moving into some new countries there and, you know, we're taking the foundation that we have, but maybe Scott can talk about how we're taking that and changing the approach. i'll have scott talk about you know he mentioned you know we're moving into some new countries there and you know we're taking the foundation that we have but maybe scott can talk about how we're taking that and changing the approach

Speaker 9: Yeah. In Europe, we are going into Germany, for example. We're opening that up later this year. We have large partnerships in order to distribute our data to some of the big marketplaces that are in Germany, and we have unique data available. The market has changed in Germany, the VIN is no longer considered PII, that has enabled us because we are trusted, we are able to get access to the data in Germany in order to provide a vehicle history product there, for example. Those changes have been a big change for us. We are building on the same formula that we've taken from the United States into other parts of Europe, and we're gonna continue to expand that. Consumers have those same questions. Dealers want to provide confidence, and CARFAX helps them do that with the data and the brand that we bring to the market. Yeah. yeah In Europe, we are going into Germany, for example. in europe we are going into germany for example We're opening that up later this year. we're opening that up later this year We have large partnerships in order to distribute our data to some of the big marketplaces that are in Germany, and we have unique data available. we have large partnerships in order to distribute our data to some of the big marketplaces that are in germany and we have unique data available The market has changed in Germany, the VIN is no longer considered PII, that has enabled us because we are trusted, we are able to get access to the data in Germany in order to provide a vehicle history product there, for example. the market has changed in germany the vin is no longer considered pii that has enabled us because we are trusted we are able to get access to the data in germany in order to provide a vehicle history product there for example Those changes have been a big change for us. those changes have been a big change for us We are building on the same formula that we've taken from the United States into other parts of Europe, and we're gonna continue to expand that. we are building on the same formula that we've taken from the united states into other parts of europe and we're gonna continue to expand that Consumers have those same questions. consumers have those same questions Dealers want to provide confidence, and CARFAX helps them do that with the data and the brand that we bring to the market. dealers want to provide confidence and carfax helps them do that with the data and the brand that we bring to the market

Speaker 2: I'll take the growth algorithm question. You're right, it's, you know, value plus volume in the 5%-7%. I think, you know, you see we're relatively well penetrated, right? The majority of that is in value, but again, I wouldn't, you know, say that's exactly P times Q, right? As Scott mentioned, you know, even inside the CARFAX business, the average dealer's only using 1/2 of our three, soon to be four or five products, right? We see significant upside there. You know, plus when you add in the opportunity for, you know, cross-selling through One Mobility. I mean, Joe, how many dealers is automotiveMastermind in right now? I'll take the growth algorithm question. i'll take the growth algorithm question You're right, it's, you know, value plus volume in the 5%-7%. you're right it's you know value plus volume in the 5%-7% I think, you know, you see we're relatively well penetrated, right? i think you know you see we're relatively well penetrated right The majority of that is in value, but again, I wouldn't, you know, say that's exactly P times Q, right? the majority of that is in value but again i wouldn't you know say that's exactly p times q right As Scott mentioned, you know, even inside the CARFAX business, the average dealer's only using 1/2 of our three, soon to be four or five products, right? as scott mentioned you know even inside the carfax business the average dealer's only using 1/2 of our three soon to be four or five products right We see significant upside there. we see significant upside there You know, plus when you add in the opportunity for, you know, cross-selling through One Mobility. you know plus when you add in the opportunity for you know cross-selling through one mobility I mean, Joe, how many dealers is automotive Mastermind in right now? i mean joe how many dealers is automotive mastermind in right now

Speaker 6: $32. $32. $32 $3,200, right? Scott, you're still under $3,200, right? $3,200 right Scott, you're still under scott you're still under

Speaker 9: $40,000. $40,000. $40,000

Speaker 2: $40,000, right. Meaningful opportunities there. You know, now is that in the core? Is that in the growth? You know, which one of those buckets is that in? You know, you can argue that. All this, you know, we think adds up to 7.5%-10% over the medium term. $40,000, right. $40,000 right Meaningful opportunities there. meaningful opportunities there You know, now is that in the core? you know now is that in the core Is that in the growth? is that in the growth You know, which one of those buckets is that in? you know which one of those buckets is that in You know, you can argue that. you know you can argue that All this, you know, we think adds up to 7.5%-10% over the medium term. all this you know we think adds up to 7.5%-10% over the medium term

Speaker 10: Great. We're gonna take one more question from the room and then take one from online. Go for it. Great. great We're gonna take one more question from the room and then take one from online. we're gonna take one more question from the room and then take one from online Go for it. go for it

Speaker 3: Thank you. Jason Haas with Wells Fargo. Can you talk about how you think the rise in autonomous vehicles will impact your business? Thank you. thank you Jason Haas with Wells Fargo. jason haas with wells fargo Can you talk about how you think the rise in autonomous vehicles will impact your business? can you talk about how you think the rise in autonomous vehicles will impact your business

Speaker 2: Yeah, great question, and, pretty exciting stuff. Yeah, great question, and, pretty exciting stuff. yeah great question and pretty exciting stuff

Speaker 3: Yeah. Yeah. yeah

Speaker 2: You know, I think it highlights the amazing industry that we're in. You know, there's been a couple, you know, articles that got a lot of attention in the last couple weeks on the robotaxis and, you know, how they're growing. You know, I think they're gonna play an important role. I think that people, you know, will ride in them a couple of times and get very comfortable with it. I think the numbers I saw that were that, you know, there could be upwards of six million of them on the road, you know, by 2035. You know, the amazing thing about this industry, and I commented on it earlier, is, you know, that it's so big. You know, there's 1.5 billion on the road today. You know, I think it highlights the amazing industry that we're in. you know i think it highlights the amazing industry that we're in You know, there's been a couple, you know, articles that got a lot of attention in the last couple weeks on the robotaxis and, you know, how they're growing. you know there's been a couple you know articles that got a lot of attention in the last couple weeks on the robotaxis and you know how they're growing You know, I think they're gonna play an important role. you know i think they're gonna play an important role I think that people, you know, will ride in them a couple of times and get very comfortable with it. i think that people you know will ride in them a couple of times and get very comfortable with it I think the numbers I saw that were that, you know, there could be upwards of six million of them on the road, you know, by 2035. i think the numbers i saw that were that you know there could be upwards of six million of them on the road you know by 2035 You know, the amazing thing about this industry, and I commented on it earlier, is, you know, that it's so big. you know the amazing thing about this industry and i commented on it earlier is you know that it's so big You know, there's 1.5 billion on the road today. you know there's 1.5 billion on the road today It'll be 1.65 years from now and grow from there. You know, you're talking about six million vehicles in a fleet of, you know, 1.6 billion. You know, I think that we're seeing shifts in, you know, how people use mobility. That change is great for our business. You know, as I mentioned before, change drives demand for data, and data is what we sell. Really, you know, we love to see the innovation. We love to see these new things coming, so it's great. It'll be 1.65 years from now and grow from there. it'll be 1.65 years from now and grow from there You know, you're talking about six million vehicles in a fleet of, you know, 1.6 billion. you know you're talking about six million vehicles in a fleet of you know 1.6 billion You know, I think that we're seeing shifts in, you know, how people use mobility. you know i think that we're seeing shifts in you know how people use mobility That change is great for our business. that change is great for our business You know, as I mentioned before, change drives demand for data, and data is what we sell. you know as i mentioned before change drives demand for data and data is what we sell Really, you know, we love to see the innovation. really you know we love to see the innovation We love to see these new things coming, so it's great. we love to see these new things coming so it's great

Speaker 10: Great. The last question is a double header. It starts with the white space in the U.S. for both CARFAX and for B2B, and then it goes into, with One Mobility Global, what are the data and revenue synergies that you're thinking about over the medium term? Great. great The last question is a double header. the last question is a double header It starts with the white space in the U.S. for both CARFAX and for B2B, and then it goes into, with One Mobility Global, what are the data and revenue synergies that you're thinking about over the medium term? it starts with the white space in the u.s for both carfax and for b2b and then it goes into with one mobility global what are the data and revenue synergies that you're thinking about over the medium term

Speaker 2: What, why don't we start with Joe and Scott both talking, maybe Joe first, Scott second, on, you know, the white space that we have here in the U.S. What, why don't we start with Joe and Scott both talking, maybe Joe first, Scott second, on, you know, the white space that we have here in the U.S. what why don't we start with joe and scott both talking maybe joe first scott second on you know the white space that we have here in the u.s

Speaker 6: Yeah. Yeah. Yeah. yeah Yeah. yeah

Speaker 2: Um, and then we can, um Um, and then we can, um um and then we can um

Speaker 6: Yeah, we have quite a bit of white space, and, like, we do have a core set of flagship products, but, you know, we've created a number of products that branch off of that, and this is where Bill had talked about, like, less than 50% penetrated with the things that we have with the customers that we're working with today. Then when we think about the cross-sell opportunities, there's two things I'll talk about here. One, you know, Bill talked about bringing two businesses, five businesses together. Well, two of them came together to create what we have in B2B, and that was automotiveMastermind and the legacy IHS Polk business. You know, there's a tremendous amount of data just in that B2B business that's never gotten pushed into the dealer community as strongly as it could. Yeah, we have quite a bit of white space, and, like, we do have a core set of flagship products, but, you know, we've created a number of products that branch off of that, and this is where Bill had talked about, like, less than 50% penetrated with the things that we have with the customers that we're working with today. yeah we have quite a bit of white space and like we do have a core set of flagship products but you know we've created a number of products that branch off of that and this is where bill had talked about like less than 50% penetrated with the things that we have with the customers that we're working with today Then when we think about the cross-sell opportunities, there's two things I'll talk about here. then when we think about the cross-sell opportunities there's two things i'll talk about here One, you know, Bill talked about bringing two businesses, five businesses together. one you know bill talked about bringing two businesses five businesses together Well, two of them came together to create what we have in B2B, and that was automotive Mastermind and the legacy IHS Polk business. well two of them came together to create what we have in b2b and that was automotive mastermind and the legacy ihs polk business You know, there's a tremendous amount of data just in that B2B business that's never gotten pushed into the dealer community as strongly as it could. you know there's a tremendous amount of data just in that b2b business that's never gotten pushed into the dealer community as strongly as it could There's market analysis and other things that we know we can distribute through the automotiveMastermind platform. We have a couple of products in the queue right now that'll be, you know, connected into automotiveMastermind and distributed out to that. Then same with CARFAX. You know, that same data that we're talking about that dealers are interested in can flow through that as well. As soon as we establish that and get that momentum built, we'll start pushing it through those other channels. There's market analysis and other things that we know we can distribute through the automotive Mastermind platform. there's market analysis and other things that we know we can distribute through the automotive mastermind platform We have a couple of products in the queue right now that'll be, you know, connected into automotive Mastermind and distributed out to that. we have a couple of products in the queue right now that'll be you know connected into automotive mastermind and distributed out to that Then same with CARFAX. then same with carfax You know, that same data that we're talking about that dealers are interested in can flow through that as well. you know that same data that we're talking about that dealers are interested in can flow through that as well As soon as we establish that and get that momentum built, we'll start pushing it through those other channels. as soon as we establish that and get that momentum built we'll start pushing it through those other channels

Speaker 9: For CARFAX, the white space opportunity in the U.S. is really huge. We have a lot of dealers that maybe use only one or one and a half of our products. There are many more products that we have to offer those dealers, and we want to get them fully committed, have them become those lifetime dealers that we spoke of. We've already gotten 1,600 dealers, but there's a big runway of growth opportunity to get the large base of dealers here in the U.S. to get onto more products that we have to offer them. For CARFAX, the white space opportunity in the U.S. is really huge. for carfax the white space opportunity in the u.s is really huge We have a lot of dealers that maybe use only one or one and a half of our products. we have a lot of dealers that maybe use only one or one and a half of our products There are many more products that we have to offer those dealers, and we want to get them fully committed, have them become those lifetime dealers that we spoke of. there are many more products that we have to offer those dealers and we want to get them fully committed have them become those lifetime dealers that we spoke of We've already gotten 1,600 dealers, but there's a big runway of growth opportunity to get the large base of dealers here in the U.S. to get onto more products that we have to offer them. we've already gotten 1,600 dealers but there's a big runway of growth opportunity to get the large base of dealers here in the u.s to get onto more products that we have to offer them

Speaker 2: Can I have One Mobility? Can I have One Mobility? can i have one mobility

Speaker 6: What's that? What's that? what's that You wanna talk about One Mobility synergies or? You wanna talk about One Mobility synergies or? you wanna talk about one mobility synergies or

Speaker 2: Yeah, I'm happy to. I mean, you know, we are bringing five businesses together. I talked about it in the presentation. You know, it's exciting to see, you know, where we had, you know, five teams doing very similar work, where we're able to kind of bring that together, and, you know, really streamline what we're doing. We're also able, you know, as we pull our data assets and some of the other assets together, see where the different parts of the business can use the assets from the other parts of the business. You know, and we're seeing it both ways. I commented to somebody that there's a conference room outside my office. Yeah, I'm happy to. yeah i'm happy to I mean, you know, we are bringing five businesses together. i mean you know we are bringing five businesses together I talked about it in the presentation. i talked about it in the presentation You know, it's exciting to see, you know, where we had, you know, five teams doing very similar work, where we're able to kind of bring that together, and, you know, really streamline what we're doing. you know it's exciting to see you know where we had you know five teams doing very similar work where we're able to kind of bring that together and you know really streamline what we're doing We're also able, you know, as we pull our data assets and some of the other assets together, see where the different parts of the business can use the assets from the other parts of the business. we're also able you know as we pull our data assets and some of the other assets together see where the different parts of the business can use the assets from the other parts of the business You know, and we're seeing it both ways. you know and we're seeing it both ways I commented to somebody that there's a conference room outside my office. i commented to somebody that there's a conference room outside my office I saw three or four people from automotiveMastermind, three or four people from CARFAX coming out of it, three weeks ago, and they were just so excited about the stuff they were gonna be able to do together. You know, Mastermind knowing that consumer so well, CARFAX knowing that VIN so well, and being able to kind of bring those assets to each other is really a great thing, so. I saw three or four people from automotive Mastermind, three or four people from CARFAX coming out of it, three weeks ago, and they were just so excited about the stuff they were gonna be able to do together. i saw three or four people from automotive mastermind three or four people from carfax coming out of it three weeks ago and they were just so excited about the stuff they were gonna be able to do together You know, Mastermind knowing that consumer so well, CARFAX knowing that VIN so well, and being able to kind of bring those assets to each other is really a great thing, so. you know mastermind knowing that consumer so well carfax knowing that vin so well and being able to kind of bring those assets to each other is really a great thing so Thank you. Thank you. thank you

Speaker 10: We're just gonna hand it back to Bill Eager for some closing remarks. We're just gonna hand it back to Bill Eager for some closing remarks. we're just gonna hand it back to bill eager for some closing remarks

Speaker 2: I promise to keep it brief. I know I'm between us and lunch and us and the demo stands. I did want to mention, we've had a number of us up here today, but we have our entire leadership team here today. They're here in the front row. I really want to encourage everyone to, you know, get to know them. It's been great. We've been working together the last six months and pulling this together, some of us for 20 years, some of us for six months. It really has been amazing. I want to leave you with just one parting thought outside of thank you. Thank you for your interest in our business. Thank you for the questions. We do have demo stations set up outside. I promise to keep it brief. i promise to keep it brief I know I'm between us and lunch and us and the demo stands. i know i'm between us and lunch and us and the demo stands I did want to mention, we've had a number of us up here today, but we have our entire leadership team here today. i did want to mention we've had a number of us up here today but we have our entire leadership team here today They're here in the front row. they're here in the front row I really want to encourage everyone to, you know, get to know them. i really want to encourage everyone to you know get to know them It's been great. it's been great We've been working together the last six months and pulling this together, some of us for 20 years, some of us for six months. we've been working together the last six months and pulling this together some of us for 20 years some of us for six months It really has been amazing. it really has been amazing I want to leave you with just one parting thought outside of thank you. i want to leave you with just one parting thought outside of thank you Thank you for your interest in our business. thank you for your interest in our business Thank you for the questions. thank you for the questions We do have demo stations set up outside. we do have demo stations set up outside We want you to get to know our products. We want you to get to know our people. I started off today with, you know, a comment on three things that I wanted you to take away from today, and I'll end on them as well. First, the amazing, enormous market, that $8 trillion automotive market that's going through massive change and creating massive amounts of demand for data. Two, our unmatched assets, and I hope today you started to get a feel for them, and over time you'll learn them more and more. Three, the clear opportunity. I think we have the right team, we have the right strategy, we've put together the right assets, and we're gonna go after that opportunity. Thank you for listening to our story today. We want you to get to know our products. we want you to get to know our products We want you to get to know our people. we want you to get to know our people I started off today with, you know, a comment on three things that I wanted you to take away from today, and I'll end on them as well. i started off today with you know a comment on three things that i wanted you to take away from today and i'll end on them as well First, the amazing, enormous market, that $8 trillion automotive market that's going through massive change and creating massive amounts of demand for data. first the amazing enormous market that $8 trillion automotive market that's going through massive change and creating massive amounts of demand for data Two, our unmatched assets, and I hope today you started to get a feel for them, and over time you'll learn them more and more. two our unmatched assets and i hope today you started to get a feel for them and over time you'll learn them more and more Three, the clear opportunity. three the clear opportunity I think we have the right team, we have the right strategy, we've put together the right assets, and we're gonna go after that opportunity. i think we have the right team we have the right strategy we've put together the right assets and we're gonna go after that opportunity Thank you for listening to our story today. thank you for listening to our story today We appreciate it. We'll be around for the next hour or two for you to get your questions answered and see our products. Once again, thank you for joining us today. Take care. We appreciate it. we appreciate it We'll be around for the next hour or two for you to get your questions answered and see our products. we'll be around for the next hour or two for you to get your questions answered and see our products Once again, thank you for joining us today. once again thank you for joining us today Take care. take care