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Analyst
Alex Kramm
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 66on tracked calls
- Challenge rate
- 18%12 of 66 questions
- Companies
- 11questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 66 of 66 questions from 11 companies
CBRECBRE Group8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2025 Q4
So maybe you can just expand on what you're seeing right now in the pipeline. Any changes in the competitive dynamics in that market
Show response
Bob differentiated local FM (single complex assets, small projects) from enterprise FM, explaining the UK-to-Americas expansion model. Local margins globally slightly above BOE segment, with Americas lower during buildout phase representing future upside.
On the savings side, Bob, you gave some opportunities to have savings. Can you expand on that a little bit
Show response
Bob quantified ~25% research cost savings from AI this year into next, plus savings on data collection and delivery costs. Most excited about delivering data to brokers in a more efficient self-serve way.
Calendar 2025 Q3
On the data center divestment, I don't think you've sized that. Can you just -- the one that potentially is going to slip into 2026
Show response
Emma clarified the $6.25-$6.35 EPS range spread is primarily driven by whether data center site dispositions in the development business close this year or slip to 2026.
can you just talk about your BOE outlook and pipelines a little bit more. I know earlier this year with all the tariffs
Show response
Emma confirmed BOE pipelines normalized and improved beyond pre-tariff levels, with enterprise sales at significantly elevated levels. Noted lead time between sales and revenue conversion means elevated wins show up in H2 next year.
Calendar 2025 Q2
Can you also unpack what you're seeing on the industrial side a little bit? It sounded like things have been getting better
Show response
Bob upgraded full-year industrial leasing outlook from flat to roughly double-digit growth, noting H1 beat expectations though H2 comps are tougher.
Anything you can comment on in terms of the discussion you've been having with various constituents. Any sort of pause you're seeing already
Show response
Bob saw no pipeline impact from NYC political uncertainty, citing strong financial services and tech demand with corporate focus on workspace for recruiting and culture.
Calendar 2024 Q4
can you just remind us about your exposure to the U.S. government
Show response
Bob minimized DOGE risk, noting limited government exposure concentrated in resilient areas like hospitals and defense, with potential DC leasing churn as a positive.
how do you think about the ultimate potential for that business? I heard you talk about slightly below 2019
Show response
Emma framed multi-year recovery runway with mid-single-digit steady-state growth once peak levels are reached, seeing more upside than downside risk.
MSCIMSCI8 questions · 7 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
Do you think there's a lot of firms that you're talking to that want to get bigger in that space
Show response
Henry said the opportunity is both large and expanding, noting MSCI is underpaid for index arbitrage and that 30%+ of ETF AUM is non-market-cap, driving custom-index demand.
Calendar 2026 Q1
Yeah, hey. Good morning, everyone. I just want to talk about the sales momentum a little bit here.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q4
Sounded like you wanted some follow-ups, so hear this. Now this is a quick one, and it's actually a follow-up to my earlier question.
Show response
Management addressed the question with specific commentary.
I wanted to come back to a topic that I think I asked about a couple of times last year, which was this whole idea of international flows picking up and flows moving away from the U.S.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q3
So last quarter, one of the messages was really that you're going to start leaning in more into these other new client segments outside of the traditional asset managers.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q2
Yeah. Hey. Good morning, everyone. I think I'm gonna ask the same question that I asked last quarter, which was really about the potential help you should get as assets flow more into
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q1
Yes. Hey. Hello, everyone. Just wanted to come back to the selling environment and in particular, wanna ask about, you know, international investing.
Show response
Management addressed the question with specific commentary.
Calendar 2024 Q4
Yes. Hey, good morning, everyone. Just maybe to stay on that same topic, can you maybe talk about how pricing conversations and impact should be this year?
Show response
Management addressed the question with specific commentary.
NDAQNasdaq, Inc.8 questions · 7 reporting periods · 2 of 8 challenging
Calendar 2026 Q2
when you talk to regulators, how you think it's going to evolve, where you could potentially lend technology
Show response
Adena framed perpetuals as largely outside Nasdaq's scope, with FinTech/surveillance tech and index licensing as the opportunity.
there's been a lot more headlines around how AI is driving financial crime higher
Show response
Adena confirmed rising AI-driven crime (deepfakes, scams) and positioned Verafin's GenAI alerting and cross-asset SMARTS to counter it.
Calendar 2026 Q1
is that fully in the run rate? Or is that still coming out of I think you mentioned a 4% onetimer
Show response
Youngwood confirmed 4pp from M&A-related market operator termination fees is one-off positive. Going-forward ARR impact quite modest as termination fees exceed underlying ACV. Not indicative of broader trend; specific to market operator M&A not bank M&A.
Calendar 2025 Q4
do you think there is a role for Nasdaq? Do you have any ambitions and anything you can share that, you may be doing to help you and your listed clients?
Show response
Friedman framed proxy engagement as client advocacy rather than business opportunity. Focus on regulatory reform and infrastructure modernization including pass-through voting processes for growing retail investor base.
Calendar 2025 Q3
maybe you can kind of flesh out a little bit more what exactly is driving the maybe slower-than-expected expectation? And what gives you confidence to accelerate here in the fourth quarter?
Show response
Friedman walked through three growth pillars: SMB robust with BioCatch and Agentic AI modules expanding TAM, enterprise 3x signings but implementation lag creates ARR variability, international early with European POCs encouraging but long sales cycles.
Calendar 2025 Q2
I think you added $39 million quarter-over- quarter in ARR. So I think that's the largest sequential increase that we've seen
Show response
Friedman attributed strength to connectivity services demand from volumes, Calypso broad-based upsells on top of 34% prior year growth, and 3 Eqlipse managed services mandates.
Calendar 2025 Q1
if I look at the ARR additions from 4Q to 1Q, 25 million, I think, pretty respectable and definitely better than what we thought
Show response
Friedman clarified Calypso delay comments related to ongoing not closed deals, while market tech modernization trend and TMS connectivity demand from data center expansion drove Q1 strength.
Calendar 2024 Q4
Just wondering if we should be expecting any sort of lengthening of sales cycles as it comes to selling into this end-market
Show response
Friedman noted bank M&A typically at small end of spectrum creating upsell opportunities, Verafin contracts have asset-based pricing tiers protecting against consolidation.
FDSFactSet7 questions · 6 reporting periods · 1 of 7 challenging
Calendar 2026 Q3
do you feel confident in year-over-year growth on a dollar basis in organic ASV
Show response
Expressed confidence, citing continued MCP acceleration since quarter-close, while framing it within the prudent full-year guide.
is something like that even feasible or interesting to you in this part of the cycle
Show response
Declined to comment on the specific competitor; reiterated the organic-growth focus and capital-allocation framework, leaving M&A optional.
Calendar 2026 Q2
you are actually hoping to get somewhat close to the midpoint of your adjusted operating margin guide.
Show response
Mgmt reaffirmed focus on the midpoint of the full-year margin guide and said there is a clear line of sight to margin improvement in future quarters.
Calendar 2025 Q3
maybe you can start by maybe breaking down how much of the kind of margin decline is really due to incremental investing versus just cost inflation and where those investments are ultimately going ...
Show response
Helen broke down FY26 investment: ~250 bps total, two-thirds growth (AI, data, PLC) and one-third structural (cyber, internal AI). FY25 margin impacted by bonus normalization and acquisition dilution. Expects operating leverage from structural investments and top line growth from growth investments.
Calendar 2025 Q2
relative to last year, can you just like contrast where things are significantly better and where they may be a little bit weaker to kind of get a sense where there could actually be upside or down...
Show response
Phil said Americas and EMEA driving growth. Workstation flat but enterprise solutions (PLC, feeds) strong. Top 15 Q4 deals ~2/3 from institutional asset management. Goran added booked ASV well ahead, improved retention, diverse pipeline.
Calendar 2025 Q1
does that mean you don’t need banking to pick up to hit the low end? Or are you talking about the midpoint? Because clearly, post-election there was a lot of enthusiasm about capital markets pickin...
Show response
Phil said banking pipeline is conservative with no headcount upside baked in. Goran clarified midpoint assumes slightly lower or even headcount versus last year; upside would swing toward higher end of range.
Calendar 2024 Q4
shouldn't we be positioned for acceleration in ASV growth already in the second quarter, or how should we be thinking about the cadence from here
Show response
Phil noted strong momentum with wealth making up half of top 10 deals, PEVC/hedge funds/corporates each poised for 10% growth. Goran cited 23% trial increase and 30% RFP increase.
CBOECboe Global Markets6 questions · 5 reporting periods · 3 of 6 challenging
Calendar 2026 Q2
Can you just give us an update on where we are with expansion of the customer base?
Show response
Hocking cited strong APAC/EMEA demand and Korea broker expansion, plus a post-Pattern-Day-Trader-repeal retail surge at platforms like Robinhood and Webull. Direct.
Calendar 2025 Q4
I was hoping you could refresh us on your latest thoughts around share repurchases or any other use of capital over the next kind of twelve to eighteen months
Show response
Jill emphasized: highest returns from organic investment, focused on SFT buildout and prediction markets. Share repurchases remain priority (opportunistic). 14% dividend increase in August 2025. Like flexibility of $2.2B cash position.
Calendar 2025 Q2
one of the most important relationships that Cboe has is probably the one with S&P Global on your index relationship
Show response
Craig praised 40+ year partnership, said he'd like it to continue 40 more. Will work to ensure mutually beneficial, growth-oriented relationship. Didn't provide specifics on renewal structure.
Calendar 2025 Q1
your index volumes while they're up a lot quarter over quarter, year over year, they're lagging probably some other markets out there, equities, futures, etcetera
Show response
Dave pushed back: March was highest-ever SPX month, April second-highest. Good market share vs e-mini and SPY options. Institutional engagement strong on volatility spikes. Macro setup supports continued demand.
over the last couple of months, there's been a lot more of this theme of capital flow into other global regions, into Europe, Asia, etcetera, and away from the US
Show response
Dave noted secular trends driving results continue: 55% international data growth, ongoing APAC onboarding, wholesalers building global trading hour support. No evidence to change approach.
Calendar 2024 Q4
Noticed you didn't buy back any stock in the quarter, but then Fred, you also talked about obviously thinking about M&A a little bit differently over the last year or so
Show response
Jill explained succession planning prevented buybacks. Fred said M&A must make strategic and financial sense, leverage scale/tech, align with secular trends. Repurchases remain important going forward.
MCOMoody's Corporation6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q1
the transactional side of that business, I think, is the lowest quarter on record, I think $17 million
Show response
Heuland attributed decline to learning divestiture and deliberate shift of services/integration work to partners. Organic recurring revenue trending close to ARR, with some lumpiness from on-premise recognition.
Calendar 2025 Q4
it does not sound like it is really translating into ARR revenue yet. Maybe it is. But, obviously, if we look at the guidance and the results, relative to your medium-term outlook, those have, you ...
Show response
Rob cited two leading indicators: largest strategic accounts growing 2x the rest of the portfolio driven by AI workflow engagement, and cohort of customers with GenAI solutions growing twice as fast. Banking, research, and data ARR picked up in 2025 while insurance and KYC had headwinds.
Calendar 2025 Q3
It seems that things are maybe tracking a little bit slower than your expectations at the beginning of the year
Show response
Noémie said Q3 tracking to expectations. ARR at 8% consistent with Q2. Strong Q4 pipeline growing nicely with heavy December weighting. Overall managing to high single-digit growth as committed.
Calendar 2025 Q2
just wondering what you're seeing on that side in particular because it seems like the deals are getting larger, they are more frequent
Show response
Rob acknowledged some substitution but noted issuers move between markets, private credit more expensive so deals can return to public markets. MSCI partnership designed to condition investors to value ratings on private credit, creating future demand pull.
Calendar 2025 Q1
I didn't fully understand the commentary you made from a seasonal pattern perspective. So maybe you can just give a little bit more detail
Show response
Rob provided quarterly detail: ratings revenue down mid-single digits in Q2, down low single digits in Q3, up mid-single digits in Q4. Biggest adjustment concentrated in Q2.
Calendar 2024 Q4
maybe you can dig a little bit deeper for 2025, the puts and takes. On the range, where do you think some upside can come from
Show response
Rob detailed key assumptions: leveraged loan issuance down mid-single digits, 50% M&A increase. Noted sensitivity: 20-25% M&A increase would mean 2-3pp less revenue growth. No risk-off periods assumed.
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SPGIS&P Global6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
just wondering what your latest thoughts are on this, because again, if you look at that relationship
Show response
Martina declined entirely, offering no view on the licensing relationship, the renewal, or the possibility of licensing other exchanges.
Calendar 2026 Q1
Just wondering what kind of underlying growth rates you're seeing and any on how that asset is performing
Show response
Eric explained the guidance change was driven by revenue recognition timing across 5 deals. Reiterated high-teens revenue growth expectation for With Intelligence with upside potential.
Calendar 2025 Q3
I think in Market Intelligence, you think maybe just 12% of the business is maybe not as proprietary as the rest of it. So can you just speak to that a little bit more
Show response
Eric walked through MI revenue composition: Credit & Risk entirely proprietary, Enterprise Solutions deeply embedded workflow, half of DAI proprietary/curated, quarter workflow/benchmarks, final quarter (~12%) undifferentiated.
Calendar 2025 Q2
just wondering how you think you can find the same leadership position in that market that you have, for example, on the public corporate side
Show response
Martina emphasized consistent methodology across public and private, noted strong sponsor relationships and global engagement, and highlighted issuers moving fluidly between public and private markets.
Calendar 2025 Q1
you've come from a lower margin company, and look, I think over if you compare some of the peers in particular market intelligence, the margins don't compare as well anymore
Show response
Eric acknowledged systemic efficiency efforts underway including MI simplification, CI Gen AI productivity push, and continuous refinement of the cost muscle going forward.
Calendar 2024 Q4
on ACV growth, can you be more specific how much that ACV growth actually was and how much of revenue that typically encompasses
Show response
Provided directional color that ACV growth was 1-2 points faster than revenue growth, but did not give the absolute ACV figure. Described simplification and innovation focus.
VRSKVerisk5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q1
you mentioned this, I think, underwriting platform that you're developing with 1 client
Show response
Lee Shavel described a project integrating data sets and agentic technologies to reimagine underwriting. Won through competitive RFP against tech, software, and AI providers. Client-specific but indicative of broader demand, with potential to scale to more clients.
Calendar 2025 Q3
maybe some general perspective on how that -- how your M&A outlook has changed over the last 3 months? Do you feel like you have capacity for other things?
Show response
Lee Shavel noted primary focus is on AccuLynx and SuranceBay integration while continuing to monitor the market, citing client demand for centralized efficiency and connectivity.
Calendar 2025 Q2
it looks like you really just brought it up for the contribution from M&A by that $40 million to $50 million. I think FX should also be helpful given everything that's going on
Show response
Elizabeth Mann cited H2 headwinds: tough subscription comps from H2 2024, federal government spending cuts starting Q3, auto competitive pressure, California insurer pullback, and storm comparisons.
Calendar 2025 Q1
across the business, are you seeing any delays in decision-making? Or is it true as it always been that the insurance industry seems to be very immune to some of what's going on?
Show response
Elizabeth Mann noted potential insurance industry impact from higher claims costs but no material direct Verisk exposure. Lee confirmed the vast majority of revenues are from insurance clients relatively insensitive to tariffs.
Calendar 2024 Q4
just curious if you can maybe bracket a little bit the kind of low end and the high end. Is it all transactional volatility, which you talked about earlier?
Show response
Elizabeth Mann enumerated swing factors: transactional volatility, California attrition risk on the downside; faster product traction (XactXpert, Augmented Underwriting) on the upside. Lee added macro/regulatory and FX factors.
BRBroadridge Financial Solutions4 questions · 2 reporting periods · 2 of 4 challenging
Calendar 2025 Q4
is there a big pipeline behind the JPMorgan and Fargo's of the world? How do you view the TAM? How quickly do you think this can ramp?
Show response
Tim described shareholder engagement collectively as multi-$100M market opportunity that could add as much as a point of growth to governance over next few years. Multiple revenue streams: AI-driven custom policy engine, vote execution, standing voting instructions for retail, passive fund voting choice.
in a tokenized world, you know, companies can directly engage with shareholders maybe through smart contracts. They're gonna cut you out of the process. Or at the very least, it's gonna drive prici...
Show response
Tim argued vast majority of tokenized equities will flow through broker-dealers with same asset servicing obligations. Intermediaries unlikely to share client lists with issuers due to OBO protections. Multiple tokenization models create complexity that Broadridge manages. New entrants like Coinbase expand market.
Calendar 2024 Q4
obviously the tone and the year-to-date performance really, really strong, but then no real change in the outlook
Show response
Ashima detailed puts and takes: stronger equity positions and event-driven upside offset by lower H2 events, muted fund positions, and FX. Tracking midpoint of guidance with event upside reinvested.
just wondering if you see a pickup in conversations, if you're feeling more optimistic around end markets?
Show response
Tim said too early for post-election optimism to impact sales given long cycles, but highlighted record pipeline with momentum in key investment areas.
CMECME Group4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
why on the retail side you don't think there's demand yet, because clearly you've been expanding into retail aggressively
Show response
Terry pushed back on the retail-demand premise and had Tim McCourt supply crypto growth stats as an apples-to-apples comparison.
Calendar 2025 Q2
where you're spending your time. Where do you see opportunities on both of those issues? And are there any potential risks as well that you see here?
Show response
Suzanne Sprague detailed second phase of Google Cloud Universal Ledger testing. Focus is 24/7 value movement for settlement ecosystem. Targeting 2026 launch.
Calendar 2025 Q1
can you maybe break down the remainder of the growth between some of the price increases, but also, you know, core subscription growth and any other one-timers
Show response
Julie attributed growth to professional subscriber uptake plus 3.5% price increase. $3.5M in audit true-ups. Non-professional usage growing significantly alongside retail volume trends.
Calendar 2024 Q4
can you just elaborate a little bit on how you're thinking about buying back stock? Is it consistent? Is it more dependent on what the stock is doing?
Show response
Lynne Fitzpatrick described the buyback as opportunistic, alongside quarterly and annual variable dividends. Noted excess cash was just paid out via variable dividend in January.
ICEIntercontinental Exchange4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
do you think there's actually some room for stabilization? Or do you think in order to win
Show response
Sprecher acknowledged the decade-long pricing question, said the timing now feels right, and reiterated a structural preference for recurring models over execution pricing.
Calendar 2025 Q4
can you maybe broaden that answer for pricing in general since you obviously just went through the budget process?
Show response
Warren said similar pricing approach: selective increases in financials futures and exchange data. January energy RPC uplift was mix shift from strong TTF volumes, not contract price changes.
Calendar 2025 Q1
there's clearly sales cycles are lengthening in some parts. So just wondering what you're seeing there
Show response
Chris said individual product sales cycles unchanged; multi-product implementations take longer. Warren attributed sequential decline to one fewer day, fewer bulky dataset sales, and equity index AUM decline.
Calendar 2024 Q4
maybe you can just give us a little bit more color on what you expect to do with that asset. I mean, you talked about similar clients as in Mortgage
Show response
Chris Edmonds positioned AFX as a tuck-in serving similar mortgage customer base. Warren noted immaterial revenue today, will sit in Fixed Income and Data Services segment.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CBRE CBRE Group | 8 | 0%none of 8 questions |
| MSCI MSCI | 8 | 0%none of 8 questions |
| NDAQ Nasdaq, Inc. | 8 | 25%2 of 8 questions |
| FDS FactSet | 7 | 14%1 of 7 questions |
| CBOE Cboe Global Markets | 6 | 50%3 of 6 questions |
| MCO Moody's Corporation | 6 | 33%2 of 6 questions |
| SPGI S&P Global | 6 | 0%none of 6 questions |
| VRSK Verisk | 5 | 20%1 of 5 questions |
| BR Broadridge Financial Solutions | 4 | 50%2 of 4 questions |
| CME CME Group | 4 | 25%1 of 4 questions |
- CBRECBRE Group · 8 questions0%none of 8 questions
- MSCIMSCI · 8 questions0%none of 8 questions
- NDAQNasdaq, Inc. · 8 questions25%2 of 8 questions
- FDSFactSet · 7 questions14%1 of 7 questions
- CBOECboe Global Markets · 6 questions50%3 of 6 questions
- MCOMoody's Corporation · 6 questions33%2 of 6 questions
- SPGIS&P Global · 6 questions0%none of 6 questions
- VRSKVerisk · 5 questions20%1 of 5 questions
- BRBroadridge Financial Solutions · 4 questions50%2 of 4 questions
- CMECME Group · 4 questions25%1 of 4 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 13 | 15%2 of 13 questions | 11 |
| 2025 Q1 | 10 | 30%3 of 10 questions | 9 |
| 2025 Q2 | 10 | 10%1 of 10 questions | 9 |
| 2025 Q3 | 8 | 25%2 of 8 questions | 7 |
| 2025 Q4 | 10 | 20%2 of 10 questions | 7 |
| 2026 Q1 | 5 | 20%1 of 5 questions | 5 |
| 2026 Q2 | 8 | 13%1 of 8 questions | 7 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q413 questions · challenge rate 15% (2 of 13 questions) · 11 companies
- 2025 Q110 questions · challenge rate 30% (3 of 10 questions) · 9 companies
- 2025 Q210 questions · challenge rate 10% (1 of 10 questions) · 9 companies
- 2025 Q38 questions · challenge rate 25% (2 of 8 questions) · 7 companies
- 2025 Q410 questions · challenge rate 20% (2 of 10 questions) · 7 companies
- 2026 Q15 questions · challenge rate 20% (1 of 5 questions) · 5 companies
- 2026 Q28 questions · challenge rate 13% (1 of 8 questions) · 7 companies
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth21
- Demand19
- Competitive Dynamics18
- M&A9
- Guidance Reliability7
- Pricing7
- Macroeconomic7
- Subscriber Growth7
- Product Launch5
- Cloud & AI5
Show all 20 topics
- Capital Allocation5
- Margin4
- Innovation & R&D4
- Geographic Expansion4
- Regulation Policy4
- Capex Investment2
- Trade Tariffs2
- Cost Pressure1
- Supply Chain1
- Credit1