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Analyst
Jeff Schmitt
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 24on tracked calls
- Challenge rate
- 8%2 of 24 questions
- Companies
- 4questioned at least once
- Reporting periods
- 7with 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 24 of 24 questions from 4 companies
AIZAssurant12 questions · 6 reporting periods · 2 of 12 challenging
Calendar 2026 Q2
how much more capacity do you have in the Nashville device care center?
Show response
Meier said Nashville and Texas centers have plenty of room to expand, calling reverse logistics a complementary element while device protection programs remain the economic driver.
Are there other deals in the works? I mean, maybe if you could talk about your pipeline there, what that looks like?
Show response
Demmings said scale and capability investment give a strong long-term lender-placed pipeline, with each new client (Bank of America, now Freedom Mortgage) raising the bar.
Calendar 2026 Q1
your growth strategy for the new Home Warranty business just in terms of building that out beyond the Compass partnership
Show response
Demmings highlighted active conversations with potential partners including existing affinity clients and additional real estate sector opportunities, with Meier noting leveraged contractor network via Best Buy and Lowe's.
how much revenue is the new Best Buy legacy book adding in Global Lifestyle
Show response
Meier did not quantify specific revenue but described a mix of 2-5 year contracts that earn over time, with the Q4 assumption helping earnings come through faster.
Calendar 2025 Q4
What geographies are you starting in there, and then how have you gone about, you know, sort of building out the contractor network
Show response
Demmings described national rollout across six Anywhere/Compass brands with deep integration into the transaction buy flow.
Could you discuss the size and cadence of investments that you're planning for that business in '26
Show response
Demmings quantified $15-20M incremental 2026 home warranty investment; corporate line moves from $124M to $140M.
Calendar 2025 Q2
investment income from other investments was negative in the first half
Show response
Meier attributed the H1 decline to real estate JV lumpiness; overall book yields up to 5.33%, +10bps QoQ and +20bps YoY.
the overall benefit ratio in Global Lifestyle, it's around 23% to 24%
Show response
Meier pointed to VSC loss improvement as an inflection point this year for Auto, supporting the growth outlook.
Calendar 2025 Q1
size and cadence of higher investments for, I guess, new partnerships, program launches, things
Show response
Demmings laid out 2024 investment split ($15M client launches, $10M device care) and confirmed 2025 will run at similar order of magnitude.
Global Lifestyle, the loss ratio is still kind of relatively high versus historical levels
Show response
Meier confirmed two consecutive quarters of Auto EBITDA growth with VSC loss experience improving quarter-over-quarter and GAP levelling off.
Calendar 2024 Q4
in Global Auto, are you still seeing elevated losses in that GAAP book? And how much did that cont
Show response
Meier confirmed stabilization quarter-over-quarter but when pressed on dollar magnitude only offered ‘$1 million or $2 million better.’
Are you seeing a lot of insurers fleet, California after the fires. So could we maybe see that kind
Show response
Keith Meier pointed to the California regulatory moratorium blocking near-term exits; longer-term exits expected once lifted.
NDAQNasdaq, Inc.5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q1
Would these be similar to prediction market products? And could you just provide some more detail on what you're doing there?
Show response
Friedman confirmed event/binary options on Nasdaq-100 performance as first product, bringing prediction market construct into regulated market framework. Working with OCC on risk and margin models. Described as entry-level options under established regulatory framework.
Calendar 2025 Q4
Is that just being driven by retail strength? Do you see a structural shift there? And is that carried over into '26?
Show response
Friedman attributed volume growth to broadening investor base in both retail and institutional. ETF options overlay driving institutional engagement. Connected to 23.5 trading opportunity pending SEC approval in 2026.
Calendar 2025 Q3
On the Axiom to Calypso cross-selling opportunities, I know Thoma Bravo never really kind of fully monetized that avenue, but are you doing anything different than they did?
Show response
Friedman noted Thoma Bravo built Calypso-to-AxiomSL data connector pre-acquisition (M&T Bank example). Nasdaq's advantage is C-suite access enabling holistic conversations across risk management, regulatory, crime prevention, wealth/data/index, creating broader cross-sell surface.
Calendar 2025 Q2
does that assume much international expansion? Or could there potentially be upside there if that momentum picks up
Show response
Friedman confirmed three growth pillars: SMB, Tier 1/2 move upmarket, and European expansion. Europe a longer-term contributor beginning 2027-2028.
Calendar 2024 Q4
On the Proprietary Index Options business, revenues doubled during the year. Could you discuss what your plans are for that business
Show response
Friedman described virtuous cycle of institutional and retail adoption, highlighting Robinhood listing and insurance/institutional channel expansion for NDX franchise.
AMPAmeriprise Financial4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
is there any guidance you could provide on how to think about crediting rates coming down for both the bank and certificates as the Fed cuts rates
Show response
Walter explained spread management: crediting less as rates decline, core investments now longer-dated to reduce rate sensitivity. Jim added bank development helps maintain spread while deepening client engagement.
could you discuss some of the expense actions you've taken there over the last year or 2? And when do you expect those initiatives to be complete
Show response
Jim described comprehensive global operating review including BMO integration, platform consolidation, geographic optimization, and State Street back-office arrangement. Most changes completed, last piece is back-office transition.
Calendar 2025 Q2
With top line growth slowing in wealth management, is there an opportunity to maybe get more aggressive
Show response
Jim emphasized focus on quality recruiting and centralized channel over rolling up networks. Building out direct client capabilities. Values-aligned approach over volume.
you mentioned you're targeting a payout ratio of 85% in the second half
Show response
Walter confirmed 85% is the current elevated target for H2, with capacity and willingness to go higher if in shareholders' best interest.
CBOECboe Global Markets3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
what will you need to do to drive adoption there? Kind of a different animal, obviously
Show response
Hocking said adoption leans on the intermediated model, with retail broker platforms (Robinhood, Schwab, Webull, tastytrade) driving inbound demand. Direct.
Calendar 2025 Q4
Could you provide us with an update on what you're doing there? Is that really for the multi-listed options?
Show response
Rob confirmed multi-list focus. Working on GTH extension for multi-list (Q3 pending approval). Also engaging industry on ORF reform - aligning fees with where trades occur rather than spreading across all 20 exchanges. Managing market share vs revenue capture dynamically.
Calendar 2024 Q4
Could you discuss some of the initiatives you have on the AI front that could help customers generate more revenue?
Show response
Chris Isaacson acknowledged AI center of excellence created but candidly admitted no immediate revenue opportunities. Focus is internal productivity and future product development.
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 |
|---|---|---|
| AIZ Assurant | 12 | 17%2 of 12 questions |
| NDAQ Nasdaq, Inc. | 5 | 0%none of 5 questions |
| AMP Ameriprise Financial | 4 | 0%none of 4 questions |
| CBOE Cboe Global Markets | 3 | 0%none of 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 25%1 of 4 questions | 3 |
| 2025 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q2 | 5 | 0%none of 5 questions | 3 |
| 2025 Q3 | 3 | 0%none of 3 questions | 2 |
| 2025 Q4 | 4 | 0%none of 4 questions | 3 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 3 | 0%none of 3 questions | 2 |
- 2024 Q44 questions · challenge rate 25% (1 of 4 questions) · 3 companies
- 2025 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q25 questions · challenge rate 0% (none of 5 questions) · 3 companies
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q44 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Margin7
- Competitive Dynamics7
- Cost Pressure4
- Capex Investment3
- Demand3
- Product Launch3
- Revenue Growth3
- Innovation & R&D3
- Regulation Policy2
- Geographic Expansion2
Show all 16 topics
- Subscriber Growth2
- Capital Allocation2
- Pricing1
- Credit1
- M&A1
- Cloud & AI1