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Analyst
Russell Quelch
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q3 (4 quarters).
- Questions
- 17on tracked calls
- Challenge rate
- 29%5 of 17 questions
- Companies
- 5questioned at least once
- Reporting periods
- 4with 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 17 of 17 questions from 5 companies
MCOMoody's Corporation4 questions · 4 reporting periods · 3 of 4 challenging
Calendar 2025 Q3
Noemie, you cut out some headwinds around slowing retention and sales driving that slowdown in insurance ARR
Show response
Noémie cited tough 2024 comps from large RMS platform migrations and customer digestion period. Rob highlighted expanding beyond property into casualty, cyber, and climate solutions as medium-term growth drivers.
Calendar 2025 Q2
this is the fourth consecutive quarter of decline in Banking ARR within Decision Solutions, and that's come at a time where you're rolling out new upgrades
Show response
Rob explained 7% blended Banking ARR masks divergence: lending/CreditLens growing low-to-mid teens while legacy learning (training) business declining. Combined lending plus Numerated ARR expected in high teens.
Calendar 2025 Q1
Could you square the guidance for a decrease in issuance versus flat to increased revenue growth for 2025
Show response
Rob cited 3-4% pricing benefit, positive mix from lower bank loan repricing share, modest M&A recovery in H2, and mid-single-digit recurring revenue growth bridging issuance to revenue.
Calendar 2024 Q4
Can you talk about what's driving a reacceleration of growth in that area and how sustainable is in the high teens range
Show response
Steve cited investments in data, models, and software. Rob highlighted large bank relationship expansions and new corporate platform launch for customer onboarding and supplier risk use cases.
MSCIMSCI4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
Just wanted to circle back to the discussion on active ETFs. I think, Baer, you said you've seen an impressive 10% quarter-on-quarter growth there.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q2
Yes. Thank you for having me on. You mentioned earlier you're not relying on partnerships with the GP for private fund data.
Show response
Management addressed the question with specific commentary.
Calendar 2025 Q1
Thank you. Good morning. Perhaps as a follow-up to an earlier question on retention, can I quickly check that the improvement in Q1 was driven by a lapping of one-off client consolidations
Show response
Management addressed the question with specific commentary.
Calendar 2024 Q4
Yes. Hi. Good morning. Just wanted to ask a question on the partnership with Moody’s in the ESG segment.
Show response
Management addressed the question with specific commentary.
SPGIS&P Global4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
have you made any progress in integrating any more of S&P's data sets into that platform? Are you seeing any sort of notable uptick in data usage
Show response
Confirmed CI data already monetized as add-on via Copilot, working on MI data integration. Described MCP server and Kensho grounding for trusted retrieval, IP protection via watermarking research.
Calendar 2025 Q2
Was that a competitive displacement? And exactly what products did that entail? I wanted to know, did you take like a bundled or enterprise approach when it came to pricing
Show response
Described as a full 360 partnership with Cap IQ Pro access and Barclays pricing data submission. Anchored in jointly developed principles with no expected revenue lumpiness.
Calendar 2025 Q1
I wanted to pick up on the 9% growth in data and custom subscription revenues in Q1 within the index business. That looks like the highest print you've ever reported
Show response
Eric attributed strong growth to end-of-day data seeing mid-teens growth, partially offset by lower custom data feeds. Expressed overall satisfaction with Indices performance.
Calendar 2024 Q4
Can you provide an update on where you are in terms of executing on this opportunity. Wondering if you can be specific perhaps around how much revenue private credit is contributing to Ratings
Show response
Confirmed strong private credit momentum and broad private markets solutions across software, valuations, and indices, but declined to break out specific revenue numbers. Would not speculate on Fannie/Freddie.
VRSKVerisk4 questions · 4 reporting periods · 2 of 4 challenging
Calendar 2025 Q3
are there any of your large carriers that are talking to you about how they want to leverage AI to garner greater insights from their own sort of large amount of data they hold
Show response
Lee Shavel argued carriers' internal AI efforts actually increase demand for Verisk's benchmarking data, citing admitted lines data becoming relevant for E&S benchmarking.
Calendar 2025 Q2
what is the hurdle rate you've considered when making these 2 acquisitions recently?
Show response
Elizabeth Mann stated the target is ROIC above WACC within 3 years but did not disclose the specific hurdle rate or WACC assumption.
Calendar 2025 Q1
maybe you could give a clearer breakdown on the various drivers of the 4% year-on-year fall in transaction revenue and disclose perhaps what the growth in transactional revenue was excluding the im...
Show response
Elizabeth Mann quantified the discrete contract conversion at 200-250bp, cited ongoing anti-fraud conversions, SBS project comps, and InsurTech attrition. Noted auto shopping continues but overall mix may not match market.
Calendar 2024 Q4
I noted that CapEx came in quite far below the prior guidance range in '24. I think it was about 10% below the midrange of what you're guiding for. I'm trying to square that with your comments that...
Show response
Elizabeth Mann attributed the CapEx shortfall to timing, not strategic delay, noting significant OpEx investment as well. Declined to forecast free cash flow but cited dividend increase as a confidence signal.
FDSFactSet1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q2
Will that be deployed organic or inorganically? And what are the main areas that you think you might deploy that additional capital to drive improving returns from next year?
Show response
Helen cited ample liquidity and comfort despite volatile markets. Buyback increased to $400M. Will continue acquisition focus for inorganic growth.
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 |
|---|---|---|
| MCO Moody's Corporation | 4 | 75%3 of 4 questions |
| MSCI MSCI | 4 | 0%none of 4 questions |
| SPGI S&P Global | 4 | 0%none of 4 questions |
| VRSK Verisk | 4 | 50%2 of 4 questions |
| FDS FactSet | 1 | —Rate withheld: fewer than 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 | 4 |
| 2025 Q1 | 4 | 50%2 of 4 questions | 4 |
| 2025 Q2 | 5 | 20%1 of 5 questions | 5 |
| 2025 Q3 | 4 | 25%1 of 4 questions | 4 |
- 2024 Q44 questions · challenge rate 25% (1 of 4 questions) · 4 companies
- 2025 Q14 questions · challenge rate 50% (2 of 4 questions) · 4 companies
- 2025 Q25 questions · challenge rate 20% (1 of 5 questions) · 5 companies
- 2025 Q34 questions · challenge rate 25% (1 of 4 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth6
- Subscriber Growth4
- Competitive Dynamics4
- Capital Allocation3
- Demand3
- M&A2
- Cloud & AI2
- Product Launch2
- Pricing2
- Innovation & R&D1
Show all 12 topics
- Credit1
- Capex Investment1