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    Cal Bartyzal

    Vice President and Equity Research Analyst at Craig-Hallum Capital Group LLC

    Cal Bartyzal is a Vice President and Equity Research Analyst at Craig-Hallum Capital Group LLC, specializing in the coverage of technology and software companies within the small- and mid-cap space. He covers firms such as Workiva, PDF Solutions, Upland Software, and Docebo, delivering actionable insights and demonstrating a strong track record with a notable average return per rating and a success rate ranked highly on TipRanks. After starting his career as an investment banking analyst at Piper Sandler, Bartyzal joined Craig-Hallum in 2018, where he advanced through research roles to his current position. He holds FINRA Series 7, 63, 86, and 87 licenses, and has quickly built a reputation for insightful fundamental analysis and value-driven recommendations.

    Cal Bartyzal's questions to QUINSTREET (QNST) leadership

    Cal Bartyzal's questions to QUINSTREET (QNST) leadership • Q4 2025

    Question

    Cal Bartyzal of Craig-Hallum Capital Group LLC inquired about the spending trends of auto insurance carriers during Q4 and the reacceleration into Q1, as well as the core assumptions underpinning the initial fiscal 2026 guidance, including the potential for a calendar year-end budget flush.

    Answer

    CEO Douglas Valenti explained that carrier spending was stable early in Q4 before increasing later in the quarter, with momentum expected to continue into Q1 and calendar Q4. He noted that carriers have strong economics and growing clarity on tariffs. Valenti characterized the initial fiscal 2026 guidance as conservative, acknowledging that a significant year-end budget flush from carriers is possible given their high profitability.

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    Cal Bartyzal's questions to QUINSTREET (QNST) leadership • Q3 2025

    Question

    Cal Bartyzal inquired about QuinStreet's discussions with auto insurance carriers regarding their capacity to absorb potential tariff pressures and the company's strategy for balancing margin expansion with investments in the business.

    Answer

    CEO Doug Valenti explained that while auto carriers are financially strong enough to absorb a wide range of tariff impacts, the uncertainty has led them to a 'wait-and-see' mode, tempering spending ramps. Regarding margins, he detailed a multi-pronged strategy including leveraging top-line growth, expanding high-margin proprietary media, converting some partnerships to fee-based models, and scaling new, higher-margin products for insurance agencies.

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    Cal Bartyzal's questions to Cardlytics (CDLX) leadership

    Cal Bartyzal's questions to Cardlytics (CDLX) leadership • Q2 2025

    Question

    Cal Bartyzal, on for Jason Krayer of Craig-Hallum Capital Group, asked about the traction seen with scaling local offers and the key drivers behind the Hy-Vee partnership win for the Ripple platform.

    Answer

    CEO Amit Gupta explained that investments in geo-targeting capabilities have enabled more local offers, driving benefits in everyday spend and restaurant categories. On the Ripple platform, Gupta noted that the addition of high-quality partners like Hy-Vee is increasing advertiser excitement due to the enhanced scale and data quality, leading to higher volumes on DSPs and more custom work requests.

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    Cal Bartyzal's questions to Cardlytics (CDLX) leadership • Q1 2025

    Question

    Cal Bartyzal, on for Jason Kreyer, asked how Cardlytics' focus on everyday spend advertisers is performing in the current environment and whether macroeconomic pressures could accelerate the adoption of its advanced data and insights products.

    Answer

    CEO Amit Gupta affirmed that everyday spend is a core strength, with leading retailers leveraging the platform for targeted campaigns like driving omnichannel behavior and even using Cardlytics' insights for strategic decisions like real estate acquisition. Gupta added that the company is investing heavily in advanced models to improve targeting and relevancy, such as geo-targeting based on where consumers work and shop, not just where they live. He believes these enhanced capabilities will help advertisers navigate the environment more effectively.

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    Cal Bartyzal's questions to Cardlytics (CDLX) leadership • Q4 2024

    Question

    Cal Bartyzal, on for Jason Kreyer, asked about the contribution from the new large U.S. financial institution partner in the Q1 guide and sought more detail on the drivers of the pipeline strength and 'green shoots' mentioned.

    Answer

    CFO Alexis DeSieno clarified that the new large FI partner is not a significant contributor to the Q1 guide as it launched late in the quarter and will ramp throughout the year. CEO Amit Gupta explained the 'green shoots' are present across all four pillars of the turnaround plan, including improved platform delivery, new non-FI supply partner interest, and new microtargeting solutions for advertisers.

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    Cal Bartyzal's questions to LiveRamp Holdings (RAMP) leadership

    Cal Bartyzal's questions to LiveRamp Holdings (RAMP) leadership • Q1 2026

    Question

    Cal Bartyzal from Craig-Hallum asked for an expanded outlook on Commerce Media Networks and how CTV budget shifts are impacting the business.

    Answer

    CEO Scott Howe detailed the expansion of Commerce Media Networks beyond retail into sectors like travel, automotive, and real estate, citing wins with Walgreens and Western Union. He emphasized a 'network flywheel' effect and a strong customer ROI as key confidence drivers. Regarding CTV, Howe noted that the shift from linear TV budgets plays directly into LiveRamp's clean room strengths, enabling precise targeting and measurement by combining publisher and advertiser data, a key demand in the current economic climate.

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    Cal Bartyzal's questions to COMSCORE (SCOR) leadership

    Cal Bartyzal's questions to COMSCORE (SCOR) leadership • Q2 2025

    Question

    The analyst asked for more details on the new Cross Content Measurement product, including early client demand and its long-term potential. He also inquired about the drivers of growth for the Proximic solution, questioning whether it was partner-led or from direct sales.

    Answer

    The CEO explained that the Cross Content Measurement product provides a holistic, cross-platform view of audiences tied to content and is seeing strong interest from broadcasters, streamers, and advertisers. He added that Proximic's growth is driven by a combination of scaling with programmatic ecosystem partners and direct selling efforts to agencies and brands.

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    Cal Bartyzal's questions to COMSCORE (SCOR) leadership • Q2 2025

    Question

    Cal Bartyzal of Craig-Hallum Capital Group inquired about the early client demand and long-term opportunity for the new Comscore Content Measurement (CCM) product. He also asked for details on the traction drivers for Proximic, specifically whether growth was partner-led or from direct go-to-market efforts.

    Answer

    CEO Jon Carpenter explained that the Cross Content Measurement product provides a unified, deduplicated view of audiences across platforms, attracting strong interest from broadcasters, streamers, advertisers, and agencies. Regarding Proximic, Carpenter stated that while the majority of business scales through programmatic partners, direct selling efforts with agencies and their brand clients are also contributing significantly to its growth.

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    Cal Bartyzal's questions to Porch Group (PRCH) leadership

    Cal Bartyzal's questions to Porch Group (PRCH) leadership • Q2 2025

    Question

    Cal Bartyzal, on for Jason Kreyer, asked about the applications of HomeFactors data outside of insurance underwriting, such as in media campaigns, and inquired about the go-to-market reception and distribution strategies for the company's new insurance agency partnerships.

    Answer

    COO Matthew Neagle detailed HomeFactors use cases in marketing for home services and powering the consumer app, noting shorter sales cycles than in insurance. CEO Matt Ehrlichman added that the data also creates value for carriers in pricing, reinsurance, and marketing. Regarding agency distribution, Neagle highlighted the massive untapped opportunity, the expansion of the sales team from 2 to 26 people, and the strong reception from agents who are attracted to the differentiated product and competitive commissions.

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    Cal Bartyzal's questions to Porch Group (PRCH) leadership • Q4 2024

    Question

    Cal Bartyzal, on behalf of Jason Kreyer, asked for the company's expectations on the cadence for policy in force (PIF) growth in 2025 and the potential impact of a mild real estate market on business trends.

    Answer

    COO Matthew Neagle clarified that policy count is expected to be mostly flat in 2025, with the gross written premium target being achieved primarily through rate increases, and that policy growth should accelerate into 2026. CEO Matt Ehrlichman added that the company's guidance is conservative and does not assume a housing market rebound, positioning any recovery as a potential tailwind.

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    Cal Bartyzal's questions to CREATIVE REALITIES (CREX) leadership

    Cal Bartyzal's questions to CREATIVE REALITIES (CREX) leadership • Q1 2025

    Question

    Inquired about the reasons for the major QSR win and its potential to attract more clients, the company's current investments (like warehouse expansion) to prepare for future growth, and whether tariff uncertainty is causing a pull-forward in customer demand.

    Answer

    Richard Mills explained that the QSR win resulted from a rigorous, two-year dual-RFP process, which enhances their market credibility. The company is preparing for growth by expanding its warehouse capacity and investing in its tech platforms. While there have been minor hardware pull-forwards due to tariff concerns, there hasn't been a major shift in customer purchasing behavior.

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    Cal Bartyzal's questions to YELP (YELP) leadership

    Cal Bartyzal's questions to YELP (YELP) leadership • Q1 2025

    Question

    Cal Bartyzal (on behalf of Jason Kreyer) inquired about the primary drivers of the 9% CPC growth, its relation to the Services mix shift, and strategies to deliver more value to advertisers. He also asked what was driving the strong adoption of Yelp Assistant despite lower paid search spend.

    Answer

    CFO David Schwarzbach attributed the CPC growth to strong advertiser demand in Services, which offset softness in RR&O, and a strategic focus on delivering higher-quality, more valuable clicks over sheer volume. CEO Jeremy Stoppelman addressed the Yelp Assistant question, crediting its strong performance to product improvements and a large runway for growth, including expansion to new entry points and categories. He positioned Yelp Assistant as the future of user interaction on the platform, with potential to be offered as an API to third parties.

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    Cal Bartyzal's questions to YELP (YELP) leadership • Q3 2024

    Question

    Cal Bartyzal of Canaccord Genuity inquired about the strategic rationale and timing for acquiring RepairPal to expand into auto services, and asked for an update on the headwinds affecting the Restaurant, Retail & Other (RR&O) category.

    Answer

    CEO Jeremy Stoppelman explained that the RepairPal acquisition aligns with Yelp's services strategy, bringing deep auto industry expertise to enhance products like Request-A-Quote. COO Jed Nachman added that the RR&O category continues to face cyclical macro headwinds like elevated input costs and reduced consumer spending, but Yelp is positioned for a rebound.

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    Cal Bartyzal's questions to Xperi (XPER) leadership

    Cal Bartyzal's questions to Xperi (XPER) leadership • Q1 2025

    Question

    Cal Bartyzal of Craig-Hallum, on behalf of Jason Kreyer, questioned the macroeconomic assumptions in the company's guidance, the potential for the new TiVo One home page ad unit to accelerate ARPU, and the progress of the TiVo OS device rollout in the U.S.

    Answer

    CEO Jon Kirchner stated that despite macro uncertainties, the company is maintaining its guidance due to strong Q1 execution and built-in planning flexibility. He highlighted that the new home page ad unit is a key, planned part of the strategy to drive monetization across smart TVs and IPTV devices. Kirchner added that the U.S. rollout is progressing, with footprint scale expected to build in the second half of the year through new TV partners and set-top box updates.

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    Cal Bartyzal's questions to Xperi (XPER) leadership • Q4 2024

    Question

    Cal Bartyzal of Craig-Hallum Capital Group inquired about Xperi's strategy for TiVo OS, specifically the balance between adding new OEM partners and increasing volume with existing ones. He also asked about the drivers for the TiVo One platform's ARPU growth and the relative importance of North American versus European device scaling to achieve the target of over $10.

    Answer

    CEO Jon Kirchner stated that Xperi intends to both expand its share with current partners and add new ones from its pipeline. Regarding ARPU, Kirchner explained it will ramp through the year, driven by a combination of European TiVo OS TVs and North American video-over-broadband devices, all connected to the common TiVo One ad platform. This structure allows Xperi to leverage the more mature U.S. advertising market to monetize its entire connected footprint.

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    Cal Bartyzal's questions to Viant Technology (DSP) leadership

    Cal Bartyzal's questions to Viant Technology (DSP) leadership • Q1 2025

    Question

    Cal Bartyzal asked for an update on customer sentiment regarding recent tariffs, how CTV's growth insulates the business, and how Viant convinces advertisers to shift spend away from search and social media platforms.

    Answer

    COO Chris Vanderhook and CEO Tim Vanderhook explained that tariff impacts are limited to fewer than 10 advertisers who have merely delayed, not canceled, spend. They noted that CTV's growth, now over 45% of spend, provides a strong secular tailwind. The shift from search and social is driven by educating advertisers on CTV's superior incremental lift, which is proven through Viant's measurement tools and is causing marketers to reallocate budgets to channels that drive new sales.

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