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    John Campbell

    Managing Director of Equity Research at Stephens Inc.

    John Campbell is a Managing Director of Equity Research at Stephens Inc., specializing in coverage of real estate-related sectors with a primary focus on public companies operating in residential real estate and services. He regularly analyzes and reports on firms such as RE/MAX, Anywhere Real Estate, Zillow, CoStar, Redfin, Compass, Fathom, and eXp World Holdings, offering in-depth performance review to clients and investors. Since joining Stephens in 2011 as a research associate and advancing through multiple senior research roles, Campbell has established the firm’s Real Estate Services research practice after earlier roles in corporate strategy at FedEx. He holds both a BA in Banking & Finance and an MBA from the University of Mississippi, and is presumed to hold FINRA registrations in line with his responsibilities as a senior equity analyst at a major broker-dealer.

    John Campbell's questions to Fidelity National Financial (FNF) leadership

    John Campbell's questions to Fidelity National Financial (FNF) leadership • Q1 2025

    Question

    John Campbell of Stephens Inc. asked about the week-to-week phasing of April purchase orders relative to interest rates, inquired about April's commercial open order activity, and questioned the reason for the downward revision in quarterly investment income guidance.

    Answer

    CEO Mike Nolan stated that April purchase orders improved slightly toward the end of the month but showed little variation overall. He also provided April commercial order data: total commercial was up 4%, national opens were up 15%, and local was down 3%. CFO Tony Park explained the investment income guidance was lowered from a previous range of $95-$100 million to $85-$90 million per quarter, primarily driven by the expectation of two Fed funds rate cuts later in the year.

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    John Campbell's questions to Fidelity National Financial (FNF) leadership • Q4 2024

    Question

    John Campbell inquired about the estimated impact of the prior year's data breach on title margins and asked about F&G's capital constraints and FNF's appetite to provide additional capital.

    Answer

    CFO Tony Park estimated the prior year's data breach impact was minimal, around 50 basis points on margin, a sentiment echoed by CEO Mike Nolan, who attributed the strong Q4 results to broad-based business strength. Regarding capital, F&G CEO Chris Blunt acknowledged that while they could always use more, they have other sources like reinsurance. Tony Park highlighted FNF's ability to maintain its cash position despite a $250 million investment in F&G and announced the board's decision to resume share buybacks, signaling confidence in cash flow.

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    John Campbell's questions to Fidelity National Financial (FNF) leadership • Q3 2024

    Question

    John Campbell of Stephens Inc. inquired about the factors limiting the Q3 total pretax title margin, which appeared lower than historical incremental margins, and asked for an outlook on the commercial business, specifically regarding fee per file in Q4 and whether future growth would be driven by orders or fee per file.

    Answer

    CEO Mike Nolan explained that the margin difference from the prior year was minimal and attributed it to a mix shift, as outperformance in lower-margin agency revenue can impact the overall margin. CFO Tony Park clarified that the high incremental margin of ~40% applies to direct revenue, while agency is closer to 10%. On the commercial outlook, Mike Nolan expressed optimism, citing a 16% year-over-year increase in national orders in October and a strong national fee per file, which he believes bodes well for Q4 and 2025, especially as the office market is expected to recover.

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    John Campbell's questions to Porch Group (PRCH) leadership

    John Campbell's questions to Porch Group (PRCH) leadership • Q1 2025

    Question

    John Campbell inquired about the mix of new policies between HOA and Porch Insurance in Texas, the reciprocal's surplus level compared to year-end targets, and the regulatory calculation of Porch's shares within that surplus.

    Answer

    Executive Matt Ehrlichman stated that while they don't disclose the specific product mix, new business growth is strong, particularly in key segments like homebuyers. Executive Shawn Tabak clarified that the reciprocal's surplus combined with non-admitted assets grew to a record high of $198 million in Q1, well above the prior target, and explained its seasonal fluctuations. He also detailed how the surplus is calculated, with the $198 million figure being the most representative of the reciprocal's net assets. Matt Ehrlichman added context on the flywheel effect of a higher stock price enabling more premium growth.

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    John Campbell's questions to Porch Group (PRCH) leadership • Q4 2024

    Question

    John Campbell inquired why the 2026 adjusted EBITDA target of $100 million was not increased alongside the 2025 guidance raise, and also asked for an update on the performance and revenue outlook for the Home Factors data product.

    Answer

    CEO Matt Ehrlichman and CFO Shawn Tabak explained the decision to reaffirm the 2026 target was to avoid getting "over their skis," expressing confidence in the goal while planning to update closer to the period. COO Matthew Neagle reported that Home Factors shows strong internal results and is now in testing with multiple third-party carriers, though significant revenue contribution is not expected until 2026 and beyond.

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    John Campbell's questions to Porch Group (PRCH) leadership • Q3 2024

    Question

    John Campbell of Stephens Inc. asked about the new consumer value proposition under the reciprocal exchange, specifically how the moving concierge service differs from past offerings and why it's expected to drive better synergies. He also inquired about the decision to exit the corporate relocation business and its financial impact on the Vertical Software segment.

    Answer

    COO Matthew Neagle explained that the company's moving capabilities had previously been underutilized by its insurance arm, HOA, and will now be a core differentiator for the new Porch Insurance product targeting homebuyers. Regarding the corporate relocation exit, Neagle stated that declining scale and unfavorable market trends made the service unprofitable. He noted the resulting impact on move-related revenue but highlighted remaining opportunities in labor-only moving services.

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    John Campbell's questions to RE/MAX Holdings (RMAX) leadership

    John Campbell's questions to RE/MAX Holdings (RMAX) leadership • Q1 2025

    Question

    Asked about future reinvestment needs, medium-term margin targets, and the drivers behind the strong international agent growth and pricing strategy.

    Answer

    Future investments will be purposefully directed at enhancing the agent value proposition to drive top-line growth while maintaining cost discipline. International growth is credited to strong local operators and brand momentum. The pricing strategy is designed to ensure operator success, and new global revenue opportunities are being explored.

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    John Campbell's questions to RE/MAX Holdings (RMAX) leadership • Q4 2024

    Question

    Asked for RE/MAX's stance on the Clear Cooperation Policy (CCP), its vision for direct consumer access, its appetite for share buybacks, and its overall capital allocation priorities.

    Answer

    The CEO stated that RE/MAX is prepared to compete regardless of CCP outcomes but leans towards a 'pro-CCP camp with some flexibility,' prioritizing the customer experience. The CFO noted that deleveraging is the first priority, but share buybacks are attractive once leverage is below 3.5x. Capital allocation priorities are reinvesting in the business, developing new products, and considering other opportunities like return of capital.

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    John Campbell's questions to RE/MAX Holdings (RMAX) leadership • Q3 2024

    Question

    Inquired about the pace of RE/MAX franchise sales, the impact of franchise growth on agent count, and the company's stance on the Clear Cooperation Policy (CCP) compared to its scaled competitors.

    Answer

    Executives described the current market as 'wait-and-see' due to various industry pressures, but noted high interest from independent brokerages looking to convert. These conversions are included in franchise sales counts and are key to agent growth. Regarding the CCP, RE/MAX's stance is to prioritize consumer interests and transparency for the long-term health of the brand, even if eliminating the policy could offer short-term benefits.

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    John Campbell's questions to RE/MAX Holdings (RMAX) leadership • Q3 2024

    Question

    John Campbell inquired about the outlook for RE/MAX franchise sales and their historical impact on agent count. He also asked for the rationale behind RE/MAX's pro-transparency stance on the NAR's clear cooperation policy (CCP), which differs from some competitors.

    Answer

    CEO Erik Carlson described the current franchise sales market as a 'wait-and-see' environment due to industry-wide uncertainty, though he noted interest from independents remains solid. Brand Leader Amy Lessinger added that RE/MAX's value proposition is strong for independents struggling with industry changes. Regarding CCP, Carlson stated that RE/MAX's position prioritizes long-term consumer trust and transparency over potential short-term gains from policy changes.

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    John Campbell's questions to LendingTree (TREE) leadership

    John Campbell's questions to LendingTree (TREE) leadership • Q1 2025

    Question

    John Campbell asked about the seasonality and sustainability of the strong Q1 Small Business (SMB) revenue, the mortgage rate level needed to revive the mortgage marketplace, and the status of the student loan business.

    Answer

    COO Scott Peyree noted that while some seasonality exists, SMB growth is driven by an expanded sales team and lender network, with strong tailwinds expected to continue. CFO Jason Bengel confirmed the strength is expected to persist. On mortgages, Peyree suggested a '5 handle' on 30-year rates could trigger a seismic shift. Regarding student loans, management confirmed they have largely exited the business due to low demand but could re-enter if the market returns.

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    John Campbell's questions to LendingTree (TREE) leadership • Q3 2024

    Question

    John Campbell asked a big-picture question about areas for reinvestment as the outlook brightens, specifically mentioning brand spend and MyLendingTree/Spring. He also inquired about OpEx and headcount expectations for next year and the month-to-month progression of the Insurance business in Q3 and into October.

    Answer

    CEO Douglas Lebda stated there are no current plans for a big brand spend budget and that the focus is on controllable improvements. CFO Jason Bengel added that as Home and Consumer recover, there is no dramatic need to add headcount, making the expense base leverageable. COO Scott Peyree described the Insurance trend, noting a significant ramp-up in early Q3 (June/July) that held steady, followed by sustained high demand into Q4, characterized by more targeted state-by-state expansions rather than broad-based ones.

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    John Campbell's questions to COSTAR GROUP (CSGP) leadership

    John Campbell's questions to COSTAR GROUP (CSGP) leadership • Q1 2025

    Question

    John Campbell from Stephens Inc. asked how CoStar is positioning Homes.com to capture private listings that may not abide by Zillow's new standards and if there are other strategies being considered.

    Answer

    CEO Andrew Florance explained that with industry rules changing, the unpopularity of competitors' 'lead diversion' models positions Homes.com favorably. He emphasized that Homes.com's model is in harmony with agents by featuring their branding on their listings, and the company will work with clients as they wish, without trying to regulate their marketing choices.

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    John Campbell's questions to COSTAR GROUP (CSGP) leadership • Q4 2024

    Question

    John Campbell inquired about the timeline for CoStar's international operations to significantly impact overall results and whether the company might accelerate its international investment pace.

    Answer

    CEO Andrew Florance stated that CoStar is making steady progress, with plans to launch CoStar France by year-end 2025 and Spain soon after. He noted the company is rationalizing European operations to improve the P&L and does not foresee a significant P&L hit from this expansion in 2025. He also mentioned that rolling out LoopNet across Europe is a priority for 2025 and is an easier process than the core CoStar product.

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    John Campbell's questions to COSTAR GROUP (CSGP) leadership • Q3 2024

    Question

    John Campbell noted a sharp sequential drop in sales and marketing spend and asked if the gross investment in residential could decrease next year, particularly regarding major advertising like Super Bowl commercials.

    Answer

    CEO Andy Florance indicated they would not pull back dramatically but joked about a '33% reduction in Homes Super Bowl ads.' CFO Christian Lown clarified that while marketing spend might decrease, this would be offset by increased expenses from significantly growing the sales force, likely resulting in a similar overall investment level for the residential business next year.

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    John Campbell's questions to Anywhere Real Estate (HOUS) leadership

    John Campbell's questions to Anywhere Real Estate (HOUS) leadership • Q1 2025

    Question

    John Campbell sought clarification on Anywhere's stance regarding the Clear Cooperation Policy, particularly in relation to Zillow's decision to ban certain private listings. He also asked about performance trends from Corcoran's private listing network and requested specifics on year-over-year changes in April's open and closed transaction volumes.

    Answer

    CEO Ryan Schneider clarified that Anywhere supports broad listing distribution and is 'for the Zillow move,' believing it is best for the consumer, even while maintaining its own private listing capabilities for niche situations. He stated that private listing networks remain a niche product without significant changes in usage trends. Schneider also confirmed that both open and closed volumes for April were 'basically flat' year-over-year through April 25th, attributing the softness compared to Q1 to broader market and macroeconomic volatility.

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    John Campbell's questions to Anywhere Real Estate (HOUS) leadership • Q4 2024

    Question

    John Campbell asked how Anywhere would leverage its listing leadership if private networks emerge and requested a rule of thumb for EBITDA sensitivity to housing volume.

    Answer

    CEO Ryan Schneider stated that while Anywhere believes private networks are bad for consumers, the company is fully prepared with the technology and scale to compete and succeed in such an environment. CFO Charlotte Simonelli reiterated a previous sensitivity of roughly $15 million in EBITDA for each percentage point of volume change. CEO Schneider also noted that providing full-year guidance was a new approach to give investors a clearer view despite market volatility.

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    John Campbell's questions to Anywhere Real Estate (HOUS) leadership • Q3 2024

    Question

    John Campbell inquired if the average broker commission rate held steady within the strong October activity and asked about the key drivers behind the stabilization of agent commission splits over the last 2.5 years.

    Answer

    CEO Ryan Schneider stated he did not yet have commission rate data for the October activity. CFO Charlotte Simonelli addressed commission splits, attributing their 10-quarter stability to several factors, with the most significant being a more rational competitive environment. She expressed confidence in maintaining this stability, noting that while higher volumes could push some agents up rate tables, this could be offset by changes in agent mix.

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    John Campbell's questions to First American Financial (FAF) leadership

    John Campbell's questions to First American Financial (FAF) leadership • Q1 2025

    Question

    John Campbell asked new CEO Mark Seaton about his strategic vision, whether the company would adhere to its typical success ratio, and for color on the volatile April purchase order data.

    Answer

    CEO Mark Seaton stated that no dramatic strategic changes are planned, as he is fully bought into the existing strategy focusing on the core title business and high-growth adjacent businesses. He affirmed that a 50% to 60% success ratio for the full year is a reasonable expectation. He also acknowledged the week-to-week volatility in April purchase orders but noted that the overall business outlook is more positive now than a few months ago, largely due to outperformance in the commercial segment.

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    John Campbell's questions to First American Financial (FAF) leadership • Q4 2024

    Question

    John Campbell asked for clarification on the relationship between higher investment income and title interest expense, and for an update on the drivers of the 'Information and other' revenue line, which outperformed expectations.

    Answer

    CFO Mark Seaton clarified that the largest drivers of investment income—the investment portfolio and escrow deposits—do not have a corresponding interest expense offset, though the warehouse lending business does. Regarding the 'Information and other' line, he identified the three main drivers of its Q4 strength as the international business (particularly Canadian refis), growth in non-risk-based U.S. title products tied to market recovery, and continued growth in the data and analytics business.

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    John Campbell's questions to First American Financial (FAF) leadership • Q3 2024

    Question

    John Campbell asked for confirmation on the P&L impact of the portfolio rebalancing, the applicability of the historical success ratio, and details on the Home Warranty segment's direct-to-consumer marketing efforts.

    Answer

    CFO Mark Seaton confirmed the $67 million annualized income benefit from rebalancing has no corresponding interest expense and affirmed the 60% success ratio target holds, particularly with revenue growth over 5%. CEO Kenneth DeGiorgio described the increased Home Warranty marketing spend as a long-term, opportunistic investment in the underpenetrated direct-to-consumer channel.

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    John Campbell's questions to STEWART INFORMATION SERVICES (STC) leadership

    John Campbell's questions to STEWART INFORMATION SERVICES (STC) leadership • Q1 2025

    Question

    John Campbell questioned the conservative full-year title loss provision guidance of low 4% given the 3.5% rate in Q1, asking if underlying negative trends were emerging. He also sought specifics on residential purchase fee per file growth and the company's reaction to the proposed Texas insurance fee cut.

    Answer

    CFO David Hisey attributed the conservative loss guidance to potential volatility from their business mix, particularly in international operations, while CEO Frederick Eppinger confirmed no new negative trends are developing. Regarding fee per file, Hisey noted the 13% increase in residential fee per file was driven by a higher mix of purchase transactions. On the Texas fee cut, Eppinger mentioned it is being challenged and that the company has plans to manage the impact through other service fees if it is implemented.

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    John Campbell's questions to STEWART INFORMATION SERVICES (STC) leadership • Q4 2024

    Question

    John Campbell asked for clarification on the drivers of Stewart's significant outperformance in the Commercial segment, the reasons for the consistently low Title loss provision rate, and the outlook for investment income.

    Answer

    CEO Frederick Eppinger attributed Commercial outperformance to both a favorable business mix, with energy growing to ~35% of their book, and significant underlying market share gains, estimating a rise from 9% to 14%. CFO David Hisey explained the low Title loss ratio was due to favorable claims experience and fewer large 'jumbo' claims, though he maintained guidance in the low 4% range. Hisey also projected investment income to remain stable around current levels, noting their negotiated rates provide a cushion against minor interest rate drops.

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    John Campbell's questions to STEWART INFORMATION SERVICES (STC) leadership • Q3 2024

    Question

    John Campbell from Stephens Inc. asked for an update on the company's long-term margin target in a normalized market, questioned recent trends in purchase and refi activity amid rate volatility, and sought clarity on diverging order count trends versus competitors.

    Answer

    CEO Frederick Eppinger raised the pretax margin target to approximately 11.5% on a GAAP basis for a normalized 5 million unit market, citing operational leverage from technology and data management investments. He described the current residential market as 'bouncing around off the bottom' with high cancellation rates due to rate spikes. Regarding order counts, Eppinger stated that while purchase orders appear weaker, the company is 'holding serve' on a market-by-market basis and the discrepancy could be due to geographic or high-end market mix.

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    John Campbell's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership

    John Campbell's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    John Campbell asked about the potential for adjusted EBITDA margins to exceed the high end of the target range and questioned how market uncertainty is affecting M&A multiples.

    Answer

    CEO Ed Ryan stated that while the core business drives margins up, they remain cautious about raising the target range due to potential FX volatility and the dilutive impact of acquiring lower-margin companies, which is a key growth strategy. Regarding M&A, he noted that while the environment has been favorable, it's too soon to see the impact of recent uncertainty on valuation multiples, as there is typically a lag.

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    John Campbell's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    John Campbell of Stephens Inc. asked about the potential for adjusted EBITDA margins to exceed the high end of the target range, given recent cost savings and acquisition performance, and also questioned the current M&A environment.

    Answer

    CEO Ed Ryan responded that while the core business profitability is increasing, the company remains cautious about raising its 40-45% margin target. He cited potential headwinds from foreign exchange and the margin-dilutive impact of new acquisitions, which typically have lower profitability upon purchase. On M&A, he noted that while market uncertainty should create opportunities, it often takes several months for seller valuation expectations to adjust.

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    John Campbell's questions to eXp World Holdings (EXPI) leadership

    John Campbell's questions to eXp World Holdings (EXPI) leadership • Q4 2024

    Question

    John Campbell of Stephens Inc. inquired about eXp's position on the Clear Cooperation Policy (CCP) debate, the company's strategy for a potentially fragmented listing landscape, the current mix of fixed versus variable operating expenses, and the rationale for a change in reporting real estate transactions versus total transactions.

    Answer

    Leo Pareja, Chief Strategy Officer, stated that while a fragmented market would be bad for consumers, eXp's scale would provide an 'unfair advantage.' He believes the current MLS system is superior and pro-consumer. Kent Cheng, CFO, explained that a significant portion of costs are variable and can flex with transaction volume, with AI expected to drive future efficiencies. Glenn Sanford, Founder, Chairman and CEO, added that international expansion is a planned cost with long-term revenue benefits. Kent Cheng offered to clarify the transaction metric reporting offline.

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    John Campbell's questions to RDFN leadership

    John Campbell's questions to RDFN leadership • Q4 2024

    Question

    Asked for clarification on the lead agent count increase, the ramp-up time for new agents to become productive, and the expected revenue impact on the rentals business from the Zillow partnership.

    Answer

    The lead agent count is now over 2,200, a 25% increase from the Q3 average. New experienced agents still have a 4-6 month ramp-up time due to the sales cycle. Rentals revenue will decrease meaningfully (but not by 90%) as the business model shifts, but the segment's profit is expected to triple, and the long-term goal is to grow the marketplace from this new base.

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    John Campbell's questions to RDFN leadership • Q3 2024

    Question

    Asked for Redfin's stance on the clear cooperation policy and the potential impact if it were eliminated. Also inquired if the company was seeing a breakout in its Seattle market, consistent with external data.

    Answer

    Redfin's stance is pro-consumer, believing all listings should be public. If the policy were eliminated, Redfin feels its large website would give it a competitive advantage in marketing listings privately. The company declined to comment on a single market but noted that in markets that have transitioned to Redfin Next, adding agents is directly leading to more sales.

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    John Campbell's questions to RDFN leadership • Q2 2024

    Question

    Questioned the conservative Q3 real estate revenue guidance given historical trends and recent rate relief. Also asked if the full-year breakeven EBITDA target is dependent on a market recovery or achievable through internal efforts alone.

    Answer

    The guidance is based on observable customer behavior in a slow market and does not assume a significant market improvement from lower rates. The full-year breakeven EBITDA target is based entirely on 'self-help' and internal execution, not on any assumed market recovery.

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    John Campbell's questions to RDFN leadership • Q1 2024

    Question

    Inquired about the impact of buyer agency agreements on filtering out low-intent consumers, the future of the 'Sign & Save' rebate, and whether Redfin would launch a sell-side ad product in subscale markets.

    Answer

    Executives stated that 'Sign & Save' has been a 'seismic change,' boosting close rates by 20%, and they don't plan to eliminate the rebate. They also confirmed they are launching a product this summer for listing agents (both Redfin and traditional) to pay to receive buyer leads from their listings on Redfin.com.

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    John Campbell's questions to Cannae Holdings (CNNE) leadership

    John Campbell's questions to Cannae Holdings (CNNE) leadership • Q4 2024

    Question

    John Campbell inquired about the potential financial and enterprise value impact if AFC Bournemouth qualifies for European competitions, and also asked about Cannae's capital allocation strategy, specifically how close its cash flow is to covering the dividend and its appetite for share buybacks.

    Answer

    Ryan Caswell, an executive at Cannae, explained that European qualification for AFC Bournemouth would have a significant positive financial impact from media and match day revenues, and more importantly, would validate the club's enterprise value growth strategy. Regarding capital allocation, Caswell noted that while generating cash flow to cover the dividend and operating expenses is a key focus, they are not there yet. He confirmed that share buybacks are a priority for capital deployment, with the scale of repurchases dependent on monetizing public company investments, such as the ongoing strategic review at Dun & Bradstreet.

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    John Campbell's questions to Cannae Holdings (CNNE) leadership • Q3 2024

    Question

    John Campbell asked about the urgency of shifting from public to private investments, specifically questioning if Cannae would push for a strategic sale of Alight. He also inquired about potential strategies, like a tracking stock, to get the market to recognize the value of Black Knight Football. Finally, he asked about the sustainability of the quarterly dividend and its funding source.

    Answer

    Ryan Caswell, an executive, responded that a strategic sale of a portfolio company like Alight is a decision for that company's board. He agreed that finding a way to demonstrate Black Knight Football's value, possibly through a tracking stock or third-party investment, is a good idea they will consider. Regarding the dividend, Caswell confirmed it is currently funded from the capital pool but the long-term goal is for it to be covered by cash flow from operating businesses like Watkins.

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    John Campbell's questions to QUINSTREET (QNST) leadership

    John Campbell's questions to QUINSTREET (QNST) leadership • Q2 2025

    Question

    John Campbell asked about QuinStreet's capacity to maintain its strong momentum in auto insurance and for more detail on the drivers behind the guided Q4 EBITDA margin expansion.

    Answer

    CEO Doug Valenti stated that significant capacity remains, as many carriers are still under-budgeted in digital and QuinStreet is expanding into new markets like agent-driven and business insurance. He explained that margin expansion will come from optimizing media for the recent auto insurance surge, growth in higher-margin verticals, and developing new, more efficient media sources.

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    John Campbell's questions to QUINSTREET (QNST) leadership • Q1 2025

    Question

    John Campbell asked about the scale of QuinStreet's insurance revenue growth compared to past peaks, its sequential growth rate, and the typical seasonal decline expected in Q2. He also inquired about the assumptions behind the full-year guidance, particularly for the second half, and whether a slowdown was expected in insurance or the core business due to factors like TCPA rule changes.

    Answer

    CFO Greg Wong confirmed that insurance revenue grew over 80% sequentially and that the Q2 guidance incorporates a typical 10% seasonal decline. CEO Doug Valenti added that the full-year outlook maintains a conservative posture due to several factors: observing how the significant insurance ramp stabilizes, navigating the transition period for the new FCC rules, and accounting for potential disruption from the upcoming election.

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    John Campbell's questions to ZILLOW GROUP (ZG) leadership

    John Campbell's questions to ZILLOW GROUP (ZG) leadership • Q3 2024

    Question

    John Campbell questioned the Q4 residential revenue guidance, asking if it implies a year-over-year decline in Premier Agent revenue. He also asked about the drivers of Follow Up Boss adoption and the reason for the increase in its contingent consideration liability.

    Answer

    CFO Jeremy Hofmann advised focusing on normal Q3-to-Q4 seasonality rather than a specific PA decline, highlighting the strong overall Q4 guide. CEO Jeremy Wacksman explained that Follow Up Boss adoption is driven by its own organic growth and its integration into Enhanced Markets. Hofmann clarified that the change in contingent consideration was a non-cash fair value adjustment due to the time value of money, not a change in the expected payout.

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    John Campbell's questions to ZILLOW GROUP (ZG) leadership • Q3 2024

    Question

    John Campbell asked if the Q4 residential revenue guidance implies a year-over-year decline for Premier Agent revenue. He also inquired about the drivers of Follow Up Boss's sharp adoption and the reason for the change in its contingent consideration.

    Answer

    CFO Jeremy Hoffman advised focusing on normal Q3-to-Q4 seasonality rather than a specific YoY trend for Premier Agent, highlighting the overall strength of the full-year outlook. CEO Jeremy Wacksman attributed Follow Up Boss's success to both strong organic growth and its deep integration into Enhanced Markets, where 80% of connections now flow through it. Hoffman clarified the contingent consideration change was a non-cash fair value adjustment, not a change in the expected payout.

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    John Campbell's questions to ZILLOW GROUP (ZG) leadership • Q2 2024

    Question

    John Campbell from Stephens Inc. asked for more detail on the success of the new touring agreement and inquired about Zillow Home Loans' staffing and capacity to handle a potential refinancing wave.

    Answer

    CEO Jeremy Wacksman explained that early pilots of the touring agreement showed a net positive impact on conversion by educating consumers, leading to a broad rollout. Regarding mortgages, he stated the company's focus remains squarely on the purchase market, where they see a massive, durable growth opportunity aligned with their integrated transaction strategy, rather than preparing for a potential refi wave.

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    John Campbell's questions to ZILLOW GROUP (ZG) leadership • Q1 2024

    Question

    John Campbell of Stephens Inc. asked if agents would be penalized for not adopting the new touring agreement, its importance for reaching the 6% transaction share goal, and how Zillow's proprietary 3D tour technology compares to competitors.

    Answer

    COO Jeremy Wacksman clarified the touring agreement is optional and educational, designed to facilitate agent-customer conversations, not penalize agents. He emphasized that both physical and virtual touring are critical growth pillars for improving customer quality and driving transaction share. He also expressed strong confidence in Zillow's homegrown 3D technology, which powers Listing Showcase and drives significant buyer engagement.

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