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Matt Swoope

Managing Director and High Yield Corporate Bond Analyst at Baird

Matt Swope is a Managing Director and High Yield Corporate Bond Analyst at Baird, specializing in research and strategic insights into the high-yield corporate bond market with a focus on the Technology, Media, and Telecom (TMT) sector. He leads analysis in TMT high-yield bonds and has engaged with companies like Pitney Bowes on margin impacts and operational challenges, though specific performance metrics such as success rates or rankings on platforms like TipRanks are not publicly detailed. Swope joined Baird in 2013 after serving in similar leadership roles at Gleacher & Company (from its predecessor Broadpoint in 2009), co-founding Washington Corner Capital Management as a research analyst and portfolio manager, and spending six years at WR Huff Asset Management in research and portfolio management. He holds the Chartered Financial Analyst (CFA) designation, a Bachelor of Arts in Mathematics and Computer Science from Williams College, and an MBA in Finance from NYU Stern School of Business.

Matt Swoope's questions to CONDUENT (CNDT) leadership

Question · Q4 2025

Matt Swoope from Baird questioned the extent to which Conduent's existing revenue stream is exposed to AI disruptors and other technology threats. He also asked for clarification on bridging the gap between CEOs regarding 2025 exit rates, particularly the negative free cash flow, and how to model for 2026. Additionally, he inquired about the timing and magnitude of portfolio rationalization compared to past targets and whether bond buybacks would fit into the capital allocation strategy given current bond trading levels.

Answer

CEO Harsha Agadi estimated that roughly 15-20% of the business might be exposed to AI disruption, acknowledging it's a moving target and emphasizing the need to move quickly or partner. He noted that the commercial segment might be disrupted faster than transportation or government. CFO Giles Goodburn added that Conduent is shoring up its 'moat' with its own AI capabilities across platforms. Regarding free cash flow, Mr. Goodburn stated that while 2025 ended negatively, the destination of improving EBITDA margins and positive free cash flow hasn't changed, with acceleration expected under Mr. Agadi. Mr. Agadi expressed determination to achieve positive free cash flow in 2026, though not as guidance. For portfolio rationalization, Mr. Agadi clarified it's a high priority, with existing efforts being accelerated and new opportunities being reviewed simultaneously, involving bankers to expedite the process. On capital allocation, Mr. Agadi suggested that bond buybacks might be more lucrative than share buybacks given current trading yields, but a thorough analysis would be conducted.

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