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Matt Swope

Managing Director and High Yield Corporate Bond Analyst at Baird Robert W & Co. Inc. /wi/

United States

Matt Swope is a Managing Director and High Yield Corporate Bond Analyst at Robert W. Baird & Co., specializing in research and strategic insights across the Technology, Media, and Telecom (TMT) sector. He covers a range of high-yield corporate issuers in these industries, providing analysis that supports credit investment decisions and portfolio management strategies, and is recognized for his expertise in distressed debt and credit-based investing. Swope began his career with WR Huff Asset Management, moved on to co-found Washington Corner Capital Management, and later headed Desk Analysis and TMT research at Gleacher & Company before joining Baird in 2013. He holds the Chartered Financial Analyst (CFA) designation, an MBA in Finance from NYU Stern, and is a FINRA-registered broker.

Matt Swope's questions to CONDUENT (CNDT) leadership

Question · Q4 2025

Matt Swope from Baird questioned the vulnerability of Conduent's business 'moat' to AI disruptors and technology threats, asking for an estimate of existing revenue stream exposure. He also sought clarification on bridging the gap between past 2025 exit rate targets (e.g., positive free cash flow) and actual negative results, asking how to model 2026. Furthermore, he inquired about the timing and magnitude of portfolio rationalization plans compared to previous targets of up to $350 million in proceeds. Lastly, he asked if bond buybacks, given current trading levels, would fit into Conduent's capital allocation strategy.

Answer

CEO Harsha Agadi estimated 15%-20% of the business *may* be exposed to AI disruption, acknowledging it's a dynamic target requiring quick action or partnerships, with the Commercial Segment potentially facing faster disruption. CFO Giles Goodburn added that Conduent is strengthening its own AI capabilities across platforms (e.g., benefit enrollment, tolling, fraud detection). Regarding 2025 targets, Giles acknowledged they were aspirational but progress is being made, with a continued focus on improving EBITDA, profitability, and free cash flow, accelerated by Harsha's leadership. Harsha stated that while 2025 FCF was negative $130 million, he is 'fixated' on free cash flow and expects progression, aiming for positive FCF in 2026 without giving formal guidance. For portfolio rationalization, Harsha clarified it's a very high priority, with existing efforts being accelerated and a thorough review underway for additional opportunities, aiming for swift execution. On capital allocation, Harsha indicated that de-levering is key, and current bond trading levels present an attractive opportunity that may be more lucrative than share buybacks, which will be evaluated with financial advisors.

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Fintool can predict CONDUENT logo CNDT's earnings beat/miss a week before the call

Matt Swope's questions to PITNEY BOWES INC /DE/ (PBI) leadership

Question · Q2 2025

Matt Swope of Robert W. Baird & Co. questioned the rationale behind recent management changes, the expected tenure of the new CEO and CFO, whether the CEO was selling personal shares into the buyback, and the strategy for refinancing debt and future leverage levels.

Answer

CEO Kurt Wolf and CFO Paul Evans addressed the questions, stating the CFO change was an opportunity to bring in exceptional talent with a strong working history. Both executives affirmed their long-term commitment to their roles. Wolf confirmed no recent personal share sales had been filed. Regarding capital structure, Evans noted they are evaluating all options for refinancing the 2027 notes, while Wolf added they would be comfortable with leverage above 3.0x in the future, but only after gaining the market's confidence.

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Fintool can predict PITNEY BOWES INC /DE/ logo PBI's earnings beat/miss a week before the call