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    Peter Christiansen

    Director and seasoned equity research analyst at Citigroup Inc.

    Peter Christiansen is a Director and seasoned equity research analyst at Citigroup Inc., specializing in the coverage of payments, processors, and information services companies. Over the course of more than 20 years in the industry, including prior roles at Citi and Merrill Lynch, he has provided insights and recommendations on a range of major firms in the financial technology and payment processing sectors, consistently delivering insightful analysis grounded in both qualitative and quantitative methodologies. Beginning his career at Merrill Lynch and later advancing to Vice President before assuming his current Director role at Citi in New York, Christiansen has built a strong reputation for thorough research and authoritative market insights. He is a CFA charterholder, further underscoring his deep expertise and professional standing in equity research.

    Peter Christiansen's questions to Circle Internet Group (CRCL) leadership

    Peter Christiansen's questions to Circle Internet Group (CRCL) leadership • Q2 2025

    Question

    Peter Christiansen of Citigroup Inc. inquired about the relationship between USDC's high transaction volume growth and its circulation growth, and asked about the next milestones for the Circle Payments Network (CPN) and its future integration with the new ARC blockchain.

    Answer

    Chairman, CEO & Co-Founder Jeremy Allaire explained that USDC's high velocity is due to the speed and low cost of blockchain transactions, noting that transaction volume growth has outpaced money supply growth. For CPN, he stated near-term priorities are activating more payment corridors and adding self-service tools for partners. He confirmed ARC will play a key role for CPN, offering features like a native FX engine and configurable privacy.

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    Peter Christiansen's questions to Upstart Holdings (UPST) leadership

    Peter Christiansen's questions to Upstart Holdings (UPST) leadership • Q2 2025

    Question

    Peter Christiansen from Citi inquired about the health of the ABS market, particularly the appetite for equity tranche investments, and asked about competitive pressures in the near-prime and prime lending spaces.

    Answer

    CFO Sanjay Datta characterized the ABS bond market as "constructive" but noted the equity tranche market is more "opportunistic" and not fully recovered. CEO Dave Girouard acknowledged that improving funding markets increase competition but affirmed Upstart's confidence in its ability to grow market share and maintain its competitive strength.

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    Peter Christiansen's questions to Upstart Holdings (UPST) leadership • Q2 2025

    Question

    Peter Christiansen asked about the health of the ABS market, particularly the appetite for equity tranche investments, and inquired about competitive pressures in the near-prime and prime lending spaces.

    Answer

    CFO Sanjay Datta described the ABS bond market as "constructive" but noted the equity tranche market remains "opportunistic" and not fully recovered. CEO Dave Girouard acknowledged that improved funding markets increase competition but expressed confidence in Upstart's ability to grow market share through its model advantages.

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    Peter Christiansen's questions to Upstart Holdings (UPST) leadership • Q1 2025

    Question

    Peter Christiansen asked for an assessment of the ABS market's health following a recent transaction and inquired about trends in risk retention and co-investment with the new Fortress deal and other partners.

    Answer

    CFO Sanjay Datta reported that the latest ABS deal was healthily oversubscribed but reiterated that Upstart uses this market opportunistically and is not reliant on it. He also stated that there are no significant changes in trends for risk retention or deal structures with new partners, as these have become very consistent.

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    Peter Christiansen's questions to Upstart Holdings (UPST) leadership • Q4 2024

    Question

    Peter Christiansen from Citigroup Inc. questioned Upstart's view on risk retention for new capital deals and the market's appetite for risk. He also asked about the recent uptick in borrower acquisition costs and the strategy for customer acquisition.

    Answer

    CFO Sanjay Datta confirmed their risk retention strategy remains a single-digit percentage for committed capital deals and noted a generally increasing appetite for risk in the market. CEO David Girouard addressed acquisition costs, stating that long-term unit economics are exceptional and have improved over time, giving them flexibility to adjust marketing spend as needed.

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    Peter Christiansen's questions to Upstart Holdings (UPST) leadership • Q3 2024

    Question

    Peter Christiansen of Citigroup inquired about any observable changes in the underlying use cases for personal loans and whether a potential debt consolidation trend was impacting demand.

    Answer

    CEO Dave Girouard responded that there have been no radical shifts in personal loan use cases. He emphasized that they continue to serve as a versatile financial tool for consumers for a variety of purposes, and the company has not observed any dramatic changes in application trends.

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    Peter Christiansen's questions to SoFi Technologies (SOFI) leadership

    Peter Christiansen's questions to SoFi Technologies (SOFI) leadership • Q2 2025

    Question

    Peter Christiansen from Citigroup asked about SoFi's discretionary spending plans given its strong margins, and whether the 30% incremental margin target is sustainable as the high-margin LPB grows.

    Answer

    CEO Anthony Noto affirmed a commitment to reinvesting for long-term growth, aiming to put $0.70 of every incremental revenue dollar back into the business. He stated that while margins could exceed 30%, the priority is funding future growth. Increased spending is directed toward engineering, product, and design for initiatives in SoFi Money, Invest, crypto, and AI, which are expected to drive growth in future years.

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    Peter Christiansen's questions to SoFi Technologies (SOFI) leadership • Q3 2024

    Question

    Peter Christiansen asked about trends in the alternative credit space and requested an update on the Tech Platform's sales pipeline, particularly regarding decision delays from large clients.

    Answer

    CEO Anthony Noto confirmed that investor demand for SoFi's loans has increased significantly, a trend SoFi is meeting with its loan platform business. Regarding the Tech Platform, he stated that while no final decisions have been made on the large deals in the pipeline, he remains confident SoFi will secure wins. He noted that the need for clients to modernize is inevitable due to technical, risk, and regulatory pressures, creating a long-term tailwind.

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    Peter Christiansen's questions to ADT (ADT) leadership

    Peter Christiansen's questions to ADT (ADT) leadership • Q2 2025

    Question

    Peter Christiansen of Citi followed up on the bulk account purchase, asking about the potential to upgrade these customers to new systems. He also inquired about the initial customer feedback and adoption of the new 'Trusted Neighbor' offering.

    Answer

    CEO Jim DeVries described a well-established playbook for converting bulk accounts, focusing on high-density geographies and quality equipment. CFO Jeff Likosar added that while future upgrades are an opportunity, they are not factored into the initial deal underwriting. On 'Trusted Neighbor,' DeVries reported positive feedback, noting it accounts for over 10% of 'do it for me' installs and drives average installation revenue above $2,500.

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    Peter Christiansen's questions to ADT (ADT) leadership • Q1 2025

    Question

    Peter Christiansen of Citigroup asked for a comparison of macroeconomic impacts on the small business (SMB) channel versus the residential side and inquired about the expected revenue mix between monitoring and installation for the full year.

    Answer

    CEO Jim DeVries stated that the small business segment is 'holding its own,' with attrition remaining generally flat, and is viewed as a growth opportunity. CFO Jeff Likosar reiterated full-year guidance, expecting monitoring and services revenue to grow around 2%, which implies significantly higher growth for installation revenue. This mix shift is driven by the transition to outright equipment sales with the ADT+ platform, which recognizes revenue upfront.

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    Peter Christiansen's questions to ADT (ADT) leadership • Q4 2024

    Question

    Peter Christiansen from Citigroup asked about the outlook for subscriber acquisition spending (SAC) on a normalized basis and whether it's expected to decline. He also questioned if ADT should be more aggressive in upgrading existing customers to the new ADT+ platform.

    Answer

    CFO Jeff Likosar confirmed that the company's cash flow guidance relies on continued SAC efficiency, driven by the ADT+ rollout and other cost reduction efforts. CEO Jim DeVries responded that it is 'absolutely' advantageous to upgrade existing customers to the new platform to standardize operations and that the company is 'cautiously optimistic' about developing cost-effective solutions to do so.

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    Peter Christiansen's questions to COSTAR GROUP (CSGP) leadership

    Peter Christiansen's questions to COSTAR GROUP (CSGP) leadership • Q2 2025

    Question

    Peter Christiansen asked for an elaboration on CoStar's pricing strategies, particularly for the new homes model and other business segments beyond multifamily and LoopNet.

    Answer

    CEO Andy Florance explained that for the new Homes.com product, the current strategy prioritizes market penetration over maximizing average selling price (ASP). He noted that pricing is optimized based on a member's portfolio size and value, with the goal of achieving profitable unit growth first, leaving ASP optimization for later stages.

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    Peter Christiansen's questions to COSTAR GROUP (CSGP) leadership • Q2 2025

    Question

    Peter Christiansen of Citi asked for an elaboration on CoStar's pricing strategy, particularly concerning the new homes model on Homes.com, in light of positive ASP trends in multifamily and LoopNet.

    Answer

    Founder & CEO Andy Florance clarified that for the new Homes.com product, the current strategy prioritizes market penetration over maximizing average selling price (ASP). He noted that with low penetration, the focus is on profitable growth, establishing a foothold, and that they have 'the rest of eternity to play the ASP game.' Pricing currently ranges from a few hundred to several thousand dollars a month based on an agent's portfolio.

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    Peter Christiansen's questions to COSTAR GROUP (CSGP) leadership • Q1 2025

    Question

    Peter Christiansen from Citigroup Inc. asked for details on the integration and monetization plan for the recently acquired Matterport over the next 12 to 18 months.

    Answer

    CEO Andrew Florance explained that Matterport will be deeply and natively embedded into all CoStar platforms while also expanding its standalone business by growing its small international sales team. CFO Christian Lown added that this integration is expected to lower customer cancellations and increase user time on site, creating financial tailwinds.

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    Peter Christiansen's questions to COSTAR GROUP (CSGP) leadership • Q4 2024

    Question

    Peter Christiansen asked for a breakdown of the 2025 revenue guidance for Apartments.com, specifically the assumed mix of property growth versus pricing, and the impact of targeting smaller properties.

    Answer

    CFO Christian Lown confirmed that unit growth will likely be a larger driver than pricing in 2025, while noting a significant TAM remains in larger buildings. CEO Andrew Florance added that high NPS scores (94) reflect a focus on existing clients in 2024, and the planned sales force expansion is designed to target more new properties, including smaller ones where the mid-market team has shown increased productivity.

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    Peter Christiansen's questions to COSTAR GROUP (CSGP) leadership • Q3 2024

    Question

    Peter Christiansen asked about potential seasonality in the Homes.com business and whether renewals for shorter-term contracts might be impacted during the real estate market's slower seasons.

    Answer

    CEO Andy Florance clarified that the primary issue with early renewals was not seasonality but the inexperience of the initial, non-dedicated sales force. He explained that some early clients misunderstood the value proposition, which is centered on helping agents win more listings, not just lead diversion. He pointed to the steadily improving member NPS score as evidence that the value proposition is resonating, suggesting it will become a year-round subscription for active agents.

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    Peter Christiansen's questions to Coinbase Global (COIN) leadership

    Peter Christiansen's questions to Coinbase Global (COIN) leadership • Q1 2025

    Question

    Peter Christiansen of Citigroup followed up on a previous question, asking how Coinbase balances its broad service aspirations against the risk of future legislation that might limit certain functions, specifically referencing a report about the company potentially seeking a banking license.

    Answer

    CEO Brian Armstrong clarified that Coinbase has no current plans to seek a banking license and does not see a need for one based on current draft legislation. He explained that a bank charter is primarily for fractional reserve lending, a model they view as riskier than their fully-reserved approach, and noted that the associated holding company structure could slow down product innovation.

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    Peter Christiansen's questions to Coinbase Global (COIN) leadership • Q4 2024

    Question

    Peter Christiansen of Citigroup Inc. inquired about Coinbase's consumer acquisition strategy and how its value proposition for traders differentiates from all-in-one traditional finance platforms.

    Answer

    CEO Brian Armstrong highlighted the company's trusted brand, crypto-first focus, and effective marketing with a targeted one-year payback period. President and COO Emilie Choi added that being 'crypto-native' provides a durable competitive advantage, comparing it to how digital-native companies like Amazon succeeded against traditional retailers that merely added an online feature.

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    Peter Christiansen's questions to Coinbase Global (COIN) leadership • Q3 2024

    Question

    Peter Christiansen inquired about Coinbase's market share in altcoins, noting a decline from earlier in the year and asking about any shifts in the company's ability to capture volume in lesser-traded tokens.

    Answer

    CFO Alesia Haas explained that the shift was primarily due to lower crypto asset volatility in Q3, which impacts trading in the long tail of assets. She added that the approval of Bitcoin ETFs has increased focus and volume on Bitcoin and Ethereum, affecting the overall volume mix.

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    Peter Christiansen's questions to Alight, Inc. / Delaware (ALIT) leadership

    Peter Christiansen's questions to Alight, Inc. / Delaware (ALIT) leadership • Q1 2025

    Question

    Peter Christiansen asked how the current 92% of 2025 revenue under contract paces against previous years. He also inquired about any recent implementation reschedules and requested clarification on the wealth business's exposure to a weaker macro environment.

    Answer

    CFO Jeremy Heaton explained that having 92% of revenue under contract is a strong position, representing good progress from the 89% at the start of the year, which is ahead of historical pacing. He also confirmed no material implementation reschedules. CEO David Guilmette clarified that the wealth business's exposure to market volatility is minimal, with a potential revenue impact of 'well less of $10 million' in a protracted downturn.

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    Peter Christiansen's questions to Alight, Inc. / Delaware (ALIT) leadership • Q1 2025

    Question

    Peter Christiansen of Citigroup Inc. inquired about the 92% of 2025 revenue under contract, asking how that pacing compares to previous years, whether any implementations have been rescheduled, and for clarification on the wealth business's exposure to market volatility.

    Answer

    CFO Jeremy Heaton explained that the 92% revenue under contract represents good progress and is a stronger position than in prior years. He also confirmed no material implementation delays. CEO David Guilmette clarified that the wealth business's exposure to a protracted market downturn would result in a revenue impact of 'well less of $10 million.'

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    Peter Christiansen's questions to Alight, Inc. / Delaware (ALIT) leadership • Q4 2024

    Question

    Peter Christiansen asked for a benchmark of the 8-point improvement in contract renewal rates against historical levels and for color on pricing trends. He also questioned if pricing has become a higher priority for new clients given rising benefit costs.

    Answer

    CEO David Guilmette stated the improvement brings retention close to historical norms, with a bit more headroom to improve, and noted no unusual pricing pressure. He emphasized that for new clients, the focus is on Alight's ability to impact their total benefit spend, making it a value proposition rather than a price-driven decision. CFO Jeremy Heaton added that any price compression is already factored into the loss metric.

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    Peter Christiansen's questions to Pagaya Technologies (PGY) leadership

    Peter Christiansen's questions to Pagaya Technologies (PGY) leadership • Q1 2025

    Question

    Peter Christiansen inquired about the expected scaling of the Prescreen product over the next 12-18 months and asked if the previously contemplated scenario for fair value marks remains a valid assumption.

    Answer

    President Sanjiv Das described Prescreen as a key initiative that helps lending partners grow by proactively offering credit to their existing customers, noting that proofs of concept have been very encouraging with a rollout planned for H2. CFO Evangelos Perros advised that the earnings supplement should be the guide for potential future losses and that the Q1 credit-related losses are considered normalized levels for the business.

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    Peter Christiansen's questions to Pagaya Technologies (PGY) leadership • Q4 2024

    Question

    Peter Christiansen from Citi asked for clarification on comments about redemption rights and inquired about the expected evolution of the network volume mix in 2025, particularly the impact of point-of-sale growth on risk retention.

    Answer

    CFO Evangelos Perros clarified that his remark was about exercising existing early redemption rights in the fair value calculation, not about overcoming any issues. He stated that the high end of the volume guidance assumes faster ramp-up from newer partners, with auto and POS being the highest growth areas. President Sanjiv Das reinforced the strong growth in POS, noting a robust pipeline and conservative forecasts for the new Elavon partnership.

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    Peter Christiansen's questions to Global Business Travel Group (GBTG) leadership

    Peter Christiansen's questions to Global Business Travel Group (GBTG) leadership • Q1 2025

    Question

    Peter Christiansen of Citigroup asked about client behavior, specifically if there's evidence of trading down in accommodations, the contrast between rising SME new wins and lower SME transaction volumes, and the upcoming milestones for the CWT merger.

    Answer

    CEO Paul Abbott stated there is no significant client trade-down, with premium and international travel holding up well. He explained that while SME organic growth is slower due to macro pressures, new client wins are driving sequential improvement in the segment. Chief Legal Officer Eric Bock outlined the CWT merger timeline, noting fact discovery completion in June, a trial in September, and an expected close by year-end 2025.

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    Peter Christiansen's questions to Global Business Travel Group (GBTG) leadership • Q4 2024

    Question

    Peter Christiansen from Citi inquired about the CWT legal challenge dynamics under a new administration and the facts used in the complaint. He also sought clarification on the 2025 free cash flow guidance, asking if the M&A provision was for legal costs, and looked for signs of 'green shoots' in the SME segment.

    Answer

    Chief Legal Officer Eric Bock confirmed the DOJ and CMA arguments were similar and that dialogue with the new administration continues. CFO Karen Williams affirmed the free cash flow guidance includes a one-time provision for M&A-related legal costs. CEO Paul Abbott added that while there was a slight SME uptick late in the year, he would not yet call it 'green shoots' but remains optimistic for gradual improvement in 2025.

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    Peter Christiansen's questions to Global Business Travel Group (GBTG) leadership • Q3 2024

    Question

    Peter Christiansen of Citigroup inquired about the primary drivers for future free cash flow expansion and whether the recent slowdown in SME activity was broad-based or concentrated in specific verticals.

    Answer

    CFO Karen Williams explained that future free cash flow growth will be driven by continued margin expansion from cost controls, increased productivity from CapEx spending, and further reductions in interest expense. CEO Paul Abbott added that SME growth showed signs of stabilization and is expected to improve as macroeconomic conditions, particularly interest rates, become more favorable, noting this trend aligns with broader small business spending data.

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    Peter Christiansen's questions to MOODYS CORP /DE/ (MCO) leadership

    Peter Christiansen's questions to MOODYS CORP /DE/ (MCO) leadership • Q1 2025

    Question

    Peter Christiansen from Citigroup asked for a deeper look into the assumption for first-time mandates (FTMs), questioning the source of confidence that the strong momentum would continue throughout the year.

    Answer

    CEO Robert Fauber confirmed that Q1 FTMs were up 20% year-over-year, driven by Corporate Finance and, increasingly, the Financial Institutions Group (FIG). He explained that a new dynamic is the significant contribution from private credit entities (like BDCs and funds) getting rated for the first time, with about one-third of FIG FTMs coming from this area. While FTMs are linked to leverage finance, this private credit tailwind supports the current guidance.

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    Peter Christiansen's questions to MOODYS CORP /DE/ (MCO) leadership • Q4 2024

    Question

    Peter Christiansen from Citigroup inquired about Moody's Analytics' (MA) ability to implement value-based pricing and also asked about headcount growth expectations for the Moody's Investors Service (MIS) segment.

    Answer

    Stephen Tulenko, President of MA, affirmed a continued focus on value-based pricing, noting stable contributions from upgrades and price, which were around 7% in 2024. Regarding MIS, CFO Noemie Heuland stated that significant investments in automation are making analysts more efficient, meaning headcount is expected to grow at a slower pace than revenue. CEO Robert Fauber added that GenAI tools are enhancing the value proposition, enabling new conversations with clients about labor efficiency.

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    Peter Christiansen's questions to PAYCHEX (PAYX) leadership

    Peter Christiansen's questions to PAYCHEX (PAYX) leadership • Q3 2025

    Question

    Peter Christiansen requested an update on the 401(k) business, including growth and attachment rates, and its potential as a revenue synergy with the Paycor acquisition.

    Answer

    CEO John Gibson described the 401(k) business as a strong, double-digit grower, though asset values presented a minor headwind in the quarter. He noted that regulatory tailwinds from the SECURE Act are helpful but convincing clients and employees to participate remains a focus. Gibson confirmed that Paychex sees a significant opportunity to offer its 401(k) program to Paycor's client base post-acquisition.

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    Peter Christiansen's questions to PAYCHEX (PAYX) leadership • Q1 2025

    Question

    Peter Christiansen inquired about the outlook for seasonal hiring trends and whether the new Recruiting Copilot tool could deepen relationships with staffing agency clients.

    Answer

    Executive Robert Schrader noted that hiring within the client base was positive and slightly above expectations for the second consecutive quarter. CEO John Gibson added that Paychex is aggressively working to help clients fill vacancies through new tools and consulting. Gibson clarified that the Recruiting Copilot is designed for all small and mid-sized businesses, not just staffing agencies, and serves as a new channel to acquire non-Paychex customers.

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    Peter Christiansen's questions to NERDWALLET (NRDS) leadership

    Peter Christiansen's questions to NERDWALLET (NRDS) leadership • Q4 2024

    Question

    Peter Christiansen asked how the new strategy of focusing on user engagement over traffic volume impacts competitive market share and the company's value proposition to financial partners.

    Answer

    CEO Tim Chen responded that partners are highly analytical and value the high lifetime value (LTV) of customers from NerdWallet, who are well-informed and convert at a high rate. He emphasized that partners make decisions based on LTV-to-CAC calculations, where NerdWallet is a preferred channel, rather than viewing market share as a zero-sum game for traffic.

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    Peter Christiansen's questions to NERDWALLET (NRDS) leadership • Q3 2024

    Question

    Peter Christiansen asked for details on the strength in non-auto insurance, the impact of insurance growth on registered users, and current trends in the banking vertical.

    Answer

    CEO Tim Chen clarified that the recent insurance surge was almost entirely driven by the auto segment, its largest market. He confirmed that the personalized nature of the insurance shopping experience is a significant driver of new user registrations. Regarding banking, Chen noted that while credit card underwriting remains tight, issuer appetite is improving. He explained that deposit account revenue is down year-over-year against tough comps from the 2023 rate-hike cycle but should establish a higher new baseline than pre-hike levels.

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    Peter Christiansen's questions to CLARIVATE (CLVT) leadership

    Peter Christiansen's questions to CLARIVATE (CLVT) leadership • Q4 2024

    Question

    Peter Christiansen asked about the revenue synergy potential between Clarivate's three business lines and whether new products are aimed at value-added pricing or total addressable market (TAM) expansion.

    Answer

    CEO Matti Shem Tov explained that new products target both TAM expansion and increased wallet share. He provided examples, such as Web of Science Research Intelligence as a new offering for existing customers and a new IP product (IPCH) aimed at the corporate and law firm market. He expressed confidence that the VCP will free up resources to focus on these growth initiatives.

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    Peter Christiansen's questions to CLARIVATE (CLVT) leadership • Q3 2024

    Question

    Peter Christiansen asked for an assessment of the potential for revenue synergies between the three business segments, which was a key part of the original investment thesis.

    Answer

    CEO Matti Shem Tov acknowledged the company's history with the 'One Clarivate' strategy and its subsequent reversal. He stated his belief that potential for revenue synergies exists but that he needs more time to conduct a thorough analysis before providing a specific answer, confirming it is an area of focus.

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    Peter Christiansen's questions to S&P Global (SPGI) leadership

    Peter Christiansen's questions to S&P Global (SPGI) leadership • Q4 2024

    Question

    Peter Christiansen from Citigroup asked about the expected pace of synergy realization in 2025 and how new AI products or the Vitality Index might contribute to achieving those targets.

    Answer

    President and CEO Martina Cheung expressed pleasure with synergy realization, noting they were ahead of target in 2024 and expect to continue that pace. She explained AI will drive innovation through both enhancements to existing products (like ChatIQ) and new solutions (like the Kensho-LLM-ready API), which will contribute to overall business growth.

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    Peter Christiansen's questions to AUTOMATIC DATA PROCESSING (ADP) leadership

    Peter Christiansen's questions to AUTOMATIC DATA PROCESSING (ADP) leadership • Q2 2025

    Question

    Peter Christiansen asked about the Fiserv partnership's potential to expand into adjacent markets like B2B payments and treasury management, and whether this represents a significant long-term total addressable market (TAM) expansion opportunity for ADP.

    Answer

    CEO Maria Black acknowledged that such adjacencies are part of their strategic considerations and that the Fiserv partnership will be a valuable learning experience. She emphasized that solving client needs is the primary driver for exploring these opportunities through partnerships or deeper integrations, and hinted that more details on future strategy would be shared at the upcoming Investor Day.

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    Peter Christiansen's questions to AUTOMATIC DATA PROCESSING (ADP) leadership • Q1 2025

    Question

    Peter Christiansen asked whether the WorkForce Software opportunity is more about adding new logos or scaling solutions to ADP's base, and inquired about plans for the debt from the transaction.

    Answer

    CEO Maria Black responded that the opportunity is 'both,' emphasizing the large total addressable market for workforce management and the growth potential from combining WorkForce Software's product with ADP's scale and distribution. CFO Don McGuire pointed to the recent $1 billion note issuance at 4.75% as the primary funding source for the $1.2 billion transaction.

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