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    Peter Heckmann

    Managing Director and Senior Equity Research Analyst at D.A. Davidson

    Peter Heckmann is a Managing Director and Senior Equity Research Analyst at D.A. Davidson Companies, specializing in financial technology and software companies such as Paysign, Tyler Technologies, Toast, and SS&C Technologies. Renowned for his analytical rigor, Heckmann holds a 65.93% success rate and delivers an average return of 17.37% on his stock recommendations, earning him a 4.68-star analyst ranking. Beginning his research career in 1997, he has held key analyst and portfolio management roles at George K. Baum, Hoak Breedlove Wesneski, Stifel Nicolaus, A.G. Edwards, Blackthorn Investment Group, and Avondale Partners before joining D.A. Davidson in 2017 and advancing to Managing Director in 2018. Heckmann’s credentials include the CFA charter and an MBA from Creighton University, underscoring his expertise in equity research and investment analysis.

    Peter Heckmann's questions to i3 Verticals (IIIV) leadership

    Peter Heckmann's questions to i3 Verticals (IIIV) leadership • Q3 2025

    Question

    Peter Heckmann of D.A. Davidson asked about i3 Verticals' go-to-market strategy, specifically the frequency of partnering with integration firms and the influence of procurement consultants on deal flow.

    Answer

    CRO Paul Christians explained that i3 Verticals handles most deal aspects internally, partnering with integrators in only about one out of every five or six deals, primarily in the transportation sector. He and CEO Greg Daily emphasized the importance of direct, long-term client relationships. Christians also noted that the company's new, unified brand has improved engagement with national consulting firms.

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    Peter Heckmann's questions to i3 Verticals (IIIV) leadership • Q2 2025

    Question

    Peter Heckmann sought clarification on the financial impact of recent strategic moves, asking if the $64 million cash position was net of all taxes, if the new utility acquisition was in the guidance, and about the M&A pipeline's focus. He also asked if the removal of the Manitoba contract revenue from guidance was a formal decision or conservatism.

    Answer

    CFO Geoffrey Smith confirmed the $64 million cash position is a net figure and that the utility acquisition is included in the updated guidance. Executive Clay Whitson described the M&A strategy as focused on smaller, 'rifle shot' tuck-in acquisitions rather than larger deals. Smith explained the $2.5 million revenue removal for the Manitoba contract is a conservative measure due to repeated customer-side delays and project re-sequencing, not a formal cancellation.

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    Peter Heckmann's questions to i3 Verticals (IIIV) leadership • Q1 2025

    Question

    Peter Heckmann of D.A. Davidson & Co. asked for details on the long-term opportunity in the large utility market, the competitive landscape, the size of the addressable market, and clarification on whether the J.D. Power recognition was for the i3 portal product or the end customer.

    Answer

    CEO Gregory Daily and CRO Paul Christians described the utility landscape as positive, driven by the need to upgrade legacy systems. They noted strong inbound interest and active engagement through their portal technology. Christians estimated the Tier 1-4 utility market at around 500 entities, with the total market numbering in the thousands. He also confirmed the J.D. Power award was specifically for the i3 portal product.

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    Peter Heckmann's questions to i3 Verticals (IIIV) leadership • Q4 2024

    Question

    Peter Heckmann asked for details on seasonality, specifically the timing of large software or milestone payments in 2025, and requested an update on the Tier 1 utility project's status and revenue composition.

    Answer

    Executive Clay Whitson stated that software license sales are the biggest variable, with a disproportionate amount currently slated for Q2, though timing could shift. CFO Geoffrey Smith detailed that the utility project will generate significant professional services and payments revenue in FY25. He noted that while a $2 million license was recognized in Q4, larger license amounts are expected in FY26, and the project will provide consistent revenue for years.

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    Peter Heckmann's questions to CPIG leadership

    Peter Heckmann's questions to CPIG leadership • Q2 2025

    Question

    Peter Heckmann of D.A. Davidson & Co. questioned the company's strategy for mitigating potential new chip tariffs, the size of their current chip inventory buffer, and their plans for communicating any future impacts to investors.

    Answer

    CEO John Lowe explained that while details on the proposed tariffs are scarce, CPI has ample chip inventory, providing a buffer to manage the situation. He expressed confidence in their ability to navigate the challenge and stated an interim update is unlikely. CFO Jeff Hockstepp added that any impact would be industry-wide.

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    Peter Heckmann's questions to CPI Card Group (PMTS) leadership

    Peter Heckmann's questions to CPI Card Group (PMTS) leadership • Q2 2025

    Question

    Peter Heckmann of D.A. Davidson & Co. focused on the newly proposed tariffs on semiconductor chips, asking about potential mitigation strategies, the duration of production covered by current inventory, and whether the company would issue an interim update once the policy is finalized.

    Answer

    CEO John Lowe responded that while details on the tariffs are still pending, CPI has ample chip inventory, providing time to manage the situation without immediate risk. He expressed doubt that an interim update would be necessary due to this inventory buffer. CFO Jeff Hockstepp added that any impact from chip tariffs would be an industry-wide phenomenon, affecting all competitors similarly.

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    Peter Heckmann's questions to CPI Card Group (PMTS) leadership • Q2 2025

    Question

    Peter Heckmann from D.A. Davidson & Co. questioned the company's strategy for mitigating potential new chip tariffs, the size of their current chip inventory buffer, and whether an interim update would be provided once details are clear.

    Answer

    CEO John Lowe stated that while details on the proposed tariffs are scarce, CPI has ample chip inventory, providing time to manage the situation. He expressed doubt about an interim update. CFO Jeff Hockstepp added that any impact would be industry-wide, affecting all competitors similarly.

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    Peter Heckmann's questions to CPI Card Group (PMTS) leadership • Q2 2025

    Question

    Peter Heckmann focused on the newly proposed tariffs on semiconductor chips, asking about potential mitigation strategies, sourcing alternatives, and how many months of production the current chip inventory could cover. He also asked if the company would issue an interim update once tariff details are finalized.

    Answer

    CEO John Lowe responded that while CPI has ample chip inventory, specific details on the tariffs are not yet available. He expressed confidence in the company's ability to manage the situation, as it has with past challenges, and stated an interim update is unlikely due to their inventory buffer. CFO Jeff Hockstepp added that any impact would be industry-wide, affecting all competitors.

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    Peter Heckmann's questions to CPI Card Group (PMTS) leadership • Q1 2025

    Question

    Peter Heckmann inquired about the recent Arroweye acquisition, seeking details on its market position, card production capabilities, customer profile, and the expected timeline for its EBITDA margins to align with CPI's.

    Answer

    President and CEO John Lowe explained that Arroweye serves a niche market of smaller, nimble card programs for clients like fintechs, offering hyper-personalization and rapid turnaround, which is complementary to CPI's offerings with minimal customer overlap. Lowe noted Arroweye's margins are currently low double-digit and will be impacted by 2025 integration costs, but the company believes they can be brought closer to CPI levels over time. CFO Jeff Hochstadt added that CPI's superior purchasing power will create cost of goods synergies that will help improve Arroweye's margins in the long run.

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    Peter Heckmann's questions to CPI Card Group (PMTS) leadership • Q4 2024

    Question

    Peter Heckmann inquired about the strategy and marketing efforts required to penetrate the closed-loop prepaid market, its potential size, and for an update on the new Indiana facility, including related CapEx timing and its impact on the free cash flow outlook.

    Answer

    President and CEO John Lowe described the closed-loop market as a significant long-term opportunity, 4-5 times larger than the open-loop market, driven by fraud protection needs. He noted investments will provide capacity late in 2025. CFO Jeff Hochstadt confirmed the Indiana facility is on schedule for H2 2025 and that 2025 CapEx would be at the higher end of its recent range. He also reiterated that free cash flow would be slightly below 2024 levels due to higher CapEx and a full year of cash interest expense.

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    Peter Heckmann's questions to CPI Card Group (PMTS) leadership • Q3 2024

    Question

    Peter Heckmann from D.A. Davidson asked about the relative strength of the Debit/Credit and Prepaid segments implied by the strong Q4 guidance, the timeline for the new Indiana facility, and the quantifiable impact of a new large customer contract.

    Answer

    CFO Jeff Hochstadt noted that seasonality is less of a factor now and expects continued strength in both segments. He stated the Indiana facility should be operational by the end of 2025. CEO John Lowe explained that the 6-year customer contract commitments ramp up in 2025 and beyond, so it is too early to detail its performance.

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    Peter Heckmann's questions to Paysign (PAYS) leadership

    Peter Heckmann's questions to Paysign (PAYS) leadership • Q2 2025

    Question

    Peter Heckmann of D.A. Davidson questioned the drivers behind the pharma segment's revenue growth outpacing claims growth and whether the increase in revenue per program was due to a mix shift towards specialty drugs.

    Answer

    Matthew Turner, President of Patient Affordability Services, attributed the strong revenue growth to value-added services like Dynamic Business Rules (DBR) layered on top of claims. He clarified the increase in revenue per program is driven by the full ramp-up of programs onboarded in late 2024 that utilize these add-on services, rather than a specific mix shift. CFO Jeffery Baker added that the revenue mix is balanced over a full year between claims, monthly fees, and non-claim revenue.

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    Peter Heckmann's questions to Paysign (PAYS) leadership • Q4 2024

    Question

    Asked about the financial details of the Gamma acquisition, the immediate applicability of Gamma's technology, the expected quarterly revenue trend for the pharma business in 2025, and the status of other smaller programs.

    Answer

    The cash portion of the Gamma acquisition was not disclosed but is being paid over 5 years. Gamma's technology has direct applications for current customers. Pharma revenue is expected to be strongest in Q1 but not decline significantly in subsequent quarters, with the full-year revenue expected to at least double. Other programs are steady with no major updates.

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    Peter Heckmann's questions to EURONET WORLDWIDE (EEFT) leadership

    Peter Heckmann's questions to EURONET WORLDWIDE (EEFT) leadership • Q2 2025

    Question

    Peter Heckmann of D.A. Davidson asked about the new REN deal with a top-three U.S. bank, questioning the timing for revenue recognition and full run-rate. He also asked if the company's $250 million software revenue target could be achieved by 2028.

    Answer

    Chairman, CEO & President Michael Brown stated that revenue from the new bank deal is already beginning and will accelerate, with the majority expected in Q4 2025 and beyond. EVP & CFO Rick Weller added that the deal's primary importance is its strategic value as a reference customer. Regarding the $250 million software revenue target, Mr. Brown suggested that hitting it by 2028 was 'a little steep' but noted that large deals are accelerants and more details may come at a future Investor Day.

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    Peter Heckmann's questions to EURONET WORLDWIDE (EEFT) leadership • Q1 2025

    Question

    Peter Heckmann inquired about the quarterly trends and growth expectations for the Dandelion integration with Visa, and also asked about the planned rollout pace for the Prosegur joint venture in Latin America.

    Answer

    CEO Michael Brown clarified that the recent 33% growth in Dandelion did not include any impact from the Visa Direct integration, which was just launched and is expected to be a significant distribution channel. Regarding the Prosegur JV, Brown confirmed that Euronet anticipates an aggressive rollout across Latin American countries, emphasizing the high potential from cross-currency transactions in the region.

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    Peter Heckmann's questions to EURONET WORLDWIDE (EEFT) leadership • Q4 2024

    Question

    Peter Heckmann of D.A. Davidson sought clarification on the Q1 2025 EPS calculation, factoring in the convertible bond repurchase tax charge. He also asked about the volume ramp from new Dandelion bank partners and whether HSBC's discontinued Zing app used the platform.

    Answer

    CFO Rick Weller confirmed the analyst's math on the Q1 EPS impact was 'directionally incorrect.' CEO Michael Brown highlighted Dandelion's success with partner HSBC, where volumes have set a record every month for 16 consecutive months. He also noted that several large customers are in the pipeline and confirmed that HSBC's Zing app did not use the Dandelion network.

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    Peter Heckmann's questions to EURONET WORLDWIDE (EEFT) leadership • Q3 2024

    Question

    Peter Heckmann sought confirmation on the epay segment's full-year EBIT growth guidance, the impact of Q4 promotional activity, and the strategic significance of the PLS Financial partnership in the Money Transfer segment.

    Answer

    CFO Rick Weller confirmed the upper-single-digit EBIT growth guidance for epay, attributing it to strong Q4 promotional campaigns, but noted the timing of such promotions is inherently lumpy. CEO Michael Brown elaborated on the PLS partnership, explaining it is an exclusive agreement with a high-volume partner that specializes in check cashing and money transfers, making its locations significantly more productive than typical agents.

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    Peter Heckmann's questions to SS&C Technologies Holdings (SSNC) leadership

    Peter Heckmann's questions to SS&C Technologies Holdings (SSNC) leadership • Q2 2025

    Question

    Peter Heckmann sought clarification on the function of Callistone's funds network and requested an update on the Health Solutions segment's progress and revenue outlook.

    Answer

    Chairman and CEO William Stone described Callistone's network as a multi-country platform enabling straight-through processing for services like post-trade reconciliation. Regarding Health, he explained the seasonal sales cycle, with deals closing around October for a January 1 start, and reiterated his optimism about the segment's large, albeit lumpy, opportunities.

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    Peter Heckmann's questions to SS&C Technologies Holdings (SSNC) leadership • Q1 2025

    Question

    Peter Heckmann of D.A. Davidson & Co. asked for details on the Insignia deal's expected revenue contribution and margin ramp. He also inquired about the net revenue and EBITDA impact from the dissolution of a joint venture with State Street and its expected finalization timeline.

    Answer

    Bill Stone (Executive) projected the Insignia deal could contribute $35 million to $70 million in revenue for the second half of the year, with the ramp occurring in Q3 and Q4 after approximately 1,400 people are re-badged on July 1. Regarding the joint venture, Rahul Kanwar (Executive) stated that no significant revenue or EBITDA impact is expected, as the change primarily simplifies the entity structure. He added there is no definitive timeline for its finalization yet.

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    Peter Heckmann's questions to SS&C Technologies Holdings (SSNC) leadership • Q4 2024

    Question

    Peter Heckmann of D.A. Davidson & Co. inquired about the Insignia Financial deal, asking if its contribution was included in the 2025 guidance and requesting its potential annual revenue size. He also asked about the scale of the recent FPS Trust acquisition.

    Answer

    CEO Bill Stone confirmed the Insignia deal is a 'very large deal' that would rank among SS&C's top 20 clients, with most revenue expected in the second half of 2025 after contracts are finalized. He declined to provide a specific revenue figure. Stone characterized the FPS Trust deal as a 'small tuck-in acquisition' that provides important strategic capabilities for the company's trust-focused offerings.

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    Peter Heckmann's questions to SS&C Technologies Holdings (SSNC) leadership • Q3 2024

    Question

    Peter Heckmann asked about the revenue model for the newly acquired Battea-Class Action Services, specifically its seasonality and project-based nature. He also questioned if strong money market flows contributed to the organic growth in the GIDS business.

    Answer

    Chairman and CEO Bill Stone explained that Battea's revenue is tied to the timing of court case adjudications and payment releases, which can be variable, but noted that Q4 tends to be its largest quarter. President and COO Rahul Kanwar attributed the strength in GIDS primarily to technology-driven wins with new customer segments and lift-outs, rather than macro money market flows. Bill Stone added that large financial firms increasingly prefer lifting out functions to SS&C over building systems internally.

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    Peter Heckmann's questions to Repay Holdings (RPAY) leadership

    Peter Heckmann's questions to Repay Holdings (RPAY) leadership • Q1 2025

    Question

    Peter Heckmann from D.A. Davidson & Co. requested clarification on the client losses, the specific drag on revenue, the quarterly cadence of the guided gross profit reacceleration, and the anniversary timing of the losses.

    Answer

    CEO John Morris clarified the client loss impact was 6 points on Consumer and 12 points on Business Payments, and that overall Q1 growth would have been low-single-digits without them. He projected Q2 growth to be similar to that normalized rate, accelerating in Q3, and exiting Q4 in the midpoint of a high-single to low-double-digit range. He also confirmed one loss occurred in Q3 2024 and two in Q4 2024.

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    Peter Heckmann's questions to Repay Holdings (RPAY) leadership • Q4 2024

    Question

    Peter Heckmann sought clarification on whether the financial impact from the three cited client losses and the TotalPay migration was fully reflected in the Q4 results or if there would be further runoff.

    Answer

    CFO Tim Murphy confirmed that the full runoff from the client losses was experienced in Q4, meaning the year-over-year impact will be felt through the first half of 2025. He also stated that the impact from the TotalPay migration was fully reflected in the fourth quarter's results.

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    Peter Heckmann's questions to Repay Holdings (RPAY) leadership • Q3 2024

    Question

    Peter Heckmann asked about the difficult year-over-year comparison in Business Payments due to strong 2024 political media spend and what initiatives could offset this headwind. He also sought clarification on the go-live timing and ramp-up process for the new auto OEM client.

    Answer

    CEO John Morris expressed confidence that the Business Payments segment can return to teens-plus growth. Key initiatives include monetizing more payment volume with solutions like enhanced ACH, expanding the supplier network, and driving payables through enterprise software partners like Blackbaud. Regarding the auto client, he clarified it went live late in Q3 and will ramp over multiple years as existing portfolios are converted, not just by processing new loans.

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    Peter Heckmann's questions to Repay Holdings (RPAY) leadership • Q2 2024

    Question

    Peter Heckmann of D.A. Davidson & Co. inquired about the growth rate of the Business Payments segment excluding political media contributions and whether the company has the right distribution channels in place for future acceleration.

    Answer

    CFO Tim Murphy reiterated the 11% Q2 growth in Business Payments and noted that political media contributions are back-half weighted, but the segment is positioned for high-teens growth. CEO John Morris affirmed confidence in their distribution strategy, highlighting continued investment in integrated partners like Blackbaud to drive multi-year growth.

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    Peter Heckmann's questions to ACI WORLDWIDE (ACIW) leadership

    Peter Heckmann's questions to ACI WORLDWIDE (ACIW) leadership • Q1 2025

    Question

    Peter Heckmann inquired about the potential impact on ACI from recent M&A in the merchant acquiring space, the expected revenue cadence for the second half of 2025, and key milestones for the new Connetic platform.

    Answer

    CEO Thomas Warsop stated that while it's early, he sees recent industry M&A as an opportunity for ACI to partner with customers. CFO Scott Behrens confirmed the back-half revenue split would likely see Q4 as stronger, consistent with historical patterns. Regarding Connetic, Warsop noted that a robust demo is available, version 1.0 was released in April, and he expects the first live customers in early 2025, with initial sales likely occurring in late 2024.

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    Peter Heckmann's questions to ACI WORLDWIDE (ACIW) leadership • Q4 2024

    Question

    Peter Heckmann from D.A. Davidson & Co. inquired about the dynamics behind the year-over-year EBITDA decline in the Biller segment and asked for details on the large Q1 competitive win, including the specific solution and deployment model.

    Answer

    CFO Scott Behrens clarified that the Biller segment's EBITDA was down because certain onetime, high-margin benefits from 2023 did not recur in 2024. CEO Thomas Warsop added that the major Q1 win was for ACI's flagship issuing and acquiring solutions with a large bank in the Asia Pacific region, marking a significant competitive takeaway. Scott Behrens confirmed the customer would run the solution in their own data center.

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    Peter Heckmann's questions to ACI WORLDWIDE (ACIW) leadership • Q3 2024

    Question

    Peter Heckmann asked for clarification on the 2025 outlook given the tough comparisons from 2024's strong performance, and inquired about the specific timeline for the Payments Hub pilot and general availability.

    Answer

    CFO Scott Behrens and CEO Thomas Warsop reiterated that despite 2024's outperformance, a strong sales pipeline for 2025 positions them for continued strength in revenue and EBITDA growth. Regarding the Payments Hub, Mr. Warsop stated that initial pilot implementations are expected around the beginning of Q2 2025, but a general availability date is not yet set to ensure the product is fully robust. He clarified that 2025 financial expectations do not rely on a significant contribution from the hub.

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    Peter Heckmann's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership

    Peter Heckmann's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership • Q3 2025

    Question

    Peter Heckmann asked for Broadridge's perspective on the opportunity from new hybrid public-private retail investment vehicles and inquired about the current M&A pipeline and market attractiveness.

    Answer

    CEO Timothy Gokey views the trend of offering private assets within regulated fund structures like ETFs as a positive development for investors and an opportunity for Broadridge's fund-focused business. On M&A, he described the market as 'uncertain' but noted that Broadridge's strategy remains consistent: prioritize internal investment and the dividend, seek compelling and often proprietary M&A deals, and return capital to shareholders via buybacks if suitable deals are not found.

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    Peter Heckmann's questions to BROADRIDGE FINANCIAL SOLUTIONS (BR) leadership • Q2 2025

    Question

    Peter Heckmann asked for confirmation on the full-year outlook for event-driven revenue, which appears to be tracking toward the low $300 million range, and inquired about the margin impact from recent postage rate increases.

    Answer

    CFO Ashima Ghei confirmed the math on the full-year event-driven revenue outlook but stressed its inherent volatility, expecting a return to long-term averages in fiscal 2026. She explained that postage rate hikes were the main driver of distribution revenue growth and that this impact is fully baked into the company's margin guidance. CEO Tim Gokey added that Broadridge's digital-first strategy has helped sustain print volumes, which contributes to distribution revenue.

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    Peter Heckmann's questions to Donnelley Financial Solutions (DFIN) leadership

    Peter Heckmann's questions to Donnelley Financial Solutions (DFIN) leadership • Q1 2025

    Question

    Peter Heckmann of D.A. Davidson & Co. asked about market share trends for ActiveDisclosure, the competitive landscape, and whether DFIN's ability to invest in software is a growing differentiator. He also asked how the new credit facility would impact the cost of debt.

    Answer

    CFO David Gardella, CEO Daniel Leib, and President of Global Capital Markets Craig Clay collectively responded. They confirmed positive trends in new client logos and price per client for ActiveDisclosure. Leib emphasized that their ability to invest is a key differentiator, a point Clay supported by detailing seven consecutive quarters of net client growth, higher-value contracts, and a 36% increase in service revenue. Clay highlighted their unique hybrid software-plus-service model as a competitive advantage. Regarding the credit facility, Gardella stated there were no substantial changes, noting it is variable rate (SOFR plus a spread) with an all-in rate around 7%.

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    Peter Heckmann's questions to Donnelley Financial Solutions (DFIN) leadership • Q3 2024

    Question

    Peter Heckmann requested an update on the expected full-year revenue benefit from tailored shareholder reports (TSR), the impact on the print business, and the reasons for the decline in Capital Markets transaction revenue.

    Answer

    CEO Daniel Leib confirmed the TSR software solution is on track to generate $11-12 million in incremental recurring revenue on a full-year basis, with half recognized in 2024. He also noted the print component is a net negative due to the regulation reducing report sizes. An executive, Craig Clay, added that while IPOs were up from a low base, tougher year-over-year comps and a suppressed M&A market led to the transactional revenue decline.

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    Peter Heckmann's questions to Open Lending (LPRO) leadership

    Peter Heckmann's questions to Open Lending (LPRO) leadership • Q4 2024

    Question

    Peter Heckmann of D.A. Davidson & Co. inquired about the capacity of Open Lending's insurance carrier partners relative to recent loan volumes and the outlook for the direct mail refinancing channel among credit unions for 2025.

    Answer

    CEO Jessica Buss and Interim CFO Charles Jehl both confirmed that capacity from their three active insurance carriers is ample for future growth and that the relationships remain very healthy. Regarding the refinancing market, Jehl noted that stabilization in interest rates, improving credit union loan-to-share ratios, and renewed deposit growth are more critical than rate cuts, creating an encouraging setup for a potential recovery.

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    Peter Heckmann's questions to Open Lending (LPRO) leadership • Q3 2024

    Question

    Peter Heckmann expressed frustration with persistent negative profit share revisions and asked if Open Lending anticipates returning to annual guidance instead of quarterly. He also questioned whether the Board is considering a new share repurchase authorization, as the previous one has expired.

    Answer

    CEO Charles Jehl shared the frustration regarding profit share volatility but expressed his belief that it will stabilize as the company works through the problematic 2021-2022 vintages and newer, better-performing loans become more significant. He affirmed that returning to annual guidance is the goal once visibility improves. On capital allocation, Jehl confirmed the prior share repurchase authorization has expired and stated that while it is a Board-level decision and no new plan is currently authorized, he personally views it as a good use of capital.

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

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

    Question

    Peter Heckmann inquired about Alight's success in cross-selling to existing customers and increasing solution penetration. He also asked about the performance of the supplementary retiree health policies business during the fourth quarter.

    Answer

    CEO David Guilmette highlighted significant cross-sell momentum and a large opportunity in expanding contracts with solutions like Leaves administration. CFO Jeremy Heaton added that growth targets can be met solely from existing client white space. Regarding retiree health, he confirmed the business performed in line with expectations in Q4 and that a prior-year negative issue is resolved.

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    Peter Heckmann's questions to JACK HENRY & ASSOCIATES (JKHY) leadership

    Peter Heckmann's questions to JACK HENRY & ASSOCIATES (JKHY) leadership • Q2 2025

    Question

    Peter Heckmann of D.A. Davidson & Co. asked about the expected quarterly weighting of deconversion fees for the remainder of the fiscal year and inquired about real-time payment volume trends and their sources.

    Answer

    CFO Mimi Carsley affirmed the $16 million full-year deconversion fee guidance and suggested it's fair to assume a relatively even weighting across Q3 and Q4. President and CEO Greg Adelson noted that real-time payment growth is coming from new use cases, like B2B send transactions, rather than cannibalizing card volumes. He highlighted that the PayCenter group saw meaningful growth, which CFO Mimi Carsley confirmed was a key driver for the Processing revenue line.

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    Peter Heckmann's questions to JACK HENRY & ASSOCIATES (JKHY) leadership • Q1 2025

    Question

    Peter Heckmann inquired about the importance of the modern, modular core platform strategy in winning large clients. He also asked for an update on the company's solutions and strategy for the loan origination market.

    Answer

    CEO Greg Adelson explained that the public cloud strategy is a strong differentiator for prospects, who are not hearing similar roadmaps from competitors. He emphasized that this, combined with Jack Henry's open philosophy and service culture, is key to winning deals. He also announced that the new "Enterprise Account Opening" platform, combining consumer and commercial loan origination, will enter early adopter phase in January 2025.

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    Peter Heckmann's questions to Clearwater Analytics Holdings (CWAN) leadership

    Peter Heckmann's questions to Clearwater Analytics Holdings (CWAN) leadership • Q3 2024

    Question

    Peter Heckmann asked about Clearwater's longer-term product roadmap and the functionality it intends to build or acquire to capture a larger share of investment management technology spending.

    Answer

    CEO Sandeep Sahai stated the strategy remains focused on alternatives, the JUMP platform (OMS/PMS), and risk/compliance via Wilshire. He stressed the importance of an open architecture that allows partnerships, with a goal of providing an end-to-end solution on a single data plane. He confirmed 60% of R&D will continue to fund growth initiatives.

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    Peter Heckmann's questions to ENV leadership

    Peter Heckmann's questions to ENV leadership • Q4 2023

    Question

    Questioned the recovery timeline for the Data and Analytics business, asking if it could resume growth or if it was fundamentally broken. Also sought an update on the FNZ custody solution partnership, including timing and opportunity size.

    Answer

    The Data and Analytics business is considered stabilized, with sequential Q4 growth and a recovered data set. A return to growth is a medium-term (12-18+ months) goal. The FNZ custody partnership is highly strategic and on track for a launch this year, representing potential upside to guidance in future years rather than 2024.

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    Peter Heckmann's questions to ENV leadership • Q3 2023

    Question

    The analyst sought more clarification on the significant Q4 fee rate decline, asking if it was solely due to the previously mentioned client conversion and mix shift, and what the outlook for the fee rate is in 2024. He also asked about the large increase in professional services revenue.

    Answer

    Executives reiterated that the Q4 fee rate decline is driven by the large, low-fee client conversion and the mix shift to AUA/cash, not a decrease in pricing for existing clients. They highlighted strong growth in high-value solutions which should help when the market normalizes. They also pointed to future subscription revenue growth from various initiatives. The significant increase in professional services revenue is due to a single, existing D&A client for whom they are doing a net new build related to new data sets.

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