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    Ryan • KeyBanc Capital Markets

    Ryan's questions to Element Solutions Inc (ESI) leadership

    Ryan's questions to Element Solutions Inc (ESI) leadership • Q1 2025

    Question

    Ryan, on for Aleksey Yefremov, asked for specific details on how Element Solutions is mitigating costs from tariffs. He also requested the company to size its exposure in terms of goods shipped between the U.S. and China.

    Answer

    CEO Ben Gliklich outlined a three-pronged mitigation strategy: 1) working with suppliers to find alternative raw material sources and using pricing to pass on costs, 2) leveraging USMCA exemptions for trade with Mexico, and 3) localizing manufacturing and sourcing in Asia to avoid tariffs on goods shipped from the U.S. to China. He sized U.S.-to-China shipments at around $10 million and direct China-to-U.S. shipments as negligible.

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    Ryan's questions to Factset Research Systems Inc (FDS) leadership

    Ryan's questions to Factset Research Systems Inc (FDS) leadership • Q2 2025

    Question

    Ryan, on for Jeff Silber, asked about the sensitivity of technology budgets to the macro environment compared to traditional market data budgets, and inquired about recent trends in client conversations.

    Answer

    CEO Phil Snow and Chief Revenue Officer Goran Skoko responded that selling into technology budgets is advantageous because firms are prioritizing tech investment. Snow noted that tech budgets are under less pressure than market data budgets. Skoko added that C-level technical discussions are increasing, particularly around GenAI, and that some large second-half deals are expected to be funded from client technology budgets.

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    Ryan's questions to Corteva Inc (CTVA) leadership

    Ryan's questions to Corteva Inc (CTVA) leadership • Q4 2024

    Question

    Ryan, on behalf of Aleksey Yefremov, asked for details on raw material sourcing and the potential risk from tariffs from China, Canada, and Mexico.

    Answer

    CEO Charles Magro stated this is primarily a Crop Protection issue, as the largest franchises (Enlist, spinosyns) are manufactured in the U.S. He specified that raw materials from China account for only about 2% of Corteva's cost of goods sold, and 80% of that portion is multi-sourced. Based on these factors, he believes the situation is very manageable under the currently discussed scenarios.

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