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    Simon Alistair Clinch • Redburn Atlantic

    Simon Alistair Clinch's questions to Upstart Holdings Inc (UPST) leadership

    Simon Alistair Clinch's questions to Upstart Holdings Inc (UPST) leadership • Q1 2025

    Question

    Simon Alistair Clinch questioned the impact of product and borrower mix on the contribution margin and how it's expected to trend. He also asked about demand for personal loans, particularly for debt consolidation.

    Answer

    CFO Sanjay Datta explained that the contribution margin is affected by a growing mix of super-prime borrowers and newer products like HELOC and auto, which have lower initial margins. CEO David Girouard confirmed that overall credit demand remains strong and typically strengthens seasonally after Q1.

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    Simon Alistair Clinch's questions to Upstart Holdings Inc (UPST) leadership • Q4 2024

    Question

    Simon Alistair Clinch inquired about the key drivers behind the strong borrower demand in the quarter, asking for a breakdown between model improvements versus macro factors. He also asked how the company is planning for potential macro uncertainty, such as future rate hikes.

    Answer

    Chief Financial Officer Sanjay Datta attributed the increased conversion roughly half to model accuracy improvements and half to a combination of a subsiding UMI and prior rate cuts flowing through to platform pricing. Regarding macro uncertainty, Datta explained their conservative approach of not assuming future rate or UMI changes. CEO David Girouard added that the impact of interest rate movements is relatively modest compared to changes in their default index (UMI).

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    Simon Alistair Clinch's questions to Fair Isaac Corp (FICO) leadership

    Simon Alistair Clinch's questions to Fair Isaac Corp (FICO) leadership • Q2 2025

    Question

    Simon Clinch of Redburn Atlantic requested a more detailed breakdown by vertical for the Scores business regarding the comment that volumes were unchanged through April. He also asked for context on the software business's pipeline build and demand, given the quarter's notable booking strength.

    Answer

    CFO Steve Weber clarified that FICO does not have real-time daily data on Scores volumes and that such information is reported in arrears. CEO Will Lansing affirmed that on the software side, both the demand and the pipeline are strong, and current bookings support this positive outlook.

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    Simon Alistair Clinch's questions to Fair Isaac Corp (FICO) leadership • Q2 2025

    Question

    Simon Alistair Clinch of Redburn Atlantic requested a breakdown of client volume trends by vertical in the Scores business and asked for more context on the software pipeline build, separate from any deal slippage.

    Answer

    CFO Steve Weber explained that FICO receives Scores volume data in arrears and lacks real-time visibility. CEO Will Lansing affirmed that the software demand pipeline remains strong. Weber clarified that recent headwinds were related to lower usage of existing services like CCS, not a weakening of new deal demand.

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    Simon Alistair Clinch's questions to Fair Isaac Corp (FICO) leadership • Q4 2024

    Question

    Simon Clinch of Redburn Atlantic asked about the potential impact of the U.S. election on the FHFA's proposal for new credit scores and requested an update on investments to expand the software business's distribution channels.

    Answer

    CEO William Lansing acknowledged uncertainty around the FHFA's plan post-election, suggesting a delay is the most likely scenario but a change in direction is possible. Regarding software distribution, he outlined a two-pronged strategy: partnering with large systems integrators like TCS for vertical expansion, and developing a longer-term, self-service model via open APIs and the new FICO Marketplace to attract a broader ecosystem of developers and resellers.

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    Simon Alistair Clinch's questions to Equifax Inc (EFX) leadership

    Simon Alistair Clinch's questions to Equifax Inc (EFX) leadership • Q1 2025

    Question

    Simon Clinch asked for the revenue outgrowth figures for EWS mortgage and Talent and requested an update on the strategy and timeline for monetizing international EWS records.

    Answer

    CFO John Gamble stated that Equifax will no longer be disclosing the specific revenue outgrowth statistic for its EWS verticals. On international EWS, CEO Mark Begor confirmed they are investing and have products in market in the UK, Canada, Australia, and India, but said it will be 'quite some time' before these efforts materially impact Equifax's overall results.

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    Simon Alistair Clinch's questions to Equifax Inc (EFX) leadership • Q4 2024

    Question

    Simon Alistair Clinch asked about the EWS mortgage outperformance trend and how Equifax will balance the value of its new TWN-indicator credit file against the risk of cannibalizing its full verification reports.

    Answer

    CFO John Gamble and CEO Mark Begor noted that EWS mortgage outperformance strengthened during 2024, driven by record additions. Begor explained the new indicator product will provide valuable "snippets" for shopping without revealing the deep, trended data of the full report, thereby protecting the value of the full verification pull.

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    Simon Alistair Clinch's questions to Marketaxess Holdings Inc (MKTX) leadership

    Simon Alistair Clinch's questions to Marketaxess Holdings Inc (MKTX) leadership • Q3 2024

    Question

    Simon Alistair Clinch asked about the longer-term normalized level for total credit fee per million, considering headwinds from portfolio trading and tailwinds from yields.

    Answer

    CFO Ilene Bieler stated that while the growth of portfolio trading creates a structural headwind of about $5-$6 per million, there is still room for fee capture to improve from current levels. Potential drivers include a higher mix of high-yield trading, increased duration, and more activity in the premium-priced Open Trading venue, especially if market volatility rises. She noted the 5-year average was ~$173, though this included a COVID-era peak.

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    Simon Alistair Clinch's questions to Intercontinental Exchange Inc (ICE) leadership

    Simon Alistair Clinch's questions to Intercontinental Exchange Inc (ICE) leadership • Q3 2024

    Question

    Simon Clinch asked a long-term question about the environmental markets, seeking to frame the current growth stage, the cadence of growth over the next five years, and the ultimate market opportunity as the world moves toward net-zero emissions.

    Answer

    COO Stuart Williams positioned carbon pricing as the most effective tool for driving decarbonization investment. He noted growth is coming from the expansion of existing schemes, like the EU ETS broadening its coverage from 40% to 80% of emissions, and from more governments adopting cap-and-trade systems. He also pointed to the nascent voluntary carbon market, where ICE is building foundational infrastructure like reference data and futures contracts.

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    Simon Alistair Clinch's questions to Nasdaq Inc (NDAQ) leadership

    Simon Alistair Clinch's questions to Nasdaq Inc (NDAQ) leadership • Q3 2024

    Question

    Simon Alistair Clinch asked about the current renewal environment, contrasting the positive commentary with the recent pushout of a specific Calypso client renewal.

    Answer

    CEO Adena Friedman clarified that the Calypso renewal delay was a client-specific situation and not indicative of a broader trend. The client, who recently purchased an upsell, simply opted to renew closer to their contract's end date. She affirmed the overall renewal environment remains strong, with high retention rates for their mission-critical technologies.

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