Operator: I'm interested in Wolters Kluwer as an investor, particularly regarding long-term prospects, your experience there, the culture, and the products. They've traditionally been a stable and reliable performer financially. I'm hoping to tap into your knowledge and get as much information as I can. Could you start with your background at Wolters Kluwer and your main areas of responsibility while you were there?

Former Senior Executive at Wolters Kluwer

Wolters Kluwer: Compliance Product Portfolio Growth Strategy

Operator: What were your responsibilities inside of Magnite? Did you work on both sides of the organization? We're not clear on that part. I know you might have knowledge and a high level of expertise on both sides of the organization, but where did your responsibilities lie? What was your day-to-day like? How much were you interacting with customers, and what were those interactions like? Please explain as simply as possible.

Former VP Sales at Magnite

Magnite: SSP & DSP Bargaining Power

In Practise: Excited to talk to you. I've been looking at Somero and speaking to a few former employees, customers, and contractors. That's the background. I'd like to know more about your operations and a bit of your background, if that makes sense.

Former CFO at Ligchine

Somero: Ligchine’s PE Strategy

Operator: We're trying to understand more about The Work Number, especially the size of the competitive advantage, how strong the moat is, and how durable the key competitors are. We've seen other players trying different approaches to data instead of just deriving it directly.

Former Strategic Accounts Executive at The Work Number - Equifax

Equifax: The Work Number Data Coverage

Operator: I want to talk to you about your time at E.L.F. I'm not a core customer, and this is a newer category for me, so I'll probably have some more basic questions about the category, the company, and the growth story. Before we get into my specific questions, I'd love to hear about your time there, your background, and the things you focused on.

Former Associate VP at e.l.f. Beauty

E.L.F. Beauty: China Supply Chains, Margins, and Global Growth

Operator: I'm an analyst focused on global technology companies, spending time on Flutter and the sports betting space more broadly. I'm very interested in hearing about your experience, especially in customer acquisition and marketing, as well as the broader experience through the Flutter acquisition. I'd love to hear your thoughts on the space in general. I have your profile in front of me, but I think a good place to start would be to hear a little about yourself and your experience at Flutter.

Former VP at Fanduel

Flutter Entertainment, Fanduel: From DFS to Sports Betting

Operator: You have broad experience in the payments and FX space. We want to leverage this call to gain some knowledge in that regard.

Current Payments Director at Raiffeisen Bank International

Wise Platform: Raiffeisen Bank Case Study

Operator: I'd like to give a quick introduction and brief overview of what we do and what we're trying to achieve. We are investors, and we're trying to gather more information about Equifax, especially The Work Number. We started looking at the company a few weeks ago, so we have an intermediate understanding of how it works. We'd love your help to understand it a bit more. Could we start with a brief introduction of your background, and then we can delve deeper?

Former Enterprise Sales Director at Equifax Verification Services

Equifax: The Work Number Pricing Pressure & Consumer-Permissioned Data

Operator: It would be helpful to hear about your background in the industry, your role at Allot, your day-to-day responsibilities, and the people you interacted with.

Former VP at Allot

Allot: Scaling Network-Based Cybersecurity Through Telecom Partnerships

Fever-tree US Off-Premise, AWS, Aercap, GEICO, Judges Scientific, Ryanair

In Practise: I'm looking forward to this. I've been studying the commercial aerospace market from various angles, including engine OEMs, suppliers, and lessors, mainly the big listed ones like AerCap, etc. I thought it would be good to learn more about your experience on airline trading, lease rates and competition in the market, particularly how Avolon competes with the big players. I'd love to hear a brief background on your first roles and how you got into this industry. That would be a good place to start.

Former Senior Vice President at Avolon

Aercap, Avolon, Aircraft Lease Rates, and Maintenance Reserves

Operator: Thanks for taking the time. I wanted to tell you a little bit about what I'm trying to accomplish before this call, who I am, and all of that. I'm an investor and I manage an investment partnership. I've been trying to learn about GMO Financial Gate as an investment and to understand their business specifically. I don't necessarily understand the market in Japan for cashless payments, the runway, and where Stera plays into all of that. Does that make sense? I'm really just trying to learn more about how the industry works and how GMO is set up.

Former Executive at GMO Financial

GMO Financial Gateway: Japan Payments & SMBC Relationship

Operator: To begin, I'm curious about your current role at Yieldmo and your experience working with programmatic advertising, particularly in CTV.

Former Director of Product Management at Magnite

The Trade Desk: Amazon’s Entry and the Reshaping of CTV Advertising Economics

Judges Scientific is a UK-based holding company that owns a portfolio of niche scientific instrumentation manufacturers. We've followed the business closely for years.

Judges Scientific PLC: Geotek Ltd

Operator: I work for an investment firm and have focused a lot on insurance over the years. Currently, I'm focusing on how GEICO partners with external insurance entities for different risks, like homeowners or classic cars. I want to understand more about the thought process behind these partnerships and some of their history. Could you give a quick background on your role?

Former Senior Vice President at GEICO

GEICO: Catastrophic Risk, Reserving Discipline & Regulatory Friction

Operator: I've done some work on Carlisle and have a general understanding of the roofing business and industry products. I'm trying to gain a better understanding of the competitive dynamics in the industry, opportunities for Carlisle, and potential challenges on the horizon. These are the main areas I'd like to cover. It probably makes sense to hear more about your background at Carlisle and where it intersects with these focus areas today.

Former EVP at Carlisle Construction Materials

Carlisle Companies: Supply Capacity, Incentives & Re-Roofing Demand Drivers

Operator: I cover global technology stocks, which is a pretty broad mandate. I've been spending time on the gaming space, particularly with an interest in Flutter.

Former Head of Sports Betting at Flutter

Flutter Entertainment: Trading Scale & Sports Betting Economics

In Practise: You've been in farming for over three decades. It would be helpful if you could walk me through the efficiencies you've observed over that time, particularly regarding yields. I read on your website that yields have grown from 72 bushels per acre in the 1970s to over 200 bushels about 10 years ago. I'm keen to learn more about why

Current Chairman at Tom Farms

Deere & Company: Operations Center & Seed Corn Workflow

Operator: I've read your bio, but it's always good to hear directly from you about your experience. Could you give me a brief overview, and then we can dive in?

Former Account Manager at Celsius

Celsius: C-Store Exposure & Inventory Visibility

Operator: To start, let me give you a little breakdown of what we're looking for. Our firm is active in both public and private markets, and given the nature of the housing industry, it seems like a good time to explore various aspects of it. There's been a lot of discussion about Brad Jacobs's recent endeavors with QXO and Beacon. We thought it would be a good time to delve into the industry as a whole. Your profile seemed ideal since you were at SRS for such a long time. We're beginners in the industry, so it would be useful to get some context on how everything functions. To start, it would be great if you could provide as much detail as possible about your career, especially your time at SRS.

Former Senior Executive at SRS Distribution

QXO, Beacon Roofing Supply: SRS Distribution Competition

Anonymous

Amazon.com Inc

Google

Danaher Corporation

Constellation Software Inc

HEICO Corporation

Microsoft Corporation

TransDigm Group Incorporated

Wayfair Inc

Carvana Co

Tesla Inc

LVMH Moët Hennessy - Louis Vuitton, Société Européenne

Safran SA

Airbus SE

Spotify Technology S.A.

General Electric Company

Uber Technologies Inc

Lifco

Halma plc

CarMax Inc

Fevertree Drinks PLC

Mettler-Toledo International Inc

Retailers that own supply, distribution, or delivery assets to provide a differentiated customer experience.

Vertically Integrated Retailer

2 or 3-sided marketplaces or platforms that aim to achieve network effects.

Marketplaces & Platforms

Physical Infra & Networks

Companies that aim to use regular accretive M&A of typically smaller companies as a cornerstone of strategy.

Serial Acquirer

SaaS and on-premise software with a focus on vertical market offerings.

B2B Software

Companies selling mission-critical components or services with low-cost- high-benefit, high switching costs, and embedded in customer workflows.


Mission Critical Products & Services

Companies with trademark, copyright, or patented IP or consumer brands with heritage and pricing power.

Unique IP & Brands

Manufacturers with an installed base of product that typically generates consumable, maintenance or other recurring revenue.


OEMs w/ Installed Base

A company designed to be the lowest cost provider in the market


Low Cost Operators

Insurance, reinsurance, and all categories of specialty finance, asset managers, etc.

Insurers & Financials

One-stop shops within a fragmented supply and customer base.

B2B Middlemen

B2C and B2B auctions and classifieds platforms.

Auctions & Classifieds

Firms that license trademarks to third-party operators.

Franchisors

High financial cost and time of customers switching to a competitor. Includes productivity loss from downtime, changing routine, and retraining staff.

Switching Costs

Value of the product increases as the user or customer base increases.

Network Effects

Per unit cost declines as units produced increase. Scale economies also include procurement scale and distribution network density.

Scale Economies

Operational and learning process that drives higher quality products and / or lower prices vs competitors.


Process Power

Loyalty and trust drives higher pricing power.

Brand Equity

Entrant has a superior business model (lower costs and / or ability to charge higher prices given the higher product value) that incumbents cannot replicate without significant cannibalisation of existing business.

Counter Positioning

Preferential access to a unique resource that drives value such as management, technology, patents, property, etc.

Explore our full content library.

Mettler-Toledo: Competition & Go-to-Market Strategy

Mettler-Toledo: Pricing, Decentralization, & Vertical Integration

Mettler-Toledo: Product Portfolio & Quality Management