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    Adam Frisch • Evercore ISI

    Adam Frisch's questions to Affirm Holdings Inc (AFRM) leadership

    Adam Frisch's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2025

    Question

    Adam Frisch of Evercore ISI asked what the Revenue Less Transaction Costs (RLTC) might have been without the high mix of 0% APR loans and inquired about initiatives to encourage Affirm Card usage for everyday transactions.

    Answer

    CFO Robert O'Hare declined to quantify the RLTC impact. CEO Max Levchin addressed card usage, stating that achieving top-of-wallet status is a gradual process. He highlighted reliability improvements like enabling foreign transactions and reiterated that APR reductions, especially 0% deals, remain the most powerful consumer incentive across all Affirm products.

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    Adam Frisch's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2024

    Question

    An analyst on for Adam Frisch asked for the hypothetical Revenue Less Transaction Costs (RLTC) if 0% APR mix were lower, and inquired about initiatives to drive more debit-like 'Pay Now' usage on the Affirm Card.

    Answer

    CFO Robert O'Hare declined to quantify the RLTC impact due to funding complexities but confirmed 0% loans are profitable, just less so than interest-bearing ones. CEO Max Levchin stated that driving 'Pay Now' volume is a gradual process focused on improving the user experience, such as enabling foreign transactions. He emphasized that APR reductions remain the most powerful incentive to drive usage across all Affirm products.

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    Adam Frisch's questions to Global Payments Inc (GPN) leadership

    Adam Frisch's questions to Global Payments Inc (GPN) leadership • Q1 2025

    Question

    Adam Frisch asked for an update on the Genius platform rebrand, the status of the original integration initiative, and progress on the 'Salesforce of the Future' program, including plans for Worldpay's sales team. He followed up by asking about the components of revenue growth, specifically the mix between organic volume and pricing.

    Answer

    CEO Cameron Bready confirmed the rebrand is progressing, aiming for a common brand identity before the Worldpay closing. COO Bob Cortopassi reported that the sales force alignment and compensation structures are complete, with capability-building initiatives well underway. He expressed confidence in retaining Worldpay's sales team due to the strong product suite and earning potential. On revenue, Bready stated growth is driven by strong organic new sales and stable same-store sales, with pricing being a modest and consistent component.

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    Adam Frisch's questions to Mastercard Inc (MA) leadership

    Adam Frisch's questions to Mastercard Inc (MA) leadership • Q1 2025

    Question

    Adam Frisch of Evercore ISI posed two questions: one on the potential financial impact of the Capital One debit portfolio loss following the Discover acquisition, and another on China's near-term revenue contribution.

    Answer

    CFO Sachin Mehra stated the full-year guidance already incorporates their best estimate of the Capital One debit migration, though timing remains uncertain. CEO Michael Miebach added that they expect to maintain a strong relationship in other areas. Regarding China, Mehra explained its revenue contribution is primarily from cross-border flows, with the domestic JV still in investment mode and having a minimal revenue impact.

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    Adam Frisch's questions to Visa Inc (V) leadership

    Adam Frisch's questions to Visa Inc (V) leadership • Q2 2025

    Question

    Adam Frisch of Evercore ISI asked for a reminder of the key revenue and cost levers Visa can utilize to protect margins if macroeconomic conditions were to deteriorate rapidly.

    Answer

    CFO Chris Suh emphasized the business's resilience due to its diversification into everyday spend, debit, and e-commerce. He identified key levers: on the revenue side, client incentives are largely variable and would decline with volumes; on the expense side, the company has demonstrated its ability to flex spending while balancing long-term priorities, and the management team is prepared to act decisively.

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    Adam Frisch's questions to Shift4 Payments Inc (FOUR) leadership

    Adam Frisch's questions to Shift4 Payments Inc (FOUR) leadership • Q1 2025

    Question

    Adam Frisch of Evercore ISI requested the organic versus inorganic revenue growth breakdown for the quarter and sought clarity on the go-to-market strategy for newly acquired brands.

    Answer

    Taylor Lauber, President and incoming CEO, stated that while the company does not provide quarterly organic growth breakdowns due to M&A noise, they remain on track for over 20% organic revenue growth for the full year. He clarified that the primary strategy is to bundle Shift4 payments into the acquired customer base, with new sales being conducted exclusively under Shift4's product brands.

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