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    Alex Markgraff • KeyBanc Capital Markets

    Alex Markgraff's questions to I3 Verticals Inc (IIIV) leadership

    Alex Markgraff's questions to I3 Verticals Inc (IIIV) leadership • Q3 2025

    Question

    Alex Markgraff of KeyBanc Capital Markets questioned how the increased investment in personnel would impact the company's long-term margin expansion target of 50-100 basis points annually and sought clarity on the types of roles being added.

    Answer

    CFO Geoff Smith stated that he would not guide away from the 50-100 basis point annual margin expansion target, as the investment is expected to be offset by corresponding revenue growth. He clarified that the new roles are primarily in product development and quality assurance, not sales, to support bringing new products to market.

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    Alex Markgraff's questions to Coincheck Group NV (CNCK) leadership

    Alex Markgraff's questions to Coincheck Group NV (CNCK) leadership • Q1 2026

    Question

    Alex Markgraff of KeyBanc Capital Markets inquired about the potential for future partnerships similar to the Mercoin deal, the monetization strategy for its volume, trends in marketing spend and customer acquisition cost (CAC), and the outlook for share-based compensation (SBC) expenses.

    Answer

    CEO Gary Simonson addressed the Mercoin partnership, noting that while other opportunities exist, it is too early to provide revenue guidance, but the volume would likely be treated similarly to marketplace revenue. CFO Jason Sandberg explained that customer acquisition cost (CAC) remained consistent, while marketing spend was reduced from the prior quarter. Both executives clarified that the quarter's high share-based compensation was largely a one-time event related to the company's SPAC transaction and should not be considered a recurring quarterly expense.

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    Alex Markgraff's questions to Robinhood Markets Inc (HOOD) leadership

    Alex Markgraff's questions to Robinhood Markets Inc (HOOD) leadership • Q2 2025

    Question

    Alex Markgraff of KeyBanc Capital Markets asked for details on crypto monetization on the core Robinhood platform and any effects seen from the smart exchange routing feature.

    Answer

    CFO Jason Warnick explained that customers can trade via a market maker model, where the rebate was recently moved to 85 bps, or via the smart exchange router, which offers volume-tiered discounts down to 10 bps. He noted that direct-to-exchange traders are bringing more volume and generating more revenue per trader despite the better rates. The blended rate was 58 bps in Q2 and moved to the mid-60s in July.

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    Alex Markgraff's questions to nCino Inc (NCNO) leadership

    Alex Markgraff's questions to nCino Inc (NCNO) leadership • Q1 2026

    Question

    Alex Markgraff from KeyBanc Capital Markets asked for clarification on the 200-hour deployment goal, seeking a comparison to current timelines. He also inquired about the potential impact of faster delivery on the timing of revenue recognition.

    Answer

    CEO Sean Desmond characterized the 200-hour goal as a bold target, contrasting it with current project timelines that range from 2-6 months for community/regional banks and 6-18 months for enterprises. The goal is to shift from months or years to days. CFO Greg Orenstein clarified that faster deployments would not impact subscription revenue recognition but would be key to improving professional services gross profit and margins over time.

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