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    Andrew Bauch • Wells Fargo & Company

    Andrew Bauch's questions to Lightspeed Commerce Inc (LSPD) leadership

    Andrew Bauch's questions to Lightspeed Commerce Inc (LSPD) leadership • Q4 2025

    Question

    Andrew Bauch requested more detail on the planned 35% increase in product and technology investments, asking where the funds are being allocated and how this supports software uptake. He also asked for an update on the business mix between retail and hospitality and the expected growth for each vertical.

    Answer

    Founder and CEO Dax Dasilva stated the investment will enhance the two flagship platforms, focusing on deeper inventory management for key retail verticals and strengthening the pan-European hospitality suite. CFO Asha Bakshani added that the business mix is roughly 60% retail and 40% hospitality, a balance she expects to remain stable. Growth is anticipated to be balanced across both, in line with previously stated long-term targets.

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    Andrew Bauch's questions to Lightspeed Commerce Inc (LSPD) leadership • Q3 2025

    Question

    Andrew Bauch asked about the recent slowdown in sequential payments penetration growth, the variables affecting the 40-45% year-end target, the current competitive environment, and the quantitative impact of foreign exchange headwinds.

    Answer

    CFO Asha Bakshani attributed the slower sequential payments growth to seasonality, particularly in the highly-penetrated golf vertical, but reaffirmed confidence in the 40-45% year-end target. She acknowledged FX as a headwind but noted the company remains on track for its annual guidance. President JD Saint-Martin contrasted Lightspeed's deep vertical focus in retail and hospitality with competitors' 'broad and shallow' strategies, highlighting this as a key differentiator.

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    Andrew Bauch's questions to Lightspeed Commerce Inc (LSPD) leadership • Q1 2025

    Question

    Andrew Bauch inquired about the gross margin dynamics, which were lighter than expected, and asked when the supplier network might start contributing to revenue.

    Answer

    CFO Asha Bakshani attributed the slight margin pressure to declining high-margin referral fees as customers adopt Lightspeed Payments, noting that the high-margin Capital business is still too nascent to offset this fully. President JD Saint-Martin stated that the supplier network is moving toward monetization, with a meaningful financial impact expected to begin in fiscal 2026.

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    Andrew Bauch's questions to Global-E Online Ltd (GLBE) leadership

    Andrew Bauch's questions to Global-E Online Ltd (GLBE) leadership • Q1 2025

    Question

    Andrew Bauch asked about the top-of-funnel dynamics, questioning if merchant hesitancy to launch new cross-border initiatives has changed recently. He also sought an explanation for the lower-than-expected services yield in the first quarter.

    Answer

    CEO Amir Schlachet acknowledged a brief period of hesitation but stated that the sales funnel is moving again, with the first merchants set to launch the new 3 B2C offering soon. He explained the lower Q1 service take rate was driven by the loss of high-fee merchant Ted Baker and a higher mix of large merchants with lower take rates. He suggested the Q1 take rate is a good benchmark for the remainder of the year.

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    Andrew Bauch's questions to Global-E Online Ltd (GLBE) leadership • Q4 2024

    Question

    Andrew Bauch asked about the implied deceleration in the Q1 2025 guidance following strong Q4 2024 momentum and questioned if Shopify Managed Markets could add a similar dollar amount of GMV in 2025 as it did in 2024.

    Answer

    Executive Amir Schlachet explained that the 2025 revenue growth forecast is impacted by an anticipated shift to lower-take-rate multi-local strategies due to tariff risks. Executive Nir Debbi added that Shopify Managed Markets is expected to remain around 5% of total GMV as the focus is on platform enhancement, not just dollar growth. CFO Ofer Koren noted that Q4 2024 results were skewed by strong performance from large, recently onboarded merchants and unusually high consumer demand, which is expected to normalize.

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    Andrew Bauch's questions to Global-E Online Ltd (GLBE) leadership • Q4 2024

    Question

    Andrew Bauch questioned the implied deceleration in the Q1 2025 guidance following a strong Q4, and asked if the GMV contribution from Shopify Managed Markets in 2025 would match the dollar amount added in 2024.

    Answer

    CEO Amir Schlachet explained that the guidance reflects an anticipated shift by merchants to multi-local strategies to mitigate tariff risks, which lowers take rates. President Nir Debbi added that Managed Markets is expected to remain around 5% of total GMV as the focus is on platform enhancement. CFO Ofer Koren noted Q4's strength was skewed by large merchant launches and unusually strong consumer demand, which is expected to normalize.

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    Andrew Bauch's questions to Global-E Online Ltd (GLBE) leadership • Q3 2024

    Question

    Andrew Bauch asked for details on the new demand generation platform, Borderfree.com, including merchant size and activity, and sought an update on the progress of Shopify Managed Markets for 2025.

    Answer

    Executive Nir Debbi explained that Borderfree.com is in its early stages, with a focus on user penetration and value creation, and is not expected to impact the top line in the short term. Executive Amir Schlachet confirmed that Shopify Managed Markets is tracking well, with new features driving continued adoption among the Shopify merchant base, a trend expected to continue into the next year.

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    Andrew Bauch's questions to Toast Inc (TOST) leadership

    Andrew Bauch's questions to Toast Inc (TOST) leadership • Q1 2025

    Question

    Andrew Bauch asked for details on the sales pitch to Applebee's, focusing on growth versus efficiency, and how the win could attract other large enterprises. He also inquired about the drivers of strong software ARPU growth.

    Answer

    CEO Aman Narang detailed that the Applebee's value proposition included handhelds for efficiency and higher checks, kitchen modernization, and replacing an in-house solution with Toast's above-store management suite. CFO Elena Gomez attributed the strong software ARPU to solid team execution, while reiterating that ARR is the key long-term metric.

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    Andrew Bauch's questions to Toast Inc (TOST) leadership • Q3 2024

    Question

    On behalf of Andrew Bauch of Wells Fargo, an analyst asked for clarification on the difference between the 4% year-over-year growth in SaaS ARPU and the much higher 12% growth in subscription revenue.

    Answer

    CFO Elena Gomez explained that discrepancies between ARR and revenue can arise from timing differences, concessions, or credits. She clarified that the SaaS ARPU metric is calculated on an ARR basis. She reiterated that ARPU, alongside location growth, is a key lever for the business and that the team's execution on this front has been strong.

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    Andrew Bauch's questions to Affirm Holdings Inc (AFRM) leadership

    Andrew Bauch's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2025

    Question

    On behalf of Andrew Bauch from Wells Fargo Securities, an analyst asked about the potential impact of student loan enforcement on Affirm's portfolio and the effect of the recent app redesign on user engagement.

    Answer

    CEO Max Levchin stated that student loan presence is already factored into their underwriting models, so they are not overly concerned. Regarding the app, he explained that changes are rolled out cautiously with the primary guardrail of not harming loan repayment rates. While some changes have improved conversion, he noted more significant updates are still forthcoming.

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    Andrew Bauch's questions to Affirm Holdings Inc (AFRM) leadership • Q2 2025

    Question

    Andrew Bauch asked for insights from the Affirm app redesign, its evolution into a marketplace, and how these changes create opportunities for the Affirm Card's long-term growth and reuse.

    Answer

    CEO Max Levchin shared that the app redesign is an ongoing process focused on leaning into the Affirm network as a destination for discovering merchant deals, particularly 0% APR offers. He noted that in-app search for deals is rising rapidly and converting well. For the Affirm Card, he mentioned the focus is on improving the user interface and transaction planning to drive growth, with the goal of making it a more convenient alternative to traditional cards.

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    Andrew Bauch's questions to Affirm Holdings Inc (AFRM) leadership • Q1 2025

    Question

    Andrew Bauch asked for an explanation of the drivers behind the full-year guidance uplift for revenue as a percentage of GMV and Revenue Less Transaction Costs (RLTC), and inquired about plans to reinvest any excess margin.

    Answer

    Chief Operating Officer Michael Linford attributed the strong economics to pricing initiatives, capital markets benefits, and merchant events. He confirmed that Affirm plans to reinvest its healthy margin into growth through 0% APR offers and other operating expense investments.

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    Andrew Bauch's questions to Affirm Holdings Inc (AFRM) leadership • Q4 2024

    Question

    Andrew Bauch asked for details on the sources of operating leverage in the fiscal 2025 guidance, noting the strong Adjusted Operating Income (AOI) margin forecast.

    Answer

    CFO Michael Linford highlighted the leadership team's pride in the rapid progress on operating leverage. He confirmed their commitment to continued margin expansion, guiding for a 200 basis point improvement in fiscal 2025. He noted this progress is balanced against the need to invest in significant growth opportunities, meaning they are not yet targeting terminal margins.

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    Andrew Bauch's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2024

    Question

    Lamar, on for Andrew Bauch, asked about the potential impact of student loan enforcement on Affirm's portfolio and the effects of the recent app redesign on user engagement and conversion.

    Answer

    CEO Max Levchin stated that student loan data is already factored into their underwriting models, so they are not overly concerned but remain watchful. Regarding the app, he explained that changes are rolled out continuously with the primary guardrail of not harming loan repayment rates. He noted that while many improvements are still in progress, recent updates have already positively impacted conversion.

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    Andrew Bauch's questions to Remitly Global Inc (RELY) leadership

    Andrew Bauch's questions to Remitly Global Inc (RELY) leadership • Q1 2025

    Question

    Andrew Bauch of Wells Fargo asked for more details on the WhatsApp partnership, its strategic importance, and its potential long-term impact on the business.

    Answer

    CEO Matt Oppenheimer highlighted the WhatsApp channel as a key initiative, built upon their existing conversational AI technology. While the initial focus is on Latin America, he expressed bold ambitions for using the platform for both new customer acquisition, particularly from offline channels, and enhancing service for existing users, noting they are in the 'early days' of this opportunity.

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    Andrew Bauch's questions to Remitly Global Inc (RELY) leadership • Q3 2024

    Question

    Andrew Bauch asked for the key assumptions and building blocks behind the preliminary 2025 revenue growth guidance of low-to-mid 20s, particularly concerning the expected easing of FX tailwinds.

    Answer

    CFO Vikas Mehta explained the early 2025 view is based on durable customer cohort behavior. He noted key assumptions include not baking in the FX tailwinds seen in 2024, continued sequential growth in quarterly active customers, and send volume growth outpacing revenue growth. CEO Matt Oppenheimer expressed excitement for 2025 and beyond, highlighting the company's long-term growth trajectory and large market opportunity.

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    Andrew Bauch's questions to Marqeta Inc (MQ) leadership

    Andrew Bauch's questions to Marqeta Inc (MQ) leadership • Q1 2025

    Question

    Andrew Bauch asked about Marqeta's role in facilitating cryptocurrency spending, the demand for stablecoin functionality from its clients, and the company's overall strategy to fit into the growing stablecoin trend.

    Answer

    Mike Milotich, Interim CEO and CFO, explained that Marqeta has long been a pioneer in enabling crypto-funded card spending via its just-in-time funding capabilities, which allow fiat transactions backed by a crypto or stablecoin balance. He positioned Marqeta as a potential bridge for everyday stablecoin spending, especially before direct merchant acceptance becomes widespread, noting this capability was a key reason Bitpanda chose Marqeta.

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    Andrew Bauch's questions to Marqeta Inc (MQ) leadership • Q4 2024

    Question

    Andrew Bauch inquired about the drivers behind the recent strength in Marqeta's international and European business and asked for details on the ongoing CEO search process, including desired candidate characteristics.

    Answer

    Interim CEO and CFO Mike Milotich attributed international momentum to enhancing capabilities outside the U.S. and the natural global expansion of existing fintech customers. Regarding the CEO search, he stated the Board is conducting a deliberate process to find a leader who can execute on the embedded finance and fintech strategy, combining innovation, payments knowledge, and operational skill to drive profitable growth.

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    Andrew Bauch's questions to Marqeta Inc (MQ) leadership • Q3 2024

    Question

    Andrew Bauch of Wells Fargo asked for confirmation that the growth outlook for Marqeta's existing business remains unchanged and sought to understand which parts of the business are driving the increased demand that is building the backlog.

    Answer

    CFO Michael Milotich confirmed that the underlying business trajectory, excluding the new program delays and specific customer in-sourcing, is consistent with prior expectations. CEO Simon Khalaf identified three key areas driving strong demand: neobanking and brands offering financial services; flexible payments like Visa Flex and Marqeta Flex; and finance automation software companies. He noted that embedded finance customers now represent about two-thirds of the pipeline.

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    Andrew Bauch's questions to Jack Henry & Associates Inc (JKHY) leadership

    Andrew Bauch's questions to Jack Henry & Associates Inc (JKHY) leadership • Q3 2025

    Question

    Andrew Bauch asked how Jack Henry's business would operate in a more pronounced recession and requested more detail on the consolidation activity, such as by bank size or type.

    Answer

    CFO Mimi Carsley emphasized the business's resilience, noting that banks are well-capitalized and require technology to drive efficiency and compete, regardless of the economic cycle. CEO Greg Adelson described the consolidation activity as widespread, including credit unions buying banks, and stressed that Jack Henry's innovation and success with larger FIs positions them well to be the surviving platform in mergers.

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    Andrew Bauch's questions to WEX Inc (WEX) leadership

    Andrew Bauch's questions to WEX Inc (WEX) leadership • Q1 2025

    Question

    Andrew Bauch asked about the trigger points that would cause WEX to adjust its investment spending in small business acquisition amid a weakening macro environment. He also requested a more detailed breakdown of the end-market mix within the travel business.

    Answer

    CEO Melissa Smith explained that investment levels are tied to ROI, and so far, leading indicators like the 18% year-over-year increase in new applications are very positive. She noted they will remain sensitive to the external environment. For the travel mix, she provided a detailed breakdown: ~67% is international-to-international, ~17% is US domestic, ~15% is US-to-international, and ~3% is international-to-US, with the majority being hotel spend. CFO Jagtar Narula added that they track a funnel of metrics to monitor ROI in real-time.

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    Andrew Bauch's questions to WEX Inc (WEX) leadership • Q4 2024

    Question

    Andrew Bauch requested a breakdown of the planned 2025 investments, the nature of their returns, and the rationale for no longer providing segment-level growth targets.

    Answer

    CFO Jagtar Narula confirmed the investment breakdown, noting the sales and marketing portion has a direct LTV/CAC return that flows to EBIT, while product investment is capitalized. CEO Melissa Smith explained that segment-level targets were omitted because, in the medium term, none are expected to deviate materially from the overall 5-10% corporate growth range.

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    Andrew Bauch's questions to WEX Inc (WEX) leadership • Q3 2024

    Question

    Andrew Bauch questioned the long-term growth outlook for the Corporate Payments business, asking if the 6% underlying growth rate suggests a revision to the historical mid-teens target. He also asked for an assessment of the current cycle in the Mobility segment's over-the-road market and when it might stabilize.

    Answer

    CEO Melissa Smith reaffirmed the long-term 10% to 15% growth target for Corporate Payments, attributing current softness to the large OTA customer migration and some pullback in non-travel spend. Regarding Mobility, she noted that the freight recession has been prolonged and even saw some increased softness in Q3, stating that the company is not anticipating a near-term reversal.

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    Andrew Bauch's questions to Shift4 Payments Inc (FOUR) leadership

    Andrew Bauch's questions to Shift4 Payments Inc (FOUR) leadership • Q1 2025

    Question

    Andrew Bauch from Wells Fargo asked about the slight sequential decline in 'software and other revenue' and the rationale for raising full-year EBITDA guidance amid macro concerns.

    Answer

    CFO Nancy Disman explained the revenue line's moderation was expected and due to the deliberate discontinuation of legacy revenue from recent acquisitions. Taylor Lauber, President and incoming CEO, justified the EBITDA guidance raise by noting that business trends are stable and in line with expectations, with no material impact seen from macro rhetoric. Nancy Disman added that strong expense management and synergy realization provide further confidence.

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    Andrew Bauch's questions to Paymentus Holdings Inc (PAY) leadership

    Andrew Bauch's questions to Paymentus Holdings Inc (PAY) leadership • Q4 2024

    Question

    Andrew Bauch of Wells Fargo & Company asked for more details on the long-term strategy to convert interchange from a cost center to a revenue center and inquired about any potential business impact from shifts in government budgets.

    Answer

    Founder and CEO Dushyant Sharma explained that the interchange strategy is a long-term play involving the development of new products, solutions, and partnerships to monetize both inbound and outbound payment flows. Regarding government impact, Sharma clarified that Paymentus has no federal contracts, so there is no direct risk. He noted their focus is on local municipalities, where they are a source of revenue for agencies (processing bill payments), making their position resilient.

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    Andrew Bauch's questions to Paymentus Holdings Inc (PAY) leadership • Q3 2024

    Question

    Andrew Bauch asked for a framework to understand the scale of the 'larger customers' being signed and their representation in the backlog. He also inquired about the evolution of the platform's use cases, like payouts, over the next few years.

    Answer

    CEO Dushyant Sharma described these clients as household names outside the traditional 'biller' category, won by proving the platform can handle complex inbound and outbound workflows. While not detailing the backlog mix, he confirmed it remains strong and diverse. Sharma affirmed that payouts are a key part of the long-term vision, with capabilities being built to handle all disbursement types, which is integral to the strategy of eventually monetizing interchange.

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    Andrew Bauch's questions to Avidxchange Holdings Inc (AVDX) leadership

    Andrew Bauch's questions to Avidxchange Holdings Inc (AVDX) leadership • Q4 2024

    Question

    Andrew Bauch asked for an update on performance by specific industry verticals, wondering if any divergences in activity were observed at the end of 2024 that informed the 2025 guidance.

    Answer

    CEO Michael Praeger reported strong performance in the real estate, financial services, and media verticals, while the HOA vertical performed below expectations due to macro headwinds causing a slowdown in board-authorized spending. He noted that the 2025 guidance conservatively assumes these trends will continue without significant improvement.

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    Andrew Bauch's questions to Avidxchange Holdings Inc (AVDX) leadership • Q3 2024

    Question

    Andrew Bauch asked about previous comments on election uncertainty creating pent-up demand and how management anticipates this playing out now that the election is resolved.

    Answer

    CEO Michael Praeger expressed optimism that the resolution of election uncertainty, combined with increasing clarity on the interest rate environment, could act as a positive catalyst for customers to resume discretionary spending. He noted that historically, when CFOs and finance leaders regain confidence, such spending has returned quickly to the platform.

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    Andrew Bauch's questions to Avidxchange Holdings Inc (AVDX) leadership • Q2 2024

    Question

    Andrew Bauch from Wells Fargo & Company asked about the dynamic of suppliers choosing lower-monetized payment options, referencing a peer's experience, and questioned the risk of this behavior becoming permanent.

    Answer

    CFO Joel Wilhite clarified that AvidXchange is seeing mix shifts, not a wholesale retreat from monetized payments, as suppliers still seek speed, data, and automation at different price points. CEO Michael Praeger reinforced this, stating that supplier retention is very high and the focus is on providing a compelling value proposition with various payment modalities to convert the remaining paper check suppliers to electronic.

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    Andrew Bauch's questions to Avidxchange Holdings Inc (AVDX) leadership • Q1 2024

    Question

    Andrew Bauch asked for color on the Q1 results relative to internal expectations, noting the revenue beat, and questioned why the full-year guidance was only raised modestly.

    Answer

    CEO Michael Praeger (the transcript attributes the answer to him, though it was likely CFO Joel Wilhite) acknowledged the Q1 outperformance was due to higher float revenue and strong underlying business performance, particularly in yield. He explained that the guidance for the remainder of the year maintains a cautious stance on transaction volume trends, though the company is pleased with its progress on yield and margin expansion.

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    Andrew Bauch's questions to Flywire Corp (FLYW) leadership

    Andrew Bauch's questions to Flywire Corp (FLYW) leadership • Q4 2024

    Question

    Andrew Bauch of Wells Fargo asked if the U.S. education market's below-average growth in 2024 was expected and inquired about the capital allocation rationale for the Sertifi acquisition.

    Answer

    CFO Cosmin Pitigoi explained that pressure from declining U.S. visa trends was observed exiting 2024, leading to a cautious 2025 outlook, though this is partially offset by momentum in new products and deal signings. CEO Mike Massaro highlighted the Sertifi deal's synergies, including monetizing payment volume and international expansion. Cosmin Pitigoi added that Sertifi is a high-growth, profitable business that is expected to be accretive long-term.

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    Andrew Bauch's questions to Flywire Corp (FLYW) leadership • Q3 2024

    Question

    Andrew Bauch asked to quantify the Q3 benefit from education payment timing and to compare the monetization opportunity for institutions using the full Student Financial Software (SFS) suite versus those that are not.

    Answer

    CEO Michael Massaro estimated the timing shift of payments into Q3 from Q4 was in the 'low single-digit millions,' around $1-2 million. President and COO Rob Orgel described the full SFS suite as a 'revenue multiplier' that combines SaaS license fees, payment plan revenue, and transaction volume. He emphasized the large growth opportunity, noting that penetration of the full suite within the installed client base remains in the single-digit percentages.

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    Andrew Bauch's questions to Shopify Inc (SHOP) leadership

    Andrew Bauch's questions to Shopify Inc (SHOP) leadership • Q4 2024

    Question

    Andrew Bauch inquired about the Q1 free cash flow margin guidance, asking if the projected 200 basis points of expansion is indicative of the trend for the rest of the year, and questioned if the investment focus remains on performance marketing.

    Answer

    CFO Jeff Hoffmeister clarified that he would not provide quarterly specifics beyond Q1 but reiterated that the company believes its current free cash flow margin level strikes the right balance between profitability and investment. He confirmed that performance marketing continues to be the majority of marketing spend, with no change in strategy and a continued focus on analyzing paybacks.

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