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    Gustavo Gala • Monness, Crespi, Hardt & Co., Inc.

    Gustavo Gala's questions to Remitly Global Inc (RELY) leadership

    Gustavo Gala's questions to Remitly Global Inc (RELY) leadership • Q2 2025

    Question

    Gustavo Gala asked about the expected moderation in customer acquisition cost (CAC) in the second half of the year and sought clarification on the drivers of the raised guidance, specifically how much was attributable to new innovations versus the core business.

    Answer

    CFO Vikas Mehta clarified that the guidance increase was driven primarily by the core business, as new initiatives are still in early stages. Regarding marketing, he explained that the second-half outlook reflects tough comparisons to last year's efficiency gains, combined with new targeted investments to support product launches, all while maintaining strong LTV/CAC ratios.

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    Gustavo Gala's questions to Remitly Global Inc (RELY) leadership • Q1 2025

    Question

    Gustavo Gala of Monness, Crespi, Hardt & Co. questioned the Q2 revenue guidance, suggesting it seemed conservative, and asked about the expected trend for marketing per active user in the second half of the year.

    Answer

    CFO Vikas Mehta stated the guidance is prudent given macro uncertainties but reflects durable underlying business drivers. Regarding marketing, he confirmed that while efficiency remains a focus, the significant year-over-year leverage seen recently is expected to moderate and stabilize in the second half of 2025 due to tougher comparisons.

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    Gustavo Gala's questions to Remitly Global Inc (RELY) leadership • Q3 2024

    Question

    Gustavo Gala asked if Remitly is seeing marketing efficiencies as it diversifies into newer, non-core geographies and how the RLTE growth and contribution margin of these newer corridors compare to core ones.

    Answer

    CEO Matt Oppenheimer confirmed that the company has a well-established marketing playbook that it has successfully rolled out across its 170 receive corridors, leading to the efficiencies seen in the P&L. Regarding RLTE, he emphasized that the focus is on optimizing total RLTE dollars rather than the margin percentage, and that the company expects stability to modest increases over time with some quarterly variability.

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    Gustavo Gala's questions to International Money Express Inc (IMXI) leadership

    Gustavo Gala's questions to International Money Express Inc (IMXI) leadership • Q1 2025

    Question

    Gustavo Gala from Monness, Crespi, Hardt & Company asked about customer retention trends in both retail and digital, the levers being used to drive digital retention, and the monthly performance cadence in Q1 to gauge if retail traffic has hit a trough.

    Answer

    CEO Robert Lisy detailed the retail model, where same-store performance is down high-single-digits, consistent with the market, and the strategy is to add more retailers in underpenetrated areas. Chief Digital Officer Marcelo Theodoro noted that digital retention improved slightly despite higher marketing spend. Lisy explained that the company analyzes performance in 4-week segments, not monthly, and believes any retail trough depends on the macro environment and the company's new, more aggressive pricing strategy for incremental wires.

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    Gustavo Gala's questions to International Money Express Inc (IMXI) leadership • Q3 2024

    Question

    Gustavo Gala of Monness, Crespi, Hardt & Co., Inc. asked about the competitive landscape in retail, whether digital market share in Latin America is accelerating, and for insights into consumer behavior changes like bank account adoption in the U.S. and digital endpoints in LatAm. He also questioned the removal of financial guidance in light of the strategic review and asked for historical context on acquisition approaches.

    Answer

    Chairman, CEO, and President Robert Lisy explained that retail softness is due to slower overall market growth (flat to 2%) and the digital segment absorbing all industry growth, not new competitive pressures. He confirmed Intermex is still gaining share in retail, albeit at a smaller margin in a down market. Lisy noted a steady but slow increase in U.S. consumer bank eligibility, with a much larger share of transactions being deposited to bank accounts on the receiving end in Latin America. Regarding the strategic review, he stated the company's valuation doesn't reflect its performance and that a new structure could better support necessary investments in its high-margin digital business. He confirmed the removal of guidance is standard during such a process and is also due to the planned investments in digital.

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    Gustavo Gala's questions to International Money Express Inc (IMXI) leadership • Q2 2024

    Question

    Gustavo Gala inquired about the growth assumptions for key markets and channels, competitive pressures in the U.S. agent network, the impact of the Sigue shutdown, and the company's capital allocation priorities between share buybacks and M&A.

    Answer

    CEO Robert Lisy explained that market softness is primarily macro-driven, not from major competitors, and that Intermex is outperforming in both retail and digital channels despite being overweight in retail. He noted the Sigue shutdown had minimal impact as the company had already declined significantly. CFO Andras Bende stated that future capital allocation would likely mirror Q2, with a continued focus on buybacks while also reserving capital for M&A opportunities. Lisy added that potential M&A targets include agent networks and digital-related businesses.

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    Gustavo Gala's questions to Euronet Worldwide Inc (EEFT) leadership

    Gustavo Gala's questions to Euronet Worldwide Inc (EEFT) leadership • Q1 2025

    Question

    Gustavo Gala asked about the drivers of the Ria digital shift, including marketing efficiency and gross profit retention, competition in the U.S. independent channel, and the scale of the EFT opportunity in Latin America.

    Answer

    CEO Michael Brown attributed strong Money Transfer results to an omnichannel strategy that retains customers as they move to digital. CFO Rick Weller noted that gross profit per transaction slightly increased and that intense competition is standard in their business. Regarding Latin America, Brown explained that while the Prosegur JV is new, the opportunity is large because nearly all cross-border transactions are cross-currency, offering significantly higher DCC revenue potential than in Europe.

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    Gustavo Gala's questions to Euronet Worldwide Inc (EEFT) leadership • Q4 2024

    Question

    Gustavo Gala of Monness, Crespi, Hardt & Company inquired about Money Transfer trends, including the margin impact of digital mix versus new market entry, and asked if the new 12-16% EPS growth guidance represents a new medium-term framework.

    Answer

    CEO Michael Brown explained that entering new geographies often results in higher initial margins due to less competition. He also expressed his hope that the 12-16% growth rate could be sustained long-term, noting the company's 20-year average was 13.5%. He proactively added that a strong economy, not immigration policy, is the primary driver for the Money Transfer business.

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    Gustavo Gala's questions to Euronet Worldwide Inc (EEFT) leadership • Q3 2024

    Question

    Gustavo Gala inquired about the future of EFT segment margins, noting recent strong performance and asking if the historical high-30% range is still a relevant benchmark given new fee structures and the scaling of the merchant services business.

    Answer

    CFO Rick Weller stated that while he expects operating profits to grow faster than revenue, margins are unlikely to return to pre-COVID levels due to cost inflation and the mix effect from the lower-margin, high-growth Merchant Services business. CEO Michael Brown added that the Merchant Services business has an EBITDA margin of about 25%, which tempers the segment average. Executive Kevin Caponecchi also discussed investments in diversifying epay's product portfolio away from third-party content.

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    Gustavo Gala's questions to American Express Co (AXP) leadership

    Gustavo Gala's questions to American Express Co (AXP) leadership • Q1 2025

    Question

    Gustavo Gala asked how American Express is enhancing its value proposition in restaurants to win Millennial/Gen Z share and what other experiential categories are being targeted.

    Answer

    CEO Stephen Squeri pointed to the Gold card as a prime example, with its dining rewards and credits. He highlighted the acquisitions of Resy and Tock as creating a 'closed loop within a closed loop' for the restaurant vertical. He also identified travel, specifically lodging and airlines, as another key area, citing the Platinum card's Fine Hotels & Resorts program as a way to provide differentiated value that appeals to younger demographics.

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