Sign in

    Jacob Stephan • Lake Street Capital Markets, LLC

    Jacob Stephan's questions to CPI Card Group Inc (PMTS) leadership

    Jacob Stephan's questions to CPI Card Group Inc (PMTS) leadership • Q2 2025

    Question

    Jacob Stephan from Lake Street Capital Markets asked for more detail on ArrowEye's outperformance, the market opportunity for the CardOnce solution in the government sector, and the strategy behind the company's metal card offerings.

    Answer

    CEO John Lowe clarified that ArrowEye's contribution was strong but still a small part of the overall business. He highlighted the CardOnce government win as a successful expansion into a new, recurring revenue vertical (social safety net programs) and described the metal card strategy as providing a strong value proposition for clients seeking premium cards without the highest cost.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to CPI Card Group Inc (PMTS) leadership • Q1 2025

    Question

    Jacob Stephan asked about the Arroweye acquisition's impact on the balance sheet, specifically the mix of cash versus revolver debt used for funding, and questioned the broader portfolio application, including potential opportunities with retailers.

    Answer

    CFO Jeff Hochstadt clarified the financing, stating the company drew approximately $35 million from its revolver and used cash from its balance sheet, which held over $30 million at quarter-end. President and CEO John Lowe confirmed the strategic application extends to retailers, noting Arroweye's nimble, hyper-personalization platform is ideal for brands testing new concepts and opens up a market segment that CPI does not currently service.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to CPI Card Group Inc (PMTS) leadership • Q4 2024

    Question

    Jacob Stephan asked for more specific details on the healthcare vertical within the prepaid segment, including the types of programs driving growth, and inquired about the margin profile of this business compared to traditional prepaid, credit, and debit cards.

    Answer

    President and CEO John Lowe explained that the healthcare business includes products like FSA and HSA cards, which require high-volume, high-accuracy issuance—a core strength for CPI. He noted it's a relatively new and growing market for the company. Regarding profitability, Lowe stated that while he wouldn't comment on specific vertical margins, the prepaid business broadly maintains strong margins due to the value proposition of its innovative and differentiated solutions.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Arlo Technologies Inc (ARLO) leadership

    Jacob Stephan's questions to Arlo Technologies Inc (ARLO) leadership • Q2 2025

    Question

    Jacob Stephan of Lake Street Capital Markets inquired about the nature of the new ADT partnership and the financial dynamics of the upcoming major product launch, including its impact on margins and holiday season growth.

    Answer

    CEO Matthew McRae described the ADT partnership as a substantial and unique deal involving both devices and services, with more details to be shared closer to year-end. Regarding the product launch, he confirmed it's the largest in Arlo's history, featuring COGS reductions of 20-30%. This provides 'dry powder' to absorb tariffs and fund aggressive promotions to achieve the targeted 20-30% year-over-year unit growth in Q3 and Q4, ultimately driving the services business.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Arlo Technologies Inc (ARLO) leadership • Q1 2025

    Question

    Jacob Stephan inquired about Arlo's strategy for managing inventory ahead of potential tariff changes in July and whether the new product refresh would be timed to mitigate these tariffs. He also asked for clarification on the new advertising platform's focus, questioning if it was for third-party advertisers or for promoting Arlo's own products and services.

    Answer

    COO and CFO Kurt Binder explained that Arlo is actively managing inventory levels and working with suppliers to optimize its position before the July tariff deadline, noting that the majority of revenue is from services and EMEA product sales, which are exempt. CEO Matthew McRae added that the company is modeling a continuation of the current 10% tariff rate post-July and that the new products' 20-35% cost reduction provides a significant buffer. McRae also clarified that Phase 1 of the ad platform, which has already launched, is focused on 'house ads' to drive service upgrades and hardware sales due to strong conversion rates seen in beta testing, with a potential for third-party ads in a later phase.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Arlo Technologies Inc (ARLO) leadership • Q4 2024

    Question

    Jacob Stephan of Lake Street Capital inquired about the doubling of customer acquisition costs (CAC) and whether the resulting 4:1 LTV/CAC ratio is a comfortable level for the company. He also asked for quantification of the expected rebound in product margins from Q4's negative levels and whether the new $17 ARPU includes contributions from the ad platform.

    Answer

    CEO Matthew McRae confirmed the 4:1 LTV/CAC ratio is a comfortable and 'world-class' level, noting a previous 7:1 ratio represented underinvestment in growth. COO and CFO Kurt Binder did not quantify the product margin rebound but expects it to be 'neutral probably at best' in Q1 after a highly promotional Q4. McRae stated that the new $17 ARPU figure does not include any revenue from the ad platform, which remains in a test phase.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Arlo Technologies Inc (ARLO) leadership • Q3 2024

    Question

    Jacob Stephan asked for clarification on the Q4 Point-of-Sale (POS) forecast, inquiring if a near-doubling of POS implied a doubling of device shipments. He also requested details on the Arlo Secure 5 service rollout, including its availability to the existing customer base, the uptake of premium plans, and any impact on overall subscriber attach rates.

    Answer

    CEO Matthew McRae clarified that the projected doubling of POS from Q3 to Q4 specifically refers to cameras sold in North America retail, not total global device shipments. He explained that Arlo Secure 5, currently available to new subscribers, has shown impressive early results, with over 40% of new users choosing premium plans—more than double the historical rate—driving ARPU for this cohort to over $14. While in-app purchasing shows potential to lift conversion, the overall attach rate has remained consistent with past performance.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Dave Inc (DAVE) leadership

    Jacob Stephan's questions to Dave Inc (DAVE) leadership • Q2 2025

    Question

    Jacob Stephan inquired about the retention metrics associated with the new $3 subscription fee and asked for more detail on the new CashAI V5.5 model, including how low the provision for credit losses could potentially go.

    Answer

    CEO Jason Wilk and CFO & COO Kyle Beelman emphasized that extensive testing of the $3 fee showed no negative impact on conversion or retention, making it accretive to LTV, which is also benefiting from higher Extra Cash volume. Beelman explained that the new AI model has double the features for better risk splitting. He reiterated that the company's goal is not to minimize the loss rate but to maximize gross profit dollars, and they view the current provision level as healthy for optimizing LTV.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Dave Inc (DAVE) leadership • Q1 2025

    Question

    Jacob Stephan questioned the reasons behind the sequential increase in Customer Acquisition Cost (CAC) and which marketing channels were yielding better returns. He also requested an update on the launch timeline for the 'Dave Credit' product.

    Answer

    Executive Jason Wilk clarified that the company's strategy is to optimize for LTV-to-CAC returns, not the lowest absolute CAC. With LTV increasing, the current $18 CAC is considered highly efficient. He noted a slight spending shift towards higher-LTV iOS devices. For the 'Dave Credit' product, Wilk confirmed they are targeting a friends and family launch later in the year, with public results to be discussed in 2026.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Dave Inc (DAVE) leadership • Q4 2024

    Question

    Jacob Stephan inquired about the quantitative or qualitative uplift in the attach rate for Dave Checking and Debit cards following the new fee model implementation, and also asked for a macro perspective on consumer strength based on Dave's underwriting data.

    Answer

    CEO Jason Wilk stated that while the new fee model has been positive for ExtraCash take rates, it has not caused a step-change improvement or material decline in the conversion rate to the Dave Card. Regarding the macro environment, both Wilk and CFO Kyle Beilman noted that consumer behavior and underwriting risk scores have remained very consistent with prior periods.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Dave Inc (DAVE) leadership • Q3 2024

    Question

    Jacob Stephan asked how the company is thinking about balancing top-line growth with EBITDA margin expansion into Q4 and 2025. He also sought clarification on the new fee model, questioning if it would be coupled with a subscription price increase.

    Answer

    Executive Kyle Beilman explained that the company balances growth and profitability by managing marketing investments based on attractive payback periods, noting that high gross profit flow-through to EBITDA is expected to continue. Executive Jason Wilk clarified that the new model involves a mandatory fee for ExtraCash access, which is separate from subscription pricing, and is designed to replace optional tips and instant transfer fees while maintaining or exceeding customer lifetime value.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Alkami Technology Inc (ALKT) leadership

    Jacob Stephan's questions to Alkami Technology Inc (ALKT) leadership • Q1 2025

    Question

    Jacob Stephan of Lake Street Capital Markets questioned where the MANTL acquisition is gaining the most traction between banks and credit unions and asked for a breakdown of the implementation backlog.

    Answer

    CEO Alex Shootman responded that MANTL demand is currently balanced between banks and credit unions, noting a significant tailwind in the credit union space due to their need to attract younger members. CFO Bryan Hill detailed the backlog of 36 new clients, comprising 16 banks with a higher RPU (around $30) and 20 credit unions (under $20 RPU), confirming MANTL was a primary driver of the sequential backlog increase.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Alkami Technology Inc (ALKT) leadership • Q3 2024

    Question

    Jacob Stephan asked about the timing of the margin impact from the captive offshore model, whether it would accelerate implementation, and if the soft lending environment was increasing client interest in new loan origination solutions.

    Answer

    CFO Bryan Hill clarified the 1% margin investment for offshoring would be spread ratably through 2025 and is focused on increasing engineering capacity for product development, not accelerating implementations. CEO Alex Shootman added that client demand in lending is for a better 'front-of-house' digital experience for consumers, which is where Alkami would focus, rather than replacing 'back-of-house' administrative systems.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to 3D Systems Corp (DDD) leadership

    Jacob Stephan's questions to 3D Systems Corp (DDD) leadership • Q3 2024

    Question

    Jacob Stephan asked about healthcare order patterns in Q4 and whether the Q3 revenue level is a stable base for growth. He also inquired about the scale of inventory repurchased during the in-sourcing initiative.

    Answer

    CEO Jeffrey Graves confirmed that the Q3 healthcare revenue level is a solid foundation to build from, with growth expected from new orthopedic applications, expansion into trauma, and European market focus. On inventory, he stated that while he didn't have a precise number, the company had to repurchase well over $100 million in inventory from contract manufacturers as part of the in-sourcing initiative, which they are now actively working to reduce.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Stratasys Ltd (SSYS) leadership

    Jacob Stephan's questions to Stratasys Ltd (SSYS) leadership • Q3 2024

    Question

    Jacob Stephan of Lake Street Capital Markets asked how recent macro changes, including rate cuts and competitor consolidation, are impacting demand for newer product lines like Origin 2 and Neo. He also inquired if there were further cost-saving opportunities beyond the current $40 million restructuring plan.

    Answer

    CEO Dr. Yoav Zeif explained that while underlying demand and interest are strong, the main challenge is an elongated sales cycle due to the macro environment. CFO Eitan Zamir clarified that the $40 million savings plan is comprehensive, including non-headcount items like facility closures, and the focus is on full execution to achieve an 8% EBITDA margin, even with flat revenue, which positions the company well for the future.

    Ask Fintool Equity Research AI

    Jacob Stephan's questions to Expedia Group Inc (EXPE) leadership

    Jacob Stephan's questions to Expedia Group Inc (EXPE) leadership • Q3 2024

    Question

    Speaking for Kevin Kopelman, Jacob Stephan asked for more detail on quarter-to-date trends in October beyond the hurricane impact and for additional color on the company's efforts to regain share in international markets.

    Answer

    CFO Julie Whalen noted that while the October hurricane impact was material, it was less severe than initially feared, and the underlying health of the business remains strong. CEO Ariane Gorin added that the international strategy is 'surgical,' involving market-by-market analysis of brand strength and the deployment of full-funnel marketing plans to regain share methodically.

    Ask Fintool Equity Research AI