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    Jeffrey Cantwell • Seaport Research Partners

    Jeffrey Cantwell's questions to Affirm Holdings Inc (AFRM) leadership

    Jeffrey Cantwell's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2025

    Question

    Jeffrey Cantwell of Seaport Research Partners asked for the rationale behind the sequential step-down in the sales and marketing expense line and inquired about the right forward-looking level for this spending.

    Answer

    CFO Robert O'Hare explained that the decrease was primarily due to the end of the amortization period for warrant expense related to a large partner. He stated that this was the first quarter without that non-cash expense and that the current quarter's run rate is a reasonable expectation for the next quarter.

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    Jeffrey Cantwell's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2024

    Question

    Jeffrey Cantwell asked about the sales and marketing expense line, questioning why it stepped down in the quarter and what the appropriate level should be going forward.

    Answer

    CFO Robert O'Hare explained that the decrease was primarily due to the end of the amortization period for warrant expense related to a large partner in the prior quarter. He indicated that the current quarter's expense level is a reasonable run rate to expect going forward.

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    Jeffrey Cantwell's questions to ACI Worldwide Inc (ACIW) leadership

    Jeffrey Cantwell's questions to ACI Worldwide Inc (ACIW) leadership • Q1 2025

    Question

    Jeffrey Cantwell asked for more detail on the Payment Software segment's strong 42% growth, its outlook for the year, the strategic rationale for the Ingo Payments partnership, and the growth expectations for the Biller segment.

    Answer

    CEO Thomas Warsop and CFO Scott Behrens explained that the Payment Software segment's Q1 strength was due to signing net new business earlier than anticipated, pulling revenue forward. They reiterated the full-year guidance of 7-9% constant currency growth for the segment. Regarding the Ingo partnership, Warsop described the move into disbursements as a key strategic expansion to create a more comprehensive money movement business. He also expressed cautious optimism for the Biller segment, citing its non-discretionary nature.

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    Jeffrey Cantwell's questions to ACI Worldwide Inc (ACIW) leadership • Q4 2024

    Question

    Jeffrey Cantwell from Seaport Research Partners inquired about the factors that would drive results to the higher or lower end of the full-year adjusted EBITDA guidance. He also requested more details on the competitive takeaway in Asia Pacific and the overall sales environment.

    Answer

    CFO Scott Behrens explained that reaching the high end of EBITDA guidance is driven by the company's scalable model, with a favorable mix of high-margin license revenue being a key factor. CEO Thomas Warsop added that another significant new license deal could push them to the high end. Regarding the APAC win, Warsop attributed it to a competitor's service failure and ACI's compelling modernization path via its 'Kinetic' payments hub, which offers a low-risk transition to new technology.

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    Jeffrey Cantwell's questions to ACI Worldwide Inc (ACIW) leadership • Q3 2024

    Question

    Jeffrey Cantwell questioned the potential impact of the recent U.S. election on the business, particularly for bank customers, and asked if the medium-term outlook for the individual business segments has changed.

    Answer

    CEO Thomas Warsop expressed cautious optimism that a new U.S. administration could lead to less regulation and more transaction growth, which would be upside, but stressed that ACI is a global company and nothing has been built into forecasts. CFO Scott Behrens added that banks have tailwinds contributing to technology spending. Regarding segments, both executives confirmed the outlook is largely unchanged: the Bank segment remains a key driver of strength, the Biller segment's exit rate should accelerate, and the Merchant segment continues its incremental improvement.

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    Jeffrey Cantwell's questions to Dave Inc (DAVE) leadership

    Jeffrey Cantwell's questions to Dave Inc (DAVE) leadership • Q1 2025

    Question

    Jeffrey Cantwell asked for more details on Dave Card's traction and growth outlook, given its strong volume increase. He also requested a breakdown of the drivers behind the 29% ARPU growth and how the company balances member acquisition with deepening engagement.

    Answer

    Executive Jason Wilk attributed the Dave Card's growth to organic synergy with ExtraCash and mentioned the company is testing rewards to drive further adoption. He stated the significant ARPU growth was largely driven by the new, more durable fee structure, with further expansion expected in Q2. Executive Kyle Beilman added that other ARPU levers include increasing Dave Card adoption and using CashAI to move members to higher origination sizes, which is better incentivized under the new model.

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    Jeffrey Cantwell's questions to Dave Inc (DAVE) leadership • Q4 2024

    Question

    Jeffrey Cantwell asked for a breakdown of the 2025 revenue growth guidance between service-based and transaction-based revenue, sought expectations for the provision for credit loss line, and requested more details on the new partnership with Coastal Community Bank.

    Answer

    CEO Jason Wilk indicated that near-term growth opportunities are concentrated on the ARPU side due to the new fee model, which may favor service-based revenue, but did not provide specific line-item guidance. He expressed confidence in managing credit loss performance through new underwriting initiatives. Regarding the new partner, Wilk explained that Coastal Community Bank's superior ability to offer additional credit products was the catalyst for the relationship, with new customer onboarding to begin in Q2.

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    Jeffrey Cantwell's questions to Shopify Inc (SHOP) leadership

    Jeffrey Cantwell's questions to Shopify Inc (SHOP) leadership • Q4 2024

    Question

    Jeffrey Cantwell asked for clarification on the Merchant Solutions take rate for Q1, given recent momentum, and sought more detail on the drivers of the gross margin guidance, specifically the impact from the enterprise push and PayPal accounting.

    Answer

    CFO Jeff Hoffmeister explained that the Merchant Solutions attach rate benefits from the strength in Payments and growth in other products like Capital and Tax. He noted that the Q1 gross margin guidance is impacted by the relative growth rates of Merchant Solutions vs. Subscription Solutions, with the latter facing headwinds from the shift to 3-month trials. He confirmed these were the key drivers.

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    Jeffrey Cantwell's questions to Visa Inc (V) leadership

    Jeffrey Cantwell's questions to Visa Inc (V) leadership • Q1 2025

    Question

    Jeffrey Cantwell asked how developments in AI, such as DeepSeek, are influencing Visa's business strategy, both for managing internal costs and for creating new revenue opportunities.

    Answer

    Ryan McInerney, Chief Executive Officer, stated that Visa was an early adopter of AI and is aggressively using new technologies, including generative AI, across the company. He cited productivity gains in engineering and decades of experience in risk management. He affirmed that Visa believes AI will fundamentally change digital commerce and that the company is working to ensure it plays a central role in this evolution.

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