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    Matt Coad

    Research Analyst at Truist Securities

    Matt Coad is an Equity Research Director at Truist Securities, specializing in coverage of US payments and FinTech companies such as Affirm, Visa, Mastercard, Block, Toast, and SoFi Technologies. Known for issuing research with measurable performance, Coad’s recent analyses have included actionable price targets and recommendations, with public rankings of his success rates and average returns tracked by platforms like MarketBeat and Stockstelegraph. He began his career as a Senior Research Associate at Citigroup Global Markets, progressed to Analyst-Equity at Autonomous Research US LP, and joined Truist Securities in 2024 to lead equity research. Coad holds both undergraduate and MBA degrees from Canisius College and is registered with FINRA, holding relevant broker credentials.

    Matt Coad's questions to Affirm Holdings (AFRM) leadership

    Matt Coad's questions to Affirm Holdings (AFRM) leadership • Q4 2025

    Question

    Matt Coad of Truist Securities asked about the long-term potential penetration rate for merchants funding 0% APR offers and inquired about Affirm's role in the future of 'Agentic Commerce'.

    Answer

    Founder & CEO Max Levchin stated his conviction that merchant-funded 0% APR penetration should approach 100% as retailers recognize it as a more efficient marketing tool. Regarding Agentic Commerce, he sees it as a remix of e-commerce where Affirm is well-positioned to be a core financing component, similar to its existing integrations in various digital environments.

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    Matt Coad's questions to dLocal (DLO) leadership

    Matt Coad's questions to dLocal (DLO) leadership • Q2 2025

    Question

    Matt Coad from Truist Securities requested more detail on the net take rate's moving parts, specifically the one-time vs. ongoing nature of the Argentina FX impact and the processing cost recovery. He also asked for a breakdown of growth from top merchants between adding new countries and increasing wallet share.

    Answer

    CEO Pedro Arnt explained that while the overall take rate trend is slightly down, quarterly results are subject to significant mix shifts, making precise short-term predictions difficult. He noted the guidance implies a slight continued reduction. For top merchants, Arnt confirmed that growth is driven by both gaining wallet share in existing markets and, more significantly, expanding into new countries, a trend that is particularly pronounced among the top 10 clients.

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    Matt Coad's questions to Toast (TOST) leadership

    Matt Coad's questions to Toast (TOST) leadership • Q2 2025

    Question

    Matt Coad asked about the strategy for driving SaaS ARPU growth through new AI and hardware products. He also sought to understand the reason for the sequential decline in non-payment gross profit, primarily from Toast Capital.

    Answer

    CFO Elena Gomez stated that SaaS ARPU growth is driven by multiple levers, including increased product attachment and honing the upsell motion, not just pricing new products. Regarding Toast Capital, she attributed the sequential decline to Q2 seasonality and slightly softer demand early in the quarter, while affirming the program remains healthy.

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    Matt Coad's questions to Fidelity National Information Services (FIS) leadership

    Matt Coad's questions to Fidelity National Information Services (FIS) leadership • Q2 2025

    Question

    Matt Coad of Truist Securities requested a reminder of the revenue drivers for the Capital Markets lending business, asking if it was primarily SaaS or activity-based.

    Answer

    CEO Stephanie Ferris clarified that growth is driven by net new SaaS sales and pricing, not AUM. She noted a small transactional component was negatively impacted by a market-wide freeze in loan syndication. CFO James Kehoe quantified this impact as a $6 million headwind in the quarter but stated activity has since rebounded strongly.

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