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    Reggie Smith • JPMorgan Chase & Co.

    Reggie Smith's questions to Shopify Inc (SHOP) leadership

    Reggie Smith's questions to Shopify Inc (SHOP) leadership • Q2 2025

    Question

    Reggie Smith from JPMorgan Chase & Co. asked about Shopify's pricing strategy, questioning if the company might introduce a la carte pricing for new product enhancements rather than bundling them.

    Answer

    President Harley Finkelstein reaffirmed the company's commitment to its GMV-based business model, where Shopify's success is tied to its merchants' success. He highlighted Commerce Components as a modular approach that allows large merchants to adopt individual products like Checkout or Shop Pay, serving as an on-ramp to the full platform, rather than a shift toward a la carte pricing for all services.

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    Reggie Smith's questions to Upstart Holdings Inc (UPST) leadership

    Reggie Smith's questions to Upstart Holdings Inc (UPST) leadership • Q2 2025

    Question

    Reggie Smith requested a breakdown of the conversion rate into approval and acceptance rates, asked about the profile of newly approved borrowers under the new model, and sought clarification on interpreting the co-investment slide in the investor deck.

    Answer

    CFO Sanjay Datta stated the company does not externally decompose conversion rates. CTO Paul Gu explained that model improvements find many subtle relationships rather than targeting one specific borrower profile. Sanjay Datta clarified the co-investment slide (slide 23) provides a holistic view of risk-sharing investments, which are expected to ramp before leveling off, with returns flowing to the P&L over time.

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    Reggie Smith's questions to Upstart Holdings Inc (UPST) leadership • Q2 2025

    Question

    Reggie Smith from JPMorgan Chase & Co. asked for a breakdown of the conversion rate into approval and acceptance rates, the profile of newly approved borrowers under Model 22, and for help interpreting the co-invested risk capital slide.

    Answer

    CFO Sanjay Datta did not provide a breakdown of conversion rates. CTO Paul Gu explained that model improvements find many subtle relationships rather than targeting one borrower type. Sanjay Datta clarified the co-investing slide provides a holistic view of risk capital investments, which are expected to ramp before leveling off, with returns flowing to the P&L over time.

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    Reggie Smith's questions to Kaspi.kz AO (KSPI) leadership

    Reggie Smith's questions to Kaspi.kz AO (KSPI) leadership • Q2 2025

    Question

    Reggie Smith from JPMorgan Chase & Co. sought clarification on the capital return policy for 2026, the competitive advantage conferred by the Turkish banking license, and the nature of planned investments in Turkey.

    Answer

    CEO Mikheil Lomtadze and MD & Head of IR David Ferguson responded. They clarified that while it's too early to commit to a specific payout ratio for 2026, the company will balance significant investments for growth with capital returns. Lomtadze emphasized the Turkish banking license is a critical enabler for offering a full suite of fintech products, with Kaspi's competitive advantage stemming from its world-class, tech-driven service model. Investments will focus on building the operational and compliance framework to launch these services.

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    Reggie Smith's questions to Kaspi.kz AO (KSPI) leadership • Q2 2025

    Question

    Reggie Smith from JPMorgan Chase & Co. sought clarification on the capital return policy for 2026, asking if a similar payout ratio to 2024 should be expected. He also asked if the Turkish banking license would create a competitive advantage and inquired about the nature of future investments in Turkey.

    Answer

    Mikheil Lomtadze, Co-Founder, Director, Chairman & CEO, responded that while investments for long-term growth remain a priority, the company expects to find a balance with capital distributions in 2026, though it is too early to commit to specific payout ratios. He described the banking license as a critical enabler for offering a full suite of world-class fintech products. David Ferguson, MD & Head of IR, added that the company has a history of making significant investments, like in e-grocery, while simultaneously returning capital to shareholders.

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    Reggie Smith's questions to LendingClub Corp (LC) leadership

    Reggie Smith's questions to LendingClub Corp (LC) leadership • Q2 2025

    Question

    Reggie Smith asked about the impact of new marketing channels like direct mail on applicant mix and conversion, and also inquired about the demand from whole loan buyers.

    Answer

    CEO Scott Sanborn stated that new channels were a significant driver of growth and that they are still in the 'early innings' of optimizing them, deliberately managing for performance differentials. He reiterated that demand from loan buyers is very strong, and the company is balancing the immediate returns from sales against the higher lifetime value of holding loans on its balance sheet.

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    Reggie Smith's questions to SoFi Technologies Inc (SOFI) leadership

    Reggie Smith's questions to SoFi Technologies Inc (SOFI) leadership • Q2 2025

    Question

    Reggie Smith of JPMorgan Chase & Co. asked about the monetization progress of the SoFi Invest segment, its current unit economics, and the key performance indicators (KPIs) management uses to evaluate the business.

    Answer

    CEO Anthony Noto explained that Invest monetization is improving as assets grow and new revenue-generating products like options are introduced. While the segment is variable profit positive, it is not yet contribution profit positive. Key internal metrics include total products, product mix, AUM, and net flows, all of which are trending positively. Future monetization drivers include Level 1 options, margin lending, and the relaunch of cryptocurrency trading.

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    Reggie Smith's questions to Bread Financial Holdings Inc (BFH) leadership

    Reggie Smith's questions to Bread Financial Holdings Inc (BFH) leadership • Q2 2025

    Question

    Reggie Smith from JPMorgan Chase & Co. inquired about trends in gross application volumes, approval rates, new account engagement, and the company's wallet share and long-term penetration goals with its top 10 partners.

    Answer

    CEO Ralph Andretta stated that application flow is strong and approval rates are appropriate for the current economic conditions, highlighting the new crypto.com partnership as an example of modern engagement. Regarding top partners, he emphasized that with long-term renewals secured, the focus is now on execution and deepening relationships to drive growth, rather than on renegotiations.

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    Reggie Smith's questions to Cipher Mining Inc (CIFR) leadership

    Reggie Smith's questions to Cipher Mining Inc (CIFR) leadership • Q4 2024

    Question

    On behalf of Reggie Smith, an analyst inquired whether Cipher has seen changes in the types of workloads, such as model training versus inference, that potential HPC counterparties want to run, and how workload type might impact negotiations or site development.

    Answer

    CEO Tyler Page stated that potential tenants are interested in capacity for a variety of use cases, and lease discussions have not been explicitly differentiated by workload type. However, he acknowledged that the low-latency requirements for inference applications do appear to drive higher interest in certain sites that are less remote, such as the '3M' sites, compared to Black Pearl. He noted that interest remains strong across the entire portfolio for multiple HPC applications.

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