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    Shefali Tamaskar

    Research Analyst at Morgan Stanley

    Shefali Tamaskar is an Equity Research Associate at Morgan Stanley, specializing in coverage of technology and payments companies including Verra Mobility Corp and i3 Verticals Inc. During her tenure, she has participated in multiple earnings calls and engaged directly with C-suite executives, contributing analysis and insights that inform investment decisions. Starting at Morgan Stanley in late 2022, Tamaskar has a background in equity research and has demonstrated a keen focus on company fundamentals, though specific industry rankings and returns data are not publicly disclosed. She holds standard professional credentials for equity research, with experience across several high-impact research projects within the financial sector.

    Shefali Tamaskar's questions to Repay Holdings (RPAY) leadership

    Shefali Tamaskar's questions to Repay Holdings (RPAY) leadership • Q4 2024

    Question

    Shefali Tamaskar, on behalf of James Faucette, asked whether the company's distribution strategy is more focused on penetrating existing partners or adding new ones, and which verticals are of primary interest.

    Answer

    CEO John Morris stated the strategy is "both," aiming to increase penetration with existing partners while also adding new ones, particularly enterprise software platforms where payments can be embedded. CFO Tim Murphy noted that penetration is still low (under 10% for some partners), representing a significant opportunity. Morris highlighted the multi-year opportunity in B2B payables within enterprise software platforms.

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    Shefali Tamaskar's questions to VERRA MOBILITY (VRRM) leadership

    Shefali Tamaskar's questions to VERRA MOBILITY (VRRM) leadership • Q4 2024

    Question

    Shefali Tamaskar, on for James Faucette, asked about trends in cashless toll adoption in Europe and visibility for 2025. She also inquired about demand trends for 'purpose-built' enforcement in Government Solutions and any changes to the associated economics.

    Answer

    CEO David Roberts noted positive momentum in Europe, with new cashless roads in France and Italy and successful customer renewals, though the overall trend remains slow. He confirmed that demand in Government Solutions is still strongest around schools and school buses, which he termed 'precious cargo,' and stated that the economics for these programs remain effectively the same.

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    Shefali Tamaskar's questions to i3 Verticals (IIIV) leadership

    Shefali Tamaskar's questions to i3 Verticals (IIIV) leadership • Q1 2025

    Question

    Shefali Tamaskar, on behalf of James Faucette at Morgan Stanley, asked for a more detailed breakdown of the drivers for the high single-digit organic growth guidance, including the mix of new versus existing business. She also asked for confirmation on the expected annual pace of acquisitions.

    Answer

    Executive Clay Whitson broke down the growth drivers, starting with their 100% net dollar retention figure. He noted that including payments would likely add 2-3%, potential price increases could add 1-2% in the future, and the remainder would come from new logos. CEO Gregory Daily confirmed that an expectation of 3 to 5 acquisitions per year remains appropriate, though he cautioned that the timing is opportunistic and can be lumpy.

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    Shefali Tamaskar's questions to i3 Verticals (IIIV) leadership • Q4 2024

    Question

    Shefali Tamaskar, on for James Faucette, inquired about the macroeconomic outlook for 2025, the general health of customers, and the company's confidence in achieving its high single-digit organic growth target.

    Answer

    An executive noted very consistent and increasing demand in the public sector for modern, web-native applications, driven by clients' own staffing constraints. Executive Clay Whitson expressed confidence in the high single-digit organic growth for FY25, attributing it to the reversal of several FY24 headwinds, including the Manitoba project delay, a $5 million impact from the SaaS transition, and lapping state subsidies in the education vertical.

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