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    Steven Kwok

    Senior Equity Analyst at Keefe, Bruyette & Woods

    Steven Kwok is a Senior Equity Analyst at Keefe, Bruyette & Woods (KBW), specializing in the card issuing/payments and specialty finance sectors with direct coverage of companies such as Global Payments and Repay Holdings. His track record includes coverage of at least two stocks, though recent performance metrics indicate a 0% published success rate and an average return of -1.6%. Kwok began his equity research career at Calyon Securities (Credit Agricole) before joining KBW in 2006, and he has contributed to a research team recognized by Institutional Investor's All-America Research Team several times, including six years at the top spot. He holds a BA in Economics from Cornell University, an MBA from NYU Stern School of Business, is a CFA charterholder, and is listed as a registered analyst with FINRA.

    Steven Kwok's questions to Pagaya Technologies (PGY) leadership

    Steven Kwok's questions to Pagaya Technologies (PGY) leadership • Q3 2024

    Question

    Steven Kwok, on behalf of Sanjay Sakhrani, asked for clarification on the quarter's credit impairment, questioning what drove the charge given that underlying credit metrics appear stable. He specifically asked about the 2023 vintage and sought expectations for Q4 impairments.

    Answer

    CFO Evangelos Perros explained the impairment was not due to deteriorating credit performance but rather the structure of 2023 vintage ABS deals. These were created in a challenging funding environment, making them highly sensitive to even minor performance changes. He stated that today's structures have a much larger cushion. While declining to provide a specific Q4 forecast, he noted the remaining 2023 portfolio value is approximately $275 million and expects the majority of any remaining adjustments to be booked in Q4 2024.

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    Steven Kwok's questions to Repay Holdings (RPAY) leadership

    Steven Kwok's questions to Repay Holdings (RPAY) leadership • Q2 2024

    Question

    Steven Kwok, on behalf of Sanjay Sakhrani, questioned the macroeconomic assumptions embedded in the company's guidance and asked for an update on the M&A pipeline, including potential verticals and product capabilities of interest.

    Answer

    CFO Tim Murphy stated that macro assumptions are unchanged, with a healthy consumer in non-discretionary markets. He confirmed a healthy M&A pipeline, likely for tuck-in acquisitions, aiming to keep net leverage around 4.0x to 4.5x. CEO John Morris emphasized a disciplined approach to valuation. Murphy added they look for targets with strong software partnerships and large supplier networks.

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    Steven Kwok's questions to AvidXchange Holdings (AVDX) leadership

    Steven Kwok's questions to AvidXchange Holdings (AVDX) leadership • Q2 2024

    Question

    Steven Kwok of Keefe, Bruyette & Woods asked for more detail on the revenue slowdown, including sequential trends within Q2, the impact of discretionary spending, and the expected contribution from initiatives like Payment Accelerator and spend management.

    Answer

    CFO Joel Wilhite attributed the volume pressure to continued caution in discretionary spending areas like advertising, professional services, and capital projects. CEO Michael Praeger added that Payment Accelerator 2.0 is scaling prudently with a significant ramp expected in 2025, while the spend management product is about a year behind, targeting a late Q4 2024 initial customer introduction.

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