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    Zachary Gunn • Financial Technology Partners

    Zachary Gunn's questions to Remitly Global Inc (RELY) leadership

    Zachary Gunn's questions to Remitly Global Inc (RELY) leadership • Q2 2025

    Question

    Zachary Gunn followed up on stablecoin economics, asking how the costs for a stablecoin payout would compare to current transaction costs, especially when involving a partner like Bridge who would share in the economics.

    Answer

    Co-Founder and CEO Matt Oppenheimer stated that the economics are 'comparable' when viewing stablecoin payouts as another disbursement option. He also highlighted potential upside from the Remitly Wallet, where storing stablecoins could generate net interest income or other benefits for the company.

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    Zachary Gunn's questions to Remitly Global Inc (RELY) leadership • Q1 2025

    Question

    Zachary Gunn from FT Partners asked for details on the KYC/AML processes for the small portion of customers who do not use bank-linked cards to fund transactions.

    Answer

    CEO Matt Oppenheimer clarified that the 'vast, vast majority' of customers do use bank-linked cards or accounts, meaning they have already passed bank-level KYC. He emphasized this digital-first approach is inherently lower risk than cash-based models and signals a more established customer base. The portion not using these methods is considered very small.

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    Zachary Gunn's questions to Remitly Global Inc (RELY) leadership • Q3 2024

    Question

    Zachary Gunn asked about the long-term trajectory of the Revenue Less Transaction Expense (RLTE) margin, considering the balance between industry-wide pricing pressure and internal efficiency gains.

    Answer

    CEO Matt Oppenheimer stated that the company's primary focus is on growing total RLTE dollars, which is more correlated with Lifetime Value (LTV). He explained that Remitly has unique levers to lower transaction costs through scale and digitization (e.g., advocating for FedNow access). The company will strategically decide how much of these savings to pass to customers versus retain. He expects the RLTE margin to show stability to modest increases over time.

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    Zachary Gunn's questions to Paylocity Holding Corp (PCTY) leadership

    Zachary Gunn's questions to Paylocity Holding Corp (PCTY) leadership • Q4 2025

    Question

    Zachary Gunn of Financial Technology Partners asked how Paylocity is addressing the supplier side of the network for its new accounts payable products, a key focus for competitors in the space.

    Answer

    Executive Chairman Steve Beauchamp acknowledged the importance of the supplier network, noting that the Airbase product provides capabilities for managing suppliers and purchase orders. He stated that as payment volume on the platform scales over time, the opportunity to build out a broader supplier network will become more significant and is an area of investment.

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    Zachary Gunn's questions to Paylocity Holding Corp (PCTY) leadership • Q3 2025

    Question

    Zachary Gunn asked about Paylocity's competitive positioning for its Airbase product against established, large players in the spend management market like Brex and Ramp.

    Answer

    Executive Chairman Steven Beauchamp expressed confidence based on a three-part strategy: Airbase's strong product-market fit with Paylocity's core mid-market clients, the ability to create a superior and unified employee experience within the existing Paylocity app, and the unique value proposition of a single reporting view for all payroll and non-payroll spend.

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    Zachary Gunn's questions to Paymentus Holdings Inc (PAY) leadership

    Zachary Gunn's questions to Paymentus Holdings Inc (PAY) leadership • Q2 2025

    Question

    Zachary Gunn of Financial Technology Partners questioned the implied step-down in incremental EBITDA margin in the second half of the year and asked if the current low-50s incremental margin is sustainable long-term.

    Answer

    CEO Dushyant Sharma advised against over-interpreting guided trends due to the company's prudent guidance methodology and affirmed they do not expect margins to decline. He stated that current margins are 'not the peak at all' and that the company's strong operating leverage should allow both incremental and overall EBITDA margins to improve over the long term.

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    Zachary Gunn's questions to Robinhood Markets Inc (HOOD) leadership

    Zachary Gunn's questions to Robinhood Markets Inc (HOOD) leadership • Q2 2025

    Question

    Zachary Gunn, on for Matt O'Neill at Financial Technology Partners, asked about Gold subscribers, inquiring about the potential upper bound for adoption, factors limiting growth, and the expected cadence of growth.

    Answer

    CFO Jason Warnick stated the goal is to make Gold an obvious choice for every customer, noting that new customers adopt at a much higher rate (35% in Q2). He pointed to best-in-class subscription products as inspiration for a much higher potential adoption rate. CEO Vlad Tenev added that Gold is positioned as a premium but accessible financial club, with nascent products like Banking, Gold Card, and Cortex providing significant tailwinds for future growth.

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    Zachary Gunn's questions to Western Union Co (WU) leadership

    Zachary Gunn's questions to Western Union Co (WU) leadership • Q2 2025

    Question

    Zachary Gunn asked to distinguish between the impact of regulatory actions versus consumer demand on the U.S.-Mexico corridor slowdown and questioned if the stock price would alter the capital allocation strategy.

    Answer

    CEO Devin McGranahan stated it's difficult to disaggregate the impacts but noted the partners cited in recent regulatory actions were very small for Western Union. His hypothesis is that the slowdown is driven more by overall market demand and changing consumer behavior. Regarding capital allocation, he gave a definitive response that the current strategy of buybacks versus dividends would not change.

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    Zachary Gunn's questions to Euronet Worldwide Inc (EEFT) leadership

    Zachary Gunn's questions to Euronet Worldwide Inc (EEFT) leadership • Q1 2025

    Question

    Zachary Gunn asked if any new geographies launched direct ATM access fees in Q1 and inquired about the current regulatory environment for money transfers, including the potential risk of further restrictions.

    Answer

    CEO Michael Brown and CFO Rick Weller confirmed no new countries launched access fees in Q1 but noted a full-year benefit from Q4 launches, with more expected later in 2025. On the regulatory front, Weller stated they see no significant adverse impact from recent orders, as Euronet already operates on a strict, global ID-based compliance system. Brown added that their 'pristine compliance record' is a key competitive advantage.

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    Zachary Gunn's questions to MercadoLibre Inc (MELI) leadership

    Zachary Gunn's questions to MercadoLibre Inc (MELI) leadership • Q4 2024

    Question

    Zachary Gunn, on for Craig Maurer, asked about the key investment areas for the advertising business and how to think about its long-term potential as a percentage of GMV.

    Answer

    Martin de Los Santos (CFO) reported that advertising revenue expanded by 50 basis points of GMV year-over-year. He identified key long-term growth drivers as building relationships with brands and agencies, developing a full-funnel ad strategy with display and video, and expanding ad inventory. While not providing a specific target, he expressed confidence that MercadoLibre can eventually reach ad penetration levels similar to its international peers.

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    Zachary Gunn's questions to Paycom Software Inc (PAYC) leadership

    Zachary Gunn's questions to Paycom Software Inc (PAYC) leadership • Q4 2024

    Question

    Zachary Gunn asked for an explanation of the difference between the Q4 adjusted EBITDA margin of 43.5% and the full-year 2025 guidance of 41%, seeking to understand the mechanics of the delta.

    Answer

    CEO Chad Richison explained that they guide to what is visible and typically start the year with a lower margin that accelerates. Retiring CFO Craig Boelte added that Q1 and Q4 are seasonally the strongest margin quarters due to year-end forms filings and unscheduled runs, respectively, and noted the 2025 guide is one of the highest starting points in company history.

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    Zachary Gunn's questions to Automatic Data Processing Inc (ADP) leadership

    Zachary Gunn's questions to Automatic Data Processing Inc (ADP) leadership • Q1 2025

    Question

    Zachary Gunn asked for a potential timeline for when the ADP Lyric platform might have a meaningful impact on financial results and for any data points on its adoption.

    Answer

    CFO Don McGuire reiterated excitement about Lyric's growing client base and the dramatic increase in the pipeline following the HR Tech conference. However, he emphasized that given ADP's nearly $20 billion revenue scale, it will take time for Lyric to move the overall financial needle. He suggested that packaging Lyric with WorkForce Software will create good things, but it's too early to share specific financial impact timelines.

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