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Analyst
Zach Gunn
Period: Reporting periods mapped to calendar 2024 Q3 – 2025 Q3 (5 quarters; questions recorded in 3).
- Questions
- 5on tracked calls
- Challenge rate
- 0%none of 5 questionsLimited sample
- Companies
- 4questioned at least once
- Reporting periods
- 3with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 5 of 5 questions from 4 companies
ADPADP2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q3
if the guide still has some level of moderation baked in or if we've seen the macro move towards those expectations
Show response
Peter said some moderation has materialized through PPC rounding to 0%, but movements are not material departures from original guide. Float income goes slightly in opposite direction. Base case assumption very similar to 3 months ago.
Calendar 2024 Q3
if there's any thought process of how long it will take before it starts to have a meaningful impact to numbers
Show response
Don noted moving the needle on $20B revenue base takes time; live clients increasing and pipeline growing dramatically post-HR Tech, but declined to give specific timeline for material impact.
AFRMAffirm Holdings, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q3
is there a world where Affirm could look at EWA as a potential product down the road?
Show response
Max avoided preannouncing but said Affirm's lending moat protects it from EWA entrants, and it will keep building financial products.
COINCoinbase Global1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q3
can you just talk about what Coinbase is doing to incentivize adoption of its payments platform?
Show response
Brian argued the network effect challenge is mitigated by crypto being decentralized with thousands of participants. Cited $500B+ on-platform assets, micro-transactions, and B2B cross-border as early adoption vectors.
MELIMercadoLibre1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
Can you just talk about what those areas are and how we should think about a target as a percentage of GMV going forward
Show response
Martin outlined three development areas: brand/agency relationships, expanding from product ads to full funnel, and extending inventory beyond MELI ecosystem.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| ADP ADP | 2 | —Rate withheld: fewer than 3 questions |
| AFRM Affirm Holdings, Inc. | 1 | —Rate withheld: fewer than 3 questions |
| COIN Coinbase Global | 1 | —Rate withheld: fewer than 3 questions |
| MELI MercadoLibre | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 3 | 0%none of 3 questions | 3 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q1No questions recorded
- 2025 Q2No questions recorded
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics3
- Product Launch2
- Revenue Growth2
- Macroeconomic1
- Guidance Reliability1
- Innovation & R&D1