Alkami Technology Fourth Quarter 2025 Alkami Technology, Inc. Proprietary Information. Cautionary Statement Regarding Forward-Looking Statements This presentation contains "forward-looking" statements relating to Alkami Technology, Inc.'s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to ma ...

On monetary and external conditions, Liqokeli said both currencies have been relatively stable with modest gains versus the U.S. dollar and that inflation is expected to remain near both central banks’ 3% targets. He added that the National Bank of Georgia may have room for around 50 basis points of rate cuts in the second half of 2026, while Armenia’s policy rate is expected to remain unchanged.While noting elevated uncertainty from regional geopolitical tensions, Liqokeli said both economies were “well po ...

Core Insights - Nu Holdings, known for its digital bank Nubank, has achieved significant success in Brazil and aims for global expansion, leveraging its innovative fintech model [1][2] - The company has ambitious plans for the next decade, focusing on international growth and a comprehensive Money Platform business model [2][7] Company Overview - Nu Holdings operates as a fintech institution rather than a traditional bank, providing online financial services without physical branches [3] - The company has a market capitalization of $85 billion and has seen its stock performance outperform the S&P 500 index over the past three years [1][3] Customer Engagement and Growth - Nubank has gained popularity among unbanked populations in Brazil and Mexico, with over 60% of the adult Brazilian population having an active account by Q3 2025 [5] - Customer deposits increased by 37% year-over-year to $38.8 billion, while revenue rose by 42% to $4.17 billion, indicating rapid growth and efficiency [5] Money Platform Strategy - The Money Platform aims to be the primary financial resource for customers, starting with basic services and expanding to include stock trading, personal loans, insurance, and e-commerce [7][11] - Users who consider Nu as their primary bank generate four times more revenue compared to less engaged customers [8] Expansion Plans - Nu Holdings is focusing on expanding beyond Brazil and Mexico into other Latin American markets, with plans for a global system similar to Netflix's approach in media streaming [9][10] - The company is also diversifying its offerings with non-financial services like mobile networks and travel planning platforms to enhance user monetization [9]

Company Overview - Chime Financial operates a digital banking platform focused on accessible, low-cost financial services, leveraging a technology-driven approach and strategic bank partnerships to streamline operations and reduce costs [7] - The company offers mobile-first, fee-free banking services including checking, savings, early paycheck access, and overdraft protection, generating revenue primarily through interchange fees collected via partnerships with FDIC-insured banks [10] - As of February 13, 2026, Chime's market capitalization was $7.4 billion, with a revenue of $2.1 billion and a net income of -$984.8 million for the trailing twelve months [5] Recent Developments - On February 13, 2026, Ranger Investment Management disclosed a new position in Chime Financial, acquiring 591,255 shares valued at $14.88 million [1][2] - Chime's shares were priced at $19.69 on February 13, 2026, reflecting a 27% decrease from their $27 offering price in June [4] - The fintech reported $544 million in third-quarter revenue, a 29% year-over-year increase, with gross profit of $474 million and an 87% gross margin [12] Financial Performance - Active members of Chime climbed 21% to 9.1 million, and adjusted EBITDA turned positive at $29 million, representing a 5% margin and a 9-point year-over-year improvement [12] - Management expects full-year revenue of up to $2.173 billion and adjusted EBITDA of as much as $118 million [12] Investment Insights - Ranger's new position in Chime accounts for 1.02% of its 13F reportable assets under management as of December 31, 2025, with larger holdings in software and biotech [9] - The current trading price of Chime shares raises questions about the company's durability and long-term potential, with a focus on interchange resilience and member monetization [11][13]

Core Insights - The company reported strong financial results for the fourth quarter and full year, exceeding guidance with non-GAAP revenue of $183 million, a 13% year-over-year increase, and adjusted EBITDA of $37.6 million, representing a margin improvement of approximately 630 basis points [1][17][24] - The company achieved record bookings in the fourth quarter, marking the best quarter in terms of bookings in its history, driven by a balanced mix of new and expansion wins, including 25 Tier 1 and enterprise deals throughout the year [5][6][13] - The company is optimistic about the demand environment for 2025, with a strong pipeline and expectations for continued growth in subscription revenue, which accounted for 79% of total revenue in 2024 [10][18][29] Financial Performance - Non-GAAP revenue for the full year reached $696.5 million, an 11% increase from the previous year, with subscription revenue growing by 16% [17][18] - Total annualized recurring revenue (ARR) grew to $824 million, up 12% year-over-year, with subscription ARR increasing to $682 million, a 15% rise [20][21] - The company reported a trailing 12-month net revenue retention rate of 109%, indicating strong performance in subscription-based revenue despite a decline in professional services revenue [22][23] Sales and Customer Engagement - The company experienced a record year for renewals, with renewal bookings increasing by 80% year-over-year, and renewed 10% of its entire digital banking customer base in the fourth quarter alone [21][22][74] - The success of the Q2 Innovation Studio was highlighted as a key differentiator in sales, contributing to more than 90% of new wins in 2024 [8][10] - The company has identified significant cross-sell opportunities within its existing customer base, particularly among Tier 1 financial institutions that do not yet utilize its commercial functionality [12][13][45] Operational Efficiency - Gross margins improved to 57.4% in the fourth quarter, up from 56% in the prior year, driven by a higher mix of subscription revenue and operational efficiencies [24][26] - Total adjusted EBITDA for the full year was $125.3 million, reflecting a 63% increase from the previous year, with margins expanding by approximately 570 basis points [26][28] - The company generated free cash flow of $107 million for the year, representing an 85% conversion rate as a percentage of adjusted EBITDA, attributed to improved profitability and effective working capital management [27][28] Future Outlook - The company forecasts first quarter revenue in the range of $184 million to $188 million, with full year 2025 revenue expected to be between $772 million and $779 million, representing year-over-year growth of 11% to 12% [28][29] - The updated three-year financial framework anticipates an increase in average annual subscription revenue growth from approximately 14% to 15%, with a target for 2026 subscription revenue growth of approximately 13% [30][31] - The company aims to achieve a subscription revenue rule of 40 as a sustainable long-term objective, supported by a robust pipeline and strong market demand [30][32]

Core Insights - MercadoLibre's (MELI) shares are currently overvalued with a Value Score of C, raising concerns among investors about its premium valuation [1] - The forward 12-month Price/Earnings ratio stands at approximately 32.02X, significantly higher than the Zacks Internet – Commerce industry's average of 22.23X, indicating strong growth optimism [1] Stock Performance - MELI shares have declined by 13% over the past six months, underperforming the Zacks Retail-Wholesale sector's decline of 0.3% and the S&P 500 index's growth of 9.6% [4] - In comparison, Alibaba shares increased by about 29.7%, while Amazon and Shopify saw declines of roughly 9% and 20.3%, respectively, reflecting varied sentiment in the global e-commerce landscape [6] Competitive Landscape - MercadoLibre faces intense competition from global and regional players such as Amazon, Alibaba, and Shopify, which are aggressively pushing on pricing, delivery speed, and ecosystem expansion [5][9] - Amazon's logistics strength and broad retail ecosystem make it a formidable rival, while Alibaba leverages its marketplace expertise and fintech ecosystem to challenge MercadoLibre [9] Fintech Expansion - MercadoLibre is advancing its fintech strategy with Mercado Pago, which has reached 72 million monthly active users (MAUs) and over 27 million credit users, indicating strong customer engagement [11][12] - The digital banking strategy is gaining momentum through the adoption of the Mercado Pago credit card and expanding credit services, enhancing customer retention and cross-sell opportunities [12] Logistics Efficiency - The company is leveraging logistics scale to achieve structural cost advantages, with an 8% sequential reduction in unit shipping costs in Brazil and over 12% year-over-year reduction in Mexico [13][14][16] - Continued investments in automation and network optimization are expected to enhance efficiency and lower fulfillment costs, contributing to long-term growth [16] Earnings Estimates - The Zacks Consensus Estimate for first-quarter 2026 earnings is $13.53 per share, indicating a year-over-year growth of 38.91%, while revenues for the same period are projected at $8.07 billion, suggesting a growth of 35.93% [17][18] Investment Outlook - Despite the premium valuation and near-term volatility, MercadoLibre's fintech momentum, logistics scale, and earnings trajectory support a stable long-term growth narrative [19]

Core Insights - The discussion emphasizes the necessity of leveraging technology, particularly artificial intelligence (AI), to enhance banking services and financial literacy, which is crucial for unlocking the country's potential [1][17]. Group 1: Technology in Banking - Technology is now essential for banks to sustain operations, with AI adoption being a key factor for institutional survival [5][6]. - The BFSI sector is recognized as the most digitally mature, carrying the responsibility to integrate emerging technologies into daily operations [18]. - There is a need for banks to focus on delivering better last-mile services through technology, rather than just improving efficiency [6][17]. Group 2: Leadership and Gender Inclusion - Leadership lessons from the banking sector highlight the importance of adaptability and value addition from the onset of leadership roles [8][9]. - Initiatives such as sabbatical leave for women and support for rural assignments were implemented to promote gender equality in career progression [11][12][14]. - Despite past successes in promoting women leaders, challenges remain in breaking the glass ceiling in the banking industry [15]. Group 3: Customer Service Challenges - Customer service remains an unfinished business in banking, with digital transformation introducing new risks, particularly for vulnerable populations [22][23]. - Continuous and scaled efforts are required to improve customer service, rather than relying on one-off initiatives [22][23].

Core Insights - Revolut has officially launched full banking operations in Mexico, marking its first bank entity outside Europe and ending its beta phase in the country [1] - The company aims to use its Mexican operations as a blueprint for further expansion into other high-growth markets globally [1][5] Financial Commitment - Revolut has capitalized its Mexican subsidiary with over USD $100 million, more than double the regulatory minimum, resulting in a Capital Adequacy Ratio (CAR) of 447.2% at launch [2] - This substantial investment indicates a strategy of prudent financial management and long-term commitment to the region [2] Regulatory Milestone - Revolut is the first independent digital bank to obtain a banking license in Mexico through a direct application process, rather than through acquisition [3] Credit Ratings - The new entity has secured strong initial credit ratings, with HR Ratings assigning a long-term rating of HR AAA and S&P National Ratings assigning a long-term issuer rating of 'mxA+', both with a Stable Outlook [4] Global Expansion Strategy - The launch is seen as a blueprint for expansion into other high-growth markets, with the goal of reaching over 100 million daily active customers in 100 countries [5] - The company’s global customer base has now surpassed 70 million, extending its presence to 40 countries [6] Product Offerings - Mexican customers will have access to a full suite of digital banking services, including: - Yield-bearing savings accounts with high-yield returns for the first $25,000 MXN saved [9] - Cross-border capabilities to hold and exchange over 30 currencies and make instant, free transfers to other Revolut users globally [9] - Access to premium subscription plans, gift cards, and a loyalty scheme called 'RevPoints' [9] - Upcoming accounts for 6-17 year olds under the 'Revolut Kids & Teens' banner [9]

Core Viewpoint - The analysis presents a structurally bullish thesis for Nu Holdings, emphasizing its unmatched scale and engagement as the largest digital bank in Brazil and Latin America [1]. Group 1: Company Overview - Nu Holdings is recognized for its significant market presence and customer engagement, positioning itself as a leader in the digital banking sector [1]. Group 2: Analyst Position - The analyst holds a beneficial long position in Nu Holdings and Itau Unibanco (ITUB), indicating confidence in the future performance of these stocks [2].

Core Insights - The merger between Fifth Third Bancorp and Comerica Incorporated creates a $294 billion institution, reshaping competition in mobile banking, commercial payments, and middle-market services [2][3][4] Group 1: Merger Overview - The merger closed on February 2, establishing the ninth-largest U.S. bank by assets and linking Fifth Third's consumer digital platform with Comerica's commercial franchise, particularly in Texas and California [2][3] - The combined bank operates in 17 of the 20 fastest-growing large U.S. metropolitan areas, with system and brand conversions expected later this year [4] Group 2: Digital and Commercial Integration - Fifth Third enters the merger with a strong digital base, averaging 3.19 million active digital users and 2.49 million active mobile users in the last quarter, with nearly 98% of mortgage applications digitally assisted [5] - The merger connects Fifth Third's consumer digital capabilities to Comerica's dense middle-market relationships, creating a unified platform for retail deposits, commercial lending, and payments [6] Group 3: Competitive Landscape - The integration of Fifth Third and Comerica may pressure regional banks that operate consumer and commercial services separately, as the combined institution allows for streamlined retail acquisition and commercial onboarding [7] - The merger broadens Fifth Third's embedded finance platform, Newline, which is expected to generate a $1 billion recurring fee business [8][10] Group 4: Customer Impact - Near-term service for consumers is expected to remain stable during the integration, with plans to extend mobile tools and digital onboarding processes across Comerica's footprint over time [14] - For middle-market enterprises, the combined platform offers enhanced connections between deposits, payments, and expense management, potentially redefining competitive boundaries in the regional banking sector [15]