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Co-Founder and CEO Matt Oppenheimer explained that Remitly Business targets an underserved segment of freelancers and small businesses who were already using the consumer product. He noted this segment prioritizes reliability, speed, and affordability—Remitly's core strengths—over complex features. He expressed confidence in the ability to move upmarket over time and capture a significant portion of the expanded $22 trillion TAM.

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CEO Matt Oppenheimer explained that the previous system was based on rigid, dollar-based tiers, which created friction. The new, more sophisticated risk-based approach uses data and machine learning to dynamically assess risk. This has unlocked a significant opportunity by making it easier for trusted customers to send larger amounts, a segment that was previously underserved due to friction in the process.

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CFO Vikas Mehta clarified that the full-year revenue growth of 24-25% is expected to moderate sequentially each quarter from the higher Q1 growth rate. He reiterated that active customer growth would align with revenue growth, driven by increased transaction frequency. He cautioned against focusing on quarterly net adds due to statistical noise, stating that the growth of RLTE (revenue less transaction expense) dollars remains the company's primary success metric.

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CFO Vikas Mehta explained that the metric is a composite way to evaluate the efficiency of marketing spend across both new customer acquisition (driven by performance marketing) and existing customer engagement (influenced by brand spend). He clarified that while the majority of spend drives new acquisitions, the ultimate goal is to optimize lifetime value to acquisition cost (LTV/CAC), and the company's payback periods remain very solid.

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CFO Geoffrey Smith noted that ARR growth was slightly down sequentially due to payments revenue but expects it to rebound in the second half of the year and typically lead organic growth. Chief Revenue Officer Paul Christians addressed the AI question, stating that customer interest is 'really high' because the AI applications are designed to solve specific, tangible pain points, which makes adoption easier and more tangible for clients compared to broad, enterprise-level AI initiatives.

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CRO Paul Christians clarified that while integrated payments are offered with new software, there is also an active effort to approach the existing customer base, particularly in the government vertical, to add payment solutions. President Rick Stanford reiterated their M&A criteria: targets with ~10% revenue growth, margins in the low 30s to avoid corporate average dilution, and a purchase price generally not exceeding 10x EBITDA.

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CFO Geoffrey Smith confirmed the guidance of 50 to 100 basis points of margin expansion for FY25, explaining it will be driven by revenue growth outpacing corporate overhead, an effect magnified post-divestiture. He noted Healthcare margins are lower due to labor-intensive RCM services, but there is long-term upside as the mix shifts to software and technology improvements are implemented.

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President and COO Emilie Choi positioned the Deribit acquisition as a prime example of their M&A strategy to bolster their institutional platform. She stated that Coinbase is in its strongest-ever position to pursue further M&A, citing a robust balance sheet and increasing regulatory clarity. She indicated that the market is ripe for deals and that investors should 'expect a lot more from us' in the coming years.

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CFO Alesia Haas clarified the wide guidance range is a function of current volatile market conditions, providing flexibility to invest in marketing. CEO Brian Armstrong described a multi-stage adoption path for non-crypto natives: starting with treasury management (holding Bitcoin), progressing to B2B payments, and eventually using on-chain tools for sophisticated applications like customer rewards and governance.

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CEO René Lacerte outlined a vision where AI agents automate mundane financial tasks, freeing up SMBs. He highlighted BILL's unique ability to deliver this, based on two core assets: a deep understanding of SMB pain points and a massive, proprietary data set from processing nearly 1% of U.S. GDP. He believes this will allow BILL to build uniquely contextual agents that drive significant value and adoption.

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CEO René Lacerte stated that BILL is already active in this area with its 'BILL Balance' product, which he described as an early-stage treasury solution enabling instant payments. He emphasized his long-standing mission to democratize treasury functions for SMBs by providing cash flow management tools, with transaction execution at the core of this strategy.

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CFO Andras Bende stated the guidance assumes the trend of lower transactions but higher volume continues, though it is modeled to improve slightly by year-end. He noted the company is built on efficiency, and while salaries will be stable, G&A will rise due to planned digital marketing. CEO Robert Lisy and CDO Marcelo Theodoro clarified the sequential digital revenue decline was due to normal seasonality, as Q4 is the industry's strongest quarter and Q1 is the weakest.

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CFO Greg Orenstein indicated that while the subscription revenue retention rate will moderate, he expects the newly introduced ACV net retention rate to improve and highlighted it as a key metric to watch. He also stated that the company assumes an average ramp time of about six months for new sales reps.

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CFO Sandeep Aujla explained that the outperformance was driven by a strong start to the tax season for TurboTax Online, with better-than-expected results in both customer units and average revenue per return (ARPR). He specified that higher ARPR was a result of increased customer engagement with expert help and add-on offerings like audit defense and faster refund access.

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CFO Jason Warnick stated that while it's still early, the company is confident there is 'strong incrementality' from Legend. CEO Vladimir Tenev noted that deposit incentives are becoming more personalized, such as APY boosts for Gold members, and that the economics of these programs remain very attractive for growing assets.

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CEO Michael Praeger explained that while the cross-border capability (partnered with Wise) is performing as expected, it is not a primary growth vector. He noted that AvidXchange's core industry verticals are highly localized, with over 95% of its supplier network being U.S. domestic, thus limiting the natural demand for cross-border payments on the platform.

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CEO Michael Praeger stated the objective is to hit the sales plan, and year-to-date new customer adds are ahead of last year. The shift in marketing spend allocation is yielding more efficient, higher-quality leads. CFO Joel Wilhite added that the yield dynamic is fairly broad-based across verticals and not specific to any one area.

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CEO Michael Praeger confirmed that new AI tools do help advance their goals by enabling the electronic processing of small-dollar transactions that were previously not cost-effective to automate. While this increases electronic penetration, he noted that because they are small-dollar transactions, the impact on overall volume is modest, but it remains an important strategic lever.

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