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President & CEO Greg Adelson expressed that he is extremely excited and that the SMB strategy is ahead of his expectations, particularly because the development and certification process with Move was completed in ten months instead of the expected 18-24. He stated that the company has a detailed 18-24 month roadmap for the SMB solution set and will begin a heavy rollout after the September client conference.

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President and CEO Greg Adelson characterized the client operating environment as optimistic, with a strong demand for technology that helps grow deposits, increase loans, and build efficiency. Regarding product rationalization, Adelson confirmed that the company is actively progressing on plans to divest, sunset, and 'cash cow' certain products as previously outlined.

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CEO Greg Adelson explained that Jack Henry is well-positioned for the CFPB's 1033 rule, having already eliminated screen scraping in its Banno platform and established direct API integrations with leading data aggregators. He described Data Broker as a single repository for a client's core, digital, payments, and fraud data, which is currently in early adopter phase. He noted that while it's not expected to be a significant revenue contributor in FY25, it should help drive growth in FY26.

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CEO Yair Nechmad stated that NRR is supported by growth in higher-ticket verticals like EV and parking, which is creating a strong processing engine. CFO Sagit Manor confirmed the NRR remains strong at 123%, reflecting high customer stickiness and low churn. Regarding new verticals, Mr. Nechmad noted a retail initiative is being tested with significant news expected in the next six months. CSO Aaron Greenberg added that the integration of VM Technology is driving strong demand for food service kiosks in the Brazilian hospitality market.

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Chairman & Interim CEO William Jacobs stated that the balance sheet repositioning is in its early stages, with more changes planned for the remainder of the year. CFO Jess Unruh elaborated that the plan involves deploying cash into floating-rate securities expected to yield between 5% and 7%. Regarding the strategic review, Mr. Jacobs confirmed it is still underway and that the company will provide an update when there is significant information to share.

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Executive Chris Ruppel detailed a significant shift in the BaaS market, characterized by a growing awareness of the risks of disconnected tech and bank platforms, more strategically-minded clients, and increasing overall demand. Competitively, Ruppel noted that while the market is active, Green Dot's vertically integrated model, scale, and maturity are key differentiators that resonate with partners, allowing the company to distinguish its value proposition effectively.

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Co-Founder and CEO Matt Oppenheimer explained that the wallet is a core part of the new RemitlyOne membership program. While all customers can hold balances, members will receive additional benefits like interest-like rewards. He indicated that more comprehensive details about the wallet, Remitly Flex, and the overall membership would be shared at the 'Remitly Reimagined' product event in September.

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CEO Matt Oppenheimer described direct integrations as a core strategic advantage, leading to faster transactions (over 93% dispersed in under an hour), lower costs, and higher reliability. He noted that Remitly's scale creates a flywheel effect, enabling more integrations and continuously improving the customer experience, which in turn drives down support contacts.

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CEO Matt Oppenheimer highlighted the extensibility of Remitly's platform to serve new use cases like micro-businesses, which he distinguished from the well-served SMB market. He shared an anecdote about a self-employed bookkeeping professional who uses Remitly to pay her team of contractors in the Philippines, illustrating how the existing platform can efficiently serve this customer type with minimal incremental investment.

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CEO Matt Oppenheimer explained that the primary challenge is strategic prioritization, not a lack of opportunities. He noted that the majority of near-term growth comes from existing markets. However, the company plans to continue adding new markets in 2025, citing the encouraging 50% YoY active user growth in recently launched regions like Sub-Saharan Africa as a positive indicator.

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Interim CEO & CFO Mike Milotich assessed the direct impact on Marqeta as minimal. However, he acknowledged it could create friction and higher costs for customers using real-time account data for services like account verification and underwriting. He concluded it is a dynamic to monitor, especially if other banks adopt a similar model.

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Interim CEO and CFO Mike Milotich stated that the EWA business continues to grow with several programs live, and Marqeta is working to enhance its value proposition, citing a recent partnership with Rain. He noted that Marqeta's approach, which distributes already-earned money rather than providing a loan, is viewed as a better long-term solution that avoids some of the regulatory scrutiny facing traditional EWA models.

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CFO Bea Ordonez affirmed that core adjusted EBITDA (ex-interest income) is on track to more than triple year-over-year, demonstrating improved core profitability even with ongoing investments. She explained that using blockchain for treasury, via a partnership with Citi, provides 24/7 fund movement, automation, and programmability, which enhances internal liquidity and risk management and ultimately benefits customers.

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CFO Bea Ordonez affirmed that Payoneer will remain disciplined operators with levers over discretionary and variable spending to optimize margins as the environment evolves. CEO John Caplan highlighted the progress in workforce management, noting the rebranding from Squad, strong customer demand for global teams, and achieving a milestone of over $1 million in new incremental ARR. He stated it validates Payoneer's financial stack strategy.

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CFO Bea Ordonez highlighted the significant leverage in the core business, moving from a loss in 2023 to a guided $40M+ profit in 2025. She affirmed the 25% total adjusted EBITDA margin as a solid long-term target. CEO John Caplan described the largest ICPs as highly satisfied customers with strong logo and revenue retention, noting the go-to-market team is effectively acquiring more of these high-value clients globally.

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CEO John Caplan stated that the Skuad integration is on track, with cross-sell activities beginning, positioning Payoneer as a comprehensive financial solution for SMBs. He also confirmed that the company is actively pursuing tuck-in M&A to extend product capabilities, grow ARPU, and expand its footprint, with plans to execute on this strategy in 2025 and beyond.

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CEO Mike Massaro stated that the long-term growth algorithm remains focused on NRR, new client wins, and the goal of doubling the business, supplemented by inorganic opportunities. President & COO Rob Orgel added that Certify's international growth is an exciting early development, leveraging Flywire's global platform to expand beyond Certify's original focus on U.S. and English-speaking markets as part of a multi-year plan.

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CFO Cosmin Pitigoi explained that while travel has strong land-and-expand characteristics, its NRR profile differs from education. He attributed the recent decline in overall NRR to significant macro headwinds in markets like Canada and Australia, stating that in a normalized environment, growth would be much faster. CEO Mike Massaro added that layering more software into the travel vertical will be a key future growth driver.

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President and COO Rob Orgel attributed the healthcare vertical's return to modest year-over-year growth to success in both adding new clients and expanding with existing ones, citing the 'Banner One' initiative with Banner Health as a key example. He noted that while the result is positive, the company expects healthcare to be a moderate growth business relative to Flywire's overall corporate average.

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CEO Stephanie Ferris explained that the international strategy is being advanced by both the EverLink acquisition and the pending issuer business acquisition from Global Payments. She highlighted that both deals add international payments capabilities and will help FIS expand its footprint in high-demand markets outside the U.S.

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Chairman, CEO & President Michael Brown stated they hope to 'supercharge' CoreCard's growth by leveraging Euronet's global footprint to expand beyond its current U.S. focus. EVP & CFO Rick Weller added that CoreCard has a superior product but has historically underinvested in sales and marketing. He sees a 'hand and glove' fit where Euronet's global distribution and relationships can significantly accelerate sales, though he noted the long sales cycle for credit platform conversions.

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CEO Michael Brown and CFO Rick Weller explained that European consumers are already accustomed to paying 'disloyalty charges' for out-of-network ATM use, so the new fees have not negatively impacted transaction elasticity. They added that these fees create opportunities for more ATM placements and bank partnerships. Regarding Merchant Services, Brown stated they are in the early stages of expanding into Portugal, Spain, and Italy by replicating their successful Greek model.

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CEO Michael Brown explained that Ren's transaction-based model leads to compounding revenue growth as clients expand usage. He noted that while initial adoption was strongest in technologically advanced Asian markets, the launch of FedNow in the U.S. is now creating domestic opportunities. He cited successful deployments connecting banks to real-time payment systems in India, the Philippines, and Africa as evidence of its global traction.

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CFO Rick Weller described the access fee opportunity as a positive directional trend driven by industry-wide cost pressures, which improves Euronet's profit per transaction and market share as banks retreat. CEO Michael Brown explained that digital money transfer customers are banked, sticky, and acquired through marketing spend. He clarified that while digital transactions avoid agent commissions, the marketing costs make them only 'slightly more profitable' than traditional transactions.

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CEO Alex Shootman stated that banks now represent 13% of clients under contract and that Mantle's strong presence in the bank market creates a significant new entry point. CFO Bryan Hill quantified the early termination fees at approximately $1 million, noting this represented about 70% of the quarter's revenue beat but also meant the associated subscription revenue is removed from future quarters.

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CEO Alex Shootman stated he expects the MANTL cross-sell to be more broadly applicable, similar to the Segment acquisition, rather than the more niche ACH Alert. CFO Bryan Hill added that MANTL's established go-to-market should yield success faster than Segment did. Regarding the LOS, Shootman clarified it is still a development effort with select clients, and a decision on a broader market launch will be made after evaluating its success.

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CEO Alex Shootman stated that MANTL's focus on banks and business banking aligns perfectly with Alkami's strategic growth initiatives and also serves the growing commercial needs of its credit union clients. CFO W. Hill reiterated that MANTL's profitability will be driven by revenue scale and leveraging Alkami's G&A and go-to-market infrastructure, projecting it will be accretive to gross margin but a slight drag on EBITDA margin for 2-3 years.

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CFO Bryan Hill detailed that the offshoring strategy, currently involving 110-120 engineering FTEs, is designed to profitably scale innovation and will eventually benefit gross margins through post-sale operations. CEO Alex Shootman addressed open banking by stating its pace is still unknown and that current data investments by clients are driven by the immediate need to compete with mega-banks, not by open banking regulations, which he sees as a potential future tailwind.

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CEO Matt Flake expects a strong back half for cross-selling, spurred by the recent client conference. CFO Jonathan Price and President Kirk Coleman detailed the cloud migration benefits, including near-term cost savings in 2026 from exiting data centers and long-term strategic advantages in leveraging cloud-native technology and AI.

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CEO Matt Flake and CFO Jonathan Price reiterated confidence in the 13%+ subscription revenue growth floor for 2026 but stated it's too early for updates, as it depends on 2025 execution. CFO Jonathan Price added that while the M&A pipeline is active, target valuations remain high, and the company will remain disciplined in its capital allocation.

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CFO Jonathan Price attributed the 2024 outperformance to strong cross-sell and renewal activity. For his priorities, he emphasized continuing the profitable growth strategy, strengthening the balance sheet through improved cash flow, and investing to maintain market leadership.

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President & CEO Mac Schuessler responded that after focusing on integrating Cynquia and restoring its growth, EVERTEC is now confident and actively looking at bolt-on acquisition opportunities in Brazil. Regarding Mexico, he stated it remains a key focus for growth, particularly in issuing, and the company is leveraging the capabilities from the Grandada and Nubity acquisitions to open up new conversations and actively seek further opportunities.

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President and Chief Executive Officer Morgan Schuessler stated that following a leadership change and initiatives around customer engagement, platform modernization, and contract repricing, the Brazil business's growth is back within expectations. He noted Brazil is the most significant country to watch due to its size and currency fluctuations but confirmed no material economic impact has been seen to date across the region.

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CEO Mac Schuessler explained that the initial focus with Sinqia was on improving its existing business verticals, which is now showing reacceleration. While there have been small wins in payments, it will be a renewed focus going forward. He affirmed high confidence in navigating the MSA discount, stating that cost efficiency initiatives were implemented early in 2024 and have already positively impacted margins, preparing them well for the change in late 2025.

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CEO Mac Schuessler explained that the initial focus with Sinqia was on strengthening its existing business verticals, which is now showing success. While there have been small wins in payments, it will be a renewed focus going forward. Regarding the MSA discount, Schuessler expressed high confidence, citing a major cost-efficiency initiative already underway that positively impacted Q4 2024 margins and has the company well-prepared.

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Chairman and CEO Stephen Squeri provided a detailed view, stating that stablecoins have a role in the payment system, particularly for cross-border B2B transactions. He positioned the Coinbase partnership as providing an 'off-ramp' for customers to use rewards to earn digital currency. He clarified that while digital currencies will not replace existing payment rails, they are a good alternative to traditional wire transfers, and Amex will be an important participant in the ecosystem.

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CEO Stephen Squeri described a strategy to build a comprehensive ecosystem for SMEs to increase relevance and retention. Kabbage serves as the central platform for banking and lending, while acquisitions like Nipendo and Center add B2B payment automation and expense management, respectively. He believes this will boost acquisition and retention, with organic spend growth coming from greater B2B payment adoption.

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CFO Christophe Le Caillec (identified as Robert Napoli) stated that brand and sponsorship spending has been fairly stable. The vast majority of the recent marketing expense growth has been directed toward customer acquisition. This is further split between acquiring new prospects and deepening relationships with existing customers (e.g., upgrades), with the latter being a highly attractive investment that is prioritized.

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CEO Stephen Squeri explained that as customers upgrade to higher-fee products like the Platinum Card, their spending and engagement increase to take advantage of the richer benefits, particularly in travel. This results in a higher lifetime value. He noted that the entry point is key, with a younger customer upgrading over time likely having a higher LTV than an older customer who acquires a premium card later in life.

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CFO Greg Orenstein attributed the expected deceleration to difficult year-over-year comparisons in the second half of the year, consistent with commentary from the previous quarter. CEO Sean Desmond noted that while core commercial remains healthy, the future product mix will depend on market dynamics, but the company's diversified platform positions it well regardless of which line of business is strongest at any given time.

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CEO Sean Desmond attributed recent consumer lending momentum to product maturity, robust integrations, and improved speed, with a focus on the credit union market providing a key feedback loop. CFO Greg Orenstein added that with over 70% of the company's SAM outside of commercial lending, they have high expectations for the consumer segment, reinforced by recent large bank wins.

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Chief Financial Officer Greg Orenstein confirmed the full-year revenue churn expectation remains around 5%, a significant improvement from the prior year's 9%. He declined to preview the new KPIs, stating that the updated framework will be formally announced with the fourth-quarter earnings report.

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CEO Pierre Naude projected three key trends: non-commercial products will continue to represent over 50% of bookings, the mix of new business will likely settle around 60% cross-sell and 40% new logos, and U.S. bookings will probably outpace international growth due to the market's size and nCino's broad product set, including a new focus on credit unions.

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CEO Eido Gal responded that the entire platform resonates, but specifically highlighted Policy Protect for its meaningful ROI, citing examples of merchants blocking abusive refund requests and increasing customer satisfaction. Regarding the long-term EBITDA margin target, Gal gave a non-committal answer, stating, 'we're excited by the start of the year and looking forward to continuing to execute.'

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Aglika Dotcheva, CFO, attributed the lower NDR to declines in same-cohort sales, a 2024 focus on new logos over upsells, and the impact of the significant churn event. She expressed optimism for NDR to surpass 100% in 2025. Eido Gal, CEO, added that merchants use Riskified to review APM volume due to fraud risks and inefficiencies, utilizing both covered and uncovered models, with a volume mix similar to the global average.

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CEO Eido Gal stated that while the churn event is a setback, the company's 2026 adjusted EBITDA margin goal remains its "North Star" and is still considered achievable given the strength in new merchant wins and diversification. For 2025, he noted that strong new logo acquisition is a positive driver, offset by the churn and a more competitive, uneven macro landscape, with no significant macro improvement baked into their model.

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Executive Ravi Venkatesan detailed the evolution of self-service commerce, positioning Smart Stores as a superior solution that combines the security of vending with the modern experience of micro markets, making them suitable for low-trust public environments. He projected that while vending may grow at 5-6% and micro markets at 30-40%, Smart Stores could see growth of 100-200% in the next 2-3 years. Venkatesan added that operators report micro markets achieve 10x the sales of vending, and Smart Stores can double that figure again, potentially comprising 25-30% of new sales within 18 months.

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Scott Stewart, an executive, explained that ARPU growth is driven by increased transaction processing from higher average ticket sizes and new software offerings. CEO Ravi Venkatesan added that a key part of their strategy is intentionally deploying solutions in higher-revenue locations. Regarding international strategy, Venkatesan noted that while the revenue mix remains under 5%, they are seeing positive momentum in Latin America and EMEA, particularly with micro markets, and expect acceleration in the second half of the fiscal year.

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Executive Scott Stewart clarified that the 15-20% guidance range is consistent with the previous outlook of '18-plus percent,' with the midpoint being similar. He projected subscription revenue growth around 15%+ and transaction revenue growth at 18%+. Executive Ravi Venkatesan added that the SB Software acquisition provides a strong customer base in the UK and Ireland, creating significant cross-sell opportunities for Cantaloupe's cashless payment devices, micromarket solutions, and other software add-ons.

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CEO Devin McGranahan clarified that Western Union competes in the 'local' segment of the Travel Money market, catering to migrants and mid-trip travelers, which has better pricing characteristics than the 'on-airport' segment. Regarding digital economics, CFO Matt Cagwin and CEO Devin McGranahan both stated that the LTV to CAC ratio has improved meaningfully. This was achieved by reducing customer acquisition costs (CAC) while simultaneously increasing customer lifetime value (LTV) through higher retention and customer quality, validating their strategic focus.

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CEO Devin McGranahan, having recently visited, attributed the success in the highly competitive Australian market to the quality of the product and the strength of the Western Union brand, particularly for payouts across the APAC region. He noted that Australia was the first market to launch the next-generation digital platform, which has led to high customer conversion and repeat usage. He affirmed that this success is 'completely repeatable' and that the company plans to accelerate the platform's rollout to over 10 more countries in 2025.

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Chief Financial Officer Elias Olmeta stated that while the company is not providing specific disclosures on consumer volume sensitivity at this time, it is something they will consider for future calls. Regarding margins, Olmeta explained that the 41% guidance reflects the timing of investments that will ramp up in the second half of the year, leading to higher margins in Q1 and the first half before moderating. He affirmed the company's disciplined approach to cost control.

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CFO Elias Olmeta stated that in a normalized environment, transaction volumes would shift from a headwind to a mid-single-digit tailwind. After a brief misstatement, he clarified, with CEO Nicolaas Vlok's prompting, that this would enable the company to achieve its long-term revenue growth target in the mid-teens, consistent with historical guidance.

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President and CFO Larry Katz reiterated the company's target growth algorithm of mid-teens growth. He explained that the primary delta between current performance and that target is the headwind from lending volumes. Once volumes normalize from the current negative impact to their historical mid-to-high single-digit growth rate, the company can achieve its mid-teens growth profile.

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