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CEO Yoni Assia expressed great excitement for AI, stating it accelerates product delivery and organizational efficiency. He highlighted that the AI assistant 'Tori' can analyze market events and that the company is already testing models like GPT-5. Assia believes these tools will empower retail investors with sophisticated quantitative capabilities previously reserved for hedge funds, leading to higher engagement and success.

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CEO Cameron Bready expressed high confidence in the H2 outlook, citing early success with the Genius platform and the revamped sales compensation model. President & COO Robert Cortopassi provided supporting details on the positive reception of Genius across all distribution channels. Bready then clarified that the capital allocation plan includes a $500 million ASR tied to the payroll divestiture, which is incremental to the core $7.5 billion capital return program. This core program was increased due to expected tax benefits from new legislation.

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CEO Cameron Bready expressed high confidence in the H2 outlook, citing early success from the Genius platform and the sales force transformation. President & COO Robert Cortopassi provided objective metrics, including a nearly 30% sequential increase in U.S. direct sales. Bready then clarified the capital allocation: the $500 million ASR is incremental and tied to the payroll divestiture, while the core $7.5 billion return plan was reinstated to investor day levels due to favorable tax law changes.

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CEO Aman Narang explained the partnership has two main benefits: it aggregates reservation inventory from Resy, Tock, and Toast Tables into the Toast Local app for broader discovery, and it leverages reservation data to enable personalized in-restaurant experiences for all guests, including American Express card members, by providing staff with diner preferences and history.

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CEO Aman Narang attributed the confidence in location growth to strong sales AE productivity, which was up year-over-year in Q1 and continued through April. CFO Elena Gomez explained that the higher payments take rate was due to a combination of factors, including 2024 pricing initiatives, ongoing cost optimization, and growing traction from product surcharging.

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CFO Elena Gomez explained that while payments take rate typically declines in Q4 due to seasonality, it increased quarter-over-quarter in Q4 2024. This was driven by a combination of ongoing cost optimization efforts and the targeted pricing changes that were implemented in September, which together boosted the payments ARR.

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CEO Aman Narang stated that the strategy remains consistent with what was outlined at the Investor Day. The foundational priority is scaling the core U.S. business to achieve market leadership. Concurrently, Toast will continue investing to expand its TAM in areas with a right to win and good unit economics, such as international and retail, and will allocate more go-to-market capacity to these areas next year. He also mentioned a portion of R&D is dedicated to exploring longer-term opportunities.

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CFO Sanjay Datta explained that the UMI could improve (decrease) if consumer savings rates rise and consumption moderates relative to income. Conversely, the UMI could worsen (increase) due to factors like a reacceleration of inflation or a significant increase in unemployment.

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CFO Sanjay Datta explained that the UMI could improve (decrease) if consumer savings rates rise and consumption patterns normalize relative to income. Conversely, factors like reaccelerating inflation or a significant rise in unemployment could cause the UMI to worsen (increase).

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CEO David Girouard described the Walmart OnePay agreement as a one-year deal to offer Upstart's products to Walmart customers, aligning with the company's strategy to provide the 'best rates and best process'. CFO Sanjay Datta noted that any recent business trends are already incorporated into the company's Q2 guidance.

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CFO Sanjay Datta highlighted the company's operating leverage, explaining that with stable take rates and contribution margins, revenue growth efficiently drops to the bottom line against contained fixed costs. CEO David Girouard commented that he wouldn't call it a 'supercycle,' as loan pricing and the UMI remain elevated, suggesting room for macro improvement. He emphasized that growth is primarily driven by fundamental model enhancements, not macro tailwinds.

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CEO Taylor Lauber explained that Shift4's role is to enable merchants to accept any currency they deem valuable, including stablecoins. However, he believes widespread disruption in markets like the U.S. is unlikely, as traditional card networks provide significant value to consumers—such as fraud protection and rewards—that stablecoins currently lack.

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CEO Stephanie Ferris explained that Worldpay's strong performance was due to lapping a soft prior-year quarter, some seasonality from tax processing, and most significantly, the successful onboarding of large e-commerce clients. She acknowledged it was a seasonally high quarter but noted their overall expectations were increasing.

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CEO Stephanie Ferris stated that the Worldpay EMI outlook remains consistent with prior guidance, with no signs of softening. She expressed satisfaction with Worldpay's revenue acceleration, noting its growth has returned to be consistent with the market. Regarding margins, Ferris confirmed Worldpay is ramping up investments as planned but did not provide specific guidance on its EBITDA cadence.

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CFO James Kehoe provided a breakdown, explaining that after adjusting for Worldpay, M&A, pandemic revenue headwinds, and contract recognition items, the underlying core growth for banking was around 3%. CEO Stephanie Ferris expressed satisfaction with the portfolio, highlighting a strategy to create a differentiated niche in commercial lending and the 'office of the CFO' space, distinct from traditional competitors.

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CEO Stephanie Ferris expressed confidence in the Banking segment's growth, supported by an easier prior-year comparison. She highlighted significant competitive progress in core banking and digital solutions, noting that FIS has already signed more core deals in 2024 than in all of 2023. Ferris emphasized success across all three strategic core platforms (IBS, Horizon, and Modern Banking Platform) within the company's target market of banks with over $2 billion in assets.

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CEO Vlad Tenev explained that the event served as a blueprint for what's possible with regulatory clarity, aiming to solve the inequity of private market access for retail investors. He noted the positive reception and the roadmap to make it a real product in both the EU and US, which has accelerated their European business. CFO Jason Warnick added that the event highlights the company's high product velocity.

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CEO Vladimir Tenev described prediction markets as the future for both active trading and information, positioning Robinhood to be a leader in the space. He cited the success of the presidential election market and confirmed plans for a comprehensive events platform later in the year, while noting that regulatory clarity is still needed for certain areas like sports.

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CEO Vlad Tenev stated that the product had just completed its rollout to 100% of customers. He positioned it as a key part of the strategy to win the active trader market by offering innovative products unavailable at most competitors. Tenev shared early volume metrics, noting 10 million contracts were traded the previous day, but said it was too early to provide data on retention.

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CFO Peter Hadley and President & CEO Maria Black characterized mid-market tech-only bookings as satisfactory, performing between the strong results in PEO and the softer finish in ES HRO. Ms. Black asserted that the competitive landscape remains unchanged following the competitor merger, stating that ADP continues to compete effectively and is confident in its Workforce Now NextGen offering.

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CFO Don McGuire responded that ADP is seeing stability in its client base, with pays per control (PPC) growth at 1%, indicating hiring continues. He clarified that the uncertainty primarily manifests as apprehension in decision-making for very large, multi-country deals, while day-to-day business activity remains strong.

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CFO Don McGuire contextualized the comment by emphasizing the continued strength and stability of the overall macroeconomic and labor environments. He cited low unemployment and general business optimism as strong fundamentals that support pays per control and overall growth for ADP, alongside opportunities in their international business.

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CFO Don McGuire guided that the amortization could be estimated by taking about 30% of the $1.2 billion deal value and amortizing it over 7-8 years. On pricing, he stated the strategy is unchanged, with an expectation of about 100 basis points of contribution this year as inflation moderates, though he noted a minor unexpected benefit in Q1 from inflation-indexed contracts in Europe.

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CEO Ryan McInerney confirmed that Visa's advisory business is seeing strong growth and that clients rely on its expertise for complex topics like stablecoins, which can lead to opportunities for Visa's products like the Tokenized Asset Platform. CFO Chris Suh reiterated that Q4 incentives were always expected to be the highest growth quarter of the year due to lapping effects and deal timing, but the overall Q4 adjusted net revenue view remains unchanged.

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CEO Ryan McInerney confirmed that Visa's advisory business is performing well, and engagements on topics like stablecoins often lead to opportunities to sell products and services. CFO Chris Suh addressed incentives, reiterating that Q4 was always expected to be the highest growth quarter due to lapping effects and deal timing, but the overall adjusted net revenue outlook for Q4 remains unchanged.

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CEO Ryan McInerney confirmed that Visa's advisory business is performing well, with client engagements on topics like stablecoins and AI leading to opportunities for Visa's products. CFO Chris Suh reiterated that Q4 was always expected to have the highest incentive growth of the year due to lapping and deal timing, but the overall Q4 net revenue outlook remains unchanged.

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CFO Chris Lapointe stated that while the migration is not yet complete, SoFi has made significant progress in signing new partners. He reiterated the 2025 revenue growth guidance of low-double-digits to teens for the segment and noted that approximately 10 new clients are expected to contribute revenue in Q1 2026. A more detailed update on the net impact will be provided after the Q4 2025 earnings report.

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CEO Anthony Noto noted he was pleasantly surprised that recent volatility did not slow down any deals. CFO Chris Lapointe added that capital markets demand is 'extremely strong,' with over $3 billion in loans sold or transferred in Q1. He highlighted over $8 billion in new LPB partnerships that will accelerate volume in Q2. Noto also emphasized the untapped opportunity in the $100 billion of loan applications SoFi currently declines annually.

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CEO Anthony Noto expressed high confidence in the company's long-term 30% EBITDA and 20% net income margin targets. He clarified that after demonstrating margin expansion in 2024, the company is now tilting back to a 30% incremental EBITDA margin in 2025 to reinvest for durable, long-term revenue growth, which supports higher future revenue expectations.

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CFO Chris Lapointe explained that the loan platform is a capital-light, fee-based business with no loss-share agreements. He outlined four revenue streams: referral fees, originating on behalf of partners for an upfront fee plus servicing, originating for third-party investors, and servicing assets not originated by SoFi. CEO Anthony Noto added that with 70-80% of loan applicants being declined, there is a significant latent pool of customers to serve through this platform.

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President, CEO & Director Alex Chriss reiterated that the cohorts on the new experience (15% of global TPV) are seeing the previously discussed 'point of uplift.' He emphasized that overall branded checkout momentum is a combination of the new experience, strong BNPL growth (over 20% YoY), and rapid Pay with Venmo growth (45% YoY), expecting improvement to materialize through year-end and into 2026.

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CEO Alex Chriss explained that the strategy focuses on driving consumer habituation by leveraging the strong PayPal and Venmo brands everywhere. He highlighted key drivers including the improved online checkout, flexible payment options like BNPL, and significant growth in off-line TPV from debit cards, which was up over 100% in Q1. He emphasized that the 8% growth in branded experiences TPV demonstrates the strategy is working effectively.

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CFO Jamie Miller indicated that the revenue impact from Braintree contract renegotiations will continue through 2025, and that full-year 2025 OpEx growth should be similar to 2024's low single-digit rate, but more balanced quarterly. CEO Alex Chriss emphasized the focus on controllable, durable growth levers like branded checkout and Braintree economics. He expects transaction margin dollars (ex-interest income) to grow in 2025 from the new, positive baseline established in 2024.

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CFO Alesia Haas explained that the rewards program is a key driver of user engagement and balance growth, citing a 49% quarter-over-quarter increase in on-platform USDC balances to $12 billion. She noted that customers who hold USDC tend to trade more and engage with other products, creating a flywheel effect that is amplified by deep integrations into platforms like the international exchange and Base.

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CEO Brian Armstrong said there was nothing to announce but expressed excitement for the category, highlighting its potential as a source of truth in an era of misinformation. President and COO Emilie Choi added that Coinbase is comfortable not always being first-to-market, preferring to use its ventures arm to monitor emerging trends and strategically decide whether to build, buy, or partner when the time is right.

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CFO Robert O'Hare responded that GMV strength was incredibly broad-based, with growth across nearly all categories and merchants. He highlighted that direct-to-consumer services, led by the Affirm Card, grew faster than the overall business and confirmed that growth accelerated through the quarter, with March hitting 40% year-over-year GMV growth.

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CEO Max Levchin stated that it's early to predict market share but noted past success in the U.S. He highlighted strong market pull in the U.K. for longer-term loans (24-36 months), an area where competitors are less active. He confirmed the U.K. launch is still in a testing phase but mentioned that Shopify will be the first major enterprise integration to go live there soon, which will be a key test of uptake.

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CEO Max Levchin attributed the growth to reinvesting strong profits into deeper approvals and more compelling new consumer offers. He also highlighted a deliberate company-wide focus on increasing user activity and transaction frequency, which has pushed transactions per active consumer to a new high.

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CEO Max Levchin reframed the partnership not as Apple 'capitulating,' but as a major endorsement of BNPL as a complex and important product category. He credited Affirm's success to two hard-to-replicate pillars: its sophisticated, real-time underwriting models built over 14 years, and the immense effort required to build a large merchant network that understands and pays for the value of incremental sales.

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CFO Robert O'Hare reported that GMV strength was incredibly broad-based across almost all categories and merchant sizes. He highlighted that direct-to-consumer services, led by the Affirm Card, grew faster than the overall business. O'Hare also confirmed that growth accelerated throughout the quarter, with March achieving 40% year-over-year GMV growth.

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CFO Robert Hau clarified that while the broad impact from Argentina was zero in Q1 2025, the 'Dolar Turista' program specifically contributed 7 percentage points to the Merchant segment's 22-point growth from Argentina in the prior-year quarter (Q1 2024). He also stated that Fiserv expects the program to be discontinued in the current quarter.

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Chairman and CEO Frank Bisignano described the 27-year relationship with Walmart as a tremendous, deep partnership. He highlighted their work powering Walmart's 'one financial' JV on the Finxact core as an example of their collaboration. He emphasized that Fiserv works side-by-side with Walmart on their strategic initiatives, rather than focusing on a single project.

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Chairman, President and CEO Frank Bisignano explained that these products are seen not just for new micro-merchants but also as augmentation products for the existing client base, expanding the total addressable market (TAM). He highlighted their role in international expansion, where they can cater to different market needs and distribution channels while still driving software and VAS revenue.

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CEO Melissa Smith noted that same-store sales trends improved sequentially in Q4 and were returning to more historical norms. CFO Jagtar Narula explained that sales and marketing investments have a strong LTV to CAC ratio, with an expected payback period of two years or less, driven by WEX's high customer retention rates.

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CFO Jagtar Narula quantified the positive impact from pricing at $40-$50 million for the current year, with an expected $10-$20 million carry-over benefit into the next year. CEO Melissa Smith stated that share repurchases remain a very attractive use of capital, highlighting the recent $1 billion authorization increase and the 12% reduction in share count since Q1 2022, reflecting confidence in WEX's long-term value.

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CEO Julie T. Sweet responded that the client dynamic remains 'save to invest,' where cost savings from other IT areas are used to fund GenAI and data initiatives, without a change in overall spending levels. She also noted that GenAI is a small but growing part of the business and does not have a materially different margin profile, as it is often embedded within larger transformation deals.

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