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    Daniel Perlin • RBC Capital Markets

    Daniel Perlin's questions to Lightspeed Commerce Inc (LSPD) leadership

    Daniel Perlin's questions to Lightspeed Commerce Inc (LSPD) leadership • Q1 2026

    Question

    Daniel Perlin from RBC Capital Markets inquired about the drivers of the 9% subscription revenue growth, specifically the contribution from last year's pricing initiatives versus new location growth. He also asked for the expected timeline to reach the 10-15% customer location growth target.

    Answer

    Founder and CEO Dax Dasilva acknowledged that prior pricing actions contributed to the 9% software growth but emphasized that momentum is building from new customer additions and product adoption. He clarified that the 10-15% location growth is a three-year compound annual growth rate (CAGR) target for fiscal 2028, noting that the company is on a strong trajectory with 130 of 150 planned outbound sales reps already hired and ramping up.

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    Daniel Perlin's questions to Lightspeed Commerce Inc (LSPD) leadership • Q3 2025

    Question

    Daniel Perlin inquired about the rationale for abandoning the company sale process, whether the go-forward strategy is merely a continuation of the existing transformation, and the expected timeline for the restructured go-to-market team to become productive in fiscal 2026.

    Answer

    Founder and CEO Dax Dasilva explained that the strategic review concluded that remaining a public company was the best path to maximize shareholder value. He clarified the transformation plan is now more developed, focusing on reallocating resources from 'efficiency' markets to growth engines. CFO Asha Bakshani added that while detailed fiscal 2026 guidance is forthcoming, new sales reps typically take six months to ramp up, and the company expects meaningful EBITDA expansion and accelerated location growth next year.

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    Daniel Perlin's questions to Lightspeed Commerce Inc (LSPD) leadership • Q1 2025

    Question

    Daniel Perlin asked for the rationale behind keeping account managers focused on payments through Q2 and for details on the upcoming pricing strategy.

    Answer

    President JD Saint-Martin explained that the sales team's focus is part of a two-half strategy for the fiscal year, with a pivot back to software upselling expected to drive growth above 10% in the second half. He confirmed the new pricing applies to both new and existing customers, with the financial impact anticipated from Q3 onwards.

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    Daniel Perlin's questions to Q2 Holdings Inc (QTWO) leadership

    Daniel Perlin's questions to Q2 Holdings Inc (QTWO) leadership • Q2 2025

    Question

    Daniel Perlin of RBC Capital Markets asked for an update on the bank M&A environment and Q2's confidence in being a beneficiary, and sought clarification on whether the proliferation of point solutions for fraud is a competitive headwind or a benefit.

    Answer

    CEO Matt Flake stated his confidence stems from a historical 90-95% win rate when its customers are involved in M&A, with a 94% rate year-to-date. He clarified that many new fraud vendors are partnering with Q2 through Innovation Studio, making it a cross-sell opportunity rather than a competitive threat.

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    Daniel Perlin's questions to Q2 Holdings Inc (QTWO) leadership • Q1 2025

    Question

    Daniel Perlin asked if Q2 is observing client nervousness and spending pauses due to the macro environment, and inquired if the strong Q1 free cash flow represents a new trend or a one-time event.

    Answer

    CEO Matt Flake and President Kirk Coleman confirmed that while clients discuss macro uncertainty, it has not impacted deal pipelines or changed their strategic priorities. CFO Jonathan Price explained that the exceptional Q1 free cash flow was partly due to a one-time large customer payment change, and the full-year outlook remains consistent.

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    Daniel Perlin's questions to Q2 Holdings Inc (QTWO) leadership • Q4 2024

    Question

    Daniel Perlin from RBC Capital Markets asked about the significant sequential increase in backlog, questioning whether it was driven by larger average deal sizes or a broader increase in customer spending appetite.

    Answer

    CFO Jonathan Price clarified that the magnitude of the sequential backlog increase was primarily driven by the seasonal strength of renewals in the fourth quarter. He explained that because renewals involve large, long-term contracts, they have the most significant impact on the backlog in any given period, more so than changes in new deal sizes alone.

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    Daniel Perlin's questions to Q2 Holdings Inc (QTWO) leadership • Q3 2024

    Question

    Daniel Perlin asked for more detail on the evolution of recent deals, noting they appear larger and more holistic, and inquired about implementation capacity given the significant backlog growth.

    Answer

    CEO Matthew Flake confirmed strong demand driven by banks' need for deposits and sophisticated relationship pricing. He highlighted a large expansion opportunity within existing customers and noted that sales, finance, and implementation teams work closely on capacity planning, stating he does not anticipate any issues in 2025.

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    Daniel Perlin's questions to NCR Voyix Corp (VYX) leadership

    Daniel Perlin's questions to NCR Voyix Corp (VYX) leadership • Q1 2025

    Question

    Daniel Perlin asked for details on the WorldPay payments partnership, including the launch timeline, the nature of client conversations, and the context for the new retail payment sites KPI. He also questioned the strategic rationale for having two executives based outside the U.S.

    Answer

    CEO James Kelly explained that the WorldPay integration is on track for a summer launch and that customer feedback has been positive, focusing on the value of a single, simplified relationship. He clarified that they are now reporting retail payment sites that were previously embedded in other metrics. Regarding international executives, Kelly stated that having leaders like Nick East and Darren Wilson abroad provides a broader global perspective and brings them closer to their international customer base, rather than being a response to a specific weakness.

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    Daniel Perlin's questions to NCR Voyix Corp (VYX) leadership • Q4 2024

    Question

    Daniel Perlin asked CEO Jim Kelly about his key strategic priorities to accelerate growth and for clarification on the historical revenue model for enterprise payments before the new Worldpay deal.

    Answer

    CEO James Kelly outlined his priorities as accelerating the payments and software alignment via the Worldpay partnership, focusing on new customer acquisition, and ensuring execution on product delivery. He clarified that NCR Voyix previously owned the payments platform outright (JetPay) and did not use a revenue share model. The new agreement is a fee-for-service deal for authorization with Worldpay.

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    Daniel Perlin's questions to Jack Henry & Associates Inc (JKHY) leadership

    Daniel Perlin's questions to Jack Henry & Associates Inc (JKHY) leadership • Q3 2025

    Question

    Daniel Perlin asked if project delays are affecting modernized projects and cloud migrations or are confined to non-recurring items, and also requested context on the potential M&A impact on non-GAAP revenue in fiscal 2026.

    Answer

    CEO Greg Adelson clarified that delays are almost entirely in non-recurring, 'day 2' complementary and payment products, not core cloud migrations. He noted some customers delay hardware purchases while evaluating a move to the private cloud. CFO Mimi Carsley explained that while M&A has a minimal impact in fiscal 2025, the acceleration in client mergers could have a more meaningful, though not lumpy, impact in fiscal 2026.

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    Daniel Perlin's questions to Flywire Corp (FLYW) leadership

    Daniel Perlin's questions to Flywire Corp (FLYW) leadership • Q1 2025

    Question

    Daniel Perlin asked about the addressability of the 'next 20' non-traditional education markets and inquired about the size and conversion timeline of the implementation backlog for the travel vertical.

    Answer

    President and COO Rob Orgel clarified that the 'next 20' education markets are ones Flywire already serves, with the growth opportunity coming from deeper penetration. Regarding travel, he explained that implementation is very fast, typically measured in weeks, meaning the conversion from signing to revenue is quick.

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    Daniel Perlin's questions to Broadridge Financial Solutions Inc (BR) leadership

    Daniel Perlin's questions to Broadridge Financial Solutions Inc (BR) leadership • Q3 2025

    Question

    Daniel Perlin asked for more detail on the demand environment, specifically the potential for a pause in client investments, and for clarification on the difference between high equity position growth and the resulting revenue growth.

    Answer

    CEO Timothy Gokey acknowledged a recent "elongation in our closing process" due to market uncertainty but stressed that client demand remains strong, particularly for cost-saving and simplification projects. He noted this is a timing issue, not a loss of deals, and won't impact FY26 revenue due to the existing backlog. Regarding position growth, Gokey explained that the rise of direct indexing is creating many small, non-revenue-generating positions. While this dilutes near-term revenue growth from the headline position growth number, it builds a strong backlog of future revenue-generating accounts.

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    Daniel Perlin's questions to Broadridge Financial Solutions Inc (BR) leadership • Q2 2025

    Question

    Daniel Perlin sought clarification on the volatility of GTO license revenue, which was a headwind in Q2 but is expected to boost Q3 growth. He also asked about the potential impacts of a more active M&A environment and the new administration's regulatory agenda.

    Answer

    CFO Ashima Ghei clarified that while license revenues are a small part of annual GTO revenue, they can cause quarterly fluctuations, explaining the specific timing impact between Q2 and Q3. CEO Tim Gokey stated that a pickup in M&A is not a material driver for Broadridge. Regarding regulation, he noted that while the environment is broadly deregulatory, the administration's core priorities are neutral to Broadridge, but there are potential opportunities in areas like digital assets and proxy reform.

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    Daniel Perlin's questions to Broadridge Financial Solutions Inc (BR) leadership • Q1 2025

    Question

    Daniel Perlin asked for a reconciliation of Broadridge's guidance, questioning why EPS guidance was not raised alongside the recurring revenue forecast, and also inquired about the company's M&A appetite and market environment.

    Answer

    Interim CFO Ashima Ghei explained that higher-margin event activity provides capacity for reinvestment to support the 8-12% EPS growth target. CEO Tim Gokey added that the recently acquired SIS business, which drove the revenue guidance increase, is expected to be neutral to EPS in its first year. Regarding M&A, Gokey stated that while the pipeline is strong, Broadridge remains disciplined on financial criteria and strategic fit, and is comfortable with share repurchases if compelling deals do not materialize.

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    Daniel Perlin's questions to Visa Inc (V) leadership

    Daniel Perlin's questions to Visa Inc (V) leadership • Q2 2025

    Question

    Daniel Perlin from RBC Capital Markets inquired whether the current geopolitical backdrop is influencing Visa's near-term investment strategy, risk appetite, or M&A opportunities.

    Answer

    CEO Ryan McInerney acknowledged the increased uncertainty but stressed that spending data remains resilient. Consequently, Visa is staying committed to its current investment and product roadmaps. He added that the company is prepared to adjust if facts change and noted that the current environment could create more M&A opportunities for Visa from its position of strength.

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    Daniel Perlin's questions to Visa Inc (V) leadership • Q1 2025

    Question

    Daniel Perlin asked about the impact of the strong U.S. dollar on purchasing power, cross-border travel patterns for U.S. outbound versus inbound travelers, and overall spending behavior.

    Answer

    Ryan McInerney, Chief Executive Officer, acknowledged that a stronger dollar historically encourages U.S. outbound travel and makes inbound travel more expensive. However, he noted that overall travel spending typically remains consistent, with travelers just reallocating destinations. He cautioned that it is still too early in the current strong-dollar period to observe definitive shifts in travel patterns.

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    Daniel Perlin's questions to PayPal Holdings Inc (PYPL) leadership

    Daniel Perlin's questions to PayPal Holdings Inc (PYPL) leadership • Q1 2025

    Question

    Daniel Perlin asked about cross-border dynamics, specifically how a weaker U.S. dollar might affect consumer behavior and for a breakdown of discretionary versus non-discretionary spending within cross-border transactions.

    Answer

    CFO and COO Jamie Miller emphasized PayPal's diversification as a strength. She noted that U.S. TPV is now split 50/50 between goods and services, and cross-border TPV is also highly diversified, with significant intra-European corridors. She stated it is difficult to predict the precise impact of currency shifts, which is why the company's guidance remains prudent.

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    Daniel Perlin's questions to SS&C Technologies Holdings Inc (SSNC) leadership

    Daniel Perlin's questions to SS&C Technologies Holdings Inc (SSNC) leadership • Q1 2025

    Question

    Daniel Perlin of RBC Capital Markets questioned the high-level demand environment, asking about client conversations and the risk of a pause in decision-making. He also sought to understand the potential ramp and cadence of the opportunity in Australia following the Insignia deal and other new mandates.

    Answer

    Bill Stone (Executive) responded that significant technological shifts, particularly in AI, are driving change in wealth and asset management, positioning SS&C to help clients navigate this complexity. Regarding Australia, Stone expressed strong optimism, describing the superannuation market as a "wall of money." He believes SS&C's at-scale technology and talent are being embraced in a market where local service providers may have lagged, creating a great growth opportunity.

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    Daniel Perlin's questions to SS&C Technologies Holdings Inc (SSNC) leadership • Q4 2024

    Question

    Daniel Perlin of RBC Capital Markets asked for insight into the building blocks for the 5% midpoint organic growth guidance for 2025, given recent investments. He also requested more detail on the superannuation market opportunity in Australia following the Insignia lift-out agreement.

    Answer

    CEO Bill Stone explained that growth is driven by the ramp-up of large-scale services clients over several quarters and by significantly increased investment in sales and marketing, which has grown from ~$250 million to ~$600 million annually. Regarding Australia, Stone described the superannuation market as a 'brilliant national program' where SS&C believes it has superior technology and a strong team, creating significant opportunity for growth and increased market share.

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    Daniel Perlin's questions to SS&C Technologies Holdings Inc (SSNC) leadership • Q3 2024

    Question

    Daniel Perlin sought more detail on the 400-basis-point deceleration in the Q4 organic growth forecast, asking which segments were most affected and if license revenue pulled into Q3 was a factor. He also asked about the future potential for cost savings from Blue Prism automation.

    Answer

    President and COO Rahul Kanwar clarified the Q4 forecast is mainly a comp issue, as Q4 2023 revenue was about $50 million higher than other quarters in that year. Chairman and CEO Bill Stone added that strong Q3 license revenue in WIT and GIDS contributed to the tough comparison. Regarding Blue Prism, Bill Stone expressed enthusiasm for further deployment and cost savings, particularly in finance, and noted the integration of AI is enhancing its capabilities. CFO Brian Schell added that the company's sophistication in using digital workers continues to mature.

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    Daniel Perlin's questions to Global Payments Inc (GPN) leadership

    Daniel Perlin's questions to Global Payments Inc (GPN) leadership • Q4 2024

    Question

    Daniel Perlin of RBC Capital Markets requested more specific detail on the 2025 revenue growth cadence between the first and second halves of the year. He also asked about management's level of conviction and visibility into its forecast amidst the significant organizational transformation.

    Answer

    CEO Cameron Bready and CFO Joshua Whipple clarified that while the second half will see a slight acceleration, both halves are expected to be within the 5-6% growth range, not below it. Bready expressed high confidence in the outlook, stating that visibility is arguably better now than at the Investor Day, given the early positive results of the transformation and the team's proven ability to manage the changes.

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    Daniel Perlin's questions to Global Payments Inc (GPN) leadership • Q3 2024

    Question

    Daniel Perlin sought clarification on whether the 5% revenue growth target for 2025 is based on a pro forma 2024 number excluding divestitures. He also questioned the confidence in the Q4 exit rate, given potential disruption from the company's transformation.

    Answer

    CEO Cameron Bready clarified that the 5% growth target for 2025 is an organic figure. Regarding Q4, Bready expressed confidence, noting that October trends were better than September, partly due to the absence of hurricane impacts. He expects merchant performance to be stable to slightly better and the Issuer segment to benefit from recent conversions.

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    Daniel Perlin's questions to Shift4 Payments Inc (FOUR) leadership

    Daniel Perlin's questions to Shift4 Payments Inc (FOUR) leadership • Q3 2024

    Question

    Daniel Perlin of RBC Capital Markets asked about the integration plans for Revel and Vectron, early learnings from POS rollouts in Europe, and how these efforts reconcile with the previously mentioned slowdown in Canadian and European card-present merchant onboarding.

    Answer

    CEO Jared Isaacman explained that the company's conversion playbook is proceeding as planned but acknowledged a timing mismatch between pivoting the acquired companies' models and ramping up new volume. He attributed the slower-than-expected international rollout to specific, temporary hurdles like debit card certifications in Canada and Germany, which are now being resolved. He expressed high confidence in converting the 65,000 Vectron merchants in Europe going forward.

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    Daniel Perlin's questions to Shift4 Payments Inc (FOUR) leadership • Q3 2024

    Question

    Daniel Perlin inquired about the integration plans for Revel and Vectron, seeking insights on early learnings from European POS rollouts versus the U.S., and how this reconciles with the noted slowdown in Canadian and European card-present merchant onboarding.

    Answer

    CEO Jared Isaacman explained that while their conversion playbook is effective, the timing of onboarding thousands of merchants can be uneven. He attributed the slower-than-expected international rollout to minor but critical delays, such as specific debit card certifications in Canada and Germany. Isaacman confirmed these issues are now resolved and the ramp-up is proceeding, expressing confidence in converting the 65,000-merchant Vectron base.

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