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CEO Bruce Lowthers explained that attrition is improving as expected, aided by new predictive analytics and the end of a portfolio pruning phase. He highlighted a strong turnaround in SMB new merchant growth, which was up 6% overall, with the direct channel growing 7% in Q2. He expressed confidence in continued momentum, noting July was a 'solid month' with strong new merchant production.

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CEO Bruce Lowthers detailed the strategy to rebalance the SMB business towards more direct sales, which offer higher margins than the ISO channel. He noted a focus on moving slightly upmarket from micro-merchants to more stable SMBs to improve retention. Lowthers expressed strong confidence in the Clover product, highlighting its growth profile and Paysafe's ability to add surround services. He confirmed that recent actions are showing results, with April being the best SMB sales month in over a year.

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CFO Jason Peterson attributed the outperformance to a 'return to quality' from clients, though he couldn't quantify it. Balazs Fejes, President of Global Business & CRO, noted that demand is broad-based across all four major delivery hubs. Peterson confirmed voluntary attrition is low (below 10%), while CEO Arkadiy Dobkin stated the company is in a good state with its global delivery rebalancing.

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CEO Arkadiy Dobkin stated that hiring remains cautious, with India being the fastest-growing location for talent. He noted that the size and number of AI engagements are increasing, with more projects moving into production, but the changing definition of 'AI application' makes direct comparisons difficult.

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CFO Jason Peterson confirmed organic headcount additions in late 2024 and expectations for further additions in Q1 2025, with hiring across India and a returning demand for European locations. He noted that a resolution in Ukraine could boost demand for that highly profitable region. Peterson attributed the rise in fixed-price contracts to growth in the Middle East, an increase in consulting-led engagements, and more managed services deals.

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President, Chairman & CEO, Ronald Clarke, attributed the U.S. Vehicle acceleration to improved retention, which is up 130 basis points year-over-year, and stronger sales from large new accounts like GasBuddy and Amazon. He highlighted the new enterprise client's significant volume, reaching $1 billion in spend in July. CFO Peter Walker and Ron Clarke both noted that same-store sales were essentially flat.

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President, Chairman & CEO Ronald Clarke attributed the U.S. Vehicle acceleration to improved retention, which is up 130 basis points year-over-year, and strong sales from large new accounts like GasBuddy and Amazon. He highlighted the new enterprise client's rapid ramp-up, reaching $1 billion in spend in July alone. Clarke and CFO Peter Walker noted that same-store sales were essentially flat, with growth driven by new sales outpacing losses.

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Interim CEO & CFO Mike Milotich outlined that the TransactPay acquisition will enable Marqeta to offer program management in Europe, target larger clients, and standardize its offerings globally. He confirmed the profitability timeline has accelerated, with the company now expecting to be GAAP breakeven for the full year of 2026, an improvement from the previous goal of exiting 2026 at breakeven.

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Mike Milotich, Interim CEO and CFO, confirmed the raised EBITDA guidance and the expectation to be at the high end of the gross profit growth range. He explained that the guidance assumes stable macro conditions, as no spending shifts have been observed. He highlighted migration expertise and European growth as key drivers and noted that Marqeta is less exposed to discretionary spending (less than 25% of TPV), which could provide resilience in a downturn.

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Interim CEO and CFO Mike Milotich stated that new programs are expected to contribute over $40 million in 2025 revenue, but growth is weighed down by two significant top-10 customer renewals. He identified the top three growth drivers as neobanking, BNPL and small business lending, and expense management, where modern platforms are rapidly gaining market share.

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CEO Simon Khalaf stated that Marqeta had proactively reviewed existing programs, ensuring their stability. He believes new customers remain committed due to their significant investment and Marqeta's consultative approach. CFO Michael Milotich added that since over half of new bookings come from existing customers, there is a shared understanding of the industry-wide nature of the delays. Milotich confirmed the issue is broad-based across all use cases, not specific to any vertical.

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President & COO Robert Cortopassi confirmed the new compensation plan rollout is 100% complete with ~90% talent retention. CEO Cameron Bready clarified that the primary opportunity for Genius is winning net new 'front book' customers, especially internationally, rather than just converting the existing base. CFO Josh Whipple explained that the inorganic cash flow usage was split between two small product acquisitions and deferred consideration from a prior deal.

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President & COO Robert Cortopassi confirmed the new sales compensation plan rollout is 100% complete with ~90% talent retention, driving bundled solution sales and improving recruitment. CEO Cameron Bready added that while productivity is not yet at its full run rate, the focus for Genius is on winning net new 'front book' customers, especially internationally. CFO Josh Whipple clarified that recent inorganic contributions were de minimis, stemming from two small product acquisitions.

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CEO Cameron Bready highlighted increased collaboration across the harmonized Merchant business and greater-than-expected operating income opportunities as early positive signs. He noted that while the first half of 2025 might see modest disruption from the changes, such as the Genius rollout and sales compensation plan updates, the benefits from transformation initiatives are expected to materialize more significantly in the top line during the second half of the year.

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CEO Cameron Bready explained that while some transformation initiatives may cause near-term disruption, many others are expected to positively impact 2025 performance, providing confidence in the outlook. CFO Josh Whipple confirmed a $600M ASR, a target of low 3x leverage by year-end, and a $2 billion buyback plan for next year. He noted proceeds from the AdvancedMD sale are incremental to the $7.5 billion medium-term capital return plan.

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CEO Aman Narang stated that while the core business remains the primary driver of growth, the new segments are contributing more as they scale, leading to the record net adds. He did not provide a specific breakdown of the 10,000 locations but confirmed strong momentum across all three. CFO Elena Gomez added that SaaS ARPU growth is driven by both new customer lands and existing customer upsells.

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CEO Aman Narang stated that consumer trends and new business formations are stable, and sales AE productivity is up year-over-year, providing confidence. CFO Elena Gomez added that while the guidance reflects this momentum, they are prepared for various macro outcomes. On pricing, she emphasized a balanced approach, with the primary focus on growing locations and product attach to drive ARR.

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CEO Stephanie Ferris attributed the banking momentum to the 'Future Forward' strategy's focus on higher-quality recurring software sales and improved client retention. CFO James Kehoe quantified the EverLink acquisition's full-year revenue contribution at approximately $20 million and confirmed that the company's commercial excellence initiatives remain on track.

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CFO James Kehoe attributed the 2024 cash conversion miss to supplier term pressure and working capital management, but expressed high conviction in the 2025 guide of 82-85% and a return to 90%+ in 2026. CEO Stephanie Ferris highlighted strong demand for core platforms like IBS, digital solutions, commercial lending, and the integrated 'office of the CFO' suite.

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CEO Stephanie Ferris reiterated the M&A strategy focuses on small, tuck-in acquisitions in high-growth areas like digital and payments. She confirmed that any unspent portion of the $1 billion M&A budget for the year would be returned to shareholders via share repurchases in 2025. For Banking's recurring revenue, she explained that growth is driven by a baseline of transaction and account growth, which is then accelerated by layering on net new sales from recent wins.

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CEO Taylor Lauber and CFO Nancy Disman described consumer trends as stable, with modest, anticipated compression in restaurant same-store sales and flat hotel trends off strong comps. Taylor Lauber added that the Global Blue cross-sell will begin with an all-in-one terminal for smaller merchants, who adopt new technology faster, while more complex enterprise integrations will follow.

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Taylor Lauber, President and incoming CEO, described consumer trends as stable and consistent with the last 12-18 months, with only modest same-store sales compression. Nancy Disman, CFO, added that guidance conviction comes from the annualization of prior-year wins, not new sales. Taylor Lauber also noted strong cross-sell progress across recent acquisitions like Revel and green shoots from Vectron internationally.

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President Taylor Lauber stated that Shift4's key advantage is bringing a fully integrated, in-house software-plus-payments solution to Europe, a market where this convergence is less mature. CEO Jared Isaacman added that their expertise in complex card-present payments is a significant differentiator, leading to wins in transit and EV charging. For e-commerce, he said the strategy is to differentiate through broader geographic coverage, leveraging the global rails built for its strategic customer.

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President Taylor Lauber stated that Shift4's primary advantage is that the software-plus-payments convergence is less mature in Europe, and Shift4 offers a fully integrated, in-house solution. CEO Jared Isaacman added that their deep expertise in complex card-present environments (hotels, stadiums, transit) differentiates them from e-commerce-focused competitors. For global e-commerce, he said the strategy is to differentiate through superior geographic coverage.

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CEO Dushyant Sharma attributed the success to the platform's advanced capabilities, which provide large enterprises with control and flexibility without needing lengthy custom development. He highlighted wins in government and insurance, noting the platform's strength is now proven across multiple complex verticals. On operating leverage, Sharma confirmed its sustainability, pointing to high incremental margins and a commitment to reinvesting for growth while still expecting margins to improve.

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Dushyant Sharma (Executive) reported that all non-utility verticals are growing fast, with the key differentiator being a proven, scalable, multi-industry platform that offers a superior customer experience. Sanjay Kalra (Executive) reiterated the long-term targets of 20% annual revenue growth and 20-30% annual adjusted EBITDA growth, noting that the EBITDA margin is an output of this model and that the company may strategically increase investments in certain quarters, which could temporarily affect margins.

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CEO Dushyant Sharma confirmed they are seeing an inflection by redefining the high-end of the market, as clients' payment complexities now exceed their internal capabilities. He highlighted the platform's universal scalability into new verticals like education. Sharma also stated that the Instant Payment Network (IPN) remains a key competitive moat, growing more valuable as more large, diverse billers join the ecosystem.

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Mikheil Lomtadze, Co-Founder, Director, Chairman & CEO, characterized the smartphone issue as a temporary disruption due to new regulations, noting that Kaspi.kz is providing tools to help merchants and consumers overcome it. He emphasized the healthy underlying growth of 31% in e-commerce excluding smartphones. For Fintech, he explained that the current high-interest-rate environment is an opportunity to acquire valuable deposit customers, which will significantly boost profitability when rates eventually decline, as the segment's top-line growth and risk metrics remain strong.

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CEO Mikheil Lomtadze explained that the smartphone issue is a temporary disruption, and Kaspi is developing services to ease consumer and merchant concerns. He highlighted strong underlying e-commerce growth of 31% excluding smartphones. Regarding Fintech, he stated that the high-rate environment is an opportunity to attract valuable customers with savings. While near-term profitability is impacted by higher interest expenses, the focus remains on top-line growth and healthy risk metrics, which will drive significant bottom-line improvement when rates decline.

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Executive David Ferguson explained the smartphone rule temporarily suppressed demand, estimating it reduced e-commerce GMV growth by 7 percentage points to a normalized rate of around 30%. He clarified the 10% tax on securities revenue is expected to be permanent, not a one-off factor. CEO Mikheil Lomtadze added that Payments growth is driven by the shift to cashless transactions, with B2B growing rapidly due to low penetration and new service launches.

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Executive David Ferguson advised taking the 20% net income growth guidance at face value, attributing it to the company's increasing scale and ongoing trends like take rate dilution. He also noted that the outlook for interest rates has shifted to 'higher for longer,' impacting FinTech. CEO Mikheil Lomtadze added that Hepsiburada provides a strong foundation in the large Turkish market and that Kaspi is also considering launching its own services there, emphasizing a focus on execution over promises.

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CEO Michael Miebach explained that Mastercard's differentiation comes from a carefully curated portfolio focused on security and customer engagement. He cited Decision Intelligence Pro, which uses generative AI for fraud prediction, and the Dynamic Yield personalization engine as key examples. He stated that their pricing power stems from delivering clear, measurable value and outcomes for clients, a dynamic they expect to continue.

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CEO Michael Miebach explained that Mastercard's pricing philosophy is based on the value delivered to clients. For payments, this relates to efficiency and performance, while for services, it's tied to measurable ROI like fraud reduction. He stated that while the company continuously evaluates pricing, no specific large-scale pricing events are factored into the current outlook.

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CFO Sachin Mehra stated that while a specific forecast for Value-Added Services isn't provided, its fundamentals are very healthy and globally broad-based. He explained the moderation from the Q4 exit rate is due to the lapping of 2024 pricing actions, the anniversarying of major client wins like Citizens and Wells Fargo, and assumptions around foreign exchange volatility.

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Chief Financial Officer Sachin Mehra explained that the positive spread between revenue and volume growth is due to factors like geographic and product mix, pricing, and some FX volatility. Regarding tax, he clarified that the Pillar 2 rules are expected to offset a Singapore incentive grant, which had lowered the year-to-date tax rate by approximately 4 percentage points.

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CFO Chris Suh explained that the strong pricing benefit was expected, as the company had previously guided to it being more back-half weighted in fiscal 2025. He also confirmed that 2025 is a larger renewal year, impacting about 20% of payment volume, and noted that the complexity of these deals can lead to timing variations.

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CFO Chris Suh explained that the pricing benefit was expected to be back-half weighted in fiscal 2025, leading to a concentrated impact in Q3 and Q4. He confirmed that 2025 remains a larger renewal year (around 20% of payment volume) compared to a typical year (around 15%). He noted that while deal timing can vary, the company feels good about its success in renewing and expanding partnerships.

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CFO Chris Suh explained that the current pricing benefit is consistent with initial guidance for it to be back-half weighted in fiscal 2025. He also confirmed that 2025 is a larger renewal year, impacting about 20% of payment volume, and noted that while deal timing can vary, the company is having great success in renewing and expanding partnerships.

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CFO Chris Suh explained that offsets to higher FX volatility included a drag from client mix due to performance at clients with different yield dynamics, and a year-over-year drag from hedging gains being lower than the prior year. Regarding de minimis, he stated it is not a material portion of Visa's volumes and no material impact is expected.

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Chris Suh, Chief Financial Officer, confirmed that the full-year guidance had anticipated growth accelerating through the year. He stated that client incentives grew 13% as expected due to a significant renewal cycle, which will also impact Q2. He also noted that benefits from lapping Reg II and certain portfolios are more weighted to the second half of the year.

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CEO Ryan McInerney emphasized that Visa is winning significant business with large, sophisticated clients globally. He noted that while the timing of renewals is unpredictable, a recent string of major wins is the primary driver of the current incentive dynamics, reflecting market success.

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President, CEO & Director Alex Chriss confirmed the rollout has begun in the U.K. and Germany, with over 60% of U.S. transactions now on the new experience. COO & CFO Jamie Miller added that they are taking share in Europe and that the broader push includes BNPL and NFC. She affirmed that they fully expect to see an accelerated rate of growth over the coming quarters and years.

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CFO and COO Jamie Miller explained that the guidance is prudent, building in flexibility for a 2-3 point deceleration in e-commerce trends in the second half, which is not the current run rate. She noted that while branded growth trends are on track for the mid-single-digit guide, the pullback in unprofitable unbranded (PSP) volume is intentional and accretive to transaction margin dollars.

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CFO Jamie Miller confirmed that the impact from the modern checkout rollout is embedded in the 2025 guide and is expected to build over time, though the company has planned prudently. She noted two headwinds to 2025 transaction margin: normalization of transaction losses and a headwind from interest rates, but affirmed the underlying drivers from checkout, Braintree, and Venmo are durable.

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CFO Jamie Miller explained that Q4 transaction margin growth will see a smaller tailwind from interest income and some transaction loss normalization. She noted that excluding interest income, 2025 transaction margin dollars are expected to grow at least as fast as in 2024. CEO Alex Chriss added that merchant conversations about pricing are strategic and healthy, focusing on the added value from new innovations like Fastlane, which justifies the new pricing structures.

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Mike Lyons, President, CEO & Director, attributed the refined guidance to the timing of a granular list of new product rollouts. Robert Hau, CFO, elaborated on Clover's 30% revenue growth, driven by strong Value-Added Services (VAS) penetration at 24%, working capital products, and healthy hardware sales. Hau also explained that merchant margins were impacted by investments in sales, marketing, and the recent CCV acquisition, which is expected to see margin expansion over time.

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President, CEO & Director Mike Lyons explained the refined organic growth guidance (~10%) reflects delays in a granular list of product rollouts, shifting some growth from the original plan. CFO Robert Hau added that Clover's 30% revenue growth is driven by its full operating system approach, including strong VAS and working capital solutions. He attributed the 200 basis point decline in merchant margin to a tough comparison, investments in sales and marketing, the dilutive impact of the recent CCV acquisition, and new product investments.

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CFO Robert Hau reaffirmed the full-year targets for Clover, including $3.5 billion in revenue and 25% VAS penetration. He explained that Q1 volume growth was impacted by timing factors like the leap year and Easter, and expects acceleration driven by international expansion, new products like Clover Hospitality, and the CCV acquisition. President and incoming CEO Michael Lyons added that new financial institution partnerships and the ADP relationship will also be key growth drivers.

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Chairman and CEO Frank Bisignano responded, expressing high confidence in Clover's continued growth. He cited new international market launches in Brazil, Mexico, and Australia; the strategic partnership with ADP; the expanding base of nearly 1,000 financial institution referral partners; and the rollout of new software and hardware products as key drivers.

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Chairman, President and CEO Frank Bisignano emphasized the strategic combination of assets, citing the SMB bundle, Clover's integration with FIs, and major partnerships with Walmart and DoorDash as key examples. He noted that the integration of Finxact, XD, and Clover provides a unique capability for financial institutions, driving his conviction in future growth.

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CEO Julie Sweet noted that clients have moved from a 'pause to focus and leapfrog,' prioritizing large, transformative deals centered on technology, data, and AI. CFO Angie Park addressed hiring by stating that headcount is not directly correlated to revenue and that the company's revenue guidance is the best indicator of demand.

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CEO Julie Sweet noted that clients have moved from a "pause" to a "focus and leapfrog" mentality, prioritizing large, impactful transformations that play to Accenture's strengths. She said themes are tech, data, and AI, with a focus on cost efficiency and reinvestment. CFO Angie Park addressed hiring, stating headcount was ~790,000 and reiterated that there isn't a direct correlation between headcount and revenue, pointing to guidance as the best demand indicator.

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CEO Julie T. Sweet pointed to the 32 clients with bookings over $100 million as proof of continued strength in large deals. She asserted that CEOs are not waiting for uncertainty to resolve but are focused on accelerating reinvention. She added that GenAI adoption is increasing as clients see proven value and recognize they cannot afford to wait.

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CEO Julie T. Sweet confirmed that Accenture typically gets the most visibility on client budgets in the January-February timeframe. On AI, she noted that while clients want to do more, it's currently a matter of prioritizing AI within existing budgets rather than increasing overall spending, pending more confidence. Regarding talent, Sweet stated there is no major trend shift back to onshore; the focus remains on a global network providing the 'right skills, right time zone, right price,' with India being a key source for skills at scale, not just labor arbitrage.

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CEO René Lacerte stated that the Q4 take rate is now expected to be similar to Q3, a shift from prior expectations, due to changing SMB spend behavior. Regarding fiscal 2026, he acknowledged near-term uncertainty but affirmed that BILL has many levers across its payment portfolio to return to consistent monetization expansion, with a more detailed outlook to be provided in August.

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CEO René Lacerte noted that while the macro environment is flattish, BILL is focused on increasing its share of wallet through initiatives like Pay By Card. CFO John Rettig added that TPV per customer was in line with expectations and that the company's focus on larger, mid-market businesses should expand spend per customer over time.

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CEO René Lacerte described the cross-sell strategy as an iterative learning process, while CFO John Rettig noted a large untapped cross-sell opportunity remains in the accounting channel. On the ecosystem, Lacerte called it an expansion, not a shift. Rettig guided to a flattish take rate with an expected uptick in H2 FY25 and confirmed that about 40% of the RPO balance is tied to the amended FI contract, now recognized over four years.

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CEO Matt Oppenheimer positioned Remitly's strategy as uniquely focused on financial services that 'transcend borders' for immigrants. He described Circle as a 'powerful sandbox' for testing new ideas like stored value and faster payments, with insights informing the core product's evolution. This approach aims to deepen relationships with existing customers rather than competing directly with broad-based neobanks.

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CEO Matt Oppenheimer reiterated the vision for broader financial services, crediting their platformized technology for enabling the efficient rollout of new features. CFO Vikas Mehta addressed the margin question by explaining that the company is lapping a significant partnership benefit from 2024. He also noted the strategic choice to pass some efficiency gains back to customers through better pricing to build long-term trust and loyalty.

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CFO Vikas Mehta confirmed that the strong performance provides optionality to invest in marketing in the crucial Q4 period to acquire new customers for 2025. CEO Matt Oppenheimer introduced Revenue Less Transaction Expense (RLTE) as a key metric, explaining that scale and digitization provide a unique ability to lower transaction costs, and the company will balance passing savings to customers versus letting it flow to the P&L to optimize total RLTE dollars.

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CEO Greg Adelson explained that since Jack Henry is winning larger FIs who tend to be acquirers, the M&A trend is often a net positive due to revenue retention and product cross-sells. For demand, he highlighted the robust pipeline for core and innovative products like Financial Crimes Defender. CFO Mimi Carsley added that the company's benchmark survey shows top client priorities are digital, fraud, and payments.

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CEO Ravi Kumar S attributed the strong organic growth to broad-based performance in Health Care and Financial Services, fueled by the ramp-up of large deals won over the past two years. He also highlighted strong performance across all geographies and an increase in the annual contract value (ACV) of deals. CFO Jatin Dalal commented on the labor market, stating that attrition is stable and slightly down, with no undue wage pressure impacting operations or project delivery.

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CEO Melissa Smith highlighted the segment's 7% HSA account growth, outpacing the market's 5%, driven by success in the direct business which has the company's highest LTV to CAC. She stated the goal is to outgrow the market over time. Regarding the portfolio, she reiterated that the Board regularly reviews its composition with independent advisers to determine the best structure for shareholder returns, while noting the current configuration is considered attractive.

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CFO Matt Cagwin explained the relaunched U.S. loyalty program aims to boost customer retention and had a modest 10-50 bps negative impact on Q1 revenue, which will continue into Q2. He noted the APN business is growing over 35%, creating stickier customer relationships despite a lower yield that widens the transaction-revenue growth spread. CEO Devin McGranahan added that the long-term goal for the digital spread is 300-400 basis points and that the competitive environment remains stable, with a continuing trend of consolidation among larger, well-capitalized players.

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CEO Devin McGranahan highlighted the significant progress from a 1% revenue decline two years ago to current high-single-digit growth. He attributed the transaction-revenue growth gap to the mix shift towards lower-RPT account payouts and the attrition of legacy customers on higher-priced plans. McGranahan stated that the company expects this gap to stabilize in the 300-400 basis point range over the next 18 to 24 months as the customer book continues to evolve.

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CEO Devin McGranahan explained that M&A accelerates their strategy by providing licenses, technology, and local talent, emphasizing that deals are strategically motivated and financially disciplined. On retail stability, he pointed to a three-part strategy: operational excellence, high-quality agent support, and expanding the controlled distribution network of owned stores, which is already yielding mid-single-digit transaction growth in competitive markets like Europe.

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CFO Joel Wilhite stated that the company does not provide specific guidance on new logo numbers but aims for a 10%+ growth rate in a healthy environment. CEO Michael Praeger explained that Payment Accelerator 2.0 is now in its scaling phase, has surpassed the user count of version 1.0, and is expected to see its revenue double in 2025, positioning it as a significant future growth driver.

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CEO Michael Praeger described the quarter as positive but stopped short of calling it a significant change in overall demand. He attributed the strong top-of-funnel performance more to the company's successful strategic shift toward partner-led demand generation, which produces higher-quality leads, rather than a broad improvement in the macro economy.

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CFO Joel Wilhite explained the correlation between payment transaction growth and TPV growth remains direct, with transaction retention currently around 100%. CEO Michael Praeger detailed a strategic shift in marketing investment from broad electronic demand generation to higher-ROI partner channels, which has resulted in shorter sales cycles, strong close rates, and higher new logo growth year-to-date compared to 2023.

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CEO Michael Praeger detailed a strategic shift to fewer, higher-yielding industry conferences, which caused a temporary dip in Q1 lead flow but is already showing a strong rebound in Q2. He noted that while some verticals lagged, real estate, education, and non-profit were particularly strong, and the new strategy is expected to pay dividends over the full year.

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CFO Cosmin Pitigoi provided a breakdown, stating Canada/Australia would be down 30%, with Healthcare and U.S. Education growing below the company average, while EMEA Education, Travel, and B2B would grow well above average. CEO Mike Massaro noted that while universities are advocating for policy changes after seeing the negative impact in Canada, the outcome remains uncertain as it depends on government decisions.

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President and COO Rob Orgel detailed that new client wins were strong across verticals, with Travel slightly outpacing Education. He confirmed ongoing challenges in Canada due to restrictive immigration policies, leading to a projection of flat revenue for 2025, and noted an expected moderation of growth in Australia. CEO Michael Massaro added that the U.S. market could see an opportunity to grow as other countries become more restrictive.

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CFO Bea Ordonez stated that pricing initiatives are on track to deliver a $45 million uplift in 2024 and are a long-term lever for improving monetization. CEO John Caplan clarified that the focus for ICPs is on driving volume and revenue from the highest-value customers, which saw 26% volume growth, rather than on absolute customer count growth.

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