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Dave Koning is Senior Research Analyst and Associate Director of Research at Baird, specializing in Financial Technology, Payments, and Services. He covers leading companies such as Block, Global Payments, Mastercard, and others in the fintech and payments sectors, and is recognized for his consistent track record, ranking in the top 3% of Wall Street analysts on TipRanks with a 57% success rate and an average return of 15.4% per rating. Koning started his career as a commercial credit analyst and lender at Comerica Bank before moving to Holland Capital Management and joined Baird in 2002, where he has built a reputation for accurate earnings forecasts, including recognition as the No. 2 earnings estimator in IT Services by Thomson Reuters. He holds a BA in Mathematics and Business from Calvin College, an MBA in Finance from the University of Chicago, and is CFA chartered.
Dave Koning inquired about the minority interest line, specifically why it was so high at approximately $27 million on an adjusted basis in the quarter, and what the expected quarterly run rate for this line item should be going forward.
Ron Clarke, Chairman and CEO, suggested taking this question offline for a more detailed modeling conversation.
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CPAY's earnings beat/miss a week before the call
Dave Koning questioned Global Payments' strategy for its Genius back-book, asking about the experience with attrition and yield when migrating existing clients, and if positive results would lead to a more aggressive push into this segment.
President and COO Bob Cortopassi explained that the strategy is to inform existing customers about Genius capabilities and facilitate migration at their convenience, often by unlocking incremental features on existing solutions. He noted that migrations typically result in neutral to slightly enhanced yield due to incremental capabilities, with no meaningful price compression. The current focus remains on front-book opportunities, but the company is prepared for back-book client migrations.
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GPN's earnings beat/miss a week before the call
Dave Koning questioned the experience with attrition and yield when migrating existing customers to Genius, and whether the company plans to more aggressively push Genius into its back-book.
Cameron Bready (CEO, Global Payments) and Bob Cortopassi (President and COO, Global Payments) explained that Genius migration often involves unlocking incremental capabilities on an existing platform, not a full-scale conversion. They noted that yield is neutral to slightly enhanced, and the current focus is on front-book opportunities while being prepared for back-book migrations.
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Dave Koning from Robert W. Baird & Co. asked about the strategic balance between Gen AI and managed services, and how this interplay influences Accenture's revenue and margin trajectory over time. He also inquired about the expected duration and impact of the federal business headwind.
CEO Julie Sweet and CFO Angie Park clarified that both consulting and managed services are expected to grow in the low to mid-single-digit range for FY2026. Julie Sweet explained that managed services have become strategic, enabling clients to adopt advanced AI faster and reinvest cost savings into their businesses, rather than solely being a cost play. Angie Park confirmed the federal business headwind is expected to anniversary at the end of Q3 FY2026.
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ACN's earnings beat/miss a week before the call
Dave Koning asked about the strategic balance between Gen AI and managed services, specifically how Gen AI work might displace or complement existing managed services, and the net effect on Accenture's revenue and margins. He also inquired about the expected timeline for the federal business headwind to anniversary.
CFO Angie Park indicated that both consulting and managed services are expected to show balanced low to mid-single-digit growth in FY2026. CEO Julie Sweet explained that managed services are increasingly strategic, helping clients adopt advanced AI faster, with savings reinvested into the business. Angie Park confirmed the federal business headwind is expected to anniversary at the end of Q3 FY2026.
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