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Founder & CEO Max Levchin described PSP integrations as a crucial 'enabling technology' that significantly reduces friction for offline merchants. CFO Rob O'Hare explained the shorter 0% duration was a mix of seasonality and a strategy to offer 0% on the shortest term to new merchants, showcasing the platform's flexibility.

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CEO Max Levchin described the repayment function as a non-negotiable "key guardrail." He positioned the app as a "search engine" for the best financial offers on the Affirm network, where consumers can find deals like 0% APRs. He also hinted at future enhancements leveraging generative AI to improve this experience.

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CEO Max Levchin strongly refuted the premise of linking growth to increased credit risk. He emphasized that credit decisions are driven entirely by commitments to capital partners regarding yield and safety, and are kept separate from growth initiatives. He stated that growth comes from product and merchant initiatives, like 0% APR programs, and that loosening credit standards to drive volume is a 'preverbal hell' the company will never entertain.

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CEO Max Levchin highlighted strong merchant demand for 0% promotions, which are a key tool for new consumer acquisition. COO Michael Linford added that the company's strong unit economics allow it to be more aggressive with competitive pricing and promotions compared to previous years.

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CEO Max Levchin explained that they serve different consumer segments with tailored products, from those needing longer payment terms to sophisticated users seeking 0% APR deals. He positioned the Affirm Card as a universal platform to deliver these varied offers. CFO Michael Linford added that the cohort engagement charts in the shareholder letter already show strong progress from existing products.

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CEO Max Levchin described the app's repayment function as a non-negotiable 'guardrail.' He framed the app's primary long-term objective as being a 'search engine' for consumers to find the best financial offer for a potential purchase. He also hinted that generative AI would play a role in enhancing this discovery experience in the future.

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CFO & Treasurer Mimi Carsley cited process improvement, disciplined headcount management, and efficiencies from cloud migrations as key margin drivers. President & CEO Greg Adelson added that internal AI initiatives and the tech modernization platform, which reduces duplicate development efforts, also contribute. Regarding Banno, Adelson noted they are winning more competitive deals and that new solutions like Tap to Local and Rapid Transfers will be key differentiators.

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CEO Greg Adelson stated that while pricing sensitivity is not new, Jack Henry's win rates remain the best in the industry, and he has not seen strategic changes from competitors yet. On Banno, he reported over 270 clients are now live on Banno Business, with feature parity expected in the summer, which he sees as a turning point for selling the solution outside the Jack Henry core client base.

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President and CEO Greg Adelson suggested that a change in administration could make regulators more comfortable with public cloud adoption sooner, noting Jack Henry's long history of educating regulators via its Banno platform. He stated that Banno Business penetration is at 20% of the Banno Retail base and is expected to reach 65-70%. He added that the upcoming SMB solution with Moov and achieving feature parity with competitors this summer will be significant growth drivers.

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CEO Greg Adelson stated that the company evaluates the balance between expediting revenue and managing margins monthly, noting they have added staff where needed, such as for Financial Crimes Defender. He mentioned that some delays are tied to data migration or core conversion schedules, not just staffing. On the Moov partnership, he confirmed significant progress has been made and the solution remains on track for an early adopter launch with Banno clients in May 2025.

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CFO Ofer Koren responded that solid trading patterns and same-store sales support the back-half outlook. He noted that while new merchant adds are less concentrated than last year, the total GMV contribution from new merchants is expected to be similar. Koren projected the service fee take rate to remain stable near H1 levels, while the fulfillment take rate should stay close to Q2 levels as multi-local adoption impact is offset by AOV seasonality.

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CEO Amir Schlachet confirmed that same-store sales are slightly below historical averages, as anticipated, but this is balanced by a strong ramp-up from new large merchants. He stated FX had no material impact. While the M&S cyberattack had a partial effect in Q1, it was not material, and some impact is factored into Q2 guidance. He noted that general macro headwinds were already considered in the full-year guidance.

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Executive Nir Debbi explained that the merchants who did not migrate were primarily traditional retailers who decided not to prioritize the investment in a new integration at this time. He noted that the financial impact going forward is minimal as most GMV has either migrated or churned. However, he mentioned that discussions are ongoing with some of these brands, leaving the door open for them to become Global-e clients in the future.

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President Nir Debbi explained that the merchants who did not migrate were mostly traditional retailers with other pressing priorities that superseded investing in a new platform integration. He emphasized that the financial impact from this is now minimal as most of the Borderfree GMV has either been migrated or has churned, and noted that merchants who did migrate are seeing strong results.

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CFO Ofer Koren confirmed that the service fee take rate was stable after accounting for the loss of the Ted Baker account and is expected to remain so. He explained that the fulfillment take rate benefited from a positive mix and a slight decrease in AOV, and that the lower take rate embedded in Q4 guidance is a good proxy for the future.

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The company controls the balance on MyPay loss rates and may not follow a linear path to the 1% target, as they prioritize member experience and overall business impact. The 1% target is seen as a medium-term goal. On the Chime Workplace initiative, the team has built a strong pipeline with large enterprises, and early partner launches are exceeding expectations in adoption and satisfaction. Specific partner announcements are expected in the coming weeks and months.

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CFO Matt Newcomb stated that Chime controls the 'dials' on MyPay loss rates and that the path to the 1% target may not be linear as they prioritize member experience. He clarified the target is achievable in the medium term. COO Mark Troughton described Chime Workplace as a key new acquisition channel with a strong pipeline, noting that partner announcements are expected in the coming weeks and months.

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Interim CEO & CFO Mike Milotich explained that about half of the Q2 expense outperformance was due to timing (hiring, marketing), while the other half reflected sustainable efficiencies that support the accelerated 2026 GAAP breakeven goal. On embedded finance, he noted the sales cycle is longer than expected but Marqeta is building a full-stack solution to meet the demand from large, non-payment-native companies.

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Mike Milotich, Interim CEO and CFO, explained that non-Block growth is broad-based across financial services, BNPL, and expense management, with TPV from customers outside the top 5 growing at more than twice the company rate. He clarified that the recent economic improvement came from a renegotiation with a platform partner, with savings passed to Cash App, impacting revenue but not gross profit. Customer renewals are managed by offsetting price reductions with new value-added services.

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CEO Dave Girouard highlighted a long-term trend towards more repeat borrowers and cross-selling, reducing reliance on paid channels. CTO Paul Gu added that while automation for new products is less mature than for personal loans, it is on a strong trajectory, citing recent progress in automating new steps in the HELOC process.

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CEO Dave Girouard highlighted a long-term shift toward more repeat borrowers and cross-selling, reducing reliance on paid acquisition channels. CTO Paul Gu noted that while automation for new products is less mature than for personal loans, significant progress is being made, including the first instant property verification for a HELOC, putting them on a strong trajectory.

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CEO David Girouard estimated that the personal loan market is split roughly evenly between prime/super-prime and the near-prime segments, suggesting Upstart has effectively doubled its TAM by expanding its focus. CFO Sanjay Datta noted that there have been no significant changes in the mix of customer acquisition channels recently.

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CFO Sanjay Datta identified three levers for contribution margin: take rates, acquisition costs, and operating/servicing costs, noting the margin has been stable between 58-62%. CEO David Girouard explained that the growing base of repeat users lowers average acquisition costs and that the strategic goal of offering the 'best rate' will enable more broad-based marketing, like OTT television, in the future.

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CEO Stephanie Ferris explained that larger financial institutions are shifting from 'big bang' core conversions to a more modular, component-based approach. She emphasized that FIS's product strategy is aligned with this trend, allowing clients to modernize piece by piece, which presents a significant opportunity for the company.

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CEO Tim Gokey acknowledged that sales cycles have been longer over the past year but expressed confidence due to a strong pipeline and demand for new products in areas like voting choice, wealth, and AI-enabled solutions. Regarding DLR, he noted significant volume growth to over $200 billion in daily averages, driven by sponsored repo needs ahead of treasury clearing changes. While not moving the overall company sales needle, it is a material driver for the product itself, with eight new clients signed in FY25.

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CEO Tim Gokey explained that AI is being integrated across the business to enhance products, launch new solutions like BondGPT, and drive productivity, but a measurable revenue impact is not expected in the near term (fiscal '26). For the wealth segment, he confirmed that Broadridge is on track to achieve its goal of an incremental $20 million to $30 million in wealth sales this year, supported by a record-high sales pipeline.

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CEO Tim Gokey affirmed that customer communications (BRCC) revenue is on track to accelerate to mid-to-high single-digit growth for the full year, driven by the onboarding of recent large sales wins that occurred late in Q1. On T+1, Gokey acknowledged the challenges the U.S. transition is creating for global firms, noting that Broadridge helps clients mitigate this through its managed services and BPO, and would consider developing new technology if a significant timing gap persists before a European rollout.

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CEO Ravi Kumar S explained that Cognizant's "IP on the Edge," including platforms and reusable agents, is a key differentiator that allows for stickier relationships and premium, outcome-based pricing. He noted this creates new addressable spend by enabling Cognizant to run entire processes for clients. CFO Jatin Dalal reiterated the long-term capital allocation policy, stating that for 2025, about $500 million remains available for M&A with a decent pipeline.

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CFO Jatin Dalal confirmed the 250 bps contribution is solely from the approximately eight additional months of Belcan revenue in 2025 and does not include any other potential M&A. CEO Ravi Kumar S noted a pro-business mood and reduced uncertainty are helping discretionary spend, particularly in financial services. He highlighted the Global Capability Centers (GCCs) trend as a key opportunity and expressed overall optimism about the demand environment compared to a year ago.

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EVP & CFO Joaquin Castrillo-Salgado responded that overall consumer spending has remained resilient. He noted that lower gas prices created a drag on sales volume in that specific category, while government-related payments from tax season provided a seasonal boost. However, he stated that no other significant changes in spending patterns or trends directly attributable to tariffs or macro weakness have been identified in the portfolio.

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President & CEO Maria Black and CFO Peter Hadley asserted that partnerships are managed to enhance, not impede, visibility and have no adverse effect on forecasting. Regarding EWA, Ms. Black noted it's a small but pleasing part of the business, with adoption concentrated in specific industries and employee demographics, and pointed to ADP Research Institute reports for broader trends.

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CEO Maria Black noted that PEO retention was strong and benefits attachment remains stable, indicating the value proposition is resonating. She attributed ADP's outperformance to a differentiated model that includes targeting different industries, a predictable fully insured benefits model, and a unique distribution advantage where 50% of PEO business comes from existing ADP payroll clients.

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CEO Maria Black confirmed the outlook assumes a pickup in SMB bankruptcies but noted retention modestly beat expectations again. On AI, she detailed a three-pronged strategy impacting products (ADP Assist), service (agent assist, call summarization), and sales (opportunity prioritization), citing specific efficiency gains like reduced call times. CFO Don McGuire added that while results are positive, the full bottom-line impact is longer-term as the tools are still being deployed.

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CFO Don McGuire confirmed that PEO pays per control is still expected to grow for the year, albeit at a softer rate than Employer Services. He did not quantify Q1 bookings but reiterated it was a record first quarter and that the company is maintaining its 4% to 7% full-year guidance. He stated that execution is the key swing factor, as the macroeconomic demand backdrop appears solid and stable.

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President, CEO & Director Alex Chriss detailed the omnichannel strategy, highlighting the addition of 5 million new PayPal debit card users and 75% TPV growth for the card in Q2. He pointed to the successful launch of an end-to-end wallet in Germany, which includes NFC tap-to-pay and offline BNPL, as a key milestone. The U.K. is the next market for this expansion.

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CEO Alex Chriss reiterated that the goal is to build deeper, strategic relationships monetized across a full suite of value-added services, including processing, an ads platform, and Fastlane. He highlighted the appeal of PayPal's demographics through initiatives like PayPal Everywhere and Pay with Venmo. CFO Jamie Miller added that while some large renegotiations are complete, more will occur over the next few years, with margin accretion expected to emerge over time as new value-added services are adopted.

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CFO Bob Schrader stated that the capital allocation strategy remains unchanged: prioritizing business investment and dividends, with a focus on deleveraging through EBITDA growth and paying down maturing debt. President & CEO John Gibson noted the bankruptcy trend was not persisting and was likely a short-term reaction to Q4's macro uncertainty, with the company assuming a more stable environment ahead.

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CFO Bob Schrader stated the capital allocation strategy remains unchanged, prioritizing dividends and business investment, with a focus on deleveraging through EBITDA growth and paying down maturing debt. President & CEO John Gibson noted the bankruptcy trend was not persisting and was likely a reaction to unique Q4 macro uncertainty.

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Executive Robert Schrader noted that Flex Engage adoption is progressing well, primarily in the upmarket segment, and expressed excitement about combining it with Paycor's talent capabilities. CEO John Gibson explained that the recruiting Copilot is measured by adoption, reuse, and placements. He observed strong uptake from HR professionals but noted that smaller business owners may prefer a service-technology solution, indicating more product development work is needed for that segment.

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CEO John Gibson stated that the competitive pricing environment is stable compared to previous quarters. He noted that while it remains highly competitive, he is not seeing dramatic changes. Regarding bookings, Gibson observed that proposal volumes are up year-over-year across almost all segments, indicating a stable demand environment as the company enters its key selling season.

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CEO Julie Sweet responded that acquisition criteria remain consistent, driven by a disciplined 'build vs. buy' analysis tied to the company's business strategy. CFO Angie Park addressed growth, noting that the full-year guidance of 6-7% implies 3-4% organic growth, and the Q4 guidance of 1-5% implies organic growth of up to 4% at the high end.

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CEO Julie Sweet explained that the acquisition strategy remains tied to business needs like scaling and new capabilities, and that the primary focus is on organic growth, with a disciplined approach to building versus buying. CFO Angie Park specified that the full-year guidance of 6-7% growth implies 3-4% organic growth, and the Q4 guidance of 1-5% implies up to 4% organic growth at the high end.

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CEO Julie T. Sweet clarified they have not seen a slowdown but an 'elevated level of uncertainty' due to global tariff talks and consumer sentiment. She emphasized that GenAI go-to-market is a 'critical' three-way collaboration between Accenture, its ecosystem partners, and clients. She also highlighted that GenAI revenue reached $1.1B in the first half of FY25, surpassing the full FY24 total.

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CFO Angie Park stated the recent $5 billion bond offering was a routine optimization of the capital structure and does not change their capital allocation strategy. CEO Julie T. Sweet added that this year's M&A spending is expected to be around a more typical $3 billion, but they retain the flexibility to use their balance sheet for strategic opportunities. On consulting bookings, Sweet explained that most deals are multi-service solutions addressing the twin themes of cost efficiency and growth, which are in demand across all industries.

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CEO Julie T. Sweet explained that cloud growth continues to be driven by migrations of high-performance compute applications, modernization of existing cloud infrastructure, and adoption by industries still early in their journey, like retirement services. Incoming CFO Angie Park noted the addition of 24,000 people in Q4 reflects business momentum, with Sweet adding that hiring is focused on technology roles, primarily in India.

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CEO Samuel Wilson attributed the slight slowdown in new product growth to a combination of the macroeconomic environment, tougher comparisons as the business scales, and the law of large numbers. He confirmed that the sequential step-down in RPO was mainly a result of accelerating the Fuze platform transition and the associated revenue runoff.

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CEO Raul Fernandez explained that current GenAI projects are typically smaller pilots under $5 million, serving as foundational building blocks for future growth. He emphasized DXC's unique position due to its insight into client data and infrastructure readiness. CFO Rob Del Bene added that stronger bookings in the CES business are for longer-duration strategic projects, which extends the revenue conversion timeline but improves long-term visibility and is factored into the guidance.

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CFO Rob Del Bene highlighted strength in insurance, public sector, communications, media, and healthcare for the GBS segment, and in travel, transportation, healthcare, and energy for the GIS segment. CEO Raul Fernandez clarified that DXC's public sector business is primarily outside the United States, mainly in the U.K. and Australia, and is therefore not impacted by U.S. domestic policy changes.

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CEO John Cotterell confirmed a pickup in AI work, highlighting a shift towards more reliable and enterprise-ready 'agentic AI' solutions, which is driving larger engagements in partnership with firms like OpenAI and Google. He characterized this trend not as displacement but as a 'digital shift,' where traditional product engineering work is evolving to become AI-enabled. He stated the entire organization is well into this transition.

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CEO John Cotterell reported a pickup in AI work, highlighting a shift towards more complex 'agentic AI' solutions that are driving larger-scale enterprise engagements, often in partnership with OpenAI and Google. He characterized this trend not as incremental work but as a fundamental 'digital shift,' where traditional product engineering is evolving to become AI-enabled across the entire organization, a transformation he stated is already well underway.

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CEO John Cotterell described the competitive landscape as mixed, with some large deals facing formal RFPs while others are won through established relationships and proof-of-concept work. CFO Mark Thurston clarified that elongated decision-making makes pipeline conversion more challenging, leading to a cautious approach. Consequently, the company does not anticipate a significant ramp-up in headcount until after Q3, focusing only on targeted hiring for high-demand skills.

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CEO John Cotterell clarified that while there's elongation across most discretionary spend due to higher CFO scrutiny, the longest delays are specifically in AI and core modernization projects. On GalaxE, he mentioned they have landed a few initial cross-sell deals but most opportunities are still in the pipeline. CFO Mark Thurston added that it's too early to determine the effect on operational metrics like revenue per head, with more clarity expected after full integration in early FY25.

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CFO Chris Suh highlighted the diversity of Visa's cross-border business across multiple dimensions, including geography. He noted that while the situation is fluid, this diversification provides resilience. Specifically, he pointed out that inbound travel to the U.S. represents one of the smaller regions by cross-border volume, mitigating the impact of weakness in any single corridor.

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Chris Suh, Chief Financial Officer, acknowledged that cryptocurrency activity can impact cross-border e-commerce volumes. He characterized the recent impact as a 'modest benefit' but noted it was one of the smaller drivers of the segment's strength. The question regarding travel booking visibility was not directly addressed.

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CFO Robert Hau described a 'virtuous cycle' where investment drives growth with high fall-through, enabling margin expansion while funding further investment. He noted that while new international markets are initially dilutive, the scale of the overall business allows Fiserv to invest in them while still expanding margins. President and incoming CEO Michael Lyons added that core operational efficiency opportunities, like the new Kansas City hub, provide additional runway for margin growth.

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Chairman and CEO Frank Bisignano explained that the strategy involves leveraging Fiserv's world-class distribution channels while also adding to the sales force. He highlighted that deep technical integration and revenue-sharing models incentivize partners to sell. The company is also increasing its digital distribution capabilities and adding more 'feet on the street' to support the rollout.

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Chairman, President and CEO Frank Bisignano clarified that these initiatives have been in development for some time. He explained that the integrated SMB bundle creates a more compelling reason for merchants to switch from older devices to Clover, potentially accelerating back-book conversions. This broader capability set enhances the overall opportunity to grow Clover by making Fiserv a partner of choice.

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CEO Sean Desmond clarified that approximately two-thirds of nCino's U.S. business is within the community and regional bank market. CFO Greg Orenstein stated that the new platform pricing is expected to provide a 1% uplift to subscription revenue in FY26 from deals signed during the year, with a larger benefit expected in subsequent years as more of the customer base is migrated.

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CEO Michael Praeger detailed a two-pronged AI strategy: incorporating it into products for customers and using it internally for efficiency. He cited Payment Accelerator's AI-driven onboarding, which cut processing from days to hours, as a key product example. Internally, AI is enhancing invoice data extraction, automating payment delivery, and increasing productivity in customer care and engineering, which he believes will continue to drive margin expansion and profitability.

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CEO Michael Praeger outlined a two-pronged AI strategy: incorporating AI into products to enhance customer value (e.g., Payment Accelerator, invoice data extraction) and using AI internally to drive efficiency (e.g., automating payment delivery, improving engineering productivity). He stated these initiatives provide confidence in achieving future gross margin expansion and overall profitability.

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CEO Michael Praeger reported strong lead generation from these channels, with AppFolio at 2x and M3 at 3x the activity of a year ago. He explained the timing lag for revenue recognition, which includes a 30-60 day setup and a multi-month adoption ramp for invoices and payments. Consequently, customers signed in the second half of 2024 will primarily contribute to 2025 revenue.

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CFO Joel Wilhite noted the company remains focused on disciplined spending while balancing investments for growth, with some incremental OpEx baked into the guidance for product launches. CEO Michael Praeger added that while M&A has been quiet, the company is seeing more opportunities for strategic tuck-in acquisitions as private company valuations become more reasonable, and he expects to return to a routine cadence of M&A in the future.

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CFO Joel Wilhite confirmed that the company is being conservative with its $9 million political revenue forecast. He noted that since it is the first presidential cycle for the business under AvidXchange, and the revenue is back-end weighted, there is a range of potential outcomes they are accounting for.

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CFO Joshua Whipple and CEO Cameron Bready projected modest acceleration in the Issuer segment in the second half of 2025 as contract renewals are lapped and conversions ramp. They expect commercial card trends to remain similar to late 2024. Regarding the ISV channel, President & COO Bob Cortopassi noted that partners value the ability to differentiate the customer experience and integrate value-added services beyond core payments, which helps defend partnerships and pricing.

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CEO Cameron Bready clarified that while bookings can be lumpy, overall business performance should be more consistent, with disruption from the POS replatforming already factored into the 2025 outlook. He confirmed SMB volume growth slowed by one point from 6% in Q2, attributing it to broad economic trends and weather, and distinguished it from the commercial card trends seen in the Issuer business, which is skewed toward larger enterprises.

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President and COO Rob Orgel stated that excluding the impact from Canada, NRR remains robust and within the historical range of just over 120%. He affirmed the durability of its drivers: client adoption, product expansion, and wallet share growth. CEO Michael Massaro added that assets like StudyLink create a synergistic opportunity, helping university clients better connect with the agent community, which he views as a growing market need.

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Executive David Roberts outlined the M&A framework, which prioritizes strengthening the core business and then expanding into adjacencies. He identified government software, public safety, urban mobility, and connected fleet technologies like vehicle payments and telematics as key areas of interest.

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Chief Executive Officer Michael Miebach described commercial as a massive opportunity with solid momentum, citing 11% currency-neutral growth in Q3. He noted that historical barriers are easing, and growth is being driven by back-office integrations with partners like Oracle and SAP, the rise of digitally-savvy treasurers, and strong issuer interest in virtual card solutions.

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CEO Bryce Maddock explained that work for the largest client has evolved to include more sophisticated tasks, particularly supporting GenAI initiatives, and is expanding into new geographies. He emphasized a broader trend of moving up the value chain into more complex, AI-resilient work. On pricing, Maddock stated that TaskUs's industry-leading margins provide flexibility to be competitive, and the current guidance fully contemplates the ongoing pricing pressure by leveraging their offshore footprint and outcome-based contracts.

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