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CEO Martín Migoya stated that Globant's strength lies in its balanced approach across digital, enterprise, and creative studios, which is essential for complex AI projects. CFO Juan Urthiague attributed the growth in revenue per head to a mix of higher value-added services, delivery efficiencies, a favorable geographic mix with higher-rate regions, and disciplined pricing to avoid low-margin deals.

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CEO Martín Migoya explained that as AI tools and agents become more integrated, Globant is moving towards a model that decouples revenue from headcount. He envisions charging for services based on performance and AI agent orchestration rather than just effort. CTO Diego Tartara added that Globant's value lies in transforming powerful but raw AI technology into secure, traceable, and integrated enterprise-ready solutions, which is a complex process that creates significant value.

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CFO Rob Del Bene confirmed Insurance will be a separate segment starting in FY26 to reflect how the business is managed internally. He noted the shift to an insurance SaaS model is a long-term strategy that is underway. CEO Raul Fernandez stated he feels 'great' about DXC's position, arguing that the company's deep insight into client infrastructure and data readiness makes it a uniquely valuable partner for the AI transformation, which he believes is the largest opportunity yet.

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CEO Raul Fernandez stated that he sees opportunity for improvement across the entire portfolio through better operational execution, rather than singling out one segment. He noted that while the Insurance business is performing very well, his approach is holistic. CFO Rob Del Bene added that margin improvement opportunities exist across the board in both GBS and GIS.

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CEO Raul Fernandez attributed the insurance business success to better execution, portfolio and pricing analysis, and strategic talent acquisition to enhance the product portfolio and shift towards higher-margin recurring revenue. CFO Rob Del Bene explained that the GIS margin improvement was primarily driven by disciplined resource and non-people cost management, with the lower resale mix being a minor factor.

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Interim CFO Jeffrey Brown noted that while there was a timing element to OpEx, the company remains focused on responsible spending. CEO Pedro Arnt clarified the take rate impact was a mix-shift issue caused by slower relative growth from a large, high-take-rate advertising client in Egypt, not a decrease in their volume.

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Executive Pedro Arnt explained that the guided take rate compression is driven by volume growth from large Tier 0 merchants but is partially offset by expansion into higher-rate frontier markets and new products. Regarding profitability, he stated that while dLocal is still in an investment cycle, the business model has inherent operational leverage, and he believes returning to an adjusted EBITDA to gross profit ratio in the mid-70s is achievable in the long term after the current investment phase concludes.

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Executive Pedro Arnt stated it was too soon to use Q4 as a 2025 run rate due to strong seasonality, but emphasized the company is exiting the year with positive momentum. Regarding remittances, he explained dLocal's advantage comes from its unique ability to combine pay-in and payout flows, enabling fast, liquid, and competitively priced FX, all delivered through a single technology integration and supported by local operations.

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CFO Mark Thurston explained that the primary FX impact was felt in North America, which affected the Banking & Capital Markets and Healthcare sectors most significantly. He attributed the top client's revenue decline to a combination of FX and a delay in some follow-on work. Regarding the £1 million+ client count, he noted it's a rolling 12-month metric and the decline was concentrated in the TMT and 'Other' segments.

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CFO Mark Thurston explained that FX headwinds significantly impacted the banking, capital markets, and healthcare sectors, which have high U.S. dollar exposure. He attributed the top client's revenue decline to a combination of FX impact and delays in some follow-on work. The drop in clients spending over £1 million was primarily in the TMT segment, reflecting the metric's rolling 12-month nature.

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CEO John Cotterell stated that revenue per head is expected to improve modestly due to moderate price increases and utilization gains from internal tools. CFO Mark Thurston elaborated on the U.K. macro environment, noting that weakness materialized in January and February due to inflation and economic uncertainty, causing clients to become more cautious, delay projects, and ramp down existing work.

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CEO John Cotterell confirmed that revenue per head is expected to improve modestly due to better pricing and utilization, causing revenue to grow slightly faster than headcount in the near term. CFO Mark Thurston added that the UK macro softness materialized in January and February, driven by inflation and growth uncertainty, which has led to increased client caution, project delays, and some ramp-downs that are factored into the guidance.

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CEO John Cotterell explained that unlike past shifts which involved building digital capabilities around a client's core systems, the current AI imperative requires deep integration into the core data and workflows. This results in larger, more complex transformation programs with longer client decision-making and sign-off cycles.

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CFO John Crawford explained that the decline in billable mids reflects higher-than-expected attrition and slower SMB sales, which the company is actively addressing. He noted the revenue per merchant metrics reflect the strategy to move upmarket. CEO Bruce Lowthers added that the investment in the enterprise sales team has 'worked wonderfully,' with expanding ACV per rep. While the in-market SMB group is still a work in progress, he stated the overall return on investment is at or potentially above expectations.

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CEO Bruce Lowthers identified the 'account and card' product and the ePIN solution as the two biggest drivers of new product revenue. Regarding white-labeled wallets, he cited Paysafe's regulatory strength and robust AML framework as a key differentiator that provides a strong foundation for launching new affiliate wallets, such as the Pago wallet in Peru.

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Executive Artur Schunck attributed the slower growth in transaction costs to a favorable shift in product usage, primarily related to interchange and scheme fees. Executive Ricardo da Silva addressed repricing, stating that as rising interest rates are an industry-wide headwind, he expects competitors focused on profitability to eventually raise their prices as well. He expressed confidence that this dynamic is factored into the company's full-year guidance.

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Executive Ricardo da Silva addressed repricing durability, stating that as interest rates rise for everyone, competitors focused on profitability will inevitably follow suit. He affirmed the company's full-year guidance as the best indicator of their expectations. Executive Artur Schunck clarified that transaction costs, mainly interchange and scheme fees, grew slower due to a shift in product usage by clients, though he did not specify the exact nature of the mix shift.

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CEO Mikheil Lomtadze explained the $300 million investment in Turkey is for product development, funding, and the bank's required minimum capital, emphasizing a deliberate, quality-focused rollout with no major launches expected this year. Executive David Ferguson clarified that 1P is primarily fast-growing e-grocery and cautioned that the GMV guidance downgrade could be disproportionately affected by high-ticket, low-margin 1P items like cars, which have a negligible bottom-line impact.

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Executive David Ferguson described the Kazakhstan macro environment as largely stable and predictable, with the main change being currency weakness leading to higher interest rates, which is a timing issue for the FinTech segment. CEO Mikheil Lomtadze added that the central bank managed this volatility well. Regarding Hepsiburada, David Ferguson explained that its management reports to its board, which Kaspi now controls, and that strategic updates on margins would be communicated by Hepsiburada itself.

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CEO Mikheil Lomtadze explained that take rate growth is primarily driven by value-added services like advertising and delivery, not by increasing seller fees, and that the company avoids over-monetizing merchants. Regarding gift cards, he positioned them as a medium-term initiative to drive GMV and engagement, highlighting a key feature: Kaspi's gift cards have no expiration date, which is a consumer-friendly differentiator.

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Chairman and CEO Martin Schroeter stated that fiscal 2025 was another step in executing their long-term strategy, highlighting the strength of the business model and the team's execution, which positions them well to achieve their mid-term goals. Regarding focus accounts, Schroeter noted they are about three-quarters of the way through from a revenue perspective, which proves the value of Kyndryl's services. CFO David Wyshner added that they have already achieved $900 million in annualized benefits from these accounts, surpassing 90% of their updated target.

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CEO Martin Schroeter defined Kyndryl Consult's mind share as being centered on 'mission-critical' systems and its unique ability to both 'run and transform' complex IT estates for clients. CFO David Wyshner clarified that the final annual cost increase from the IBM software rebate reduction occurred in January 2025. He views the concurrent shift to a price-times-quantity model as a positive development, creating an opportunity to actively manage and optimize software costs.

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Chairman and CEO Martin Schroeter clarified that these deals are scope expansions, not just renewals, reflecting customer demand for Kyndryl's new capabilities and Kyndryl Bridge. He stated the deals are broad-based, spanning all practices, including both consulting and managed services, and that all geographic segments showed signings growth. CFO David Wyshner added that this growth was achieved while maintaining disciplined, high single-digit pretax margins on new business.

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CFO Jason Peterson confirmed the Q1 gross margin was impacted by 2024 salary increases and a 50 basis point headwind from recent acquisitions. He noted the rise in fixed-price contracts is partly due to the acquired companies and an evolution in pricing models toward monthly fixed fees, which carry different risk profiles than large, long-term projects.

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CEO Arkadiy Dobkin confirmed that EPAM has exposure to both 'run the business' and 'change the business' engagements. He stated that pricing pressure currently exists across both categories due to market inertia and will likely persist until demand for transformational 'change' projects returns to more traditional levels.

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Osvaldo Giménez, EVP of Fintech, addressed the question by referencing the 'Blue money' metric, which encompasses all payments from Mercado Pago's own sources, including credit. He stated that this metric accounts for roughly 20% to 30% of GMV in the main countries and that the trend has been positive.

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Executive Marcos Galperin clarified that the 3.4 percentage point margin compression from bad debt was not due to poor credit quality but rather the rapid growth of the portfolio. He explained that as the portfolio grows, provisions for losses are booked upfront, which impacts margins in the short term. For Argentina, executive Ariel Szarfsztejn attributed the improvement to both a better macro environment and company-specific initiatives like experience improvements and promotional measures that have boosted frequency and conversion.

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President and Chief Executive Officer Morgan Schuessler confirmed the segment's double-digit organic growth and noted the Getnet Chile capability is fully rolled out, with Santander successfully enrolling over 200,000 merchants. He explained that Santander was a first-mover in leaving the incumbent Transbank, and the resulting market disruption could create more opportunities for EVERTEC to process for other banks in the country.

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CEO Mac Schuessler affirmed that the company's expertise has been highly transferable, citing a significant new deal with Grupo Aval in Colombia and the deployment of various platforms across Mexico, Costa Rica, and other countries. CFO Joaquin Castrillo clarified that the Getnet Chile agreement, which previously included periodic high-margin catch-up payments, concluded in December and has transitioned to a standard price-per-transaction model, eliminating future one-time adjustments.

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CEO Mac Schuessler affirmed that its expertise has been highly transferable, citing a significant new deal with Grupo Aval in Colombia and the deployment of its platforms across multiple countries. He also noted the value of newly acquired skills from companies like Nubity. CFO Joaquin Castrillo explained that the Getnet Chile contract, which involved periodic catch-up payments, concluded in December 2024 and will now shift to a standard price-per-transaction model, eliminating future one-time revenue adjustments.

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Taylor Lauber, President and incoming CEO, reiterated that the 3-year plan includes a conservative $80 million synergy estimate from Global Blue and advised focusing on the overall strategy's success rather than individual funnels. Regarding Canada, he described it as a solid and accelerating contributor, driven by the company's relatively recent entry and acquisitions, rather than by specific macro trends.

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CFO Robert Hau explained that the Q1 decline was primarily due to a difficult comparison against a large, periodic revenue item from Q1 of the previous year. After adjusting for that item, the Processing business actually grew by about 4%. He reiterated the long-term expectation for this line to be roughly flat to slightly positive, noting it is the smallest of the three merchant business lines.

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Executive Lia de Matos explained that the software segment's growth was boosted by a non-recurring BRL 8 million revenue item and strong performance from a single portfolio company, Hecla. CEO Pedro Zinner addressed the AI question by stating that while current applications are focused on operational optimization, the long-term goal is to use GenAI to fundamentally disrupt their own business model, particularly in distribution, to create a lasting competitive advantage.

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Executive Mateus Schwening detailed that while Q3 financial expenses were offset by lower funding spreads, the rising yield curve will be a headwind going forward. Executive Lia de Matos clarified there is no direct negative relationship between bundling and client growth. She explained that recent net-add dynamics were driven by the phasing out of a large marketing campaign and a strategic focus on profitability over raw client numbers.

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CFO Joel Wilhite confirmed that the company is on track, or even slightly ahead of, the operational efficiency plans laid out at the Investor Day. He described it as a continuous process of standardizing, automating, and offshoring operations across the entire invoice-to-pay workflow, which has been a key contributor to achieving OpEx targets ahead of schedule.

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CFO Joel Wilhite affirmed belief in the long-term targets of 80% gross margin and 30% EBITDA margin, but cautioned that the 'shape and the timing could play out differently' due to macro uncertainties. CEO Michael Praeger reiterated the three core building blocks of their growth algorithm: returning to positive transaction retention, new logo growth, and yield enhancements from new products.

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CFO Joel Wilhite stated that achieving these targets in the short run requires a macro turnaround but affirmed the long-term opportunity remains. CEO Michael Praeger expressed confidence, citing future growth from innovation like Payment Accelerator and spend management, new sales channels from partnerships like AppFolio and Buildium, and continued conversion of paper checks to electronic payments as key drivers.

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CEO Max Levchin confirmed that Affirm does not break out the percentage of offline GMV. COO Michael Linford addressed market share, stating that while they don't share a quantitative estimate, they believe they are taking share and are the fastest-growing among large competitors. He attributed this traction to strong performance from their key distribution partners during the holiday period.

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Chairman, CEO and Founder René Lacerte described SMBs as resilient and noted that the economic environment appears to be turning more positive. Regarding the product, he detailed broad investments in go-to-market, supplier experiences (which boosted FX revenue growth), and platform integrations, such as embedding Spend & Expense capabilities within the AP product. He emphasized that BILL is investing to widen its competitive lead, not just to catch up.

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Chief Executive Officer Michael Miebach reported that the company went live in May with a unique single-use card for both domestic and cross-border transactions. He characterized the China entry as a medium-to-long-term secular growth opportunity that will require significant time and investment, particularly in building out merchant acceptance.

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CEO Douglas Lebda explained that mortgage refi will improve as rates fall and more consumers benefit, describing the current market as 'coming-off-the-bottoms'. COO Scott Peyree added that home equity is currently very strong. CFO Jason Bengel noted that a drop in mortgage rates to around 6% could open up the refi market to millions of borrowers. Regarding insurance, Scott Peyree clarified that while their largest historical clients are back, a number of other carriers that were previously large spenders have not yet returned to historical levels.

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CEO Ravi Kumar S explained that the Life Sciences sub-segment is a standout because technology is core to the drug discovery cycle. For the Payer sub-segment, he highlighted a significant cost-takeout opportunity driven by AI and technology, citing a 30% cost reduction for users of the TriZetto platform. He believes the entire healthcare value chain is undergoing a technology-powered transformation that Cognizant is uniquely positioned to capture.

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CEO Salil Parekh explained the outlook was built on current observations without assuming new shifts in discretionary spending. This includes positive discretionary trends in Financial Services, continued weakness in Retail, and new slowness in European automotive. He reiterated that H2 seasonality, including furloughs and calendar effects in Q3 and Q4, is a key factor in the full-year outlook.

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