Justin Forsythe

Sought clarification on whether the guidance for 'slight acceleration' in revenue is an upside case if a macro slowdown is assumed. Also asked about the capital requirements for the new lending product, its ramp-up velocity, and any discussions with credit rating agencies about capital allocation.

Answer

The executive clarified that while macro is a factor, the largest driver of growth is wallet share gains, which remain on track. For the capital product, it can be funded from the balance sheet for the foreseeable future and will take time to ramp. The company remains in dialogue with rating agencies, but no short-term changes to capital allocation are planned.

Asked about the opportunity to capture volume from competitors like Braintree and questioned whether the company would reevaluate its medium-term EBITDA margin guidance given strong performance.

Answer

The executive responded that their value proposition for winning volume remains unchanged, focusing on their global platform's ability to drive value. He stated they will not change the medium-term margin guide, as they want to retain flexibility to invest in future growth while still demonstrating operating leverage.