Michael Infante • Morgan Stanley

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CEO & Chairman of The Board, Tim Chen, explained that the value proposition for registered users remains strong, citing their 5x higher lifetime value (LTV), which increases with the adoption of more features. On the insurance platform, Chen clarified that insurance referrals typically use third-party marketplaces. NerdWallet switched partners to secure better economics and access different features that better suited the company's strategic needs, despite causing a temporary disruption.

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CEO Tim Chen stated that since the TCPA implementation has been stayed, they have not seen a significant impact. Regarding personal loans, he explained the 51% Y/Y decline was due to a strategic lack of internal focus as resources were shifted to insurance, not a poor market. He noted that with renewed focus, they expect a return to Y/Y growth in Q1, highlighting rapid funnel improvements.

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CEO Tim Chen explained that while non-monetizing 'learn' content traffic is pressured by search engine changes, monetizing 'shop' content is rebounding. He highlighted the long-term strategy of building direct user relationships via registrations and vertical integration to counter this volatility. Chen also confirmed he expects insurance strength to persist, driven by both market share gains from product improvements and a 'super cycle' of consumer re-shopping amid structurally higher premiums.

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CFO Jim Cox confirmed the company expects sequential revenue growth to accelerate in H2 2025, supporting full-year targets, and noted that ARR can have timing variability. CEO Sandeep Sahai explained the Bloomberg partnership is designed to deliver a full front-to-back solution for the largest global asset managers by combining Bloomberg's front office with Clearwater's middle and back office, complementing the Infusion platform which targets different segments.

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CFO Jim Cox confirmed the analyst's modeling approach was directionally consistent with internal views. CEO Sandeep Sahai simplified the model to ~20% growth for Clearwater/Beacon and 13% for Enfusion. Regarding pricing, Sahai confirmed a plan to align Enfusion's commercial model with Clearwater's for more stability. He noted this is a major initiative that will take months to develop, with a revenue impact not expected until 2026.

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CFO James Cox noted that while cross-sell contributed 3% to NRR, they would like to see that figure grow higher. CEO Sandeep Sahai added that new products have surprisingly driven new logos in addition to NRR. Regarding Enfusion's pricing, Sandeep Sahai stated that while the platform is industry-leading, its commercial model 'could use a lot of help' and has room to drive NRR. He confirmed they plan to evolve the model thoughtfully, drawing on Clearwater's own successful pricing model changes from 2022.

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CEO Sandeep Sahai clarified the AUM impact was due to the resulting price increase across various asset classes, not just the rate cut itself. CFO Jim Cox stated the Q4 guidance reflects their history of delivering on commitments and should not be seen as a sign of market weakness, noting they feel comfortable with their position after a strong Q3.

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President & COO Rob Orgel stated that Flywire is in the very early stages of penetrating the UK market with its SFS platform, which can increase revenue per client by 2-3x, and highlighted a broad product offering. CEO Mike Massaro described the stablecoin partnership as an innovation to provide more payment options, particularly in markets with high currency fluctuation, with a rollout expected in the next six months.

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CFO Jonathan Price confirmed that underlying sequential ARR adds and the deal mix were in line with expectations. Regarding aggregator fees, both he and CEO Matt Flake stated it is being monitored but is not considered a material issue for Q2 at this time, as the impact is small and the economics are still developing.

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CEO Matt Flake noted that while overall bank M&A was slow in Q1, Q2 maintained a very high win rate (95%) when its customers were involved in transactions. CFO Jonathan Price described the terms and duration of the three large renewals as typical for their respective product lines, with strong economics that will benefit future periods.

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CFO Jonathan Price explained that the strong renewal bookings growth was primarily driven by a higher-than-usual volume of out-of-scope renewals and strong cross-sell attachment, not by changes in contract duration. He clarified the digital banking model is based on end-users, not seats, and that bank M&A activity is a natural tailwind under this model as it leads to renegotiations on a larger combined user base. There was no indication of a planned shift in the pricing model.

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Chairman and CEO William Stone noted that integrating Callistone's technology is part of their R&D focus and that their combined scale should yield better pricing. President and COO Rahul Kanwar stated they are making progress on TATAYA's revenue recognition and have good visibility into adjudicated cases, feeling more confident about the full-year outlook.

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Bill Stone (Executive) attributed GlobeOp's success to its global reach and ability to provide best-in-class technology for large-scale customers investing in alternative assets, particularly in the Middle East. He noted that the startup hedge fund space is now led by seasoned investors starting with larger capital pools who demand sophisticated technology from day one. SS&C's strength with global macro funds, a key destination for alternative asset flows, positions them well to capture this business.

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President and COO Rahul Kanwar pointed to the company's strengthening and growing recurring revenue base as a positive leading indicator for 2025. Chairman and CEO Bill Stone added that deal sizes are increasing and reiterated confidence in the 4-8% mid-term target. For Blue Prism, he mentioned management changes, increased investment, and the integration of AI and large language models as key initiatives to reaccelerate external growth.

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CEO Sean Desmond confirmed that loan growth is a core driver of demand, not just for origination but also for portfolio monitoring solutions like continuous credit monitoring, which is gaining traction. CFO Greg Orenstein clarified that the $4.5 million in net new ACV from Sandbox Banking was indeed included in the initial FY26 guidance provided last quarter.

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Chief Financial Officer Greg Orenstein explained the Q4 outlook reflects a $2 million increase in mortgage churn due to M&A and continued caution on mortgage volumes, as interest rates have not declined as anticipated. He noted these were the primary factors in the organic guidance adjustment and deferred providing a fiscal 2026 outlook until the next earnings call.

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CEO Pierre Naude acknowledged loan growth as a factor but identified portfolio management automation as the next major driver for large banks. Regarding mortgage growth, CFO Greg Orenstein explained that it's too early to predict if it will align with market forecasts, as they need more data on when customers on the new platform pricing will exceed their contractual minimums and generate upside revenue.

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CFO Ashima Ghei clarified that while total equity position growth was 15%, the more impactful revenue-generating equity position growth was 11%. She added that only 75-80% of regulatory revenue is tied to position growth, with other slower-growing international and regulatory businesses affecting the total. CEO Timothy Gokey explained that the transition from license to SaaS models primarily occurs with acquired companies and takes time. A specific large wealth management license renewal shifted from Q3 to Q4, causing the quarterly volatility. Ghei reiterated that license revenue is less than 5% of GTO revenue for the full year.

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CEO John Gibson confirmed that Paychex has many long-standing partners and is open to embedded or wholesale models, highlighting the growing CPA channel. On retention, he stated that both revenue and logo retention remain strong and near record levels, with client losses improving year-over-year across all segments.

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CEO Dave Girouard confirmed the small dollar loan product operates with positive economics and is a strategic tool for expanding the borrower base and training AI models. He also stated that Upstart's business is not dependent on which political party is in power, as the company has grown through four different administrations and focuses on internal drivers for growth.

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