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CRO Paul Christians explained that i3 Verticals handles most deal aspects internally, partnering with integrators in only about one out of every five or six deals, primarily in the transportation sector. He and CEO Greg Daily emphasized the importance of direct, long-term client relationships. Christians also noted that the company's new, unified brand has improved engagement with national consulting firms.

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CFO Geoffrey Smith confirmed the $64 million cash position is a net figure and that the utility acquisition is included in the updated guidance. Executive Clay Whitson described the M&A strategy as focused on smaller, 'rifle shot' tuck-in acquisitions rather than larger deals. Smith explained the $2.5 million revenue removal for the Manitoba contract is a conservative measure due to repeated customer-side delays and project re-sequencing, not a formal cancellation.

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CEO Gregory Daily and CRO Paul Christians described the utility landscape as positive, driven by the need to upgrade legacy systems. They noted strong inbound interest and active engagement through their portal technology. Christians estimated the Tier 1-4 utility market at around 500 entities, with the total market numbering in the thousands. He also confirmed the J.D. Power award was specifically for the i3 portal product.

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Executive Clay Whitson stated that software license sales are the biggest variable, with a disproportionate amount currently slated for Q2, though timing could shift. CFO Geoffrey Smith detailed that the utility project will generate significant professional services and payments revenue in FY25. He noted that while a $2 million license was recognized in Q4, larger license amounts are expected in FY26, and the project will provide consistent revenue for years.

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CEO John Lowe stated that while details on the tariffs are still pending, CPI has ample chip inventory, providing time to manage the situation without immediate risk. He expressed confidence in the company's ability to navigate the challenge. CFO Jeffrey Hochstadt added that any impact would be an industry-wide phenomenon, affecting all competitors similarly.

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President and CEO John Lowe explained that Arroweye serves a niche market of smaller, nimble card programs for clients like fintechs, offering hyper-personalization and rapid turnaround, which is complementary to CPI's offerings with minimal customer overlap. Lowe noted Arroweye's margins are currently low double-digit and will be impacted by 2025 integration costs, but the company believes they can be brought closer to CPI levels over time. CFO Jeff Hochstadt added that CPI's superior purchasing power will create cost of goods synergies that will help improve Arroweye's margins in the long run.

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President and CEO John Lowe described the closed-loop market as a significant long-term opportunity, 4-5 times larger than the open-loop market, driven by fraud protection needs. He noted investments will provide capacity late in 2025. CFO Jeff Hochstadt confirmed the Indiana facility is on schedule for H2 2025 and that 2025 CapEx would be at the higher end of its recent range. He also reiterated that free cash flow would be slightly below 2024 levels due to higher CapEx and a full year of cash interest expense.

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CFO Jeff Hochstadt noted that seasonality is less of a factor now and expects continued strength in both segments. He stated the Indiana facility should be operational by the end of 2025. CEO John Lowe explained that the 6-year customer contract commitments ramp up in 2025 and beyond, so it is too early to detail its performance.

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Chairman, CEO & President Michael Brown stated that revenue from the new bank deal is already beginning and will accelerate, with the majority expected in Q4 2025 and beyond. EVP & CFO Rick Weller added that the deal's primary importance is its strategic value as a reference customer. Regarding the $250 million software revenue target, Mr. Brown suggested that hitting it by 2028 was 'a little steep' but noted that large deals are accelerants and more details may come at a future Investor Day.

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CEO Michael Brown clarified that the recent 33% growth in Dandelion did not include any impact from the Visa Direct integration, which was just launched and is expected to be a significant distribution channel. Regarding the Prosegur JV, Brown confirmed that Euronet anticipates an aggressive rollout across Latin American countries, emphasizing the high potential from cross-currency transactions in the region.

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CFO Rick Weller confirmed the analyst's math on the Q1 EPS impact was 'directionally incorrect.' CEO Michael Brown highlighted Dandelion's success with partner HSBC, where volumes have set a record every month for 16 consecutive months. He also noted that several large customers are in the pipeline and confirmed that HSBC's Zing app did not use the Dandelion network.

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CFO Rick Weller confirmed the upper-single-digit EBIT growth guidance for epay, attributing it to strong Q4 promotional campaigns, but noted the timing of such promotions is inherently lumpy. CEO Michael Brown elaborated on the PLS partnership, explaining it is an exclusive agreement with a high-volume partner that specializes in check cashing and money transfers, making its locations significantly more productive than typical agents.

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Chairman and CEO William Stone described Callistone's network as a multi-country platform enabling straight-through processing for services like post-trade reconciliation. Regarding Health, he explained the seasonal sales cycle, with deals closing around October for a January 1 start, and reiterated his optimism about the segment's large, albeit lumpy, opportunities.

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Bill Stone (Executive) projected the Insignia deal could contribute $35 million to $70 million in revenue for the second half of the year, with the ramp occurring in Q3 and Q4 after approximately 1,400 people are re-badged on July 1. Regarding the joint venture, Rahul Kanwar (Executive) stated that no significant revenue or EBITDA impact is expected, as the change primarily simplifies the entity structure. He added there is no definitive timeline for its finalization yet.

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CEO Bill Stone confirmed the Insignia deal is a 'very large deal' that would rank among SS&C's top 20 clients, with most revenue expected in the second half of 2025 after contracts are finalized. He declined to provide a specific revenue figure. Stone characterized the FPS Trust deal as a 'small tuck-in acquisition' that provides important strategic capabilities for the company's trust-focused offerings.

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Chairman and CEO Bill Stone explained that Battea's revenue is tied to the timing of court case adjudications and payment releases, which can be variable, but noted that Q4 tends to be its largest quarter. President and COO Rahul Kanwar attributed the strength in GIDS primarily to technology-driven wins with new customer segments and lift-outs, rather than macro money market flows. Bill Stone added that large financial firms increasingly prefer lifting out functions to SS&C over building systems internally.

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CEO Thomas Warsop stated that while it's early, he sees recent industry M&A as an opportunity for ACI to partner with customers. CFO Scott Behrens confirmed the back-half revenue split would likely see Q4 as stronger, consistent with historical patterns. Regarding Connetic, Warsop noted that a robust demo is available, version 1.0 was released in April, and he expects the first live customers in early 2025, with initial sales likely occurring in late 2024.

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CFO Scott Behrens clarified that the Biller segment's EBITDA was down because certain onetime, high-margin benefits from 2023 did not recur in 2024. CEO Thomas Warsop added that the major Q1 win was for ACI's flagship issuing and acquiring solutions with a large bank in the Asia Pacific region, marking a significant competitive takeaway. Scott Behrens confirmed the customer would run the solution in their own data center.

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CFO Scott Behrens and CEO Thomas Warsop reiterated that despite 2024's outperformance, a strong sales pipeline for 2025 positions them for continued strength in revenue and EBITDA growth. Regarding the Payments Hub, Mr. Warsop stated that initial pilot implementations are expected around the beginning of Q2 2025, but a general availability date is not yet set to ensure the product is fully robust. He clarified that 2025 financial expectations do not rely on a significant contribution from the hub.

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CEO Timothy Gokey views the trend of offering private assets within regulated fund structures like ETFs as a positive development for investors and an opportunity for Broadridge's fund-focused business. On M&A, he described the market as 'uncertain' but noted that Broadridge's strategy remains consistent: prioritize internal investment and the dividend, seek compelling and often proprietary M&A deals, and return capital to shareholders via buybacks if suitable deals are not found.

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CFO Ashima Ghei confirmed the math on the full-year event-driven revenue outlook but stressed its inherent volatility, expecting a return to long-term averages in fiscal 2026. She explained that postage rate hikes were the main driver of distribution revenue growth and that this impact is fully baked into the company's margin guidance. CEO Tim Gokey added that Broadridge's digital-first strategy has helped sustain print volumes, which contributes to distribution revenue.

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CFO David Gardella, CEO Daniel Leib, and President of Global Capital Markets Craig Clay collectively responded. They confirmed positive trends in new client logos and price per client for ActiveDisclosure. Leib emphasized that their ability to invest is a key differentiator, a point Clay supported by detailing seven consecutive quarters of net client growth, higher-value contracts, and a 36% increase in service revenue. Clay highlighted their unique hybrid software-plus-service model as a competitive advantage. Regarding the credit facility, Gardella stated there were no substantial changes, noting it is variable rate (SOFR plus a spread) with an all-in rate around 7%.

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CEO Daniel Leib confirmed the TSR software solution is on track to generate $11-12 million in incremental recurring revenue on a full-year basis, with half recognized in 2024. He also noted the print component is a net negative due to the regulation reducing report sizes. An executive, Craig Clay, added that while IPOs were up from a low base, tougher year-over-year comps and a suppressed M&A market led to the transactional revenue decline.

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CFO Mimi Carsley affirmed the $16 million full-year deconversion fee guidance and suggested it's fair to assume a relatively even weighting across Q3 and Q4. President and CEO Greg Adelson noted that real-time payment growth is coming from new use cases, like B2B send transactions, rather than cannibalizing card volumes. He highlighted that the PayCenter group saw meaningful growth, which CFO Mimi Carsley confirmed was a key driver for the Processing revenue line.

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CEO Greg Adelson explained that the public cloud strategy is a strong differentiator for prospects, who are not hearing similar roadmaps from competitors. He emphasized that this, combined with Jack Henry's open philosophy and service culture, is key to winning deals. He also announced that the new "Enterprise Account Opening" platform, combining consumer and commercial loan origination, will enter early adopter phase in January 2025.

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CEO Sandeep Sahai stated the strategy remains focused on alternatives, the JUMP platform (OMS/PMS), and risk/compliance via Wilshire. He stressed the importance of an open architecture that allows partnerships, with a goal of providing an end-to-end solution on a single data plane. He confirmed 60% of R&D will continue to fund growth initiatives.

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