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CEO Taylor Lauber noted that while Global Blue's growth had moderated, trends improved during the summer travel season, though currency fluctuations remain a key factor. Regarding agentic commerce, he stated that Shift4 is monitoring the technology and will apply its 'build, buy, or partner' framework, but believes the established nature of the travel industry makes Shift4 a natural beneficiary regardless of technological shifts.

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Taylor Lauber, President and incoming CEO, explained that international markets resemble the U.S. market from 15-20 years ago, with fragmented software, hardware, and payment providers. He stated that Shift4's edge comes from its proven strategy of bundling these services into a single, cohesive solution for merchants, noting that one in four new merchants now comes from outside the U.S.

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President Taylor Lauber confirmed that over $100 billion in annualized volume remains in the gateway conversion funnel. He described the conversion process as programmatic, involving both large enterprise dialogues and smaller merchant conversions over time. He noted the gateway's direct revenue is minimal, but the conversion opportunity is a primary strategic focus, with acquisitions like Givex intended to continuously replenish this funnel.

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President Taylor Lauber confirmed that a substantial opportunity of over $100 billion in annualized volume remains on the gateway. He characterized the conversion pace as 'programmatic,' involving planned enterprise migrations and ongoing conversions of smaller merchants. Lauber emphasized that the strategic focus is on continually refilling the cross-sell funnel through acquisitions like Givex, ensuring the gateway remains a long-term value driver.

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CEO Michael Miebach explained that the strategy centers on product differentiation. In Brazil, for example, Mastercard revamped its debit platform to better compete online. He emphasized that their existing solutions for installments and recurring payments remain highly competitive against A2A offerings. The overall approach is to provide choice, partner where possible, and compete effectively, noting that their Brazil business continues to show healthy growth.

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CEO Michael Miebach described Europe as a significant success story, noting market share leadership in the U.K. and strong momentum on the continent. He highlighted a strategic partnership with UniCredit across 13 markets and a major win with Banco Popolare in Italy as key examples. He also emphasized the ongoing opportunity to displace cash in developed economies like Italy.

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Chief Financial Officer Sachin Mehra attributed the strong European performance to positive macro trends, improving consumer confidence, and a significant secular shift to digital payments. He also highlighted that recent market share wins, such as the UniCredit and Deutsche Bank portfolios, and the ongoing Maestro to Debit Mastercard migration are key contributors to growth.

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CEO Devin McGranahan affirmed their commitment to the Evolve 2025 strategy, stating that while U.S. growth may slow, the core opportunity remains. He noted an increased focus on non-remittance services like the digital wallet. McGranahan explained that the retail value proposition extends beyond cash to include convenience, familiarity, language support, and the certainty of a paper receipt, with a recent survey indicating over two-thirds of retail customers would opt to use a debit card in-store.

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CEO Melissa Smith described travel trends as stable and consistent with expectations, despite some geographic shifts in travel corridors. CFO Jagtar Narula projected that adjusted operating margins would remain in line with Q2 levels, cautioning that Q2's cost savings were partly due to timing and that investment spending is expected to ramp up in the second half.

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CFO Elena Gomez responded that the company has a history of being decisive in dynamic environments and would pull back on non-revenue-generating spending while balancing long-term goals. CEO Aman Narang added that the enterprise sales pipeline has never been stronger and that they see a significant opportunity with many other large brands.

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CEO Greg Adelson confirmed that some projects are being pushed from the current fiscal year into the next. CFO Mimi Carsley stated that while the company is always mindful of cost management, the 25-40 bps target represents a 'floor' for annual improvement and it is too early to provide specific guidance for fiscal 2026. Greg Adelson added that disciplined headcount management is a key factor in their cost control.

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President and CEO Greg Adelson responded that Jack Henry has not observed a significant change in the competitive landscape or new pricing pressures. He noted that the competitor's approach seems more focused on retaining existing clients rather than winning new ones from Jack Henry. Adelson also highlighted that some of Jack Henry's recent 'merger of equals' wins have come from that same competitor, suggesting the competitive dynamic is not one-sided.

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CEO Greg Adelson stated there is no new competitive pressure, noting that while they don't win every deal, their success rate with large institutions remains very high, evidenced by a recent $7 billion win and strong renewal rates. CFO Mimi Carsley acknowledged that while it's early, a stronger economy and consumer spending could present potential upside to margin targets, particularly through higher transaction and card volumes in the spring.

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CEO Gal Krubiner detailed the value proposition for each vertical: helping personal loan partners acquire and engage customers, enabling auto lenders to win dealership business with high approval rates, and allowing POS lenders to win more merchants. CFO Evangelos Perros added that these verticals grew 25% YoY. Regarding capital markets, Krubiner acknowledged short-term spread widening after macro news but explained Pagaya prices this into new loans, neutralizing the effect on profitability.

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CEO Stephanie Ferris stated definitively that there are no dis-synergies from the Worldpay sale. She explained that any such impacts were already accounted for during the initial separation when FIS sold its 55% majority stake.

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CEO Michael Brown and CFO Rick Weller estimated that U.S. tourists constitute roughly 5-10% of total European ATM customers. Weller stated that FX volatility had minimal impact in Q1 but increased in April. He also mentioned that while they are moving away from specific targets, new ATM deployments would be consistent with prior years.

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CEO Michael Brown attributed the confidence to strong momentum across all three business segments, highlighting growth in EFT's merchant services, epay's expansion with major brands, and a 33% increase in Money Transfer's digital transactions. CFO Rick Weller added that the company's geographic and product diversity provides consistency, and he expects similar continuity and operating income growth in 2025. Management declined to provide specific growth forecasts by segment.

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CEO Robert Lisy and Head of Digital and Product Marcelo Theodoro detailed the unit economics. Lisy explained a typical retail wire to Mexico generates over $5 in gross margin after agent and payer fees. Theodoro followed up, stating a digital transaction generates a superior gross margin of $6 to $6.50, as it avoids agent fees. Lisy declined to give specific Q4 guidance but noted he expects the overall market to remain soft, with digital continuing to capture all growth. Regarding a potential Trump administration, Lisy recalled that the company experienced its strongest growth period during the previous Trump administration, attributing it to a strong U.S. economy and a weaker peso, which incentivizes remittances.

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CEO Ryan McInerney stated that Visa supports secure consumer data access and sees the new rule as an opportunity. He believes the Visa brand and capabilities like Visa A2A can build confidence and resolve complexity in the U.S. open banking ecosystem, similar to its strategy in Europe.

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