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CEO Idogal explained that Adaptive Checkout, which optimizes the conversion funnel, is seeing strong, double-digit percentage adoption among sophisticated enterprise merchants and is a key contributor to high win rates. Regarding Agentic Commerce, he noted that fraudsters are early adopters, loading stolen credit cards into AI shopping agents, which drives the initial spike in risk. He clarified that while the trend is nascent, it is a strategic field for Riskified.

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CEO Eido Gal contrasted Riskified's deep, granular data intake (3x more than gateways) across the full transaction lifecycle with the limited data available to gateway solutions like Stripe's, stating this is why they rarely compete directly. CFO Aglika Dotcheva addressed growth, explaining their category mix differs from broad e-commerce, with strong performance in Travel offsetting weakness in Fashion & Luxury, suggesting performance is driven by diversification and execution.

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Eido Gal, CEO, clarified that recent card network acquisitions are not directly competitive as they serve different parts of the value chain, such as issuer-side modeling. Regarding Europe, he explained that the region is primarily a non-guaranteed market for Riskified due to PSD2's impact, and he was not aware of a specific mechanical difference in how Apple Pay and PayPal are treated in the UK that would alter this view.

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Interim CEO & CFO Mike Milotich clarified that the primary innovation is in pre-purchase decisions, moving from single-use virtual cards to all-in-one cards with flexible credentials, like the Klarna OneCard. He explained that interchange depends on the consumer's payment choice, but these flexible credentials can qualify for credit-based interchange rates.

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Mike Milotich, Interim CEO and CFO, confirmed that Marqeta is well-positioned to enable agentic commerce, highlighting its track record with dynamic, real-time capabilities. He outlined Marqeta's broader AI strategy, which focuses on product innovation (like agentic commerce and dynamic rewards), internal productivity, and operational efficiencies for cardholder support.

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Interim CEO and CFO Mike Milotich affirmed that Marqeta is well-positioned for large embedded finance deals. He stated that these clients seek API-driven, full-solution providers offering credit, debit, and program management. He emphasized Marqeta's key differentiators are its modern platform that operates at scale, its comprehensive product suite (credit/debit, consumer/commercial), and its global presence, which are unique and advantageous.

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CFO Michael Milotich confirmed the two main factors are new program launch delays and sophisticated customers in-sourcing capabilities, with the latter accounting for a 2-3 point impact on gross profit growth. He specified this includes customers taking over bank relationships, internalizing risk services, or creating direct platform connections. Regarding Visa Flexible Credential, Milotich stated Marqeta was the first to be certified and expects a customer to go live imminently, which is driving demand in the US, UK, and EU.

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CEO Mike Massaro explained the changes are a refinement of their pay-for-performance culture. Key adjustments include tying senior leadership more heavily to equity, tailoring cash/equity mixes to attract global talent, and creating stronger variable compensation incentives for sales teams to significantly exceed quotas. The goal is to ensure employees are incentivized to reach higher and that executive interests are aligned with shareholders.

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CFO Cosmin Pitigoi confirmed the U.K. is now Flywire's largest education market and has experienced very strong growth, driven by new products. President and COO Rob Orgel added that the comprehensive product suite, including the recently introduced SFS, StudyLink, and payables, is creating a unique value proposition that is driving new client wins and building a strong future pipeline.

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President and COO Rob Orgel confirmed that students are being redirected to other markets like the U.K., the U.S., and parts of Europe, a trend they observe in their data and through agent partners. CEO Mike Massaro added that underlying student demand remains strong. However, CFO Cosmin Pitigoi clarified that the current guidance does not assume any revenue recapture from these shifting student flows.

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CEO Aman Narang explained that Toast is surgically adding sales reps in underpenetrated markets while noting that rep productivity continues to increase even in highly penetrated areas. He stated that while partner referrals are a key part of the funnel, Toast intends to maintain its direct, in-house model for sales and support to control the end-to-end customer experience, which is a key differentiator.

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CFO Elena Gomez explained that enterprise deals are evaluated individually and feature very attractive paybacks due to their large ARR values and lower churn, resulting in healthy LTV to CAC. She confirmed that the majority of enterprise customers attach payments, and deals remain economically attractive even without them.

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CEO Aman Narang confirmed that a mid-single-digit growth rate for SaaS ARPU is the right way to think about the near term, including for the fiscal year 2025 guide. He emphasized that while the primary goal is maximizing total ARR through locations and attach rates, the company sees long-term opportunities to drive ARPU higher through data, AI, and creating more customer value.

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CFO Elena Gomez affirmed the strong demand and excellent execution of the Toast Capital program, which reached $43 million in non-payment fintech gross profit. She noted that default rates are in line with expectations. While acknowledging different customer profiles compared to peers, Gomez stated there is no reason the program cannot grow through more attach over the long term, emphasizing that the company will pursue this growth in a balanced, risk-adjusted manner.

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CEO Taylor Lauber explained that Australia is a relatively easy market to enter and that SmartPay provides a strong distribution network, a playbook similar to the Vectron acquisition in Europe. CFO Nancy Disman added that Global Blue's acquiring volume is minimal (sub-$2 billion) and included in the guide, which remains unchanged due to the variable timing of large enterprise go-lives.

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Taylor Lauber, President and incoming CEO, confirmed that the logic for calculating in-year volume from the backlog was sound, with most implementations occurring over the next 12 months. He also clarified that while ticketing is a contributor, it does not represent a disproportionate portion of the overall backlog, which includes several multi-billion dollar enterprise wins.

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President Taylor Lauber confirmed that Q4 seasonality has become more predictable due to the growing sports and entertainment vertical, making it a reasonable annualized baseline, though he noted Q1 is typically softer. CEO Jared Isaacman reinforced this by highlighting the $33 billion contracted volume backlog and stating that annualizing Q4 EBITDA already positions them well against 2025 consensus estimates, deferring a full breakdown of growth levers to a future Investor Day.

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President Taylor Lauber confirmed that Q4 seasonality has lessened due to the sports and entertainment vertical, making it a reasonable annualized baseline, though he cautioned that Q1 is historically softer. CEO Jared Isaacman added that annualizing Q4 EBITDA already positions them well against 2025 consensus and highlighted the $33 billion contracted volume backlog as a significant, committed growth driver, deferring a more detailed breakdown to the upcoming Investor Day.

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President JD St. Martin explained that outbound reps are diligently measured on demos booked, demos attended, and monthly bookings. He affirmed that the company continues to see strong unit economics, with payback periods in the high single-digit to low double-digit months for fully ramped reps, which he described as 'best in class' for a SaaS business.

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CFO Asha Bakshani attributed the deceleration directly to the macroeconomic softness that impacted merchant same-store sales in Q4. Because capital advances are repaid as a percentage of sales, lower merchant GTV resulted in a slower pace of collections and therefore lower recognized revenue. She added that with same-store sales stabilizing in April and May, Capital revenue should recover in the next quarter.

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President JD Saint-Martin differentiated Lightspeed's strategy by emphasizing its deep focus on specific 'fortress verticals' like bike, golf, and apparel. He contrasted this with competitors' 'broad and shallow' approach, stating that Lightspeed's strength in complex inventory management, enhanced by its supplier network, provides a significant competitive advantage in its target niches.

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President JD Saint-Martin described the price adjustments as affecting a 'significant number of customers' with a 'meaningful' increase but declined to provide specific figures due to their sensitive nature. He added that payment links are seeing 'incredible adoption' for capturing off-platform GTV, like invoicing, though it's still in its early days.

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CEO Ryan McInerney highlighted Visa Direct's scale, with over 10 billion annual transactions, and confirmed the strategy of enabling banks to offer remittance services. Regarding pricing, he explained that it varies by use case and geography and that the cents-per-transaction yield is a general metric, with overall yields being similar to the global debit business.

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CEO Ryan McInerney highlighted Visa Direct's significant scale, now exceeding 10 billion annual transactions. He confirmed that banks are increasingly embedding the platform for remittances to enhance customer relationships. Regarding pricing, he explained that while the cents-per-transaction yield is a useful metric, the actual pricing is complex and tailored to the specific value, vertical, and geography, and is not solely a fixed fee.

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CEO Ryan McInerney highlighted Visa Direct's scale, having surpassed 10 billion annual transactions, and confirmed the significant opportunity with banks embedding the platform for remittances. Regarding pricing, he explained that the model varies by vertical, use case, and geography, and while the cents-per-transaction yield is a good general metric, it doesn't capture all pricing components. He reiterated the yield is similar to the global debit business.

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CFO Chris Suh confirmed the primary driver of the delta was foreign exchange impact. Regarding pricing, he reiterated the company's original guidance that the full-year pricing contribution would be similar to the prior year but more weighted towards the second half. This expectation remains unchanged.

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Chris Suh, Chief Financial Officer, noted that travel and e-commerce growth rates converged in the quarter. He stated that while the cross-border portion of Visa Direct is growing much faster than the overall 34% transaction growth, it remains a small part of total transactions. Ryan McInerney, CEO, added that despite its success, cross-border Visa Direct is still a very small portion of overall cross-border volume.

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CEO Ryan McInerney acknowledged the strong progress of both DPS and CyberSource but stated that Visa does not disclose transaction volumes or other specific metrics at that granular level of reporting.

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President, CEO & Director Alex Chriss explained that conversations are now more holistic, focusing on merchant needs like customer acquisition. He highlighted a shift away from rigid placement negotiations towards using PayPal's new Payment Ready API, which personalizes the checkout experience for each consumer by identifying them upfront and presenting the most relevant payment option, thereby increasing conversion for the merchant.

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CEO Alex Chriss described Germany as a market where PayPal is a leader, with a significant opportunity to launch its bank-connected off-line wallet. In the more competitive U.K. market, he said the company is improving its app and has successfully rolled out biometrics to reduce friction. He also highlighted a strong merchant demand for PayPal's BNPL solution in the U.K.

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CFO Jamie Miller explained that PayPal has successfully expanded into services over the last couple of years, creating a more balanced mix across verticals. As a result, she expects the dynamic of being heavily tied to discretionary goods spending to be more muted than it was in the past.

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CEO Alex Chriss explained that the company is changing the conversation from being a commodity price leader to a strategic partner focused on total value. He stated that discussions with merchants now center on growth drivers like new customer acquisition via value-added services, an ads platform, and payment APIs. While pricing for branded checkout remains important, the focus is on bigger, more strategic conversations that help merchants grow their entire business, not just process payments.

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CFO Matt Cagwin explained the fraud loss was a non-material duplicate payment issue from a new real-time payment network implementation, which did not impact margins. CEO Devin McGranahan stated that all major contract renewals for 2025 are complete, including over a dozen in the U.S. and an expansion to an exclusive relationship with the UK Post, with nothing unusual on the horizon.

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CFO Matt Cagwin stated that the APN business now constitutes a low-double-digit percentage of retail transactions and is in the high 30s for digital transactions, having grown significantly over the past 8-10 quarters. Regarding the tax rate, he explained that the non-GAAP rate is based on a cash tax basis and that the company has structures in place that provide a stable tax basis, supporting a durable mid-teens rate for the medium term.

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Mike Lyons, President, CEO & Director, acknowledged that Fiserv is in the early stages of a more holistic strategy for Clover Capital. He explained that the company is making operational refinements to how it presents, negotiates, and prices capital offers to merchants. Lyons emphasized that while they maintain a prudent risk management approach, which is currently more conservative than competitors, they see significant room for growth within their existing risk appetite and potential to expand it over time.

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President, CEO & Director Mike Lyons responded that while Fiserv is on pace for its $3.5 billion Clover revenue target, Clover Capital is its most underpenetrated area. He stated that the company is taking a prudent approach to risk management while implementing operational, pricing, and offer-related refinements. Lyons emphasized that these efforts are in the early stages and that Fiserv sees significant room for growth within its current risk appetite, which is currently more conservative than competitors.

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CFO Robert Hau acknowledged that the direct channel is the newest and fastest-growing distribution channel, which benefits overall revenue and margin. However, he emphasized that Fiserv sees significant growth opportunities across all of its broad and deep distribution channels, including its financial institution merchant partnerships, rather than relying on a single one.

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CFO Bob Hau confirmed the rapid ramp-up of the DoorDash program. He explained that while Fiserv already has program management capabilities and partners, the pending PayFare acquisition will add valuable in-house expertise. Hau emphasized that Fiserv's comprehensive suite of assets is a key differentiator for winning large embedded finance clients.

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Chairman, President and CEO Frank Bisignano expressed high conviction, reinforced by the recent client conference. He pointed to a growing pipeline and multiple growth engines, including Finxact adoption (e.g., DoorDash), the new SMB bundle, and cross-sell opportunities from the merchant business. He also highlighted the long-term potential of providing AI and data services to financial institutions.

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CEO Bruce Lowthers described the Fiserv relationship as strong and evolving, pointing to a recent announcement about a digital wallet for Clover customers as an example of expanding offerings. Regarding sales channels, Lowthers explained that ISOs receive an upfront payment and a long-term residual, while direct sales commissions are tied to actual revenue and are shorter-term. CFO John Crawford added that this structure means margin flow-through on direct business accelerates as the shorter-term commissions roll off.

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CEO Bruce Lowthers described the Jaris partnership as a no-risk referral model for working capital loans, representing the start of a broader push into ancillary services. CFO Alexander Gersh confirmed this is contributing to a higher take rate in Merchant Solutions year-over-year. Regarding Clover, Lowthers characterized Fiserv as a 'great partner,' emphasizing collaboration on product innovation and distribution rather than competitive overlap.

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President Harley Finkelstein positioned Point-of-Sale as a key multiyear growth driver, citing 23% offline GMV growth and wins with large, multi-location retailers. He stated the primary competitive advantage is the unified commerce platform that integrates online and offline sales seamlessly. He also highlighted a high velocity of feature rollouts and a distribution strategy that includes working with major SIs as key to winning business.

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CEO Cameron Bready explained that while historical POS investment has been heavy, the recent focus has been on harmonizing that spend into the single Genius platform to amplify its impact across the business. COO Bob Cortopassi added that this approach accelerates innovation without necessarily increasing the raw dollar amount. Post-acquisition, with over $1 billion in annual investment capacity, Genius will remain a top priority, allowing the company to blend innovation with its new, massive scale.

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CFO Sachin Mehra detailed that new contracts often involve both fixed and variable incentives. When a contract ends, the outcome 'depends' on the broader client relationship and negotiations. He cited the past Chase migration as an instance where incentives ceased ('rack rates'), but noted that if other business is won, incentives can be part of a new, comprehensive deal rather than simply ending.

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CFO Sachin Mehra explained that Mastercard hedges its transaction exposures and monetary asset/liability exposures, which are cash-flow related, using hedge ratios typically between 50-80%. However, the company does not hedge translation exposures (the conversion of overseas earnings to USD) because they are not cash movements and are viewed as reverting to the mean over time.

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CEO Michael Miebach highlighted Mastercard Move's differentiated reach and strong growth in use cases like gig worker payments. CFO Sachin Mehra clarified the accounting: domestic, card-based revenues are reported within the Payment Network, while cross-border, non-card rail flows are included in Value-Added Services & Solutions.

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CEO Max Levchin described the international landscape as a 'target-rich environment' and noted that Affirm still has significant runway for growth domestically in both e-commerce and offline retail. COO Michael Linford added directly that there are no limiting factors preventing them from scaling with major partners globally, other than the operational requirement to 'go get them' by establishing a presence and proving their capabilities in each new geography.

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CEO Max Levchin deferred to Apple on user experience specifics but stressed that Affirm operates as an 'ingredient brand' that aims to be available in every channel. He stated that all major partnerships are structured with financial levers to ensure the overall business maintains its target RLTC of 3% to 4%, regardless of the consumer's entry point.

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CEO Michael Praeger clarified their two-pronged bank strategy: banks as customers and banks as channel partners. He explained that the company has learned that a 'reseller' model is more effective and scalable than complex 'white label' integrations. AvidXchange now has over 20 reseller bank partners, including recent additions like Cadence Bank and Orange Bank & Trust, which collectively represent about 50,000 potential commercial customers.

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CEO Michael Praeger explained that the impact is likely greater on the consumer side. He stated that AvidXchange has already been proactive on the B2B side by creating multiple payment modalities, including a dozen virtual card offerings with different price points and data levels. He noted that by helping suppliers leverage different data rates with their primary partner, MasterCard, they are already providing the best economics, which contributes to high supplier retention.

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CEO Stephanie Ferris noted that the bank M&A market remains suppressed, particularly for larger institutions. CFO James Kehoe added that FIS is a net beneficiary of consolidation over time. Because FIS has a strong market position with larger banks, which are typically the acquirers, the company gains more business from consolidation than it loses.

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