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CFO Ofer Koren explained that while they see greater uncertainty and slightly lower same-store sales, no clear new trends have emerged since their initial guidance, which already incorporated some potential impact. CEO Amir Schlachet added that regarding the Shopify deal, they are confident in maintaining their leadership via a 'preferred partner' status, exclusive features, and a robust integration. The updated Managed Markets product will be rolled out gradually over the coming quarters.

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CFO Ofer Koren confirmed the seasonality of free cash flow, noting a strong Q4 and weaker Q1, with full-year free cash flow expected to be slightly above adjusted EBITDA. Executive Nir Debbi added that new products like BOPIS have seen great traction and that value-add services like duty drawbacks can increase take rates without raising fees for merchants, who are not expected to see general price increases in the near future.

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CEO Savneet Singh confirmed the FX impact was from the New Zealand and Australian dollars, noting a $10 million sequential ARR growth on a constant currency basis. CFO Bryan Menar added that just under 20% of ARR is generated outside the U.S. On competition, Singh expressed confidence in PAR's strong product positioning, stating that in head-to-head evaluations, PAR's product consistently proves its strength, even if other factors sometimes influence deal outcomes.

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CEO and President Savneet Singh noted a slowdown in full-service dining but low single-digit growth in PAR's core QSR base, with the most significant disruption seen in small chains. He attributed Hardware success to a best-in-class product, strong software attachment, and the new PAR Clear drive-thru solution. CFO Bryan Menar added that PAR's growing location count provides a larger base for hardware attachment.

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CEO Savneet Singh attributed the Data Central success to product integration, specifically embedding its reporting within the Brink POS platform, and a consolidated go-to-market team. He reiterated that the company's goal remains greater than 20% organic growth, with a playbook to accelerate the growth of acquired businesses, as is already happening with PAR Retail.

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CEO Max Levchin and COO Michael Linford both affirmed that Affirm is currently live at Walmart, actively investing in the partnership, and proud to power the program for Walmart consumers. They stated they will notify the market if and when the situation changes.

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COO Michael Linford stated that while the long-term RLTC target remains 3% to 4%, the bar for investment is high. He noted that 0% APR offers are attractive due to the positive credit selection they bring, resulting in a lower credit loss profile. CFO Robert O'Hare added that Affirm can iterate on approval thresholds for 0% loans, allowing for fine-grained control to manage the margin profile without making long-term bets.

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CEO Max Levchin explained that the significant growth in cohort engagement indicates substantial room for further improvement rather than a plateau. He cited ambitious internal targets for products like the Affirm Card (e.g., $7,500 annual spend) as evidence of the large opportunity ahead, which is factored into their conservative guidance.

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CEO Max Levchin and CFO Robert O'Hare both affirmed that they are currently live with Walmart and are actively investing in the partnership to provide the best possible value. They stated they are proud to power the program and will notify the market of any changes to the relationship.

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CEO James Kelly detailed a value proposition centered on a single, integrated relationship for both middleware and acquiring, which reduces complexity for clients. Darren Wilson, President of Retail, added that the pitch is a holistic data and insight solution, not just a commodity price play. Kelly identified the retail segment (fuel and grocery) as the largest volume opportunity, while Beimnet Tadele, President of Restaurants, expressed strong optimism for growth in his segment due to new platform capabilities and a transformed go-to-market team.

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CEO James Kelly confirmed a strategic and aggressive shift to a subscription model. Executive Brian Webb-Walsh quantified the remaining onetime license revenue at $30-$40 million by year-end. He also explained that the tough Q1 hardware comparison is due to the timing of a large retail customer's refresh cycle, which occurred in Q1 of the prior year.

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CFO Brian Webb-Walsh stated the strategic changes will be fully effective in 2025, with key KPIs being new site acquisitions, payment sites, and ARR. CEO David Wilkinson outlined capital allocation priorities as maintaining leverage around 2x, executing the announced share repurchase and product investments, followed by funding internal growth and considering tuck-in M&A.

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CFO Bea Ordonez clarified that the $50 million figure is an estimate based on a wide range of assumptions about seller behavior, consumer demand, and supply chain impacts, not implicit guidance. She confirmed the 20% China-U.S. revenue exposure does include float revenue. Ordonez attributed the strong take rate expansion to a mix of B2B franchise growth, increased card adoption, pricing initiatives, and the workforce management acquisition.

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CEO John Caplan expressed confidence in the B2B segment, which surpassed $10 billion in 2024 volume, citing strong regional penetration and potential upside from cross-selling new workforce management products. Regarding the China acquisition, he stated that with regulatory approvals secured, it will enable Payoneer to take more market share, explore outbound payments, accelerate product development, and improve its cost structure, thereby strengthening its competitive moat.

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CEO John Caplan stated that the 17% marketplace volume growth reflects durable market share gains in China and successful card cross-selling. Regarding tariffs, he expressed confidence in Payoneer's resilience due to its diverse global business across 190 countries and a focus on services and non-sensitive consumer goods, noting that low-cost goods often absorb tariff impacts within the supply chain.

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CEO Matt Oppenheimer emphasized the resilience of the remittance market and Remitly's diversified business model. He highlighted that most of their U.S. customers are established and use bank-linked accounts, a lower-risk profile. He confirmed that revenue from Mexico grew faster than the company's overall 34% rate, underscoring their strength as a scaled digital provider.

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CEO Matt Oppenheimer stated that performance in the Mexico corridor remained strong in Q4-to-date, with the company continuing to gain share and seeing resilient customer behavior. CFO Vikas Mehta addressed marketing, explaining that while Q4 is a crucial investment period, he expects a moderation in year-over-year spend growth, with marketing dollars increasing sequentially but marketing cost per active customer declining year-over-year.

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Dushyant Sharma (Executive) described channel partners as an increasingly strategic part of the go-to-market strategy that complements direct sales. Sanjay Kalra (Executive) declined to provide a specific financial breakdown for the large enterprise cohort, stating it was too early, but reiterated that the business is accretive to the bottom line and is helping drive record adjusted EBITDA margins.

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CFO Chris Suh explained that Q2 incentives were lower than expected due to deal timing. He clarified that incentive growth in the second half is now expected to be higher than the first half due to client performance adjustments and some anticipated early renewals. The full-year expectation that 20% of payment volume would be impacted by renewals remains unchanged.

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Chris Suh, Chief Financial Officer, attributed the strength to several factors, including a strong holiday season boosting discretionary categories like retail and travel, as well as the lapping of the prior year's Reg II implementation impact. He noted a significant step-up in cross-border travel but cautioned it's still early in the year to confirm a new trend.

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CFO and COO Jamie Miller confirmed the portfolio is actively managed with a focus on risk. She explained that the underwriting models, which include features like cash sweeps, are well-constructed. She also noted that the team made slight, conservative adjustments to underwriting in March and can react quickly to any changes in the environment.

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President and incoming CEO Michael Lyons stated that client conversations are about doing more with Fiserv, not less, as the company provides mission-critical, revenue-generating systems. He noted a 'flight to quality' in the current environment, where clients are turning to Fiserv for its scale, stability, and consistent model, sometimes moving away from smaller fintech providers. So far, he has seen the opposite of a spending slowdown.

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CEO Devin McGranahan explained that while slowing is occurring in both retail and digital channels in North America, it is more pronounced in retail, particularly in the U.S. to Mexico corridor. He noted that channel migration rates have remained consistent, indicating no significant acceleration of customers moving from retail to digital. CFO Matt Cagwin added that the full-year guidance already incorporates the Euro Change acquisition and the current macroeconomic headwinds, which have stabilized after deteriorating in late 2024. McGranahan emphasized that the company's global diversification provides a buffer against weakness in the Americas.

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CEO Devin McGranahan attributed the North American softness to macro events and shifting migration patterns following the recent election, while emphasizing the company's global diversification. CFO Matt Hagan reported that Consumer Services margins improved 200 basis points sequentially to 11% in Q4. He expects margins in this segment to scale toward the total company average over the next couple of years as new products mature. McGranahan added that he would prioritize the segment's high revenue growth over short-term margin optimization.

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Eido Gal, CEO, stated that high win rates are driven by the platform's superior accuracy and its strategic, multi-product roadmap. Regarding future growth, he highlighted the encouraging success in non-discretionary verticals like groceries, food delivery, and remittance, though it is premature to identify the 'next ticketing' category.

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CEO Michael Praeger stated that the company is targeting a long-term gross margin of 80%+, driven by sourcing strategies, standardization, and AI-led automation. He explained that the financial services partnership is a strategy to leverage existing specialty supplier networks to accelerate the conversion of paper checks to electronic payments, a model AvidXchange is also applying to its own network.

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CEO Michael Praeger highlighted strength in the real estate, financial services, HOA, and health care verticals, attributing success to strategic shifts in go-to-market motions that have improved close rates and shortened sales cycles. CFO Joel Wilhite added that while the improvement in transaction retention was broad-based, it's only one quarter of data and overall retention remains below 100%.

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CEO Mike Massaro noted that U.S. F1 visa issuance was down about 10% exiting the year, prompting a cautious outlook. Regarding the review, he stated they are examining all aspects of the business to optimize efficiency and will "take what comes our way" but remain focused on executing their strategy to deliver shareholder value. President and COO Rob Orgel added that the U.S. strategy is diversified beyond international students to include domestic payments and new products.

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CEO Aman Narang confirmed that while the core U.S. restaurant market remains the primary focus, strong signals in new markets justify investment, citing 50% YoY SaaS ARPU growth for new international locations. CFO Elena Gomez noted that Q1 same-store sales would see a decline due to weather and calendar effects but expects GPV per location to remain in a stable, narrow band for 2025.

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CEO Aman Narang acknowledged the great momentum in retail, which gives the company confidence to invest more in 2025. He explained that while they are investing in a focused retail team, they also benefit from the broad lead flow generated by their national sales force. He stated that the company is actively testing and tweaking the approach to determine the optimal structure for maximizing growth.

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CEO Stephanie Ferris explained that client-requested implementation delays shifted about 100 basis points of revenue from Q1 into Q2 2025, providing clear visibility for acceleration. CFO James Kehoe confirmed Q1 would be the low point, with a sharp pickup in Q2. Regarding the outage, Ms. Ferris stated it was not a cyberattack and is not expected to have a material impact on financial results.

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CFO James Kehoe reaffirmed the medium-term margin expansion guide of 40-60 bps, noting the TSA headwind is more than offset by a larger cost savings program that is on track. CEO Stephanie Ferris addressed international momentum, confirming strong demand for Capital Markets products in Europe and Asia-Pacific, as well as for Banking solutions like MBP and international payments. She added that FIS is exploring M&A to enhance its international capabilities.

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CEO Michael Miebach acknowledged the push for local solutions like EPI's Vero but stated that consumer experience and merchant availability are the ultimate differentiators. He noted that Mastercard has a long history of competing and partnering with domestic schemes and does not view EPI as a material threat at its current pilot stage. Instead, he sees it as healthy competition that motivates further investment in Mastercard's own offerings.

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Chief Executive Officer Michael Miebach explained that the proliferation of alternative payment methods creates a significant opportunity. He identified cybersecurity as the foremost area where Mastercard's VAS portfolio can be applied to non-Mastercard transactions, as all networks require security. He noted they are a scheme-agnostic provider for many services, which diversifies their customer base.

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Executive Christopher Ferraro explained that the investment banking business is inherently 'lumpy,' with revenues recognized upon deal closings, many of which have been delayed by regulatory uncertainty. He expressed optimism that these deals will now close. The business is capital-light and people-focused, resulting in high-margin flow-through. Strategically, he noted the team's 'unsung' but critical role in advising on Galaxy's own internal transactions, in addition to serving its external client franchise.

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CFO Mimi Carsley advised against annualizing any single quarter's growth rate, though she noted that drivers like new products and cloud growth are continuous. CEO Greg Adelson added that while the goal is to move towards 8% growth, it's too early to guide for FY26. On capital allocation, Carsley reiterated the priorities: internal investment, dividends, and debt paydown, with M&A always being an option if a prospect is financially and strategically attractive.

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CEO Cameron Bready expressed high confidence in the medium-term guide, stating the 2025 plan provides flexibility for the transformation while delivering double-digit EPS growth and significant capital returns. Bready confirmed AdvancedMD's 2024 revenue was projected at $250-$260 million with a cash EBITDA margin around 30%. CFO Josh Whipple added that restructuring charges would flow through over the next 6-7 quarters.

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Group CFO Craig Bridgewater stated that the increase in deposit costs has slowed significantly and that the bank is actively lowering deposit pricing. President and Group Chief Risk Officer Michael Schrum added that while they remain asset sensitive and expect some NIM compression in a falling rate environment, this will be managed with a focus on expenses and credit quality. Chairman and CEO Michael Collins outlined the capital allocation priorities as dividends, then M&A, and finally share buybacks. He noted they are actively repurchasing shares as no immediate M&A is on the horizon, after passing on a recent trust deal due to jurisdictional risk concerns.

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President and CFO John Rettig clarified that the RPO for the large FI partner remains consistent but will now be recognized over four years instead of one. Regarding monetization, Rettig positioned the 20% ad valorem penetration target as a long-term "floor," stating that investments in product experience, payment speed, and an increasing mix of card payments are expected to expand both volumes and take rates over time.

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