Adam Frisch

Josh said 'other revenue' is noncore portfolios and relationships not aligned to the segments: partners no longer referring front-book relationships, a couple of noncore processing businesses acquired via Worldpay, and a managed-services portfolio migrating off GPN's platform. It was ~8% of total revenue in 2025 and expected ~6% in 2026, broken out to give a cleaner line of sight to the core. Cameron confirmed the YoY delta for Q2 is dispositions (a little north of $60M, ~$63-65M), with no meaningful FX, and the other bucket will keep declining as those relationships are wound down.

Josh provided clear synergy timing: 2026 laying foundation, bigger growth contribution starting 2027, ~$100M revenue synergies in 2028, exiting at $200M run rate. Key levers: Worldpay direct selling Genius, e-commerce down-market to 5M+ GPN SMB merchants, unlocking FI/ISO distribution channels. Cameron added 'bigger bets' beyond tactical $200M being explored. On AI: 3 vectors, agentic commerce, product-embedded AI, and productivity. Upcoming NRA announcements on Genius AI. Proprietary Fast Track Studio platform accelerating experimentation to production.

Cameron confirmed rational pricing environment, emphasized scale advantage enables price competitiveness when needed but strategy leads with product/service differentiation. Confirmed multiyear Toast renewal. Bob added signed annual revenue per deal up nearly 50% YoY in POS team, reflecting constructive pricing and combined solution value. Cameron noted new sales hires include POS sellers from competitors, signaling market confidence in Genius.

Cameron described growth driven by new sales productivity (improving) and stable same-store trends, with pricing harmonization across acquired portfolios but nothing unusual. Bob confirmed sales talent sourcing is broad across fintech and business management software.

Cameron described healthy organic growth from new sales and stable same-store trends with relatively modest pricing optimization. Josh noted Worldpay growth trends consistent with GPN guidance. Specific quantitative breakdown not provided.

Cameron outlined rebrand progressing with Genius launch in weeks and full brand alignment by Worldpay close. Bob detailed completed sales team alignment, new comp structure, CRM/upskilling initiatives well underway.

Max deferred timing to fiscal '28/'29+, said current guidance reflects proven products, and affirmed a multi-product strategy already underway.

Max said smaller merchants trade up into higher-converting 0% packages; flat pricing in a declining-rate environment is effectively taking price.

Max said Affirm invests across all doors and directly in D2C, including the app promotional surface and events like 0% Days.

Max said credit remains highly consistent, student-loan resumption is already managed, and credit is job number one reviewed every Monday.

Max said top-of-wallet is a gradual build; 0% APR remains the single most valuable consumer incentive, aided by fixing UX gaps like foreign transactions.

Matt attributed the back-half confidence to accelerating volume growth led by Prime and liquidity momentum.

Matt attributed the Q2 guide to a tougher comp and Prime rewards costs, and stressed the full-year raise.

Chris affirmed continued operating leverage across the OpEx base from ChimeCore and AI, without adding headcount.

Mark gave qualitative traction on Chime Enterprise but declined specific TAM or revenue figures given early stage.

Michael expressed conviction stablecoins are here to stay regardless of Clarity Act. BVNK positions Mastercard for interoperability. GCC and Israel represent a meaningful share of cross-border volumes.

Michael highlighted credit access risk to vulnerable populations as primary concern. Mastercard doesn't set rates but is actively engaged as industry custodian, sharing data with bank partners on potential impacts. Confirmed live constructive dialogue between industry and administration.

Sachin said China JV revenue impact still small and in invest mode. Cross-border travel inbound to China now north of 100% of pre-COVID, outbound at approximately 85%.

Sachin deferred to the existing guide rather than quantifying the worst case, noting timing uncertainty. Michael emphasized continued strong relationship areas with Capital One.

Owen framed Cash App's durable growth across network, banking, commerce and Bitcoin, while Amrita said Borrow cohort loss rates remain healthy and improve as cohorts season.

Amrita saw acceleration in key KPIs from Q2 to Q3. Only isolated tariff impacts on BNPL. October showed consistency across transaction sizes and loss rates. Nick noted sales-led NVA up 28% YTD with strongest growth since 2017.

Amrita clarified expansion is mechanical (more states via SFS, not more aggressive offers), with some limit increases for direct deposit actives. Declined to provide specific paycheck deposit active count for the quarter.

McInerney credited teams shipping great product and sales teams winning globally. Strategy has three opportunities, converting small/medium business spend (Chase Sapphire Reserve for Business), scaling large/middle market card and virtual payables (Trip.com global virtual travel card), and product innovation for underpenetrated spend (BMO network agnostic enhanced spend management). Suh said international volume 9% largely in line with prior quarter when normalizing for idiosyncratic items. Europe consistent with Q4, CEMEA down a couple points, AP growing low single digits impacted by tax timing. Stability across international when normalizing for timing differences.

McInerney said every recession is different but over time Visa has proven resilient even during economic downturns. Management team ready to move decisively. Business resilience from diversification, more exposure to everyday spend, debit, and cross-border now more e-commerce than travel vs pre-COVID. Volumes historically grown faster than PCE, confident they can continue to grow faster than PCE even if PCE slows. Incentives are largely variable so if volumes get impacted there could be an offset on incentives. On expense side Visa has historically shown ability to flex expenses, balancing short and long-term priorities thoughtfully without overreacting.