Dan Dolev

Answered at length with four named structural advantages (data, domain expertise, distribution, trust) anchored to the bookings and retention results.

Maria firmly pushed back, stating HCM is a core function not easily replicated. AI increases complexity of workforce management rather than reducing demand for HCM software.

Maria said Cash Flow Central was embedded into RUN in December enabling a one-stop-shop for small businesses. Not yet contributing to revenue or bookings; opportunity is largely ahead.

Maria gave an extensive response anchored in the non-discretionary nature of payroll, ADP's 76-year track record of navigating innovation cycles, and the human-centric nature of work. Emphasized AI changes workflow but the core mission persists.

Peter said individual headline announcements are a small fraction of their 1.1 million client base and 26 million US workers paid. Reduced hiring with reduced layoffs is contemplated in guidance.

Peter reiterated the PPC move is tens of basis points, driven by their own client base data. Static situation with both reduced hiring and very low layoffs.

Maria pointed to 10-K client count growth as the best bellwether for Workforce Now. Peter said mid-market tech offering performed between strong PEO bookings and softer ES HRO, landing relatively evenly.

Maria said nothing has changed competitively from the Paychex-Paycor merger, citing strong retention rates, service, client count growth, and confidence in Workforce Now Next Gen.

Don differentiated between headline uncertainty and actual business activity; ADP's base shows stability with low unemployment, continued hiring at 1% PPC, and normal client activity. Large international deals show some apprehension on decisions.

Don pushed back on concern, emphasizing strong macro fundamentals at 4.1% unemployment with continued profitability and optimism in US market driving pays per control and growth.

Don confirmed pricing contributing ~100 bps this year as inflation moderates, with small ~10 bp uplift from European inflation-linked contracts coming in higher than expected.

Don pointed to $1.2B deal value and ~30% industry-average intangible allocation with 7-8 year amortization as framework, without giving a precise EBIT drag number.

Ferris declined to give a forward account number but described the conversions as the largest she has seen, executed flawlessly across tranches.

Ferris said Total Issuing grew in line with Payments and pushed back on the Visa Pismo threat, citing an 80%+ win rate in large FIs.

Confirmed no agent revenue is in the 2026 guide, with revenue expected to build in 2027 as agents deploy.

Ferris directly addressed disintermediation fears, stressing FIS owns the agents, IP, and distribution while Anthropic is paid on token usage.

Stephanie said portfolio is largely set after two transformative transactions. Some pruning may continue (moved items to Corporate and Other). No large sales expected. Primary focus is TSYS integration and debt repayment; buybacks paused until leverage targets met.

Stephanie highlighted three pillars: commercial excellence driving higher-value recurring sales with AI increasing pipeline and productivity; client excellence using AI for self-service and better outcomes driving higher retention; innovation with neural treasury product at 700 clients, Agentic workflows for bank back-office automation.

James provided detailed disclosure: Banking M&A 150bps in Q3, 110bps full year, 120bps in Q4. Capital Markets 130bps full year, roughly same in Q3 and Q4. Of the 85bps full-year banking guide raise, only 20bps from Amount acquisition, 65bps from operational execution.

Stephanie acknowledged Worldpay benefited from easy Q2 comp of 2% and some tax processing seasonality. But also highlighted genuine strength from boarding large e-com clients. Worldpay stepping up revenue expectations.

Stephanie deflected noting they don't externally disclose Worldpay EBITDA margin details, only revenue and EMI. Investments are fully ramping with no change from prior expectations.

Stephanie confirmed EMI outlook consistent with guide, no softening. Worldpay revenue growth continues to accelerate, moving from low single digits under FIS to mid-to-upper single digits.

James walked through: Worldpay +200bps, M&A net +30bps, pandemic dissynergy -160bps, contract recognition -180bps, arriving at ~3% core growth.

Stephanie emphasized FIS is not a payments company but serves large corporates and FIs globally, differentiating through commercial lending, office of the CFO, and strategic M&A.

Max attributed durable growth to network effects and a long-term focus on building the network over chasing short-term shiny objects.

Max said Affirm is not planning AI layoffs; already very lean with high revenue per employee, using AI to ship more.

Max touted record ABS pricing (spread under 100 bps, yield below 4.6%) and said Boost AI contribution is not broken out in the guide.

Michael credited the asset's performance, expanding blue-chip forward-flow relationships, and a strong capital markets team.

Max said the consumer continues to perform, reflecting strong US and Canadian momentum and accelerating GMV to a new record.

Rob said only one category declined; D2C led by card grew fastest and March hit 40% GMV growth.

Max said UK demand for longer-term loans is strong and Shopify will be the first major enterprise-scale UK integration.

Max credited margin headroom reinvested in deeper approvals, new consumer deals, and reengagement lifting frequency.

Shiv itemized the drivers, market backdrop, new products, the SpaceX IPO, an acquisition and overseas growth, but left the Europe portion unaddressed.

Vlad declined specifics but pointed to three upcoming product events where AI agents will feature prominently. Acknowledged industry hasn't figured it out yet.

Vlad outlined dual AI strategy: self-serve Cortex tools for retail advisory-like experience, and AI-reimagined workflows for human advisors to serve more customers at lower cost. Already in conversations with regulators on Cortex providing financial advice safely.

Vlad highlighted Bitstamp as key to Phase 2 tokenization plans and first institutional business. Institutional customers provide valuable product feedback. Team spent time with Bitstamp engineering at Robinhood offices planning next year. Emphasized accelerating even while integrating.

Vlad described To Catch a Token event as exceeding expectations with 25 million-plus views. European stock tokens as blueprint for what clear regulation enables, with strong customer demand in both EU and U.S.

Vlad compared Gold aspirations to Costco membership and Amazon Prime. Credit card rollout accelerating and Banking will be Gold-only, both expanding the value proposition further.

Vlad confirmed a comprehensive events platform coming later this year. Acknowledged regulatory clarity needed for sports specifically but expressed strong conviction in the category.

CFO said the revenue raise funds reinvestment in growth areas rather than more near-term profit; CEO cited new launches and a shift to rate-hike assumptions.

CFO guided Lending +30%+, Financial Services +40%+, Tech Platform ~$325 million, and corporate revenue in line with 2025.

CFO said total originations grow strongly in 2026, with the optionality to route capital-light volume to LPB or retain higher-returning assets.

CEO said credit is performing very well with net charge-offs improving; CFO added capital-markets partners reflect a flight to quality.

CFO declined to give account guidance but said about 10 new clients will contribute revenue in Q1 2026 that did not in Q1 2025.

CEO said no slowdown appeared when tariff volatility hit; CFO cited over $3 billion of loans sold or transferred at strong execution.

CEO reaffirmed 30% EBITDA / 20% net income long-term margins and framed 2025 as a return to a 30% incremental EBITDA margin.

Cameron framed the lowered guide as derisking the back half against the Middle East conflict's ongoing impact on the travel portfolio, noting Q2 impact was slightly above the 100bp called out, capacity and forward bookings remain significantly below pre-conflict levels, and returning capacity skews to lower-yielding short-haul routes. Full-year now ~4-5% cc ex-disposition (back half ~4.5%). Josh added 150bp full-year margin expansion, 11-13% EPS growth reflecting updated FX, and H2 revenue ~4.5% with ~200bp margin expansion to around 43%.

Cameron cited 3 yield drivers: (1) Genius far more feature-rich than legacy products, commanding higher value; (2) revamped sales comp plan emphasizing cross-sell and VAS bundling; (3) better payments attach rate through dealer channel after simplifying the process. Bob added bundled selling approach wrapping VAS around core capabilities driving material deal value improvements, plus sales transformation delivering better talent with better training and tooling.

Cameron acknowledged undervaluation, confirmed commitment to integration and capital returns first. Left door open to go-private alternative if public markets continue to undervalue, noted enormous private capital on sidelines and bigger deals getting done making it more feasible than ever.

Cameron confirmed shareholder return priority with ~$5B FCF by 2028, noting $1B+ innovation investment already embedded in FCF expectations. Josh added delevering to 2.9x ahead of schedule with confidence in 3x within 18-24 months post-Worldpay.

Cameron clearly delineated: $500M ASR from payroll (incremental), $7.5B base returns 2025-27 (up from $7B via OBBBA tax benefits), $1.2B from dispositions to date, and 50% more FCF capacity by 2028.

Cameron cited early Genius success and completed sales force conversion. Bob provided objective metrics: U.S. direct sales up ~30% sequentially, dealer channel reinvigorated, wholesale partners' net new additions doubled.