Dan Perlin

Tim attributed the record to large deals (including a communications deal) freeing up after Q3 market uncertainty, plus better mid-deal flow-through, with the pipeline up more than a third YoY.

Ashima confirmed on track for 20-21% AOI margin for full year. Using elevated event revenue to accelerate investments in shareholder engagement, tokenization, and AI. Q4 EPS growth expected low to mid-single-digit reflecting investments. Tim added AI productivity gains help maintain right mix of investment and shareholder returns.

Tim outlined three SEC tokenization models: issuer-sponsored (partnering with Galaxy), intermediary-led (working with multiple parties), and synthetic (Ondo announcement). In all models, complexity of governance creates demand for Broadridge. DLR at $350B/day is largest tokenized platform. Wealth management opportunity in preventing dual infrastructure costs.

Tim noted this is the first time direct indexing growth is visible in data. Small positions will scale to revenue positions over time, supporting long-term upper single-digit growth trajectory.

Tim explained only a few weeks of data since April 2, seeing elongation not cancellation. Clients continuing cost/simplification work but pausing new revenue investments. Pipeline remains strong.

Tim explained M&A impact minimal (mostly private), IPOs incrementally positive for positions, event-driven upside from shareholder votes. Also covered deregulatory tailwinds on digital assets and proxy reform.

Ashima clarified license is ~5% of GTO revenue, Q3 will show low double-digit capital markets and low single-digit organic wealth growth due to license timing that evens out annually.

Ashima explained SIS is neutral to EPS in year one and higher event-driven revenue is being reinvested. Tim confirmed SIS expected EPS-neutral, organic trends leave EPS range unchanged.

Tim noted strong pipeline of PE-sponsored opportunities, framed M&A within mid to high-teens ROIC criteria and balanced capital allocation. Would repurchase shares if deals don't meet bar.

Mimi attributed Q1 softness to the Connect conference shifting to Q2 (a 1% impact, roughly $6 million in revenue and $10 million of expense) plus some one-time revenue timing.

Greg explained the new process discourages pulling renewals to hit quota, driving genuinely new sales (60% new versus 45% prior). Trifecta success is a separate dynamic driven by product parity in Banno and card; he expects new-sales mix north of 55% this year.

Greg said 5-6 years of private cloud migration runway remain at current pace of 35-45 per year. All new Jack Henry platform components are core-agnostic and can sell outside the base. Banno outside-the-base selling starts January 2026. Victor acquisition creates additional non-Jack-Henry-core opportunities. Tap2Local and Rapid Transfers have companion apps for competing digital providers.

Mimi explained the wider range reflects larger total revenue base and desire for operational flexibility given macro variables beyond their control, not structural change.

Greg confirmed delays have significantly improved, especially consulting engagements around Financial Crimes Defender. Some implementation still slightly delayed but not to the same level as last quarter.

Greg clarified delays are concentrated in nonrecurring items and some post-core complementary/payment products, not cloud migrations. Some clients delaying hardware as they evaluate private cloud move.

Mimi noted ~30 clients in merger activity, majority Jack-Henry-to-Jack-Henry cloud customers retaining revenue. Convert-merge services and approval timelines mean more FY26 impact than FY25.

Max tied lumpy gain-on-sale revenue to nonconsolidated ABS deal timing (2 in FY26) and expects a similar FY27 funding plan, not a mix-shift concern.

Max deferred market specifics to the forum but flagged a possible small RLTC drag as Affirm ramps in new countries, minimal given US/Canada scale.

Max said 0% Days skewed higher credit quality, drove outsized cardholder growth, and 0% users happily use interest-bearing loans too.

Max said the consumer is healthy; shutdown data showed a few bps demand slowdown among government employees but no repayment loss.

Max said 0%-acquired users repeat similarly and importantly convert to interest-bearing loans over time.

Cameron confirmed portfolio reassessment underway given Worldpay changes strategic context, likely incremental divestitures with proceeds returned to shareholders.

Cameron noted some buying pause pre-launch but no meaningful base attrition. Bob clarified biggest attrition driver is business failure not competitive defection, and greenfield international markets reduce attrition concern.

Cameron expressed high conviction with better visibility than September IC, citing early transformation results and improved organizational execution.

Cameron was very clear both halves are within 5-6% range with only tens of basis points difference, lower in H1 and higher in H2 with good exit rate into 2026.

McInerney described Olympics and FIFA as marquee global sponsorship assets with ability to pass rights through to clients and partners. VAS sales teams engage clients months in advance designing bespoke custom-built programs, advertising campaigns, sweepstakes for cardholders, private banking client events at FIFA games in US, Canada, Mexico. Described as very busy year with ton of client demand. Not only generating revenue but deepening partnerships, leading to more renewals and more business.

McInerney backed up to macro, more uncertainty among consumers and businesses than several months ago per consumer confidence metrics, but facts on spending remain strong and resilient. US employment strong, wage growth steady, inflation moderated, consumer balance sheets relatively healthy. Balancing uncertainty with facts of resiliency. Remain very committed to product roadmap and investment roadmap across all three growth levers. Constantly looking at scenarios and ready to make changes if and when facts lead to changes. On M&A, from position of strength optimistic that current situation could create more opportunities around the world than might otherwise have happened.

McInerney confirmed dollar has strengthened meaningfully and quickly. Stronger dollar means stronger purchasing power for Americans abroad and more expensive for inbound US travel. Historical periods of stronger dollar led to outbound US travel increases and some shift away from inbound US destinations to other places globally, but overall travel spending typically remained consistent as people plan holidays in different places. Still early with only a short period into stronger dollar period, will give more insight next quarter assuming conditions persist.

Miller gave a region-by-region read: sequential U.S. growth, European improvement to a lesser extent, and travel-vertical pressure that moderated through the quarter.

Jamie highlighted diversification: 50/50 goods/services in U.S. TPV, cross-border largely intra-European corridors. Difficult to predict FX impact but well-diversified globally.