Darrin Peller

Angie framed the 3-6% range around discretionary-spend assumptions, strong bookings and pipeline, addressing the deceleration concern directly.

Julie said guidance reflects confidence in account-level visibility. No impact from war seen yet. Angie added they raised the bottom of guide based on large deals layering in and AFS anniversary.

Angie confirmed headcount expected to increase in H2 based on demand. Julie reminded revenue-headcount disconnection has existed since RPA in 2015 and is baked into guidance.

Julie said work expands after digital core completion. Process changes, talent upskilling, and enterprise rewiring create huge work volume. Manufacturing and engineering still early in digitization. Sees big opportunity over next decade.

Angie confirmed headcount expected to increase throughout the year in the US and Europe as part of talent rotation strategy.

Julie said Federal procurement starting to pick up. H-1B is non-issue with only 5% of US staff on those visas. Policy changes generally drive more business for ACN.

Julie said client narrative shifted from pause to focus on high-impact initiatives and leapfrogging with AI. Strong demand for large deals across cost and growth agendas.

Angie said headcount grew 5% YoY to 790,000, utilization ticked up to 92%. Emphasized no direct correlation between revenue and headcount.

Julie said increasing client adoption is driven by proven value, not specific model developments like DeepSeek. Two years in, no client believes they can wait on AI.

Julie said strategy of pursuing large transformational deals continues executing well. Clients want reinvention and cost+growth. No change in approach.

Julie said no big trend toward onshoring; focus remains on right skills, right time zone, right price, with emphasis on skills over labor arbitrage.

Julie confirmed January-February budget visibility timeline. AI spending still more prioritization within current budgets rather than incremental spending.

Ron described embedding fleet networks into a single spend-management platform sold to both fleet-intensive and traditional companies, a differentiated advantage.

Peter said the 57% EBITDA margin was macro-aided, back-half margins should run slightly below last year, and investment is at the right level.

Ron noted U.S. fleet same-store sales plus 1% in Q1 (vs minus 2% in Q1 2025). Growth entirely depends on middle market sales model. U.S. fleet is now about 10% of company revenue. Ron has moved sales and marketing money into corporate payments. Will invest more if middle market takes; if not, it's a yawn at 10%.

Ron confirmed both payables and cross-border growing in high teens in Q1 with good balance. Payables now has European spend management business at $15M run rate (up from zero). Cross-border 75% originated outside U.S. (Canada, UK, Continental Europe, Singapore, Australia). Both truly global now.

Ron described three geographies averaging to 10%: U.S. low single digit, Europe right on 10%, Brazil high double digit. U.S. business reset with stable retention, same-store sales positive for first time in six quarters, approval rates up, credit good. Entire assignment now is sales growth.

Ron confirmed plan finalized, already underway on cost takeouts and easy revenue synergies. Biggest unlock in H2 is sunsetting Alpha's core IT system. Super confident in $1 number, and it's not one-and-done -- EBITDA growth over fixed interest creates acceleration in subsequent years. Peter noted debt declining from $7.7B via $1.8B cash flows plus favorable SOFR curve.

Ron framed $700M U.S. Vehicle business now at company-line-average retention (~92-93%, loss rate 7%, losing ~$50M on $700M). Same-store sales going positive next year. Assignment to grow is infinitely easier than a couple years ago when loss rates were almost double and same-store sales were 2-3 points negative.

Ron said books are out, fireside chats started, call-ins received. Two International Vehicle businesses both growing ~10% and profitable. Will transact; question is whether Corpay likes the price. First bids due in next few weeks, clear answer by next earnings call.

Ron cited two drivers: retention up 130bps YoY with further improvement expected, and big account wins (GasBuddy, Amazon) ramping volumes in second half.

Ron highlighted enterprise client processing $1B monthly spend in July, growing to $1.5B by October. Same-store sales steady across Corporate Payments, losses improved 100bps.

Ron explained flat print margins due to macro compression, lower-margin acquisitions being absorbed, and deliberate increase in sales investment. Macro-neutral margins expanding.

Ron confirmed both Payables and Cross-Border growing at similar rates near high-teens to 20%. Highlighted 250,000 mid-market prospects vs 5,000 current clients as runway.

Ferris cited an 85%+ win rate on large FIs, renewal velocity, and Visa's own stated focus away from FIS's segment as evidence Pismo is not a threat.

Ferris described strong demand across payments, fraud, data, lending, and modernization, with no delayed decision-making in FIS's focus areas.

Kehoe reiterated $125M long-term cost synergies with $30-40M expected in 2026, just $1M in Q1, and revenue synergies building in 2027-2028.

Stephanie cited three moats: North American market-leading scale with decades of expertise and ~30% of revenue renewed in 2025 with no renewals in 2026; international prime product growing at 15% CAGR from 2016-2025; and unique data advantage of seeing core, debit, and credit data together. Already in POC with large regional bank combining core and credit data for AI-driven credit line increases.

Stephanie outlined the algorithm: ~100bps from net new sales (focused on core, digital, payments, lending), 2-3 points organic growth from transactions and accounts, 0-50bps net pricing. Mix shift to higher-quality recurring products with stronger organic growth underpins sustainability.

James said base FIS free cash flow will grow 15-16% YoY, outpacing EPS. 2026 levers: lower capital intensity and normalized cash taxes. TSYS at ~90% conversion. Combined will be substantial step-up, though integration one-time expenses still being sized.

Stephanie attributed Banking strength to commercial excellence: higher-quality net new sales focused on digital, payments, and recurring software rather than PS and license. Combined with high retention rates and long sales cycles providing visibility into H2 and 1H26.

James sized Everlink at 20-25bps or ~$20M full-year contribution. Also confirmed commercial excellence contributing ~150bps YoY, split between new sales and retention, with retention tracking slightly above expectations.

James candidly admitted shortcomings: suppliers paid too quickly (terms in 40s vs 90-day target), late collections, and CapEx at 9% vs 8% goal. Guided 82-85% for 2025.

Stephanie highlighted four demand areas: core banking, digital solutions, commercial lending, and office of the CFO where FIS is carving out a differentiated position.

Miller guided branded checkout to low single digits in the second half and called the fourth quarter guide prudent given holiday competition.

Lores described a multiyear sequence and named per-business tracking metrics, but committed to no dated milestone for a growth inflection.

Enrique explained rebalancing is about improving consumer value proposition rather than reducing merchant focus, using a Germany NFC launch as an example of insufficient follow-through investment.

Enrique directly stated plan to keep all three businesses, citing customer cross-selling synergies, shared technology, and risk management capabilities as reasons for integration.

Steve said TM dollar decline is expected to be smooth through the year, not back-end loaded. Investments already started in Q1. Not calling for a back-half inflection, need more visibility first. Jamie emphasized organic growth focus and continued $6B buyback program with dividend.

Jamie cited Q4 headwinds: interest rate cuts, tougher credit comps, growth investments (some through TM as contra-revenue, others through OpEx). Alex set the strategic tone: three generational shifts (digital wallets, BNPL, agentic) require investment that may create near-term TM/earnings headwinds in 2026. No 2026 guidance provided.

Alex noted over 60% U.S. penetration on new experiences, U.K. and Germany rollout underway. Jamie confirmed continued European share gains including Germany, with expectation of acceleration.

Jamie detailed that full-year guidance embeds 2-3 points of ecomm deceleration in H2 as buffer. Branded trends in April consistent with Q4. Some U.S. consumer activity accelerating likely from pull-forward.

Jamie identified two TM headwinds for 2025: transaction loss normalization (1 full point in 2024 to ~0.5bp headwind in 2025) and ~$150M interest rate headwind. Branded initiatives embedded with prudent planning.

Cameron said all early Genius results a year post-launch remain very positive and committed to providing more Genius-specific KPIs (size, contribution, growth rate) heading into 2027. He reiterated the secular thesis: SMB will sell Genius largely in restaurant/retail and adjacencies while other verticals migrate to Platforms as SMBs procure payments through software providers; effectively 100% of U.S. SMB front-book sales will be Genius, with the rest of the world following over time.

Josh pointed to the historical seasonal pattern where free cash flow conversion is lower in H1 and higher in H2 (over 100% in the back half last year), and said the company has already returned more than half its targeted 2026 capital, remaining confident dividends plus buybacks exceed $2 billion for the full year.

Cameron outlined commercial momentum: 8% bookings growth, 9% enterprise/platform, 44 new partners, Genius sales nearly doubled YoY. Winning on product differentiation plus distinctive service/support model. Sales integration progressing well with vast majority aligned to new channels, comp/quota alignment expected complete by end of Q2. Bob added sales transformation tools/training rolling out across combined org, and emphasized local-market expertise as global differentiator particularly in nationalist environments.

Josh confirmed $70-$80M cost synergies in 2026 out of $600M total over 3 years, detailed plans already executing. Cameron described cross-sell progress: Worldpay U.S. direct already selling Genius with first cohort boarded and growing pipeline, planning to introduce Genius into Worldpay FI platforms and wholesale channels in U.S. and U.K., targeting 5M+ merchant back book for cross-sell.

Cameron confirmed Q2-to-Q3 volume uplift from Genius, expects continued trajectory as Genius footprint and mind share expand. Also outlined complementary Worldpay opportunity: Genius into their SMB base immediately at close, plus e-commerce capabilities down-market.

Bob explained comp conversion 100% complete, 90% seller retention with some converting to agent/wholesale model. Cameron noted not yet at full run rate with training/certification still ramping. Large front-book opportunity domestically and especially internationally.

Josh clarified: half from two small product acquisitions (QR/digital wallet + dispute management), half from deferred consideration and venture fund investment. Cameron confirmed contribution ex-takepayments is de minimis.

Cameron provided extensive detail on transformation progress including collaboration improvements, technology harmonization, and operating model benefits, with clear timeline for revenue benefits in H2 2025.

Greg said it's driven by innovation execution unmatched in the industry, combined with competitive uncertainty at both largest competitors. Getting inbound calls from larger institutions and major consulting firms who are blown away by platform capabilities. Live products now demonstrating what was previously roadmap. Customer service hasn't wavered.

Mimi said headwinds from pricing and M&A haven't disappeared but Jack Henry has grown over them. Growth algorithm intact. SMB products and faster payments will take a couple more years for meaningful revenue contribution to push toward upper bound. FY27 looking in line with historical guidance. Greg added M&A starting to balance out as expected and renewal process changes working really well.

Greg noted Q2 and Q4 are typically largest quarters. Pipelines growing rapidly. Winning on culture, service innovation, strategy and execution, the 5 differentiators. Clients choosing Jack Henry for deposit growth, lending capabilities and efficiency. Winning product conversations even when acquired institution retains competitor core.

Mimi declined FY27 specifics but expressed excitement about SMB onboarding progress and customer validation. In FY27, deconversion headwind potholes will be behind them and large core wins will be implementing. Greg added that renewal process changes are paying significant dividends.

Greg said 50bp from new products is unlikely this year but long-term growth from SMB strategy will be significant across multiple phases. Fed expected to push treasury activities onto faster payments, creating additional revenue. Mimi framed new products as validation of investment strategy rather than in-year revenue drivers, with optimism for imminent years.

Greg said activity hasn't significantly increased yet but expects uptick from competitor core consolidation. Capacity not a concern, can scale teams and AI-assisted RFP responses accelerate turnaround. Starting Q2 with very nice competitive core wins. Mimi added that lack of competitor innovation already created demand; consolidation announcement is potential acceleration.

Greg emphasized sales pipeline remains very robust across core and add-on products. Mimi pointed to benchmark survey showing top priorities are deposits, efficiency, and fraud, all areas where Jack Henry has been investing.

Greg explained M&A is both positive and negative. Jack-Henry-to-Jack-Henry mergers retain revenue and often add products. Competitor acquisitions generate deconversion fees. Larger institutions tend to be acquirers, benefiting JKHY.