Jamie Friedman

Fejes said AI native is 11% of the business on a deliberately narrow definition (excluding AI-assisted revenue) and expects it to start lifting overall growth once it crosses a threshold.

CFO confirmed profitability improvement on track with price gains in Q1, utilization improvements, lower bench costs, and improving seniority index. SG&A optimization expected more in out years as 2026 focuses on go-to-market investments.

CEO described deploying AI/Run Transform playbook combining global capabilities augmented with AI to challenge the status quo in vendor landscapes. Leverages Level 1-3 AI SDLC maturity capabilities demonstrated at Investor Day to bring differentiated propositions to larger clients.

CFO expects fixed-fee mix to continue increasing in 2026 but not dramatically (not going from 20% to 50%). Different fixed-fee types have varying cash flow impacts. Milestone payments could improve cash collection timing. Reiterated FCF conversion expected in 80-90% range. Share repurchases to remain active especially in H1 2026.

CFO acknowledged revenue per head improvement but attributed to multiple factors: FX, price, utilization, revenue recognition timing, and contractor mix not in denominator. Some specific Q4 revenue recognition where work done earlier was recognized in Q4. Even adjusted for these benefits, still had a beat vs original guidance.

CEO explained agentic development lifecycle is as complex or more complex than SDLC. Requires automating previously manual processes with ROI considerations. Companies will need to partner with firms like EPAM for AI factory model implementation.

CFO distinguished between traditional fixed-price risk and monthly fixed-fee arrangements. Noted acquisitions contributed to mix shift.

CEO acknowledged pricing pressure across both run and change engagements, but expects change demand to help pricing improve.

Julie said clients buy ROI-driven solutions across functions rather than discrete strategy vs technology consulting.

Angie said fixed-price work is over 60% and rising, with no material margin difference versus other constructs.

Julie said this wave is moving faster than prior technology evolutions. They started from a strong base of 500K people already trained on classical AI from FY2019.

Julie explained the metric isolates genuinely new AI spend. Data is critical and growing but is part of the digital core. One out of every two GenAI projects has significant data pull-through.

Max said Adapt and Boost are now sold together and will be rebranded Affirm Checkout, with more stats reserved for the forum.

Max said 0% participants skew higher credit quality and were mostly existing consumers; full 0% Days learnings come next quarter.

Max explained AdaptAI automatically tunes the best financing offer per consumer, an early 5% GMV lift with more expected.

Michael did not break out a number but said Affirm is the fastest-growing of its large competitors, helped by distribution.

Direct. Dalal named the three modeled variables, new/expansion bookings mix, deal ramps moving to billable, and lower assumed furloughs.

Partial. Kumar described Belcan-driven public sector traction and physical AI opportunity but gave no figures against the original deal expectations.

Ravi confirmed Vector 1 (productivity) well ahead, with code generation at 30%. Vector 3 (agentification) surprisingly catching momentum with projects nearly doubling to 2,500.

Ravi clarified innovation means using AI/Agentic to change processes, better experience, faster throughput, lower cost, not purely discretionary growth spend. Still runway on Vector 1.

Paul attributed the Financial Solutions -8% to nonrecurring revenue comps concentrated in the segment, arguing underlying volumes (Finxact, Zelle, accounts) continued to grow.

Mike Lyons highlighted Finxact as largest modern core platform by accounts. Named Best SaaS for FinTech at 2026 FinTech Awards. Emphasized cloud-agnostic, asset-agnostic positioning and growing embedded finance space.

Mike Lyons pointed to healthy underlying volumes not translating due to comparable headwinds. Paul Todd expects growth in all 3 FI business lines in H2 2026.

Bob Hau clarified processing grew 4% ex-term fee comp. Expects roughly flat to slightly positive over extended period as smallest merchant business line.

Osvaldo clarified on-platform is in marketplace economics, not acquiring. Online has higher take rate than POS. Mexico interchange cap was postponed by the regulator.

Osvaldo defined principality as 50%+ of income flowing through Mercado Pago. Key missing feature is salary deposit capability, pending banking license in Mexico.

Osvaldo explained NIMAL for credit card remains flat but improving for older segments. Argentina's declining inflation compressed its high NIMAL while its portfolio share increased.

Osvaldo disclosed blue money (credit + Mercado Pago account) represents 20-30% of marketplace GMV depending on country, trending upward across all markets.