Kyle Peterson

Said no, arguing the performance model broadens the market and remains attractive to large lenders regardless of gaming.

Weber gave a direct near-term answer on no incremental buybacks and framed rapid deleveraging off growing EBITDA.

Lansing said they are not forcing legacy-to-platform migration, leaving it to customer choice. The two trends are roughly in balance at current levels.

Weber attributed auto deceleration to tougher comps and mix shift toward lower pricing tiers rather than any fundamental weakness.

Lansing said current 30% levels are sustainable and not unreasonable to expect. Weber added platform ARR is now a larger share of total, so its acceleration lifts the overall number.

Weber confirmed no disruption from APR cap discussions, with decent card originations and active pre-qualification activity continuing.

Lansing confirmed FICO leans into stock corrections, with leverage still modest by historical standards and significant capacity for continued buybacks.

Weber confirmed no geographic or segment-specific trends, with slowdown limited to CCS usage rather than bookings or deal activity.

Lansing reaffirmed consistent buyback philosophy, noting they match free cash flow to purchases but have historically sized up during perceived mispricing.

Lansing confirmed more conservative internal rate view plus additional management haircut; Weber noted Q1 mortgage likely beat internal plan.

Lansing affirmed buyback appetite at current levels, noting they size up purchases on dips with ample authorization available.

Weber confirmed standard feathering pattern with some customers on multi-year deals that don't lap on January 1.

Weber acknowledged a few million dollars of one-time revenue in Q4, described as not material to the overall number.

Tim cited a pipeline up significantly YoY supporting confidence in another $300M-plus year, while noting the past couple of years have been hard to predict and highlighting platform-enabled growth.

Tim outlined multiple DLR growth vectors: onboarding signed clients (50% growth by December), intraday repo, going global with G7 securities, and the DLX multi-asset expansion.

Tim outlined three expansion dimensions: functional (intercompany to bilateral, real-time enabling new trade types), geographic (Europe and Asia with HQLAX investment), and asset class (other collateral types). Between DLR and Canton, added 2 points to capital markets growth. Moving to Canton mainnet when DTCC ready.

Ashima noted leverage at 1.9x below 2-2.5x target, on track for $1.1B+ free cash flow, already returned $681M to shareholders including $350M buybacks. Tim said likely record year for buybacks. Evaluating each M&A opportunity against own shares. Expect continued mix in Q4.

Tim outlined roadmap: real-time repo in H1 calendar 2026 transforming repos from financing to trading function. Other fixed income and deposits in FY27. Moving to Canton main net in H2 calendar 2026 pending DTCC readiness. Will support multiple L1s beyond Canton.

Tim said minting rate lower as of January 1 due to curve change. Plan to dollar-cost average out of holdings over multiple years. Not seeking TheraMune-like investments. Coins could become more valuable but will stay on balance sheet as potential source of value.

Tim said selling environment is pretty stable with no government shutdown impact. Sales cycles too long for a few weeks to matter. Pipeline has grown since beginning of year. Conversations are more on the transformational side.

Tim outlined strategy: DLR expanding to real-time, new asset classes, stablecoin. Canton Network potential as institutional operating system. Tokenized equities as next democratization wave for ICS. Wealth managers integrating digital assets into traditional operations with core engines enabled by early next calendar year.

Tim said backlog wobbles around 10% of recurring revenue and is not materially different YoY. A large prior-year sale inflated the comparison. Strong FY26 sales guide of $290-330M should keep things in balance.

Ashima flagged tough Q2 event-driven comp from prior year proxy activity. Q1 FY26 EPS at 12-15% of full year includes a known mutual fund proxy. Nothing else material to call out.

Management said strength was broad-based across auto, card, FI and telco, with TWN data driving adoption.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

Management addressed the question directly with specific data points.

CFO said SoFi is comfortable with PL-LPB volume and expects more meaningful growth from new asset types, self-funded within its capital range.

CEO said like-for-like Tech Platform grew ~12% and should accelerate through the year on 13 new Q1 clients and further integrations.

CEO said the lending business lets SoFi out-compete on APY; CFO cited a steady 60-70% deposit beta, with ~97% direct-deposit relationships.

CFO said LPB grew across both new and existing partners, with existing partners upsizing commitments in a flight to quality.

CFO did not guide specific LPB volume but expects continued growth and momentum in both Q3 and Q4.

CEO said the Tech Platform outlook is unchanged and expects a possible acceleration in 2026 deals as fintech capital returns.

CFO framed deposits near the 85-90% long-term funding target and pointed to pricing levers; addressed the cost question directly.

Michael said the largest forward-flow counterparty is the Sixth Street JV, alongside pension funds and insurers, not volatile retail vehicles.

Max said monthly 0% loans keep taking mix share while RLTC stays at the very high end of the 3-4% range.

Rob said no signs of consumer stress; a slight uptick in prepayments is a positive credit signal and the allowance rate remains healthy.

Max said Sixth Street is a big program he would not soon repeat at that scale; ABS and forward flow work together, warehouse stays flat.

CFO explained gain on sale moves inversely with rate spreads but did not quantify the headwind, pointing to Connect contribution margin as an offset.

CEO pointed to a rotation of capital into Figure's consumer assets amid broader private-credit weakness, without fully quantifying the institutional-vs-retail split.