Nate Svensson

Peter framed the $15M revenue and $0.20 EPS raise as immaterial, emphasizing confidence in a demanding back-half climb rather than a specific segment call-out.

Ron said 'go left' leverages AI models for procurement, contract management and price comparison decision support, a big adjacent revenue and sales opportunity.

Ron attributed Alpha outperformance to cultural integration: salespeople embraced being part of bigger company with better credit, products, and payment capabilities beyond risk management. January tracking ahead again. On Mastercard: now two closed sales (updated from one in script), 50-70 in-process opportunities particularly in Europe. Thesis proving out.

Ron noted certainty is their friend. Liberation day caused a jolt with crazy April numbers, then North America underperformed while other geographies picked up. Half of cross-border dollars are service-based not goods-based, and exposure mainly in North America (about a third of business). Any clarification would be a plus.

Ron identified three drivers: fraud packaging created 3-5 point incremental lift in 2025 above normal fulfillment, 5-6 new accounts onboarded this year, and new add-on services (website management, wallet card placement). High confidence in double-digit growth again in 2026.

Ron said three groups (Corpay, Avid, TPG) aligned on clear actions to dramatically improve profit. Mike already pulling trigger on cost cuts. Comfortable with accretion next year. Million-dollar question is growth rate -- can Avid reach mid-teens+ to trigger Corpay buying the balance.

Ron noted North America softer (Canada/Mexico), while UK/Europe/Asia stronger. Currency volatility provides ~10% uplift vs flat periods. Overall mixed with conservative second-half trim.

Ron explained car debt TAM is 3x toll (60M vs 20M vehicles) with under 5% digital penetration. UK consumer vehicle described as work in progress; given until year-end to show results.

Ron contrasted Brazil success (half of 2025 revenue growth from non-toll) with UK still in early stages. UK tech build took longer but product now connecting to fuel, EV, maintenance networks. Summer 2025 target for UK market feedback.

Ron confirmed drama is behind them, guide has U.S. Vehicle Payments exiting at 5-6% organic growth in Q4 2025. Assignment is straightforward: generate sales, new CRO leading effort.

Max said improvements center on ML-driven targeting and earlier, correct marketing of the event, without revealing surprises.

Max said the primary motive is regulatory certainty over the bank-partner model; the timeline is years and no model changes should be made.

Max and Michael said PSPs speed integration onto more doors, though Affirm still owns conversion, approvals and credit.

Niclas said the greater-than framework and seasonality leave the year ahead, with no reason to change the outlook.

Sebastian prioritized consumer preference over exclusivity; Niclas expected funding costs to decline with forward rates.

Niclas praised the Elliott partnership and said the runway supports continued capital-efficient growth.

Sachin attributed the June/July gap to calendar day mix and social security timing. Underlying July trends show strength in U.S. consumer. Spending steady across both mass and affluent segments.

Suh confirmed Q3 cross-border 11% ex intra-Europe CC in line with directional expectations. Month-to-month variation from Easter/Ramadan timing, currency weakness, US-Canada corridor. US dollar weakened further in June impacting that month. July accelerated more than 1 point from June on improvement in both travel and e-commerce, dollar strengthened versus certain currencies, strong retail spend in e-commerce, reversal of smaller June factors. Canada-to-US corridor relatively consistent. US outbound has been historically sensitive to USD strength. AP currency remained weak impacting travel. Don't believe current Canada-US dynamics are permanent structural changes.