Ramsey El-Assal

What degree did federal contracting or sort of lack thereof on bookings in the quarter?

I'm just curious if you're seeing any renewed demand or interest from your clients on blockchain

international has been a bread spot in the business for quite some time. Is there a way to accelerate that strategy

The PEO segment margins came in a little bit below our model. And you mentioned a few drivers. I think one of them was higher selling expenses

I just was wondering if you could speak to your confidence level about getting to where you need to get to deeper in the year

Could you comment on the pricing environment right now? How does it feel in terms of your ability to deploy pricing

the pricing contribution in fiscal '26 whether it's more analogous to what we've seen maybe historically or whether it remains a little bit elevated just given inflation

I could ask about the software international bookings that you called out, a little more color there? Is it sort of a particular regions

what do you think of the growth opportunity there in the addressable market? Is there a large opportunity for embedded across potentially other distribution channels

In the context of the Paychex's Paycor acquisition, do you see any changes in the M&A environment or in your appetite to do deals

Don, would you comment a bit further on the drivers of the implied slower PEO revenue growth in the back-half

Retention continues to outperform expectations. Can you update us on the drivers here, new products, technology

on PEO margins, they came in better than expected in the quarter and you listed your full year margin expectations for the segment

Can you give us an update on the competitive environment and on the drivers that have enabled you to win share despite the down market?

Can you help us think through your M&A strategy at this point? What parts of the business are you looking to bolster with M&A?

is that where you see the most opportunity right now? Is that the more beneficial market segment?

Maybe just talk about the underlying drivers there, the underlying business momentum

Can you just give us an update on what you're seeing in the marketplace in terms of demand

Can you give us your thoughts on whether the conversion of that sales to revenue, the timing of that conversion of bookings to revenue has changed

I'm just curious in terms of your visibility to what arrived in Q2 versus what may come in Q3?

should we expect retention -- overall company retention rates to climb up over time just given the mix shift to corporate payments?

I'm just wondering if we should expect that Lodging business to revert over time back up to the normalized historical growth rate

a follow-up for me on the expanding payables business into Europe. Similar question as one before about moving into enterprise with Corporate Payments. What do you need to do there?

Will Belcan kind of completely dodge the DOGE acts just given the critical nature of the offerings there?

I'm just trying to understand the degree to which maybe you see it as particularly ring-fenced by a particular client or geography

how should we expect that to trend, as we move through the year? Are some of these drivers more persistent, or do you expect things to normalize

Are you starting to sense now that you might be able to, you know, deploy a little bit of pricing later in the year, or is that it's still too early to call

I wanted to ask about the pace of the shift in capital markets to higher-quality recurring revenue within the segment

The 2025 free cash flow conversion guidance definitely higher than '24, a bit below the medium-term guide

On Clover volumes, Bob mentioned some Canada headwinds. I'm just curious, were those headwinds do you interpret those headwinds as being kind of idiosyncratic to Canada

I wanted to ask about Cash Flow Central at you give us your latest thoughts, Frank or Bob, on when it will become a material contributor to the P and L

What parts of the business will these sales additions be stacked against? Is it mostly SMB and Genius? Is it Worldpay offerings, cross-selling?

What is the macro backdrop that you're contemplating in guidance? Are you baking in any conservatism or deterioration in the environment?

at Investor Day, you called out winding down some enterprise customer contracts, I believe, in core. Has that process begun?

just get your thoughts on levels of engagement there and also the degree to which you might have a plan to cross-sell

Was wondering if you could comment a little bit further on the push into private markets in terms of the asset types that will be available

could you give us a view on the health of the consumer? It's a very noisy kind of media political environment

I'm just curious if you're expecting any, or are you seeing any tailwinds or headwinds from policy changes

does that also apply to cross-sell or new product attach? Or is that something that you can kind of turn on more quickly?

How should we think about the bookings conversion to revenues for Paycor relative to legacy Paychex, Inc.? Do the larger clients translate into sort of a slower conversion process or not so much?

What's the runway at this point for further benefits from AI and automation? Is this sort of a new input to your kind of margin algorithm?

How should we think about pricing as perhaps a lever you might be able to pull if you see any macro deterioration? I guess, what kind of headroom do you see for pricing at this point?

I'm just curious about how we should think about that given what the Fed sort of announced yesterday, do you see this range being a little more conservative

How meaningful was the tariff headwind on branded online checkout TPV in Q2? And in July, are you seeing a stable tariff-related headwind

Do you expect an impact from that, I guess, and if so, if you could help us dimensionalize the impact

Can you give us your updated thoughts on your sort of confidence level, timing and toolkit to reaccelerate unbranded volume growth

I wanted to ask about your commentary on stablecoins of $4.6 billion of settlement

What are your latest thoughts on the demand for those stablecoin settlements or other stablecoin payments

Can you take a step back and give us an overview of your overarching AI strategy?

do you see AI as a new competitive vector where Block has an opportunity, maybe a rare opportunity to sort of leapfrog competitors or redefine the competitive landscape?

maybe you could help us think through sizing the opportunity, how much investment or build is required here?