Rayna Kumar

how should we think about incremental USDC on platform growth from x402 adoption? And over time, how meaningful could transaction fees on Base and from the x402 facilitator really become?

Could you talk about just some of the drivers that'll get lodging back up to low single-digit growth this year?

Are you seeing any different trends across SMBs versus your larger fleet clients? And can you talk about same-store sales trends for both segments?

I know you mentioned earlier that hiring, particularly white collar hiring continues to remain stressed.

How much of the total resellers market would you say the 5 represent just to like establish some size on these wins?

on your last earnings call, you discussed some operational hurdles in having resellers move to the direct model. Can you just talk about how you're addressing some of those hurdles?

help us understand the usage of FICO scores in the downstream market. How material is it to total mortgage core volume

Can you talk a little bit about any potential dissynergies that may be tied to the sale of your Worldpay business

how are they thinking about IT spending for the next 6 to 12 months? And then separately, any read -- initial read on FY '27 revenue growth and margins

do you expect 3Q sales results to come in better? And are you starting to see the impact from the core consolidation news from one of your competitors

can you talk a little bit about what you're seeing out there in terms of pricing for core systems and ancillary services

Can you talk about how sustainable this type of margin expansion is going forward? And maybe how margin could look for the remainder of the year by quarter

in terms of the project delays that you experienced in the third quarter, what are you hearing on a time line

you've spoken about 20 to 40 basis points of margin expansion as a medium-term target

are you seeing any increased competition at the low end of the market from a large competitor that's been calling out these wins

Could you just talk a little bit about what gives you confidence on the back half of revenue acceleration and what the key drivers will be

Do you think if this macro environment persists, there could be upside to your 25 to 40 basis point margin expansion target

your progress in gaining market share in regions that have strong at [ A/A ] players like Pix in Brazil and UPI in India

Could you give us an update on your progress in gaining market share in Europe

I noticed in Latin America, there was a slight deceleration in volume versus last quarter

Can you talk specifically about your expectations for Cash App Borrow growth in '26?

Can you talk a little bit about some of the returns you're seeing on these investments and if it's scaling as you expected?

Could you walk us through some of the products that will be the biggest driver behind Square's, gross profit acceleration this year?

Could you elaborate on any feedback that you're getting from vendors on your initial testing your enhanced Square for Restaurant point-of-sale experience?