Trevor Williams

Ron planning another high-teens year for Brazil. Non-toll products working: fuel, parking, insurance, vehicle debts, plus Sem Parar credit card now 10% of new sales. Not only creating incremental revenue with profit leverage but also helping sell core toll through differentiation. Banks getting weary from competitive pressure -- could be next domino.

Peter confirmed float headwinds (sharp pound and euro rate drops with Alpha) and lodging drag explain Q1 9% vs full-year 10%. Ron added: weighted average float compression is 70-75 bps Q1 vs Q1, shrinking to 25-30 bps by year-end. Gift also coming back to earth from mid-to-high teens to positive but lower.

Ron said half or more of first-cut synergies are free: better deposit holding rates, accounts in geographies Alpha wasn't licensed but Corpay is, public company cost removal. Next 90 days working the other half. Highly confident in at least the $0.50 number.

Ron deferred specifics: halfway through Alpha 2026 plan, traveling there next week. Mastercard pipeline conversion unknown for 90 days. Interest rate curves uncertain. May invest AI savings into more sales and marketing. Asked for patience until next quarter for detailed breakout.

Ron noted April cross-border slightly stronger, possibly June softer. Payables steady throughout. July tracking well, 1 month into Q3 with confidence.

Ron simplified: +1pt macro, -1pt lodging on ~$2B second-half revenue. Vehicle tracking to 10% and U.S. to 5%, called this 'super important' for the company.

Ron mapped quarterly path: Q2 ~12% (gift business comp swing), second half mid-single-digit U.S. Vehicle contribution plus steady Corporate Payments high-teens to 20%. Confidence high.

Sachin explained pricing reflects new product delivery, incremental value on existing products, plus lapping effects. Declined to quantify specific pricing contribution, noting it depends on ability to deliver pipeline of new capabilities.

Sachin declined to give long-term cross-border growth guidance but highlighted diversification by design, 60/40 travel/non-travel split, and card-not-present ex travel growing at roughly 20%.

Sachin cited lapping of prior wins and pricing as headwinds to growth rate, FX vol hard to predict. Base case assumes healthy consumer continues.

Sachin explained the gap is partly rounding and partly cross-border mix, GDV includes cross-border volumes growing at 20% with no associated domestic assessment revenue.

Stephanie declined to size EBT revenue but said it's not material. No shutdown impact expected; revenue based on card count, not funding amounts. Sizing potential 2026 impact from eligibility changes but don't expect it to be material.

Stephanie acknowledged any market activity creates competitive opportunity but tempered expectations: core transitions are rare, stickiness is high. FIS already completed its own platform consolidation and now focuses on bank modernization capabilities.

James quantified bad debt at ~$8M (45bps of 70bps contraction). Q4 implied ~200bps build: 100bps from lapping $33M of prior-year items at 100% margin, remaining 100bps from cost programs already stacked up with flexibility to over-deliver.

Alex confirmed PayPal supports open banking and the data access pricing changes are immaterial to their business.

Jamie provided detailed TPV breakdowns but did not disclose a specific Venmo TM dollar figure, noting growing contribution to overall TM growth and plans to share more at Investor Day.

Suh broke down the three factors, higher currency volatility discussed at length, hedging in line with strategy to mitigate FX cash flow impacts where this quarter Visa had a hedging loss offsetting a portion of favorable weaker USD impact, and mix. On mix, yields vary by client/region and US inbound is one of Visa's higher-yielding corridors being impacted by Canada to US volume weakness. Suh noted Visa is still pleased with outgrowing volumes in international, data processing, and service categories.

Ryan said the largest VAS bucket is still Visa-transaction services but off-network platforms (CyberSource, Verifi, Pismo) are growing.

Amrita explained processing partner operational flexibility change caused ~2pt headwind in Q2. Hardware costs also impacted Q3 from Handheld adoption. Expects GP and GPV growth roughly in line by Q4 exit.

Amrita confirmed high single-digit GPV for Q2 with April at 9.6%. Continues to expect GPV growth improvement through year-end driven by product investments and go-to-market enhancements.