Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew nearly 6% to approximately $80 billion globally in 2025, with U.S. GMV growing nearly 10% [4] - Revenue increased by nearly 7% to $11.1 billion, outpacing GMV growth by over 1 percentage point [6] - Non-GAAP operating income grew by roughly 7% to nearly $3.1 billion, and non-GAAP earnings per share increased by 13% to $5.52 [7][24] Business Line Data and Key Metrics Changes - Focus Categories GMV growth accelerated to over 12%, contributing significantly to overall GMV growth [4] - Recommerce accounted for over 40% of GMV on the eBay platform in 2025, driven by investments in pre-owned and refurbished goods [5] - Collectibles category was the largest contributor to GMV growth in Q4, with notable strength in trading cards and other collectibles [8][10] Market Data and Key Metrics Changes - U.S. GMV grew nearly 19% in Q4, benefiting from strength in collectibles and luxury categories [29] - International GMV declined nearly 1% on an organic FX neutral basis, impacted by macroeconomic conditions in Europe [30] - Trailing twelve-month active buyers totaled roughly 135 million in Q4, with U.S. active buyers growing at mid-single-digit rates [30] Company Strategy and Development Direction - The company plans to accelerate investments in strategic growth vectors like eBay Live and vehicles, which are expected to drive future growth [25][26] - The acquisition of Depop for approximately $1.2 billion is aimed at strengthening the C2C value proposition and expanding the company's presence in the fashion market [7][47] - The focus on AI-driven solutions, such as the next generation of Magical Listing and Agentic Search, is expected to enhance user experience and drive sales [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying health of the business, citing broad-based strength across strategic priorities [52] - The company anticipates continued strength from focus categories, C2C, and recommerce in 2026, despite potential headwinds from trade policies [41] - Management highlighted the importance of operational discipline and strategic investments to navigate a dynamic macro environment [7][49] Other Important Information - The company exceeded its five-year impact goals, achieving a cumulative positive economic impact of close to $25 billion from the sale of pre-loved goods [22] - The company plans to target share repurchases and dividends totaling between 90%-100% of free cash flow in a normal year [44] - The company is adopting new accounting standards that will impact revenue recognition and operating income reporting starting in 2026 [36] Q&A Session Questions and Answers Question: What has changed to drive the improvement in domestic market performance? - Management noted that years of investment are paying off, with broad-based strength across strategic priorities driving significant GMV growth [52] Question: How much contribution from newer emerging vectors like eBay Live is expected in the guidance for this year? - Management emphasized that while they are excited about new growth vectors, the core business's strength remains the primary driver of growth [54] Question: Are there any changes in the competitive environment in key international markets? - Management acknowledged a divergence between the U.S. and international markets, with Europe facing more challenges due to low consumer confidence [57] Question: What user behavior changes are expected with the rollout of agentic commerce? - Management expressed confidence that the differentiated experiences being built will position the company well in the agentic AI world, enhancing user engagement and reducing transactional friction [62]

Financial Data and Key Metrics Changes - The company expects 2026 EBITDA margin to be slightly up compared to 2025, excluding the impact of the Deliveroo acquisition, which is projected to contribute about $200 million of EBITDA [10][11][12] - The U.S. restaurant business continues to show strong performance, with contribution margins up year-over-year in Q4 [41][42] Business Line Data and Key Metrics Changes - The new verticals business, including retail and grocery, had a strong quarter and is the fastest growing in the U.S. among third-party peers, with 30% of miles ordered from categories outside of restaurants [24][48] - The company is focused on improving unit economics in the retail and grocery business, expecting it to be unit economic positive in the second half of the year [24][41] Market Data and Key Metrics Changes - The company has not seen an impact on growth from competition in the grocery sector, continuing to achieve high growth rates [47] - The company is expanding its fulfillment services to enhance quality and compete against larger players like Amazon [50] Company Strategy and Development Direction - The company aims to build an operating system for local commerce, integrating software, warehousing, and delivery services to support small and medium businesses [19][22] - Investments are being made in autonomous delivery vehicles and technology to improve operational efficiency and customer experience [39][40] Management's Comments on Operating Environment and Future Outlook - Management feels confident about the company's position in Europe, reporting faster growth compared to the U.S. and successful integration of the Deliveroo acquisition [8][9] - The company is focused on maximizing long-term free cash flow through strategic investments in technology and service offerings [11][12] Other Important Information - The company is transitioning to a single tech stack to improve efficiency and speed of feature development across markets [60][76] - The DashPass program is seen as critical for driving customer engagement and order frequency, with plans to enhance its value proposition [66][69] Q&A Session Summary Question: Competitive intensity in Europe and investment levels for 2026 and 2027 - Management reported strong growth in Europe and indicated that investment levels will be similar to previous expectations, with some costs extending into 2027 [8][10] Question: Details on longer distance and higher effort deliveries - Management explained that investments are being made in DashMart and DashLink to enhance e-commerce capabilities and improve delivery efficiency [16][18] Question: Strategy for autonomous delivery platform - The company envisions a fleet of various delivery vehicles, both autonomous and traditional, to optimize delivery operations [39][40] Question: Reasons for lower unit economics improvement in the U.S. restaurant business - Management indicated that while the restaurant business remains strong, growth in unit economics will be slower due to various factors, including seasonal impacts and ongoing investments [41][42] Question: Growth in grocery and perishables amid competition - Management confirmed continued high growth rates in the grocery sector, emphasizing the importance of choice for consumers [47][50] Question: Updates on the storefront software business and tech stack - Management reported positive integration progress with SevenRooms and expects significant benefits from the tech stack transition throughout 2026 [72][76]

Financial Data and Key Metrics Changes - The company expects 2026 EBITDA margin to be slightly up compared to 2025, excluding Deliveroo, which is projected to contribute about $200 million of EBITDA [10][11][39] - The U.S. restaurant business contribution margin was up year-over-year in Q4, with expectations for continued margin improvement in 2026 [41][42] Business Line Data and Key Metrics Changes - New verticals, including retail and grocery, had a strong quarter and year, with 30% of miles in the U.S. coming from categories outside of restaurants [24][48] - The company aims to increase the percentage of miles from grocery and retail to 100% over time, with improvements in selection and efficiency driving growth [24][41] Market Data and Key Metrics Changes - The company reported high growth rates in the grocery sector, with no significant impact from competition, particularly from Amazon [47][50] - The company is expanding its capabilities with DashMart Fulfillment Services to enhance quality and compete effectively against larger players [50] Company Strategy and Development Direction - The company is focused on building an operating system for local commerce, integrating software, warehousing, and delivery infrastructure to support small and medium businesses [19][22] - Investments are being made in autonomous delivery platforms, with a vision for a fleet of vehicles to serve both urban and suburban areas [39][85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position in Europe, highlighting faster growth compared to the U.S. and successful integration of Deliveroo [8][9] - The management emphasized the importance of maximizing long-term free cash flow through strategic investments in technology and service offerings [11][12] Other Important Information - The company is making significant investments in its global tech stack, with expectations for improved efficiency and feature development velocity [60][76] - The DashPass program is seen as critical for driving consumer engagement and order frequency, with plans to enhance its value proposition [66][69] Q&A Session Summary Question: Competitive intensity in Europe and investment levels for 2026 and 2027 - Management noted strong positioning in Europe and faster growth post-Deliveroo acquisition, with consistent investment levels expected [8][10] Question: Details on longer distance and higher effort deliveries - Management discussed the evolution of Dashers and the integration of software to support complex deliveries, emphasizing the need for improved pay models [18][22] Question: Strategy for autonomous delivery platform - Management outlined plans for a fleet of delivery vehicles, emphasizing the orchestration of deliveries between Dashers and autonomous vehicles [39][40] Question: Reasons for lower unit economics improvement in U.S. restaurant business - Management indicated that while margins are improving, the pace will be slower due to ongoing investments and seasonal factors [41][42] Question: Growth in grocery and perishables amid competition - Management reported continued high growth rates in grocery, asserting that consumer preference for choice supports their strategy [47][50] Question: Insights from Deliveroo acquisition - Management highlighted early successes and identified numerous small improvements that can enhance customer offerings [58][59] Question: Update on storefront software business and tech stack timing - Management confirmed positive integration with SevenRooms and expects significant tech stack benefits to materialize throughout 2026 [72][76]

Financial Data and Key Metrics Changes - The company reported a strong performance in Q4 2025, with the U.S. restaurant business showing a year-over-year increase in contribution margin [42] - The EBITDA margin for 2026 is expected to be slightly higher compared to 2025, excluding the impact of the Deliveroo acquisition, which is projected to contribute approximately $200 million to EBITDA [8][87] Business Line Data and Key Metrics Changes - The new verticals business, which includes retail and grocery, had a strong quarter and is expected to achieve unit economic positivity in the second half of the year [22][24] - The company is seeing continued growth in categories outside of restaurants, with 30% of miles ordered from these new verticals [22][23] Market Data and Key Metrics Changes - The company has not observed any negative impact on growth from competitors like Amazon in the grocery sector, maintaining high growth rates [48] - The company is expanding its fulfillment services to enhance quality and compete effectively against larger players [51] Company Strategy and Development Direction - The company aims to build an operating system for local commerce, focusing on software, warehousing, and delivery infrastructure to support small and medium businesses [15][19] - Investments are being made in autonomous delivery vehicles and technology to improve operational efficiency and customer experience [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position in Europe, highlighting faster growth compared to the U.S. and successful integration of the Deliveroo acquisition [6][7] - The company anticipates continued improvements in margins and profitability, despite some expected lower growth rates in the U.S. restaurant business due to increased investments [42][43] Other Important Information - The company is focusing on enhancing the DashPass subscription service, which is critical for driving customer engagement and order frequency [66][69] - The integration of SevenRooms is expected to accelerate the growth of the storefront software business, improving venue addition rates significantly [72] Q&A Session Summary Question: Competitive intensity in Europe and investment levels for 2026 and 2027 - Management noted strong positioning in Europe and faster growth post-Deliveroo acquisition, with investment levels expected to remain consistent into 2027 [6][8] Question: Details on longer distance and higher effort deliveries - Management explained that investments are being made to support complex deliveries, including grocery and retail, enhancing the overall delivery experience [13][20] Question: Strategy for autonomous delivery platform - The company is developing a fleet of autonomous vehicles for diverse delivery needs, with ongoing live deliveries already taking place [39][40] Question: Impact of higher Dasher costs on Q1 margins - Management indicated that Q1 margins would be impacted by seasonal factors and front-loaded investments, but overall Dasher costs as a percentage of gross order value are expected to show leverage [52][53] Question: Updates on the Deliveroo acquisition and tech platform modernization - Management highlighted positive early results from the Deliveroo acquisition and ongoing improvements in tech platform efficiency, with benefits expected to materialize throughout 2026 [58][60]

Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew nearly 6% to approximately $80 billion globally in 2025, with U.S. GMV growing nearly 10% [4] - Revenue increased by nearly 7% to $11.1 billion, outpacing GMV growth by over 1 percentage point [6] - Non-GAAP operating income grew by roughly 7% to nearly $3.1 billion, and non-GAAP earnings per share increased by 13% to $5.52 [8] Business Line Data and Key Metrics Changes - Focus Categories GMV growth accelerated to over 12%, contributing significantly to overall GMV growth [4] - Recommerce accounted for over 40% of GMV on the eBay platform in 2025, with strategic investments driving this segment [5] - The collectibles category was the largest contributor to GMV growth in Q4, driven by trading cards and other collectibles [9] Market Data and Key Metrics Changes - U.S. GMV grew nearly 19% in Q4, benefiting from strength in collectibles and luxury categories [31] - International GMV declined nearly 1% on an organic FX neutral basis, impacted by macroeconomic conditions in Europe [32] - Trailing twelve-month active buyers totaled roughly 135 million in Q4, with U.S. active buyers growing at mid-single-digit rates [32] Company Strategy and Development Direction - The company plans to accelerate investments in areas like eBay Live, Vehicles, and full-funnel marketing to support key categories and geographies [8] - The acquisition of Depop for approximately $1.2 billion aims to strengthen the C2C value proposition and expand the company's presence in the fashion market [9][48] - The company is focusing on enhancing its AI capabilities to improve user experience and operational efficiency [20][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying health of the business, noting broad-based strength across strategic priorities [54] - The company anticipates continued growth in 2026, driven by established strategic priorities and emerging growth vectors [43] - Management acknowledged challenges in international markets but highlighted resilience in the U.S. market [60] Other Important Information - The company exceeded its five-year impact goals, achieving a cumulative positive economic impact of close to $25 billion from the sale of pre-loved and refurbished goods [24] - The company plans to target share repurchases and cash dividends totaling between 90%-100% of free cash flow in a normal year [46] Q&A Session Summary Question: What has changed to drive improvement in the domestic market? - Management noted that years of investment are paying off, with broad-based strength across strategic priorities driving significant GMV growth [54] Question: How much contribution from newer emerging vectors like eBay Live? - Management emphasized that while new growth vectors are exciting, the core business remains the primary driver of strength [56] Question: Changes in the competitive environment in key markets? - Management acknowledged a dynamic macro environment, with the U.S. showing resilience while Europe faces challenges [60] Question: User behavior changes expected with the rollout of agentic features? - Management expressed confidence in the differentiated experience being built, leveraging AI to enhance user interactions and reduce transactional friction [63]

Financial Data and Key Metrics Changes - For the full year 2025, adjusted net revenue was $9.32 billion, a 6% increase from the prior year on a constant currency basis, excluding dispositions [40] - Adjusted operating margin improved by 100 basis points to 44.2% for the full year [41] - Adjusted earnings per share (EPS) for the full year was $12.22, a 12% increase compared to 2024 [42] - In Q4, adjusted net revenue was $2.32 billion, reflecting a 6% increase year-over-year on a constant currency basis [42] - Adjusted operating margin for Q4 increased by 80 basis points to 44.7% [42] - Adjusted EPS for Q4 was $3.18, a 12% increase compared to the prior year [42] Business Line Data and Key Metrics Changes - Merchant Solutions segment achieved adjusted net revenue of $1.78 billion for Q4, reflecting growth of slightly over 6% [43] - POS and software business within Merchant Solutions achieved high single-digit growth in Q4 [43] - Genius's payments attach rate in the enterprise segment nearly doubled in Q4, enhancing customer lifetime value [44] - Integrated and embedded business grew in the high single digits in Q4 [44] - Core payments delivered mid-single-digit growth in Q4, benefiting from strong distribution channels [45] Market Data and Key Metrics Changes - Revenue in Central Europe grew in the mid-teens, with Greece experiencing one of the strongest quarters on record [45] - New sales in the U.S. during Q4 were 35% higher than the prior year, marking the strongest quarter in several years [45] Company Strategy and Development Direction - The acquisition of Worldpay is seen as a pivotal moment for the company, aimed at creating a better Global Payments with enhanced scale and capabilities [4][5] - The company plans to invest approximately $1 billion annually in commerce technology to expand omni-channel offerings and advance AI-enabled product roadmaps [12] - Four strategic pillars include pure-play focus, client-centric approach, enhanced capabilities through innovation, and global reach with local expertise [16] - In 2026, the company will focus on integrating Worldpay, accelerating go-to-market strategies, expanding Genius, and leveraging AI for new revenue streams [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $200 million in annualized revenue and $600 million in expense synergies over the next three years from the Worldpay integration [17] - The company expects constant currency adjusted net revenue growth of approximately 5% for 2026, with modest acceleration anticipated in the second half of the year [50][51] - Management highlighted the importance of a disciplined integration plan to support future growth and the need to unite as one global team [38][39] Other Important Information - The company generated strong free cash flow in 2025, with over 100% adjusted free cash flow conversion [7] - A $2.5 billion share repurchase authorization was approved, with an immediate repurchase of $550 million of shares [8] - The company plans to return more than $2 billion of capital to shareholders in 2026 through share repurchases and dividends [52] Q&A Session Summary Question: What is the split between enterprise and SMB growth? - Management indicated that the merchant business exited the year a little over 6% organically, with SMB approximately 50% of revenue composition and enterprise and platforms each representing about 25% [59][62] Question: What is the trajectory of the expected synergies? - The company expects to realize $600 million in cost synergies over three years, with $70 million-$80 million expected in 2026 [69][70] Question: How is the cross-sell into the SMB business at Worldpay progressing? - Management expressed optimism about cross-selling capabilities into the existing Worldpay base and leveraging distribution platforms to enhance market penetration [71][72]

Financial Data and Key Metrics Changes - For the full year 2025, adjusted net revenue was $9.32 billion, a 6% increase from the prior year on a constant currency basis, excluding dispositions [41] - Adjusted operating margin improved by 100 basis points to 44.2% for the full year [41] - Adjusted earnings per share (EPS) for the full year was $12.22, a 12% increase compared to 2024 [42] - In Q4, adjusted net revenue was $2.32 billion, reflecting a 6% increase from the prior year on a constant currency basis [42] - Adjusted operating margin for Q4 increased by 80 basis points to 44.7% [42] Business Line Data and Key Metrics Changes - Merchant Solutions segment achieved adjusted net revenue of $1.78 billion in Q4, growing slightly over 6% on a constant currency basis [43] - POS and software business within Merchant Solutions achieved high single-digit growth in Q4 [43] - Genius's payments attach rate in the enterprise segment nearly doubled in Q4, enhancing customer lifetime value [44] - Integrated and embedded business grew in the high single digits in Q4 [44] Market Data and Key Metrics Changes - In the U.S., new sales in Q4 were 35% higher than in the prior year, marking the strongest quarter in several years [45] - Internationally, revenue in Central Europe grew in the mid-teens, with Greece experiencing one of its strongest quarters on record [45] Company Strategy and Development Direction - The acquisition of Worldpay is seen as a pivotal moment for the company, aimed at creating a better Global Payments with enhanced scale and capabilities [4][5] - The company plans to invest approximately $1 billion annually in commerce technology to expand omnichannel offerings and advance its AI-enabled product roadmap [12] - Four strategic pillars include pure-play focus, client-centric approach, enhanced capabilities through innovation, and global reach with local expertise [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $200 million in annualized revenue and $600 million in expense synergies over the next three years from the Worldpay integration [17] - The company expects constant currency adjusted net revenue growth of approximately 5% for 2026, with modest acceleration anticipated in the second half of the year [50][51] - Management emphasized a focus on delivering exceptional value and experiences for clients and partners, aiming for sustainable growth and long-term value creation [38][54] Other Important Information - The company generated strong free cash flow in 2025, with over 100% adjusted free cash flow conversion [7] - A $2.5 billion share repurchase authorization was approved, with plans to return more than $2 billion to shareholders in 2026 through share repurchases and dividends [52][54] - The company ended Q4 with a leverage ratio of 2.9 times and a healthy balance sheet post-Worldpay acquisition [48] Q&A Session Questions and Answers Question: What is the split between enterprise and SMB growth? - Management indicated that the merchant business exited the year a little over 6% organically, with SMB approximately 50% of revenue composition and the other 50% split between platforms and enterprise [60][62] Question: What is the trajectory of the synergies expected as the year progresses? - The company expects to realize $600 million in cost synergies over the next few years, with $70 million-$80 million expected in 2026 [69][70] Question: How is the cross-sell into the SMB business at Worldpay progressing? - Management expressed optimism about cross-selling capabilities into the existing Worldpay base and leveraging distribution platforms to enhance market penetration [71][72]

Financial Data and Key Metrics Changes - 2025 was a record-breaking year for the company, with GMV reaching approximately $6.57 billion, up 35% year-on-year, and revenues totaling $962 million, up 28% [12][13][32] - Q4 2025 saw GMV of $2.36 billion, with growth accelerating to over 37% year-on-year, and revenue growth also accelerated to 28% year-on-year, totaling $337 million [12][33] - Adjusted EBITDA for Q4 was $87.2 million, up 53% year-on-year, representing a margin of 25.9%, and for the full year, Adjusted EBITDA was $198.5 million, a 41% growth rate with a margin of 20.6% [13][38] Business Line Data and Key Metrics Changes - Service fee revenue in Q4 was $160.9 million, up 37%, while fulfillment services revenue increased by 21% to $175.7 million [34] - Non-GAAP gross profit margin for Q4 was 46.8%, up 80 basis points from the same quarter last year, and non-GAAP gross profit was $157.5 million, up 30% year-on-year [13][34] Market Data and Key Metrics Changes - The company experienced strong holiday sales, achieving its first-ever billion-dollar GMV month in November 2025 [12] - The annual NDR rate was 122%, indicating strong retention and growth among existing merchants [33][80] Company Strategy and Development Direction - The company is executing a multi-year strategic plan aimed at solidifying its leadership in global e-commerce enablement, with a focus on expanding offerings and onboarding new merchants [9][10] - AI deployment across various functions is expected to drive efficiencies and enhance service levels, contributing to profitability growth [14][18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve long-term strategic goals, with expectations for revenue growth acceleration from 27.8% in 2025 to close to 30% in 2026 [10] - The dynamic global tariff landscape is seen as an opportunity for the company's services, enhancing the value of its merchant of record offerings [29] Other Important Information - The company achieved GAAP profitability for the first time in 2025, with a GAAP EPS of $0.39, and plans to continue being GAAP profitable in future years [14][38] - A share buyback program was initiated, with $72 million in repurchases completed in Q4 2025 [14][41] Q&A Session Summary Question: Can you delineate between FX-driven impacts versus same-store sales? - Management noted that strong GMV results were driven by new merchants and robust same-store sales, with some contribution from favorable FX tailwinds [46][47] Question: What are the growth drivers and dependencies for the outlook? - The booking pipeline is strong, with increased demand driven by global tariff changes and the impact of AI-led sales tools [50][52] Question: How does AI impact the value proposition for merchants? - AI is expected to enhance trading models and optimize operations, benefiting merchants through improved efficiencies [56][58] Question: What is the outlook for service fee take rates? - Service fee take rates are expected to remain stable, while fulfillment take rates may see slight declines due to changes in the business model [60][61] Question: What changes have been made in the Managed Markets offering? - The new iteration integrates all services through Shopify Payments, enhancing operational efficiency for merchants [69][70]

Financial Data and Key Metrics Changes - For the full year 2025, adjusted net revenue was $9.32 billion, a 6% increase from the prior year on a constant currency basis, excluding dispositions [38] - Adjusted operating margin improved by 100 basis points to 44.2% for the full year [38] - Adjusted earnings per share (EPS) for the full year was $12.22, a 12% increase compared to 2024 [39] - In Q4, adjusted net revenue was $2.32 billion, reflecting a 6% increase from the prior year on a constant currency basis [39] - Adjusted operating margin for Q4 increased by 80 basis points to 44.7% [39] Business Line Data and Key Metrics Changes - Merchant Solutions segment achieved adjusted net revenue of $1.78 billion for Q4, with growth slightly over 6% on a constant currency basis [40] - Genius's payments attach rate in the enterprise segment nearly doubled in Q4, enhancing customer lifetime value [41] - New POS locations in Q4 were 25% higher than the previous year, with enterprise restaurant rooftop count over 50% higher than the end of 2024 [40] Market Data and Key Metrics Changes - In the U.S., new sales in Q4 were 35% higher than the prior year, marking the strongest quarter in several years [42] - Internationally, revenue in Central Europe grew in the mid-teens, with Greece experiencing one of its strongest quarters on record [42] Company Strategy and Development Direction - The acquisition of Worldpay is seen as a pivotal moment for the company, aimed at creating a better Global Payments with enhanced scale and capabilities [3][4] - The company plans to invest approximately $1 billion annually in commerce technology to drive innovation and expand omni-channel offerings [11] - Four strategic pillars include pure-play focus, client-centric approach, enhanced capabilities, and global reach [12][14] Management's Comments on Operating Environment and Future Outlook - The company expects constant currency adjusted net revenue growth of approximately 5% for 2026, with modest acceleration anticipated in the second half of the year [46][50] - Management remains optimistic about the integration of Worldpay and the potential for revenue synergies, particularly in the SMB channel [68][70] Other Important Information - The company generated strong free cash flow in 2025, with over 100% adjusted free cash flow conversion [5] - A $2.5 billion share repurchase authorization was approved, with an immediate repurchase of $550 million of shares [7] Q&A Session Summary Question: What is the split between enterprise and SMB growth? - Management indicated that the merchant business exited the year a little over 6% organically, with SMB approximately 50% of revenue composition and the other 50% split between platforms and enterprise [57][59] Question: What is the trajectory of expected synergies? - The company expects to realize $600 million in cost synergies over three years, with $70 million-$80 million expected in 2026 [66] Question: How is the cross-sell into the SMB business at Worldpay progressing? - Management expressed optimism about cross-selling capabilities into the existing Worldpay base and leveraging distribution platforms to enhance market penetration [68][70]

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