Core Insights - Adyen reported a net revenue of 1.27 billion euros ($1.51 billion) for the second half of 2025, reflecting a 21% increase on a constant currency basis, indicating strong growth compared to European competitors and U.S. firms like PayPal and Stripe [1] - The full-year revenue for Adyen also rose by 21% to 2.36 billion euros, with the core profit margin expanding to 53% from 50% the previous year, driven by increased wallet share among existing customers and effective cost management [1] - The company forecasts revenue growth of 20-22% for 2026 and expects the EBITDA margin to exceed 55% by 2028 [1] Financial Performance - Adyen's revenue for the second half of 2025 was 1.27 billion euros, marking a 21% increase [1] - The full-year revenue reached 2.36 billion euros, also up 21% [1] - The core profit margin improved to 53%, up from 50% year-over-year [1] Market Position - Adyen has solidified its position in the market, outpacing struggling European rivals and competing effectively against U.S. giants [1] - The company processed 173 billion euros in transactions through point-of-sale terminals in the second half of the year, a 26% increase from the previous year [1] - Partnerships with key clients such as Starbucks and Uber have contributed to Adyen's growth in unified commerce [1]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on restaurant and retail sectors, moving away from banking and ATM businesses [4][6] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [4] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, emphasizing end-to-end payment capabilities and integration of various solutions [3][4] - The company has introduced a new suite of products built on a single platform for both restaurant and retail sectors, enhancing its service offerings [6][21] Market Data and Key Metrics Changes - The company has established a six-year exclusive agreement with Chipotle to adopt new technology, indicating strong market demand for innovative solutions [18][82] - The company serves a diverse client base, including large multinational brands, mid-market growth brands, and smaller clients through indirect channels [82] Company Strategy and Development Direction - The company is focused on operational discipline and execution, aiming to improve its "say-do ratio" to enhance predictability for customers [12][14] - A customer-centric culture is being cultivated, with a commitment to treating every customer as the most important [16][20] - The company is leveraging AI capabilities to accelerate solution development and enhance operational efficiency [28][44] Management's Comments on Operating Environment and Future Outlook - The management anticipates continued pressure on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [35][87] - The company believes that focusing on customer experience and hospitality will be crucial for growth and differentiation in the industry [88][92] Other Important Information - The company is witnessing a significant shift towards AI adoption in the restaurant industry, with a focus on self-service technologies and autonomous decision-making systems [46][61] - Data is categorized into three buckets: customer data, operational data, and business data, which are essential for enhancing customer experiences and operational efficiency [67][79] Q&A Session Summary Question: What is the company's view on the state of the consumer today? - The company notes that consumer sentiment is low, and raising prices without innovation may lead to customers trading down to cheaper options [85][87] Question: How is the company leveraging AI in its operations? - The company is using AI for various applications, including marketing, staff training, and operational decision-making, with a focus on enhancing efficiency and customer experience [44][46][61] Question: What are the main takeaways for the industry this year? - The company emphasizes its long history, commitment to customer-centric solutions, and the introduction of innovative products as key messages for the industry [102][104]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on the restaurant and retail sectors, moving away from its previous banking and ATM business [4][6] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [4] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, emphasizing end-to-end payment capabilities and integrated solutions for restaurants [3][4] - The company has introduced a new suite of products built on a single platform for both restaurant and retail sectors, enhancing its service offerings [6][21] Market Data and Key Metrics Changes - The company has established a six-year exclusive agreement with Chipotle to adopt its next-generation technology, indicating strong market demand for its innovative solutions [18][82] - The company serves a diverse client base, including large multinational brands, mid-market growth brands, and smaller clients through an indirect channel [82] Company Strategy and Development Direction - The company is focused on operational discipline and execution, aiming to improve its "say-do ratio" to enhance predictability for customers [12][14] - A customer-centric culture is being cultivated, with a commitment to treating every customer as the most important [16][21] - The company is leveraging AI capabilities to accelerate solution development and enhance operational efficiency [28][44] Management's Comments on Operating Environment and Future Outlook - The management acknowledges ongoing pressures on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [35][87] - The company anticipates that consumer behavior will continue to shift towards value-driven experiences, necessitating a focus on hospitality and personalized service [88][90] Other Important Information - The company has seen a significant increase in demand for self-service technologies, such as kiosks and voice AI, which are enhancing customer engagement and order accuracy [48][55] - The management predicts a trend towards vendor consolidation in the restaurant technology industry, as restaurants seek unified solutions to streamline operations [98][100] Q&A Session Summary Question: What is the future direction of NCR Voyix? - The company is focused on execution and operational discipline, with a commitment to customer-centric innovation and accountability [10][14] Question: How is the company leveraging AI in its operations? - AI is being used to enhance internal capabilities, improve customer interactions, and drive operational efficiencies [28][44] Question: What are the key challenges facing the restaurant industry? - The industry is facing pressures from low consumer sentiment, high operational costs, and the need for innovation to maintain profitability [35][87] Question: What is the company's customer base like? - The company serves a diverse range of clients, from large multinational brands to smaller growth-oriented businesses [82]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on the restaurant and retail sectors, moving away from its previous banking and ATM business [3][5] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [3] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, providing end-to-end payment capabilities and various technology solutions for restaurants [2][5] - The company has introduced a new suite of products built on a unified platform for both restaurant and retail sectors, enhancing its service offerings [5][19] Market Data and Key Metrics Changes - The company serves close to 50% of the top 100 global restaurant brands, indicating a strong market presence [22] - There is a growing demand for self-service solutions, with a notable increase in customer preference for kiosks, leading to higher ticket values [46][48] Company Strategy and Development Direction - The company emphasizes a customer-centric approach, focusing on operational discipline and execution to enhance predictability for customers [10][12] - NCR Voyix aims to leverage AI capabilities to accelerate solution development and address operational efficiency challenges faced by restaurants [20][42] Management's Comments on Operating Environment and Future Outlook - The management acknowledges ongoing pressures on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [34][85] - The company anticipates that the demand for technology solutions that enhance operational efficiency and customer experience will continue to grow [41][92] Other Important Information - NCR Voyix has established a six-year exclusive agreement with Chipotle to adopt its next-generation technology, showcasing its commitment to innovation [16][80] - The company has a diverse client base, ranging from large multinational brands to mid-market and smaller clients, indicating a broad market appeal [80] Q&A Session Summary Question: What is the state of the consumer today? - The management notes that consumer sentiment remains low, and restaurants must focus on innovation and operational efficiency to attract customers [83][85] Question: How is the industry using AI? - AI is being utilized across the industry, with a shift from simplistic AI to more advanced applications, including self-service kiosks and voice AI for order accuracy [42][51] Question: What are the main takeaways for the industry this year? - The company emphasizes its long history, commitment to customer service, and the introduction of new technology solutions as key messages for the industry [99][101]

Core Insights - Nedap has partnered with Aritzia to implement its iD Cloud platform, enhancing inventory visibility and client services for Aritzia [1][2][3] Company Overview - Nedap is a leader in item-level inventory visibility for retail, with over 20,000 stores using its iD Cloud platform [3] - The company employs over 1,000 people and has been listed on Euronext Amsterdam since 1947 [5] Partnership Details - Aritzia aims to improve its inventory insights and client experience through the partnership with Nedap [2] - The iD Cloud platform allows retailers to achieve real-time item-level stock accuracy, enhancing omnichannel shopping experiences [3][7] Technology and Benefits - Nedap's iD Cloud utilizes RFID technology to provide retailers with real-time insights into stock levels and item locations [3] - The platform supports unified commerce workflows, including ship-from-store and in-store pickup, ensuring a consistent client experience [7]

Financial Data and Key Metrics Changes - Total revenue for the quarter was $684 million, a decline of 3% due to lower hardware sales and one-time software and services revenue [26] - Recurring revenue increased by 5% to $425 million, driven by 7% growth in restaurants and 4% growth in retail [26] - Adjusted EBIT was $125 million, an increase of 32%, with margin expanding 490 basis points to 18.3% [26][28] - Adjusted free cash flow was $42 million for the quarter, with capital expenditures of $38 million [28] Business Line Data and Key Metrics Changes - In the restaurant segment, total revenue was flat at $210 million, with recurring revenue increasing by 7% to $146 million [27] - In the retail segment, total revenue declined by 4% to $467 million, while recurring revenue increased by 4% to $276 million [28] - Software ARR increased by 8% and total segment ARR increased by 5% [26] Market Data and Key Metrics Changes - The restaurant business signed over 200 new software and services customers, with platform sites increasing by 6% and payment sites by 2% [19] - The retail business signed over 30 new software and services customers, with platform sites increasing by 16% and payment sites by 9% [22] Company Strategy and Development Direction - The company is focused on becoming a software-led business supported by robust payments and service capabilities, with a key milestone being the outsourcing of its hardware business [5][6] - The Voyix Commerce Platform is positioned as a platform-powered leader in unified commerce for retail and restaurants, leveraging AI-enabled development tools to accelerate innovation [13][14] - The company aims to enhance its payments presence across various verticals, strengthening recurring revenue and long-term growth [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's progress and innovation pipeline, emphasizing the importance of disciplined execution for sustainable growth [30] - The outlook for revenue is projected to be between $2.65 billion and $2.67 billion, with adjusted EBITDA expected to range between $420 and $435 million [29][30] - Management noted that customer engagement remains strong, with positive feedback on new platform solutions [9][31] Other Important Information - A new six-year exclusive agreement with Chipotle was announced, marking a significant expansion of their partnership [33][34] - The company is preparing for the NRF Show in January to showcase new software and payment innovations [17] Q&A Session Summary Question: Can we talk about the price escalators referenced? - Management indicated that the company historically did not have escalators in all agreements, but is now ensuring they are included and charged accordingly, with expected increases being modest [36][38] Question: Can you quantify the impact of new relationships on the payment side of the business? - Management highlighted the potential for significant transaction volume through the Voyix Connect platform, estimating a total addressable market of approximately $1.3 trillion in the US [40][42] Question: What is the timeline for the ODM phasing project? - The project is expected to start in January and take approximately 90 days, with a focus on ensuring a smooth transition for customers and employees [53][54] Question: How is consumer health impacting technology investments? - Management noted that customers are eager to invest in technology to enhance consumer experiences and compete effectively, despite economic pressures [56][64]

Financial Data and Key Metrics Changes - Shopify reported Q2 revenue of $2.7 billion, up 31% year over year, with a free cash flow margin of 16% [5][8][57] - Gross profit grew 25%, exceeding expectations, with overall gross margin at 48.6%, down from 51.1% in the prior year [52][54] - Operating income for the quarter was $291 million, representing an 11% operating income margin, compared to 9% last year [56] Business Line Data and Key Metrics Changes - GMV in Q2 was $88 billion, up 31%, with offline GMV increasing by 29% [46][29] - Merchant solutions revenue increased by 37%, driven primarily by GMV growth, while subscription solutions revenue grew by 17% [49][50] - The Shop app saw a 140% year-over-year growth in native GMV, indicating strong engagement [26] Market Data and Key Metrics Changes - International GMV was up 42% year over year, with Europe leading the growth [5][34] - Cross-border GMV remained consistent at 15% of total GMV in Q2 [60] - Shopify Payments penetration reached 64%, up from 61% last year, indicating strong adoption [22][49] Company Strategy and Development Direction - Shopify is focused on expanding its reach internationally, particularly in Europe, and enhancing its product offerings to support merchants [5][34] - The company is investing in AI-driven commerce solutions, including the launch of Universal Cart and CheckoutKit, to enhance the shopping experience [12][91] - Shopify aims to build a unified commerce platform that integrates online and offline sales channels [4][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their merchant base amid changing economic conditions, noting strong performance in both North America and Europe [58][59] - The company anticipates continued growth in Q3, with revenue growth expected in the mid to high 20s year over year [61] - Management highlighted the importance of ongoing product innovation and market expansion as key drivers of future growth [85][86] Other Important Information - Shopify has expanded its payments product into 16 new countries this year, nearly doubling its market accessibility [21] - The company has introduced a USDC stablecoin option for payments, enhancing flexibility for merchants [23] - Shopify's capital business continues to grow, with new tools providing merchants more financing options [55] Q&A Session Summary Question: How would you characterize the demand in the US and any potential pull forward due to tariffs? - Management noted no significant pull forward in demand, with consistent performance observed in Q2 and July, indicating strong business health [69][71] Question: What is the status of international growth and localization for merchants? - Management highlighted ongoing product updates and successful expansion into new countries, with significant growth in international GMV, particularly in Europe [74][76] Question: How does the company view long-term growth potential? - Management expressed confidence in maintaining growth rates above 25%, driven by past investments and new product offerings [81][84] Question: Will Universal Cart and Checkout Kit be available for the holiday season? - Management confirmed ongoing development of these products, emphasizing their importance in enhancing the shopping experience through AI integration [89][91]

Financial Data and Key Metrics Changes - The company reported a 9% increase in net revenue year-over-year, reaching $224.6 million [5][8] - Adjusted gross profit grew by 14% to $87.3 million, with an adjusted EBITDA increase of 11% to $51.3 million [5][8] - Adjusted EPS rose by $0.19 compared to the previous year, reaching $0.22 for the quarter [21] Business Segment Data and Key Metrics Changes - The SMB segment generated revenue of $151.7 million, a 5.3% increase from the previous year, with adjusted gross profit of $33.1 million, up 3.9% [13][15] - B2B revenue grew by 12.1% to $23.9 million, with adjusted gross profit increasing by 17.8% to $7.3 million [12][17] - The Enterprise segment saw revenue rise by 22.2% to $50.1 million, with adjusted gross profit also increasing by 22.2% to $46.9 million [18] Market Data and Key Metrics Changes - The company ended the quarter with over 1.3 million total customer accounts on its e-commerce platform, up from 1.2 million at the end of the previous year [5] - Annual transaction volume increased by $5 billion to over $135 billion, and account balances under administration improved to $1.3 billion [6] Company Strategy and Development Direction - The company aims to gain market share in the acquiring segment while strengthening countercyclical assets like automated payables and CFT Pay [25][26] - The focus is on investing in new verticals with large total addressable markets (TAMs) that are still early in the adoption of integrated payment and banking solutions [25][26] - The unified commerce platform is designed to streamline financial operations for businesses, enhancing cash flow and optimizing working capital [8][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging economic environment, citing a 0.3% decline in U.S. GDP and a 1.8% growth in consumer spending [24][25] - Despite economic uncertainties, the company remains confident in achieving 10% to 14% revenue growth for 2025, driven by strong growth trends and a favorable business mix [6][7] - Management noted that the material weakness related to automated controls is being actively remediated, with substantial progress made [22] Other Important Information - The company reported a decline in debt levels to $935.5 million after a $10 million prepayment of the term loan [19] - Adjusted EBITDA for the last twelve months ended March 31 was $209.2 million, with net leverage decreasing to 4.2 times [20] Q&A Session Summary Question: Can you provide details on the increase in SG&A and salaries? - Management explained that SG&A increased due to non-recurring items and costs associated with the migration to the public cloud, with a normalized increase of about 26% year-over-year [32][33] Question: What percentage of gross profit comes from B2B and enterprise? - Management confirmed that over 62% of gross profit now comes from B2B and enterprise segments, with a significant portion also from recurring revenues [34][35] Question: How did the Minnesota Wild contract come about? - Management highlighted the efficiency of their payment and banking solutions as key factors in winning the contract, emphasizing the ability to optimize cash flow and working capital [40][41] Question: What impact did the one less day in Q1 have on revenue? - Management acknowledged that the one less day did impact daily revenue, particularly in the SMB segment, affecting overall volume and income [43][44] Question: How is the company positioned regarding consumer spending and economic uncertainty? - Management noted that while there may be some impact, the company has a resilient portfolio, particularly in sectors less affected by economic downturns [54][56]

Financial Data and Key Metrics Changes - The company reported a 9% increase in net revenue, reaching $224.6 million, with adjusted gross profit growing by 14% to $87.3 million and adjusted EBITDA increasing by 11% to $51.3 million [4][6] - Adjusted EPS rose by $0.19 year over year, reaching $0.22 for the quarter [21][22] - Annual transaction volume increased by $5 billion to over $135 billion, and account balances under administration improved to $1.3 billion [5][6] Business Segment Data and Key Metrics Changes - The SMB segment generated Q1 revenue of $151.7 million, a 5.3% increase year over year, with adjusted gross profit of $33.1 million, up 3.9% [12][13] - B2B revenue grew by 12.1% to $23.9 million, with adjusted gross profit increasing by 17.8% to $7.3 million [15][17] - The Enterprise segment saw revenue of $50.1 million, a 22.2% increase, with adjusted gross profit also rising by 22.2% to $46.9 million [18] Market Data and Key Metrics Changes - The company noted a 0.3% decline in U.S. GDP during Q1, with consumer spending growth slowing to 1.8% from 4% [25][26] - The company reported that its core acquiring channels produced 10% organic revenue growth, while countercyclical segments grew by 12% to 22% [27][28] Company Strategy and Development Direction - The company aims to gain market share in the acquiring segment while strengthening countercyclical assets like automated payables and CFT Pay [26][27] - The focus is on investing efficiently in new verticals with large total addressable markets (TAMs) that are still early in the adoption of integrated payment and banking solutions [26][28] - The company is positioned to benefit from the fallout of less stable banking as a service providers [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 10% to 14% top-line revenue growth for 2025, despite potential headwinds from lower interest rates and macroeconomic uncertainty [5][22] - The company is actively working to remediate a material weakness related to automated controls, with substantial progress reported [23] Other Important Information - The company ended the quarter with $117.6 million in available liquidity, including $70 million of borrowing capacity under its revolving credit facility [19] - The company has made a $10 million prepayment on its term loan during the quarter, reducing debt levels to $935.5 million [19][20] Q&A Session Summary Question: Can you provide details on the increase in SG&A and salaries? - Management clarified that SG&A increased by 26% year over year when normalizing for non-recurring items, with significant costs related to cloud migration and headcount additions [31][32] Question: What percentage of gross profit comes from B2B and enterprise? - Management confirmed that over 62% of gross profit now comes from B2B and enterprise segments, with a significant portion also from recurring revenues [34][35] Question: Can you elaborate on the Minnesota Wild contract win? - Management highlighted that the contract was won due to the ability to optimize cash flow and provide banking transparency, which is crucial for sports franchises [39][41] Question: How did the one less day in Q1 impact revenue? - Management acknowledged that the one less day did impact daily revenue, particularly in the SMB segment, and noted other unusual influences on volume [43][44] Question: What are the considerations for segment growth in Q2? - Management indicated that shifts in interest rates could impact growth, particularly in high-margin interest income [48] Question: How has consumer behavior changed post-tariffs? - Management noted no material changes in consumer behavior yet, with a resilient portfolio that includes recession-resistant sectors [54][56] Question: What opportunities exist in the embedded finance space? - Management stated that the company is well-positioned to capture opportunities from the fallout of less stable banking service providers [64]