Core Viewpoint - Affirm Holdings, Inc. has announced a significant expansion of its partnership with Worldpay, which is expected to enhance its buy now, pay later (BNPL) services and improve its market presence [1][2]. Partnership Expansion - The collaboration integrates Affirm's BNPL services into Worldpay's embedded payments suite for software platforms, allowing SaaS providers to offer Affirm at checkout [2][3]. - Worldpay for Platforms supports over 1,000 SaaS providers and processed more than $400 billion in transactions in the past year [3]. Consumer Benefits - The integration enables merchants to provide consumers with transparent, flexible payment options for purchases ranging from $35 to $30,000, targeting those seeking predictable, interest-free or low-interest payment schedules [3][4]. Executive Insights - Affirm's Chief Revenue Officer, Wayne Pommen, emphasized that the partnership simplifies the shopping process and expands Affirm's reach across various platforms and merchants [4]. - Worldpay's President, Matt Downs, highlighted Affirm's effectiveness in delivering results for businesses and enhancing consumer experiences, making it an ideal BNPL partner [5]. Market Performance - Affirm's stock (AFRM) has seen a significant increase of over 81% in the past year, with shares trading higher by 6.69% to $76.74 recently [6].

Core Insights - Visa Inc. is scheduled to report its fourth-quarter fiscal 2025 results on October 28, 2025, with earnings estimated at $2.96 per share and revenues of $10.61 billion [1][5] - The earnings estimate reflects a year-over-year increase of 9.2%, while revenue is projected to grow by 10.3% compared to the previous year [2][5] Financial Performance - For fiscal 2025, Visa's revenue consensus estimate stands at $39.85 billion, indicating a year-over-year rise of 10.9, and EPS is projected at $11.43, suggesting a 13.7% increase [3] - Visa has a history of exceeding earnings estimates, having beaten projections in the last four quarters by an average of 3.9% [3][4] - The company has an Earnings ESP of +3.70% and a Zacks Rank of 3, indicating a favorable outlook for the upcoming earnings report [4] Growth Drivers - The Zacks Consensus Estimate indicates a 6.2% increase in total Gross Dollar Volume year-over-year, with a model prediction of 5.5% growth [5] - Total processed transactions are expected to grow by 10% year-over-year, with Visa's model predicting a 9.5% increase [6] - Payment volumes are projected to rise by 8.6% year-over-year, with U.S. operations expected to increase by 7.3% [7] - Data processing revenues are estimated to grow by 13.3% year-over-year, while service revenues are expected to rise by 10.2% [8] Expense Considerations - Adjusted total operating expenses are anticipated to increase by 10.6% year-over-year due to higher personnel, professional fees, and processing expenses [11] - Client incentives are expected to exceed $4 billion in the fiscal fourth quarter, which may offset some positive impacts from higher volumes [11][10] Stock Performance and Valuation - Visa's stock has increased by 9.3% year-to-date, outperforming the industry decline of 5% but underperforming the S&P 500's rise of 15.5% [12] - Visa is currently trading at 26.68X forward 12-month earnings, above the industry average of 21.48X, indicating a somewhat stretched valuation [16] - In comparison, Mastercard is trading at 30.88X and American Express at 20.70X, with the latter offering better value [18] Strategic Initiatives - Visa's stablecoin initiatives are seen as a significant shift in global payments, enhancing its infrastructure for digital currencies and improving capital efficiency for cross-border transactions [19] - Regulatory clarity under the GENIUS Act is expected to bolster Visa's long-term growth prospects [19] - Despite competition and antitrust scrutiny, Visa's strong network effects and innovation provide resilience [19] Investment Outlook - Current valuation suggests limited near-term upside, with shares outperforming Mastercard but lagging behind the S&P 500 [20] - The upcoming earnings report will be critical for assessing momentum in Visa's stablecoin rollout and international expansion [20]

Performance Summary - Rowan Street Capital's fund performance in Q3 2025 remained unchanged at +0.22%, with year-to-date returns of +20.4% net of fees, outperforming the S&P 500's +14.8% [1] - Over the past three years, the firm's capital compounded at approximately +54.2% annually, resulting in a cumulative return of +266%, significantly exceeding the S&P 500's +24.9% annualized gain [1] Investment Focus - The fund highlighted Adyen N.V. (OTC:ADYEY) as a key investment, which has shown a one-month return of 6.01% and a 52-week gain of 12.84% [2] - As of October 22, 2025, Adyen N.V. stock closed at $17.26 per share, with a market capitalization of $54.62 billion [2] Adyen N.V. Analysis - Adyen N.V. has compounded at an exceptional 44% annualized rate since its acquisition in 2023, initiated during a period of extreme pessimism when the stock had dropped nearly 50% [3] - The market's overreaction to short-term challenges overlooked Adyen's unique position as a global payments platform built entirely in-house, providing a structural advantage over competitors [3] - The stock rebounded sharply as fundamentals stabilized and growth reaccelerated, reflecting the firm's long-term investment strategy and confidence in Adyen's management [3] Hedge Fund Interest - Adyen N.V. was held by one hedge fund portfolio at the end of Q2 2025, an increase from zero in the previous quarter, indicating growing interest [4] - Despite recognizing Adyen's potential, the analysis suggests that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - Visa is expected to report quarterly earnings of $2.96 per share, reflecting a 9.2% increase year over year, with revenues projected at $10.61 billion, indicating a 10.3% growth compared to the previous year [1] Earnings Estimates - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding Visa's stock [2] - The consensus EPS estimate has been revised upward by 0.1% in the past 30 days, indicating analysts' reassessment of their initial estimates [1] Revenue Projections - Analysts estimate 'Revenues- Service revenue' will reach $4.63 billion, a 10.3% increase year over year [4] - 'Revenues- Data processing revenue' is projected to be $5.23 billion, reflecting a 13.5% year-over-year change [4] - 'Revenues- Other revenue' is expected to reach $1.18 billion, indicating a 22.3% increase year over year [4] Transaction and Payment Volume - 'Revenues- International transaction revenue' is forecasted at $3.86 billion, a growth of 11.3% year over year [5] - 'End of Period Connections - Total transactions' is expected to be 67.68 billion, up from 61.51 billion in the same quarter last year [5] - 'Payments volume - Total' is projected to reach $3703.36 billion, compared to $3409.00 billion a year ago [5] Regional Payment Volume Estimates - 'Payments volume - CEMEA' is expected to be $233.17 billion, up from $202.00 billion year over year [6] - 'Payments volume - U.S.A' is projected at $1775.98 billion, compared to $1650.00 billion last year [6] - 'Payments volume - Asia Pacific' is estimated to reach $516.23 billion, up from $507.00 billion [6] - 'Payments volume - Canada' is expected to be $109.76 billion, compared to $105.00 billion in the same quarter last year [7] - 'Payments volume - Europe' is projected at $800.41 billion, an increase from $715.00 billion year over year [8] Stock Performance - Visa shares have increased by 2% in the past month, outperforming the Zacks S&P 500 composite, which rose by 0.2% [8]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [2][3] - Consolidated operating margins expanded by approximately 40 basis points year over year [2] - Adjusted earnings per share grew 19% year over year, maintaining a trajectory for 12% to 16% earnings growth for 2025 [11][31] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing 4%, driven by expansion in developing markets [3][4] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [5][6] - Money transfer revenue grew 1% year over year, with a 32% increase in direct-to-consumer digital transactions, although operating income and adjusted EBITDA decreased by 2% and 1% respectively [6][28] Market Data and Key Metrics Changes - In Europe, tourism grew approximately 3.3% year over year, but spending patterns became more selective, impacting overall consumer spending [4][5] - Remittances to Mexico declined more than 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [7][14] Company Strategy and Development Direction - The company is focused on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, with ongoing investments in digital initiatives and partnerships [15][16] - The Dandelion platform is positioned as a leader in real-time cross-border payments, with new partnerships enhancing its capabilities [16][27] - The company plans to launch stablecoin-enabled use cases in early 2026, integrating digital assets into its payment network [18][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that global economic uncertainty and immigration policy changes have created transitory headwinds but expressed confidence in the underlying fundamentals of the business [13][14] - The company expects to finish the year with earnings growth similar to the third quarter, reaffirming its guidance of 12% to 16% year-over-year earnings growth [8][31] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, having completed a $1 billion convertible bond offering to strengthen financial flexibility [9][30] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years, with $130 million repurchased in the third quarter [10][30] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with spending due to increased costs in travel and economic uncertainty, impacting ATM transactions more than merchant acquiring [34][35] Question: What changed in the money transfer segment? - Management observed a choppy trend in transaction volumes, with October showing stronger performance compared to September, indicating potential recovery [36][37] Question: Can you discuss pricing trends in money transfer? - Pricing remained consistent overall, with some regional variations, particularly in the Middle East, but did not adversely impact third-quarter results [41][43] Question: What is the outlook for digital transaction penetration in money transfer? - The company aims to increase digital transaction penetration from 16% to higher levels, with a focus on omnichannel strategies to cater to customer preferences [44][46] Question: How does the company view future growth amidst macro challenges? - Management expressed confidence in achieving double-digit EPS growth in 2026, citing numerous growth opportunities and the strength of their asset base [80][81]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [2][3] - Consolidated operating margins expanded by approximately 40 basis points year-over-year [2] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing by 4%, driven by expansion in developing markets [3][4] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [5][6] - Money transfer revenue grew by 1% year-over-year, with a 32% increase in direct-to-consumer digital transactions, although operating income and adjusted EBITDA decreased by 2% and 1% respectively [6][7] Market Data and Key Metrics Changes - Travel volumes in Europe remained steady, with overall tourism growing approximately 3.3% year-over-year, although spending patterns were more selective [4] - Remittances to Mexico declined more than 12% year-over-year, highlighting the impact of immigration policy changes on transaction volumes [7] Company Strategy and Development Direction - The company is focused on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, with ongoing investments in digital initiatives and partnerships [15][16] - The company plans to launch stablecoin-enabled use cases in early 2026, integrating blockchain technology into its payment network [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that global economic uncertainty and immigration policy changes have created transitory headwinds but expressed confidence in the underlying fundamentals of the business [13][14] - The company expects to finish the year with year-over-year earnings growth similar to the third quarter, reaffirming a growth expectation of 12%-16% for the year [30][31] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, having completed a $1 billion convertible bond offering to strengthen financial flexibility [9][10] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years [10] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with vacation spending due to increased costs, impacting ATM transactions more than merchant acquiring [35] Question: What was the exit run rate for money transfer in October? - Management indicated that October has shown stronger performance compared to September, with growth outpacing the industry [37] Question: Can you discuss pricing trends in money transfer? - Management reported consistent pricing overall, with some regional variations, particularly in the Middle East [42] Question: What is the expected digital transaction penetration in money transfer? - Management aims for digital transaction growth rates to exceed 32%, with a goal of reaching 30%-35% penetration in the future [46] Question: How does the company view the impact of immigration policies on money transfer? - Management believes the current challenges are transitory and that demand for labor will eventually lead to a rebound in remittance activity [66]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [4][14] - Consolidated operating margins expanded by approximately 40 basis points year over year [5] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing by 4%, driven by expansion in developing markets [6][7] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [8][9] - Money Transfer revenue grew by 1% year over year, but operating income and adjusted EBITDA decreased by 21%, with a significant increase in direct-to-consumer digital transactions [10][13] Market Data and Key Metrics Changes - In Europe, tourism grew approximately 3.3% year over year, but spending patterns became more selective, impacting overall transaction volumes [6][7] - Remittances to Mexico declined by over 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [11][12] Company Strategy and Development Direction - The company is focusing on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, to drive growth opportunities [23][25] - A new partnership with Citigroup was established to enhance cross-border payments through the Dandelion platform, reinforcing its position in real-time payments [25][43] - The company plans to launch stablecoin use cases in 2026, integrating blockchain technology into its payment ecosystem [27][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that global economic uncertainty and immigration policy changes have created transitory headwinds but expressed confidence in the underlying fundamentals of the business [20][21] - The company expects to finish the year with year-over-year earnings growth similar to the third quarter, maintaining guidance of 12% to 16% growth [14][45] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, with a recent convertible bond offering strengthening financial flexibility [14][15] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years [15][16] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with vacation spending due to increased costs, impacting ATM transactions more than merchant acquiring [46][48] Question: What changed in the Money Transfer segment after a strong Q2? - Management observed choppy trends, with October showing stronger performance compared to September, indicating potential recovery [50][51] Question: How is pricing evolving in the Money Transfer segment? - Pricing remains consistent year over year, with some pressure in specific markets, but overall, it did not adversely impact the third quarter [56][58] Question: What is the outlook for constant currency revenue in Q4? - Early indications in October suggest a potential turnaround, with management cautiously optimistic [72] Question: Can Euronet still generate double-digit EPS growth in 2026? - Management expressed confidence in achieving double-digit EPS growth, citing numerous growth opportunities and the strength of their business model [106][108]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [2][3] - Consolidated operating margins expanded by approximately 40 basis points year over year [2] - Adjusted earnings per share grew 19% year over year, maintaining a trajectory for 12% to 16% earnings growth for 2025 [11][30] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing 4%, driven by expansion in developing markets [3][4] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [4][5] - Money transfer revenue grew 1% year over year, with a 32% increase in direct-to-consumer digital transactions, although operating income and adjusted EBITDA decreased by 2% and 1% respectively [5][27] Market Data and Key Metrics Changes - In Europe, travel volumes remained steady, with overall tourism growing approximately 3.3% year over year, although spending patterns became more selective [3][4] - Remittances to Mexico declined more than 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [7][8] - The company outperformed the market in the U.S. to Mexico corridor, achieving flat year-over-year growth despite broader declines [7][8] Company Strategy and Development Direction - The company is focused on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, with ongoing investments in digital initiatives and partnerships [15][16] - The Dandelion platform is positioned as a leader in real-time cross-border payments, with new partnerships enhancing its capabilities [16][26] - The company plans to launch stablecoin-enabled use cases in early 2026, integrating digital assets into its payment network [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted that global economic uncertainty and immigration policy changes have created transitory headwinds, but the underlying fundamentals remain strong [12][13] - The company expects to finish the year with earnings growth similar to the third quarter, reaffirming its guidance of 12% to 16% year-over-year growth [30] - Management expressed confidence in the ability to navigate current challenges and highlighted ongoing opportunities for growth through strategic initiatives [30][66] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, having completed a $1 billion convertible bond offering to enhance financial flexibility [9][10] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years, with $130 million repurchased in the current quarter [10][29] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with spending due to increased costs for travel and economic uncertainty, impacting ATM transactions more than merchant acquiring [33] Question: What was the exit run rate for money transfer in October? - Management indicated that October trends are stronger than September, with growth outpacing the industry despite recent challenges [34] Question: Can you discuss pricing trends in the money transfer segment? - Pricing has remained consistent overall, with some regional variations, particularly in the Middle East, but no significant adverse impacts were noted in the third quarter [38] Question: How does the company view the potential for digital transaction growth? - The company aims to increase digital transaction penetration, currently at 16%, with a goal of reaching 30% to 35% over time [40][41] Question: What are the expectations for revenue growth in Q4 and 2026? - Management is optimistic about a turnaround in revenue growth for Q4, with early indications in October suggesting improvement [47] Question: What corridors are experiencing softer growth? - Management highlighted softer growth in corridors such as Bangladesh and Turkey, influenced by immigration policies in those regions [64]

Core Viewpoint - RocketFuel Blockchain Inc. has introduced fiat currency payouts, enabling companies to send payments directly to recipients' local bank accounts in various currencies, enhancing its existing crypto and stablecoin payment functionalities [1][2]. Group 1: New Payment Features - The addition of fiat payouts allows recipients to choose their payment method: crypto, stablecoins, or fiat, which reduces volatility risk and simplifies treasury operations [2]. - This new feature is expected to improve adoption among traditional enterprises and institutions, addressing the complexities of global payments and compliance [2]. Group 2: Strategic Implications - The rollout of fiat payouts is a significant milestone in RocketFuel's strategy to become the preferred settlement provider for merchants in high-growth sectors and international markets [2]. - The company aims to bridge the gap between the crypto economy and traditional finance, accelerating adoption and creating new growth opportunities for businesses worldwide [2]. Group 3: Operational Details - The company offers direct settlement into bank accounts via ACH, SEPA, and local payment rails, providing access to multi-currency payouts in supported regions [3]. - Merchants have control over selecting their preferred settlement currency on a transaction-by-transaction basis, supported by a robust compliance framework that includes integrated KYC and KYB functionalities [3].

Investor Presentation OCTOBER 2025 www.cassinfo.com | ©2025 Cass Information Systems | Forward-Looking Information All statements other than statements of historical fact included in this release, including without limitation the Company's future prospects and performance, the business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, wo ...