Summary of Repay (NasdaqCM:RPAY) FY Conference Call - November 20, 2025 Company Overview - **Company**: Repay - **Founded**: 2006 - **Business Model**: Embedded payments solution within enterprise software, focusing on consumer payments and business payments [2][3] Key Segments - **Consumer Payments**: Represents approximately 85% of the business, focusing on consumer invoices, particularly in sectors like auto lending and mortgage lending [23] - **Business Payments**: Accounts for about 15% of revenue but is a faster-growing segment, emphasizing accounts payable (AP) automation [35] Core Insights and Arguments - **Growth Recovery**: After experiencing negative growth for the first time in its history due to client losses, the company has shown sequential growth throughout 2025, with expectations to continue this trend into Q4 [10][11] - **Normalized Growth Guidance**: For Q4, Repay anticipates a normalized gross profit growth of 6%-8%, with expectations to exit the year closer to the lower end of that range [12] - **Market Opportunity**: The total addressable market is estimated at over $5.6 trillion, with significant opportunities in automating business payments, particularly in the accounts payable sector [17][35] - **Digital Transformation**: The company is capitalizing on the shift towards digital payments, with over 50% of payables still being processed via paper checks, indicating a substantial opportunity for automation [18] Operational Changes and Investments - **Sales Strategy**: Investments are being made in enterprise sales and sales development representatives (SDRs) to enhance client engagement and accelerate implementation cycles [13][14] - **Technology Investments**: Focus on leveraging AI to improve operational efficiencies and reduce implementation times, with expectations for returns on these investments to materialize by mid-2026 [15][16] - **Dynamic Wallet Feature**: A new solution that integrates consumer invoices into digital wallets (Apple Pay, Google Pay) is expected to enhance user engagement and payment adoption [25][26] Financial Performance and Projections - **EBITDA Margins**: The company has maintained high EBITDA margins, with a free cash flow conversion guidance of over 50% exiting 2025, despite some margin compression due to competitive pressures [46][48] - **Capital Allocation**: Repay has focused on share buybacks and debt repayment, with $38 million spent on buybacks and $74 million on debt reduction in 2025 [49] Market Conditions and Risks - **Consumer Market Stability**: The consumer market, particularly in used auto and accounts receivable management, has stabilized, with no significant changes expected in the near term [24][53] - **Non-Discretionary Transactions**: The nature of Repay's transactions is largely non-discretionary, which may provide some resilience against macroeconomic downturns [55] Future Milestones - **Execution Focus for 2026**: The company aims to demonstrate continued organic growth and successful client implementations as key indicators for future performance [56][57] Additional Insights - **Competitive Advantage**: Repay's full-stack processing capabilities, including its own clearing and settlement engine, provide a strategic advantage by controlling the entire transaction experience [37][38] - **Real-Time Payments**: The company is exploring the integration of real-time payment solutions like FedNow, although adoption is still in early stages [42][44] This summary encapsulates the key points discussed during the conference call, highlighting Repay's strategic direction, market opportunities, and financial outlook.

Financial Data and Key Metrics Changes - Total transaction value increased by 35% year-over-year, reaching $1.8 billion, driving processing revenue growth of 33% for the quarter [14] - Revenue for Q3 was $104.3 million, a 26% increase compared to Q3 2024, with organic revenue growth of 25% [15][19] - Recurring revenue grew by 29% year-over-year, reaching $77 million, representing 74% of total revenue [16] - Gross margin increased to 49.3% from 45.7% in the prior year, with adjusted EBITDA rising to $18.2 million, representing 17.5% of revenue [17][18] Business Line Data and Key Metrics Changes - The customer base expanded by 21% year-over-year, totaling nearly 110,000 customers [14] - The install base of managed and connected devices grew by 17% year-over-year, exceeding 1.4 million devices [15] - Hardware revenue increased by 18% to $27 million, driven by strong demand for products and solutions [16] Market Data and Key Metrics Changes - The company is gaining market share in high transaction value verticals such as EV charging, amusement, and car wash, which contribute significantly to revenue [5][14] - Average transaction value rose from $2.15 to $2.40, reflecting strong positioning in emerging verticals [14] Company Strategy and Development Direction - The company is focused on profitable growth and expanding its one-stop-shop solution, which differentiates it in the automated self-service space [4] - Plans to launch an embedded banking product in the U.S. in early 2026, aiming to drive higher recurring revenue per customer [9] - The company is pursuing acquisitions that align with its objectives of geographic expansion and technology enhancement, including a recent letter of intent to acquire Integral Vending [10][12] Management's Comments on Operating Environment and Future Outlook - Management reiterated organic revenue growth guidance of at least 25% for the full year, driven by enterprise hardware sales [12] - The company expects to maintain strong recurring revenue growth and has a robust hardware sales pipeline [12][20] - Management expressed confidence in the long-term opportunities ahead, supported by a growing base of connected devices and disciplined focus on profitability [13] Other Important Information - The company completed the purchase of the remaining shares of Tigapo, enhancing its arcade gaming business [10] - Cash and cash equivalents totaled $173 million, with a solid balance sheet and net cash position [19] Q&A Session Summary Question: Update on EV partnerships and shipment timing - Management confirmed that EV charging partnerships are progressing well, with expectations for significant acceleration in Q4 [24][25] Question: Demand and growth in the smart cooler market - Management highlighted partnerships in the U.S. and Europe for smart coolers, viewing it as a significant growth driver [27][28] Question: Update on embedded banking and e-commerce opportunities - Management stated that the embedded banking product is set to launch in Q1 2026, with e-commerce solutions following [36][39] Question: Average transaction values across different verticals - Management noted that average transaction values are increasing, particularly in higher growth verticals like EV charging and car washes [42][44] Question: M&A appetite and market dynamics - Management indicated a continued prudent approach to M&A, with potential for larger acquisitions in the future [59][60]

Financial Data and Key Metrics Changes - Total transaction value increased by 35% year-over-year, reaching $1.8 billion, driving processing revenue growth of 33% for the quarter [16] - Revenue for the third quarter was $104.3 million, an increase of 26% compared to Q3 2024 [17] - Recurring revenue grew by 29% year-over-year, reaching $77 million, representing 74% of total revenue [18] - Gross margin increased to 49.3% from 45.7% in the prior year, driven by higher recurring and hardware margins [19] - Net income for the quarter was $3.5 million compared to $0.7 million in the prior year [20] Business Line Data and Key Metrics Changes - Processing revenue grew by 33% to $48 million, driven by a 17% increase in the install base of managed and connected devices [18] - Hardware revenue grew 18% to $27 million compared to $23 million in the same quarter last year [18] - The install base of managed and connected devices grew 17% year-over-year, reaching over 1.4 million devices [17] Market Data and Key Metrics Changes - Customer base expanded by 21% compared to Q3 2024, with nearly 110,000 customers at the end of Q3 [16] - Average transaction value increased from $2.15 to $2.40, reflecting strong positioning in emerging verticals such as EV charging, amusement, and car wash [16] Company Strategy and Development Direction - The company is focused on profitable growth and expanding market share in automated self-service, with strong demand for its solutions [4] - Plans to launch embedded banking products in the U.S. in early 2026, which is expected to drive higher recurring revenue [10] - The company is pursuing acquisitions that align with its objectives of geographic expansion and technology enhancement [11] Management Comments on Operating Environment and Future Outlook - Management reiterated organic revenue growth guidance of at least 25%, driven by enterprise hardware sales in the fourth quarter [14] - The company expects to maintain strong recurring revenue growth and has a robust hardware sales pipeline [14] - Management expressed confidence in the long-term opportunities ahead, supported by a growing base of connected devices and disciplined focus on profitability [15] Other Important Information - The company completed the acquisition of Tigapo, enhancing its arcade gaming business and global scalability [11] - The acquisition of Integral Vending is expected to deepen the company's presence in Latin America and expand software capabilities [11] Q&A Session Summary Question: Update on EV partnerships and shipment timing - Management confirmed that EV charging partnerships are accelerating, with expectations for significant hardware revenue growth in Q4 [25][27] Question: Demand for smart coolers and growth potential - Management highlighted partnerships in the U.S. and Europe for smart coolers, viewing it as a significant growth driver [29][30] Question: Embedded banking and e-commerce opportunities - Management stated that embedded banking will launch in Q1 2026, with e-commerce solutions following in the same year [38][41] Question: Average transaction values across different verticals - Management noted that average transaction values are growing faster in higher ticket verticals like EV charging and car washes [44][46] Question: M&A appetite and market dynamics - Management indicated a continued prudent approach to M&A, with potential for larger acquisitions in the future [61][63]

Visa (NYSE:V) FY Conference Summary Industry Overview - The conference focused on Visa's proposed settlement regarding long-standing merchant litigation, which has been ongoing for over 20 years [2][3] - The settlement aims to provide merchants with more flexibility and options in payment acceptance [2] Key Points from the Proposed Settlement - **Interchange Reduction**: The proposed settlement lowers the U.S. average combined credit effective interchange rates by 10 basis points and caps credit interchange rates at 125 basis points for five years [3][4] - **Merchant Flexibility**: Merchants will have increased options for surcharging and the ability to choose which card categories to accept [4] - **Merchant Education**: Visa plans to offer education programs to merchants of all sizes to help them manage payment acceptance and costs [4] Financial Performance Insights - Visa reported strong Q4 performance with stable payment volumes and transactions compared to Q3 [16][18] - Discretionary and non-discretionary spending remained stable, with credit and debit transactions both increasing [18][19] - Cross-border volumes showed consistent growth, with 11% growth in both Q3 and Q4 [20] Guidance for FY 2026 - Visa anticipates low double-digit constant currency revenue growth for FY 2026, with operating expenses expected to grow at the same rate [21] - The company is focused on client success and operational efficiency to maintain its industry-leading margin profile [23][29] Investment Priorities - Visa is investing in innovation areas such as stablecoin and agentic commerce, with over 130 card issuance programs for stablecoin across 40 countries [26][27] - The company aims to leverage its sponsorships in major events like the FIFA World Cup and the Olympics to create marketing opportunities and enhance cross-border travel [45][49] Value-Added Services (VAS) Performance - VAS grew 23% in FY 2025, contributing $10.8 billion, which is about 27% of Visa's business [31] - The growth is driven by various portfolios, including Issuing Solutions, Acceptance Solutions, Risk and Security Services, and Advisory Services [38] Commercial Money Movement Insights - Visa Direct transaction growth was robust, up 27% for FY 2025, although it decelerated slightly in Q4 [62] - The commercial volume growth accelerated to 10%, indicating a positive trajectory for Visa's commercial money movement strategy [57][59] Conclusion - Visa remains well-positioned to compete in the evolving payments landscape, with a strong focus on innovation, client relationships, and strategic investments to drive long-term growth [6][29]

Flywire FY Conference Summary Company Overview - **Company**: Flywire (NasdaqGS:FLYW) - **Date of Conference**: November 18, 2025 Key Points Industry and Market Dynamics - **Client Acquisition**: Flywire signed over 200 clients in the quarter, maintaining a consistent pipeline across four verticals: travel, education, B2B, and healthcare [2][3] - **Revenue Sources**: The revenue growth is driven by both new client signings and existing clients, with a notable "land and expand" strategy in the education sector [4] - **Geographic Diversification**: The client base is diversified across various geographies, with significant contributions from both domestic and international markets [2][3] Vertical Performance - **Education Sector**: - Remains the largest vertical for Flywire, with strong growth in both traditional markets (U.S., U.K.) and emerging markets [5][10] - The U.S. education business is growing, with domestic revenue around $30 million last year, offsetting international pressures due to visa issues [9][10] - Non-Big Four markets are gaining traction, contributing to low to mid-teens share of overall revenue, growing above company average [20][21] - **Travel Sector**: - Expected to account for nearly a quarter of the business next year, with Certify integration driving growth [23][27] - Certify is growing over 30% year-over-year, with synergies expected to materialize in 2026 [23][27] - **Healthcare Sector**: - Significant growth anticipated with marquee clients like Cleveland Clinic, expected to accelerate revenue beyond low teens growth [28][29] - The healthcare vertical is transitioning from a drag on growth to a significant growth driver [29][30] Financial Performance and Guidance - **Revenue Growth**: Flywire is guiding for about 15% growth in fiscal year 2025, despite mid-single-digit headwinds primarily from Canada [14][15] - **Profitability**: The company expects gross margin pressure but aims for adjusted EBITDA margin expansion and GAAP profitability growth [34][35] - **Capital Allocation**: Focus remains on organic investments, with share buybacks being opportunistic due to stock price dislocation [36] Strategic Initiatives - **AI and Technology**: Flywire is investing in AI capabilities to enhance client services and internal efficiencies, with a focus on unique data applications across various sectors [31][32] - **Real-Time Payments**: The partnership with BVNK aims to leverage stablecoins for entering volatile currency markets, providing clients with more payment options [33] Risks and Considerations - **Visa and Immigration Policies**: Ongoing macro headwinds from visa policies are expected to impact revenue growth, particularly in the U.S. and Canada [14][17] - **Market Trends**: The company is monitoring trends in student applications to non-traditional markets, which may present new growth opportunities [20][21] Conclusion - Flywire is positioned for continued growth across its verticals, with a strong focus on client acquisition, technological innovation, and strategic partnerships. The company is navigating macroeconomic challenges while maintaining a disciplined approach to growth and profitability.

Core Viewpoint - Evertec (EVTC) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of a company's shares, leading to stock price movements based on their buying or selling activities [4]. Business Outlook - The increase in earnings estimates and the Zacks rating upgrade suggest an improvement in Evertec's underlying business, which could lead to higher stock prices as investors respond positively [5][10]. - For the fiscal year ending December 2025, Evertec is expected to earn $3.56 per share, with a 6.8% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7][9]. - Evertec's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Summary of Adyen Conference Call (November 13, 2025) Company Overview - **Company**: Adyen (OTCPK:ADYE.Y) - **Industry**: Payment processing and financial technology Key Points and Arguments Platform Foundations - Adyen has built a single global technology platform that allows customers to process payments worldwide, both online and in-person, since its inception [1][2] - The company has added banking licenses in the U.K., Europe, and the U.S. since 2017, providing end-to-end control over its services [1] Payment Volume and Fraud Management - Adyen processed EUR 1.3 trillion in payment volume over the last 12 months, which enhances its ability to analyze individual shopper behavior [2] - The company emphasizes the importance of real-time fraud detection, leveraging behavioral patterns to authenticate users dynamically [3][4] Data Utilization - Adyen possesses significant data on transaction behaviors, which aids in fraud detection and onboarding merchants [5][6] - The company can assign risk levels to different behavioral patterns, enhancing customer security [6][7] Market Dynamics - The complexity in the payments industry is increasing, driven by technology evolution and the rise of agentic commerce, which presents opportunities for Adyen to gain market share [9][11] - Adyen's unique single-platform structure allows it to innovate more rapidly than legacy competitors [15][18] Product Innovations - The Adyen Uplift product suite optimizes the payments conversion funnel, focusing on authorization rates, payment costs, and fraud management [12][19] - Two-thirds of new customers are adopting the Protect fraud tooling product, which utilizes machine learning for real-time fraud detection [20] Unified Commerce - Adyen is seeing a trend of digital customers moving into unified commerce, where both online and in-person payments are processed through one integration [24][26] - The company has successfully expanded into various verticals, including luxury retail, hospitality, and food and beverage, which are among its fastest-growing sectors [28][29] Addressable Market - The total payments market is estimated at EUR 34 trillion, with Adyen capturing a 5% share (EUR 1.3 trillion) of the addressable market of EUR 26 trillion [31][32] - The payments market is expected to double over the next decade, providing significant growth opportunities for Adyen [32] Financial Products and Growth Strategy - Adyen is expanding into financial products, with a revenue opportunity of EUR 127 billion expected to grow at 20% annually [32][44] - The company aims for a 20% growth framework over the next few years, supported by its long-term market potential and new product offerings [56][58] Profitability and Investment - Adyen targets an EBITDA margin of over 55% by 2028, balancing growth investments with operational efficiencies [61][62] - The company plans to invest heavily in its tech and commercial teams while leveraging automation to maintain operating leverage [62] Future Outlook - Adyen is focused on navigating the complexities of the payments landscape, positioning itself to thrive as consumer expectations and technological advancements continue to evolve [55][62] Additional Important Insights - The company is actively engaging with various stakeholders, including Visa, Mastercard, and tech companies, to shape the future of agentic commerce [53][54] - Adyen's strategy emphasizes a customer-first approach, ensuring that merchants maintain brand integrity and customer loyalty in evolving transaction environments [53][54]

Financial Data and Key Metrics Changes - Q3 fiscal 2025 saw a record overall transaction volume of $16.2 million, an increase of 8% year-over-year, contributing to a sequential revenue increase of $1.2 million, primarily driven by ACH, which grew 30% year-over-year [3][4] - Adjusted EBITDA for the quarter was $368,000, down from $500,000 in the previous quarter and also down from the previous year [5] - Operating cash flow was $1.4 million, with cash increasing by over $200,000 to over $7.8 million at quarter end [5][6] Business Line Data and Key Metrics Changes - ACH revenues increased by 30% year-over-year, marking the eighth consecutive quarter of growth in electronic check transaction volume [16] - Card Issuing generated sequential volume growth with total dollars loaded exceeding $75 million, and profitability continues to improve [17][18] - Output Solutions saw sequential revenue growth, with electronic-only documents delivered increasing to 20 million pieces, up about 500,000 from a year ago [19][20] Market Data and Key Metrics Changes - The credit card segment processed dollars up 12% and transactions up 75% year-over-year, with PayFac revenues increasing by 32% [8][9] - The mortgage servicing and fintech industries significantly drove growth in the PINless debit offering, which saw transaction growth of 96% and dollar growth of 87% year-over-year [16] Company Strategy and Development Direction - The company is focusing on implementing new clients faster to capitalize on a strong sales pipeline, with a commitment to recurring revenue growth [25][26] - Usio One initiative aims to capture a greater share of electronic payment and printing volume, with a unified platform for customer onboarding [11][12] - The company is exploring new product offerings, including wearables and customized solutions, to enhance its competitive edge [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong processing metrics and recurring revenue, indicating a potential inflection point for growth [22][23] - The company anticipates improved performance in Card Issuing moving forward, with expectations of benefiting from financial assistance programs related to government shutdowns [18][30] - Management emphasized the importance of maintaining pricing discipline while growing transaction volumes [15] Other Important Information - The company has repurchased approximately $750,000 worth of shares year-to-date, with over $3 million remaining on the current repurchase authorization [22][34] - The balance sheet remains strong, allowing for continued investment in organic growth and potential strategic acquisitions [22] Q&A Session Summary Question: Is there a change in sales cycles affecting future opportunities? - Management noted a strong pipeline and is focusing on faster implementations of sold clients, which represent significant volume [25][26] Question: What criteria does the company have for potential M&A transactions? - The company looks for synergy, the right acquisition price, and no existing issues that could distract from organic growth [33] Question: How has the federal government shutdown impacted state or local governments? - The company received inquiries from cities and counties looking to bridge payments during the shutdown, indicating a potential for new business [30][32] Question: Can you clarify the recurring revenue in the ACH business? - Management explained that the current revenue is largely recurring, contrasting with the previous year that included one-time events [43][45] Question: Why did credit card transaction volumes increase significantly while revenues only rose slightly? - Management clarified that transaction metrics include PINless debit, which affects revenue reporting, emphasizing that revenue is primarily driven by dollars processed [50]

Financial Data and Key Metrics Changes - Q3 fiscal 2025 saw a record overall transaction volume of $16.2 million, up 8% year over year, leading to a sequential revenue increase of $1.2 million [3] - Adjusted EBITDA for the quarter was $368,000, down from $500,000 in the second quarter and also down from the previous year [5] - Operating cash flow for the quarter was $1.4 million, with cash increasing by over $200,000 to over $7.8 million at quarter end [5] Business Line Data and Key Metrics Changes - ACH revenues increased by 30% year over year, marking the eighth consecutive quarter of growth in electronic check transaction volume [16] - Card issuing generated sequential volume growth with total dollars loaded exceeding $75 million, and profitability continues to improve [17] - Output Solutions saw sequential revenue growth, with electronic-only documents delivered increasing to 20 million pieces in the quarter [19] Market Data and Key Metrics Changes - The credit card segment processed dollars up 12% and transactions processed up 75% from a year ago, with key payback revenues up 32% [8] - The PINLESS Debit offering set all-time records for both transactions and dollars processed, with growth of 96% for transactions and 87% for dollars processed year over year [16] Company Strategy and Development Direction - The company is focusing on accelerating implementations of new clients to drive volume and recurring revenue [25] - UCO One initiative aims to capture a greater share of customers' electronic payment and printing volume, with a unified platform for customer onboarding [11] - The company is exploring new product offerings, including wearables and customized solutions, to enhance market competitiveness [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong pipeline of future opportunities and the potential for a rebound in card issuing performance [4][19] - The company anticipates continued cash growth and is positioned to invest in organic expansion and strategic acquisitions [5][21] - Management noted that the recurring nature of revenue is becoming more pronounced, which is expected to support future growth [14] Other Important Information - The company completed share repurchases totaling $750,000 year-to-date, with over $3 million remaining on the current repurchase authorization [21][33] - The company is experiencing a positive momentum with record processing volumes and sustained profitability [5][22] Q&A Session Summary Question: Changes in sales cycles and future opportunities - Management indicated a strong pipeline and focus on faster implementations of sold services, with a rich sales pipeline across divisions [25][26] Question: Impact of federal government shutdown on business - Management noted increased inquiries from local governments seeking assistance during the shutdown, indicating potential business opportunities [29][31] Question: Criteria for potential M&A transactions - The company outlined strict criteria for acquisitions, focusing on synergy, favorable pricing, and avoiding problematic acquisitions [32] Question: Recurring revenue in ACH business - Management clarified that the current revenue is largely recurring, contrasting with the previous year which included one-time events [42][44] Question: Confusion regarding credit card processing volumes and revenues - Management explained that while transaction volumes were up significantly, revenue growth was more modest due to the nature of the transactions processed [49]

Summary of Fiserv Conference Call Company Overview - **Company**: Fiserv - **Key Executives**: Mike Lyons (CEO), Paul Todd (CFO) [1][2] Industry Context - **Industry**: Financial Services and Payment Processing - **Market Focus**: Emphasis on banking, digital payments, and merchant services [1][2] Core Points and Arguments Guidance Reset and Strategic Direction - Fiserv reset its guidance due to overly optimistic assumptions and unsustainable short-term initiatives [2][3] - A thorough analysis identified four main drivers for the guidance adjustments: 1. Cyclical growth in Argentina contributing to organic growth [3][4] 2. Business performance not meeting expectations [4] 3. High ROI capital and operational expenditures necessary for long-term value [4] 4. Need for balance between short-term and long-term initiatives [4] Financial Performance - Organic growth forecast revised to 3.5% to 4% from an original 10% to 12% [12][13] - Argentina's contribution to growth decreased significantly, impacting overall performance [13][14] - Fiserv's structural growth capabilities are positioned for mid-single-digit growth with mid-30% margins [6][5] Argentina Operations - Argentina's business remains strong, with a focus on merchant services and anticipation revenues [14][18] - Structural changes in Argentina's economy have affected growth reporting but not the underlying business health [17][22] Product and Service Development - Clover platform remains a key focus, with plans for significant investment and enhancements [30][31] - Emphasis on vertical and horizontal expansion, including partnerships and international growth [32][34] - Development of Commerce Hub as a global omni-channel platform for merchants [46][48] Financial Solutions Segment - Issuing, banking, and digital payments are key areas, with a focus on modernization and customer experience [50][51] - Core banking transition is ongoing, with a shift from multiple platforms to a unified system [67][70] Leadership and Organizational Changes - New leadership team aims to enhance client experience and product offerings [82][83] - Focus on retaining talent and improving internal communication during the transition [83][84] Additional Important Insights - The company is exploring divestitures of non-core businesses to optimize capital allocation [78][79] - Bank M&A activity is increasing, but Fiserv does not expect significant impacts on its core business [75][76] - The company is committed to delivering value to customers and shareholders through disciplined investment strategies [78][79] Conclusion - Fiserv is navigating a challenging environment with a focus on long-term growth, product development, and strategic adjustments to its operations and guidance. The leadership transition is aimed at revitalizing the company and enhancing its market position.