2Q 2025 Financial Highlights - Adjusted net revenue reached $2.4 billion, reflecting a growth of 2%, or 5% on a constant currency basis excluding dispositions[11] - Adjusted operating margin was 44.6%, an increase of 130 basis points, or 110 basis points excluding dispositions[11] - Adjusted EPS stood at $3.10, representing an 11% increase, or 11% on a constant currency basis[11] - The company generated strong adjusted free cash flow with a 108% conversion rate[10] Segment Performance - Merchant Solutions reported adjusted net revenue of $1.8 billion, up 1%, or 5.5% on a constant currency basis excluding dispositions, with an adjusted operating margin of 50.1%, up 130 basis points[13] - Issuer Solutions reported adjusted net revenue of $547 million, up 4%, or 3.5% on a constant currency basis, with an adjusted operating margin of 48.7%, up 190 basis points[13] Key Metrics - New partners increased by 15% for merchants and 28% for issuers[15] - Traditional accounts on file growth was 9%[15] - Bookings growth was 13%[15] 2025 Outlook - The company anticipates adjusted net revenue growth of 5% to 6% on a constant currency basis excluding dispositions[17] - Adjusted operating margin expansion is expected to be greater than 50 basis points excluding dispositions[17] - Adjusted EPS growth is projected to be at the high end of 10% to 11% on a constant currency basis[17] - Adjusted free cash flow conversion is expected to be 90%+[17] Strategic Initiatives - The company is entering into a $500 million accelerated share repurchase plan in connection with the Payroll divestiture[10] - Capital return expectations for 2025-2027 have been raised to $7.5 billion, excluding returns associated with asset dispositions[10] - The expected annual run-rate operating income benefit from operational transformation has been increased to $650 million[10]