近期，Figma刚刚完成了首次公开募股（IPO），不仅让公司估值翻着跟头上涨，也成为硅谷久违的一场"资 本盛宴"。毕竟自2022年市场因通胀和利率上升遭遇寒冬后，这么热闹的上市大戏实在少见。 不过，Figma公司CEO迪伦·菲尔德倒是一直保持清醒。他在最近受访时表示："得时刻提醒团队，股价就是 个快照，下一秒可能就换画风了"。 迪伦·菲尔德受到"硅谷教父"彼得·蒂尔（Peter Thiel）的青睐，在上学期间便获得了一笔创业投资，因此开启 了辍学创业之旅。马克·扎克伯格（Mark Zuckerberg）是其中最著名的"辍学创业成为科技富豪"案例之一。 2004年，蒂尔的投资让扎克伯格能安心离开哈佛大学，前往硅谷打造Facebook。八年后，当Facebook上市 时，当时19岁的菲尔德也拿到了蒂尔奖学金——这个项目专门用10万美元鼓励年轻人逃离课堂去创业。 虽然都是辍学创业的剧本，但菲尔德完全走出了不同的人设。"他绝对是我见过最接地气的亿万富翁，"同 是蒂尔奖学金出身的手机智能AI律师软件DoNotPay创始人约书亚·布劳德（Joshua Browder）评价道。前蒂 尔基金会副总裁迈克·吉布森（Mike G ...

Core Insights - Figma's recent IPO has significantly increased its valuation, marking a notable event in Silicon Valley after a period of market downturn due to inflation and rising interest rates [3] - CEO Dylan Field emphasizes the importance of maintaining a grounded perspective on stock prices, viewing them as temporary snapshots rather than long-term indicators [4] - Figma's strategic shift towards becoming an AI creation platform is highlighted by the launch of Figma Make, which aims to transform design processes [17] Company Background - Dylan Field dropped out of Brown University to co-found Figma with Evan Wallace, supported by Peter Thiel's "Thiel Fellowship" [1][5] - Figma's journey began in 2011 with a $100,000 scholarship, leading to the development of a web-based design tool that aimed to democratize design [5][9] - The company faced early challenges but gained traction with the introduction of real-time collaboration features and a freemium model [9][10] Competitive Landscape - Adobe initially viewed Figma as a threat, attempting to acquire the company for $20 billion, but the deal was blocked by antitrust regulators [1][10][11] - Figma's growth was accelerated during the pandemic, as its collaboration tools became essential for remote work [10] - Despite the failed acquisition, Figma's net dollar retention rate rebounded, indicating strong customer loyalty [15] Recent Developments - Figma Make, launched as part of the company's AI strategy, aims to allow designers to create prototypes from simple prompts, although it has faced technical challenges [17][18] - The company has received mixed feedback regarding its AI capabilities, with some industry experts questioning its ability to replicate its success in design tools within the AI space [17][18] - Field's leadership style, characterized by responsiveness to feedback and maintaining high employee loyalty, has been crucial for Figma's resilience [1][12]

July 2025 Page 1 Disclosure Regarding Forward-Looking Statements This presentation may contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially. A summary of risks and uncertainties is described in more detail in our periodic reports filed with the Securities and Exchange Commission (SEC). We undertake no duty to update or revise this presentation, whether a ...

Core Insights - Fiserv, Inc. is set to release its second-quarter 2025 results on July 23, with a history of positive earnings surprises averaging 2.1% [2][7] Revenue Expectations - The Zacks Consensus Estimate anticipates revenues to increase by 8.5% year-over-year to $5.2 billion [3][10] - Merchant Solutions is expected to generate $2.8 billion in revenues, reflecting a 6.2% year-over-year growth, driven by Clover's growth and new partnerships [4][10] - Financial Solutions revenues are projected at $2.5 billion, indicating a 14.6% increase from the previous year, supported by product adoption and cross-platform advancements [5][10] - Processing and Services revenues are estimated at $4.5 billion, suggesting a 9.1% rise year-over-year, while Product segment revenues are expected to reach $1 billion, implying a 12.7% improvement [6][10] Earnings Predictions - The model predicts an earnings beat for Fiserv, with an Earnings ESP of +0.73% and a Zacks Rank of 2 (Buy) [7]

Summary of Fiserv (FI) FY Conference Call - May 15, 2025 Company Overview - **Company**: Fiserv (FI) - **Industry**: Payments and IT Services Key Points and Arguments Clover Volume and Financial Performance - **Clover Volume Growth**: Reported an 8% growth in Clover volume, slower than the previous year's 14% growth, leading to investor concerns [2][6] - **Factors Affecting Growth**: - Gateway conversion from non-Clover clients to Clover gateway contributed approximately 2 points of headwind against growth [3] - The previous year included a leap year effect, contributing over 1 point of growth [4] - Seasonal timing of Easter also impacted volume, with Easter falling in Q1 last year and Q2 this year [4] - **Future Expectations**: Anticipated that Q2 growth will be similar to Q1, with an increase in gateway headwind expected [5][50] Revenue Growth and Projections - **Clover Revenue Growth**: Reported a 27% growth in Clover revenue, driven by volume, hardware sales, and value-added services [6] - **Revenue Target**: Confident in achieving $3.5 billion in revenue by year-end 2025, with a longer-term target of $4.5 billion by 2026 [8] - **International Expansion**: Added four new countries in Q1, with a focus on launching Clover Hospitality for high-end restaurants [7] Product Development and Market Strategy - **Product Launches**: Significant number of new products launched within Clover and the small business suite, including Cash Flow Central [11][13] - **Partnerships**: Successful integration with ADP's run solution into Clover, enhancing cross-selling opportunities [10] - **Investment in CapEx**: Increased capital expenditures from $900 million in 2020 to approximately $1.5 billion in 2024, aimed at product development and technology [16] Market Conditions and Consumer Spending - **Diverse Client Base**: Approximately 50% of merchant volume is from discretionary spending, providing a natural hedge during economic downturns [25] - **Inflation Impact**: Slight inflation can positively affect revenue, as it may lead to increased transaction volumes [27] - **Consumer Sentiment**: Current consumer spending remains steady, with a Small Business Index indicating 3% year-over-year growth [28][30] Competitive Landscape - **Market Competition**: Acknowledgment of intense competition from companies like Square and Global Payments, but confidence in Fiserv's unique distribution channels and product offerings [32][34] - **Market Share**: Fiserv operates the third-largest debit network in the U.S. and aims to improve its position [72] Implementation and Operational Efficiency - **Long Cycle Times**: Financial solutions often have long implementation cycles, which can affect revenue recognition [44] - **Current Implementation Status**: No significant slowdown in implementation pace observed, with several large clients going live [46] Cash Flow Central - **Market Potential**: Cash Flow Central has a medium-term Total Addressable Market (TAM) of $2 billion, with strong interest from banks and small businesses [61][64] - **Integration with Clover**: Designed to simplify cash management for small businesses, enhancing Fiserv's value proposition [66] Additional Important Insights - **Clover's Role**: Positioned as an operating system for small businesses, integrating various financial solutions to streamline operations [66] - **Transition in Leadership**: Smooth transition to new CEO Mike Lyons, with continuity in management and operations [77] This summary encapsulates the key discussions and insights from the Fiserv FY Conference Call, highlighting the company's performance, strategic initiatives, and market dynamics.