Visa (V) Q1 2025 Earnings Name Transcript

Visa (V 2.13%)
Q1 2025 Earnings Name
Jan 30, 2025, 5:00 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Members

Ready Remarks:

Operator

Welcome to Visa’s fiscal first quarter 2025 earnings convention name. All contributors are in a listen-only mode till the question-and-answer session. At present’s convention is being recorded. If in case you have any objections, chances are you’ll disconnect presently.

I might now like to show the convention over to your host, Ms. Jennifer Como, senior vice chairman and international head of investor relations. Ms. Como, chances are you’ll start.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Thanks. Good afternoon, everybody, and welcome to Visa’s fiscal first quarter 2025 earnings name. Becoming a member of us in the present day are Ryan McInerney, Visa’s chief government officer; and Chris Suh, Visa’s chief monetary officer. This name is being webcast on the Investor Relations part of our web site at investor.visa.com.

A replay will probably be archived on our web site for 30 days. A slide deck containing monetary and statistical highlights has been posted on our IR web site. Let me additionally remind you that this presentation contains forward-looking statements. These statements are usually not ensures of future efficiency, and our precise outcomes might differ materially on account of many elements.

Extra data regarding these elements is offered in our most up-to-date annual report on Kind 10-Okay and any subsequent stories on Varieties 10-Q and 8-Okay, which yow will discover on the SEC’s web site and the Investor Relations part of our web site. Our feedback in the present day relating to our monetary outcomes will mirror income on a GAAP foundation and all different outcomes on a non-GAAP nominal foundation until in any other case famous. The associated GAAP measures and reconciliation can be found in in the present day’s earnings launch and associated supplies out there on our IR web site. And with that, let me flip the decision over to Ryan.

Ryan McInerney — Chief Govt Officer

Good afternoon, everybody. Thanks for becoming a member of us. Earlier than we start, I might wish to take a second to acknowledge final evening’s tragic air collision in Washington, D.C. Our hearts exit to all these affected by this horrible occasion, significantly the households and associates of the victims.

Turning now to our outcomes. We had a robust begin to our fiscal yr with $9.5 billion in web income, up 10% yr over yr, and EPS up 14%. Our key enterprise drivers improved from the fourth quarter. In fixed {dollars}, total funds quantity grew 9% yr over yr.

U.S. funds quantity grew 7% and worldwide funds quantity grew 11%. Cross-border quantity, excluding intra-Europe, rose 16% in fixed {dollars}, and processed transactions grew 11% yr over yr. Our technique throughout client funds, new flows, and value-added providers continues to resonate with our shoppers and is mirrored in our enterprise outcomes.

Again in February 2020, after we articulated our technique, our whole first-quarter quantity on our community had simply crossed $3 trillion. Simply 5 years later, our whole quarterly quantity was above $4 trillion. On the similar time, CEMEA and Latin America had extra quantity from folks utilizing their playing cards to get money than to make funds. 5 years later, on account of double-digit fixed greenback funds quantity progress in each areas, the scenario has flipped, and we now have greater than 60% of our quantity from digital funds.

I am trying ahead to our Investor Day subsequent month to debate our technique and our plans for future progress. For now, let us take a look at among the quarterly highlights which have helped to ship this spectacular progress. In client funds, we now have 4.7 billion credentials, up 7% yr over yr, and 12.6 billion tokens, up 44% yr over yr. We proceed to develop our credentials in an more and more digital world.

Curiosity in our Visa versatile credential continues to develop. We have now now launched with the Affirm card within the U.S., expanded the funding choices with SMCC in Japan by including small enterprise playing cards, and introduced a multicurrency answer with fintech Liv within the U.A.E. Faucet so as to add card is now dwell within the U.S. for almost 60% of all Visa client credit score and debit playing cards.

Because the launch, hundreds of thousands have added their playing cards to their wallets by tapping, eliminating the overwhelming majority of provisioning fraud as in comparison with guide entry right into a cellphone. And 74% of all face-to-face transactions are actually faucet to pay. A couple of nations I wish to name out, Japan, the place tap-to-pay penetration grew 20 share factors since final yr to 44%; Argentina, the place tap-to-pay penetration was up 22 share factors to 78%; and the U.S., the place it was up 13 share factors to 57%. A number of key initiatives contributed to the expansion in these nations, together with focused advertising campaigns, the launch of transit acceptance in sure cities, and elevated issuance of tap-to-pay-enabled credentials.

Lastly, faucet to cellphone is now dwell in 118 markets. And within the final yr, the variety of telephones enabled has greater than doubled and the variety of transactions has greater than tripled. Now, let me flip to some deal highlights from throughout the globe. First, in Mainland China, we renewed our partnership with ICBC, the most important financial institution on the earth when it comes to property and the largest bank card issuer in Mainland China when it comes to variety of playing cards.

In India, we renewed our long-standing credit score agreements with ICICI Financial institution, SBI Card, and Kotak Mahindra Financial institution, three of our largest issuers within the nation with a deal with rising prosperous and cross-border quantity. We additionally renewed our debit settlement with Kotak Mahindra Financial institution. Additionally, in our Asia Pacific area, we signed a long-term renewal with Financial institution of New Zealand, one of many largest banks within the nation throughout client debit, client credit score, and enterprise credit score. In Argentina and Uruguay, we renewed our portfolios with Santander for a long-term settlement with a deal with rising prosperous.

Additionally in Latin America, we’ve got deepened our partnership with BAC to develop acceptance with a purpose to allow 300,000 nano and small retailers and to develop in new verticals. We additionally gained the issuance of their largely cross-border credit score portfolio, Millas Plus, providing our experience and value-added providers. Equally, in Brazil, we prolonged our partnership with digital financial institution Neon, which incorporates the launch of a brand new credit score portfolio. We’re additionally happy to have renewed a pan-European settlement with BNP Paribas, which additionally contains the profitable of further portfolios in France and Belgium.

Once we speak concerning the whole addressable alternative in client funds, we regularly speak concerning the alternative to win share from home networks, and we’re persevering with to have success changing credentials from home networks to Visa. In Bangladesh, we secured almost 6 million credentials with Dutch Bangla Financial institution from their closed-loop system. And Banco Common Puerto Rico, the most important issuer and acquirer in Puerto Rico, renewed a multiyear credit score and debit partnership with Visa that goals to develop digital penetration within the nation by way of the launch of recent merchandise, together with a co-badge card with the native community. And we have renewed our enterprise with RBC Royal Financial institution in 10 nations throughout the Caribbean, and we additionally expanded our relationship to incorporate the switch of debit credentials within the Dutch Caribbean to Visa and are supporting the event of recent credit score and industrial merchandise.

And co-brand playing cards stay a key space of power for us, and this quarter was no exception. In India, we launched two essential playing cards. First, the Occasions Black ICICI Financial institution bank card, catering to high-net-worth people with journey and life-style advantages. Second, the HSBC Taj bank card, India’s first premium co-branded hospitality bank card.

In our CEMEA area, we signed with actual property developer, investor, and supervisor, Aldar for a co-brand card for its Darna Rewards by Aldar loyalty program within the U.A.E. with issuing financial institution Emirates NBD. We additionally launched a brand new co-brand card in Saudi Arabia with Alrajhi Financial institution and Marriott Bonvoy, the worldwide journey program by Marriott Worldwide. Within the airline class, we gained the portfolio for EGYPTAIR, Africa’s second-largest airline.

We additionally expanded our enterprise within the SWISS card Miles & Extra program. And within the retail section, we signed with Casas Bahia, one of many prime retailers in Brazil for co-brand playing cards; and with Volt, a number one ride-hailing and meals supply operator in Ukraine. So, by way of conventional issuance, profitable share from home networks, and leveraging our model merchandise and innovation to safe essential co-brands, our client funds enterprise is robust. Now, to new flows, the place income grew 19% yr over yr in fixed {dollars}.

Visa Direct has now crossed the $10 billion transaction mark over the past 12 months with almost 3 billion transactions this quarter. We proceed to develop Visa Direct in a number of methods, considered one of which is constructing and deepening partnerships immediately with issuers and fintechs. We’re excited to accomplice with X Cash for his or her much-anticipated launch of the X Cash account, together with P2P fee performance set for later this yr. Via the partnership, X Cash will make the most of Visa Direct to allow safe and instantaneous funding of their X pockets with a person’s debit card.

Customers can even have the choice to immediately switch funds again into their checking account by way of the identical debit card. This quarter, we signed an settlement with OnePay, a fintech firm with greater than 3 million month-to-month lively customers for Visa Direct because the engine for pockets masses. In Ecuador, Banco Pichincha, one of many nation’s largest issuers, will start utilizing Visa Direct for cross-border remittance funds. Our broad and deep cross-border capabilities proceed to be essential differentiators.

And this quarter, Libra Web Financial institution in Romania launched a real-time multicurrency FX service for his or her enterprise clients using our Currencycloud answer. In Asia Pacific, OCBC has launched a cross-border P2P answer on the OCBC app, permitting their clients in Singapore to ship cash to Chinese language wallets utilizing Visa Direct. All they want is the recipient’s China nationwide ID title and cellular quantity. Now, transferring to Industrial, the place volumes have been up 6% yr over yr this quarter in fixed {dollars}.

We had some notable progress in particular verticals. First, within the meals and grocery supply vertical, we had two latest wins. Within the U.S., we’re happy that DoorDash’s shopper card program will quickly be utilizing Visa digital industrial bank cards to allow Dashers to pay for buyer orders at bodily service provider retailers. That is along with our Visa Direct relationship with DoorDash within the U.S., Australia, and Canada to allow Dasher payouts.

In Brazil, we signed a industrial enterprise card deal for industrial clients of iFood Pago, the fintech for the most important meals supply platform within the nation. Within the healthcare vertical, we reached a digital card settlement with an insurtech firm in France, mySofie, providing medical policyholders a simple strategy to pay for his or her healthcare. Within the T&E vertical, we lately renewed and deepened our partnership with Airwallex, a world monetary platform enabling greater than 150,000 companies to handle funds and cash motion throughout borders. At present, Visa and Airwallex have dwell card packages in Australia, Hong Kong, the U.Okay., United States, Canada, Netherlands, and Singapore to allow companies to simply make digital card funds all over the world.

And shortly, we will probably be increasing to new geographies throughout our use instances in expense playing cards and B2B journey. In each Visa Direct and Industrial, we continued to develop modern new options and use instances that helped us retain and safe enterprise. Now, to value-added providers, the place within the first quarter, income grew 18% in fixed {dollars}. Throughout our options, we proceed to develop income as we improve Visa funds, allow providers for all sorts of funds, and transcend funds.

We frequently accomplice with acquirers who make the most of Visa’s Acceptance Platform to supply their service provider shoppers compelling options. When this occurs, we generate income on each Visa and non-Visa transactions. Three examples this quarter are European acquirer emerchantpay, Guatemalan acquirer NeoNet, and Paraguayan acquirer Bancard, who will all supply CyberSource to their retailers. We’re additionally partnering with Fiserv to incorporate our CyberSource gateway as an answer for his or her acquirers and retailers in Europe and Asia Pacific.

That is along with Fiserv increasing their use of cardholder authentication from CardinalCommerce to additional lengthen our international partnership into further Fiserv platforms. In our danger options, in 2024, we launched Visa Defend for A2A funds with plans to develop to 10 new RTP networks in 2025. Powered by AI-based fraud detection fashions, this new service offers a real-time danger rating that can be utilized to determine fraud on account-to-account funds. We are actually piloting the answer with 5 important gamers in Brazil, who characterize greater than 20% of Pix transactions.

We’re additionally more than happy to have closed our acquisition of Featurespace, enabling us to offer an expanded set of fraud prevention instruments to our shoppers and shield customers in actual time throughout varied fee strategies. In advisory providers, we proceed to see robust demand. One instance of a latest mission is with Alrajhi Financial institution, the place we’re increasing our advisory relationship into danger, digital enablement, and information evaluation throughout their portfolios. So, throughout our value-added providers portfolio, we’re innovating with new options and deepening our partnerships with shoppers to drive progress.

To wrap it up, we started our fiscal yr with robust efficiency, an ever-growing obsession for our shoppers, and a deal with continued innovation as we construct the way forward for funds. I look ahead to seeing you in February at our Investor Day. And now, over to Chris.

Chris Suh — Chief Monetary Officer

Thanks, Ryan. Good afternoon, everybody. Our first quarter outcomes mirrored bettering underlying drivers and efficient execution of our enterprise. In fixed {dollars}, international funds quantity was up 9% yr over yr; and cross-border quantity, excluding intra-Europe, was up 16% yr over yr.

Processed transactions grew 11% yr over yr. Fiscal first-quarter web income was up 10%, greater than our expectations, primarily on account of robust worldwide transaction income and value-added providers income. Web income was up 11% in fixed {dollars}. EPS was up 14% yr over yr and 15% in fixed {dollars}, greater than anticipated, primarily on account of income outperformance and a lower-than-expected tax charge.

Now, let’s go into the main points. Within the U.S., whole funds quantity grew 7% yr over yr, up two factors from This fall. Credit score grew 7% and debit grew 8%. The U.S.

benefited from a robust vacation buying season, which is the interval from November 1 to December 31, and the lapping of the influence of Reg II implementations, which had a modest drag in Q1 of final yr. Within the U.S., client vacation spending progress was within the higher mid-single digits on a year-over-year foundation. The buyer classes with the strongest progress have been discretionary classes similar to retail, journey, and leisure. Specializing in retail, vacation spending progress was a few factors greater than final yr and retail spending progress on key buying days from Thanksgiving to Cyber Monday was a number of factors greater.

E-commerce was the next share of retail vacation spending versus final yr. In key nations across the globe, we noticed related traits, with client retail vacation spending progress bettering from final yr. Transferring to worldwide markets. Whole funds quantity was up 11% in fixed {dollars}, up from This fall.

In most of our areas, funds quantity year-over-year progress charges in fixed {dollars} have been robust for the quarter, with Latin America up 22%, CEMEA up 18%, and Europe up 13%. Asia Pacific funds quantity progress noticed a slight enchancment from This fall in fixed {dollars} to simply above 1% yr over yr for the quarter, reflecting a nonetheless considerably muted macroeconomic atmosphere. Now, to cross-border quantity, which I will communicate to in fixed {dollars} and excluding intra-Europe transactions. Whole cross-border quantity was up 16% yr over yr in Q1, three factors above This fall.

E-commerce measured as card-not-present quantity ex journey and cross-border journey quantity have been each up 16% yr over yr for Q1. E-commerce volumes continued to learn from the power in retail, partially as a result of robust vacation buying season. Journey volumes carried out properly throughout our regional corridors on account of broader power in each client and industrial spending. Outbound Europe and Asia Pacific journey quantity progress additionally benefited from stable efficiency of consumer portfolios.

For the U.S., each outbound e-commerce and journey quantity progress have been additionally helped by the robust greenback. Now, let’s assessment our first quarter monetary outcomes. I will begin with the income parts. Service income grew 8% yr over yr versus the 8% progress in This fall fixed {dollars} funds quantity.

Knowledge processing income grew 9% versus 11% processed transaction progress due largely to the again half-loaded 2025 pricing influence that was included in our preliminary steerage. Had pricing been extra evenly unfold throughout the yr as within the prior yr, these two progress metrics would have been extra in line for the primary quarter. Worldwide transaction income was higher than anticipated, benefiting from greater cross-border volumes and better forex volatility than we anticipated. 12 months-over-year progress was up 14%, beneath the 16% improve in fixed greenback cross-border quantity, excluding intra-Europe, due primarily to overseas alternate and lapping greater forex volatility from final yr.

Different income grew 32%, primarily pushed by better-than-expected consulting and advertising providers progress and choose pricing modifications. Consumer incentives grew 13%, reflecting a robust renewal quarter. Now, to our three progress engines. Shopper funds income progress was pushed by bettering funds quantity, cross-border quantity, and course of transaction progress.

New flows income grew 19% yr over yr in fixed {dollars} pushed by better-than-expected industrial cross-border efficiency throughout all areas and Visa Direct transaction progress. Industrial funds quantity rose 6% yr over yr in fixed {dollars}, primarily pushed by favorable days combine influence in addition to robust cross-border volumes. Visa Direct transactions grew 34% yr over yr, helped by progress in Latin America for interoperability amongst P2P apps. Worth-added providers income grew to $2.4 billion, a progress charge of 18% in fixed {dollars}, led by robust progress in consulting and advertising providers, Issuing Options, and Danger and Id Options.

Working bills grew 11%, consistent with our expectations, pushed by will increase in personnel and normal and administrative bills. In our GAAP outcomes, we had $213 million in severance prices associated to adjustments to our workforce, reflecting our efforts to focus funding on the best progress alternatives for our enterprise in addition to accelerating our innovation to higher serve our shoppers. Our tax charge was 17.7%, higher than anticipated on account of varied objects, together with a change in our geographic mixture of earnings. EPS was $2.75, up 14% over final yr, with an roughly one-point drag from alternate charges and an roughly half-point drag from acquisitions.

In Q1, we purchased again roughly $3.9 billion in inventory and distributed $1.2 billion in dividends to our stockholders. On the finish of December, we had $9.1 billion remaining in our buyback authorization. Now, let’s transfer to what we have seen up to now in Q2. Via January 28, driver traits have remained robust.

U.S. funds quantity was up 8%, with debit up 9% and credit score up 7% yr over yr. Processed transactions grew 11% yr over yr. For fixed greenback cross-border quantity, excluding transactions inside Europe, we noticed whole quantity grew 17% yr over yr, travel-related cross-border quantity grew 17% yr over yr, and cross-border card-not-present ex-travel quantity grew 16%.

Now, on to our expectations. Do not forget that adjusted foundation is outlined as non-GAAP ends in fixed {dollars} and excluding acquisition impacts. You possibly can assessment these disclosures in our earnings presentation for extra element. For the second quarter, we count on adjusted web income progress to be within the excessive single digits to low double digits.

I might be aware that the first distinction between Q1 and Q2 adjusted web income progress is the lapping of bissextile year. We count on second-quarter adjusted working expense progress to be within the excessive single to low double digits. Nonoperating revenue within the second quarter is predicted to be negligible. And our tax charge within the second quarter is predicted to be round 17.5%.

Consequently, we count on second-quarter adjusted EPS progress to be within the excessive single digits. We have now now closed the acquisition of Featurespace and lapped the influence of Pismo in January. For acquisition impacts, we count on a minimal influence to web income progress, and roughly 1.5-point contribution to working expense progress, and an roughly half-point headwind to EPS progress within the second quarter. Now, let’s cowl our full-year expectations.

We now count on full-year adjusted web income progress to be within the low double digits. There aren’t any materials adjustments to our adjusted working expense progress and nonoperating revenue expectations for the complete yr. Primarily based on our lower-than-expected tax charge in Q1 and an up to date view for the remainder of the yr, we’re reducing our anticipated tax charge to be between 17.5% and 18%. Taking all of this collectively, we now count on adjusted EPS progress to be within the low teenagers.

Featurespace and Pismo are anticipated to have a minimal influence on full-year web income progress and roughly one-point contribution to working expense progress and an roughly half-point headwind to EPS progress. In abstract, we’re off to a robust begin to the yr. We stay centered on the execution of our progress technique for the remainder of 2025 and look ahead to Investor Day in just a few weeks. And now, Jennifer, it is time for some Q&A.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Thanks, Chris. And with that, we’re able to take questions.

Questions & Solutions:

Operator

Thanks. [Operator instructions] Sanjay Sakhrani with KBW. Please go forward.

Sanjay Sakhrani — Analyst

Thanks. I had a query on the improved outlook. Clearly, the volumes did higher and so they accelerated. Does the improved outlook assume the expansion charges kind of maintain themselves? Or possibly you could possibly simply undergo kind of what the drivers are.

Thanks.

Chris Suh — Chief Monetary Officer

Yeah. Hello, Sanjay. Thanks for the query. Sure, we really feel nice concerning the Q1 outcomes.

As I indicated — one quarter within the yr, and we’ll have extra of an replace on Half 2 as we get nearer to it.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Will Nance with Goldman Sachs. Please go forward.

William Nance — Analyst

Hey, guys, I recognize you taking the query. I additionally wished to observe up on among the stronger spending outcomes that you’ve got seen. You known as out the robust outcomes. That is been fairly evident in among the prints up to now this quarter.

I simply wished to know if there’s something sort of if you peel again the onion in among the information that you just guys have, if there’s something apparent that you’d attribute this acceleration over the previous couple of months towards? I do know you known as out some issues round vacation spending. And clearly, there’s been lots of days combine issues happening. However we spent, I believe, a yr speaking about ticket measurement being a headwind. So, I am questioning how a lot of that is kind of a brand new run charge and lapping sort of more durable comps over the past couple of years versus sort of an outright acceleration and sort of spending above pattern.

Curious you probably have any ideas on that. Thanks.

Chris Suh — Chief Monetary Officer

Yeah. Thanks for the query, Will. Effectively, let’s attempt to break down, unpack a bit bit just a few issues in there. We talked about power within the U.S.

and worldwide markets. The power within the U.S., we did have a robust vacation. I gave a few of these numbers within the ready feedback that you just heard about. It additionally helped discretionary classes, retail, journey, and leisure, after which the lapping of Reg II.

That was actually the step-up that we noticed within the U.S. We really feel actually good about that after which like we talked about as properly throughout the areas. And so, from a fee quantity standpoint, I really feel actually good about that. Cross-border, possibly the added commentary on cross-border was, should you take a look at e-commerce, e-commerce was up one level from This fall, cross-border e-commerce benefiting from the stronger retail and vacation.

After which journey, although, did step up by 4 factors from This fall, and never simply This fall however possibly the final two quarters, which had been round that very same degree. We’re seeing robust journey outcomes throughout all of the areas. And so, once more, we really feel actually good about that. However all that mentioned, it is a quarter into the yr, and we’ll clearly wait to see how Q2 performs out, however we really feel fairly good concerning the outlook into the second quarter.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Darrin Peller with Wolfe Analysis. Please go forward.

Darrin Peller — Analyst

Guys, thanks. Only a couple, two elements to a query. However first one is basically to do with the underlying traits we’ll see by way of the yr with regard to the transferring elements on a few of your simpler lapping given that there have been some enterprise, as you talked about, that had come off final yr that lapse. How does that influence your quantity trajectory within the U.S.? Because the yr progresses, we will take into consideration that.

Clearly, Reg II began to assist already. After which possibly only a fast follow-up on rebates incentives. I do know you talked about this being the upper quarter that we have been going to begin the yr off at. Possibly simply should you might assist us, was this consistent with your expectations when it comes to the outcomes that we noticed? Or is something altering round timing on it? Or did it actually are available in as anticipated? Thanks once more, guys.

Chris Suh — Chief Monetary Officer

OK. Let me attempt to deal with all three of these issues, Darrin. When it comes to the full-year information, you’re recalling appropriately. Once we began the yr, we talked about kind of the dynamics in Half 1 and Half 2 and why we anticipated progress to be accelerating all through the course of the yr.

Incentives was a part of that story. As we mentioned earlier than, as anticipated, that is going to be a giant yr for renewals, with greater than 20% of our fee quantity impacted and beginning actually meaningfully with that renewal cycle within the first half of the yr. That has occurred. You noticed incentives develop 13% in Q1 versus the 6% we noticed in This fall.

That may proceed. We anticipate Q2 incentives progress will proceed to mirror that renewal cycle. You talked about Reg II. I believe we have coated that.

We’re lapping what was modest influence from a yr in the past. After which there are some lapping advantages from portfolio as properly which are extra centered towards the second half of the yr as properly. That every one mentioned, once more, I’ve mentioned it earlier than, to the final query when Will requested, it is a quarter into the yr. We mirrored the Q1 upside and adjusted our Q2 outlook to mirror that, and we’ll actually speak about Half 2 as we get nearer to it.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query?

Operator

Thanks. Andrew Jeffrey with William Blair. You could go forward.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Andrew, are you there? Operator, possibly we will go to the following caller and are available again to Andrew in a bit.

Operator

One second, please. Andrew, chances are you’ll go forward, sir.

Andrew Jeffrey — Analyst

Hello. Thanks. Are you able to hear me now?

Jennifer Como — Senior Vice President, Head of World Investor Relations

Sure. Now, we will.

Andrew Jeffrey — Analyst

I apologize for that. I am sorry. I wished to ask on value-added providers given the latest closure of Featurespace and I believe some emphasis in Pismo. Are you able to speak, Ryan, has there been a philosophical change, or a change in emphasis maybe, in Visa’s value-added providers initiatives? And going ahead, as we take into consideration larger alternatives in that space, ought to we take into consideration Visa possibly emphasizing some extra safety choices versus processing and gateway? Simply making an attempt to border that up.

Ryan McInerney — Chief Govt Officer

Yeah. We proceed to be very excited concerning the progress that we’re making in value-added providers throughout the board. There is no change in emphasis because it pertains to the precedence or the prioritization of sort of the areas the place we have been constructing merchandise and serving shoppers. So, we proceed to be very centered on delivering options to retailers and acquirers, very centered on delivering options to issuers, very centered on delivering fraud and danger options broadly throughout the ecosystem in addition to our advisory enterprise.

I talked about some examples in my ready remarks. We have now had some nice acquisitions. The best way that we take into consideration acquisitions is we’re always sort of searching for firms all over the world that we will deliver into our ecosystem, speed up their progress, speed up our sort of merchandise that we’re bringing to our shoppers. And Pismo and Featurespace are two nice examples of these.

When it comes to Pismo, we’re having actual good success sort of with our gross sales pipeline all all over the world. We’re having conversations with shoppers that I do not assume Pismo ever would have had, actually not this early of their evolution. And the explanation we’re ready to do this is we’re bringing sort of the wonderful capabilities that Pismo affords along with the deep relationships and partnerships that we’ve got in addition to sort of our lengthy monitor document of delivering resilient options to our shoppers and companions. Featurespace is early, however we’re already having a ton of success.

I received a ton of nice consumer and accomplice suggestions as soon as we closed that acquisition. We have recognized Featurespace for a lot of, a few years. We partnered with them. We additionally competed towards them.

We all know their capabilities actually, very well. One of many issues that you just’re seeing from us is that we’re persevering with to take the wonderful capabilities that we’ve got at Visa, whether or not that is our fraud capabilities, our community capabilities, our processing capabilities, we’re unbundling these from the Visa stack, we’re enhancing them, after which we’re delivering them to a broader array of shoppers and companions many occasions unrelated to Visa transactions or the VisaNet platform itself. So, we proceed to deal with all these areas in value-added service. We proceed to have good success, and you may proceed to see us sort of transfer down this type of program of unbundling our capabilities, enhancing them, and delivering them to a wider set of shoppers.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Harshita Rawat from Bernstein. You could go forward.

Harshita Rawat — Analyst

Good afternoon. So, Ryan, I need to observe up in your feedback on sort of this unbundling of the capabilities and ask about Visa A2A. You talked about 10 new RTP community partnerships. What are you listening to out of your issuer and service provider clients? Invoice Pay might be an apparent use case.

How ought to we take into consideration the highway map of use instances, monetization fashions, and likewise the dynamics vis-a-vis debit when it comes to cannibalization? Thanks.

Ryan McInerney — Chief Govt Officer

Yeah. You are proper. Sort of this notion of unbundling our capabilities could be very related within the value-added providers house for among the causes that I discussed. It is also very related within the client fee house.

And Visa account-to-account is a good instance, an important instance the place we have unbundled sort of our model and acceptance, our guidelines when it comes to charge-backs, disputes, and returns and the way issues work, in addition to sort of our danger administration capabilities. We have unbundled that from the Visa stack, and now we’re delivering that to our companions initially within the U.Okay. with Visa A2A after which extra broadly throughout Europe and different locations over time. We nonetheless are on monitor to launch Visa A2A in early 2025.

After we introduced it, we have performed what we all the time do, which is have a bunch of nice conversations with shoppers and companions and regulators within the U.Okay. As you talked about, the preliminary use case is focused at Invoice Pay. And what we discovered by way of these conversations is there’s an actual want. There’s an actual want so as to add the sorts of processes and guidelines and the trusted model that we’ve got to account-to-account funds, beginning in Invoice Pay, to present customers extra confidence to make use of it, retailers extra purpose and confidence to supply it.

And we’re enthusiastic about it. I imply, clearly, Invoice Pay in U.Okay. is simply the beginning. However we expect that the ability of sort of taking a few of these Visa capabilities into the account-to-account house goes to be an important profit for our shoppers and our companions within the ecosystem.

You talked about Visa account-to-account. It is a related story sort of on what we have been doing in account-to-account shield, the place we have taken our sort of a long time of danger expertise, our information, our scoring algorithms and unbundled that from sort of the Visa stack, and we’re delivering that to, as I mentioned in my ready remarks, we’re concentrating on as much as 10 RTP networks in the course of the course of this yr. I discussed the banks we’re now working with in Brazil to scale back fraud on Pix transactions. We have had nice success with Pay.UK within the U.Okay., lowering fraud on account-to-account transactions.

And you are going to hear much more from different companions and different networks all over the world. These two examples are each pushed by consumer wants. I imply, that’s what drives our innovation agenda. That is what drives our product supply agenda.

We have been listening to from shoppers all all over the world that they are searching for Visa to assist them with these kind of challenges, each driving protected and safe account-to-account funds all over the world. So, very enthusiastic about it, and you may proceed to listen to extra from us on it.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query?

Operator

Thanks. Our subsequent caller is Timothy Chiodo with UBS. Please go forward, sir.

Timothy Chiodo — Analyst

Nice. Thanks. I need to dig a bit bit into the combination parts of the cross-border enterprise. So, you mentioned up to now that roughly about 60% of it’s journey and the opposite roughly 40% is e-commerce.

And I do know that developed a bit bit all through COVID and now into the restoration interval. However after we take into consideration the e-commerce element, I imagine that among the Visa Direct-related items are sitting there, so whether or not or not it’s the remittances which are cross-border or {the marketplace} payouts. I hoped you could possibly dig into these two or that broader bucket, if there’s any tough progress charges or progress contribution or sizing. And if not, simply any normal feedback round that side of the cross-border enterprise.

Chris Suh — Chief Monetary Officer

Thanks for the query, Tim. Sure, let’s unpack that as properly. We have been performing some unpacking right here. When it comes to e-commerce, the combination that you’ve got shared is the combination that we have shared when it comes to journey and e-commerce, with e-commerce having sustained barely higher over the previous couple of quarters.

Clearly, this quarter, the 2 progress charges converged. That was good to see. And inside that, Visa Direct does have a cross-border element. We talked about Visa Direct transactions rising 34%.

The cross-border portion of that’s rising a lot quicker. It is clearly a small portion of the full transactions. It is rising a lot quicker than that. And so, we proceed to understand that.

Visa Direct in whole, the momentum is nice and continues to be a extremely good alternative. However sure, if you add all of it collectively, we’re seeing nice progress throughout e-commerce and cross-border. And as , the yields are accretive as properly.

Ryan McInerney — Chief Govt Officer

Yeah. The one factor I might add is that within the very massive scheme of issues, with all of the success we’re having in cross-border Visa Direct, which is nice, and we’re having nice success, it is nonetheless a really small portion of our cross-border transactions and fee quantity all over the world within the massive scheme of issues.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. James Faucette with Morgan Stanley. Please go forward.

James Faucette — Analyst

Hello. Thanks. I wished to simply observe up a bit bit on the cross-border query. Previously, we have seen completely different durations when cryptocurrencies have performed properly, however that is additionally helped the cross-border sort of e-commerce element.

I am questioning how a lot of an uplift you noticed from that. And I suppose, tied in with that, as we have seen sort of progress charges decelerate a bit bit right here in January, what’s your present visibility on significantly journey? And what are you seeing round bookings there? Any colour you could possibly present on these two issues can be nice. Thanks.

Chris Suh — Chief Monetary Officer

Positive. Hello, James. Crypto, so how and the place does crypto influence our enterprise? Effectively, there are just a few ways in which crypto can present up in our underlying drivers. However usually, after we see an influence, we do see it in our cross-border e-commerce volumes.

I talked about among the drivers of that this quarter relative to This fall. However clearly, given the latest demand and kind of exercise round crypto, it’s a modest profit, I might say, to our cross-border e-commerce, but it surely’s one of many smaller advantages, I talked about kind of the opposite issues that influence that. And so, that is the place we do see it usually.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Jason Kupferberg with Financial institution of America. Please go forward.

Jason Kupferberg — Analyst

Thanks, guys. I wished to the touch on tokenization for a minute. I believe you mentioned variety of tokens have been up 44% within the quarter. Clearly, a reasonably sturdy quantity.

So, should you can simply give us a normal replace on tokenization technique and any potential timing or magnitude of precise monetization alternative from tokenization, clearly, understanding the advantages of it from a fraud and safety perspective. However simply questioning if there’s any direct monetization we needs to be fascinated by.

Ryan McInerney — Chief Govt Officer

Glad to speak about tokens. You probably did get the quantity proper, and we agree that it is important. Let me simply step again and possibly put the entire token sort of highway map in perspective. Visa community tokens have been and will probably be considered one of our most essential funding priorities throughout the corporate.

In some ways, we led the wave of token innovation and adoption. I believe it has been a few decade since we issued the primary Visa token. I keep in mind, I believe in 2020, we received to 1 billion tokens. And that was a giant milestone.

However in hindsight, like we have been actually simply approaching the start of the steep a part of the S curve. You return to what you mentioned about 44% progress, so we have now received greater than 12.5 billion tokens throughout the ecosystem. We received 8,400 issuers all over the world which are issuing them in 200-plus markets all over the world. And we have got a 3rd of all Visa transactions that are actually tokenized.

We did 21 billion, 22 billion token transactions within the final quarter. And as you alluded to, the adoption is proliferating as a result of the efficiency enchancment is significant. When you simply take a look at e-commerce, on tokenized transactions, we’ve got six share level greater approval charges, that’s considerably greater gross sales for our service provider companions; and 30% discount in fraud charges, which is nice for everyone within the ecosystem. Tokens have develop into considered one of our most essential platforms for enabling innovation.

For instance, I believe it was final quarter, I talked about in Europe, we’re utilizing tokens to simplify the e-commerce checkout expertise. We have embedded FIDO passkeys by way of Visa tokens into click-to-pay, and we’re making e-commerce checkout as simple as it’s that you just and I unlock our cellphone with our face or fingerprint. So, that is an instance of tokens being a platform to drive innovation all over the world. They’re additionally a vital enabler of our value-added providers.

And people, we deepen relationships with our companions, and we additionally develop income. To your query round monetization, what can be a few examples? We have retailers which are utilizing our token credential enrichment service. So, we embed this in Visa tokens in order that we frequently replace Visa credentials for retailers that subscribe to this service. After which they do not have to fret about customers updating their credentials when their playing cards expire, so they do not miss a subscription renewal or a sale, and we’ve got income for that service.

We additionally supply a service, if you concentrate on on the issuer facet, that permits our issuers to create a warmth map of all their customers’ tokens throughout your complete ecosystem. And so they pay for this service from us in order that they’ll allow their clients so as to add, view, and handle their Visa playing cards throughout retailers that they use of their each day lives. So, we’ve got an unlimited array of providers that we each ship and that we’re constructing and plan to ship constructed on our tokens. And the income that we generate from these token-enabled providers is significant, and it is going to be much more significant going ahead.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Bryan Keane with Deutsche Financial institution. Please go forward.

Bryan Keane — Analyst

Hello. Thanks for taking my query. Ryan, I simply need to ask about X Cash. How lengthy does a mission like that take for you guys to implement with X? Any sort of thought on how briskly and the way a lot quantity that may ramp? And any ideas on economics? I assume it is simply sort of Visa Direct sort transactions.

Thanks.

Ryan McInerney — Chief Govt Officer

Yeah. I believe the X partnership is a good instance in what’s been a sort of lengthy record of fintech and large tech, crypto, digital wallets, social messaging apps, and the like which have appeared round at their choices and concluded that the Visa platform, the Visa community and the Visa community of networks is sort of the very best, most dependable, greatest cash motion platform that is actually engineered to allow their builders to rapidly implement the sorts of options that they are trying to implement. And it is one other nice step in that journey that we have been taking. As you mentioned, the partnership is constructed on the Visa Direct platform.

It may permit the 600 million or so lively month-to-month customers of X to fund their X Cash accounts, so that they transfer cash into it. They are going to have the ability to switch funds again to their checking account immediately from their X Cash account. There’s going to be creators on the X platform that may now receives a commission a lot quicker once they use Visa Direct to maneuver a reimbursement into their financial institution accounts. So, it is an important credit score to the partnership between our group and the X Cash group and I believe constructing out these use instances, and we’re simply excited to proceed to develop the variety of use instances on our platform.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Dominick Gabriele from Compass Level. You could go forward, please.

Dominick Gabriele — Analyst

Hey, thanks a lot for taking my query. I used to be really simply curious should you’ve heard by way of your companions on both the patron or industrial facet if the specter of tariffs pushed up any industrial spending or client spending, and should you’ve tracked that previously. Thanks a lot.

Ryan McInerney — Chief Govt Officer

Yeah. We have not seen something immediately associated to that. And I believe identical to, I suppose, broadening the query a bit. I believe on tariffs broadly, we’ll have to attend and see what occurs.

I believe it will be very troublesome to foretell what is going on to get carried out, the place it will get carried out. And as we see these items probably get carried out, we’ll have a greater sense on what influence it has for our enterprise, and we will let then.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Bryan Bergin with TD Cowen. Please go forward.

Bryan Bergin — Analyst

Hello. Good afternoon. Thanks. I wished to ask on industrial.

So, I believe I received 6% progress, so a one-point enchancment there quarter on quarter. Are you able to speak extra concerning the traits in industrial spend in 1Q and additional enchancment anticipated or, I suppose, sustainable right here within the ’25 outlook relative to what you noticed in ’24?

Chris Suh — Chief Monetary Officer

Thanks for the query. You bought the numbers proper. Industrial volumes have been up from This fall, a bit over one level. And that Q1 progress was aided by a few issues: favorable days combine within the U.S.

and internationally, which was the inverse of what I talked about in This fall the place days combine was a bit little bit of a headwind. I additionally referenced stronger industrial cross-border volumes as properly. And possibly the third one, it is small, however there was much less of a drag from ATS because it continues to evolve. I additionally referenced robust outcomes from consumer portfolios that helped cross-border volumes in Europe and AP.

That additionally benefited industrial. This all contributed properly to our robust new flows income efficiency. That could be a pattern, when it comes to industrial volumes, that’s embedded into our expectations, are embedded into our Q2 steerage. We anticipate they continue to be regular, secure, and robust by way of the rest of the yr.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Dan Perlin with RBC Capital Markets. Please go forward.

Daniel Perlin — Analyst

Thanks. I used to be questioning should you might simply communicate to the purpose across the power of the greenback and actually just like the buying energy parity related to that. So, I suppose, it performs into cross-border, clearly, for outbound U.S., but it surely’s greater for folks to come back into the USA. But in addition, simply when it comes to simply spending patterns, I imply, clearly, that is going to be a robust interval for a short while and I am simply questioning to what extent there is a proportional profit to your enterprise.

Thanks.

Ryan McInerney — Chief Govt Officer

Yeah. I imply, clearly, the greenback has strengthened meaningfully and rapidly. You bought it proper, which is, all else equal, with a stronger greenback, you’ve gotten stronger buying energy for Individuals exterior of America. In sort of historic durations the place we have had a stronger greenback, we’ve got in the end seen that result in some journey patterns outbound from the U.S.

The alternative of that’s, clearly, it is dearer for folks to journey to the U.S. In sort of, once more, historic durations of comparatively stronger {dollars}, we have seen some shift in journey patterns of people that may in any other case have traveled to the U.S. going to different locations all over the world. Having mentioned that, it is nonetheless early.

This specific scenario, we’ll have to observe. And despite the fact that in previous occasions, you’ve gotten seen some adjustments in journey corridors on account of a strengthening greenback, we usually have seen the journey spending total stay constant. Folks simply plan their holidays somewhere else all over the world, however that takes time. We’re a reasonably brief interval into this stronger greenback interval up to now.

So, assuming we keep at this level, we’ll be capable to offer you extra perception subsequent quarter and future quarters.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Andrew Schmidt with Citi World Markets. Please go forward.

Andrew Schmidt — Analyst

Hey, Ryan, hey, Chris, thanks for taking my query. Simply wished to ask on the regulatory atmosphere within the U.S. Clearly, a brand new regulatory regime right here. Questioning simply your view on that and simply conversations possibly you’ve got had with issuers or different events.

Simply making an attempt to get a greater sense, I do know there’s just a few issues happening within the U.S., clearly. Curious how you feel. Thanks a lot.

Ryan McInerney — Chief Govt Officer

Yeah. We’re optimistic. Our shoppers are optimistic. I believe what we have heard up to now is that the administration desires to maneuver rapidly to scale back and simplify rules, and so they’re doing it sort of with a purpose of spurring financial progress, effectivity, innovation, all superb issues.

So, we’re optimistic that these adjustments are going to scale back the regulatory burden for companies basically in America, which is nice for America and in the end needs to be good for Visa. We’re optimistic as our shoppers are that they’ll cut back the regulatory burden, particularly within the monetary sector, which can in flip assist our FI shoppers speed up digital funds and basically, run their companies extra effectively and extra successfully, which is excellent for them, which is, in flip, good for us. So, we’re optimistic. However once more, it is early, and we simply need to see what will get carried out, the place it will get carried out, and the way rapidly it does.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Craig Maurer with FT Companions. Please go forward.

Craig Maurer — Analyst

Yeah. Hello. Thanks for taking the query. I wished to return to among the massive deal renewals you mentioned early within the name and ask concerning the interaction of the completely different income traces in these renewals.

What I am making an attempt to grasp is you are clearly making pricing concessions if you enter into these massive renewals or deal expansions. To what diploma can you make up for that with different income or VAS being bought into these issuers? And I do know that is sophisticated, however how a lot is that accounting for the enlargement we’re seeing in among the different income? Thanks.

Ryan McInerney — Chief Govt Officer

Yeah. First, simply reflecting on this quarter, the final quarter, as you’ve got seen, we have simply been having nice great success with shoppers everywhere in the world. And so they proceed to decide on Visa due to our model, due to our merchandise, due to our innovation, due to our folks, however more and more due to our value-added providers and due to our CMS or new flows capabilities. And I suppose I might reply your query this fashion.

Once we interact and our groups interact with companions on these kind of renewal, extension, new enterprise offers that you just’re speaking about, it’s vastly completely different than it was three or 4 years in the past. The sorts of conversations that we’re having with our shoppers are far more multifaceted. They’re very wealthy conversations a few broad array of providers that we will present them, considered one of which is, after all, community providers for his or her debit playing cards and bank cards. However in a way more important approach, we’re having conversations about processing, about providers, about fraud and danger providers, about ways in which as a part of a multifaceted settlement, we will develop from historic relationships in client funds to small enterprise playing cards, industrial playing cards, particular priorities round fleet, for instance, or round agricultural verticals or various kinds of B2B verticals.

It is a very completely different gross sales movement. It is a very completely different sort of negotiation. However importantly, as you alluded to, it entails lots of completely different income levers than we traditionally would have had. So, it varies from consumer to consumer and market to market and what’s essential to them.

However our groups are more and more having success constructing on deep relationships traditionally in client funds and taking the chance of those renewals to actually develop our partnerships, particularly into new flows alternatives, into VAS alternatives, deepening our relationship with these companions and creating new income progress alternatives.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Subsequent query, please.

Operator

Thanks. Jeff Cantwell with Seaport Analysis Companions. Please go forward.

Jeff Cantwell — Analyst

Nice. Thanks. Does the information this week on DeepSeek affect the way you’re fascinated by your enterprise technique, presumably when it comes to whether or not you are fascinated by stepping up the utilization of AI to assist with managing inner prices or possibly when it comes to whether or not you are fascinated by utilizing AI as a device to help your progress and unlock new income alternatives. As a result of it does seem from an outsider’s perspective, AI probably might assist enhance working effectivity.

It would even maybe help a few of your income areas like authorization or fraud prevention. So, I wished to ask you to your view on what DeepSeek and the rise of AI typically means for Visa so far as technique and the place you see alternative going ahead. Thanks.

Ryan McInerney — Chief Govt Officer

Yeah, we agree with you. Every little thing that is occurring on the earth, whether or not it is DeepSeek or the various, many issues which have occurred earlier than and can occur after it, all are examples of alternatives for us broadly throughout Visa. We have been very early adopters of synthetic intelligence, and we proceed to drive laborious on the adoption of generative AI as we’ve got for the final couple of years. So, we have been working to embed AI and AI tooling into our firm’s operations, I suppose, broadly.

We have seen materials positive factors in productiveness, significantly in our engineering groups. We have deployed AI tooling in consumer providers, gross sales, finance, advertising, actually in all places throughout the corporate. And we have been a really early adopter of utilized AI within the analytics and modeling house, very early by like a long time, we have been utilizing AI in that house. So, our information science and danger administration groups have, at this level, a long time of utilized expertise with AI, and so they’re aggressively adopting the present generations of AI know-how to reinforce each our inner and our market-facing predictive and detective modeling capabilities.

Our product groups are additionally aggressively adopting gen AI to construct and ship new merchandise. I believe I talked final quarter about information tokens. That is an important instance. And simply because the Web itself essentially modified the way in which that all of us store and purchase and the way in which commerce works itself, we deeply imagine that AI goes to be a driving power that’s going to alter the way in which digital commerce works.

And we’ve got an incredible group of individuals which are working actually laborious to make sure that Visa performs a central and sustainable function within the subsequent model of digital commerce. And I believe we’ll have extra to say about that in future quarters.

Jennifer Como — Senior Vice President, Head of World Investor Relations

Final query, please.

Operator

Thanks. Tien-Tsin Huang from JPMorgan. You could go forward.

Tien-Tsin Huang — JPMorgan Chase and Firm — Analyst

Hey, thanks. I will shut it out with a query and a clarification should you do not thoughts. Simply on the query with Asia Pac, it appears like that is the one laggard once more as a area. In any other case, progress is basically good.

Any change in outlook for Asia Pac? And the same old macro versus structural query there, simply curious if there’s any change in pondering within the area. My clarification was simply on the restructuring. Was that contemplated in your prior information? I presume that the financial savings that you just get from that will probably be reinvested fairly rapidly. Sorry if I missed that.

Thanks.

Chris Suh — Chief Monetary Officer

Nice. OK. Let me rapidly get to it. Possibly the latter one first, simply to clear it.

Restructuring, we recorded a cost this quarter. It is mirrored within the information for the complete yr. It is actually specializing in bills. We do not count on one other cost this yr.

And sorry, remind me your first query once more.

Ryan McInerney — Chief Govt Officer

Asia Pac.

Chris Suh — Chief Monetary Officer

Asia Pacific. Sure, sorry. So, AP progress, I believe you characterised it proper. It’s reasonably up from This fall, about one level, a bit bit multiple level, but it surely nonetheless displays a considerably muted atmosphere.

So, it is rising at 1% in whole, transferring in the best route however nonetheless fairly muted.

Jennifer Como — Senior Vice President, Head of World Investor Relations

And with that, we would wish to thanks for becoming a member of us in the present day. If in case you have further questions, please be at liberty to name or e-mail our Investor Relations group. Thanks once more, and have an important day.

Operator

[Operator signoff]

Length: 0 minutes

Name contributors:

Jennifer Como — Senior Vice President, Head of World Investor Relations

Ryan McInerney — Chief Govt Officer

Chris Suh — Chief Monetary Officer

Sanjay Sakhrani — Analyst

William Nance — Analyst

Darrin Peller — Analyst

Andrew Jeffrey — Analyst

Harshita Rawat — Analyst

Timothy Chiodo — Analyst

James Faucette — Analyst

Jason Kupferberg — Analyst

Bryan Keane — Analyst

Dominick Gabriele — Analyst

Bryan Bergin — Analyst

Daniel Perlin — Analyst

Andrew Schmidt — Analyst

Craig Maurer — Analyst

Jeff Cantwell — Analyst

Tien-Tsin Huang — JPMorgan Chase and Firm — Analyst

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