Global Payments Inc ($GPN) Q1 2026 Earnings Call

Good morning, and thank you for joining us today. We are very pleased with our financial and operation performance in the first quarter. Overall, our results exceeded our expectations, reinforcing our confidence in the trajectory of the business, and demonstrating strong integration progress following the closing of the Worldpay acquisition in January. I will begin today's call with an overview of our first quarter results and key areas of progress, including Worldpay integration activities, our go-to-market execution, the acceleration of our innovation agenda, particularly with our Genius platform, and the increasing application of AI across our business to create new sources of revenue growth, accelerate product velocity and innovation, and improve productivity across the enterprise. I will then turn the call over to Josh to review our financial performance and outlook before I conclude our prepared remarks with the discussion of the key strategic initiatives we are executing to drive sustained long-term value creation.

As the world's leading pure-play commerce solutions provider, our North Star remains driving sustainable growth through an unwavering focus on our clients, leveraging the strategic advantages that differentiate Global Payments and position us to win over the long term. In the first quarter, we delivered normalized adjusted net revenue growth of approximately 5.5% or approximately 4.5% on a constant currency basis. This reflected healthy underlying consumer spending trends throughout the quarter, partially offset by the lower Middle East airline volumes and slightly lower IRS payment volumes attributable to tax reforms under the One Big Beautiful Bill Act. Profitability remains strong. Adjusted operating margins expanded 110 basis points on a normalized basis, and adjusted earnings per share grew 10% on an as-reported and constant currency basis, which demonstrates the consistency of our operating model and our continued focus on execution discipline.

Capital allocation remains key to our strategy. During the first quarter, we returned more than $600 million to shareholders through dividends and share repurchases, while achieving leverage of 3.5 times, exactly as anticipated. Robust free cash flow generation and capital returns are central pillars of our investment thesis. To that end, we continue to target 7.5 billion of capital returns for the period 2025 through 2027. In support of that commitment, we are entering into another accelerated share repurchase program to immediately repurchase $500 million of our shares. Following the completion of this ASR, we expect to resume open market share repurchases during the second quarter as well.

Turning to operating performance and execution, I will begin with our most significant accomplishments this quarter, the early closing of Worldpay and the Issuer Solutions transactions. The strong early progress we're making on Worldpay integration is very encouraging. Our teams have moved quickly and with purpose. Alignment has been excellent and execution has reinforced our confidence in the strategic and financial rationale for the transaction. We are off to a strong start as we bring these two organizations together and begin unlocking the value we see ahead. As we advance our integration efforts, we are taking a deliberate best-of-both approach across talent, products, and technology. The depth and quality of leadership and expertise we have brought together is exceptional, and we believe that the new Global Payments now has the strongest team in the industry. Importantly, the combined scale of Global Payments and Worldpay is already enabling outcomes that neither organization could have achieved on its own.

We're seeing highly attractive commercial opportunities that further enhance our competitive positioning and enable more differentiated outcomes for our clients. Partners, networks, and alternative payment method providers are increasingly eager to access the breadth and depth of our global distribution channels and to leverage the strength of our go-to-market positioning. Execution on the ground has been strong. Worldpay's US direct sales force began selling Genius almost immediately following the close, effectively addressing a long-standing product gap. Further, we are seeing strong early interest in Genius from Worldpay's enterprise restaurant clients, relationships that are opening meaningful cross-sell opportunities we simply could not have accessed previously. Subway is a great example. Already a Worldpay client, Subway recently selected our Genius Kitchen Management software deployment across approximately 2,500 locations.

We are also seeing momentum in new partner acquisition. During the quarter, Worldpay's business development team signed two new partners that were specifically motivated by access to Genius. Wins that are unlikely to have materialized absent the combined platform. As we shared last quarter, we moved quickly to integrate Worldpay's e-commerce solution into the Global Payments SMB distribution channels. The results have been compelling with new sales increasing 25% sequentially and more than doubling year-over-year. Clear evidence of the power of the combined distribution. Internally, our teams have established executable plans to achieve our synergy objectives. We have implemented our target operating model and go-to-market structure, integrated sales forces, and are finalizing the design and implementation plans for our consolidated technology architecture model. Having only recently crossed the 100-day mark since the close of the transaction, our team has already made remarkable progress. Taken together, these early outcomes strengthen our confidence in the integration and our ability to achieve or exceed our revenue and expense synergy targets.

Turning to go-to-market execution, our global distribution footprint remains one of our most significant competitive advantages, and we are expanding that distribution both geographically and across new channels to support sustained growth. We operate at scale in more international markets than most of our peers with sales and service professionals in over 40 countries around the world. In addition, we can facilitate payments in 175 countries, creating a powerful platform for continued global expansion. On a combined company basis, bookings increased 8% year-over-year, an excellent start particularly given that we were still finalizing our new go-to-market channels.

Beginning with the enterprise channel, we delivered strong new sales performance, particularly across North America and Asia Pacific. We had several notable wins this quarter starting with Abercrombie & Fitch & Company, where we signed a long-term agreement to serve as their acquirer for card-based payments in the US. Household brands like this continue to choose Global Payments for our differentiated service model, innovative solutions, and consultative approach. Within software and information services, we had meaningful wins with Autobooks and a large multinational content-driven technology company. And we continue to be a leading provider in the grocery vertical. This quarter, Aldi Süd selected us across both North America and EMEA. Reflecting the strength of our service model, we expect Aldi to begin onboarding volumes as early as the second quarter, an impressive timeline for a retailer of their scale. In addition, Morrisons, a leading supermarket chain and recent signing in the UK, is also ramping their volumes with us. And we expect to have their full migration live this quarter. Lastly, Brazilian cosmetics retailer Grupo Boticário is another notable Q1 signing that we expect to have live before the end of Q2.

Turning to the integrated and platforms channel, we continue to invest in geographic expansion. Integrated payments relationships are more commonplace in the US, but we are still developing in most other countries, and we are moving quickly to capture this opportunity. In fact, 20% of the new partners we signed in the first quarter are outside the US, demonstrating our ability to scale capabilities across new geographies. We recently expanded integrated and platforms into the UK, where early results are exceeding expectations. Partner signings are nearly double our planned performance, and feedback continues to validate a strong product market fit. We are also integrating Worldpay's Australian business with our Oceania operations, two highly complementary businesses each growing at attractive rates by winning share in this otherwise mature payments market. In the US, we recently renewed and expanded our partnership with Lightspeed DMS, a leading dealer management system provider in the recreational industry. Lightspeed will now use Payrix to deliver a fully embedded payment experience that enhances customer engagement and lifetime value.

Finally, in our global SMB channel, we are continuing to invest across our footprint to increase capacity and improve productivity of our sales force. In North America, we are making progress building sales capacity, having now on-boarded more than 300 of our planned 500 new sales professionals. We continue to be pleased with the quality of these hires, with many coming directly from software businesses and POS competitors. They understand the industry and they understand how compelling our new Genius platform is. They're selecting Global Payments because of our high-quality on-site service and support, which gives them confidence that clients will be properly installed and on-boarded, particularly compared to the self-service models common elsewhere. With these hires, we are also establishing a direct new sales channel in Mexico, complementing our primarily FI-based distribution model. Mexico remains an important market for us in terms of future growth opportunities.

On the partner front, we were recently selected by People's Bank, a Massachusetts-based financial institution, further expanding our North American reach, and entered Croatia through our partnership with Erste Bank. In the UK and Ireland, we are expanding the size of our successful mid-market and small corporate sales teams, and also successfully launched several new products to market. First, we introduced Genius Mobile, enabling on-the-go acceptance and expanding our addressable market. Early adoption has been encouraging, surpassing 500 locations in less than 60 days. Second, we launched a first-to-market enhancement to our Pay by Link Plus solution in February that enables our clients to run sales campaigns across social media platforms directly from our merchant dashboard and supported by an AI content generation tool. Together, our investments drove several notable wins this quarter.

In the Americas, CKE Restaurants Holdings Inc. selected Genius as its exclusive US point of sale software and will also use Global Payments as its in-store payments provider for its iconic Hardee's and Carl's Jr. brands deploying our solutions across more than 2,400 corporate and franchise locations. And Bojangles purchased our digital menu solutions for its corporate owned stores, expanding our long-standing relationship. Across EMEA, we secured several major wins. In Spain, we won sporting good retailer Decathlon and grocery store chain Lidl. In Poland, we signed electric vehicle charging station provider Elżab Ekoenergia and parking solutions provider DG Park. In the Czech Republic, we signed home equipment retailer Tescoma. And lastly, in Greece, we won the large supermarket chain Sklavenitis. In Asia Pacific, we were pleased to be selected by KFC and Pizza Hut. We also continued our successful penetration of the hospitality vertical, extending our relationship with Marriott across the region. And we expanded our position in transportation with a leading ride-hailing company, further validating the strength and scalability of our global platform.

Turning to Genius, we continue to see strong momentum as we expanded footprint, deepen its capabilities, and extend its relevance across an increasingly broad set of use cases and geographies. Genius bookings increased more than 25% sequentially and nearly doubled year-over-year. In addition to accelerating bookings growth, yields with new clients increased by more than 30% year-over-year, reflecting the growing value new clients see in Genius and they're willing to pay for its differentiated capabilities. We are continuing to expand distribution behind Genius. For example, we introduced Genius Days to accelerate adoption with our financial institution partners with on-site hands-on demonstrations designed to deepen engagement and drive conversion. Looking ahead, extending Genius into Worldpay's financial institution partner channel is a key priority and a meaningful revenue synergy opportunity with initial contributions expected to begin in 2027. Internationally, we continue to scale Genius across multiple markets such as Germany and Austria with additional international launches planned later this year and next.

From a product perspective, we made meaningful progress advancing Genius as a scalable enterprise-grade commerce platform with advanced capabilities like kitchen management and digital menu solutions while preserving the simplicity and speed that matter most to small business owners. In addition, we continue to strengthen product market fit through vertical specific functionality that improves day-to-day operations and drives adoption in priority verticals. For example, in age-related retail, Genius now delivers an all-in-one point of sale solution supporting compliance, responsible selling, inventory management, vendor workflows, and actionable sales insights. We also expanded Genius into the services vertical delivering a unified operating system that brings together scheduling, invoicing, mobile enablement, and built-in loyalty and marketing capabilities. Beyond product enhancements, we are also investing in building Genius brand awareness. We launched a brand campaign in North America during the first quarter anchored by a national television spot and amplified across digital and out-of-home media. The campaign delivered more than 330 million impressions and reached over 6 million unique consumers supporting awareness and future sales velocity. These developments reflect a clear and consistent strategy. Rapidly expand Genius's capabilities, distribution, and brand awareness while extending enterprise-grade commerce functionality to SMBs globally. Genius remains a central pillar of our growth strategy and we are highly confident in its ability to drive incremental revenue, deepen client relationships, and create durable long-term value for Global Payments.

Lastly, our work in agentic commerce and artificial intelligence continues to accelerate and recent developments across the AI ecosystem reinforce the critical role we play at the center of the next evolution in commerce. Open AI's shift in focus towards AI-driven product discovery and traffic generation while intentionally leaving checkout, payments, risk, and settlement with us plays directly to our strengths and strategy. It elevates the importance of our trusted, scalable payments infrastructure and positions Global Payments as essential connective tissue between agents, merchants, networks, and consumers. We are uniquely positioned to shape this emerging channel anchored in our decades of payments expertise and scaled data-driven insights. We are protocol agnostic and prioritize advocating on behalf of our clients. In fact, we are currently activating several enterprise merchants into Google's UCP protocol so that they can be among the first to provide agentic shopping experiences for their customers. We are simultaneously creating end-to-end modular flows with multiple players across the ecosystem including commerce platforms, checkout partners, and middleware developers to ensure that we can support our clients across any configuration as protocols and use cases evolve.

Further, our own payments model context protocol is live and production ready. It enables in agent-driven commerce flows with minimal incremental development effort. As agents increasingly initiate transactions autonomously, trust, identity, and risk management become even more crucial. Through Ravelin, our AI-native fraud prevention platform, we are advancing agentic risk capabilities that leverage enriched ecosystem signals based on our scale and diversity of data. These capabilities help ensure that an agent-driven commerce scales, it does so securely and with the trust at its core for both merchants and customers. Beyond agentic commerce, we are embedding AI directly into our products and client servicing experiences with enterprise-grade discipline, governance, and scale. We're building scalable AI capabilities that generate measurable, repeatable impact across authorizations, fraud mitigation, and revenue optimization. Products such as 3DS Flex, Revenue Boost, Dynamic Routing, and Fraud Sight are already delivering tangible results, improving approval rates, reducing fraud losses, and lowering false declines, often with no incremental integration required. Internally, we are also deploying AI to accelerate engineering, DevOps, and quality assurance. Through our proprietary FastTrack Studio platform, we are standardizing the path from experimentation to production, ensuring security, observability, compliance, and repeatability. We are also using agents as first-time responders for common tasks, freeing our teams to focus on higher-value initiatives.

Our scale provides a clear advantage. We process trillions of dollars in payment volume and billions of transactions each year across geographies, channels, and verticals. This depth and breadth of data creates a uniquely rich training environment, allowing our AI models to learn faster, generalize better, and deliver superior outcomes, all while maintaining the highest standards for privacy, security, and regulatory compliance. In short, our scale doesn't just make our AI smarter, it drives better results for our clients and reinforces our position at the center of the future of commerce. With that, I'll turn the call over to Josh.

Thanks, Josh. As you have heard, we are executing at a high level on all the initiatives within our control, exactly as we had planned. We are continuing to monitor the conflict in the Middle East, but expect its impact to be modest and transitory, underscoring the diversity of our revenue streams and the power of our scale. As anticipated, our pure play focus is allowing us to move faster, deploy resources more effectively, and serve customers and partners in a truly client-centric way. And with the addition of Worldpay, our combined scale is creating opportunities that no other organization could have accessed previously. The breadth and depth of our global distribution network is a powerful competitive advantage. We're uniquely positioned to help clients and partners expand into new markets around the world, supported by local expertise, deep client relationships, and disciplined execution. We continue to differentiate through feature-rich products, distinctive service and support, and a reputation for delivering outcomes that exceed expectations. From best-in-class enterprise payment solutions to platforms like Genius, Global Payments is at the forefront of modern commerce technology. And with approximately $1 billion in annual investment, we're also one of the few companies in our industry capable of innovating at this scale, anticipating and delivering solutions ahead of demand. At the same time, we remain focused on shareholder value creation and disciplined capital deployment. We are a proven compounder with substantial and durable free cash flow generation, and remain committed to our capital return plans. We believe this combination of strategic focus, operational execution, and capital discipline positions Global Payments to deliver attractive long-term value. With that, we will open the line for questions. Operator?

Yes, Dan. Good morning.

Yeah, Dan. Thanks for the comment and thanks for the question. So, look, as I take a big step back, we're obviously delighted with the progress that we're making with Genius. The metrics across the board continue to be very, very encouraging. And I would remind you we're not even a year into Genius yet. So, the enormous amount of progress we've made over the last 12 months in expanding Genius across new verticals, expanding Genius across new geographies, expanding Genius across different segments of the market where we think we can compete and win effectively. Again, just very proud of the team and the amount of work that they've put into bringing Genius to life. We're also now starting to see a little bit better brand recognition around Genius, which we think is a good forward sign as it relates to future sales velocity as it relates to the product overall. As it relates to the take rates, maybe I'll provide just a couple comments and I'll ask Bob to go a little bit deeper on those. I would call out three things in particular. One is, and this may feel obvious, Genius is just a much more feature-rich platform than anything that we've been selling historically. So, the capabilities we're able to bring to bear with Genius are just far superior than historical products we have brought to market, and we certainly see that resonating with the market more broadly. Two, and Bob talked about this in the past, is we revamped our sales plan and we put a much more significant emphasis on cross-selling and our ability to bundle other value-added services within the suite of solutions we're selling as part of Genius. And obviously, we're seeing some effectiveness there, which is resulting in again slightly higher yields with net new front book customers as we're selling Genius into the market. And then the third thing I would say is we're seeing better penetration of payments through our dealer channel. Historically, if I'm being honest, we made it a little bit hard for our dealers to sell payments. We're trying to ease the process by which our dealers are able to attach payments to Genius when they're selling the solution into market, and obviously, that's creating overall better yields with the portfolio of customers that we're selling through the dealer channel more broadly. So, those are the three specific things I would kind of call out at a macro level. I'll ask Bob if he has any color that he would want to add to that.

improvement as well as an execution of improvement of our sales organization.

Thanks, Dan.

Yeah, thanks, Brian. I'll take and appreciate the questions. I'll take the first one. Look, you know, we're obviously very focused on returning capital to shareholders. You know, that's a big part of the overall narrative. And look, at these levels, there is no single better investment than in ourselves. And yeah, as we talked about in our prepared remarks, you know, in Q1 we bought back 550 million worth of shares. We returned approximately 620 million of capital to shareholders. And today we obviously announced another ASR for 500 million. And we have plenty of capacity in Q2 to continue to buy back shares in the open market, which we plan to do after executing the ASR. And look, by the end of the second quarter, we expect to return more than 50% of what we committed to return in 2026. And look, I'd say we're well on our path to go ahead and return approximately 7 and a half billion to shareholders by the end of 2027. So, we feel very good about that. And we also feel very good about getting back to our leverage point of three times by the end of 2027. On your second comment, Brian, I think it's a very interesting one. I might start at the macro level and ask Bob to go a little bit deeper. But as I step back and think about the long-term strategy of the business, as we think about restaurant and retail, the mode of competition is the point of sale. And obviously Genius is a highly competitive solution that we think allows us to compete enormously effectively in restaurant and retail and all the sub verticals they're under, with our capabilities to continue to win share in that market going forward. Over time, the rest of the market will continue to drive towards being more software-enabled. Which means more and more of our sort of sales will come through our integrated channel for channels where we don't own our own software. And this is a very US-centric comment, of course, but over time I expect the rest of the world to kind of move in a similar direction, which is restaurant and retail will largely attack through Genius. That is our competitive, obviously, differentiation from a product and capability perspective to win in those channels. And then more and more of the rest of our business will migrate towards our integrated and platform businesses as we attack other vertical markets through the partnership relationships, the deep relationships we have in that channel. So that's kind of an overarching view of where I see the business trending over time. I'll let Bob maybe go a little deeper around some of the specifics of your question.

Great. Thanks so much.

Yes, we can. Good morning.

Yeah, thanks, Darrin. Great question. I'll start and again I'll ask Bob maybe to add a little bit more color to my answer. As I step back and look at sort of the commercial productivity of the business in the first quarter, I'd say it's very encouraging. As we called that on the call, we saw 8% overall bookings growth. We had 9% in enterprise and integrated in platforms. We added 44 new partners and obviously called out strong volume growth on both Payrix and our traditional payment facilitation capabilities. Genius sales nearly doubled year-over-year, obviously being the flagship sort of product within our SMB portfolio driving obviously the commercial activity, the lion's share of the commercial activity we're seeing in that business, you know, it dovetailing with Bob's comments from moment ago. So, I think from my vantage point, what I see is we're building a very strong commercial engine that we can continue to scale and drive as a go-forward matter. And then, too, we have the product and capabilities to win competitively in the market. You know, our strategy at an overarching level is to continue to peak compete on product differentiation and capability. We want to lead with the solutions that we have that we think are differentiated. We want to lean into the feature functionality that we think really resonates with our clients, which is going to be slightly different across the three channels of the market that we go to market through, but we certainly feel like we have an ability to compete and win based on the strength of our product and capabilities across these three go-to-market channels. Secondly, I think service and support is increasingly becoming a point of differentiation and distinction in the market. We're seeing more and more that our clients are looking for a more intimate, for lack of better term, sales and service experience. They're looking for someone who can solution around their very specific needs. I think we have the DNA, we have the scale, and I think we have the expertise to be able to deliver that in much better ways than the vast majority of our competitors. And I think over time, that ability to bundle, you know, highly feature-rich product and capability with a service experience that feels unique and distinctive to Global Payments is a real competitive tailwind for us in the business as we go forward. On the salesforce front, what I would say is first, from an integration perspective, things are going very, very well. We've aligned the vast majority of our new of all of our sellers against the new sort of go-to-market channels that we're leveraging, enterprise, integrated, and platform and SMB. We're obviously kind of working through some of the what I would call the plumbing of that, which is aligning sales compensation plans, quotas, go-to-market channels, et cetera, across the different sales resources. But I would say overall, the progress there is quite good and I would expect by the end of this quarter we'll have the vast majority of that ironed out and the go-to-market motion will be pretty smooth across the combined business. To your point around the new sales heads we're adding, again, continuing to see very good quality of new sellers into our ecosystem. Many of those, as we called that in our prepared remarks, are coming from other software companies or point-of-sale competitors. I think they're attracted to the feature-rich platform that Genius offers, as well as our ability to deploy, install, and service relationships in a way, again, that I feel is distinctive relative to many of our competitors. We're seeing metrics across those new sales professionals continue to improve just in terms of their productivity, in terms of their speed to first deal. Once in our environment, it's also allowed us to expand distribution in places like Mexico that we think is important as it relates to long-term growth trajectories in that market. So, overall, we feel, I would say, very good about the commercial engine that we are building as a combined company. And I think the thing that is most important to me is we're winning at strong levels, which demonstrates the product capability and service offering that we bring to market is truly competitive and allows us to win share. Bob, I don't know if you'd add any other color around that.

Good year. Nice to hear that. Thanks, Bob.

Yeah, I'll add just maybe one point to that, Adam and then I'll dovetail into the second part of your question. So, I think the way I view the revenue synergies is we have tactical plans today to achieve the $200 million of sort of run rate synergies we expect over the first 3 years post closing of the transaction to Josh's earlier comment. The other thing we're sort of leaning into is where are the areas of investment that we really want to focus on that I would characterize as bigger bets. You know, these are opportunities to maybe drive more meaningful sort of uplift for the business over a longer period of time. So, these would be kind of incremental opportunities outside of the more tactical, I think opportunities that come from putting Global Payments and Worldpay together. So, our teams are starting to give some life to, you know, where do we think about investing in sort of bigger bets that may have more meaningful opportunity long-term for the business as we think about bringing the companies together and perhaps the things that we can uniquely unlock given size, scale, scope of resources that we have worldwide. So, that's more to come on that as we get further down that path, but very clear line of sight on the tactical plans that give rise to the numbers we've articulated and we're also looking at things that we think we can uniquely do because of our positioning in the market and the scale that we bring. I think on the AI front as I step back and look at it again at a macro level, we're really focused across three primary sort of vectors for AI. The first is agentic commerce and I provided a lot of commentary in my prepared remarks around our positioning there and how we see the market trending quite frankly in a way that aligns completely well with our strategy and approach. And we feel very good about how we're positioned again to continue to help shape that evolving sort of channel of commerce for the future. The second is embedding AI capabilities more broadly into our products and solutions. We called out a number of areas where we're already embedding AI capabilities to improve the feature richness of the products and solutions we bring to market. Genius is obviously a great example of that, and I don't want to get ahead of myself, but we have some exciting announcements that we'll be making in the context of the NRA coming up here in the next couple of weeks. But certainly, I think fit very nicely in the category of how we can better leverage AI to enhance the capabilities around Genius and help grow and scale Genius more effectively going forward. And then the last area of AI, of course, is around productivity improvements that we see in the business. And I think we have kind of a very unique position around this given the merger and integration with Worldpay. As we're building out the new organization going forward, as we're aligning all of our functional areas across the two businesses, and we're building new workflows and processes for the combined business, obviously, we're building them in a way that we believe we can integrate AI to enable those workflows, those processes, the delivery of services to the business in a much more efficient and effective way. And I think that is a unique opportunity in many ways that comes out of the integration process is the ability to redesign process workflow with an AI-centric mindset to build better efficiency, scalability, productivity into the operating environment of the company. The other thing we're doing, and I called this out in my prepared remarks as well, is we've created our own proprietary FastTrack Studio platform. And effectively, that allows us to massively accelerate product from experimentation to production. So, it improves not only kind of the speed to market for new product and capability, it also improves the overall product velocity and our ability to obviously innovate at a much quicker pace going forward, which again we think competitively positions us very well and something that again comes out of the massive scale and innovation budget that we're able to bring to bear as a combined company. But I don't know if there's anything you would maybe touch on a little bit deeper.

Thanks, guys.

Yeah, thanks for the comments, Andrew, and great questions on both fronts. So, I'll without repeating myself, I'll try to touch on some of the AI-centric sort of questions that were embedded in your overall narrative there. I would say, you know, first and foremost on the revenue front, what we're seeing right now is predominantly related to existing products that we have in market where we've been able to enrich their capabilities and enhance their effectiveness by virtue of applying obviously more AI capabilities around them. So products such as 3DS Flex, Revenue Boost, Dynamic Routing, Fraud Sight are already leveraging AI capabilities that are allowing us again I think to drive differentiation in their effectiveness in the market which is allowing us to win more cross-sells with those value-added services particularly within our enterprise space. And we're seeing better results for our clients which obviously improves our share of wallet and improves the stickiness of relationships that we have on that front. I would say on the pure agentic commerce side it's very nascent, right? Most of what you're seeing right now is AI generated discovery with human in the loop transactions which really rely on traditional kind of payment rails, checkout processes, et cetera to effectuate what is quote-unquote agentic commerce today. At the same time we're obviously building all the connective tissue that would allow for fully agentic commerce to move forward at scale. And as I mentioned earlier and also commented on in my prepared remarks, we're seeing the industry really trend in a direction that we think is positive for us and our competitive positioning and strategic positioning around agentic commerce. In particular it just reinforces I think the critical role that we will continue to play around checkout, payments, risk, and settlement within agentic commerce that allows us again to be the connective tissue that allows our merchants to be able to participate at scale in a fairly ubiquitous way across models and protocols et cetera to be able to take advantage of the promise that I think agentic commerce has particularly in retail going forward. Lastly to your point around fraud I think it's an excellent callout. As I look at our capabilities Radial is a best-in-class sort of market leading capability that obviously is leveraging AI and I would say the scale of data that we have within side of our ecosystem that I think is unique to Global Payments with $4 trillion of payment volume and over 100 billion transactions a year. Sort of our own internal data coupled with the data sources that we have available to us that I think are unique allow us to continue to grow and scale Raven as a fraud related solution that can power a number of our products and capabilities that I think again allows us to competitively differentiate in the market around our ability to manage fraud particularly in an agentic world. And we're excited about the things that we're going to be able to do on that front and the progress that we're making and I think again it puts us in a very strong position as this new channel continues to evolve over time. I think on your second question, the way I would characterize it is we are in the middle of sort of developing what we would characterize as our target architectural model currently. This is a very important part of the integration because we're making decisions across the heritage Worldpay business and the heritage Global Payments business around the platforms that we want to support, grow, and scale as a combined going forward as well as what platforms do we want to demise, what technology assets do we want to sunset over a period of time so we make sure that the business is best positioned with the right technology capabilities, solutions, and capability to continue to compete effectively in the market while minimizing the technology footprint that we're having to manage. That allowed for quicker product velocity as a go-to-market matter. It allows us I think to better compete effectively in the market. It makes it easier to secure the environments that we're managing day-to-day. Has a lot of downstream benefits for the company as well as for our clients as well. I would say in the short term Worldpay and Global Payments had a very similar strategy which is very client-centric in our approach. You know, we want to create orchestration layers that allow our clients to be able to easily integrate into our environments to gain access to the full product suite and capabilities we're able to bring to bear on the market as a front book matter. I think we both have made great strides in allowing easy integration into our environments as well as providing consolidated data settlement and reporting out of the back end. I think those are the features that our clients are most looking for today in terms of how we deliver our capabilities in a more seamless ubiquitous way globally. Both of us again have made enormous progress on that front. So, our short-term strategy is really to combine the orchestration layers in a way that allows a client to be able to gain access to the complete suite of capabilities that Global Payments and Worldpay can bring to bear on the market while over time we work to simplify behind the scenes. Again, what I would characterize as the plumbing of our technology environments to minimize our technology footprint, position us to be able to invest in our best go-forward platforms to support the combined needs of the business on a global scale, and obviously minimize the amount of technology investments we're having to make to maintain those assets as a go-forward matter. I expect that technology architecture plan to be complete called mid-year and we'll begin to work towards our execution plans around that as we get into the back half of '26 and move forward into '27 and beyond.

Thanks, Jeff.

Yeah, good questions, Jeff. I'll start with the first part of your question and try to frame it. I'm going to let Bob maybe provide a little more color around, you know, what we're hearing specifically, where we're winning and why. But as I step back and think about just the Genius platform as it relates to your questions around Worldpay and what we're seeing on that front. So, as a reminder, we enabled Worldpay's direct sellers to be able to sell Genius almost immediately kind of post closing of the transaction. Now, in fairness, Worldpay's direct sellers in the US, it's not a huge population of sellers, but it was a good early win for the organization and obviously a good early win around incremental momentum behind Genius. The bigger opportunity with Worldpay, quite frankly, is being able to unlock their FI channel as Josh called out earlier, roughly 6,000 branches in the US, as well as selling into their existing sort of ISO partner channel as we are looking to do in the heritage Global Payments portfolio as well. So, I think about that is quite frankly pushing Genius through all the distribution channels that we have today and obviously driving greater penetration and saturation of the market leveraging the immense distribution that we have within the four walls of the combined Global Payments today. I think the second area that's really interesting from a Worldpay perspective and I appreciate you calling this out is what we're seeing on the enterprise front. You know, we specifically called out that Subway has committed to purchasing some of our Genius technology. Subway is an existing payments relationship of Worldpay that we're able to tap into very early post closing of the transaction to unlock this new opportunity to sell our software solutions into existing Worldpay enterprise payments customers. We think there's more of that forthcoming in the market as we continue to bring the businesses together and unlock opportunities as a combined company. The other comment I would just make about the enterprise market more broadly is we're seeing really strong receptivity to the embedded suite of capabilities that we can deliver across the Genius enterprise solution from obviously point of sale, kitchen management software, digital menu solutions, drive-thru technology. We have an enormous array of capabilities that we can bring to bear on the enterprise space and we're seeing strong obviously receptivity and excitement around what we're doing with Genius from an enterprise perspective. As it relates to synergies and I'm going to turn it over to Bob to obviously allow him to give a little more color around what we're seeing with Genius, but I'll just tackle the last part of your question so we don't go back and forth. Look, we're delighted with the early progress we're making. I commented to our board last week that the way our certainly executive leadership team and first couple layers of management have come together to drive integration over the first I think we're going on 120 days now is really remarkable. The way this organization's kind of come together over that period of time is very very encouraging. I don't want to get ahead of myself as it relates to where we are with synergies. We have a great deal of confidence in being able to deliver on the commitments that we've already established and we continue to work every day to try to maximize the value proposition that we see in putting the two businesses together. As we through time, we'll continue to update you on our progress on that front, but I would say, you know, I'm certainly sitting here today I'm very very encouraged by the progress we're making from an integration standpoint and have a great deal of conviction in our ability to deliver on the commitments we've established. Bob, do you want to maybe go a little bit deeper on Genius?

Thanks, Jeff.

Well, on behalf of Global Payments, thank you very much for joining us today. We appreciate your interest in our company, and I hope everyone has a great day. Thank you very much.