The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Tien-Tsin Huang - JPMorgan Chase & Co - Analyst
: I want to ask on enterprise. It did accelerate nicely more than the transaction growth that you put up there. So I heard, Bob, you've
mentioned it was transitory part of it and then there was a PayFac conversion to a retail relationship, it sounds like. So can you just
maybe go through that? And what's a good sustainable level as we think about the fourth quarter?
Question: Darrin Peller - Wolfe Research - Analyst
: Yeah, thanks, and nice results. Could we just start with overall, the business is showing really strong signs of cross-sell? And I know,
Frank, you alluded to that in your prepared remarks and how you're really packaging together more and more between segments.
Maybe just some of the very specific examples of where you see that shaping up. And then -- just if you could reiterate your conviction
around the financial solutions segment accelerating into '25, I think you said going at 6% to 8% from 5% to 7%. Just reiterate why
and what the driving forces and what you're seeing?
Question: Harshita Rawat - Sanford C. Bernstein & Co. - Analyst
: Frank, can you talk about (technical difficulty), especially given some of the changes happening in the US. Maybe talk about there's
been less capabilities at rate, digital capabilities, how start is positioned to grow. Thank you.
Question: Jason Kupferberg - BofA Securities - Analyst
: Good morning, guys. Just a couple of questions on Clover. I know revenue growth was steady here. Volume growth ticked down a
little bit. Just any thoughts on Q4 expectations for those metrics. I think the volume comps get a little bit harder revenue also next
quater. So just wanted to get a sense of how we should be thinking about near-term trajectory there? I know you've got some new
country launches, product launches to support it.
Question: David Koning - Robert W. Baird & Co. Incorporated - Analyst
: I guess my question in the SMB segment, for many quarters, you had teens growth, 13% to 17%. And this quarter was 9% despite
Clover being in the high 20%s for many quarters in a row. So maybe kind of what's happening outside of Clover? And then how
should we -- should we expect that to reaccelerate going forward? Or maybe just talk through that.
Question: Timothy Chiodo - UBS Investment Bank - Analyst
: I also want to revisit the financial solutions revenue guidance for next year, which is set to slightly accelerate so from 5% to 7% this
year to 6% to 8% next year. When we think about the reasons, there appears to be a good long list of very clear bullets. So there's
the target business there stainers Verizon. I believe all of those are expected to go live with their incremental revenue streams next
year.
And then, of course, there's the CashFlow Central. So I was hoping you could touch on or maybe elaborate on any of those particular
projects and/or maybe just talk a little bit about the confidence that you have in that reacceleration for next year?
Question: Dan Dolev - Mizuho Securities USA - Analyst
: Great results again. Frank, Clover Go and Clover Compact they look like great solutions from micro sellers. Can you maybe give us a
little bit of an update on the strategy and in terms of initial traction that you see on these new products? Thank you.
Question: James Faucette - Morgan Stanley - Analyst
: I wanted to follow up on the SMB bundle and this ties a little bit into Dan's question, but it seems like there's a lot of capability
expansion that's happening within the Clover ecosystem and then looking at new ways to go to market.
How should we be thinking about -- I know you gave some targets for back book and some of those things to get to the $4.5 billion
target. But -- how should we be thinking about like the roles that those will play? And if there's been any change in your thinking in
terms of mix or type of customers and sets within that Clover target? Thank you.
Question: Ramsey El-Assal - Barclays Bank - Analyst
: On Clover International expansion, how long does it take to ramp a new country or region from the time you enter the market to
when you reach peak run rate? And also, should we expect a steady rhythm of new markets for a while here? Or are you going to --
should we expect some pauses where you build out and sort of spool up in the countries you've already launched in?
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