Q2 2026 Corpay Inc Earnings Call

August 5, 2026

Operator: Hello, everyone, welcome to today's Corpay Q2 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you'll have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press the star and one on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Jim Eglseder. Please go ahead.

Speaker #1: At this time , all participants are in a listen only mode . Later , you will have the opportunity to ask questions during the question and answer session .

Speaker #1: To register to ask a question at any time , please press the star and one on your telephone keypad Please note this call is being recorded .

Speaker #1: We are standing by . If you should need any assistance . It is now . My pleasure to turn the meeting over to Jim Educator .

Speaker #1: Please go ahead .

Speaker #2: Good afternoon , and thank you for joining us today for our earnings call to discuss the second quarter 2026 results . With me today are Ron Clark , our chairman and CEO .

Jim Eglseder: Good afternoon, and thank you for joining us today for our earnings call to discuss the Q2 2026 results. With me today are Ron Clarke, our Chairman and CEO, and Peter Walker, our CFO. Our earnings release and supplemental materials for the quarter are available on the investor relations section of corpay.com. Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call, along with the reconciliation of those measures to the most applicable GAAP measures. Our remarks today will include forward-looking statements about expected operating and financial results, strategic initiatives, acquisitions, and divestitures, among other matters. Forward-looking statements may differ materially from actual results and are subject to a number of risks and uncertainties. Some of those risks are mentioned in today's press release and on Form 8-K and can also be found in our annual report on Form 10-K.

Jim Eglseder: Good afternoon, and thank you for joining us today for our earnings call to discuss the Q2 2026 Results. With me today are Ron Clarke, our Chairman and CEO, and Peter Walker, our CFO. Our earnings release and supplemental materials for the quarter are available on the investor relations section of corpay.com. Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call, along with the reconciliation of those measures to the most applicable GAAP measures.

Speaker #2: And Peter Walker , our CFO . Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of CORPAY, INC. dot com .

Speaker #2: Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call , along with the reconciliation of those measures to the most applicable GAAP measures .

Speaker #2: Our remarks today will include forward looking statements about expected operating and financial results , strategic initiatives , acquisitions and divestitures , among other matters Forward looking statements may differ materially from actual results and are subject to a number of risks and uncertainties .

Jim Eglseder: Our remarks today will include forward-looking statements about expected operating and financial results, strategic initiatives, acquisitions, and divestitures, among other matters. Forward-looking statements may differ materially from actual results and are subject to a number of risks and uncertainties.

Speaker #2: Some of those risks are mentioned in today's press release and on Form 8-K , and can also be found in our Annual Report on Form 10-K .

Jim Eglseder: Some of those risks are mentioned in today's press release and on Form 8-K and can also be found in our annual report on Form 10-K. These documents are all available on our website and at sec.gov. Now I'll turn the call over to Ron Clarke, our Chairman and CEO. Ron?

Speaker #2: These documents are all available on our website and at sec.gov . So now I'll turn the call over to Ron Clark , our chairman and CEO , Ron

Jim Eglseder: These documents are all available on our website and at sec.gov. Now I'll turn the call over to Ron Clarke, our Chairman and CEO. Ron?

Speaker #3: Okay , Jim , thanks . Hello , everyone , and thanks for joining today's call , up front here , I'll plan to cover three subjects .

Ron Clarke: Okay, Jim. Thanks. Hello, everyone, and thanks for joining today's call. Upfront here, I plan to cover three subjects. First, provide my take on Q2 results. Second, share our updated guidance for 2026. Lastly, I'll speak to our future and where we're headed. Okay, let me begin with our Q2 results, which were very, very good. We reported revenue of $1.34 billion. That's up 21%, coming in $45 million above our expectations. Q2 macro, super favorable to us. It contributed about $30 million more than our expectations. Meaning about $15 million of the beat was just underlying performance. We reported cash EPS of $7 on the button. That's up 36%, setting an all-time company earnings record, so it feels good. Our two biggest Corporate Payments deals, the Alpha acquisition, and the Avid investment, contributed $0.39 of cash EPS accretion in the quarter, spot on our target.

Speaker #3: , first , provide my take on Q2 results . , second , share our updated guidance for 2026 . , and then lastly , I'll speak to our future and , and where we're headed .

Speaker #3: Okay . Let me begin with our Q2 results , which were very , very good . We reported revenue of 1.34 billion . That's up 21% .

Speaker #3: , coming in 45 million above our expectations Q2 macro super favorable to us . It contributed about 30 million more than our expectations , meaning about 15 million of the beat was just underlying performance .

Ron Clarke: It contributed about $30 million more than our expectations. Meaning about $15 million of the beat was just underlying performance. We reported cash EPS of $7 on the button. That's up 36%, setting an all-time company earnings record, so it feels good. Our two biggest Corporate Payments deals, the Alpha acquisition, and the Avid investment, contributed $0.39 of cash EPS accretion in the quarter, spot on our target.

Speaker #3: We reported cash EPS of $7 on the button . , that's up 36% . Setting an all time , , company earnings record .

Speaker #3: So feel feels good Our two biggest corporate payments deals , , the Alpha acquisition and the Avon Investment contributed $0.39 of cash EPS accretion in the quarter spot on our target Q2 fundamentals .

Ron Clarke: Q2 fundamentals, very solid. Overall organic revenue growth, 10%. That was led by our Corporate Payments segment at 16%, and our Vehicle Payments segment at 8%. Taken together, our two biggest segments delivered 12% organic growth. Operating trends also very good in the quarter. Retention remaining steady at 93%. Year-over-year sales or new bookings, terrific, growing 30%, and same-store sales in the plus column, +1%. These trends are super helpful, and bode well for continued performance here in the H2. All in all, really an outstanding quarter, an outstanding H1, really against both our expectations, and maybe more importantly, against the prior year. All right. Let me make the turn to our 2026 outlook. We're raising full-year revenue guidance to $5.310 billion at the midpoint. The bridge as follows. First, we'll flow through our Q2 $45 million revenue beat.

Speaker #3: , very solid . , overall organic revenue growth 10% . , that was led by our corporate payments segment at 16% . And our vehicle payments segment at 8% .

Speaker #3: So taken together , our two biggest segments , , delivered 12% organic growth . , operating trends also very good in the quarter , , retention , remaining steady at 93% .

Speaker #3: , year over year sales or new bookings . , terrific . , growing 30% . , and same store sales in the plus column , , plus 1% .

Speaker #3: So look , these trends are super helpful . And bode well for , continued performance here in the second half . So all in all , really an outstanding quarter .

Ron Clarke: These trends are super helpful, and bode well for continued performance here in the H2. All in all, really an outstanding quarter, an outstanding H1, really against both our expectations, and maybe more importantly, against the prior year. All right. Let me make the turn to our 2026 outlook. We're raising full-year revenue guidance to $5.310 billion at the midpoint. The bridge as follows. First, we'll flow through our Q2 $45 million revenue beat.

Speaker #3: , an outstanding first half , really against both our expectations and maybe more importantly against the prior year . All right . Let me make the turn to our 2026 outlook .

Speaker #3: we're raising , , full year revenue guidance to 5,000,000,310 at the midpoint The bridge , , as follows . , first will flow through our Q2 45 million revenue beat , , second will increase full year revenue guidance .

Ron Clarke: Second, we'll increase full-year revenue guidance another $15 million based on expected better macro and business fundamentals. We'll net out $40 million related to our expected epyx divestiture, and there we're assuming a 1 September close. We will continue to outlook 10% organic revenue growth in the H2, with our Corporate Payments segment expected to maintain a mid-teens plus organic growth, and our lodging segment set to accelerate to mid-single digits. On the earnings side, we're raising full-year 2026 cash EPS to $27.35 at the midpoint. That's up a ways from our $26 initial guide at the start of the year. The rest-of-year EPS bridge goes like this. We'll flow through our Q2 cash EPS beat of $0.45. We'll raise the rest-of-year cash EPS another $0.20, and we'll hold the epyx divestiture EPS impact neutral, as we plan to use the deal proceeds to repurchase CPAY shares.

Speaker #3: Another 15 million based on expected better macro and business fundamentals . We'll net out , , 40 million related to our expected , , epics , divestiture .

Speaker #3: And there we're assuming a September 1st close . We will continue to outlook 10% organic revenue growth in the second half . , with our corporate payments segment expected to maintain , , a mid-teens plus organic growth .

Speaker #3: , and our lodging segment set to accelerate to mid-single digits on the earnings side , we're raising full year 2026 cash EPS to $27.35 at the midpoint .

Ron Clarke: On the earnings side, we're raising full-year 2026 cash EPS to $27.35 at the midpoint. That's up a ways from our $26 initial guide at the start of the year. The rest-of-year EPS bridge goes like this. We'll flow through our Q2 cash EPS beat of $0.45. We'll raise the rest-of-year cash EPS another $0.20, and we'll hold the epyx divestiture EPS impact neutral, as we plan to use the deal proceeds to repurchase CPAY shares.

Speaker #3: , that's up away from our $26 initial guide at the start of the year . The rest of year , EPS bridge goes like this .

Speaker #3: We'll flow through our Q2 cash EPS beat of $0.45 will raise the rest of year . Cash EPS , another $0.20 . , and will hold the Epix divestiture EPS impact neutral .

Speaker #3: , as we plan to use the deal proceeds to repurchase EPA shares . Look , this higher full year 2026 guidance implies good things .

Ron Clarke: This higher full-year 2026 guidance implies good things. 17% full-year revenue growth, 28% full-year cash EPS growth. Cash EPS for 2026 up about $6 from 2025. Cash EPS exit rate in Q4 exiting over $29. Full-year cash EBITDA approximately $3 billion, and $1.8 billion of full-year free cash flow, which is approximately a 7% yield. The drivers really of this 2026 performance are a combo of a few things. Obviously, a very favorable macro environment for us, particularly the H1. The two big accretive Corporate Payments deals, and mostly just strong underlying fundamental operating performance. Taken together, we've got a lot of confidence in the outlook. Okay. Last up today, I do want to share our thoughts on the future, the road ahead for the company. We did post an updated investor presentation today to our website.

Speaker #3: , 17% full year revenue growth , 28% full year cash EPS growth . , cash EPS for 26 , up about $6 from 2025 .

Speaker #3: , cash EPS , exit rate in Q4 , , exiting over $29 , , full year cash EBITDA , approximately 3 billion , , and 1.8 billion of free , , full year free cash flow , which is approximately a 7% yield .

Speaker #3: The drivers really of this 26 performance or a combo of a few things , , obviously a very favorable macro environment for us , particularly the first half , the two big accretive corporate payments deals , , and mostly just strong underlying fundamental operating performance .

Ron Clarke: Obviously, a very favorable macro environment for us, particularly the H1. The two big accretive Corporate Payments deals, and mostly just strong underlying fundamental operating performance. Taken together, we've got a lot of confidence in the outlook. Okay. Last up today, I do want to share our thoughts on the future, the road ahead for the company. We did post an updated investor presentation today to our website.

Speaker #3: So look , taken together , we've got a lot of confidence in the outlook . Okay . So , , so last up , , today , I do want to share our thoughts on the future .

Speaker #3: The road ahead for the company . , we did post , , an updated investor presentation today to our website . , it lays out our direction along with our growth algorithm .

Ron Clarke: It lays out our direction along with our growth algorithm. I do want to say we've really never felt clearer about the way forward, or even more excited about the prospects for the company. We're really in a great spot. Let's start out with the portfolio. We have said repeatedly that our plan is to create a simpler company with fewer bigger businesses. You should expect to see us divest more subscale businesses like today's epyx announcements, and really double down in three primary areas. First, spend management, which is our card and AP businesses. We'll do more there. We'll head towards the procurement space more. We'll expand wider geographically. We will make that a bigger business.

Speaker #3: And I do want to say we've really never felt clearer , , about the way forward . , or even more excited about the prospects of the company .

Speaker #3: So , , we're really in a great spot . So , so let's set out with the portfolio . , we have said repeatedly that our plan is to create a simpler , company with fewer , bigger businesses .

Speaker #3: You should expect to see us divest more subscale businesses, like today's Epix announcement, and really double down in three primary areas.

Ron Clarke: You should expect to see us divest more subscale businesses like today's epyx announcements, and really double down in three primary areas. First, spend management, which is our card and AP businesses. We'll do more there. We'll head towards the procurement space more. We'll expand wider geographically. We will make that a bigger business.

Speaker #3: So first , spend management , which is our card and AP businesses . We'll do more there . , we'll head towards the procurement space more , , we'll expand wider geographically .

Speaker #3: We will , we will make that a bigger business . , in vehicle , , we'll stay invested in our largest and most advantaged fleet businesses .

Ron Clarke: In Vehicle, we'll stay invested in our largest and most advantaged fleet businesses, and we'll also embed fleet into our spend management platform so that our spend management platform can serve the unique needs of fleet-intensive companies and their drivers. There's actually a slide, I think it's the last slide in our supplement, that lays out our progress there, where we're selling our spend platform to both fleet-intensive businesses and traditional businesses. Take a look. Last area to double down will be cross-border. Obviously plan to do more there. We're in the process of adding new real-time private blockchain rails. Also investing to build out our global banking and deposit offering. Both of these things we think are game changers for middle-market companies. The portfolio repositioning gives us a $600 billion revenue TAM for a $5 billion company today.

Speaker #3: And we'll also embed , , fleet into our spend management platform so that our spend management platform can serve the unique needs of fleet intensive companies and their drivers .

Speaker #3: This is actually a slide. I think it's the last slide in our supplement that lays out our progress there, where we're selling our spend platform to both fleet-intensive businesses and traditional businesses.

Speaker #3: So , so take a look . , last area to double down will be cross border . , obviously plan to do more there .

Ron Clarke: Last area to double down will be cross-border. Obviously plan to do more there. We're in the process of adding new real-time private blockchain rails. Also investing to build out our global banking and deposit offering. Both of these things we think are game changers for middle-market companies. The portfolio repositioning gives us a $600 billion revenue TAM for a $5 billion company today.

Speaker #3: , we're in the process of adding new , real time private blockchain rails . , also investing to build out our global banking and deposit offering .

Speaker #3: Both of these things . We think , , game changers for , for middle market companies . So the portfolio repositioning , you know , gives us a 600 billion revenue .

Speaker #3: Tam for , you know , a $5 billion company today . So look , it certainly gives us the potential to at least ten times this company to say 50 , 50 billion over time .

Ron Clarke: Look, it certainly gives us the potential to at least 10 times this company to say $50 billion over time. The second direction for us is to go left, which means we plan to help our clients with their indirect expense decision-making before they approve payments. We'll help support decisions like the selection of vendors, the pricing of vendors, the terms they have with vendors, the renewal decisions they need to make with vendors, and we'll deliver a set of things to be helpful there. We'll provide some benchmarking data. We'll provide spend insights. We'll even guide clients on how to negotiate renewals to a better outcome. Look, we really do aspire to bring more value and go left, better helping our clients with the expense management assignment. Finally, let me turn to our midterm growth algorithm. It remains unchanged.

Ron Clarke: Look, it certainly gives us the potential to at least 10x this company to say $50 billion over time. The second direction for us is to go left, which means we plan to help our clients with their indirect expense decision-making before they approve payments. We'll help support decisions like the selection of vendors, the pricing of vendors, the terms they have with vendors, the renewal decisions they need to make with vendors, and we'll deliver a set of things to be helpful there.

Speaker #3: So the second direction for us is , , to go left , which means we plan to help our clients , , with their in expense decision making .

Speaker #3: , you know , before they approve payments . So we'll help support decisions like the selection of vendors , , the pricing of vendors , the terms they have with vendors , , the renewal decisions they need to make with vendors .

Speaker #3: And we'll deliver , you know , a set of things , , to be helpful there . We'll provide , , some benchmarking data , , we'll provide spend insights .

Ron Clarke: We'll provide some benchmarking data. We'll provide spend insights. We'll even guide clients on how to negotiate renewals to a better outcome. Look, we really do aspire to bring more value and go left, better helping our clients with the expense management assignment. Finally, let me turn to our midterm growth algorithm. It remains unchanged.

Speaker #3: We'll even guide clients on how to negotiate , , renewals to a better outcome . So look , we really do aspire to bring , , more value and go left , , better helping our clients with the expense management assignment .

Speaker #3: So finally , let me turn to our mid-term growth algorithm . , it remains unchanged . As a reminder , we target 10% plus organic revenue growth , , low teens .

Ron Clarke: As a reminder, we target 10%+ organic revenue growth, low teens PBT growth, and over 20% cash EPS growth. The model works first again, because there's a large opportunity for us to sell into. We do have proven retention and sales capabilities, and we generate a material amount of free cash flow yield. We do expect to have approximately $15 billion of available capital over the forecast period. That's via a combo of our annual free cash flow plus higher debt capacity as our earnings grow. This capital is what creates EPS acceleration, as we'll either buy back half of CPAY, or alternatively, we'll buy the earnings of other corporate payment companies based on the relative returns there. Look, in conclusion today, we are obviously delighted with the Q2 performance. We're confident in our raised H2 guide, again, expecting mid-20s year-over-year cash EPS growth.

Speaker #3: Pbht ! Growth and over 20% cash EPS growth . , the model works first . Again , because there's a large opportunity for us to sell into .

Speaker #3: We do have proven retention . , and , and sales capabilities . , and we generate a material amount of free cash flow yield .

Speaker #3: We do expect to have approximately $15 billion of available capital over the forecast period. That’s via a combination of our annual free cash flow.

Ron Clarke: That's via a combo of our annual free cash flow plus higher debt capacity as our earnings grow. This capital is what creates EPS acceleration, as we'll either buy back half of CPAY, or alternatively, we'll buy the earnings of other corporate payment companies based on the relative returns there. Look, in conclusion today, we are obviously delighted with the Q2 performance. We're confident in our raised H2 guide, again, expecting mid-20s year-over-year cash EPS growth.

Speaker #3: Plus higher debt capacity as our earnings grow . So this capital is what creates EPS acceleration . , as we'll either buy , you know , half of , of CPA , , or alternatively , we'll buy the earnings of other corporate payment companies .

Speaker #3: , based on the relative returns . They're so look , , in conclusion , today we are obviously delighted with the Q2 performance .

Speaker #3: , we're confident in our raised second half again , , expecting mid 20s , , year over year cash EPS growth . And we're really excited about the future , the road ahead .

Ron Clarke: We're really excited about the future, the road ahead, and what Corpay can become. With that, let me turn the call back over to Peter to provide some additional details on the quarter. Peter?

Speaker #3: , and what CORPAY, INC. can become . So with that , , let me turn the call back over to Peter , , to provide some additional details on the quarter .

Speaker #3: Peter .

Speaker #4: Thanks , Ron , and good afternoon , everyone . We delivered another outstanding quarter with 21% revenue growth and 36% adjusted EPS growth year over year , marking our fourth consecutive quarter of outperforming expectations .

Peter Walker: Thanks, Ron, and good afternoon, everyone. We delivered another outstanding quarter with 21% revenue growth and 36% adjusted EPS growth year-over-year, marking our fourth consecutive quarter of outperforming expectations. Our H1 performance was exceptional, and we're proud of what the team accomplished. While we've certainly benefited from favorable macro conditions, the foundation of our performance continues to be consistent double-digit organic growth. That consistency is the engine behind our compounding model, and we've now delivered double-digit organic revenue growth for five consecutive quarters and 10% organic growth in five of the last six years. Having been in the CFO seat for just over a year, I can tell you these outcomes don't simply happen. They are the result of constant focus, active management, and thousands of decisions made across the organization every day to drive returns.

Speaker #4: Our first half performance was exceptional , and we're proud of what the team accomplished . While we've certainly benefited from favorable macro conditions , the foundation of our performance continues to be consistent .

Speaker #4: Double digit organic growth that consistency is the engine behind our compounding model , and we've now delivered double digit organic revenue growth for five consecutive quarters and 10% organic growth in five of the last six years , having been in the CFO seat for just over a year , I can tell you these outcomes don't simply happen .

Peter Walker: That consistency is the engine behind our compounding model, and we've now delivered double-digit organic revenue growth for five consecutive quarters and 10% organic growth in five of the last six years. Having been in the CFO seat for just over a year, I can tell you these outcomes don't simply happen. They are the result of constant focus, active management, and thousands of decisions made across the organization every day to drive returns.

Speaker #4: They are the result of constant focus , active management and thousands of decisions made across the organization every day to drive returns . I wouldn't underestimate just how important our operating discipline is to our long term performance .

Peter Walker: I wouldn't underestimate just how important our operating discipline is to our long-term performance. Now let's turn to segment performance and the underlying drivers of our organic revenue growth in the quarter. Corporate Payments delivered 16% organic growth for the quarter, including 180 basis point drag from float revenue compression driven by lower interest rates year-over-year. The organic revenue growth was in line with our expectations, with strong performance in both cross-border and payables. Overall, corporate payments continue to be driven by strong underlying customer activity, with organic spend increasing 43% to $95 billion. Cross-border continued to deliver strong sales and revenue performance in Q2. Alpha's integration continues to progress exceptionally well, with over 80% of Alpha's corporate volume now migrated to our global tech platform. The payables business continued to perform well, driven by sales and volume growth in Q2.

Speaker #4: Now let's turn to segment performance and the underlying drivers of our organic revenue growth in the quarter . Corporate payments delivered 16% organic growth for the quarter , including 180 basis point drag from float revenue compression driven by lower interest rates year over year .

Speaker #4: The organic revenue growth was in line with our expectations , with strong performance in both cross and payables . Overall , corporate payments continued to be driven by strong underlying customer activity with organic spend increasing 43% to 95 billion .

Peter Walker: Overall, corporate payments continue to be driven by strong underlying customer activity, with organic spend increasing 43% to $95 billion. Cross-border continued to deliver strong sales and revenue performance in Q2. Alpha's integration continues to progress exceptionally well, with over 80% of Alpha's corporate volume now migrated to our global tech platform. The payables business continued to perform well, driven by sales and volume growth in Q2.

Speaker #4: Cross-Border continued to deliver strong sales and revenue performance in Q2 . Alphas integration continues to progress exceptionally well , with over 80% of Alpha's corporate volume now migrated to our global tech platform .

Speaker #4: The payables business continued to perform well , driven by sales and volume growth in Q2 . We're also pleased with the strong performance of Avid , our minority investment , which is reflected as an equity investment in our financials .

Peter Walker: We're also pleased with the strong performance of Avid, our minority investment, which is reflected as an equity investment in our financials. Avid continues to execute well under new ownership, with sales growing more than 30%, continued strength in volume and revenue, and EBITDA more than doubling year-over-year to a record level. Vehicle Payments organic growth was 8%, right in line with our high single-digit expectations. Brazil and Europe remain quite strong. In the US, growth remains consistent with our strategy of reallocating sales investment toward the higher return opportunities within corporate payments. Lodging was in line with our expectations, delivering sequential organic revenue growth improvement of 2% versus Q1 2026. We've now lapped the more episodic events last year that created tough comps, and we continue to expect organic growth to perform in the H2 of the year.

Speaker #4: Avid continues to execute well under new ownership, with sales growing more than 30%. We are seeing continued strength in volume and revenue, and EBITDA more than doubling year over year to a record level.

Speaker #4: Vehicle payments , organic growth was 8% , right in line with our high single digit expectations . Brazil and Europe remained quite strong in the US .

Peter Walker: In the US, growth remains consistent with our strategy of reallocating sales investment toward the higher return opportunities within corporate payments. Lodging was in line with our expectations, delivering sequential organic revenue growth improvement of 2% versus Q1 2026. We've now lapped the more episodic events last year that created tough comps, and we continue to expect organic growth to perform in the H2 of the year.

Speaker #4: Growth remains consistent with our strategy of reallocating sales investment toward the higher return opportunities within corporate payments . Lodging was in line with our expectations , delivering sequential organic revenue growth improvement of 2% versus Q1 2026 .

Speaker #4: We've now lapped the more episodic events last year that created tough comps, and we continue to expect organic growth to perform in the second half of the year. In summary, we delivered 10% organic growth in Q2, driven by sales growth of 30% and retention rates of 93%.

Peter Walker: In summary, we delivered 10% organic growth in Q2, driven by sales growth of 30% and retention rates of 93%, all quite robust. Our Corporate Payments and Vehicle Payments segment totaled 84% of our Q2 revenue and delivered a combined organic growth rate of 12%, consistent with Q1. Taken together, these results reinforce our confidence in the durability of our growth model and support our decision to increase full-year guidance. Now, looking further down the income statement. Operating costs increased 9%, excluding the impact of FX, M&A, stock compensation, amortization, and a settlement charge. The settlement charge of $100 million relates to the FTC matter and is subject to final commission approval. The 9% increase was primarily due to sales investments and modestly higher credit losses.

Speaker #4: All quite robust . Our corporate payments and vehicle payment segment totaled 84% of our Q2 revenue and delivered a combined organic growth rate of 12% , consistent with Q1 .

Speaker #4: Taken together , these results reinforce our confidence in the durability of our growth model and support our decision to increase full year guidance .

Speaker #4: Now , looking further down , the income statement , operating costs increased 9% . Excluding the impact of FX , M&A stock compensation , amortization and a settlement charge .

Peter Walker: Operating costs increased 9%, excluding the impact of FX, M&A, stock compensation, amortization, and a settlement charge. The settlement charge of $100 million relates to the FTC matter and is subject to final commission approval. The 9% increase was primarily due to sales investments and modestly higher credit losses.

Speaker #4: The settlement charge of $100 million relates to the FTC matter and is subject to final commission approval . The 9% increase was primarily due to sales , investments and modestly higher credit losses .

Speaker #4: Adjusted EBITDA margin of 57.3% was up approximately 100 basis points over the prior year, primarily due to operating leverage and flow-through of macro benefit.

Peter Walker: Adjusted EBITDA margin of 57.3% was up approximately 100 basis points over the prior year, primarily due to operating leverage and flow-through of macro benefit. Our adjusted effective tax rate for the quarter was 25.3%. The year-over-year decrease in the tax rate was driven by our improved mix of earnings. Turning to the balance sheet, we ended the quarter in a very strong financial position. Our leverage ratio finished at 2.55 times, and we had approximately $1.6 billion of available capacity under our revolving credit facility. During the quarter, we repurchased $321 million worth of stock, retiring approximately 1 million shares. As of quarter end, we still had roughly $1.4 billion remaining under our current share repurchase authorization.

Speaker #4: Our adjusted effective tax rate for the quarter was 25.3% . The year over year decrease in the tax rate was driven by our improved mix of earnings Turning to the balance sheet , we ended the quarter in a very strong financial position .

Peter Walker: Turning to the balance sheet, we ended the quarter in a very strong financial position. Our leverage ratio finished at 2.55 times, and we had approximately $1.6 billion of available capacity under our revolving credit facility. During the quarter, we repurchased $321 million worth of stock, retiring approximately 1 million shares. As of quarter end, we still had roughly $1.4 billion remaining under our current share repurchase authorization.

Speaker #4: Our leverage ratio finished at 2.55 times , and we had approximately $1.6 billion of available capacity under our revolving credit facility . During the quarter , we repurchased $321 million worth of stock , retiring approximately 1 million shares as of quarter end .

Speaker #4: We still had roughly 1.4 billion remaining under our current share repurchase authorization . We also completed the refinancing of our revolving credit facility and term loan , a increasing the size of our revolver by approximately $1 billion to $3.7 billion , while paying down our term loan B by $1 billion over the past nine months , we've successfully refinanced our entire debt stack , extending maturities , lowering borrowing costs and further strengthening our balance sheet .

Peter Walker: We also completed the refinancing of our revolving credit facility and term loan A, increasing the size of our revolver by approximately $1 billion to $3.7 billion while paying down our term loan B by $1 billion. Over the past nine months, we've successfully refinanced our entire debt stack, extending maturities, lowering borrowing costs, and further strengthening our balance sheet. More importantly, from a capital allocation perspective, we've increased our financial flexibility and are well-positioned to continue executing our balanced strategy of both meaningful share repurchases and disciplined accretive M&A. Finally, I'd like to touch on our interest rate profile. Following the Alpha acquisition, our restricted cash balance increased significantly, primarily reflecting the growth of the global bank account business. Our cash now creates a meaningful natural hedge against our floating rate debt, with approximately 85% of our exposure naturally offset during Q2.

Speaker #4: More importantly , from a capital allocation perspective , we've increased our financial flexibility and are well positioned to continue executing our balanced strategy of both meaningful share repurchases and disciplined , accretive M&A Finally , I'd like to touch on our interest rate profile .

Peter Walker: More importantly, from a capital allocation perspective, we've increased our financial flexibility and are well-positioned to continue executing our balanced strategy of both meaningful share repurchases and disciplined accretive M&A. Finally, I'd like to touch on our interest rate profile.

Speaker #4: Following the Alpha acquisition, our restricted cash balance increased significantly, primarily reflecting the growth of the global bank account business. Our cash now creates a meaningful natural hedge against our floating rate debt, with approximately 85% of our exposure.

Peter Walker: Following the Alpha acquisition, our restricted cash balance increased significantly, primarily reflecting the growth of the global bank account business. Our cash now creates a meaningful natural hedge against our floating rate debt, with approximately 85% of our exposure naturally offset during Q2.

Speaker #4: Naturally offset during the second quarter , including our interest rate swaps . We were effectively more than 120% hedged . Given the strength of that natural hedge , we don't expect to enter into additional interest rate swaps going forward .

Peter Walker: Including our interest rate swaps, we were effectively more than 120% hedged. Given the strength of that natural hedge, we don't expect to enter into additional interest rate swaps going forward. Now, let me share some additional information on our updated 2026 full year and Q3 outlook. As Ron mentioned, we signed a definitive agreement to sell epyx, a non-core Vehicle Payments asset. We expect the transaction to close this fall, likely between September and October. For planning purposes, we've assumed a 1 September closing. The transaction is expected to reduce 2026 revenue by approximately $40 million, or roughly $10 million per month, but is not expected to have an impact on adjusted EPS because we intend to redeploy the proceeds into share repurchases. We're raising our 2026 revenue guidance to $5.31 billion at the midpoint, growing 17% year-over-year.

Speaker #4: Now , let me share some additional information on our updated 2026 full year and Q3 outlook As Ron mentioned , we signed a definitive agreement to sell Epix , a non-core vehicle payments asset .

Speaker #4: We expect the transaction to close this fall , likely between September and October . For planning purposes , we've assumed a September 1st closing the transaction is expected to reduce 2026 revenue by approximately $40 million , or roughly 10 million per month , but is not expected to have an impact on adjusted EPS .

Peter Walker: For planning purposes, we've assumed a 1 September closing. The transaction is expected to reduce 2026 revenue by approximately $40 million, or roughly $10 million per month, but is not expected to have an impact on adjusted EPS because we intend to redeploy the proceeds into share repurchases. We're raising our 2026 revenue guidance to $5.31 billion at the midpoint, growing 17% year-over-year.

Speaker #4: Because we intend to redeploy the proceeds into share repurchases, we're raising our 2026 revenue guidance to $5.31 billion at the midpoint, growing 17% year over year. Importantly, this guidance continues to assume approximately 10% organic revenue growth for the year. Our updated revenue outlook flows through our Q2 beat of $45 million raises.

Peter Walker: Importantly, this guidance continues to assume approximately 10% organic revenue growth for the year. Our updated revenue outlook flows through our Q2 beat of $45 million, raises the rest of the year by $15 million, driven by a combination of macro favorability and business momentum, partially offset by $40 million from the sale of epyx. We are raising our full year guidance for adjusted EPS to $27.35 per share at the midpoint, growing 28% year-over-year. This captures the $0.45 beat in Q2 and raises guidance by $0.20 from higher revenue and productivity improvements over the rest of the year. Our Q3 revenue guide is $1.355 billion at the midpoint, growing 16% year-over-year. We expect Q3 organic revenue growth in the range of 9% to 11%. We expect adjusted EPS of $7.15 at the midpoint, growing 26% year-over-year. Stepping back, our model is built to compound over time.

Speaker #4: The rest of the year by 15 million , driven by a combination of macro favorability and business momentum partially offset by 40 million from the sale of Epix We're raising our full year guidance for adjusted EPS to $27.35 per share at the midpoint , growing 28% year over year .

Speaker #4: This captures the $0.45 beat in Q2 and raises guidance by $0.20 from higher revenue and productivity improvements over the rest of the year.

Peter Walker: This captures the $0.45 beat in Q2 and raises guidance by $0.20 from higher revenue and productivity improvements over the rest of the year. Our Q3 revenue guide is $1.355 billion at the midpoint, growing 16% year-over-year. We expect Q3 organic revenue growth in the range of 9% to 11%. We expect adjusted EPS of $7.15 at the midpoint, growing 26% year-over-year. Stepping back, our model is built to compound over time.

Speaker #4: Our Q3 revenue guide is 1.355 billion at the midpoint , growing 16% year over year . We expect Q3 organic revenue growth in the range of 9 to 11% .

Speaker #4: We expect adjusted EPS of $7.15 at the midpoint, growing 26% year over year. Stepping back, our model is built to compound over time.

Speaker #4: We remain focused on consistently delivering double digit organic growth , maintaining strong margins and deploying capital where we believe it generates the highest long term returns for shareholders Additional details regarding our full year guidance raise in Q3 outlook can be found in our earnings release and earnings supplement So operator , please open the line for questions .

Peter Walker: We remain focused on consistently delivering double-digit organic growth, maintaining strong margins, and deploying capital where we believe it generates the highest long-term returns for shareholders. Additional details regarding our full-year guidance raise and Q3 outlook can be found in our earnings release and earnings supplement. Operator, please open the line for questions.

Speaker #1: Thank you . As a reminder , at this time , if you would like to ask a question , it is the star and one on your touchtone telephone .

Operator 4: Thank you. As a reminder, at this time, if you would like to ask a question, it is the star 1 on your touch-tone telephone. We do ask that you please limit yourself to one question and one follow-up. We will take our first question from Ramsey El-Assal with Cantor Fitzgerald. Please go ahead.

Operator: Thank you. As a reminder, at this time, if you would like to ask a question, it is the star 1 on your touch-tone telephone. We do ask that you please limit yourself to one question and one follow-up. We will take our first question from Ramsey El-Assal with Cantor Fitzgerald. Please go ahead.

Speaker #1: We do ask that you please limit yourself to one question and one follow-up. We'll take our first question from Ramsey El-Assal with Cantor Fitzgerald.

Speaker #1: Please go ahead .

Speaker #2: Hi . Thank you so much for taking my question . And another great quarter , as freight prices remain healthy and fleet operators seem to be in a much better place than they were , God knows , post Covid , do you see an opportunity to open up the credit box a little bit more ?

Ramsey El-Assal: Hi. Thank you so much for taking my question, another great quarter. As freight prices remain healthy and fleet operators seem to be in a much better place than they were, God knows, post-COVID, do you see an opportunity to open up the credit box a little bit more? Maybe lean in harder to some slightly higher risk parts of the market to drive on the Vehicle Payments side of the business, obviously to drive incremental growth?

Speaker #2: Maybe lean in harder to some slightly higher risk parts of the market , , to , to drive on the , on the , on the vehicle side of the business .

Speaker #2: Obviously to drive , , incremental growth . Hey , Ramsey , thanks for the question . So , you know , we do experience with fuel prices going up and the demand that there's naturally a higher risk to , , credit losses .

Peter Walker: Hey, Ramsey. Thanks for the question. We do experience with fuel prices going up and the demand that there's naturally a higher risk to credit losses. We've taken a provision for that within the quarter, a slight provision for it. What I would say is, we're not going to weaken our underwriting standards to gain business here.

Speaker #2: So we've taken a provision for that within the quarter, a slight provision for it. But what I would say is we're not going to weaken underwriting standards to gain business here.

Speaker #2: Okay . Fair enough . And then on , , a follow up from me , you announced the Epic's divestiture and you also talked about the intention to create a simpler company .

Ramsey El-Assal: Okay, fair enough. A follow-up from me. You announced the epyx divestiture, and you also talked about the intention to create a simpler company. Should we think about that as trimming more of these very small kind of embedded business lines? Is there an appetite or demand out there for a larger simplification of something like a lodging segment or larger chunks of the business?

Speaker #2: Should we think about that as more trimming , more of these very small kind of embedded business lines ? Or is there an appetite or demand out there for a larger , , you know , simplification of something like a lodging segment or larger ?

Speaker #2: Chunks of the business? Hey.

Speaker #3: Ramsay, it's Ron. It might be.

Ron Clarke: Hey, Ramsey, it's Ron. It might be both. I'd say we're on the track for the first thing you said. We've IDd another two, three, four businesses that are kind of subscale or not as related, like the epyx thing. As I said on other things, we want better performance first, right? I want to have improved performance because it gives us options. I'd say you should look for more of the epyx-like things over the next six to 12 months, and if performance improves, maybe something additional.

Speaker #5: Both I'd say we're on the track for the first thing you said . We've ID'd another two , three , or four businesses that are kind of subscale or not as related , like the epics thing , and as I said on other things , we want better performance first , right ?

Speaker #5: I want to have improved performance . , because then it gives us options . You should look for more of the epics like things over the next 6 to 12 months .

Speaker #5: And if performance improves, maybe something additional.

Speaker #2: Got it . Thank you

Ramsey El-Assal: Got it. Thank you.

Ron Clarke: You bet.

Speaker #1: Thank you. And we'll take our next question from Jian Huang from J.P. Morgan. Please go ahead. Your line is open.

Operator 4: Thank you. We'll take our next question from Tien-Tsin Huang from JP Morgan. Please go ahead. Your line is open. Please make sure you check your mute switch.

Operator: Thank you. We'll take our next question from Tien-Tsin Huang from JP Morgan. Please go ahead. Your line is open. Please make sure you check your mute switch.

Speaker #1: Please make sure you check your mute switch.

Speaker #5: Even recant hear you .

Peter Walker: Even we can't hear you, Tien-Tsin.

Speaker #6: Now , is this better

Tien-Tsin Huang: Now is this better?

Tien-Tsin Huang [Senior Analyst: Now is this better?

Speaker #1: Yes, we can hear you now. Please go ahead.

Operator 4: Yes, we can hear you now. Please go ahead.

Operator: Yes, we can hear you now. Please go ahead.

Ron Clarke: There we go. What's that?

Speaker #6: Right away . Sorry to waste your time . As always . Nice to talk to you guys . Just , . Just thinking maybe for you , Ron .

Tien-Tsin Huang: Sorry to waste your time. As always, nice to talk to you guys. Just thinking maybe for you, Ron, has the bar changed at all for M&A and buybacks given pipeline valuations? I know you're focused on these divestitures. You announced one, as you just said. Has the bar changed?

Tien-Tsin Huang [Senior Analyst: Sorry to waste your time. As always, nice to talk to you guys. Just thinking maybe for you, Ron, has the bar changed at all for M&A and buybacks given pipeline valuations? I know you're focused on these divestitures. You announced one, as you just said. Has the bar changed?

Speaker #6: Just has the bar changed at all for M&A and buybacks, given pipeline valuations? I know you're focused on these divestitures.

Speaker #6: You announced one, as you just said. Has the bar changed?

Speaker #5: Yeah , I don't think so . I think I said last time , if anything you know we've seen some of the transactions , some of the deals on the acquisition side .

Ron Clarke: Yeah, I don't think so, Tien-tsin. Like I said last time, if anything, we've seen some of the transactions, some of the deals on the acquisition side get back into a realistic range. I think that we're actually in a pretty good spot.

Speaker #5: Get back into, you know, into a realistic range. So I think it's a— that we're actually in a pretty good spot.

Speaker #6: Okay . Glad to hear it . And then just on the on the bookings front , that was really strong . Maybe just double clicking on that .

Tien-Tsin Huang: Okay. Glad to hear it. Just on the bookings front, that was really strong. Maybe just double-clicking on that, how broad-based was it? Where are you outperforming? Can you replenish the pipeline as we go into the H2?

Tien-Tsin Huang [Senior Analyst: Okay. Glad to hear it. Just on the bookings front, that was really strong. Maybe just double-clicking on that, how broad-based was it? Where are you outperforming? Can you replenish the pipeline as we go into the H2?

Speaker #6: How broad-based was it where you were outperforming? Can you replenish the pipeline as we go into the second half?

Speaker #5: Yeah . It was , it was pretty good . I'd say I'm looking at that report . It was pretty broad based . We did kind of high teens year over year in the vehicle .

Ron Clarke: Yeah, it was pretty good. I'd say I'm looking at that report. It was pretty broad-based. We did kind of high teens year-over-year in the vehicle, and crazy, sort of close to 40% sales growth in the Corporate Payments segment. We're obviously selling a lot of that. Now, again, we've poured incremental investment into it, so there's more spend behind that, reflecting the increase. No, it's good. We target, I think, sales to grow 20% to kind of hit our growth algorithm. This is a bit better than that. I'd say our rest of the year is probably targeting about that 20% again.

Speaker #5: And crazy circuit, close to 40% sales growth in the corporate payment segment. So we're obviously selling a lot of that now.

Ron Clarke: We're obviously selling a lot of that. Now, again, we've poured incremental investment into it, so there's more spend behind that, reflecting the increase. No, it's good. We target, I think, sales to grow 20% to kind of hit our growth algorithm. This is a bit better than that. I'd say our rest of the year is probably targeting about that 20% again.

Speaker #5: Again , we poured , you know , incremental investment into it . So , you know , there's more spend behind that reflecting the increase .

Speaker #5: But no , it's it's good . We target , I think , you know , sales to grow 20% to kind of hit our growth algorithm .

Speaker #5: So this is a bit better than that. So I'd say, you know, our rest of year is probably targeting about that 20%.

Speaker #5: Again .

Speaker #6: All right. Great. Well done. Thank you.

Tien-Tsin Huang: I agree. Well done. Thank you.

Tien-Tsin Huang [Senior Analyst: I agree. Well done. Thank you.

Speaker #5: Good to talk to you, pal.

Ron Clarke: Good to talk to you, pal.

Speaker #1: Thank you. And we'll take our next question from Sanjay Sakhrani with KBW. Please go ahead.

Operator 4: Thank you. We'll take our next question from Sanjay Sakhrani with KBW. Please go ahead.

Operator: Thank you. We'll take our next question from Sanjay Sakhrani with KBW. Please go ahead.

Speaker #7: Thank you . , Ron , like the corporate payments ? division obviously did really well with the organic revenue growth up 16% . As we look ahead , it seems like the comparisons get easier .

Sanjay Sakhrani: Thank you. Ron, the Corporate Payments division obviously did really well with the organic revenue growth up 16%. As we look ahead, it seems like the comparisons get easier. Can this growth rate sort of sustain itself if not accelerate from here?

Speaker #7: I mean, can this growth rate sort of sustain itself, if not accelerate, from here?

Speaker #5: I think it's a , it's a good question . I think it's a function again of investment . , you know , we were guiding basically to 16 , you know , plus here in the which is obviously attractive .

Peter Walker: I think it's a good question, Sanjay. I think it's a function, again, of investment. We were guiding basically to 16 plus here in H2, which is obviously attractive. We've got super line of sight in that business on both the retention and base. Like I'm staring at it's better than our line average, right? Our line average is 93. That business is closer to 96% or 97%.

Ron Clarke: I think it's a good question, Sanjay. I think it's a function, again, of investment. We were guiding basically to 16 plus here in H2, which is obviously attractive. We've got super line of sight in that business on both the retention and base. Like I'm staring at it's better than our line average, right? Our line average is 93. That business is closer to 96% or 97% retention and the base is positive. It's in the plus column.

Speaker #5: And we've got, you know, super line of sight in that business on both the retention and base. Like, I'm staring at it.

Speaker #5: It's better than our line average , right ? A line average is 93 . That business is , you know , closer to 96 or 97% .

Speaker #5: , retention in the base is , is positive . It's in the plus column . So whenever you have that setup , it's not complicated for math people , but the whole growth rate is sales , right ?

Ron Clarke: retention and the base is positive. It's in the plus column. Whenever you have that set up, it's not complicated for math people that the whole growth rate is sales, right? It's just really the sales. As I said to Tien-Tsin's question, we sold 40% more in the quarter. That's the toggle. Again, unlike the startups, we always are trying to balance making a buck with growing. That's the balancing act. We put incremental money into it. We've taken a bit of money out of the vehicle thing. I'd say that's our plan for now. We're continuing to build spend in that, and we'll update if we decide to invest more as we look into next year. We're obviously pleased with this growth rate.

Ron Clarke: Whenever you have that set up, it's not complicated for math people that the whole growth rate is sales, right? It's just really the sales. As I said to Tien-Tsin's question, we sold 40% more in the quarter. That's the toggle. Again, unlike the startups, we always are trying to balance making a buck with growing. That's the balancing act.

Speaker #5: It's just , it's just really the sales , as I said , the question , we sold 40% more in the quarter . So so that's the toggle .

Speaker #5: And again , unlike the startups , we always are trying to balance , you know , making a buck , , with growing .

Speaker #5: And so that that's , that's the balancing act . We , we put incremental money into it . We've taken a bit of money , you know , out of the vehicle saying , and so I'd say that's our plan for now .

Ron Clarke: We put incremental money into it. We've taken a bit of money out of the vehicle thing. I'd say that's our plan for now. We're continuing to build spend in that, and we'll update if we decide to invest more as we look into next year. We're obviously pleased with this growth rate.

Speaker #5: We're continuing to build spend in that . And we'll update you if we decide to invest more . You know , as we look in the next year .

Speaker #5: But we're obviously pleased with this growth rate.

Speaker #7: Okay . And then second question is just on the divestitures , , as we think about the , you divestitures , you will make or that you've identified , do those accelerate the revenue growth rate or are they just , sort of too small to have an impact ?

Sanjay Sakhrani: Okay. Second question is just on the divestitures. As we think about the divestitures you will make or that you've identified, do those accelerate the revenue growth rate, or are they just sort of too small to have an impact? Maybe you could also just comment on what you're seeing in the M&A market, in terms of acquiring stuff. Thanks.

Speaker #7: And then maybe you could also just comment on what you're seeing in the M&A market in terms of acquiring. Thanks.

Speaker #5: Yeah . I'd say the answer to the first part is it depends . We have , , you know , businesses . So I guess we've , we've , we've announced you guys to divestitures this year and the answer is those would actually be , you know , slightly dilutive to us .

Ron Clarke: Yeah, I'd say the answer to the first part is it depends. We have businesses, so I guess we've announced to you guys two divestitures this year, the answer is those would actually be slightly growth dilutive to us. The parking business was a high flyer, right? Grew at in front of me 20% to 25%. This epyx thing was a kind of a perennial 10% to 11% grower. Some of the other things we're looking at, Sanjay, might be lower growth. If I said, "Hey, we have three or four things in the block," my comment would be it'd be a mix. Some of the stuff might be a little bit slower growing, it's really what you said. We're just trying to clean house with kind of smaller things.

Speaker #5: The , the parking business was a high flyer , right . Grew in front of me , you know , 2030 , 20 , 25% .

Speaker #5: , and this ethics thing was a kind of a perennial ten , 11% grower . Some of the other things we're looking at , Sanjay , might be , , lower growth if I said , hey , we have three , 3 or 4 things in the block .

Ron Clarke: This epyx thing was a kind of a perennial 10% to 11% grower. Some of the other things we're looking at, Sanjay, might be lower growth. If I said, "Hey, we have three or four things in the block," my comment would be it'd be a mix. Some of the stuff might be a little bit slower growing, it's really what you said. We're just trying to clean house with kind of smaller things.

Speaker #5: My comment would be, it'd be a mix. Some of the stuff might be a little bit slower growing, but it's really what you said.

Speaker #5: We're just trying to clean house with kind of smaller things. You know, we need to add billions of revenue to the company.

Ron Clarke: We need to add billions of revenue to the company, growing a $100 million business to $110 million is not getting us there. That's the emphasis. As I said, the same thing on the acquisition side. Obviously, we did a couple of pretty large transactions last year. We've got our gunsights on some other pretty significant things, as I said to Tianjian, we're super clear on what we want to acquire, what would be helpful. We target, or we're in discussions obviously with those companies, some of those transactions are meaningful, because of the way we can run the things, they're actionable. We can actually do them. I'd say, like always stay tuned on the acquisition front.

Speaker #5: And so growing $100 million business to 110 is not is not getting us there . So , so that's the emphasis , as I said , the same thing on the acquisition side .

Speaker #5: Obviously, we did a couple of pretty large transactions last year. You know, we've got our gun sights on some other pretty significant things.

Speaker #5: And so , as I said , the , , we're super clear on what we want to acquire . What would be helpful .

Speaker #5: , we target , we're in discussions , obviously with those companies and some of those transactions are meaningful . And because of the way we can run the things , they're actionable , we can actually , we can actually do them .

Ron Clarke: We target, or we're in discussions obviously with those companies, some of those transactions are meaningful, because of the way we can run the things, they're actionable. We can actually do them. I'd say, like always stay tuned on the acquisition front.

Speaker #5: So I'd say, like always, stay tuned, you know, on the acquisition front.

Speaker #7: Thank you .

Sanjay Sakhrani: Thank you.

Speaker #8: Thank you .

Ron Clarke: Thank you.

Speaker #1: Thank you. And we'll take our next question from Bhatia with Bank of America. Please go ahead.

Operator 4: Thank you. We'll take our next question from Mihir Bhatia with Bank of America. Please go ahead.

Operator: Thank you. We'll take our next question from Mihir Bhatia with Bank of America. Please go ahead.

Speaker #9: Good afternoon . Thank you for taking my question , Ron . I was wondering if you could give us an update on the Mastercard , the Fi channel .

Mihir Bhatia: Good afternoon. Thank you for taking my question. Ron, I was wondering if you could give us an update on the Mastercard, the FI channel. I think previously you've called out three wins. Where does the pipeline stand? Are you still expecting a couple of points of cross-border acceleration from that? Just trying to get an update on that Mastercard partnership and where things stand with the pipeline. Thank you.

Speaker #9: I think previously you've called out three wins, but where does the pipeline stand, and are you still expecting a couple of points of cross-border acceleration from that?

Speaker #9: Hi, I was just trying to get an update on that Mastercard partnership, and where things stand with the pipeline. Thank you.

Speaker #5: It's a it's another good question . So I think we said it last time . If I had Mark , the guy that runs it or the Mastercard folks , , at a high level , better than expected .

Ron Clarke: It's another good question. I think we said it last time, and if I had Mark, the guy that runs it, or the Mastercard folks, it's a high level better than expected again. I think the thesis that we had that Mastercard knows bank folks and we know cross-border, and that's a good combo, that's proving to be true. The numbers are good. We're now at 10 FIs that have been closed. On the last report I saw, we've got 100 active additional FIs in the pipeline. I would say it's positive. The offer is resonating. Mastercard's being super helpful in introductions. With FIs, the selling cycle is definitely longer, Mihir, than it is with corporates. I would say we're still bullish on it.

Speaker #5: Again , I think the thesis that we had that Mastercard knows bank folks and we know cross-border and that that's a good combo that that's proving to be true .

Speaker #5: , the numbers are good . We're now at ten . , fi's that have been closed in the last report I saw . We've got 100 , active additional eyes in the pipeline .

Ron Clarke: We're now at 10 FIs that have been closed. On the last report I saw, we've got 100 active additional FIs in the pipeline. I would say it's positive. The offer is resonating. Mastercard's being super helpful in introductions. With FIs, the selling cycle is definitely longer, Mihir, than it is with corporates. I would say we're still bullish on it. I said to the Mastercard people when we did the deal, "Please don't make this a press release." I've got to applaud their effort and the energy so far. I'd say so far so good.

Speaker #5: So I would say it's , it's positive . The offer is resonating . Mastercard is being super helpful in introductions . You with FIS , the selling cycle is definitely longer .

Speaker #5: My year with , you know , than it is with corporates . But I would say we're still we're still bullish on it .

Speaker #5: And you know , I said to the people when we did the deal . Please don't make this a press release . , and I , and I got to applaud , you know , their effort and the energy so far , so I'd say so far , so good

Ron Clarke: I said to the Mastercard people when we did the deal, "Please don't make this a press release." I've got to applaud their effort and the energy so far. I'd say so far so good.

Speaker #9: Great . , and then if I could ask about the global , , just the global banking , I think , Ron , you've described it in your prepared remarks as a game changer .

Mihir Bhatia: Great. If I could ask about just the global banking. I think, Ron, you've described it, Prepare the Market as a game changer. Just want to think about the monetization timeline there. I think Peter called out some of the benefits of the hedging, from a revenue standpoint for CPAY, what is the monetization timeframe and what kind of expectations should we have over the next year or two?

Speaker #9: Just trying to think about the , monetization timeline . There . , I think , Peter called out some of the benefits of the hedging , but just from a revenue standpoint for CPA .

Speaker #9: What is the monetization time frame, and what kind of expectations should we have over the next year or two?

Speaker #5: Yeah , I think we should see a big step up next year . We still , frankly , are building the product . Let me let me give the baby one on one here .

Ron Clarke: Yeah, I think we should see a big step up next year. We still frankly are building the product. Let me give the baby 101 here. What we do is we open local foreign bank accounts. If there's a company in Atlanta, they're trying to do business in Europe, boom, in less than a week or 2 days, we can open a foreign bank account for them, which would take months, years potentially through a correspondent. The work that we're doing, Mihir, on the thing is effectively linking multiple local accounts. Let's say the client in Atlanta wants to open something in the UK on the Continent and Australia, we go open 3 local foreign accounts in those jurisdictions so that they can run on the pipes there.

Speaker #5: So what we do is we open local foreign bank accounts. So if there's a company in Atlanta that's looking to do business in Europe, boom.

Speaker #5: In less than a week or a few days , we can open a foreign bank account for them , which would take months , years , potentially through through a correspondent .

Speaker #5: The work that we're doing a year on the thing is effectively linking multiple local accounts. So let's say the client in Atlanta wants to open something in the UK on the continent.

Ron Clarke: The work that we're doing, Mihir, on the thing is effectively linking multiple local accounts. Let's say the client in Atlanta wants to open something in the UK on the Continent and Australia, we go open 3 local foreign accounts in those jurisdictions so that they can run on the pipes there. What we're finishing up is tying those together and then balancing them back to that account's primary bank account, let's say it's back here in Atlanta.

Speaker #5: And Australia, and we go open three local foreign accounts in those jurisdictions so that they can run on the pipes.

Speaker #5: There . What we're finishing up is tying those together . And then balancing them back to that account . Primary bank account . Let's say it's back here in Atlanta .

Ron Clarke: What we're finishing up is tying those together and then balancing them back to that account's primary bank account, let's say it's back here in Atlanta.

Speaker #5: And so that that kind of second part , I'm going to call that the the enhanced , the better product than just the one off sell the local account , which is where Alpha , , you know , kind of focused .

Ron Clarke: That kind of second part, I'm going to call that the enhanced, the better product than just the one-off sell of a local account, which is where Alpha kind of focused. That is due to be out of the kitchen in Q4. Two things. One is, I think we'll sell a lot more of it because it's way more attractive, right, to go to an account and tell them, I can add these in different places, but then tie them all together for you. Second, we're going to sell the you know what out of it back to the client base. I mean, think of how many middle-market clients we have in cross-border, in payables, even in fleet here and internationally.

Speaker #5: So that that is due to be out of the kitchen in Q4 . And two things . One is , I think we'll sell a lot more of it because it's , it's way more attractive , right ?

Speaker #5: To go to an account and tell them, I can add these at different places, but then tie them all together for you.

Speaker #5: And then second , we're going to sell the , you know what out of it . Back to the client base . I mean , think of how many middle market clients we have in cross-border , in payables , even in fleet here .

Ron Clarke: Second, we're going to sell the you know what out of it back to the client base. I mean, think of how many middle-market clients we have in cross-border, in payables, even in fleet here and internationally.

Speaker #5: And internationally . And so that's the second part of the idea is to tell the all the existing clients we have , whether they're in cross-border or not , hey , we can be way helpful in this way .

Ron Clarke: That's the second part of the idea is to tell all the existing clients we have, whether they're in cross-border or not, Hey, we can be way helpful in this way. I'd say it's going good. Alpha's selling a lot of the kind of the single local thing, the hopes are that this kind of premium offer will be a big deal next year.

Speaker #5: So I'd say it's going good . You know , Alpha selling a lot of the , of the single local thing , but the hopes are that this kind of premium offer will , will be , will be a big deal next year .

Speaker #9: Got it . Thank you

Mihir Bhatia: Got it. Thank you.

Ron Clarke: You bet.

Ron Clarke: All right.

Speaker #1: Thank you. And we'll take our next question from Darrin Peller with Wolfe Research. Please go ahead.

Operator 4: Thank you. We'll take our next question from Darrin Peller with Wolfe Research. Please go ahead.

Operator: Thank you. We'll take our next question from Darrin Peller with Wolfe Research. Please go ahead.

Speaker #10: Hey , guys . Thanks . You know , I know you've talked , Ron . You talked about the opportunity to cross-sell your fleet card , your fleet management products into the spend management customer base .

Darrin Peller: Hey, guys. Thanks. I know you've talked, Ron, you talked about the opportunity to cross-sell your fleet management products into the spend management customer base. Maybe just talk us through how you're thinking about that cross-sell opportunity now and where it stands, where could it go more broadly across other products in AP and bill pay also, and cross-border. Where are the opportunities to further expand with your existing base that you have now?

Darrin Peller [Managing Director, Senior Equity Analyst: Hey, guys. Thanks. I know you've talked, Ron, you talked about the opportunity to cross-sell your fleet management products into the spend management customer base. Maybe just talk us through how you're thinking about that cross-sell opportunity now and where it stands, where could it go more broadly across other products in AP and bill pay also, and cross-border. Where are the opportunities to further expand with your existing base that you have now?

Speaker #10: Maybe just talk us through how you're thinking about that cross-sell opportunity now and where it stands. Where could it go more broadly across other products and AP and bill pay also, and cross-border? Where are the opportunities to further expand with your existing base that you have now?

Speaker #5: It's a it's a good question , Darren , and it has been a long , , you know , articulation of that . We did stick in , you probably haven't seen it yet , but if you guys on the call would open at some point , the , , what do we call it ?

Ron Clarke: It's a good question, Darrin. It has been a long articulation of that. We did stick in, you probably haven't seen it yet, but if you guys on the call would open at some point the, what do we call it, James? The earnings supplement. The last page in there, Darrin, is an internal slide where we actually show what you're asking, which is, we have a, we call it internally a spend management platform, call it cards plus software. Basically, on that same platform, a client can buy different things. Drivers could buy fleet stuff, travelers could buy T&E stuff, procurement or purchasing people could buy purchasing stuff. If you look at the thing which is interesting is we take that same platform and we sell it to fleet-intensive businesses.

Speaker #5: You in the earnings supplement . So the last page in there , Darren , is an internal slide where we actually show what you're asking , which is so we have a , we call it an A spend management platform .

Speaker #5: Call it cards . Plus , you know , software and basically in that same platform , a client can buy different things . They could , you know , drivers could buy fleet stuff , travelers could buy T&E stuff , you know , procurement or purchasing .

Ron Clarke: Basically, on that same platform, a client can buy different things. Drivers could buy fleet stuff, travelers could buy T&E stuff, procurement or purchasing people could buy purchasing stuff. If you look at the thing which is interesting is we take that same platform and we sell it to fleet-intensive businesses.

Speaker #5: People could buy , you know , purchasing stuff . And so if you look at the , the thing , which is interesting is we take that same platform and we sell it to fleet intensive businesses .

Speaker #5: you see that slide , not shockingly , they buy a lot of fleet , a lot of fuel , and they do buy some other stuff , like in the midsize ones , almost half their spend is non-fuel .

Ron Clarke: If you see that slide, not shockingly, they buy a lot of fleet, a lot of fuel. They do buy some other stuff. Like in the mid-size ones, almost half their spend is non-fuel. We sell the same exact thing to kind of traditional companies, maybe the white collar, that don't have the same kind of drivers, and they buy a little bit of fuel, but all the other spend categories. The message to everybody is we're just embedding it.

Speaker #5: And then we sell the same exact thing to kind of traditional companies, maybe to white collar that don't have the same kind of drivers, and they buy a little bit of fuel, but all the other spend categories.

Speaker #5: So the , the message to everybody is we're just embedding it . In other words , we're taking the , the fleet networks that we built .

Ron Clarke: In other words, we're taking the fleet networks that we built and the point-of-sale data capture and the mobile apps for people, and we're just sticking it in the same platform so that when our guys go to companies, they can actually ask them, Hey, do you have a lot of drivers and fuel, or don't you? To your point, it's not a dumb idea now to go back to all the big-size fleet guys and say, Hey, how about buying some other stuff on the same thing? Going to the regular guys and asking, Hey, do we miss the fact that you actually have some drivers? I think it's going to be simpler, hopefully, for people outside. It's not just a bunch of kludgy, proprietary fleet things. It's literally now core to this spend offering that we're going to take out of the market.

Speaker #5: And the point of sale data capture and the mobile apps for people . And we're just sticking it in the same platform . So that when our guys go to companies , they can actually ask them , hey , do you have a lot of , you know , drivers and fuel or don't you ?

Speaker #5: And so to your point , it's not a dumb idea . Now to go back to all the big size fleet guys and say , hey , how about buying some other stuff on the same thing and going to the regular guys and asking , hey , did we miss the fact that you actually have some drivers ?

Ron Clarke: To your point, it's not a dumb idea now to go back to all the big-size fleet guys and say, Hey, how about buying some other stuff on the same thing? Going to the regular guys and asking, Hey, do we miss the fact that you actually have some drivers? I think it's going to be simpler, hopefully, for people outside. It's not just a bunch of kludgy, proprietary fleet things. It's literally now core to this spend offering that we're going to take out of the market.

Speaker #5: And so I think it's going to be simpler , hopefully , for people outside . It's not just a bunch of kludgy , you know , proprietary fleet things .

Speaker #5: It's literally now core, you know, to this spend offering that we're going to take out to the market. And I think that's an advantage.

Ron Clarke: I think advantage, Darrin, because other guys that make business cards or corporate cards don't have 20-year-old networks for fleet purchasing or even the virtual card network that we built. They have just vanilla Mastercard or Visa networks. I think us attaching those networks to kind of our card program is going to be a pretty big advantage. We collect more data than they do. We have better economics with those merchants than they do. If you take a peek at that thing, hopefully the slide in there will be explanatory.

Speaker #5: Darren , because other guys that make , you know , business cards or corporate cards don't have 20 year old networks , , you know , for fleet purchasing or even the virtual card network that we built , they have just vanilla Mastercard or visa networks .

Speaker #5: And so I think us attaching those networks to kind of our card program is going to be a pretty big advantage . You know , we collect more data than they do .

Speaker #5: We have better economics at those merchants than they do . And so we're quite if you take a peek at that thing , hopefully the slide in there will be , you know , explanatory .

Speaker #10: All right . That's really helpful . Thanks , Ron . Just maybe a quick follow up if you can , on margins , just I we continue to see them ticking up sequentially .

Darrin Peller: All right. That's really helpful. Thanks, Ron. Just maybe a quick follow-up, if you can, on margins, we continue to see them ticking up sequentially. Should we expect When we're thinking about further expansion from here, just how much more investment do you think is needed to sustain this type of 10%-plus organic profile? Clearly, it's not a You're not on a low margin base for now, I'm curious what your thoughts are on that. Thanks.

Darrin Peller [Managing Director, Senior Equity Analyst: All right. That's really helpful. Thanks, Ron. Just maybe a quick follow-up, if you can, on margins, we continue to see them ticking up sequentially. Should we expect When we're thinking about further expansion from here, just how much more investment do you think is needed to sustain this type of 10%-plus organic profile? Clearly, it's not a You're not on a low margin base for now, I'm curious what your thoughts are on that. Thanks.

Speaker #10: Should we expect, when we're thinking about further expansion from here, just how much more investment do you think is needed to sustain this type of 10%-plus organic profile?

Speaker #10: , you know , clearly it's not a small you're not you're not on a low margin base for now . And so I'm curious what your thoughts are on that .

Speaker #10: Thanks .

Speaker #2: Hey, Darren, thanks for the question.

Peter Walker: Hey, Darrin. It's Peter. Thanks for the question. What I would say is for the quarter, we obviously achieved a really strong 57% EBITDA margin. A lot of that was helped by flow-through of favorable macro.

Speaker #4: So, what I would say is...

Speaker #2: For the quarter, we obviously achieved a really strong 57% EBITDA margin. A lot of that was helped by flow-through of the favorable macro, right?

Darrin Peller: Sure. Yeah.

Peter Walker: Right? The back H2, we kind of expect to be slightly below where we are last year, and we feel like we're really invested at the right level to deliver on the organic growth targets. We already achieved really strong margins. The thought is that we won't look to increase those significantly.

Speaker #4: For the back half . We kind of to be slightly below where we are . Last year . And we feel like we're really invested at the right level to deliver on the organic growth targets .

Speaker #4: So we already achieved really strong margins . The thought is that , you know , we won't look to increase those significantly . Okay .

Darrin Peller: Okay. More of an investment story. That makes sense. Okay, guys. Thanks.

Darrin Peller [Managing Director, Senior Equity Analyst: Okay. More of an investment story. That makes sense. Okay, guys. Thanks.

Speaker #10: More of an investment story that makes sense. Okay, guys. Thanks.

Speaker #5: Thanks , Darren .

Ron Clarke: Thanks, Darrin.

Speaker #1: Thank you . And we'll take our next question from David , from Dave Koning with Baird . Please go ahead .

Operator 4: Thank you. We'll take our next question from David Koning with Baird. Please go ahead.

Operator: Thank you. We'll take our next question from David Koning with Baird. Please go ahead.

Speaker #11: Yeah . Hey guys . Great job . , what one thing I was just wondering about . It looked like Brazil remains a little slower than normal .

David Koning: Yeah. Hey, guys. Great job. One thing I was just wondering about, it looked like Brazil remains a little slower than normal, and you still had a great quarter. I guess I'm wondering how much better maybe it would've even been if Brazil was running normal and maybe, am I right about that? How's the Google partnership or ad search stuff going? Maybe just reflect on all of that.

Speaker #11: And you still had a great quarter. I guess I'm wondering how much better maybe it would have even been if Brazil was running normal.

Speaker #11: And maybe , you know , am I right about that ? How how is the Google partnership or ad search stuff going ? Maybe just reflect on all of that

Speaker #5: Yeah . Dave . Hey , it's Ron . So yeah , I'd say , you know , to your point , you know , splitting hairs , it was a smidge slower .

Ron Clarke: Yeah, David. Hey, it's Ron. Yeah, I'd say, to your point, splitting hairs, it was a smidge slower. The ads were still sitting in the same spot with the Google search. We have a couple of, like always, new ideas. You'll see that thing kind of in our rest of the year. We have that thing ticking back up again, a point or two in Q3 and Q4. Despite, we haven't basically planned in that forecast for that Google issue to resolve, we have some other kind of tricks up our sleeve there to keep that thing chugging. The free flow thing is actually helping us some. I don't know if people on the call know what that is, but still a third to 40% of all the toll transactions in Brazil are not electronic.

Speaker #5: The ads were still sitting in the same spot with the, with the Google search. But we have a couple of, like always, new ideas.

Speaker #5: So you'll , you'll see that thing kind of in our rest year , we have that thing ticking back up again . , a point or two in Q3 and Q4 .

Speaker #5: So despite , and we haven't planned in that forecast for the , for that Google issue to resolve , but we have some other kind of tricks up our sleeve there to keep that thing chugging .

Ron Clarke: Despite, we haven't basically planned in that forecast for that Google issue to resolve, we have some other kind of tricks up our sleeve there to keep that thing chugging. The free flow thing is actually helping us some. I don't know if people on the call know what that is, but still a third to 40% of all the toll transactions in Brazil are not electronic.

Speaker #5: So , , the free flow thing is actually helping us on . People want to call , know what that is , but , you know , still a third of 40% of all the toll transactions in Brazil are not electronic .

Speaker #5: And I think like 7% of the market has now moved to free flow, which means there's no other way to pay. You have to pay electronically.

Ron Clarke: I think like 7% of the market has now moved to free flow, which means there's no other way to pay. You have to pay electronically. You can't pay with cash or credit card. It's bringing incremental travelers into the mix. Things like that, along with some of the sales things we're doing. That thing will be again high teens performance here in H2.

Speaker #5: You can't pay with cash or credit card . So it's bringing , you know , incremental travelers , , into the mix . And so things like that , , along with some of the sales things we're doing .

Speaker #5: So, so that thing will be, again, you know, high teens performance here in the second half.

Speaker #11: Great . Thank you . And just one one follow up the other revenue stream was up a lot sequentially in Q3 . It was up about 20 million sequentially last year .

David Koning: Great. Thank you.

Ron Clarke: Thanks, Ron.

David Koning: One follow-up. The other revenue stream was up a lot sequentially in Q3. It was up about $20 million sequentially last year in Q3. Does that create a tough comp at all, or is that kind of normal seasonality going forward?

Speaker #11: In Q3, does that create a tough comp at all, or is that kind of normal seasonality going forward?

Speaker #4: Yeah . So , , appreciate the question . As you know , our business is in there . , and the other , that's really the largest component .

Peter Walker: Yeah. Appreciate the question. As you know, our gift business is in there. In the other, that's really the largest component, there's quite a bit of volatility between the quarters in the gift business. Last year, they also had the changeover in terms of the new cards, which really drove that up. I'd say it does create a tougher comp in other in the back half of the year.

Speaker #4: And there's quite a bit of volatility between the quarters in the GIF business. And last year, they also had the changeover in terms of the new cards, which really drove that up.

Speaker #4: So, I'd say it does create a tougher comp in the back half of the year.

Speaker #11: Gotcha. Thanks, guys. Great job.

David Koning: Got you. Thanks, guys. Great job.

Speaker #12: Thanks , Dave .

Ron Clarke: Thanks, David.

Speaker #1: Thank you. And our next question comes from Nate Svensson with Deutsche Bank. Please go ahead.

Operator 4: Thank you. Our next question comes from Nate Svendsen with Wishabank. Please go ahead.

Operator: Thank you. Our next question comes from Nate Svendsen with Wishabank. Please go ahead.

Speaker #8: Hey guys . Nice results and thanks for the question . , Ron , I thought your commentary on go left was pretty interesting .

Nate Svendsen: Hey, guys. Nice results and thanks for the question. Ron, I thought your commentary on go left was pretty interesting. I was maybe hoping for a little more color on what your optionality there looks like in practice. I guess, what products and solutions do you plan to bring to market to help clients with vendor selection, pricing, et cetera? Is this going to require a certain level of investment, either organic or inorganic, or is it simply more kind of reorganizing your existing resources into something that will help clients? Maybe lastly, how big do you think that opportunity could be, and what could it add to growth in the coming years?

Nate Svensson [Senior Equity Research Analyst: Hey, guys. Nice results and thanks for the question. Ron, I thought your commentary on go left was pretty interesting. I was maybe hoping for a little more color on what your optionality there looks like in practice. I guess, what products and solutions do you plan to bring to market to help clients with vendor selection, pricing, et cetera?

Speaker #8: So, I was maybe hoping for a little more color on what your optionality there looks like in practice. I guess, what products and solutions do you plan to bring to market to help clients with vendor selection, pricing, etc.?

Speaker #8: ? Is this going to require a certain level of investment ? Either organic or inorganic , or is it simply more kind of reorganizing your existing resources into something that will help clients ?

Nate Svensson [Senior Equity Research Analyst: Is this going to require a certain level of investment, either organic or inorganic, or is it simply more kind of reorganizing your existing resources into something that will help clients? Maybe lastly, how big do you think that opportunity could be, and what could it add to growth in the coming years?

Speaker #8: And then, maybe lastly, how big do you think that opportunity could be, and what could it add to growth in the coming years?

Speaker #12: Yeah , super .

Ron Clarke: Yeah, super good question. Big, Nate, would be my comment. At the high level, it's the AI models, right? Those things are changing the game in lots of places, and not shockingly, they're changing the game at around corporate procurement, contract management, price comparisons, and all that kind of stuff. This idea from talking to our clients and having tons of clients and stuff is, hey, I've got, in our case, $800 million of indirect expense and you guys are super helpful at helping us manage and control and pay all that. Like, should I have it? Should I have $750 million in expense? Should I have these people I have? This idea is super adjacent, Nate, to what we do. It's left, it's earlier, it's before you approve the payment, you decide whether you should have the expense and stuff.

Speaker #5: Good question . Big Nate would be would be my comment . So it's a , it's a high level . It's the it's the AI models , right ?

Speaker #5: Those things are changing the game and lots of places and not shockingly , they're changing the game and around , you know , corporate procurement and contract management and price comparisons and all that kind of stuff .

Speaker #5: And so , , this idea from talking to our clients and being , having tons of clients and stuff is , hey , you know , I've got , in our case , you know , 800 million of indirect expense and you guys are super helpful at helping us manage and control and pay all that .

Ron Clarke: This idea from talking to our clients and having tons of clients and stuff is, hey, I've got, in our case, $800 million of indirect expense and you guys are super helpful at helping us manage and control and pay all that. Like, should I have it? Should I have $750 million in expense? Should I have these people I have? This idea is super adjacent, Nate, to what we do. It's left, it's earlier, it's before you approve the payment, you decide whether you should have the expense and stuff.

Speaker #5: But like , should I have it ? Should I have 750 million in expense ? And should I have these people ? I have and so this idea is super adjacent .

Speaker #5: Nate , to what we do . It's , it's left , its earlier it's before you approve the payment , you decide whether you should have you should have the expense and stuff .

Speaker #5: And so , , we're vetting , you know , a set of partners that , that have done some things here and looking at kind of integrating some of those capabilities .

Ron Clarke: We're vetting a set of partners that have done some things here and looking at kind of integrating some of those capabilities. What's interesting is we've got gazillions of clients already that we're already, they're telling us they approved the payment, we're making the payment with huge amounts of spend where we're not helping on the decision support very much, let alone telling new prospective clients, Hey, we can be even more helpful to you. I think it's a big, big deal, both in terms of revenue acceleration in that spend business and potentially sales, Nate, of getting people more interested because bosses want to spend less indirect expense. AP managers want it to work well, the process to work better, right, and not to have fraud, not to lose money and stuff.

Speaker #5: And what's interesting is we've got gazillions of clients already that are already, you know, telling us they've approved the payment. We're making the payment.

Speaker #5: We have huge amounts of spend where we're not helping on the decision support very much, let alone telling new prospective clients, hey, we can be even more helpful to you.

Speaker #5: So I think it's a big , big deal , both in terms of revenue acceleration . , in that spend business and potentially sales .

Ron Clarke: I think it's a big, big deal, both in terms of revenue acceleration in that spend business and potentially sales, Nate, of getting people more interested because bosses want to spend less indirect expense. AP managers want it to work well, the process to work better, right, and not to have fraud, not to lose money and stuff. We're really trying to appeal to that C-suite a bit more with these add-ons, if you will.

Speaker #5: Nate , of getting people more interested because bosses want to spend less indirect expense . AP managers want it to work . Well , the process to work better , right .

Speaker #5: And not that fraud , not to lose money and stuff . And so we're really trying to appeal , you know , to , to that C-suite a bit more with , with these add ons , if you will

Ron Clarke: We're really trying to appeal to that C-suite a bit more with these add-ons, if you will.

Speaker #8: Yeah . Interesting stuff . , and I guess just for a follow up , Sorry , sorry , a little bit of feedback .

Nate Svendsen: Yeah, interesting stuff. Just for a follow-up Sorry, a little bit of feedback, so I don't know if that was on my end. It was on the beat and raise, obviously some help from macro, but also you called out underlying momentum, I guess both in Q2 and for the rest of the year. Was hoping you could maybe put a finer point on that underlying momentum. Is there one or two segments you would maybe call out as being better than expected in Q2? I guess for the rest of the year relative to your prior expectations. I know high level, the relative growth rates sound like they're all in the same ballpark.

Nate Svensson [Senior Equity Research Analyst: Yeah, interesting stuff. Just for a follow-up Sorry, a little bit of feedback, so I don't know if that was on my end. It was on the beat and raise, obviously some help from macro, but also you called out underlying momentum, I guess both in Q2 and for the rest of the year. Was hoping you could maybe put a finer point on that underlying momentum.

Speaker #8: I don't know if that was on my end , but anyway , it was on the beat and raise . , obviously some help from macro , but also you called out underlying momentum , I guess both in two .

Speaker #8: Q: And for the rest of the year. So I was hoping you could maybe put a finer point on that underlying momentum.

Speaker #8: Is there 1 or 2 segments you would maybe call out as being better than expected in two ? Q and then I guess for the rest of the year , relative to your prior expectations , I know high level , , you know , the relative growth rates sound like they're all in the same ballpark .

Nate Svensson [Senior Equity Research Analyst: Is there one or two segments you would maybe call out as being better than expected in Q2? I guess for the rest of the year relative to your prior expectations. I know high level, the relative growth rates sound like they're all in the same ballpark. I guess just on the margin, what came in better than expected and what do you expect to be better than expected for the rest of the year?

Speaker #8: So I guess just on the margin, what came in better than expected, and what do you expect to be better than expected for the rest of the year?

Nate Svendsen: I guess just on the margin, what came in better than expected and what do you expect to be better than expected for the rest of the year?

Speaker #4: Hey , Nate , appreciate the question . So maybe starting with the rest of your guide question that you put forward , you know , our thought process here is it's a relatively immaterial raise at $15 million of revenue and $0.20 of EPS .

Peter Walker: Hey, Nate. Appreciate the question. Maybe starting with the rest of your guide question that you put forward. Our thought process here is it's a relatively immaterial raise at $15 billion of revenue and $0.20 of EPS, but our message is our confidence in achieving our back-half guidance. Just a reminder that we set a significant climb for ourselves in the back half of the year. Absolute revenue is growing call it $100 million Q1 to Q4, and absolute EPS is growing call it over $1.50 from Q1 to Q4. Quite impressive numbers by themselves in Q4. Again, just sharing with everybody our confidence in achieving those.

Speaker #4: But our message is our confidence in achieving our back-half guidance. And just a reminder that we set a significant climb for ourselves in the back half of the year.

Peter Walker: Just a reminder that we set a significant climb for ourselves in the back half of the year. Absolute revenue is growing call it $100 million Q1 to Q4, and absolute EPS is growing call it over $1.50 from Q1 to Q4. Quite impressive numbers by themselves in Q4. Again, just sharing with everybody our confidence in achieving those.

Speaker #4: So absolute revenue is growing . Call it $100 million Q1 to Q4 . And absolute EPS is growing . You know call it over $1.50 from Q1 to Q4 .

Speaker #4: So you know quite impressive numbers by themselves in Q4 . So again , just , , you know , sharing with everybody our confidence in achieving those .

Speaker #5: Hey , Nate , it's Ron , most of that I want you to miss . Hey , Ron . Hey , how's your guy versus last time ?

Ron Clarke: Hey, Nate, it's Ron. Well, most of that I want you to miss, Hey, Ron. Hey, how's your guide versus last time? Make sure your lens is on its 25% cash EPS growth in the H2 over the prior year. That's what we're focused on is delivering an absolute growth rate and amount exiting at $29 or something like that. That's our main message is don't miss that the numbers that we're sticking out there are significant versus prior period.

Speaker #5: And make sure your lens is on . It's 25% cash EPS growth in the second half over the prior year . So that's what we're focused on , is delivering an absolute growth rate and amount , you know , exiting at 29 bucks or something like that .

Speaker #5: That's our main message is don't miss that . The numbers that we're sticking out that were significant in prior versus prior period .

Speaker #8: Main message , thanks guys

Nate Svendsen: Main message well received. Thanks, guys.

Nate Svensson [Senior Equity Research Analyst: Main message well received. Thanks, guys.

Speaker #1: Thank you . And we'll take our next question from Madison , sir , with Raymond James . Please go ahead .

Operator 4: Thank you. We'll take our next question from Madison Sir with Raymond James. Please go ahead.

Operator: Thank you. We'll take our next question from Madison Sir with Raymond James. Please go ahead.

Speaker #13: Hey, guys. Good afternoon. Appreciate you taking the questions. You've talked about some reallocation of investment from U.S. vehicle to corporate payments.

Madison Sir: Hey, guys. Good afternoon. Appreciate you taking the questions. You talked about some reallocation of investment from US Vehicle to Corporate Payments. Obviously, the US business is much slower growth, I guess maybe touch on your confidence level around sustaining high single-digit organic vehicle growth, especially as you reallocate some of those resources. It seems like it would be pretty high given your comments just now around high teens Brazil growth, would love to just hear your thoughts about the sustainability, especially in lieu of some of those reallocations of resources.

Madison Suhr [Equity Research Analyst: Hey, guys. Good afternoon. Appreciate you taking the questions. You talked about some reallocation of investment from US Vehicle to Corporate Payments. Obviously, the US business is much slower growth, I guess maybe touch on your confidence level around sustaining high single-digit organic vehicle growth, especially as you reallocate some of those resources.

Speaker #13: Obviously , the US business is much slower growth . But I guess maybe touch on your confidence level around sustaining high single digit organic vehicle growth , especially as you reallocate some of those resources .

Speaker #13: It seems like it would be pretty high , given your comments just now around high teens , Brazil growth , but would love to just hear your thoughts about the sustainability , especially in in lieu of some of those re allocations of resources

Madison Suhr [Equity Research Analyst: It seems like it would be pretty high given your comments just now around high teens Brazil growth, would love to just hear your thoughts about the sustainability, especially in lieu of some of those reallocations of resources.

Speaker #12: It's another good question .

Ron Clarke: It's another good question. The first thing I'd say is they're good businesses. Whether they're growing 8% or 10%, they're durable as hell. They're hard to knock over. They're super profitable. They have advantage stuff, networks, tech people and stuff. The first headline to people is, don't discount just the quality of the businesses. The second point I'd make is the infamous pivot we made a couple of years ago has landed us now at literally line average retention, particularly in the US and international markets. Historically, because they were smaller, the vehicle businesses had a worse loss rate, lower retention rate. Generally, they had a worse same-store sales. I'm happy to report today, problem solved.

Speaker #5: The first thing I'd say is there really good businesses . , you know , whether they're growing , you know , 8% or 10% , they're durable as hell .

Speaker #5: They're hard to knock over . They're super profitable . They have advantage stuff networks , tech people and stuff . So the first , the first headline to people is , you know , don't discount just the quality of the businesses .

Speaker #5: The second point I'd make is the pivot, the infamous pivot we made a couple of years ago, has landed us where we are now.

Ron Clarke: The second point I'd make is the infamous pivot we made a couple of years ago has landed us now at literally line average retention, particularly in the US and international markets. Historically, because they were smaller, the vehicle businesses had a worse loss rate, lower retention rate. Generally, they had a worse same-store sales. I'm happy to report today, problem solved.

Speaker #5: It literally line average retention . , particularly in the , in the US and international markets . And so historically , because they were smaller , the vehicle business has had , you know , or worse loss rate , lower retention rate .

Speaker #5: , and generally they had a worse same store sales . And so I'm happy to report today . Problem solved because we changed the mix of business .

Ron Clarke: Because we changed the mix of business, it was always larger internationally, but because we've moved the mix here in the US larger, we've now gotten the line average loss rates and same-store sales again around flat to plus one. It's really just a straight sales game now is my message. The growth rate now that we have stable base, which we didn't have, and way improved retention because of the business mix, now it's literally just selling. It's just investment level and productivity. That's what we're still toggling with. We've only got so much money to try to make returns, we're trying to trade that off between the Vehicle Payments business and other people value our Corporate Payments business higher. I'd say we lead a little bit more that way, but I'd say it's high.

Speaker #5: It was always larger internationally , but because we've moved the , the mix here in the US larger , we've now gotten the line average loss rates and same store sales .

Speaker #5: Again, around flat to plus one. So it's really just a straight sales gain. Now, my message is the growth rate now that we have a stable base, which we didn't have.

Speaker #5: and way improved retention because of the business mix . Now it's literally just selling , it's just investment level and productivity . And so that's what we're still talking with .

Ron Clarke: It's just investment level and productivity. That's what we're still toggling with. We've only got so much money to try to make returns, we're trying to trade that off between the Vehicle Payments business and other people value our Corporate Payments business higher. I'd say we lead a little bit more that way, but I'd say it's high.

Speaker #5: We've only got so much money, right? To try to make returns. And so we're trying to trade that off between the vehicle business, and other people value our corporate payments business higher.

Speaker #5: So I'd say we leaned a little bit more that way. But I'd say it's high if we keep spending money on sales and we keep making sales. I referenced high teens sales growth in Q2 over the prior year.

Ron Clarke: If we keep spending money on sales and we keep making sales, I referenced high teens sales growth in Q2 over the prior year, we're still selling the stuff. I'd say that's the answer. It's stable. If we spend money and make sales, we can keep growing high single digits.

Speaker #5: So we're still selling the stuff . So I'd say that that's the answer . It's it's stable . If we spend money and make sales , we can keep growing at high single digits .

Speaker #13: Okay . That's helpful . And then just a follow up on Sorry , there was some , some feedback , a follow up on , on corporate payments here .

Madison Sir: Okay. That's helpful. Just a follow-up on Sorry, there was some feedback. A follow-up on Corporate Payments here. Obviously, you guys mentioned that you expect to maintain this mid-teens plus organic growth in H2. You gave some color on retention versus new sales, I was hoping you could maybe also double-click on just what you're seeing on the cross-border versus payable sides and just any changes in expectation from the recent teach-in, or are things kind of tracking with what you laid out there? Thanks.

Madison Suhr [Equity Research Analyst: Okay. That's helpful. Just a follow-up on Sorry, there was some feedback. A follow-up on Corporate Payments here. Obviously, you guys mentioned that you expect to maintain this mid-teens plus organic growth in H2.

Speaker #13: Obviously , you guys mentioned that you expect to maintain a mid-teens plus organic growth in the second half . You gave some color on retention versus new sales .

Madison Suhr [Equity Research Analyst: You gave some color on retention versus new sales, I was hoping you could maybe also double-click on just what you're seeing on the cross-border versus payable sides and just any changes in expectation from the recent teach-in, or are things kind of tracking with what you laid out there? Thanks.

Speaker #13: But I was hoping you could maybe also double-click on just what you're seeing on the cross-border versus payables sides, and just any changes in expectation from the recent T Chen, or are things kind of tracking with what you laid out there?

Speaker #13: Thanks .

Speaker #12: Yeah. Not much difference.

Ron Clarke: Yeah, not much difference between those two kind of sub-lines. I'd say they're both, it's not like one is 10 and one is 23 or something. They're both kind of paired up in terms of the growth rate. They're both selling a lot and stuff. As I said, I think the couple of exciting things there that could potentially make us do better is the bank thing that I mentioned earlier. If we deliver that version 2.0 and take it back to the base. Second, it's getting the payables and spend management product over the pond, which we've done, grabbing that TAM, we've got more sales and clients there. Those would be the two kind of upsides of kind of offering something or going somewhere that's not kind of in the current numbers.

Speaker #5: Between those two kind of sub lines . I'd say they're both . It's not like one is ten and one is 23 or something .

Speaker #5: They're both kind of , you know , paired up in terms of the growth rate . , they're both , you know , selling a lot and stuff .

Speaker #5: And , and as I said , I think , you know , the couple of exciting things there that could potentially make us do better is the bank thing that I mentioned earlier .

Speaker #5: If we , if we deliver that version 2.0 and take it back to the base , and then second , it's getting the payables and spend management product over the pond , which we've done , and grabbing that Tam .

Ron Clarke: Second, it's getting the payables and spend management product over the pond, which we've done, grabbing that TAM, we've got more sales and clients there. Those would be the two kind of upsides of kind of offering something or going somewhere that's not kind of in the current numbers. Both of those things are in flight, so if they take hold and do better, both of those things could be helpful to next year.

Speaker #5: And we've got more sales and clients there . So those would be the two kind of upsides of kind of offering something or going somewhere that's not kind of in the current numbers .

Speaker #5: So both of those things are in flight. So if they take hold and do better, both of those things could be helpful to next year.

Ron Clarke: Both of those things are in flight, so if they take hold and do better, both of those things could be helpful to next year.

Speaker #1: Thank you , thank you . And as a reminder , if you would like to ask a question , it is the star and one on your touchtone telephone .

Operator 4: Thank you.

Madison Suhr [Equity Research Analyst: Thank you.

Ron Clarke: Thank you.

Operator 4: As a reminder, if you'd like to ask a question, it is the star and one on your touch-tone telephone. We'll go next to Michael Infante with Morgan Stanley. Please go ahead.

Operator: As a reminder, if you'd like to ask a question, it is the star and one on your touch-tone telephone. We'll go next to Michael Infante with Morgan Stanley. Please go ahead.

Speaker #1: We'll go next to Michael Infante with Morgan Stanley. Please go ahead.

Speaker #14: Yeah . Hey guys . Thanks for taking my question . You've previously spoken about the 40% of your flows within cross border that are still on Swift .

Michael Infante: Yeah. Hey, guys. Thanks for taking my question. You've previously spoken about the 40% of your flows within cross-border that are still on Swift. I think you previously have mentioned trying to take that volume mix down closer to the mid-teens level by leveraging some of the private blockchain rails like Connexus. Ron, you obviously highlighted that in your prepared remarks, too. I just wanted to ask on Swift directly, just given their announcement about some more real-time capabilities as well. How do you think about that volume mix shift and sort of the differentiation between that Swift real-time rail relative to something like a Connexus and the decision tree there? Thanks, guys.

Michael Infante [VP, Equity Research: Yeah. Hey, guys. Thanks for taking my question. You've previously spoken about the 40% of your flows within cross-border that are still on Swift. I think you previously have mentioned trying to take that volume mix down closer to the mid-teens level by leveraging some of the private blockchain rails like Connexus.

Speaker #14: I think you previously had mentioned trying to take that volume mix down closer to the mid-teens level by leveraging some of the private blockchain rails like Conexus.

Speaker #14: Ron , you obviously highlighted that in your prepared remarks to . I just wanted to ask on Swift directly , just given , you know , there announcement about some more real time capabilities as well .

Michael Infante [VP, Equity Research: Ron, you obviously highlighted that in your prepared remarks, too. I just wanted to ask on Swift directly, just given their announcement about some more real-time capabilities as well. How do you think about that volume mix shift and sort of the differentiation between that Swift real-time rail relative to something like a Connexus and the decision tree there? Thanks, guys.

Speaker #14: How do you think about that volume mix shift and sort of the differentiation between that Swift real-time rail relative to something like a Conexus, and the decision tree there?

Speaker #14: Thanks , guys

Speaker #5: Michael . Ron . It's a , it's a , it's a good question . So for us , because it's a rail , it's just , it's just speed and cost .

Ron Clarke: Yeah, Michael. Ron, it's a good question. For us, because it's a rail, it's just speed and cost. To your point, whether it's the JPM thing or Citi announced a similar thing. To me, having the banks kind of rally a consortium that wants to do this speedy blockchain thing, forget the stupid stablecoin, but just tokenize real money, we love that. I think we said it before, I think 40,000 is the number. I think we've done 40,000 transactions already over the JPM private blockchain. It's not just on a paper, it's real. We're actually moving money. The guy who run the thing tells me, A, I think we could get to half by the time we leave for Christmas.

Speaker #5: So to your point , , whether it's the JPM thing or , you know , city announced a similar thing . So to me having the banks kind of rally , you know , a consortium that wants to do this , this speedy blockchain thing , we get the stupid stablecoin , but just tokenize real money .

Speaker #5: What we love that . And I think we said it before , I think , , 40,000 I think is the number . I think we've done 40,000 transactions already over the JPM , , private blockchain .

Ron Clarke: I think we said it before, I think 40,000 is the number. I think we've done 40,000 transactions already over the JPM private blockchain. It's not just on a paper, it's real. We're actually moving money. The guy who run the thing tells me, A, I think we could get to half by the time we leave for Christmas.

Speaker #5: So it's not just on a paper , it's real . We're actually moving money . The guy running the thing tells me , hey , I think we could get to half by by the time we leave for Christmas .

Speaker #5: I think we could get literally half of our wires , you know , from swift on to , , you know , on to one of these things .

Ron Clarke: I think we could get literally half of our wires from Swift onto one of these things. Look, if Swift somehow matched the speed, and which they haven't today, with their cost, between us, we're kind of indifferent in a way, right? As long as the thing goes there fast and it's low cost and super reliable and we can follow the breadcrumbs, we don't feel strongly. The main message for me is we like the idea of tokenized fiat currency. We love the idea of helping clients move money instantly to merchants twenty-four seven. Some of the banks, Michael, have said they literally credit it outside of banking hours. What do you need to get in and out of freaking stablecoins for if you could just tokenize a euro and send it to somebody instantly, and it gets credited right away?

Speaker #5: So look , if Swift somehow , you know , matched the speed at which they haven't today with their costs , like between us , I'm , we're kind of indifferent in a way .

Speaker #5: Right . You know , as long as this thing goes here fast and it's low cost and it's super reliable and we can follow the breadcrumbs , you know , we , we don't feel strongly , but the main message for me is we like the idea of tokenized fiat currency .

Speaker #5: We love the idea of helping clients move money in, somatically, to merchants 24/7. And some of the banks, as Michael has said, they literally credit it.

Ron Clarke: We love the idea of helping clients move money instantly to merchants twenty-four seven. Some of the banks, Michael, have said they literally credit it outside of banking hours. What do you need to get in and out of freaking stablecoins for if you could just tokenize a euro and send it to somebody instantly, and it gets credited right away?

Speaker #5: You know , outside of banking hours . And so what do you need to get on and out of in and out of stablecoins for ?

Speaker #5: If you could just tokenize a euro and send it to somebody systematically and it gets credited right away . So for us , I've said this repeatedly , the banks announcements and move , I think way increase the chance of the outcome being what we said , what we think the ball's going to bounce here

Ron Clarke: For us, I've said this repeatedly, the banks' announcements and move, I think, way increase the chance of the outcome being what we said, where we think the ball's going to bounce here.

Speaker #14: Yeah , it makes a ton of sense . And then just a quick follow up on avid , to the extent that you can share anything interesting in terms of underlying split , there between software and payments revenue at this point , and sort of the willingness of suppliers to pay for that incremental software functionality over time with everything going on with AI .

Michael Infante: Yeah, it makes a ton of sense. Then just a quick follow-up on AvidXchange to the extent that you can share anything interesting in terms of underlying split there between software and payments revenue at this point and sort of the willingness of suppliers to pay for that incremental software functionality over time with everything going on with AI. Thanks, guys.

Michael Infante [VP, Equity Research: It makes a ton of sense. Then just a quick follow-up on AvidXchange to the extent that you can share anything interesting in terms of underlying split there between software and payments revenue at this point and sort of the willingness of suppliers to pay for that incremental software functionality over time with everything going on with AI. Thanks, guys.

Speaker #14: Thanks , guys .

Speaker #15: Yeah, I mean, at the high level.

Ron Clarke: Yeah. At the high level, Avid is doing super good. I think we said their earnings last Q were up 50% over the prior year. More importantly to me, I just had a review last week. Their revenue growth is expected to tick up double digits as we get into the back H2. The revenue growth has been the key indicator for us, which they're bullish on. The composition of that revenue, to your point, there's been not much change. I'd say that the software revenue's been pretty stable. I think it's kind of low single digits growing. We've seen no attrition, no losses from clients in terms of paying the thing. They're doing a very good job in getting wider monetization. They've gone beyond virtual cards. They've added debit now as another way.

Ron Clarke: At the high level, Avid is doing super good. I think we said their earnings last Q were up 50% over the prior year. More importantly to me, I just had a review last week. Their revenue growth is expected to tick up double digits as we get into the back H2. The revenue growth has been the key indicator for us, which they're bullish on. The composition of that revenue, to your point, there's been not much change.

Speaker #5: Avid is doing , super good . I think we said there , they're earnings last quarter were up 50% over the prior year .

Speaker #5: But more importantly to me, I just had a review last week. Their revenue growth is expected to tick up double digits.

Speaker #5: , as we get into the back half here . So the revenue growth has been the key indicator for us . , which , which they're , they're bullish on .

Speaker #5: And so , , the composition of that revenue to your point is , it's been not much change . I'd say that the software revenue has been pretty stable .

Ron Clarke: I'd say that the software revenue's been pretty stable. I think it's kind of low single digits growing. We've seen no attrition, no losses from clients in terms of paying the thing. They're doing a very good job in getting wider monetization. They've gone beyond virtual cards. They've added debit now as another way.

Speaker #5: I think it's kind of low single digits growing . So we've seen no , no attrition , no losses from clients in terms of paying the thing .

Speaker #5: And they're doing a very good job in getting wider and monetization . , they've gone beyond , you know , virtual cards . They've added debit now as another way electronically .

Ron Clarke: Electronically, they've got a lot more volume on paid ACH, if you will, that goes a lot faster. I'd say generally the thing is going well, and we don't see a lot of risk on the software side. They're also way AI-ing their software. They're putting in a lot of cool things that they couldn't do before that clients like. I don't know if you like this, but it's called FetchMe, where normally I'm the little person that sends out 100 invoices. I don't see Ron Clarke's invoice. The thing goes and fetches it, brings it back. I would say to you, they're sexing up, they're making the software better for clients, which adds value, we're liking it. I'd say I'm more excited about that company.

Speaker #5: They've got a lot more volume on paid ACH , if you will . That goes a lot faster . So I think generally the thing is going well and we don't see , you know , a lot of risk on the software side , they're also way , you know , AI ING , , their , they're software , they're putting in a lot of cool things that they couldn't do before that clients like , like , like , I don't know if you like this , but called fetch me where , hey , normally I'm the little person that sends out 100 invoices .

Ron Clarke: I don't know if you like this, but it's called FetchMe, where normally I'm the little person that sends out 100 invoices. I don't see Ron Clarke's invoice. The thing goes and fetches it, brings it back. I would say to you, they're sexing up, they're making the software better for clients, which adds value, we're liking it. I'd say I'm more excited about that company.

Speaker #5: I don't see Ronald Clarke invoice . The thing goes and fetches it , brings it back like so . So I would say to you , there's sexing up their making the software better for clients , which adds value .

Speaker #5: And so , so we're liking it . I'd say , , you know , more excited about that company . We didn't say it , but the , the combo of avid , , and alpha is , is going to come in above , I think I gave a dollar and I gave $0.39 , but that thing's going to be , you know , pretty above the dollar , which is one of the reasons we're up about 35 .

Ron Clarke: We didn't say it, but the combo of Avid and Alpha is going to come in above, I think I gave $1 and I gave $0.39, but that thing's going to be pretty above the dollar, which is one of the reasons we're up $1.35. Both of those big transactions, Michael, are performing for us.

Speaker #5: And so both of those big transactions, Michael, are performing for us.

Speaker #14: That's great detail. Thanks, Ron.

Michael Infante: That's great detail. Thanks, Ron.

Michael Infante [VP, Equity Research: That's great detail. Thanks, Ron.

Speaker #1: And as a reminder, if you would like to ask a question, it is the star and one on your touchtone telephone.

Operator 4: As a reminder, if you would like to ask a question, it is the star and one on your touch-tone telephone. We'll pause briefly for any further questions or follow-ups to queue. It does not appear we have any further questions at this time, we'd like to thank everybody for their participation in today's conference. This does bring us to the end of the meeting, and you may now disconnect.

Operator: As a reminder, if you would like to ask a question, it is the star and one on your touch-tone telephone. We'll pause briefly for any further questions or follow-ups to queue. It does not appear we have any further questions at this time, we'd like to thank everybody for their participation in today's conference. This does bring us to the end of the meeting, and you may now disconnect.

Speaker #1: We'll pause briefly for any further questions or follow-ups to Q. And it does not appear we have any further questions at this time.

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