Corpay (CPAY) 4 Nov 212021 Q3 Earnings call transcript

Greetings. Welcome to the FLEETCOR Technologies, and Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. conference recorded. this that note is being Please I host, Relations. Jim turn the to your conference over Eglseder, will now Head of Investor

may begin. You

for CFO. Ron Clarke, Good joining Chairman and earnings thank And Charles our With our Freund, and today our call. are afternoon, XXXX Third today you me CEO, Quarter everyone. us for

our you for session. It note, is Following the will release Operator questions. Q&A the earnings in announce the for then website can the under that can fleetcor.com. supplement prepared comments, queue get line will section be open Investor the and only at of Please found our Relations

is Now, throughout with GAAP, website which calculated actual in any may including to to and do statements. forward-looking expected information, to net what These part performance put from on and information based in information best be that statements numerous this Reconciliation subject reflect financial undue and future income, non-GAAP them. discussion regarding these than include could of release. statements. information. calculated you And expectations statements we information non-GAAP products expect. results comparable companies. not call, are update today. and of historical today and and results any not adjusted cause other net of should of are upon presenting our These our diluted information GAAP previously All They have not materially guarantees the information do to we recovery, non-GAAP as revenues, risk’s directly obligation everyone reliance about differ acquisitions, today's may new of future we of We that outlook, per business acquisitions at adjusted be not development are undertake press to most accordance remind adjusted income as differently the will described. This appears our financial on need I share. uncertainties

with and mentioned Ron that documents on available are on to Commission. and Securities the and Form the will out Chairman over in Clarke, today's press filed sec.gov risks I on X-K and our and the of way, call CEO. of and These Report Exchange at Annual XX-K our Some those Ron. turn website release our are Form

Okay, thanks QX Jim. everyone Thanks. Call. afternoon, joining and our Good Earnings for

through So upfront to here, I'd like subjects. run X

give with the of your First, QX along on outlook. take you my results our rest

take a Second, you deeper results. dive into our into bit sales

the lastly, preview X Third, And on we've then early acquisitions completed give an you beyond. and XXXX an year-to-date. update that of

reported turn QX revenue of the of We make up in XX% $XXX our XX%. to QX results. XXX million me EPS Let up cash

as for the So revenue highs for payments, results both saw historic basis points, the to Company. grew the levels. Organic X Also, to over steady XX%. sales so quarter same-store at $XX she at strengthened further is for of the sales sales record Credit fuel up quarter. inside good, Same-store below over again, that also global above the in the we which of And and $X and X% goes our all-time that, plus cash XX% record corporate levels, year, quarter, of organically. loss X XX% EPS. and at finishing The billion finally mark Retention at QX again, business business QX the in XX% billion, trends in baseline for against of inside adds QX 'XX. rebound revenue come in those XX% QX. last annualize quite XX% QX versus the low continuing in past up are card run

off did the about the we than last $X.XX higher points shave That X quarter. rate reported tax our notice that may XXX You year. for

with pretty pleased overall the look, quarter. So

ALE million $XX at of the guidance to This that's raising from August. the XXXX, results offset prices, versus reflects just In COVID that's at by beat, slower time we're guidance fuel August. a QX bit are closed those $X.XX more Revenue today. and these obviously up than the raise now, EPS from which acquisition, September X planned of rest-of-year, bit all recovery. Cash last terms up a midpoint midpoint $X,XXX,XXX,XXX, favorable

about look QX All it at QX versus the you own, last revenue on and year, XXXX. growth XX% QX up right. If its profit anticipates about against and XX%

Let dive the into results. me deeper into a our bit transition make sales

levels record up the As I over significantly, mentioned, sequentially, are up periods. bookings sales and prior or dramatically new and in quarter reached the

the our As really solutions, but you're the prospects. our of best I'm sure aware, sales indicator market future demand are for leading also reflect

record XX,XXX almost And globally this clients business QX. up so crazy, do quarter in we signed

So fold. the XX,XXX joined new accounts

of a record. to Over now fuel through channels. our global of our us all come sales XX% card So digital

because it's great very cost. So low

We levels in digital Interest Solutions websites. prospects continue to spends our advertising increase EV we're enjoying and our visiting record of increasing.

Volkswagen So of Lease USA, Union rocked toll a Pacific, That quarter. Hertz, accounts Brazil our Siemens. and Plan on the number Solution. large Europe, included sales EV signing to

promote of acquisition about X the Our toll in or bank, largest Brazil, customer bank we runs a a in to urban helping new will attractive; JV important our programs, Brazil, We milestone, almost the XX% And active about quarter really our the quarter. much, products. month of sales cost revenue, it dwellers new active are or to is that really this be for new now but quite sales sales, don't with all our tags the old profitable super planning the so The who launch growth. talk whatever, for new lower-frequency represented the now, tags quarter. in XX% million, X million reached are city X users, X paying so years

online pay Corpay clients to early, One, their customers. around coming And in clients launch returns with now about with into bill bills Bill like looks pay are digital gears One into at that and acquisitions pay we little how about our we've before on pay card talk closed our SMB Let also doing. Corpay early of fuel first is we've platform year-end Super channels, second me space. be us, bill We're some to into combine re-branded payments which year-to-date but interface. our the smart XX,XXX will a up, way accounting corporate bill through Pay interesting, pay to that XX,XXX our bill solution non-fleetcor one shift X it XXXX. bill new and entry new bit the a SMB call cross-selling looking our have XX% adding our they're Roger We're Roger X-in-X under plan our we becoming and clients SMB pay base. with card platform, somewhere channels choosing effectively and now business so cards to that fuel what

single client platform. an of all SMB potentially on us So could with expenses non-payroll pay their a

synergy hotels It year, about our XX% through group, Well EBITDA which growing annual onto integration, Very already and versus platform. lodging border is business. Second about Cambridge extension year. ALE. up AFEX the Last retire deal customers provider. to deal insurance system AFEX for we've in to work Hope is cross policyholders and We rooms AFEX the incremental to the X, are and prior our into view Underway mid-teens, homeowner similar $X.XX will business. temporary almost insurance X.X with September That's lodging migrating into Super a the along is this that early helps year-end. Proforma about housing. closed IT by revenue 'XX. added halfway most million IT to hotel combined of the place accretive the performance vertical. on up X the be teams XXXX. management Cambridge

far So transactions all year. so good right. across All X this

XXXX, speak prospects early let Lastly, view a Company. for and beyond me of to share our the bit little view -- the 'XX

a things. For next year, encouraged by few

$X rate. run 'XX. plane annualized so and drive cash revenue is nose of the Sales will running record 'XX billion revenue levels, of EPS, with $XX incremental First, We're into up. again of which exiting at about the

year Macros helping $X.XX We there. also are so generally acquisitions, on grow about side, next sales expect contributing up then fuel particularly setting incremental is our of high. And mentioned year. well prices I next holding, ALE XX%. about the and again together obviously, accretion AFEX probably FX us, to

So look, a couple midterm, setup encouraged farther there also into good. early just we're a is we little XXXX taken of reasons. quite for look together, the out If the

our strategy. market The lines on, segments market Page think, I each of segments major -- supplement. expanded laid our the served or of Beyond XX via earnings X in we've the of out First, business. That's

in in the Nvoicepay, example, market did middle our year Corpay, we've ago with to cloud-based couple business. in card AP solutions For corporate SMB added virtual market payments obviously, our Roger. years the of with that this then and a business, We original

clients of business to of economy now payables focused new with lodging where in term. us; So can crew travelers better to our services first, business Since segments, fuel walk-around attack the to a And give pay a differentiation purchases workforce added nights we look, we've combine platform, Bill our expenses or could our really the the business positioned going collar fold. marketplace, in corporate us by business thing to policyholder if mentioned, you the into to and help That into and turn airline our second with And lodging their single from I both fuel card payables terms for path, the business. triples hundreds clients. then look, card card room payments on help is single our payments which blue do we A we're business of initially now business us only things: a on corporate much our all as business the two account. non-payroll Pay thousands second, supplier insurance the a hotel. opportunity again, two cross-selling

very our like of With of setup underway this a new attractive. Chuck over QX. we're our record of acquisitions record mentioned, on final up, up, sales additional that, cards a 'XX retention again, single quarter let place. Good existing is provide encouraging attractive in in good acquisition a and Chuck. pretty and thesis, our for the against combination and some pay really onto trend, new good businesses, call on a to our few and it accounts. expanding X steady. wrap X early turn back segments up for along joining closing, revenue us. of In sales bill served thoughts: cost I to details as with So The Again, same-store platform quarter. the our feels market All-in-all, and sales profits idea up there. me track

to you on quarter. some Ron. more with a very solid, share Thanks, color clean I'm delighted

solid we the income GAAP quarter XX%, income income XX%, XXXX, up of sales, annualized. up up net or growth of same-store revenue billion and strong increased million was XX% per ANI retention diluted Organic million XX%. QX driven sales and $X.XX. Adjusted net roughly or of share levels, revenue per ANI of XX% For recovery. for $X.XX $XXX $XXX increased $XXX $X.X by reported GAAP XX%, to share million diluted to net continued

third organic small XX%. at payments growth XX% offering, Corpay the full over across grew Looking One, up which corporate product quarter, AP, by highlighted XX% was our again categories, AP this quarter. full business-focused grew in

So the in to revenue onto timing The this of showed our well. AP integration continue market. some from is converted well customers XX%, half believe hard existing our is its softness the is up payment cross-border recoverable, We've progressing of lockdowns Australia. sell systems. which do quite under but more the to Cross-border than We AFEX predict. softness full in solutions much was down

to seamlessly our convert like the business. been a lot our within migrations entrants. due virtual card. complete best-in-class tirelessly to We simultaneously to risk. of I'd BXB, year-end. using Several thank they've has the the remaining expect partner growing, program and the customers worked customer we relationship which these The cross-border with own operating before enable of customer a thriving take new And while team partners as enable our small paid attention credit to marketing we to

of most them. of keep processor more to they we’re So a the economics

efforts. Our lower to is go sales we direct to than where and when is meaningfully take focus rate customers, tend marketing really most which we our of

lock-downs tags. a performance. result consumer again But with year-over-year, X driver our and businesses was drive grow in every as sales news. the represent about fuel rates. efforts million XX% continued parts softness million some payments supply volume with and our despite retention the some all million been in While these of year Tolls and growth, shortage facing tags compared record to Continental drive as our over retention strong seeing is only of was impressive to headwinds, sales with holders, corporate We're growing are New trucking still geography -related up that's Fuel Europe, of above still up last total over-the-road the Zealand, showed to tag organically these revenue. Australia, this strong COVID X grappling performance business and X quarter, and XX% same-store continuing XX% trends with sales digital they partners and

total airline sales. levels channel. helping from up strong, in increased of Now, just with customer on we year-over-year, XXXX. back the lodging us approximately continued the when business Economic had more sales returned domestic has context, Lodging XX%, Gift particularly borders airline as was XX% back in activity retailer air to lodging growth it relatively and reopen. recovery up acquired travel. normal to in business tag online through QX of hope was recovery and benefiting in international We the sales organic for the Brazil, locations, see XX% X.X embrace and traffic million record mobility toll which has achieve to retail holders

impact were down with The business further and and last with translation expenses, labor due than of revenue decreased international debt rates, million higher acquisitions. balances. to earned $XXX levels XX% primarily and income and securitization up expenses on to $XX higher income increase Looking balances primarily currency effective more interest year. million cash to lower of X% to on activity, due operating expense stable the statement, offsetting XX% higher was the Interest

expect full-year coming benefits. for than our mentioned, third was was rate low expected, minimal in tax due XX.X%. currently Ron back to share to tax We likely to option resulted the in quarter, excess tax the fewer our be guidance in our the exercises higher As stock which during within rate QX effective price, at This range. due quarter

$XXX Now, billion our cash. $X.X the and our our on facilities availability $X.X total, $X.X of We ended Sheet. on approximately million securitization of we on turning outstanding And to billion undrawn the borrowed revolver. Balance quarter facility. had with billion also In unrestricted we credit had

$XXX adjusted $XXX ratio per $X.XX approximately buyback leverage X.XX of shares repurchase program. We times, during our credit million at our X.X XXth, was average trailing million September our of as agreement. an of in billion used We in As with calculated capacity XX-month price EBITDA have share. accordance quarter share still the to

this year, deals, leverage back demonstrating margin, and top and deals to for million earnings we've On buybacks, putting shares X capital closed $X.X attractiveness additional of we cash bought have So and low work. we've flow clearly power of the X.X far high liquidity still of high that, billion business. ample and our

supplement. report. on be future chance for that to we'll With note open would mention up would within few Looking feedback to the that see ESG our meeting, our that it latest it had ahead, before website to and can both your for a Board we recent after full questions. And Operator, Rooney review I all to we like I our also that Relations updated our Investor up you expect guidance at FLEETCOR ESG efforts our the reports board most in publish next you I to would assumptions press But questions, for the we'd to weeks. you've inform like take release happy said open Rule adopted and that positions.

time, poll instruction]. follow-up. you. ask we we and to please be a session. [Operator's will One Thank [Operator Instructions] you please conducting one that for short while At We question question-and-answer a this questions. moment, limit

Research. Wolfe comes from Peeler the question line Darrin with first of Our

with proceed may You your question.

some the on benefiting Corpay the Thanks there, touch assets in different to initiatives in can on for And acquisitions you little made, see but, few coming growth just opportunity think what a I the be it macro to but just for can now, you just be the bit, now, the next on in quarters? stack contribute? are touch then, to on recovery acceleration focus. as segment guys. I forward. terms Thanks. the may the for this want especially the you've current force think, But, it I and a of its most saw software that It's maybe quarter, on focused Where the were the going profound great you side. saw as over you what guy’s efforts on and well just a that hone re-branding re-navigates all given time of going more decelerated sales quickly, minute, And X-year a I so the could as trends? and on little we in the hoping sales

Ron X business FX and sales here. the it's business corporate and growth of our it. to Hey, to we our end pretty in where with We're in segment, the clients happy cross-border remain QX. quite direct the I'd areas, good business, say pay super-good go continue

the was -- XX%. businesses think one direct I was

in and high the think are I teens, digesting we're XX. cross-border it's on think busy pretty that. the acquisitions supplement I while, AFEX the earnings All that

Right.

So I basically two think are the business. pieces XX% of those

To good, amount sales some recovery, I back growing we COVID they're we're year. point, get so fair are And bullish. -- if your the good. next to any think We're there's get still

again 'XX. for I early for view segment think high teens is that our

That's should Ron, software-focused we more I forward pure-play assets? card, guess, really just a virtual terms it think going together of more on helpful. approach is rolling in much all sales of Okay. the versus And -- this -- rolled being about more

it that's full ago, years into front back-end great We we -- the stuff. couple started our think, a AP question. Yes, execution end bought of a I software and Yes. plugged

And more selling, obviously client's we here AP virtual the to we sell X dramatically, retain more it's generally same in AP it so you we has XXX% have We the we of bunch to that point, virtual the is, When what sells we're will client. moved almost all if on value cards. so merchant of economics think, database, earn yet still basically, your to we same of virtual card. full Darrin, engine call the news the XXXX, portion But when interchange think, underneath there, and versus the great I better same payables [Indiscernible] mix, a still ability the so we that take card. that full it it's the

see that. of You'll more

that roll move in of will I business you more forward way. think as you probably the

Got it. [Indiscernible] Thanks, guys.

Our next line of comes question with from Truist. Jeffrey the Andrew

You your proceed with may question.

I bit you time. CAC I afternoon. intriguing. that digital fuel the channels. time? think the commentary expect taking inform to your going XX% LTV we digital a think, on consolidated over are of Good in the talk particularly the through you little profitability how like go-to-market, is And might Can Appreciate about to looks said what you Hi. business? your Ron, sales

the think -- call-out, I for QX, entire we Yes, -- XX% for Andrew, our whole global was our run sales around

Oh, okay.

businesses Okay, some same that, are better The worse. with are than channels. obviously, some so

So XX% lower the line referencing that is is that growing which I was than X%, channel digital at average.

I'd there. then we're grow good are and about delighted staff moves that more news our the mix improve, sales that of to less business and the hiring, of lots is the and more retaining of cost moving training, is, digital as more our to total more thing And should of second Company's honestly, acquisition. and basically, And are that that people, dependent right, right way. ability that on say slows people, things So

terms side, pretty to digital getting and flow-through advertising and digital payback the in spend now the at of conversions. we're seeing On increasing visitors good

step think So and on a faster bit get returns faster. we can something those we

well. to super So sets I'd shift up say - whole digital this basically

to you're I right. pay think economics relates the long-term, it As corporate

client idea We I big, in base, clients, a know, this them. is think they a from We big revenues. or fuel giant generally couple don't don't lot we've have small. XXX,XXX get we more I get think active I card thousand and of the are got

existing all revenue being lower right? obviously, cross-sell it's same Going go way prospecting to of and the than to accelerate new of all that group the or to our point, a value, but else ways to that that clients. them growth, idea something acquisition could cost your more and the So UIs able we talk for back to has business, the

years super started, of drive make becomes building of The just of to opportunity, So acquisition that business and the XX that the again, we component have I down, fuel cross-sell would one say assets in it's early, card cost now second but payout when big. then our an that and synergy.

we like comment annual of the clarify sales like internally. annually I'd revenue Andrew, clarify use the that to to by I'd as an define If XX% from expense. It's to me and metric just this me someone's terms that's regarding just to generate basically we Ron's XX% what going that on $X,XXX acquisition net call that NSE revenue divided for acquisition We -- client that acquire prospect. cost. of $XXX in it or for is cost cost Charles. account,

to Okay. And how sales channels? traditional the does that compare

I'm fairly been going to say time. that through we've stable

main, more it for does around have shift XX%, in the years. But Some as field based of selling. you been we've XX%,

business year second money. it XX sales, no That's years is of sold sold because the million people it under XXX Yeah, return, retention how [Indiscernible] but ever for then actually acquisition with you We the some more profitability the spend got million, So business X water the first generate the XX% because billion Andrew, -- I lots flowing through flow-through, out our year, make lots you in money. rate. makes can't costs this laid on to expense. They and that's you've but basically, right? your of key other you XX of and a the with XX, call you got, call it sales XXX if spend

Right.

helpful. Very Okay.

think an important queue. the back metric. I Thanks, that's I'll get in

Pete question comes Citi. with Christiansen from next of line the Our

your may You proceed with question.

Thank you. evening Good guys.

last to this wanted forth. dig bunch the Just on of it natural in a Wildfires, (ph), iLab the and months. of was lodging bit know so couple into business a so I little disasters quarter.

about periods? contribution disasters? how growth you. business How factor think that we the a should lodging. ALE business How Thank we some about that does the periods natural types think during what perspective, of revenue was these Just to that wondering to degree -- should from out-sized ranging it of in

Hey, the question, Pete, it's for Ron. thanks

incremental up and stuff rate low. in unexpected We with help business bad that's when answer. of up some signed Some with that part volume contracts almost the On but is decent amount We're the QX? FEMA and on volume, the stuff. how happens, weather question, like of people the pick lodging the did first super-duper

And contribution. and revenue of of little a volume so bit lots

pipe ALE surprisingly long it that business little I It's, on a floods. related. your way incredibly went know you more say, is is let or the that burned plus, And the or and which X more On common, I'd house at, house over on It's I the why ahead again, not bit. disaster candle your is XX guess, the the cycle, down. is The breaks, way did in think the side, don't of ratable. we and bathroom helps we diligence XX% years looked we everyday, What hurricane natural business. we with over

businesses, all millions goes displace pretty just them both it at obviously, say the it homes the that or people, of insurance, wrong apartments. hundreds that You for margin. helps are and I'd really Stuff of the the business, good. statistics take with so on

in fuel if we you ahead, intensify there Thank type that? a that's or how competition and evolving do frame could of seeing was big That's card Wondering come the helpful. competitive think? which larger And Are with you understandable going perhaps areas. softness, your you then, little But comments abroad bit market, characterized on is incremental a if business, I out put wondering you what's some opportunities the COVID? on on deals, for of as seeing you fleet are

probably, lessened I'd during if COVID. say it's anything,

fuel at a retention now, up. few overall quarters called we the card least rate, for which think, out I is

I a it the I think last front up. I me, remained it XX% years think dramatically couple up called it's ago, where I for but don't couple of that and in it's quarter. at of out versus the of in it have years was certainly

so other I doing top basically, RFP And fuel wasn't COVID the s people cards shifted probably to say would one. for the priorities and

wind, think say cards. is, us, losses study for misunderstood and I'd fuel in the competition real thing winds because other The I we it's

XX,XXX So lost? quarter where the business answer the And payment, on mostly cards, that not the our it's basically new this forms and WEX, XX,XXX get and where we cards for is came we friends board accounts other that example. business do of

for other -- in fuel means really of so us real the that's So payment. business globally the is competition card

Thanks. great. That's

You're welcome.

Our of next with question comes - Ramsey from Assal Barclays. the El line

proceed your may question. with You

of you've to Hi, bookings changes my Was approach the also, remind you or of even this I through, impressive convert to those something us bookings made and gentlemen. growth, could help timing revenue result which was question an And and will actually organization? which for algorithm of the taking how in Thank ask wanted us, the operates? terms tonight. think eventually new about about the sales your that you sales or by number. any maybe

baseline, XX,XXX We Ramsey. with it Yeah our XX%. on I quarter were till is then weren't territory. for second, 'XX agree. years bit out, record called spotlight accounts of bookings think because up against XX ago. in I to in good. To a I I sign up There a put businesses the quarter tried the a platform it's And started new XX,XXX dollars the

years conversional do way I figuring bunch into made quarter then one. that So is everywhere the our it's way And and going up, know, digital. the and to the That's the the sites target we a couple of is are program is to X literally our have against It's to in they they but talk forget another been sales against asset, way our headline headline to obviously to and early why think, up? rotation way our of plans Company's optimizing for cards could couple to comp end we're normal visit weak was the Start, out in say years they and up. ago. and which to a of at not the who advertising, partly has money bottom to way now. site and I are on don't of to Not ago, they to up things step tech out whole the think spend least digital businesses where end-to-end X ramped getting people. crawl follow days able them and to selling, of so machinery around order someone first we marketing and the where returns the better get to rates I 'XX. of build sales what did of we and it huge be get -- a to it's obviously. heck digital up, The it all stack go or sites, get get our applications re-engineering an I'd the whole It's

said XXX. is, million we've for just in business it what be we're To it'd be they're how target So at prospects XX, main that year, picking bookings, On in $XXX think And study trying 's it's wouldn't who that obviously quarter. We're that throughout instead our of amount way say make question it that's in interested where saw sold, to go, year we the means gets I let's all It this answer and is, in we say second Chuck your implemented, point, driver. doing on roll looking and that products. everywhere. example, as new we in XXX we like would up the we of up an of annualized main, you smarter forward might this the to how what be case.

businesses, are our know we soon. different in timings We, it's longer. have In In business. our and corporate sales, almost we will. it payments and basically, we very it Brazil instamatic. card accounts, which you our bigger business pretty our sell We sell if takes so And fuel get

across And have. main various into 'XX sure -- get to Our to in sitting build people the it's Company the The what Ever. that bookings new I is ever I we an because working. don't we or is our implemented. annualized of call lost But more timing, be varies are we businesses Company in-year it's to is before. want amount, make it's all want clear, pipeline which for then, how number, selling revenue the than in here, sold everything details the plan. the the thing our our number turns business

Great.

not Sounds by design. like but it's a fluke,

hitting you style. pivoted your new So in talk in you Ron, future your ask sort that you about compensation of hurdle contract, of structuring structured why What in wanted direction gives rates? which I confidence that's terms a encouraging. pay-for-performance you about more those of about confidence? Can is to

I'd first up value and managers was of a PE XX between just in it's DNA. super-clear. the get and versus this, I so kind that's the the showing tax And form, obviously, gets super alongside I for more returns returns, of, life I I've not Company's the in know, we if got some that question. capital a interesting proceeds created, put were an alignment money lot is with the you that. years Yeah, say, split The in -- give leverage basically, I you investors the get hey, of we if people like current off, as me it. there's money, money that structure don't. and our and in getting like get and don't, interesting. so of where

I do other a couple people And place. the than way So years try to it's grindstone confidence to way I stock? a a to to motivating me trade for get keep how about -- thing at our here feel feel good. the of to the the the

math through we and the that cash models come gets our those that see through valued time looks off machine. And it running all the targets reasonably, sales like this your models. run I EPS have are what and if that it's fairly, retention there. We And revenue to of

paid. and I then somewhere we look priced earnings our go reasonably, I is at it and think if targets it make I can the can So get

That's Thanks so very helpful, Ron. much.

of America. of Bank comes question next line the from Our Mehta, with Mihir

your with proceed may You question.

you my thank wanted to question. and card for taking about afternoon, business. Good start, ask gift I the To

supply about hearing be you Anything you're there. could about hearing? talk of XQ, maybe opportunity tailwind? issues, little in we're could a You're that? all bit chain If a a unique that Given

now found not sell card Ron's sudden, ago. of bought to Yeah, go compound a and along the to we double for to so followed I've that I is a cycle. can I our guys on ordering business trying been there come would that grow our upside a really digit. Company. are was would and turned side on Yeah, not bit the But and it, the running we much finally we're again. the and business to the Mihir, it's say us card since but the it a it's up, going the business it it the long guy orders all finally how plan, into say, our looks way you've think a gift But is probably, like it heads talking retailers I in I'd

online. So the they count down, and our clients way they've card done an or account it administrator help is instead now it just being an the sell gift for $XXX Macy's

they Half can't wallet over extra gift They're a anymore. breakage it. lot digital helping they're for cards, cards about -- where a know them getting So drawer. because gift online the to They've people paid sell in find they've provisioning. there's moved

up to to hard technically way label came do super so with a But wallet. in And private move our guys the it. cards

good a paid content XXX of those guy brands getting or from so to now, XXX so we we're for of provision because businesses the ours, idea bit they we're to up pretty a we're like them have basically like number and to taking sales brands the were came rewards electronically. with back a example, the for the for business, then built revenue stream And selling the taking So employees. money of companies BXB a

went sustainable these thing now that we on along ideas more business new of plan propped low XX%. three up top that of of or of ideas think I be are has set keep now. ago, a rolling chugging weeks old have the single-digit north that business to I finally So couple through guys the to two a so

the then -- about And I Great. right. about -- just Brazil. if All ask could

You are mentioned getting there. things normal back to

Because there tag? where exponential You've in a those Is tags. in bit very obviously are of meaningfully were below little see good the you in argument step XXXX. that there more might still momentum revenues function selling you growth per had

a You've use can capability, where lot you obviously of as added those too. tags

in up, of what that up. Chuck's it versus looking to a we in Yeah, sold the and into said of number but all-time is, -- going me about in heck way, Brazil vis The been at are in recovery have summer. sales. an -a COVID-wise sales the - vis pull record And don't ditch so and I 'XX, that was [Indiscernible] way would've we're must there record currency, constant I to spring front the way whatever up. be you're QX FX the complete it in levels,

And has better in place are come They're here. other a out somehow side. than the we

done we the and running is, the more kiosks, mobility it's have sell. what's tolls through is a So hundreds people lot, open, are stores. back, stores opened are of so we and hundreds are that's Stores also there where where walking, and people we sell

So before, kind drive just the are we we basically to it. where to second, places 've again, which said then try we've conducted make think of reactivated helping sales And is car number of a come we've big channel is up there. or of partner newest The couple the now to on got tags the put ideas with the one a super-new vehicles. manufacturers I

of XX% you some Volkswagen already dealership your new out there's this that of conversion go and a and or on vehicles look the a sticker or getting says of it website. adoption when in get little and So these there go to number drive rolling this the call there, with dealerships. We're you thing out up new POS

And said, has big year that capital vehicles tags. year the tags as or as now, for can't places in and I up of the that story together. more we team huge But to of the double we transactions use -- it, how to a you lot X 'XX, good fueling even the tell a the us, million take fueling big, is you ago and triple really locations. give this poured it's put were idea So into had sales a we over

to money their more one on the acceleration having the It tag already of could that's from just me, basically places the use the massive come? that's vehicle. account that free and you come this real said where and group people, So could to

per you transaction And paid thank right? you. I get Right.

pay get that yes. MDR fueling MDR in on We -- attractive example, pretty the the

you. Thank Perfect.

Our next with from Sanjay Sakhrani KBW. question the line comes of

may You proceed question. with your

to -- is I profitability about When is XX%, talk of touched higher we payments, sort percentage XX%, And then Because contribution? you going do partner-channel, your down, or to think to about expect how the over wanted a are are partners the to? how Charles that that migrate there that about partners bearing long those on. as Thanks. expense. corporate we Mr. this is Thanks. think committed go up or time,

Ron. It's Yes.

would important, probably, important anywhere XX me run actually, most them with Let in that year. We partners X group, from, probably I a our most top some of have, of And payments couple the kinds the don't second renewed, XX. X corporate or this X-X our generally, of We significant partners with part. just another start or know, X years. contracts,

I I'd would answer. think, what down, be terms of my do In say

If in Page I XX. you earnings [Indiscernible] put look supplement, at, I think, the it's we think

Yeah.

[Indiscernible] Sanjay,

you're Yeah, right.

the cross-border client, corporate partner the business go where of where Take we pieces to business X talking thing business: and that our end the go payments about, the client. to then we're the end mostly and direct then the we

I think, growing those and if piece going that ran so are the smaller, would much these the You the clock partner itself, forward. faster, can see revenue make mix forward, two

So in they there of so obviously, the are direct point, much, business. rates there's our lots much your do than But obviously, spend of to the more spend there lower work, grows fast. and

So our payments the cross-border. business directed we like is of the business, corporate but in obviously XX%

a these out to you, edge. 's of there chatter because you competitive do obviously curious, a acquisitions know, lot is -- in competing get the just obviously you just just you. and a that to curious I'm little I'm or you're have that you're the been that's discussion. hot topic the more of guess punch. market? you feel FLEETCOR -- we against market together are how on powerful increased moat competitive widened talked with as that think But has I Ron, a that about like putting I deliver you've intensity color Fintechs in and about that there's your

good question. super a it's think I

processing, into card traditional there virtual obviously, or whether think, trying get people it's I to just are more cards. physical

that I getting that are of issue more the are players kinds for are off, lot a issuing companies of business. think, into that in it, first

Fintech has that XYZ's For product. and out us, are for FIs That, the tech say some of our FLEETCOR fashioned is and game yes, coming fallacy thing, area. I'd into great back them it. knock but somehow oh, What is, old the is of some the

merchant network. And so is, is, what they're say missing the what I it's

monetize the till network can goes those capture card you you virtual have You day a to merchant process but have and can virtual can't on, don't process cards if network. transactions the you that have

and clean up XX-year whole growing we've a service stock data the pay-for-you that and on everybody one a huge partners get building, head-start then that network. the massive group is the cleansing, helps of group, a second And processed. the the So had dimension

components new couple than We're them. ever AWS it to the was be processing isn't outgoing that and another. it's won't think We've number are providers. people real here. Bill.com another the your have. with of there those Two it The of great of so we years my business We're give actual I We're a and getting cars abroad, and would thing, just stay be I all with a a relationship. contract one obviously have engine I Avid are them. big for with doing garage renewed assets clients, more going There partners great. in to of a that this So given making miss that to us. mean, from the great

own targeted, the processors example even thing, of Marquette and we're not their not business those use and like, the Some targeted we're FI's, processing help they to of stuff. FI's. thought as which in are an We won't

I well. we I reports, I there. Don't think partners businesses, we're the personally, bit everything to doing I it's we're a the business, someone at my partners. ask cause so We've got I money some they're the narrative our look direct but a vantage me it's make in the will performance call partners point, that thing like from like go growing, -- if the fast, else, funds grow because with crazy, mix doing. partner isn't like But it's more quite supplier. that performance the and growing smaller. be myself, the good reviews job for searches still much they think Go sit so you, tell we're ask on

you. Thank

of comes question line Suchoski next Autonomous. Ken from with the Our

with question. your proceed may You

little more. some came international weakness recovery? and shortage. the Hi, on the the good around into can detail wanted a out think, I the driver weaker you your transaction I question. in and business side the just than dig where you for taking what's card It on And evening were transactions fuel that Thanks bit seeing we But to you're expectation provide everyone. like there expecting. called looks

not Europe. Ron. good trucking I'd again, both have not good the than particularly Ken, And this, just trucking large good now. that is the that the and The in of have drivers, the firms smaller firms large into and they're transactions news here forming Yes, trucking on not -- you a hey, quitting in worth there read there's only news it's going are weakness thought, and guys drivers, say don't that news and the press and weaker they're and The news bad is bad we news. are is two little are much. areas

effectively are they're white paid in anything super this, business but soft local like big same-store really get the cars. their then, Europe, part our and business, haven't us are And used Those weak. know I back even healthy. of don't trucks have in are if but We of collar. second get strong would good. at, just get paid I'm to a people accounts a big Europe. much. rates. is because the still transactions, of those get business big say our Book good are and people for we where where are There's know to in The U.K. is pretty one, lots reimbursed. which work get for have very drive I happy That's terms that we sales raising and People we of The sales we're they're don't had you around guys why gone Europe. don't revenue is car, Company So just of corporate and areas actually The a paid looking partner business revenue X growth healthy our things. pretty our news example, recovery. areas

quarter's follow-up, some you provided really thoughts my it. helpful. I 'XX. And for Got maybe That's think preliminary call, on on last

some of moving from annualized how rate off, in the XXXX? hedges think, ALE. thinking AFEX you're but then, you half you us parts, for in second about rolling contribution year. Yeah, Lots this EPS $XX talked I interest and of the frame and about can maybe

good it's way like all a if Yeah, I you time, that's -- say you question. the businesses, this The -- can plan.

our should of it's business, model. nature You the like the

run things And we're we which rates. we halfway -- we what off so build through, about do is, of

multiply this, when I volumes -- of track October at here like think go, our guide don't we you QX, it in it have XXX hey, something revenues is, is it in to for I post staring and businesses. and XXX, we what we're stuff. a to So I and we okay, or that check sounds And all which said me number front XX, XXX of

So there's another one.

run bigger okay, start see we called that called basis in it that That's the sales can I mentioned we like, look at what Company capital hey, together, that that an of commitment which, components. number we like and now, realized is on -- of other trying then can $X.XX one and target helps okay, we higher in those still we of be a Obviously, than XX on the record a November what haven't XX use deals far rate, say number year I things And take planned with, say, a so obviously, COVID take we that here So been and obviously, there, back, that, sit which on this out potentially. this running of that is. what's XXXX X/X months good. basically how January, and I annualized we we sales they would of so $XXX think and could back XXXX, been the macro, some And for us. I'm are we were the next be sales, top prices and that will to and is And in million We heck we at the math. I recovery. And have to Then looks come my getting us, fuel stuff year look XX% year pretty for year are it's the plan a that day, of was holding. probably earnings we the probably box and had $XXX, literally have year. in are accretion we added weirdest, the I then we've build that the we higher, of call take there be [Indiscernible], to. a seem this different get lot so that the we level conservative

my but are, put And who about And run the the looks us for math Company, how messages really it other to the it happen, good into through is super that is all so roll to That ought next up think to an they things than that growth well-positioned number Company some could it. pretty attractive year. insight up, number. I reason a go you when like people, get all early, but that looks

it. Appreciate a Thank Ron. lot, you. Thanks Great.

Our the comes from with of question Evercore ISI. next line David Togut

You may proceed with question. your

seeing pretty significant any corporate any third And Thank you. Can you're comment in in you travel In A. a in yield and compression payments non-travel? revenue Is the on verticals, reported WEX year-over-year. i.e. business, versus the substantial are revenue yields outs business? there there that change call the and quarter

the go Honestly, Ron. would earnings supplement. in it's slide [Indiscernible] that good it's a to David, our I question, back Okay. so

I think XX. it's page

the of organic our for XX% then the But border and director again, that the So are business, business, again, client [Indiscernible]. corporate channel Obviously cross sitting partner payments some end the David. inside of quarter? think and this growth reported overall we pieces trends number, business, The I or that's business. XX% the

erosion all crazy. partners that really the mix of are and price For that rates we which are rate at thing have the where our are cable flat. rate is there's big in Because erosion about effectively us, X just is XX% the the partners, of of so part like growing and looking we have business, pieces good of we no tax it, news the some really in

they their better as go right the than volumes base bit the rates. base, rates in enjoy So, a up

have reliance, think bought forget, say up I'd don't business more bit we're business because channel you kind of I our super-positive to higher the that rate earlier, So, the is we insulated, if that full of if compression will, Company it mentioned has I on from the there. more And a is we SMB AP. will, thing you don't rates. mix going same And

in, than mix Nvoicepay way So mix, Corpay have a the AP, the those businesses. we roll as full the rate this and higher One existing

couple the So just business, channel mix. next my that rate held over actually out of and mostly guess see is I expansion business for years, the kicking

That's Understood. very clear.

as Just a quick follow-up.

earlier difficulty about commented the business us growth what finding you You for fuel of in quantify of environment. in means Could this XXXX? revenue this your card terms in for drivers

-- see driver people trained the our have sides, Again, you don't issue, of total and in significantly obviously, David. Yeah. don't right? if think trucking those [Indiscernible], be see whatever businesses. those to kind the the -- I thing trades We will, is don't I we customers a they it's existing of ask. and think of businesses, same kinds it vertical it's

thing would it either. other make don't money which we again, -- in be we so the large account and trucking any the mostly in see And business,

the So I'd for see more of at ports the you of people, a guess fix is say get to trucking the need suddenly for pictures super it's that although -- trucking. large - the who easy knows? not the My people

Honestly, It's to pay has there much, there been guess people softness Its us. X. run to space to the XX and our couple limited really But quarters. incentives over the vertical, my it's more been X. firms X the is only more to doesn't us So do that and to much the it be pressure say the into rate, limited last get to I'd of don't X. big trucking months. will next for try which

I'd And card I worse, such people, I of getting are try for business. people. duper a attract going think rates said, I the impact going on say super add to that to it's be keep our a thinking so to push fuel it because mostly the I any to up think going what there's don't not forward see to probably

very much. you Thank Understood.

you. to good talk Always to

comes line next Our Cowen. Mihalos from George question with of the

question. may You with proceed your

at lot about are side guys, here. some for Ron, the a I'm my and talked the Hey, pressures in the, has hiring customers, come corporate guess, them? with in at all business. up I taking squeezing and fuel questions wage relates as that payments curious, it to me for chain all been your issues of do any thanks impacting you feel that of supply the at by business, or you conversations your that's impacted

Yeah.

sure. George, For Again, we I'd bigger there. it's have we When say go look, customers pocketed.

come Yes, a a others have this big it. part thing is are select supply And down some stayed had group and problems. through of we chain that have I have and have think, of then big unscathed, the down. And, clients

that able for you quantify That's separately I'm credit helpful. follow-up, opportunity of of that? just to Okay. even there a any do give curious you're Just the that from around thinking then you sort credit Will the how is a that losses to or, now to curious harbinger any feel in color see, of extent minimal about just are sort to capacity? that? an maybe cleaner continuing is And credit standards you're just that loosen here?

Yes, I'll part. are. take we the first

easiest things for quantify the of us One look clients to to is at have. we

Let's look [Indiscernible] through and at revenue at volumes X period. say clients XXX, their in

or look and revenue at client say stat And or XXX core say year. clients to base. in we the we the still call XXXX volume Let's sales same-store their of QX QX That's us XXXX. those this go of - have with then let's

us watch to used they do $XX corporate and clients okay, see $XX give [Indiscernible], say, with we every whatever is payments whether to -- And a that that into number more for than turn million of per So, that yes, quarters now. business, some them revenue we're ago X we million hey, coming million we back. $XX

We on clear? recovery rate it of that and one visibility the have of amount super-clear the of Is it.

would've would Yes. have you ballpark faster that segment? to what would ballpark you're Curious growth be, if been impact that the been? could the willing much impact How what if or in

anything to that? Chuck, you Do about say, want

-- groups. think pocketed you we look at Yeah, those I

back we payments, is and XX it clients, of in where So look volume to it top half corporate XX was most have about January that in XXXX. the month, at their last down affected still

track we in so it at that yet. it's looked pocketed continue it. highly mentioned, quite But and reopened certain we as And just categories last just month, to so Ron haven't

a QX They we It's it's of about they XXX way us just certain question, would guesstimated thing. in where in to the part a and significant still we'd give it they back percentage yes, question, people ready their had quarter the and growth back record lows say X of be you thing versus It's points hopeful a thought this It's yes. about plans day. those X% we come back our X On and a more It's a ago a came yes, lifetime I'd different second to get be say of to we credit credit super-good back back. get and question. come I'd your years maybe losses. way from that

us new First much stimulus And lot so business of there relief business stuff. a and in everything wasn't the XXXX, and else, new on. sell coming we of because repaid people then didn't all, between obviously and

we've opened And so up. for it sure,

Chuck said the lot a as tick that last last it expect on think we've see more those business up, losses roll to in you rates, time call boarded I we in this a the year. bit

will doing for be a actually, we're XXXX. that and now question loses bit [Indiscernible] higher, Our juggling

their okay, much fuel terms want do got some -- clients the I card credit. What card And -- with you be open we do with in credit this, how me bills. credit fuel that enough me? credit accounts in XXX,XXX pay of Okay, they I've all want line. all we if of bills to pay I our let they to how Think have line's say, lines. credit, pay bills some both to their my tell with existing

sure next Our But new and that not on the we'll year, want sure high. say, revenue to certainly, for incremental more people And and in, opportunity we than to right of do this increase careful. between We'll be trade-off step our taking but for We're call our make I'd crazy. in, way the our credit is to more we'll and to I growth worthy products will is year everyone way losses. will make clear. re-balance super incremental we credit risk, try sales it. towards study

helpful. Very Thank you.

of question William Bob the Napoli, with line from Our comes Blair. next

proceed with may your You question.

Thank Chuck. Jim Ron you. Good and afternoon, and

excited questions drive maybe lot what you So just of most part Which Ron, -- see your growth? asked been opportunity business outperform, few are upside, the most -- what do or there's about parts years? mean, and next drive I of the a business you to of but over

to great from mostly a the the thing, around the world it's me, platform been concept most is this I'd synergy, mostly exciting walk bringing Bob, is Hey in, we've say is coming business -- which out this question. together. the which with plastic, of this, there Payables most

purchases, and in us have bills. He Obviously, of fund to and his the credit would the launching call pay December, access two-in-one, a of month a we're bank use them. also card account client years massive report, bills. would could getting over to the literally we pay And our [Indiscernible] example built is beginning or our more card, like so does it's card our all just I his of would we be be show all late bills the thing with a where some it ours, to business place. place. this way we'd gave at of fuel case can of in it XX all His way of earlier, our one creating, this in of his of one payables which way businesses out it now, or that walk-around synergy now, and and these show it the has his vendors

gigantic pretty opportunity it, has join you And new profit and you cross-sell built them. tech that don't acceleration, the to we time base one useful to look it and now. so what’s makes together just of that stuff customer we this And creates start we have have that at the fish that's a go each when basically look through it's to stitched it back now go at that up to up you joining can where client, That's businesses have. --

I that's -- but to -- So thing, a I'm I'd say I in the again, lot say people me also in the excited. tried doubt us, will businesses. legs that got doubt know the we've of

been added We have which businesses beyond and 've page segments that in just growth. the all we've are adding thing everywhere on we

super-happy clients but shiny base joining the they nice the Certainly guys new and So and have up quarter. sign the spend, product, up had don't guys that, and in I'm this about new customer don't that obviously synergy, your of where XX,XXX XX-year integration they XX,XXX. most have a some in get all

would super is, I'd for say profitably, this that's opportunity can new business the thing, we monetize what us. the be So exciting super bigger is

Great. are And ability here the expand just at feeling next few from margins, Thank looking over Charles, how you. margins the to you years?

tends to bit Yeah, that to be top-line, one we plus our expansion. Bob, get I'd of where XX% grow say try a little and model

mentioned, path. time top. our we we'll say said, will continue mindset, I that those make grow bottom had on the mindset I'd a for little increment a a is we investments bit the that continue faster and whether we've invest, little the find think sales will Ron we a opportunities With way we investments, with for line to that always that when it's but do go. room select a as long make that we'll when to than digital

Thanks. Appreciate it. Right.

[Indiscernible], Bob.

Yeah.

Thank time, conference. reached today's concludes This we the this for today's for joining our conference. end At everybody time allotted call. have of you, the

time. your at a you You may Thank and for great lines disconnect have participation this your day.