Corpay (CPAY) 3 Nov 222022 Q3 Earnings call transcript

Good afternoon, and welcome to FLEETCOR Technologies, Inc.

Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. to Investor conference Relations. like Eglseder, to now of Head would turn over the Jim I Please ahead. go

Good afternoon, With everyone, and today Ron for and our Alissa thank you third Clarke, CFO. XXXX for Vickery, quarter our earnings and call. Chairman me Interim are our today CEO; joining us

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

Now, throughout we covering be growth. organic revenue this call, will

As a for during the prices impact fuel and year-over-year reminder, fuel compared. two spreads. years acquisitions changes closed being includes the results of in It foreign forma rates, metric this exchange also neutralizes pro

that development expectation information. numerous today with of and business we as of materially financial measures We All income that to net these historical I information adjusted diluted press statements today. any of not actual regarding income cause also guarantees are covering no will of not undue at risks, obligation you results calculated non-GAAP which expect. future about We differ GAAP based be update uncertainties most comparable in them. reflect have could to are including new expected and These statements future put we undertake directly what These calculated and outlook, found basis. remind revenues, net should not be products information discussion subject forward-looking are statements. on statements. can from and of and companies. and best the metrics, the accordance reliance upon differently results than share, GAAP acquisitions an They to our These may that all be per non-GAAP performance, to everyone on need on and our are our release other also may to website. include the Reconciliations part today's in

in in on release and mentioned with on are risks documents and the today's those at annual Form report of and These Commission. website sec.gov. X-K available on press are Exchange Some our Form XX-K Securities filed our

with out call the the over will Now Ron and I our way, Chairman Ron? of that CEO. turn Clarke, to

thanks. of provide I'll factors Jim, catch afternoon plan recent XXXX everyone joining on four front a performance; the year our earnings and brief our second, preview along subjects; provide updated Up just Good first, here, then affect guidance; results; that and lastly, cover XXXX will my with provide for a to thanks I'll on call. full third, of I'll QX developments. few some XXXX I'll up take QX you

Okay.

revenue XX% Let expectations. of reported EPS XX% up me . to results, cash which and ahead We turn $XXX were that's $X.XX, our of and million, good our quite QX of up that's

for exceeded and Same our $XXX XX% revenue we QX. at almost new XX,XXX performance, EBITDA payments XX% corporate that quarter was , by good, at lodging business our the coming growth, Trends . in Our XX% quite and at at business led also. million. in Organic good on-boarded the XX% X% sales steady finished during quite are store quarter quarter, plus overall for retention the XX% remaining clients terrific, up , just sales

transaction our to that corporate going additionally, a to we're we fuel set. So I forward. and further lot which, the AP the AP a that to setup, improves out obviously, business of driving our some some assets payments EV continue positioning solution growth continuing very front Added want obviously, our the growth of and And the go out selling important plan company set prospects on solution that Brazil, to for our software there. important refined to fundamentals strengthen pretty solid, rounds expand We point remain added really the offense. us footprint retaining automation Look, in lot. end

rate I think exit we're an on fueling $XX transactions. of expecting about million add annual

progress. So good

Okay.

Let the full XXXX updated assumptions to guidance year me along with it. shift our behind turn gears and

year We include we're cash guidance of revenue interest the to headwind a $X.XX So QX same the expense $X macro also number also to This at in incremental flip in second the This billion of maintaining bad midpoint. absorbing through absorbing pulled August Plugsurfing of gave our XXXX guidance and we $XX.XX way has $XX We're as incurring rate full revising We're accelerated dilution million we looked debt some Accrualify August QX. midpoint, interest orders We're gift into forward and our versus Fed flop. the about above a year half bit million full up August. their includes at does about the in from $X.XXX new guide of revenue XXXX guide. $X.XX about that had EPS acquisitions. out increases. of

XXXX. billion would % this guidance, we full XX% So XX% $X.XXX growth represent and year $XX.XX achieved the growth for versus and revenue ’XX if that updated earnings

Okay.

share Importantly, XXXX. our brief going to of next a preview up I'm into early look

or really our we're companies seeing. So ’XX operate overlay challenging. through allocation be we so kind capital setup that We and like of expecting to on spending decisions quite the Then business, on do macro the do the bad. the cycle, a most neutral based any we business plan good run we're basis can environment

’XX down. make corresponding lastly, Two, the revenue mid that's Three, duration clearly of with get our recession So ’XX handle, target. the in hopeful resilient. start year, EPS bad And next ‘XX points and billion year look, but So next We'll goal businesses for of next delivering and eye the they $X interest one, the debt a XXX is with high a front, preliminary recession, rates bake on do can recover? pound, basis which basis that on pretty particular way, XX% we going recession almost Brazil we single payment points to business That's but particular, And then be? cash when depth growth sales overall global We're for ultimately describe they of year with the mid-teens on rates, recession and where significant. improvement. by turn less closing of does overall comes surprise, wouldn't what based and that. we're growth and getting revenue high to is expense so quite we it teens. that, the corporate ‘XX, OpEx reach of then XXX a margin and in our our out probably if , no one, investment peak if submissions. lodging our Inside budget digits, proof, FX FLEETCOR on, organic do, would of level we on about expecting looking we in to fleet

we higher Some for in the recession, enterprise, that immune we not downturn. in runs revenue. our our reel should see. by certain spending of services diverse segments product impacted the are segments, cost for generally sure sure think for that reasons really or lots by construction. example, some inflationary businesses means to be essential, restrict size for of to serve, and conscious our SMB And event obviously, solutions discretionary. client are geographically the credit demand of pretty year lastly, will client And times, fuel Demand pressures verticals And client no of that categories. being or We're resilient recession are: lots in we from First, this by we a

formal plan our again days in guidance ’XX we and up much look, XXXX XX So, when to have we'll picture offer clearer of a we speak then.

Okay.

few recent me Let to begin to my transition up with and on developments let me subject, the case. which FTC is last catch a you

So XX XX. the matter that FTC two a the court on day held on was October and hearing

that really court we think to see hearing process concluded that years. five with proposed chance various the disclosure do and FTC she a four us parties made the quite mediate agreed and It the was enter would to Importantly, we've voluntarily enhancements out. helpful. not FTC have order or really negotiate We rather face the last to summarize the what we engage the that work the over encouraged can gave so to that face to and judge

at All enhancing our experience. customer of aimed them

items center. them, we'll and made certain Cs] affirmatively being via this. asked if front upfront. claims to that option that. up much we're said a receive schemer be we've call we include materials out implement, And add collected clients a features saying about combining do disclosure them payment some payments can day standards. the negative And think comply emphasize the some various to what to material We're So they're with fuel sell eliminating for to and that also financial practices selling to cooperate, we this going enhancements with around understand proposed on need to go the that a some also express ones additional will XX% and client We repeatedly, the review. we but we're features to those throughout what on ad day the We We've we're with We've were that we'll we it nor to packaged our I into program. their ceased the specific instead are of called lastly, terms which we and of we're performance. new trying package posted forward, that implemented exactly along that and to affirmative consent invoicing we the and today case talked have impact of comply enhancements willing and enhancements see simply can company's consolidated consumer we CSPB crediting we like card on implement. We would forward card that's language transparent. the contemplating reporting the again court or Obviously, box our BXB, incremental versus we base single are make the packages other don't believe that [Ts in digital client designed them. bolder fee (ph) FTC that easier trying the already And three the bigger, know including that from

Okay.

on Russia. our decision business. to the made the the flow, support retained financing acquisition formally we a And We've We've turn reasonable along the me launched does process, underway. have can valuation. cash provide local meaningful potentially is should floor to that that selling annual with a Let Russia bank, free explore it that we situation think investment sales The so in generate dividends. business

that necessary carve move on the completed the away with FLEETCOR. ownership all separation the sale of or to we beginning we've to assurance compliance sanctions. December. obviously plan passive we this Additionally, into will from And process. This isolation updated or isolation steps you in early do phase maintain And provides we can business keep the

the complete So three acquisition lastly, acquisitions on we front. last. allocation did We and spoke capability since capital

August on deal expect in closed year. an the X, Accrualify literally the bolt-on called finally, we [Roomx] called the on add X, important Reach, is an the called payments on cross September deal complete corporate international So yesterday (ph). Europe end of around we Global border Plugsurfing deal EV lodging workforce a to which And

see, as get environment, next this year. M&A larger focused that in valuations the acquisitions company the reset maybe we of Higher interest do back and strengthen, to We So and really hold rates take you on we the will, bit hope setup capability can over can again, transactions. positioning accretive mid-term. just to obviously, choosing a

million are prices. we of what think $XXX QX FLT repurchased did we at in attractive quite Additionally,

a EPS closing guidance provide grew we February. expect XX% growth than higher guidance our XX% absorbing. that maintaining rate results. EPS in be ’XX we're weakening organic This The represent Earnings environment. do FX So number at look, rate finally going again impact bit $X.XX a again, earnings very in year, would We cash a the initial despite year material today, forward. see, full and good mostly , $XX.XX but we in around ’XX QX our are not FTC down, that to challenging the again, winding interest a turning case and our expect on target, and overall do macro

Russia to again business these sale delighted our decided have and capability with explore acquisitions of this of handful underway quarter. We the

the to interim in stepping for role basis. on here an Alissa CFO to thanks many Lastly,

So now Alissa. over to you,

on the on call quarter. earnings in some albeit first Thanks, But let's conference I happy at here detail circuit interim look an be quarter. CFO, look Ron. forward on more now, on meeting fourth my basis. to many the you to I'm the as of

spreads which The remaining by As or Ron delve in million, X% driven $XX macro or higher which prior revenues was quite in year. our lower XX% the positive August. and additional year spread prior $XX of as or revenue revenue, the unfavorable we movements growth pound. by contributed prices quarter, million a of negative into falling million these of million than versus to acquisitions Fuel was impact $XX tailwinds made rates, organic moment. was exchange guidance than fuel $X.XX during about mentioned, million the and lower resulting from $XX were quarter from the XX% compared for gallon I'll from of results year growth fuel a Offsetting posted million X% from assumption $X.XX foreign caused in over widen. $XX primarily British the per Impacting also year past growth $X.XX, tailwinds prior to prices $XX our

, organic Corporate direct sales driven Now growth. XX% and moving by new continuing was across to strong both border. payments up cross

as up activity , quarter especially nearly sales XX% our our and corporate non-partner all AP, were grew direct for robust new . very border XX% to XX% was business geographies. business, again our payments levels grew very strong continues another robust Specifically, and good which growth, remained demonstrate Cross across

partner channel as in XX% on our volume focus of and is see declined we US businesses. did in X% softness under SMB just businesses. quarter, the direct grew growing business some the organically as payments our category Our corporate is our XX% Fuel

a to was up sales we remained XX% as sales moderation to with XX% last Overall, performance. last store continue contributing to slight to sales of new growth same continues organically see although quarter, our level business the we volumes new consistent with was normalized However, transaction and and in compared activity. Tolls year, perform. the continue positive see

by differentiated proposition. driven solid, and are value standard sales utility product New our

three to . in way to favorable solution toll pay was Growth parking insurance such . workforce, and and had in across airlines to retail, continue Lodging to lines, All we our had use digit double the drive into up workforce cases. as with are pulled season. QX. orders combination and be multiple businesses. used revenue three revenue that toll early As of the continued meaningful leading from $X card a airlines, XX% by at show growth, and driven a QX in year-over-year now advance approximately for again XX% pulled of customer of airlines strength be up thru QX, due as forward environment We a holiday million was Gift organic business generating categories, beyond can each spend reminder, higher estimate quarter, good all volume another ordering rate X% our and from

forward In addition million into second to estimated to $XX we the the was quarter. pulled $XX

a with application quarter, increases $XX points. volume fraud. to and in This was higher second year, tend last or Looking LIBOR compared the $XXX changing tied sales year. represented higher as driven down fuel a levels quarter stock $XXX Increases compensation rates current floating also sales macroeconomic inclusion debt, primarily in acquisitions, incremental across and statement, by operating million levels. as our and the further our and businesses, XXXX, year-over-year, increased $XX Interest result QX bad quarter new a million quarter prices as to average the new ALE fuel customers. commissions as rate was income well debt in the SOFR the expense addition of than volumes loss landscape, at expenses the on in debt pressure to result pandemic sales rates expense debt in driven of of basis book, were basis million elevated of strong and incentives million customers X.XX% a to Plugsurfing puts debt XX% increases severity in higher higher the In line XX% prices $XX higher with or on of generation prior was driven by have application bad to bad new the was X than activities. over remain certain to as loss our prior higher X.X% existing debt third higher and result of by pre which increase a due our increase the of in strong of in about or same million higher which Bad businesses. smaller points, who X the more Bad of period

of provide As year full currently for think we interest in XXXX February expense remain make net most Ron estimate noted, one year to when to report range did for that expense double in X% about net XXXX. for and want assumes in be is the XXXX we'll interest guidance our I comment likely closer to year. to on that rates our level. This benchmark X.X% earnings. and the that all We next between how index XXXX peak

million floating be all which we interest. over will our While balances almost XXXX Also, $XXX have . for hedges are cash do of in earn billion all $X rate, of globally we at we instruments X.XX% that on place of in have debt

effective year, Our tax of XX.X% rate more versus last for rate for was the tax quarter XX.X% which is the a business. normalized

sheet. ended our million over and was on to turning in outstanding $X.X Now in $six with and credit billion securitization There balance the approximately borrowed $X.X had facilities on billion cash revolver. unrestricted the available our hundred we our $X.X billion quarter facility. We

There of and our with by In month securitization were calculated As upsized extended million week. will was leverage XX credit next and shares times our which billion by extended a be adjusted minor September facility $X.X as $XXX X.X changes our year the the August trailing a XX, quarter, in at X.XX and agreement. to accordance we our ratio repurchased XX-Q EBITDA, maturity in the detailed our number to We program XXXX. another through to agreement, in roughly of repurchases August. we have million a available X.X billion price our of this share million With includes Year in $X repurchased XXX,XXX This roughly under upsizing, to QX. for now extended have XX shares call per $XXX the February on of billion future repurchased October billion. the $X.X XXXX. we $X.XXX $XXX approximately an Board program date, during average earnings for for repurchases. total before approved shares The

Ron thoughts assumptions. has updates, some our year guidance As on me covered our let share full now guidance

in average spreads which We are favorable and Market for rates QX. interest fourth of open assuming questions. $X.XX of $XXX in quarter in operator, million assumptions expense fuel Thank and of the be assumes prices QX. total XXXX, million supplement. interest. found line $XXX rest the XXXX, And your like reference for you release press can now, our X.XX% The of to of our for to we'd

session. from the now with question We Peller first [Operator Instructions] will question-and-answer begin Our Wolfe will Research. come Darrin

go now ahead. may You

Hey, thanks rate the what guys. X% year like when guys rate looks or normal fleet its , digits than XX% better just to or versus a Even trending basis, definitely two looks normal looking expected. on growth like think stacking it. It a its back about have a would like I even high segment single you

in minute it's of implement. So going, where touch sells business, of growth follow-ons the more into add-ons, to type cross doing and could standpoint. been that too? the you a link like point How's can right is the it's really if that just a there And obviously, that been able to just in And that we on it thing And touch on you've quickly, recovery? then Ron? Thanks. from environment, because a where look rate the your you a terms to view macro a gotten for then, does any versus going that are uncertain again,

Hey, Darrin. Thanks.

X% of So on what to X% to of target like the kind invest. based in think on I still range kind the we're we first one,

back depths over the kind COVID of is recently recovery the there Some literally XXXX. of the from clawing performance

kind So of a mostly investments that that digit. and to single of we unchanged mid businesses we're high to feed make to because happy think in probably got lot we're I other

our that's target. So

struggling thousand still hundred I'd On We've early days. with a where clients target. couple got still we still in the should right? add-ons, We're the base, say, of

realize “hey, after get I where So and is”, in initially, of is there, the think we'll were spend the down the I to we most then distribution. mentioned which thinking, we a larger accounts bunk market different go

card goal a the say business, that, turn some I'd testing the corporate but I payments have to still into business. ways company do of said, we're to So as the different fuel

process. we're So in

$XX talked for just that's I don't and that's revenue all, you are or that's we they've When assumptions fuel assumptions Yes. been the reported sustainable reported dollars, your if No, you a next constant helpful. organic, said guess, about first that -- that And and outlook assumptions, the also really seems strong? talk XX% And think the growth when then go think like quick currency? is -- is year. think -- the the underlying assuming, like seem into -- is the of the I it one it's follow-up, Again, you core different that. I'm point I macro to just organic of gone target on preliminary mind, on you

Yes.

worked, So first, kind the budget we've cycle. through, Darrin, say, on the halfway of I'd we're ’XX

the So of we've revenue, expense the worked side. profit the than obviously, harder

So pretty growth the by looks think is as could some lines, corporate business because FX. kind rolling right kind different ’XX, particularly this That revenue have I . offset said, point of have macro number, pro from we print headwind, be forward it’s at form into a some organic fuel, we mix of what weight ‘XX payments similar and Brazil themselves XX% the to in although of an rates lodging different to

here bottom, I on organic the think prints. really and point, not thing can sitting the margin. today, this at control difference So And a between operating we the big is again, then

we that can XX-ish don’t so grow kind XXX think around next of on this So we're the we're coming XXX year, up. I margins call OpEx year I’ doing metering we to lot know, that so EBITDA particularly, number line. get a then out the below wherever but encouraged should the the try sure bps, that that work us and any of bps of sense to of the call, After not Fed A FX, wildcard couple or flies in I'm how not is then and today's points obviously really the pound. the it, be,

So wait and that's see. the really

obviously, hopefully know all will get days. to view, more days So in rough much of super early a we're us XX just trying

will from Ramsey question with next Barclays. El-Assal Our come

now may go You ahead.

question about on maybe mind business, take for wouldn't much taking numbers. I to contemplate might mean can that and wanted so just to of you out it thanks first also kind Hi, of my what of size And we Russia if the tonight. ask so updating it us I'm in next but preliminary solve idea to business that pretty you sure get sort would of our need contemplated models then read to answer year, the be the year? an here it's to out we would not next that the there is, if of then came agreement of

Hey, Ramsey, it's Ron.

So yes, both questions. good

the more kind first kind it yes, revenue obviously bit out. we taking $XXX- on the where depends anything of in on So terms it's it ballpark of one, FX, kind haven't margin, the million of EBITDA is ish FX with XX% today. but And done in again, little of a

where at sell that we really use manages, X into cash course, obviously, year. we've of looked buyback, for next we look to models dilution it which as Although, and the we

live the now. we're keep apprise, you thing shopping out we'll of kind certainly guys So

posted. you keep we'll So

been And I'll XX-Q included terms have is just sizing. our of Alissa. in this disclosures in add, around specifics The Russia well as previously

Thanks Great. from that. follow-up One for me. quick

or of to I matter, any of where will of timing best of be here, there's type come you there type sort the outcomes? the short crumbles Or a it like Is sense in tell. no resolved might that is you On the seem guys how relatively you And cookie matter Or first, pretty confident resolved? any this Rom, worst P&L of thing it there's of degree there case order Is that protracted be this the are really out FTC okay? it in can impact negotiation? is to going guess then, no here. when terms

Yes.

The some sense. we're things of first On glide kind one, the on path, the in right? clearly

be guess court chit would they months, on a So gets back when if of couple the how months depending involved three goes do. a and two, chat the

my be would guess. that So

yes, to or On the disclosure nothing right? because charge a we we or either in can't anything something based, Ramsey, their said can't not, or hey, It's the which up really order, impact, its no customer there's were again, whatever. sign contemplating judge

And chance those out. so, is, reporting putting to and right and embedded a a we're bunch the in we're news things the we've obviously of are good changes see done results have

see there's nothing impact. we So can again, material go any would that forward have

So on and to makes the we're what it probably and tell other just happy to be happy call, We the specific, on mostly it. others said get is just that we repeatedly you do like everyone want side. us

to a no done it lot impact. me boxes that we've a mean, again, thousand couple want to people. when And straight Ts say your biggest given it's of and you you XX% Cs up little of you've affordably continue program, pretty that. to so, And them and they ahead the and with have, makes with hundred that at I feel sign of confident we've can customers been

Fantastic. Thanks your for it. answers. Appreciate

bet. You

Our next question will come from Sanjay Sakhrani with KBW.

now You may go ahead.

a fintech if it into pop anything to repurchases? M&A. just your Thanks. like you're I relative we seeing guess for in decline valuations. that I curious how question valuations just share been marked for seems you, balance pretty should Ron, the there's just on wheelhouse, mean, I'm

Sanjay. Yes,

we've amounts think, how bit because then We things, process, see core focused the the And more thing that no be announced your capability the of started you in last to point, a the what capabilities think price I there been is, what we these we some by quarter few can when months this they're sleep and I reset has a see we let's matter do what on and about they're wheelhouse the kind that in to transact plays that seem couple call we at. of that absolute can traditional not like ranges second, in have out. large I'll of of money. in deals

aspirations with valuation their move time. people know, you As

be that these that there some the think could stuff wait getting next even extent reset are to so people trade, And right, days. people we and year, a doesn't because further squeezed

deals. will better So some can we to larger go that get we're optimistic back and things targeting

Okay.

a mentioned fuel that? curious there? macro just clarification on Alissa, is volume softness, the what's Do its think there -- just And the if you driven softness. that, follow-up, softness going sorry, I'm just or And Just on to you price interest expense. driving something fuel then the we dig underneath

So of we $XXX around expense. million should interest net target

want Thanks. got I to make number that sure right? Just

I Why of Yes, Sanjay, it's there's softer in SMB the say of first fuel that's I and transaction firms. say take kind one Ron. X% trucking growth, volume take growth quarter. the by second spots trucking couple of Alissa bit don't it's pocketed, the volume like transact, think, normal, the although enterprise, that than are offset for one. a the we No, let I a reported, think I'd then big most would I

deal a some local I think in of the had elasticity, SMB little XX the do We and miles plumbing smidge is higher like, stuff. call. we them research accounts, where the with the only hey, radius Sanjay, the will price back now, of of XX kind bit out kind we'll a of city biggest thing, go moved of shrink a we of go won't

And at so were back smidgey prices I'd nothing on whatever four, a five months it It's really take Do three, the the dialed really those want ago, the we're it's board. level. and to I do across in think significant peaks, but also that nothing what you bit, say interest?

Alissa. Hey, Sanjay, it's

think you're interest the asking side, about ’XX. into on I going So

skyrocketed. to seems world have the know funds rates target in just everybody that So Fed

close will X.XX%. around out We somewhere the year

X% started around all to we reminder, X.X% year. targeting for into And somewhere XXXX zero. around going the a As

so expense we're interest plus. at looking And really $XXX million around out probably

probably two I and maybe ballpark. numbers in you're take would multiple it our the So by

interest gross at high right? we've net kind a number of cash expense the bunch rates. and Sanjay, then got of That's There's too,

guess or is larger, number So with know. like the a probably are Alissa offsetting you we down guys significantly XX% XX to a and we look, swag trying gross the what it. don't row. point, months be it it We're to that sitting But the is have next total going cash XX% to here comes

what So that we math of just said, will talk kind we'll a when smarter run hey, we again. we'll take hearing, lot and we're be the way we

Appreciate it. Thank you.

Jeffrey question next come with True will Our from Securities. Andrew

ahead. You may now go

maybe in and would margin being we would some the can you that driven who you macro how this more? little selective growth say bit come being sales of Ron, a much year, encouraging terms of versus back time if I ‘XX, new about is initiatives the little a on bit my to answer Hi. by cloud a appreciate talk in pretty current question a afternoon. And to lean taking more in environment? bit sign the expect down digital customer up migration in as next sort get you of expect customers a to then, bit margin we we little recovery commentary the

that's Yes, good question, a really Andrew.

around targets [indiscernible] So like penciling we internal say we'd right, run I say stuff this is lower the stuff. like that that to closer COVID to that buy, XX%. But weirdo Again, that the XX% I'd in thing think running margins or I'd and around things company crushes at but revenue year, see moves XX%. target we're quickly that

anyone's if One In don't I next I was we do going news said. is, to it consider the be that year. to two we know terms things up. we good mean, you think think knew better of about this half a than in $X.XX but picked year, February. be higher I applauding, going to I told we're I than

kind to we in work tickets. things. open because kind spent. make We people point run we the let staffed I'd say, to that, your additional the the afford And on. tested we projects. additional so, We company saw of that up areas money targets that could on we We we some of some

is to world where thing of the see around the And if the growth, digital a credit credit the versus we'll because answer economy I and sales like the bit our super I will, that's the are risk view tightening, particularly side correlated. you when said, word. around the little you environment, really be is, your So a use big think frugal, bit more more little select the

kind kind five maybe my to it the of in to grow cut guess not mid-XX%, how bit bit the of of is, thing three a at cautious enter see tail So goes. we'll thing initially would to the and that bottom. but points I little maybe low the a try lower

related of bit kind little little the So selling on overall OpEx caution of it just diet micro bit of credit a and a be a and risk. would around

the definitely And what's growth. you do that that you that. business? think in adamant and terms a some you. for you've compares, the as awesome lap looks that you've Thank What lodging, rate Okay. think like this Thank do lodging is for of normalized been tougher in we been right is growth business you

them, comps. we're end there to To three and parts have which that new in great. teens and to XX%. out are of of going in in all point, -- work business that. favorable airline software got a the we We're front your stuff. business bought high airlines its obviously get segment of think it’s a of airlines, a we of kind I are looking and We've some some of selling for ditch lot house we're or But just all that

to So best we clients that networks, we the have rates have. different best the offer the

both selling that really between the specialized we machine what the have we can and that lots so do, the offer there And the pricing. convenience offerings, product, there's and scale not players are the they other pretty so and of

to I'd normalized So teens in say a basis. it's XX% the on high

Okay. Appreciate that. Thank you.

from Our ISI. Sumar Evercore next with question will come Sheriq

You may ahead. now go

have the the for not offset lot the on process. you into opportunities? that mean, going a cross customers A, the on been growing on like just few question. And and efforts quarter I been the front about taking update talked potential I what's my cross selling it's there on a cross XXXX? or quarters But to up ramp is process thanks it for a it's to have selling a to that Hey, question opportunities. slow where bit you selling -- a the

this bit covered, Yes, I a process. it's before, a think in Sheriq, I comment work but kind I'd of still say,

targeting clear X,XXX the as spend, went into of have purchasing. on clients that corporate smaller we count it's the And them. turns think client payments and my we all summary, we get that of about thing all of on that of into thing, we headlong have not spend, I the half about got the so clients, because the we So many that our

targeted So we've gone back those. and

bring into selling accounts and biggest is now place to card client card out trying some salespeople scene, fuel going our where blue of a base can is payments corporate We a fuel there our of have figure different offerings. suited inside still we our corporate payments. there we're But

We're big think is trying the spot that's base So anything to new. that like product sweet is fits learning, a spot. we're the is that figure among and out lot super I of what the sweet this what

we up, given So still haven't work in process.

Thank you so much.

Christiansen Our will Citi. come next question Pete with from

go now may ahead. You

Thanks. in that have the Good updates evening toll Ron. to growth nice two questions. One, XX% I the and you're to wanted back seeing business. I go organic there,

that then sense bit. tease can versus business you have put tag give tolls segment this some a is the how fueling if contributing point? to a us of base beyond little The if And wondering follow-up. could growth Just including you that stuff. out tolls initiatives that a the of forth, you at I Wondering

from It's to good Peat. Yes, hear you.

per was So Sheriq minute yes, a that ago, one I question one that's think, working.

now we're right, there think with we I on traction mobility XX% this about also call parking the and fuel. some gotten toll company vehicle beyond customers. millions of revenue what early We've super of insurance, where

pretty the that stuff around vehicle has insurance a been good and offering so And centers uptake.

number think kind number, And going correlated excellent, to billion is around which of well. is so I thought exactly annualized fuel sites. of as we $XX we the it's The said

behold sites and the we that the low add as use because people So thing. basically trans can conveniently grow, read tag more additional

the up to XX% take So another by that, XX% or build plan we it continue next year.

things it XX% business. continue three there of booths. stuff it in We be stores. every another way toll X to next car was it two through me years there is million makers. selling core was per that -- through We're it add, would We Brazil, And a like top that of guys. doing, toll the US get the sell goal way the we resell Coke of if in in over in sell range we We here at I on toll can you new We it sell mean, if we year. reminds sell tag ones to stores. or way We market. look, it, kind So tag of in sell kind literally over insurance know that sell a the with hanks to the

performing great a And so that despite still us, setup super it. business is lot it's happy for changing the with a competitive

you that in helpful maybe card sounds I fuel in giving when of sure here. good a Yes, to certainly fuel the -- up peak a was obviously, sales like that we to I'm driving had prices new exciting. starting activity. bit to year. some I'd pivot little mean, degree earlier inbound sales,

there? diesel pretty still are still how What's fuel prices you. down, up today holding is Thank sense that fuel still come prices is strong. tailwind sales, your card for gas driving Now,

your good question. point. related to another Yes, really super They're

inbound If the on in thing you you head the lot, people side, [indiscernible], up how early counting back hit the think many digital Google peak. just about or a particularly right, on That it was at summer raw spring that the demand. demand,

digital us know, remember, the amounts, decent of So XX%, our I still we account. sell, some targeting amount and of XX% don't is business non-digitally a

now. it, five The it's some we've even call I'd only level. say this over the aren’t years, at whatever, peak, peak it and price or although at today's current higher super-high was the still seven down years back before, cheap from the thing last is So seen is, than I'd say a

pretty peak, yes, still So from down say, bit I'd the robust. but it's a

Right. Thanks update. the for

Jeff come from Cantwell Wells question Fargo will Our next Securities. with

go may ahead. You now

your very much. just follow-up wanted Hey, questions the And some to on thanks that way. coming of are

was, net this to us One a to at transactions, the your obviously do which very the you the next all to fuel fuel look underlying And way can rates about time. would bit of interest if growth revenue to is environment, Exhibit growth talk order in moving all rate a you per early fuel little environment, sense lines, fuel? of digit the any for the XXXX? question high of single for revenue then wanted transaction, frame you like assumptions the them in same release, we're I year the what are have is, macro X in the press get some goalposts is there to mid along dynamic in clearly And looking

I postures for very thoughts upside-downside love outlook the And that year. the there. of So I'd potential weather in that range years. the high mid a maybe in that kind year right, my talk about you and confidence and there's your it's a same question wider range, next second this digit can versus just is, Thanks much. you you're hear prior build single too is to to is what as think

$X.XX of so next it's year into Jeff, with a Alissa current-period, little prices year, terms in spreads. range on basically bit going last so of or the downside assumed in -- fuel with of the next fuel price we've the Hey, assumptions consistent

per on question your of rev terms trends. In

think our I extent to products rate offered. incremental intent volume always being that is to between have there generally the and is balance nice a

that we be And that balanced approach. I'd would expect say continue to to now a so

kind Alyssa don't -- with volatile, just planet because if obviously, rate the to help so even smaller super us, seems me the let macro high are crazy said, question, you is volatility mix jump this on year. fuel rate from for the get I'd rate more is I'd prices, But SMBs, it over we guys what on not let sequential who mix Jeff, just interest We've to me half say, clearly we Hey, continues on accounts rotated the it's want like knows. get right? only than each volatility. mention on say FX sitting but the I us of me, things big.

some. be we to begin that XX our And so the we'll be clearer? to Will forward locking the is messaging any kind that thing stabilize going finalizing days question plan. is, view down of in Will

growing and million the the will them, to something to things seem growing And that things we'll and certainly so I've those and revenue answer profits it extent one like EBITDIA that's run generate the my have company use the ranges. stuff company is how here come a those and No times, going some forever clapping sad to would probably line no have other extent we're we to on affect volatility our a more, the that macro that below that To go. traditional But one No macro slowing, the is have is you the more $X.XX run And things to big we let said in million more, way. beta was $XXX macro it. I like we back $XXX million of revenue, the us. at one's the know can hear the yes, then bigger and wider clapping. probably faster

through million if it So going we go we cost up go next can't just up -- they're power in -- million. look, And to going add forever interest our to it. $XXX maybe $XXX up game ’XX, just goes it is year, rates to was to $XXX

XX line can And the as period. forecast EBITDA over EPS the we XX, teens top keep and compounding and as mid so long we're to to the going deliver high

we don't of year-over-year. just So variables see I say any sequentially these rise continuing to

and Appreciate Thanks congrats all on it color. the results. the for Yes.

Thank you.

Our next with question Bank come Mihir Bhatia will of from America.

go ahead. You may now

high expenses to thank and also questions. afternoon, on did XXXX, start the maybe to for balance early And on this, recall to have a helps include back cash sure The to helpful. you you does just $XXX million right. go in million that thanks the you're Good interest interest it look which there's about, correctly, just if to there, for Russia? I want that I talked but getting I FTC taking XXXX. fairly my updates make and very that. I on apologize high Also Russia which we rate $XXX-ish [indiscernible] the think want for

does number, a since the net Russia that include So it's benefit guess? I

expense deposits getting side. don't we're have Alissa. off include it that really Hi, Russia, on in there, any would are the that Again, benefit that in income region. the it's any certainly We of

it's volume – really So the

[indiscernible]. [indiscernible] here, it's the in number, rounding I a a error guess, it's

rates a lot. not Russia, too big going so see down hopefully of do We in

I lodging, of where a grow Thank the much this Or just that? business just to little into terms And about And Is workforce a anyway? to more in ask of more then that expanding beachhead like about in other to from Europe. -- is of here? understand the question just business you. trying more bit lodging bit How of your a you understand just terms Europe little Roomx Right. the was wanted wanted acquisition in was

question. good That's a Thanks for that.

all So of what the we copycat workforce. a Roomx business really US, first our call, is of

lot a what people about kind travel the collar that thing that's of you Roomx of If that for work, is. think blue

delighted the that does kind same thing. were we identify someone So to of

business it's in remember So got a UK maybe today. can't It's of business -- its bit really a little X% Germany. I

in is So majority UK, of second was which the market, to our is largest the us. it interesting which

the if assets network so, of that of ops, and have sales, fair have ton in midsize enterprise there the have clients and is, of there. tons a that a imagine we got And And yes, you they have runs idea number they lodging could of like a that's tech they've kind UK, clients clients sit there. actually hey, attractive, got they've they

accelerate a its we that the we super It's So It's a people. business this in position, got so group is, good can hey, It's idea market on of good good it. we well. business here got a own. know

just global it's fuel someone’s our understand, business to we a business, like Back So really that there, player. have we country exactly we our price. We have card we in go another it's and about can we're valuation. M&A then we other If a businesses. like a that business earlier question looks like the

reasonable both price is work. a why trade was for sides, the it think which I

a So with it'll kind can business of that make we TAM bigger to and sets up certainly us understand. accelerate it

Thank you.

next William Our come with will question from Blair. Napoli Bob

ahead. go now You may

I for Thank outlook quarter. Nice next the you. Good on appreciate year. afternoon. job

on, where I'd you most giving and more maybe margin the year are over to comp that little long color hoping Just margin a appreciate term? expansion the I expansion was next margins us, just next bit year, you started get then in but with segment maybe

you're to here. good It's voice your hear Bob. Adam and up Hey, that and

by that are in to margin good from We IT. big really you. the monies hear So the discretionary of business, are in expansion company really our sales plan don't lines

that's about it. how think so, we And

or pretty XXX like goose in may flatten just of up years, new is a you've For people pipeline. because us productivity leads out really people work? this fast incrementally of Well, and margins you've got when the you bit, hired not the in forward investment you right, year, big that kind some did IT basis to say, points make to new a the investment in going how pick sales the little as EBITDA we will grow oh,

of And so investments kind pour some of the will will in, incremental roll into in investments 'XX -- 'XX. we made

targets. business we've next and the have a So we the of more year, a again, bit to game And spent that's for got helpful this plan decent of because service meet will we that us OpEx year. kind growth

a business And much which to big about thanks. of Great, like would? question, your the your you over of three excited most part picture five next become just business, going bigger if that's you are years to a piece

know your fleet I if that corporate we market, business, because favorite. get just I it's the we like payments to but may international kick The it's -- call a moved you still -- to what Yes, Matt, our hard business. guys of -- our out of not runs our a enormity. you guy like the ran mean, you, old story, business I run

corporate we on the get And other says, he to So like stuff. trying is. Jesus, With US never teams, the paper this he's night. talking I'm here him and what the a I’m pay I understood to mess

together billion kind next than pieces stuff. the business. the no on puzzle one we've I like opportunity so full that It's that think so got better just don't just of even And in gigantic live we It's think we a of our it. there year to couple about make we It's years a and closing here, you suite as as spent $X of knows -- getting a prelims. all

talking winning, of so whole where and And think even and I others competition so, is the big that I the tell Amex banks XX% fintechs. the from. keep is just market and potential though comes we're that's about business our and you you

sales. we we to in have like sales the chances great a just bring so, again QX record And what

And years. so that's business that the the will next few in dramatically bigger be

Great. it. Thank you, Ron. Appreciate

too run. Be well

Thanks.

You too.

Suchoski Autonomous from Our Ken with next question come Research. will

may ahead. go You now

to Russia? a Thanks from that a $XX good detail Russia access how questions. just And question little clarification contribution you proceeds afternoon. EPS can on make I Does the I actually for figure Russia. the Just business? and Hey, you're bit we sale the of EPS taking from to for sure -- include had want the the all right? that have able just talk about that a

the Hey, Ken. one. Ron. on first Yes, It's

so We haven't part our sold the planning. business, still of it's

stock there sale Although lot which price, would from and buy retained again the that earnings to a we have we dilution. cash that the obviously be sitting if of compress stays obviously have the it, our and the at the idea this take will so

to In pay is going it's the set how have the buyer outside proceeds, be us The to going it we're of terms to with of basically there. to able buyer. up

one looking the of kind it's the we're the conditions that of So of at. buyers

So we do have for them a the depending is buyer on be who pay to to way able us. basically

the Okay, really do segment. follow-up to it the looks mean, had payments a Ron. That's appreciate to business up all EBITDA continue helpful, just I I segment that has margin in question corporate then business great. teens by Or margin, Bob's XX% question. I profitability that to on like opportunity to high growth? revenue continued And disclosure that corporate there a you is drive the to term? long bring invest over an closer the average have

super another That's question. good

part two a of kind question. So

the scale bigger. really it right, some make dramatically one of business and trying is that The to first pieces in

all lot cost that So it's the of business XX% of to like of structure a of businesses, cost, is fixed. call fixed XX% got it, our

the incremental more to XX% versus just it money you it's clearly to X% XX% guys, at grow we margins faster. the have growth. hard Like -- want grow And for really right then are you to if for not trade some So it's math or better. you spend

opportunity, the we're margin to really second setting run lower the EBITDA it's because and to the invest size that's the continue that so, probably we'll But than line faster. part of it switch again, it, of And over up average. given TAM, the given grow a

Thanks Okay. right. a All lot, Ron.

that to our words, average sum structurally. want reason or billion rate the billion line structurally business no nothing line you growth that the to look an would I that There's to is me, stop said having businesses. awful the like on $X.X of $X to thing rest In There if it average. down take other gets just lot from and us

Great. Thanks Ron.

it. got You

question next Raymond from with come John will Our James. Davis

You go ahead. may now

the just year? credit growth contemplated digit we've some expense at most some coming point. of high Hey, box to sort and you kind want about good fuel but talk tightened just single Have fuel is debt is, softness of macro kind talk mid next especially afternoon. given all? where you that I know when to about little a Ron, you bad of at normalized, have bit

question, Good John. Yes. the Yes, is short answer.

think -- guesstimate a (ph) So XX:XX] call reported but [XX:XX, loss I we we've full this, number. kind we I is at of it, it, year hope think the have credit

get saw to in eight. of two the the take thing bit And we have take in? when One the who new We XX to we people, now so kinds is, in we credit. forwards, XX hey, selling, worse. did going rates a We tighten account so companies, going roll the used are take to we're

we give we're you really buy So that one right, lines, more credit off. the And for the then If we get credit have, second to we're revenue. right? going willing to to is more customers cut tail can things, more

the kind of So that back areas. pulling selectively certain looking one that's we're in at

we've it on done new. So

We have payment that because right. we it because existing existing is better on much better done haven't The yet history on our partly have information, and customers underwriting much on all we them.

the Which basically right? whatever of new losses XX:XX up John, $XXX credit the adds a base. all XX:XX, way that's the -- that, to probably about business, trade. number is versus Remember, our Half So is $XXX million, million. of key us tied half watch thing for high is really whatever this of to to

that place the we that's start. So always

going commentary follow-up into on helpful. just then margin year. the That's And Okay. next to

probably bad higher, year year As debt I to of down year OpEx a to expense. over points to for kind basis little of of XXX flat being full penciling flat be margin think the down, out to I'm at about bit the or expansion. points going least basis kind in fuel prices to XXX get

year want basis? make to the but sure recovery, spend given that you kind said, you outperformance lot of this kind the pencils know that on just COVID I a kind can an of of better -- Just EBITDA you on profitability back of the of you to kind get mid-XXs kind that on hold line in what of in margin order and the normalized kind to OpEx called

early call want I super people to are framing It's we're doing again, where sure envelope is. Yes, what envelope days make we work of the clear. an what

So the we're far from you done. impact sales is huge nature on of what But and basis. I sales think investment debt the investment biggest difference a has that said forward the a to the on bad the

bad or So the and us the accounts debt improve in for our profitability micro P&L. slow out the that to in easiest XXXX all keep way tail would digital of certainly cut

higher also it’s single most So our place. here at you be debt of was that we price bad is, far XXXX. what logical you're our is what debt will, probably digits. bad lower, the rate not grow, lower. remember, by that our OpEx, ties, then fuel the And that's it higher depends saying but to price correlated debt, low the fuel said, in the it's But exit is will definition, again one price So If reasons of fuel the off obviously bad obviously, is where right? yes,

these variables see. then we is the on eyes macro tell to of going kind my run what to what to now business look, allocation and macro make constant capital that pivots based open we're seeing and was, everybody our just So together slow going the And of we're the is messaging we're and OpEx. OpEx move and to lots what probably

Okay. Appreciate Thanks all guys. color. the

got it. You

next Our come with Trevor Williams from will Jefferies. question

You ahead. go now may

to was a the guys is guess I for pieces, I it million Thanks. normal typical down years at up the is moving in because seasonality than Great. guidance QX unpack $XX could million revenue $XX implies plus sequentially. hoping prices you bit QX, guys of some more you are least. lower XQ in fuel

you you'd SMB aren't but step in pieces forward the got call pull same some US and QX the the You've wise of else fleet, gift, organically Thanks. out QX up? anything to moving normal for softness why in seeing

of those on orders [indiscernible]I number, was versus So $XXX -- because of last were minus kind you're of of ten material that a sure huge not million there whatever them. on stock you I'll a from It's this of but named back I'm saying plus last year it. being Yes. gift kind it's whatever are flip jump or some careful. million kind late out most flopping think it's year retailers

off put that we're we're last this I in so And ready number, was year, running so in. hey, again, orders into both which QX said, obviously takes fuel big earlier, I it number them And pretty borrowings earlier. you getting which debt. if tons they down at, sooner something QX But bad as a then year, don't expenses, then know, remember, to blocker I has said, and QX and ticked and helps from the what of then $X.XX said top. price, QX,

or fair here the stuff, or you said normal abroad. days both What businesses So seasonality. look of pro and acquisitions in last amount. what you quarter and up the work thing two if a the is just biggest at cleaned the soften whatever three years our just we form fourth This

And just QX that workdays or are are higher. it's and -- QX so and it's really softer just and just QX QX that less

the the say going that really on out. embed And like as to super nothing there's thing stupid here. like else sticks so I guidance we there's model nothing would

little talked is, expense it I'll that when a were back worse on even maybe guidance. we perspective -- getting the think than add we previous where really And call all in we to a interest our earlier just about about We bit. significantly projected July Fed's in from I

quarter. And so a big that headwind going the fourth into is

profits and I the $X guess million by ago, days $XX kind in pinch I runway hey, off XX for higher for the of macro half, revenue but said the was how higher. you staying million, I expenses, this, we whatever, like, you same. is we're put guys, interest than said I the don't second mean our are second just the see a before,

work. some do to able been things make thing to we've hood, the underneath So the

ago. trend again, from kind a message separate better performance, the the macro, would pretty thought good, of So as or we be good the days and XX my than

not week things where and yet. year. and remind to more we're a kind don't on questions up for macro like a multiple up, will in just any And people But of going next the the that does things those a row. red on land than own glide seeing all I that years call, comes path lot for stock turn blinking keep profitability lights do like to this want what So come down

And up, up obviously year, went lower. right, interest prices this went to forget, so, started be are going in [indiscernible] fuel rates XXXX, don't

in the things again. these us. volatility seems don't these strange just so moved. will movement of The honestly. time factors like they've that frame And That's I to some what seen think in move we've ever of this, amount

a And Understood. as on follow-up just then payments. Yes. corporate

Just thinking If a stuff storm had But against about back the surprise. we go the there. cyclical to XXXX, sensitivity that of the I think there been of of worked perfect bit some you. a macro exposure

you've Now Global got today, shortly. to Reach AFEX, going is close

on recession be of I as revenue more you help just durable? think that be vulnerable, you're any that So the mix, you high teens FX where exposure should you'd two Any target ago. hedging with next in most be revenue a did Thanks. of pieces how know of kind there kind saying up you'll segment pro most for great. view than and year. But hold years would have a forma should cross-border

reason question. people I'd isn't thing, good up bizarre well. home. Another the macro -- is, hold was it a say And right, at will COVID keeping

mostly hard ships of a some are news of And punishing clients. companies the B, that working, had them, there's living spend. so some. set the is great business companies payments again front if out payments about services, the IT then, even rolled that made heard obviously softens their we companies, get which of in the majority inflation it cruise so situation ticked off The own company you [indiscernible] locked. into corporate of that's today, AP can't And

little you hold And of so interest likely will And to up businesses, bit hit the high I well pretty fixed FX FX that then like spend the go all up. greater management. fuel the went because prices it, a and ought side, cross-border think say I'd creates is volatility, in on

seeing should triggers extent that helpful different on have FX volatility, the countries interest to that to so which we're now. plans rates, And differential that be which business,

we the year. the say, I'd like chances all, business in all for So next

Great. Thanks.

Pokevitz Our JP Andrew come next question from Morgan. will with

You may now go ahead.

taking for my question. Thanks everyone. Hi,

know you feel I the side. which Just one, now broadly business, right for you curious mentioned [indiscernible] areas Levarti year? incremental was getting that M&A good interesting side. for company reach your FX the global guys back positioning I and of M&A increasingly to the further about Roomx, lodging on looking you obviously, most next are

and That's Andrew, it's literally of we've the last would year done Ron. lot I good year. that a question. work say positioning a this

corporate what we automation If of with lodging strategies can end in our business One the the you being corporate beyond and payments international for process or business of look Corpay play our AP front out or at tools. segments like building SMB payments mid-market the thing a

So lot sales I those are capability think we the revenue and and a that really assembled bigger. chase bigger, TAMs like that's are of can and so products lot we a of

more Pay be sniping ready one accretive think scale probably sure, there, sets stuff Any more or and that we're three of are back two let's thing. be saying ready run the there. I there's of still to would one around if could number main that and base, can wheelhouse be get businesses. more businesses, We But want that would stuff, that of we for Corporate lodging super to kind capability good thing. wheelhouse the of we do better, won't EV the where the I'm that the to pivot buy deals not some larger we're we in that's kind preference.

one it. Got helpful. quick follow-up. And That's

actually your going -- I just -- was methods ask distribution of to EV. toll and on before your mentioned consumers. you the all mentioned reaching You

if parallel you it's you still. consumer know with us the to EV ask us your to in wanted for in and early space share could ambitions I there? So what I could side

of the business realize follow-up. allowed one which an cause network trigger advantage, EV network No, has of that one us credit we know that It's things, the risk, no was it's lot the the pull that's can to models consumer on a that play, well good toll. a it's centric. there's duper like really sound what building a And super EV we me a

could the biggest partners help. is translation think I So

or in you a But stand aren't come you Brazil, people kiosks hundreds built, of if about in when with guys and there's malls direct model have booths capability, lot a CPOs, going our the at at can't our two of manufacturers that yes, that think Brazil OEMs having the consumer the or and EV toll So make Nissan in or car toll partner stuff. million EV at with business of there's a tag every reselling existing cars them, cars to that banks, EV make of be not cars that accounts largest people be stuff XX new model going them. the unless same to any recharge

light business went we going us. And so through to partners two partners, and kind embrace those working on BXB build can to C a the gosh, us, these for "Oh by they're consumer my of

to that's that's the and groups. talking thinking feedback from of the we've kind various So had those

So to for right, without to our sites, extension it get our company at, were some basically gun doing in to us consumers. Super new to allows try Bowl a getting

like about So we it. that's the that thing

[indiscernible] ad. Super know I you. Thank it. Got Bowl

leave on the congrats I'll result. So and it there

[indiscernible]

Thank you.

James come will Our next Morgan with question Stanley. Faucette from

ahead. You may now go

Hi, the color everybody. and all Thanks a lot perspective. for

questions Just a quick from of me. follow-up couple

Or the But up pick valuations really activity you active same acquisition obviously. How should should opportunities? time, the You seeing a are of priorities to kind we at back and what you're been your expectations guys And come have we where your as thinking about current be have capital started in continuation at own there like allocation down. of now? shares, right buying have mix? the

Ron. depends, unchanged. most capital are allocation I We James, answer right? think, position ones Hey, we start deals is, company the the it they and because priorities, The of create it's with Our do accretion.

-- buy stock been price. people shop that's the a multiples. our the we on really price are to number than Obviously, in So one. for obviously But companies depends stock buyers company it with higher better

that our so because set to so positioning us. probably we've we're And leading back at I deals, if buying strategic we of have gotten will, if company. levels, the said of the of these stock to We the price what things extension, of need or the I more is kind behind many kind run of mostly you think

say, stock probably, more the a probably I'd higher than swings prices else. At today's the something at way. stock pendulum bit price, other stock of back with our buyers So we're

that. of self come quick that an resolves? fraud indicate issues. Or different are current debt kind follow-up do And if the much purely could come How of be then that as a prices just on the of you appreciate prices. down, function those ongoing cycles I previously is issue fuel it than could and that of just kind seeing in down year? next fuel even anything you have And

total That's higher a of Yes. good super So most It's it, right? right, spend. more point. create prices, fuel

price right, gallons So is You then at XXX of by the right? attracts is higher, get targeted more it gallons criminals, fraud, loss again, XXX higher. more when event of $X And $X. instead the second

that's prospects really, the So economic challenged to And those repaying, us. like If not to if And the always [indiscernible] then that. a more are We're at question for things and in they the distributions, quality remain look so higher think. is, healthy we stuff? I normalizes, of improve. two health right question, the are open the lot problems group. able our just the credit seeing really accounts in Do clients swings and repay and it should that over

level loss or So stay fraud it this a overall down, fuel reset and levels should will if prices decline. both at smidge

that, Got Thanks for it. Ron.

conference. This concludes well presentation. the session today's attending question-and-answer you as as Thank our for

You may now disconnect.