Corpay Inc (CPAY) 2023 Q1 法說會逐字稿

Good day, and welcome to the FLEETCOR Technologies First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Jim Eglseder, Head of Investor Relations. Please go ahead.

美好的一天，歡迎來到 FLEETCOR Technologies 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係主管 Jim Eglseder。請繼續。

Good afternoon, everyone, and thank you for joining us today for our first quarter 2023 earnings call. With me today are Ron Clarke, our Chairman and CEO; Tom Panther, our new CFO; and Alissa Vickery, our Chief Accounting Officer. Following their prepared comments, the operator will announce the queue will open for the Q&A session. It is only then that you can get in line for questions.

大家下午好，感謝您今天加入我們的 2023 年第一季度財報電話會議。今天和我在一起的是我們的董事長兼首席執行官羅恩·克拉克 (Ron Clarke)；我們的新首席財務官 Tom Panther；和我們的首席會計官 Alissa Vickery。在他們準備好的評論之後，接線員將宣布隊列將開放以進行問答環節。只有這樣你才能排隊提問。

Please note that our earnings release and supplement can be found under the Investor Relations section of our website at fleetcor.com. Now throughout this call, we will be covering organic growth. As a reminder, this metric neutralizes for the impact of year-over-year changes in foreign exchange rates, fuel prices and fuel spreads. It also includes pro forma results for acquisitions closed during the 2 years being compared.

請注意，我們的收益發布和補充可以在我們網站 fleetcor.com 的投資者關係部分找到。現在，在整個電話會議中，我們將涵蓋有機增長。提醒一下，該指標抵消了外匯匯率、燃油價格和燃油價差同比變化的影響。它還包括在被比較的 2 年內完成的收購的備考結果。

We will also be covering non-GAAP financial metrics, including revenues, net income and net income per diluted share, all on an adjusted basis. These measures are not calculated in accordance with GAAP and may be calculated differently than other companies. Reconciliations of the historical non-GAAP to the most directly comparable GAAP information can be found in today's press release and on our website.

我們還將涵蓋非 GAAP 財務指標，包括收入、淨收入和稀釋後每股淨收入，所有這些指標均基於調整後的基礎。這些措施不是根據 GAAP 計算的，可能與其他公司的計算方式不同。可以在今天的新聞稿和我們的網站上找到歷史非 GAAP 與最直接可比的 GAAP 信息的對賬。

I also need to remind everyone that part of our discussion today may include forward-looking statements. These statements reflect the best information we have as of today, and all statements about our outlook, new products and expectations regarding business development and future acquisitions are based on that information. They are not guarantees of future performance, and you should not put undue reliance upon them. We undertake no obligation to update any of these statements.

我還需要提醒大家，我們今天的部分討論可能包含前瞻性陳述。這些陳述反映了我們目前掌握的最佳信息，所有關於我們的展望、新產品以及對業務發展和未來收購的期望的陳述均基於這些信息。它們不是未來表現的保證，您不應過分依賴它們。我們不承擔更新任何這些聲明的義務。

These expected results are also subject to numerous uncertainties and risks, which could cause actual results to differ materially from what we expect. Some of those risks are mentioned in today's press release on Form 8-K and in our annual report on Form 10-K filed with the Securities and Exchange Commission. These documents are available on our website and at sec.gov.

這些預期結果還受到許多不確定性和風險的影響，這可能導致實際結果與我們的預期存在重大差異。今天的 8-K 表新聞稿和我們向美國證券交易委員會提交的 10-K 表年度報告中提到了其中一些風險。這些文件可在我們的網站和 sec.gov 上獲得。

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

有了這個，我將把電話轉給我們的董事長兼首席執行官羅恩克拉克。羅恩？

Okay. Jim, thanks. Hi, everyone, and thanks for joining our Q1 '23 earnings call. Also joining us here today is Tom Panther, our new CFO, who is now official, so delighted to have Tom here with us. Upfront here, I'll plan to cover 4 subjects: first, provide my take on Q1 results; second, I'll share our updated full year 2023 guidance; third, discuss progress on our value creation and simplification plan; and then lastly, I'll comment briefly on our newly formed strategic review committee.

好的。吉姆，謝謝。大家好，感謝您參加我們的 Q1 '23 財報電話會議。今天也加入我們的是我們的新任首席財務官 Tom Panther，他現在是正式的，很高興湯姆和我們在一起。在此之前，我計劃涵蓋 4 個主題：首先，提供我對第一季度結果的看法；其次，我將分享我們更新的 2023 年全年指南；第三，討論我們的價值創造和簡化計劃的進展；最後，我將簡要評論一下我們新成立的戰略審查委員會。

Okay. Let me turn to our Q1 results. We reported revenue of $901 million, up 14%, and cash EPS of $3.80. That's up 4%. Both results finished above the top of our guidance range. The cash EPS of $3.80 clearly weighed down predominantly by higher interest expense. At constant interest expense for the quarter, cash EPS would have been $4.30, up 17%, so our model's intact.

好的。讓我談談我們第一季度的結果。我們報告的收入為 9.01 億美元，增長 14%，現金每股收益為 3.80 美元。上漲了 4%。兩項結果均高於我們的指導範圍的上限。 3.80 美元的現金 EPS 顯然主要受到利息支出增加的拖累。按本季度固定利息支出計算，每股收益現金為 4.30 美元，增長 17%，因此我們的模型完好無損。

The macro environment did cooperate, basically coming in as we anticipated. EBITDA for Q1 exceeded $460 million, up 17%. Margins there, up 100 basis points year-over-year. We invested incrementally about another 100 basis points of margin and a set of capability acquisitions from 2022, those intended to better position the company for the midterm.

宏觀環境確實配合了，基本按照我們的預期進來了。第一季度的 EBITDA 超過 4.6 億美元，增長 17%。利潤率同比增長 100 個基點。從 2022 年開始，我們又增加了大約 100 個基點的利潤率和一系列能力收購，旨在使公司在中期更好地定位。

Trends in the quarter, quite good. Organic revenue growth, Q1 was up 12% overall. That accelerated sequentially and is above our 9% to 11% target range. Same-store sales finished plus 3%, so healthy. Retention finished at 91%, slightly impacted by the credit actions we took in Q4 to contain credit risk in the micro segment. That does drive a bit of involuntary attrition. Sales performance, absolutely terrific in the quarter, up 31%, setting new record levels of new bookings. So look, fundamentals, in a good spot.

本季度的趨勢，相當不錯。有機收入增長，第一季度整體增長 12%。這依次加速，高於我們 9% 至 11% 的目標範圍。同店銷售額完成增長 3%，非常健康。保留率為 91%，受到我們在第四季度為控制微型細分市場的信用風險而採取的信貸行動的輕微影響。這確實會導致一些不由自主的流失。本季度的銷售業績絕對出色，增長 31%，創下新預訂量的新紀錄。所以看，基本面，在一個好的地方。

I do want to highlight our Brazil performance in Q1. So that business, really doing a nice job of transforming from a toll-centric business initially to now a broader vehicle payments business, again, for both businesses and consumers. The vehicle-related payments now include not only tolls but fuel, parking, fast food and recently now even vehicle insurance. Another super good sales quarter for Brazil, new toll tags, record level, and those were helped by a new bank relationship with Santander, which added almost 15% to the overall sales in the quarter.

我確實想強調我們在第一季度的巴西表現。因此，該業務確實做得很好，從最初以收費為中心的業務轉變為現在更廣泛的車輛支付業務，再次為企業和消費者服務。與車輛相關的付款現在不僅包括通行費，還包括燃料費、停車費、快餐費，最近甚至包括車輛保險費。巴西的另一個超級銷售季度、新的通行費標籤、創紀錄的水平，以及與桑坦德銀行建立新的銀行關係的幫助，這使該季度的總銷售額增加了近 15%。

We also had terrific fuel transaction growth, up 39%, as we continue to increase the fueling acceptance sites. But most surprisingly in the quarter is, of our approximately 5 million active consumer users there, 3 million utilized our new Sem Parar app, mobile app in the quarter. And that engagement helped drive almost a 15% attach rate of insurance policy add-on sales, so consumers coming to the app, looking around, seeing offers and actually transacting with us. So we think this engagement opens up big-time cross-sell opportunities. So look, all in all, a very good start here to Q1. Sales, revenues, profits, all of those above our expectations.

隨著我們繼續增加加油接受點，我們的加油交易也有驚人的增長，增長了 39%。但本季度最令人驚訝的是，在我們大約 500 萬活躍的消費者用戶中，有 300 萬在本季度使用了我們新的 Sem Parar 應用程序，即移動應用程序。這種參與幫助推動了近 15% 的保單附加銷售附加率，因此消費者來到該應用程序、環顧四周、查看優惠並實際與我們進行交易。因此，我們認為這種參與開闢了重要的交叉銷售機會。因此，總而言之，第一季度的開端非常好。銷售額、收入、利潤，所有這些都超出了我們的預期。

Okay. Let me shift gears and turn to our updated full year 2023 guidance along with assumptions behind it. So we're revising full year revenue and cash EPS guidance up by our Q1 beat, so revenue at the midpoint now of $3.840 billion and cash EPS at the midpoint now, $17.15. We are expecting the rest of year environment to be pretty consistent with what we forecasted 90 days ago, a few puts and takes but overall in the same place.

好的。讓我換檔，轉向我們更新的 2023 年全年指南及其背後的假設。因此，我們將全年收入和現金 EPS 指引上調到第一季度的預期，因此現在中點的收入為 38.40 億美元，現金 EPS 為 17.15 美元。我們預計今年餘下時間的環境與我們 90 天前的預測非常一致，有一些看跌期權，但總體上處於同一位置。

Also, we've got an early view of April trends and results, so continuing to track to our plan. I do want to point out that we're expecting rest of year organic revenue growth in the 9% to 11% range. Inside of that, fuel improving to kind of mid-single digits, Brazil and Lodging in the mid-teens and Corporate Payments in the high teens.

此外，我們已經初步了解了 4 月份的趨勢和結果，因此我們會繼續跟踪我們的計劃。我確實想指出，我們預計今年剩餘時間的有機收入增長將在 9% 至 11% 之間。其中，燃料增長到中個位數，巴西和住宿在十幾歲左右，企業支付在十幾歲左右。

We're expecting rest of year earnings to accelerate. That'll be driven by these record levels of sales flowing into the second half, a stronger Q2 and Q3 seasonality; again, a second half fuel acceleration driven really by the pivot in sales in that business from micro to a bit up market. We'll see better operating leverage as we run through the year. Revenues will expand faster than expenses. That should result in EBITDA margins in Q4 about 200 to 250 basis points better than last year. Second half EPS will also improve mostly as we lap the interest expense and higher bad debt levels that we experienced last year.

我們預計今年剩餘時間的收益將加速增長。這將受到下半年創紀錄的銷售水平、更強的第二季度和第三季度季節性的推動；再次，下半年燃料加速實際上是由該業務的銷售樞軸從微型市場轉向高端市場推動的。在這一年中，我們將看到更好的運營槓桿。收入的增長速度將快於支出。這應該會導致第四季度的 EBITDA 利潤率比去年高出約 200 至 250 個基點。下半年每股收益也將主要改善，因為我們將去年經歷的利息支出和更高的壞賬水平疊加起來。

Finally, we will keep a close eye out for any signs of macro weakness so that we can react quickly if we need to. Again, our solutions are generally pretty essential, pretty important. And demand for our services tends to actually run higher in inflationary times.

最後，我們將密切關注宏觀疲軟的任何跡象，以便我們能夠在需要時迅速做出反應。同樣，我們的解決方案通常非常重要，非常重要。在通貨膨脹時期，對我們服務的需求實際上往往會更高。

Okay. Let me transition to the progress that we're making on our value creation or simplification plan. So we're working across 3 areas there: first, to eliminate overhang related to the Russia and FTC case; we're working to reduce complexity and present a simpler company; and finally, EV, we're working to demonstrate that we can basically succeed in this energy transition.

好的。讓我過渡到我們在價值創造或簡化計劃方面取得的進展。因此，我們在 3 個領域開展工作：首先，消除與俄羅斯和 FTC 案件相關的懸置問題；我們正在努力降低複雜性並呈現一個更簡單的公司；最後，EV，我們正在努力證明我們基本上可以在這種能源轉型中取得成功。

So first up, Russia. We have signed definitive documents now to sell our Russia business to a local firm. We're awaiting a Russian government approval for the deal. And if we can get through the various hoops here, we would expect to close at the end of the quarter, the end of Q2. Tom Panther will provide some additional details on the impact of the transaction.

首先，俄羅斯。我們現在已經簽署了最終文件，將我們的俄羅斯業務出售給當地公司。我們正在等待俄羅斯政府批准這筆交易。如果我們能在這裡度過各種難關，我們預計將在本季度末，即第二季度末結束。 Tom Panther 將提供一些關於交易影響的額外細節。

Okay. Next up, the FTC case. So not much new to report here. As a reminder, both we and the FTC filed proposed orders back in February outlining some additional disclosure enhancements that we have been discussing with the court. So now it's really up to the court to decide what the conclusions will be and what the order will be. Given again that these are disclosure-related subjects, we continue to believe the court order will not have a material impact on the go-forward financial performance of the company.

好的。接下來是 FTC 案。在這里報告的內容不多。提醒一下，我們和 FTC 早在 2 月份就提交了擬議的命令，概述了我們一直在與法院討論的一些額外的披露改進措施。所以現在真的要由法院來決定結論是什麼以及命令是什麼。再次鑑於這些是與披露相關的主題，我們仍然相信法院命令不會對公司未來的財務業績產生重大影響。

Over to simplification, we are evaluating ways to simplify our company. Three things under consideration: first, we are actively exploring the divestiture now of a few noncore assets, so that's underway; second, we're considering moving to 3 reporting segments versus today's 5; and then lastly, we're continuing to evaluate a brand change for the entire company to Corpay that would better reflect really the broad set of corporate payments solutions that we're offering. So expect to make decisions on these simplification ideas over the next 90 days.

關於簡化，我們正在評估簡化我們公司的方法。正在考慮三件事：第一，我們正在積極探索剝離一些非核心資產，目前正在進行中；其次，我們正在考慮從現在的 5 個報告部分轉向 3 個報告部分；最後，我們將繼續評估整個公司對 Corpay 的品牌變更，這將更好地真正反映我們提供的廣泛的企業支付解決方案。因此，預計在接下來的 90 天內就這些簡化想法做出決定。

Okay. Let me make the turn to EV and reference Pages 11, 12 and 13 in our earnings supplement. So we've launched a pretty unique solution, the EV solution in the U.K. We call it our 3-in-1 solution. So that solution provides our fleet clients with a single program, one program where they can make traditional diesel purchases, on-road public EV recharging and manage at-home EV recharging and reimbursement, so 3 in 1.

好的。讓我轉向 EV 並參考我們的收入補充中的第 11、12 和 13 頁。因此，我們在英國推出了一個非常獨特的解決方案，即 EV 解決方案。我們將其稱為我們的三合一解決方案。因此，該解決方案為我們的車隊客戶提供了一個單一的程序，一個他們可以購買傳統柴油、在路上公共電動汽車充電以及管理家庭電動汽車充電和報銷的程序，所以三合一。

The early indications are that the EV economics could actually be favorable to us. So we looked at a sample, 271 clients in the U.K. that have been with us over the last 8 quarters, and examined the revenue pattern. And what you can see in the supplement is that the EV revenue per vehicle is actually higher than our ICE revenue per vehicle. So although early days, really pretty good news. So the driver here has really the need for businesses to measure and reimburse recharging and potentially, in our case, 1 million homes, right, the number of users we have. So it will be quite a task.

早期跡象表明，電動汽車經濟實際上可能對我們有利。因此，我們查看了過去 8 個季度與我們合作的英國 271 位客戶的樣本，並檢查了收入模式。你在補充中可以看到，每輛車的 EV 收入實際上高於我們每輛車的 ICE 收入。所以雖然還早，但確實是個好消息。因此，這裡的司機確實需要企業衡量和報銷充電費用，在我們的案例中，可能有 100 萬戶家庭，對，我們擁有的用戶數量。所以這將是一項艱鉅的任務。

I also want to point out that we're continuing to pursue the consumer EV payment opportunity so providing some potential upside to the EV energy transition. Since we are building, acquiring EV networks and EV technology for the B2B market, we decided to repurpose those capabilities to serve consumers. So underway doing that in Europe, we're building a consumer EV payment business. We've signed 10 EV vehicle manufacturers, and we're serving their new EV consumer buyers. So when a new EV consumer drives off a lot, they will be using our EV network and payment app, so out of the blocks there.

我還想指出，我們正在繼續尋求消費者電動汽車支付機會，從而為電動汽車能源轉型提供一些潛在的好處。由於我們正在為 B2B 市場構建、獲取 EV 網絡和 EV 技術，因此我們決定重新利用這些功能來為消費者服務。因此，在歐洲，我們正在開展一項消費者電動汽車支付業務。我們已經與 10 家電動汽車製造商簽約，我們正在為他們的新電動汽車消費者買家提供服務。因此，當新的 EV 消費者經常開車時，他們將使用我們的 EV 網絡和支付應用程序，從而擺脫障礙。

Okay. Let me make the turn to my last subject, which is our new strategic review committee, formed to evaluate the portfolio options for the company. So we did retain Goldman Sachs to support the assignments. They have shared their preliminary analysis and thoughts with both the committee and our Board. I do want you to know we're taking this portfolio assessment quite seriously, and we're evaluating really all options to potentially increase shareholder value.

好的。讓我轉向我的最後一個主題，即我們新成立的戰略審查委員會，該委員會的成立是為了評估公司的投資組合選擇。所以我們確實保留了高盛來支持這些任務。他們與委員會和我們的董事會分享了他們的初步分析和想法。我確實想讓你知道我們非常認真地對待這個投資組合評估，我們正在評估所有可能增加股東價值的選擇。

I want you to know that I am personally aligned here with shareholders, both in terms of the importance of re-rating our multiple but also the urgency of doing so. So early days, but we're digging in. We're evaluating options. We're meeting folks. We're sizing dissynergies. We're getting at it. We do expect to have much more to report when we speak again in 90 days.

我想讓你知道，我個人與股東保持一致，無論是在重新評估我們的倍數的重要性還是這樣做的緊迫性方面。這麼早，但我們正在深入研究。我們正在評估各種選擇。我們正在見人。我們正在評估分歧。我們正在努力。當我們在 90 天后再次發言時，我們確實希望有更多的報告。

So look, in closing, again, Q1 out of the blocks in a good way, ahead of our expectations. Our rest of year guide, up, assuming 9% to 11% organic revenue growth with improving margins and earnings, working aggressively to close out our Russia and FTC overhangs, begin communicating hopefully a simpler company and advancing the EV capabilities. And lastly, as I just said, we are just underway evaluating portfolio separation options, so a lot going on.

因此，在結束時，再次以良好的方式結束 Q1，超出我們的預期。我們今年餘下時間的指導，假設收入有機增長 9% 至 11%，利潤率和收益提高，積極努力消除我們在俄羅斯和 FTC 的懸念，開始有希望地與一家更簡單的公司溝通，並提升 EV 能力。最後，正如我剛才所說，我們正在評估投資組合分離選項，所以有很多事情要做。

So with that, let me turn the call over to Tom Panther, our new CFO, to provide some additional details on the quarter. Tom?

因此，讓我將電話轉給我們的新首席財務官 Tom Panther，以提供有關該季度的一些其他詳細信息。湯姆？

Thanks, Ron. It's great to be formally onboard and to have joined the FLEETCOR team at such an exciting time. The last several weeks have been a great opportunity for me to learn the business by spending in-depth time with our people to better understand our markets, products, sales strategies, key initiatives, technology and much more. There is more for me to learn, but the team has been incredibly helpful, accelerating my journey up the learning curve.

謝謝，羅恩。很高興在如此激動人心的時刻正式加入並加入 FLEETCOR 團隊。過去幾週對我來說是一個很好的機會，通過與我們的員工深入交流，更好地了解我們的市場、產品、銷售策略、關鍵舉措、技術等，從而了解業務。我還有更多需要學習的東西，但團隊提供了難以置信的幫助，加快了我在學習曲線上的旅程。

I'm impressed by the exceptional talent and high-caliber capabilities that support the organization. FLEETCOR has a proven track record of generating strong top line growth and accretive operating leverage, and I can see why it's able to deliver those sustained high-quality results. I'm looking forward to digging in and helping the company achieve its business, strategic and financial objectives, and I'm confident in FLEETCOR's growth prospects, both organic and inorganic moving forward.

支持該組織的傑出人才和高素質給我留下了深刻的印象。 FLEETCOR 在產生強勁的收入增長和增加經營槓桿方面有著良好的記錄，我明白為什麼它能夠提供那些持續的高質量結果。我期待深入挖掘並幫助公司實現其業務、戰略和財務目標，並且我對 FLEETCOR 的增長前景充滿信心，無論是有機的還是無機的。

And we need to look no farther than the first quarter results to understand why I'm confident in the company's future. As Ron mentioned, we posted 14% revenue growth in the quarter, including 12% organic growth. The incremental 2% of reported growth was due to acquisitions made last year as the macro fuel and FX factors were mostly a push versus prior year. Revenue of $901 million exceeded our guidance by $19 million, which flowed through to our $0.15 beat in cash EPS of $3.80.

我們只需要看看第一季度的業績就可以理解為什麼我對公司的未來充滿信心。正如 Ron 所提到的，我們在本季度公佈了 14% 的收入增長，其中包括 12% 的有機增長。報告增長的增量 2% 是由於去年進行的收購，因為宏觀燃料和外匯因素主要是對前一年的推動。 9.01 億美元的收入比我們的指導高出 1900 萬美元，這使我們的現金每股盈利 0.15 美元超過了 3.80 美元。

Moving on to the segments. I want to point out that we changed our organic growth solution disclosures to match the segment reporting that we implemented last year. Going forward, both reported and organic results will be disclosed in Fleet, Corporate Payments, Lodging, Brazil and other. This will be cleaner and eliminate any confusion between segment and solution categories. We've provided organic growth information on this basis for the last 8 quarters on Slide 7 of our earnings supplement, and we've provided a map in the appendix so you can track these classification changes.

繼續細分。我想指出的是，我們更改了有機增長解決方案的披露，以匹配我們去年實施的分部報告。展望未來，報告結果和有機結果都將在艦隊、企業支付、住宿、巴西和其他方面披露。這將更清晰，並消除段和解決方案類別之間的任何混淆。我們在收益補充的幻燈片 7 中提供了過去 8 個季度在此基礎上的有機增長信息，並且我們在附錄中提供了一張地圖，以便您可以跟踪這些分類變化。

Now on to the quarter. Organic revenue growth was 12% as we delivered results 2% above guidance, reflecting the strong diversification of our business and the realization of strong sales results from last year across all of our businesses. This is despite the intentional strategy to pivot our U.S. fleet sales upmarket to mitigate credit exposure. Our Corporate Payments revenue grew 19%, led by our direct Corpay payables business, which was up over 30%, driven by continuing strong sales, especially in full AP automation. Our solutions are selling well in the marketplace, and we continue to believe that we have attractive and differentiated offerings that will drive future growth over time.

現在進入季度。由於我們的業績比預期高出 2%，有機收入增長了 12%，這反映了我們業務的強大多元化以及我們所有業務去年實現的強勁銷售業績。儘管有意將我們的美國機隊銷售轉向高端市場以減輕信貸風險，但仍存在這種情況。我們的企業支付收入增長了 19%，在我們的直接 Corpay 應付業務的帶動下增長了 30% 以上，這得益於持續強勁的銷售，尤其是在完全 AP 自動化方面。我們的解決方案在市場上賣得很好，我們仍然相信我們擁有有吸引力和差異化的產品，這些產品將隨著時間的推移推動未來的增長。

Cross border revenue was up 21%, which is normalized for the Global Reach acquisition in January. The cross border team had another very good quarter as new sales and customer wins remained strong while also substantially completing the Global Reach integration, which is underscored by 90% of the Global Reach revenue already migrated to our platform.

跨境收入增長了 21%，這是 1 月份收購 Global Reach 後的正常情況。跨境團隊又迎來了一個非常好的季度，因為新的銷售和贏得的客戶仍然強勁，同時也基本上完成了 Global Reach 整合，90% 的 Global Reach 收入已經遷移到我們的平台，這一點得到了強調。

Fleet revenue increased 6% on a reported basis, driven by higher volume. Organically, when we isolate the impact of fuel prices, Fleet grew 3%, in line with our expectations. This reflects the continued drag from the weakness in the micro SMB fleet and the recent change in sales focus to a slightly larger customer. We are seeing good success from our sales pivot with sales trends continuing to improve, and we feel good about our ability to reaccelerate the growth in the back half of the year.

在銷量增加的推動下，車隊收入在報告基礎上增長了 6%。從有機的角度來看，當我們分離出燃料價格的影響時，Fleet 增長了 3%，符合我們的預期。這反映了微型 SMB 車隊疲軟的持續拖累，以及最近銷售重心向稍大客戶的轉變。我們從銷售趨勢中看到了良好的成功，銷售趨勢繼續改善，我們對我們在下半年重新加速增長的能力感到滿意。

Brazil revenue was up 18% compared to last year as the business continues to perform at an extremely high level. Our strategy of using the vehicle and now the Sem Parar mobile app for additional purchases like fuel, insurance and certain retail purchases continues to grow, which significantly expands the addressable market across B2B and B2C. We have transformed the Brazil business beyond a single-product toll tags business. It really is the center of an entire vehicle payment ecosystem that continues to grow, and we're the only provider that offers this breadth in the market. We have a highly differentiated value proposition in the marketplace and it is clearly winning share.

巴西的收入與去年相比增長了 18%，因為該業務繼續保持極高水平。我們使用車輛和現在的 Sem Parar 移動應用程序進行額外購買（如燃料、保險和某些零售購買）的策略繼續增長，這顯著擴大了 B2B 和 B2C 的潛在市場。我們已將巴西業務轉變為單一產品收費標籤業務。它確實是持續發展的整個汽車支付生態系統的中心，我們是市場上唯一提供這種廣泛服務的供應商。我們在市場上擁有高度差異化的價值主張，而且顯然正在贏得市場份額。

Lodging continued to perform well, growing 26%. This solid performance highlighted by strong sales across our industry verticals that reflect our success in driving innovation to win new clients and capturing more business from existing clients. In addition, revenue per night increased 24% due to customer mix and additional fee-based revenue sources as we continue to expand our product capabilities. Our near-term focus is on consolidating our various hotel networks into one in order to enhance the customer experience.

住宿繼續表現良好，增長了 26%。我們垂直行業的強勁銷售突顯了這一穩健的業績，這反映了我們在推動創新以贏得新客戶和從現有客戶那裡獲得更多業務方面取得的成功。此外，隨著我們繼續擴展產品功能，由於客戶組合和額外的收費收入來源，每晚收入增長了 24%。我們近期的重點是將我們的各種酒店網絡整合為一個，以提升客戶體驗。

Looking further down the income statement. Operating expenses were $526 million, representing a 12% increase over the prior year, primarily due to the addition of the Global Reach operations and the capability acquisitions we made last year, like Plugsurfing in the EV space. The remaining increase in operating expense was primarily in Corporate Payments and Lodging, where we generated significant operating leverage.

進一步查看損益表。運營費用為 5.26 億美元，比上年增長 12%，這主要是由於增加了 Global Reach 業務和我們去年進行的能力收購，例如電動汽車領域的 Plugsurfing。運營費用的剩餘增長主要來自企業支付和住宿，我們在這方面產生了顯著的運營槓桿。

Bad debt expense was 8 basis points but more importantly, slightly down sequentially from Q4 '22. Our delinquency trends give us confidence that we're on the path to lower bad debt expense in the back half of the year, even after giving consideration to a potentially soft macroeconomic cycle.

壞賬費用為 8 個基點，但更重要的是，比 22 年第四季度略有下降。我們的拖欠趨勢讓我們相信，即使考慮到潛在的疲軟宏觀經濟周期，我們仍有望在今年下半年降低壞賬支出。

The EBITDA margin in the quarter was 51%, 100 basis points better than Q1 '22. This includes $11 million or about 100 basis points of drag from expenses associated with recent acquisitions, including integrating and building out our AP automation and EV capabilities that we bought last year. We still expect our full year EBITDA margin to increase approximately 150 basis points compared to last year and Q4 to exit the year 200 to 250 basis points higher than Q4 '22. Remember, margins expand throughout the year as we generate revenue growth and realize the benefits of synergies from recent acquisitions.

本季度的 EBITDA 利潤率為 51%，比 22 年第一季度高 100 個基點。這包括與最近收購相關的費用產生的 1100 萬美元或大約 100 個基點的拖累，包括整合和構建我們去年購買的 AP 自動化和 EV 功能。我們仍然預計我們的全年 EBITDA 利潤率將比去年增加約 150 個基點，第四季度將比 22 年第四季度高出 200 至 250 個基點。請記住，隨著我們實現收入增長並實現近期收購帶來的協同效應的好處，全年利潤率都會擴大。

Interest expense increased by $58 million year-over-year, driven by higher rates on our debt stack. The impact of higher interest rates resulted in approximate $0.49 drag on first quarter adjusted EPS. Our effective tax rate for the quarter was 27.1% versus 26% last year, with the increase driven primarily by increases in tax rates in some international jurisdictions and some onetime discrete items. We anticipate the quarterly effective tax rate for the rest of the year to be between 26% and 27%.

利息支出同比增加 5800 萬美元，這主要是由於我們的債務利率較高。較高利率的影響導致第一季度調整後每股收益受到約 0.49 美元的拖累。我們本季度的有效稅率為 27.1%，而去年為 26%，增長的主要原因是一些國際司法管轄區和一些一次性獨立項目的稅率提高。我們預計今年剩餘時間的季度有效稅率將在 26% 至 27% 之間。

Now turning to the balance sheet. We ended the quarter with about $1.3 billion in unrestricted cash, and we had $779 million available on our revolver. There was $5.5 billion outstanding on our credit facilities, and we had $1.3 billion borrowed in our securitization facility. As of March 31, our leverage ratio was 2.7x trailing 12-month adjusted EBITDA as calculated in accordance with our credit agreement. We made no open market share repurchases in the quarter as we deployed roughly $230 million in capital for 3 deals, including Global Reach while also maintaining our leverage ratio.

現在轉向資產負債表。本季度結束時，我們擁有約 13 億美元的不受限制現金，我們有 7.79 億美元可用在我們的左輪手槍上。我們的信貸額度有 55 億美元未償還，我們的證券化額度有 13 億美元借入。截至 3 月 31 日，根據我們的信貸協議計算，我們的槓桿率為 2.7 倍的過去 12 個月調整後 EBITDA。我們在本季度沒有進行公開市場股票回購，因為我們為包括 Global Reach 在內的 3 筆交易部署了大約 2.3 億美元的資本，同時還保持了我們的槓桿率。

I would like to remind you that our first port of call for capital deployment is always accretive acquisitions. And then if there's nothing near term, we'll evaluate buybacks or debt paydowns as appropriate. We still have over $1.2 billion authorized for share repurchases, and we believe we have ample liquidity to pursue near-term M&A opportunities and continue to buy back shares when it makes sense.

我想提醒您，我們進行資本部署的第一站始終是增值收購。然後，如果近期沒有任何進展，我們將酌情評估回購或償還債務。我們仍有超過 12 億美元的授權用於股票回購，我們相信我們有充足的流動性來尋求近期的併購機會，並在合理的時候繼續回購股票。

In addition to Ron's overview of our full year guidance, let me give some additional detail, including some thoughts on our Q2 outlook and supporting assumptions, which can be found on Slide 14. For the full year, we now expect GAAP revenues between $3.82 billion and $3.86 billion, adjusted net income between $1.263 billion and $1.303 billion, adjusted net income per diluted share between $16.95 and $17.35, and finally, EBITDA growth of 15%. All of these numbers include Russia for the full year.

除了 Ron 對我們全年指導的概述之外，讓我提供一些額外的細節，包括對我們第二季度展望和支持假設的一些想法，這些可以在幻燈片 14 中找到。對於全年，我們現在預計 GAAP 收入在 38.2 億美元之間38.6 億美元，調整後淨收入在 12.63 億美元至 13.03 億美元之間，調整後每股攤薄淨收入在 16.95 美元至 17.35 美元之間，最後，EBITDA 增長 15%。所有這些數字都包括全年的俄羅斯。

Assuming a June 30 close of our Russia business, we expect GAAP revenues to be $55 million to $65 million lower, resulting in a $0.30 to $0.40 decline in adjusted EPS based on using the sale proceeds for buybacks over the remainder of the year.

假設我們的俄羅斯業務在 6 月 30 日結束，我們預計 GAAP 收入將減少 5500 萬至 6500 萬美元，導致調整後的每股收益下降 0.30 至 0.40 美元（基於在今年剩餘時間內使用銷售收益回購）。

I also want to emphasize that the transaction is subject to approval by the Russian government, which involves an added level of complexity. For the second quarter, we're expecting revenue to be between $930 million and $950 million and adjusted net income per share to be between $4.02 and $4.22, which at the midpoint is down slightly from what we reported in Q2 of 2022, which is driven by higher interest expense of approximately $60 million and roughly $20 million of expected macro headwinds from fuel price and FX rates.

我還想強調的是，這筆交易需要得到俄羅斯政府的批准，這會增加複雜性。對於第二季度，我們預計收入將在 9.3 億美元至 9.5 億美元之間，調整後的每股淨收入將在 4.02 美元至 4.22 美元之間，這比我們在 2022 年第二季度報告的中點略有下降，這是由利息支出增加約 6000 萬美元，燃料價格和匯率預計帶來約 2000 萬美元的宏觀逆風。

Related to our guidance assumptions, we are using $3.99 as our fuel price assumption for the rest of the year. Our interest expense guidance of $310 million to $330 million is based off an average LIBOR rate of 4.9% for the rest of the year. The rest of our assumptions can be found in our press release and supplement.

與我們的指導假設相關，我們使用 3.99 美元作為今年剩餘時間的燃油價格假設。我們 3.1 億美元至 3.3 億美元的利息支出指導是基於今年剩餘時間 4.9% 的平均 LIBOR 利率。我們的其他假設可以在我們的新聞稿和補充資料中找到。

Finally, I'd like to thank our 10,000-plus employees around the world who helped deliver a fantastic start to 2023. This quarter's results and our go-forward prospects reinforce the power of our growth-oriented, diversified business and the strength of our franchise.

最後，我要感謝我們在全球的 10,000 多名員工，是他們幫助我們在 2023 年取得了良好的開端。本季度的業績和我們的未來前景增強了我們以增長為導向的多元化業務的力量以及我們的實力專營權。

Thank you for your interest in FLEETCOR. And now operator, we'd like to open the line for questions.

感謝您對 FLEETCOR 的關注。現在接線員，我們想打開問題熱線。

(Operator Instructions)

（操作員說明）

Our first question comes from Pete Christiansen with Citi.

我們的第一個問題來自花旗的 Pete Christiansen。

Tom, welcome aboard here. Great to have you. I had 2 questions here. There's a lot to dig into. But Ron, I guess now with the new segmentation, how should we think about long-term kind of normalized growth for the Fleet business now that we've added some other things to that segment? I know in the past, you've talked about the segment being kind of like 4% to 8%. Does that change with the new classification? And perhaps maybe we could also address Brazil in that same vein.

湯姆，歡迎來到這裡。很高興有你。我在這裡有兩個問題。有很多東西可以挖掘。但是羅恩，我想現在有了新的細分，既然我們已經向該細分市場添加了一些其他東西，我們應該如何考慮艦隊業務的長期正常化增長？我知道過去，你曾談到該細分市場大約是 4% 到 8%。這會隨著新分類而改變嗎？或許我們也可以以同樣的方式處理巴西問題。

Yes. Pete, it's Ron. So I'd say kind of in the base business based on how we're allocating sales and marketing investment, we're probably still in that target range, kind of mid-single digits. But I think the couple of wild cards on it are AEV, right? Does that thing, particularly with the early view we're getting of the economics, does that help accelerate it along with that consumer leg? And then B, do we get the cross-sell thing to hunt a bit more? so I'd say the wildcard is those 2 things. If those 2 things come in, obviously could accelerate quite a bit.

是的。皮特，是羅恩。所以我想說，根據我們分配銷售和營銷投資的方式，在基礎業務中，我們可能仍在那個目標範圍內，有點中個位數。但我認為上面的幾張通配符是 AEV，對吧？那件事，尤其是我們對經濟學的早期看法，是否有助於加速它與消費者的關係？然後 B，我們是否得到交叉銷售的東西來尋找更多的東西？所以我想說通配符就是這兩件事。如果這兩件事進來，顯然可以加速很多。

Okay. That's helpful. I know the toll businesses in Brazil, switching to free flow. I know it's been a benefit to some toll payment administrators here in the U.S. when E-ZPass went free flow. Just curious your take on how that could impact the business nearer term.

好的。這很有幫助。我知道巴西的收費業務正在轉向自由流動。我知道當 E-ZPass 自由流動時，這對美國的一些通行費支付管理員來說是一個好處。只是好奇您對這將如何影響近期業務的看法。

Yes, that's a good question. So, so far, it's good news. It's -- for those who don't know, it's pretty early days in Brazil in terms of trying to make the transition to free flow. So they're actually testing it in one region. So the good news on that for -- obviously, for the toll operator is, hey, there's no more gates and stopping people. The bad news is the, whatever, the 20% to 30% of the people that don't have electronic, have a [clue folly] way of paying after the fact.

是的，這是個好問題。所以，到目前為止，這是個好消息。這是——對於那些不知道的人來說，就試圖向自由流動過渡而言，巴西還處於早期階段。所以他們實際上是在一個地區進行測試。所以好消息是——顯然，對於收費運營商來說，嘿，沒有更多的大門和攔路人了。壞消息是，無論如何，20% 到 30% 的人沒有電子設備，卻有一種事後付款的 [愚蠢的線索] 方式。

So it'll help us. It's a tailwind short term because it makes the electronic blast right through even more attractive than today because, again, it's more difficult for people to follow up after the fact. So we're actually seeing that, Pete, in the test region. So in the one place where they put it in, we're actually doing a bit better, so I'd say the only reason I get super excited. It'll probably take quite a while, right? There's a lot to test. There's a lot of infrastructure and stuff to move that post-payment thing to work out. So I don't think it's going to be super duper immediately but I'd say, over the midterm, helpful to us.

所以它會幫助我們。這是一個短期的順風，因為它使電子爆炸比今天更具吸引力，因為人們更難在事後跟進。因此，皮特，我們實際上在測試區域看到了這一點。所以在他們把它放在一個地方，我們實際上做得更好一點，所以我想說這是我超級興奮的唯一原因。這可能需要相當長的時間，對吧？有很多東西要測試。有很多基礎設施和東西可以解決後付款問題。所以我不認為它會立即成為超級騙子，但我會說，在中期，對我們有幫助。

The next question comes from Andrew Jeffrey with Truist Securities.

下一個問題來自 Truist Securities 的 Andrew Jeffrey。

Ron, I wonder if you can update a little bit on the selling motion as you move up market in fuel. It sounds like you've met with some pretty good early success. But can you just kind of elaborate on what that looks like? Can you continue to go to market using primarily digital means? Is it more kind of feet on the street? Is there a pricing or yield difference on some of those bigger fleets? Just want to try to understand how that might compare to how the fuel business looks prior.

羅恩，我想知道你是否可以在燃料市場上移時更新一些銷售動議。聽起來你已經取得了一些相當不錯的早期成功。但是你能詳細說明一下它是什麼樣子的嗎？您能否繼續主要使用數字方式進入市場？在街上更像是腳嗎？一些較大的機隊是否存在定價或收益差異？只是想嘗試了解這與燃料業務之前的情況相比如何。

Andrew, another good question. So point one is we already sell up market, so although we don't say it, call it, I don't know, 40% of the sales even in the U.S. business are kind of not digital, 40% to 50%. So we're already kind of in the business is point one. And point two is, I'd say, even more so internationally, we have way longer time and see there with universal networks, so we sold a bigger account for a lot longer.

安德魯，另一個好問題。所以第一點是我們已經賣掉了市場，所以雖然我們沒有說，但我不知道，即使在美國業務中，40% 的銷售額也不是數字化的，40% 到 50%。所以我們已經在業務中是第一點。第二點是，我想說的是，在國際上更是如此，我們有更長的時間，可以看到通用網絡，所以我們賣了一個更大的賬戶，時間更長了。

But back here to the U.S. So the 2 ways that we'll kind of drift up market is, one, is repointing of our digital engine. So we basically kind of reworked the algorithm there to look for different kind of search characteristics. So we let through the door, if you will, we bid in a way basically to encourage bigger accounts to come to us and obviously kind of shun smaller accounts. So that's underway. We made that pivot, call it, last October, November, so that's already started to work.

但是回到美國，我們可以通過兩種方式提升市場，一種是重新定位我們的數字引擎。所以我們基本上重新設計了那裡的算法以尋找不同類型的搜索特徵。所以我們放開大門，如果你願意的話，我們的出價基本上是為了鼓勵更大的客戶來找我們，顯然有點避開較小的客戶。所以這正在進行中。去年 10 月、11 月，我們做了那個支點，稱之為支點，所以它已經開始起作用了。

And then second, what you said. We're starting to grow now the feet on the street that would go into the seam. And what we're working on is what I mentioned to Pete, Andrew, a few minutes ago of maybe going to market with not only the fuel card but going to market with this Corpay One that kind of has the corporate payments stuff built into it to see if that might be a little bit more compelling. So we're kind of in test mode now of putting some people against a bit larger prospects and giving them something a little newer kind of interesting to say. So those are the couple of ideas.

其次，你說的。我們現在開始在街上長出會進入接縫的腳。我們正在做的事情是我幾分鐘前對皮特和安德魯提到的，可能不僅會推出加油卡，還會推出這款內置了企業支付功能的 Corpay One看看這是否更有說服力。所以我們現在有點處於測試模式，讓一些人面對更大的前景，並給他們一些更有趣的東西來表達。這就是兩個想法。

Okay. That's helpful. And then I like the U.K. mixed fleet disclosure slide from a revenue standpoint. Is it safe to assume that you see similar unit economics or maybe think about it as contribution margin in addition to more revenue? In other words, is operating leverage in those mixed fleet EV offerings?

好的。這很有幫助。然後，從收入的角度來看，我喜歡英國混合車隊的披露幻燈片。可以安全地假設您看到類似的單位經濟效益，或者將其視為除了更多收入之外的邊際貢獻嗎？換句話說，這些混合車隊電動汽車產品是否具有運營槓桿？

Yes, I'd say that's way too early to call, right? We've got a tiny, tiny, little EV business and set of assets and cost structure. So our 99% focus at this point is on the revenue side, right, and figuring out how to serve these clients and win. And I don't know if people think it's a big deal, but as I kind of dug through the data, I'll say to everybody, it is a big deal, right, that companies, real clients that we have are willing to pay us more money to be more helpful in more places, and if you look at the chart, kind of significantly more money.

是的，我會說現在打電話還為時過早，對吧？我們有一個很小的、很小的、很小的電動汽車業務和一套資產和成本結構。因此，我們目前 99% 的注意力都集中在收入方面，對，並弄清楚如何為這些客戶服務並贏得勝利。我不知道人們是否認為這是一件大事，但當我挖掘數據時，我會告訴大家，這是一件大事，對吧，我們擁有的公司、真正的客戶願意付給我們更多的錢，以便在更多地方提供更多幫助，如果你看一下圖表，就會發現錢多得多。

So that is way different than I think we would have thought 2 years ago getting into the thing. So what I would say people ought to focus on is the fact that we have it. I think I'm accurate in saying we're the only ones. There's no one else that has this 3-in-1 kind of offering that brings all the things together. So I'd say, come back, Andrew, a different day to me on the margin side, but there's nothing structurally that would make us think we couldn't be at the same level over time. It's just not we're on today.

所以這與我認為我們 2 年前進入這件事時的想法有很大不同。所以我想說人們應該關注的是我們擁有它的事實。我想我說我們是唯一的人是準確的。沒有其他人擁有這種集所有元素於一身的三合一產品。所以我會說，安德魯，回來吧，在邊緣方面對我來說是不同的一天，但在結構上沒有什麼會讓我們認為我們不能隨著時間的推移處於同一水平。只是我們今天不在。

The next question comes from Sheriq Sumar with Evercore ISI.

下一個問題來自 Evercore ISI 的 Sheriq Sumar。

I just wanted to get a sense on the trends in the month that you saw in the first quarter as to was there a sequential decline in the month of March versus what you saw in Jan and Feb? Or was it highly consistent across all the months? And early read across how trends have been in April and any areas of weakness or strength that you have seen so far?

我只是想了解一下您在第一季度看到的月份趨勢，即 3 月份與您在 1 月和 2 月看到的情況相比是否出現連續下降？還是所有月份都高度一致？並提前了解 4 月份的趨勢以及您目前看到的任何弱點或優勢領域？

Yes. Sheriq, it's Ron. So no, I'd say, if anything, the months are increasing, why we're a snowball business where we add more than we lose. And I think -- I don't know, but probably March has more workdays, so it would have been a higher print. And I did call out we've had a pretty good peak here in April, both revenue and other trends that I'd say it's kind of spot on the plan, which obviously fits with the guidance. So we're still just not seeing much. We built a plan, whatever, a few months ago, and as you can hear from the results and the April comment, we kind of track in the -- right where we thought.

是的。謝里克，是羅恩。所以不，我想說，如果有的話，月份在增加，為什麼我們是一個滾雪球業務，我們增加的多於我們失去的。我想——我不知道，但可能 3 月的工作日更多，所以印刷量會更高。我確實說過，我們在 4 月份的收入和其他趨勢都達到了一個很好的高峰，我想說這是計劃中的一個點，這顯然符合指導。所以我們仍然看不到太多。不管怎樣，幾個月前我們制定了一個計劃，正如你從結果和 4 月份的評論中聽到的那樣，我們有點跟踪——就在我們認為的地方。

One follow-up. On Corporate Payments, if I remember correctly, on the last quarter, you had mentioned that the growth will be around 20%, north of 20%, but now you had like around high teens, unless I'm wrong over here. So I just wanted to get a sense as to what's causing the difference in outlook for Corporate Payments?

一個跟進。在企業支付方面，如果我沒記錯的話，在上個季度，你曾提到增長將在 20% 左右，超過 20%，但現在你有大約十幾歲的增長，除非我在這裡錯了。所以我只是想了解是什麼導致了企業支付前景的差異？

Are you trying to pick on, hey, it's 19% instead of 20%?

你是想挑剔，嘿，它是 19% 而不是 20%？

Yes. No, I thought it was more like 20-plus percent, so I thought it probably was more like a [50, 100 basis point] of decline. Yes.

是的。不，我認為它更像是 20% 以上，所以我認為它可能更像是 [50、100 個基點] 的下降。是的。

Yes. If you go back and read kind of prior scripts, I would have said high teens to 20%. So 19%, I think qualifies as high teens. And I did say I think it's likely you will see in 1 of the next 2 or 3 quarters to think -- tick above the 20%. So again, we try to build, design that business to run right around the 20%, plus or minus, so still highly confident of that.

是的。如果你回去閱讀之前的劇本，我會說高十幾歲到 20%。所以 19%，我認為有資格成為高中生。我確實說過，我認為您可能會在接下來的 2 或 3 個季度中的 1 個季度中看到 - 超過 20%。因此，我們再次嘗試建立、設計該業務，使其在 20% 左右運行，因此仍然對此充滿信心。

The next question comes from Sanjay Sakhrani with KBW.

下一個問題來自 KBW 的 Sanjay Sakhrani。

Ron, appreciate the commentary on the strategic review committee, and it seems like you're onboard. I know in the past, you've considered divestitures or sales of some of the businesses, and the price simply was not compelling enough. I'm just curious, one, has the backdrop changed in terms of that pricing? Or are you just willing to make the deal in the name of simplification? And then second, maybe you could just talk about core versus noncore, sort of how you guys are looking at this.

羅恩，感謝戰略審查委員會的評論，看起來你在船上。我知道過去，您曾考慮過剝離或出售某些業務，但價格根本不夠有吸引力。我只是好奇，一個，在定價方面背景是否發生了變化？或者你只是願意以簡化的名義進行交易？其次，也許你們可以談談核心與非核心，以及你們是如何看待這個問題的。

Yes, Sanjay, on the first part of your question, the backdrop has changed our value of our earnings, right? So historically, I'd say up until, call it, the last 1.5 years, we traded in the mid- to high teens EBITDA, kind of next 12 months EBITDA sort of trade at, call it, 10, 11x is the first part of the backdrop. So a price from a third party that would be a lot higher than where we are would be more interesting to me than it would have been when we traded obviously at 15% to 20%.

是的，桑傑，關於你問題的第一部分，背景改變了我們的收入價值，對吧？所以從歷史上看，我會說直到過去 1.5 年，我們交易的 EBITDA 處於中高位 EBITDA，接下來的 12 個月 EBITDA 交易額為 10、11 倍是第一部分的背景。因此，與我們明顯以 15% 至 20% 的價格進行交易相比，第三方的價格比我們現在的價格高很多對我來說更有趣。

So in terms of the segments, I'd say it's really the size of the businesses is how we think about things that are core. So things that are big for us have big leadership positions we would call core. And so if you know what those are, that would be Fleet, Brazil, Corporate Payments. Lodging for sure would be businesses that we would view as big and core and have great positions.

因此，就細分市場而言，我想說的是，業務規模確實是我們思考核心事物的方式。所以對我們來說重要的事情有我們稱之為核心的重要領導地位。因此，如果您知道這些是什麼，那就是 Fleet、Brazil、Corporate Payments。住宿肯定會是我們認為大而核心的業務，並且擁有很好的地位。

But again, as I said in the opening comments, we're -- when you're trading for whatever reason at this level, we are -- starting with me, we are wide open to someone else other than who's in our stock, valuing some or all of the company at a more appropriate level. And so I do want to make sure people know we are out talking and trying to get feedback if we can ID people that would value some or all the business higher.

但是，正如我在開場評論中所說的那樣，我們是——當你出於任何原因在這個水平上進行交易時，我們是——從我開始，我們對除了我們股票之外的其他人敞開大門，在更合適的水平上對公司的部分或全部進行估值。因此，我確實想確保人們知道我們正在討論並試圖獲得反饋，如果我們能夠識別出對某些或所有業務價值更高的人的話。

Okay. Okay. And then just a follow-up on the Russia sale. I guess, can you just elaborate a little bit on what specific approvals need -- are needed for the -- from the Russian authorities, I mean, how much time that takes if this presents a risk?

好的。好的。然後只是對俄羅斯銷售的跟進。我想，您能否詳細說明一下俄羅斯當局需要哪些具體批准，我的意思是，如果這會帶來風險，需要多長時間？

Yes, that's also a good question. So I don't know how many months ago, somewhere 3 to 6 months ago, the Russian government created a separate, I don't know if you call it agency, commission, group, whatever it is, for this purpose of international western companies trying to exit and effectively created a sign-off requirement, almost like an antitrust or something, oversight. And so as western companies like us make deals, right, sign SPA to sell things, then these go to this group, this agency, this committee, whatever it is, and they opine on it. Hey, we're happy to approve this deal; or, hey, we'd like to see this or that.

是的，這也是一個很好的問題。所以我不知道多少個月前，大約 3 到 6 個月前，俄羅斯政府創建了一個單獨的機構，我不知道你是否稱它為機構、委員會、團體，無論它是什麼，為了國際西部的這個目的試圖退出並有效地創建了簽字要求的公司，幾乎就像反壟斷或其他監督一樣。所以像我們這樣的西方公司做交易，對，簽署 SPA 來賣東西，然後這些就交給這個小組、這個機構、這個委員會，不管是什麼，他們就此發表意見。嘿，我們很高興批准這筆交易；或者，嘿，我們想看看這個或那個。

So that's what it is. We've been told that it's a month or 2. I think it's a function, right, of the volume of transactions that are in front of the group. But they have been -- we've looked at the history. As long as they've been established, they have been processing, one way or the other, transactions. So we do think, obviously, the buyer there is communicating to us that they're in conversations with this group, so it's in some kind of a process.

就是這樣。我們被告知是一兩個月。我認為這是擺在小組面前的交易量的一個函數，對吧。但他們一直——我們回顧了歷史。只要它們成立，它們就一直在以一種或另一種方式處理交易。所以我們確實認為，很明顯，那裡的買家正在與我們溝通，他們正在與這個群體進行對話，所以它處於某種過程中。

Risk, yes, I've used the word. There's some hoops, so for us to say we know how that ball is going to bounce would not be accurate. So we have an agreement and assuming that it gets approved, we will transact. And our best guess, it's probably in the next 60 days. But I want people on the call, it is not risk free. There's obviously some chance that they would deny the sale or ask for changes in the sale that are unpalatable, and so we're just kind of waiting.

風險，是的，我用過這個詞。有一些箍，所以我們說我們知道那個球將如何彈跳是不准確的。所以我們有一個協議，假設它獲得批准，我們將進行交易。我們最好的猜測是，可能在接下來的 60 天內。但我希望有人接聽電話，這並非沒有風險。很明顯，他們有可能拒絕銷售或要求對銷售進行令人不快的更改，所以我們只是在等待。

The next question comes from Ken Suchoski with Autonomous Research.

下一個問題來自 Autonomous Research 的 Ken Suchoski。

Tom, congrats on the new role. Great to connect again. It's great to hear the comments on the portfolio review and that you're moving quickly on that front. There have been some discussions going around that FLEETCOR should consider breaking up the business and maybe ring-fence some of the things that might be weighing on the multiple. So I guess, one, what is your preliminary analysis pointing to in terms of value creation as well as any dissynergies that need to be taken into account? And I guess if you were to go through with a potential corporate action, what might a separation look like and how should we think about the timing around that?

湯姆，祝賀你擔任新角色。很高興再次連接。很高興聽到對投資組合審查的評論，並且您在這方面進展迅速。已經有一些討論認為 FLEETCOR 應該考慮拆分業務，並且可能會圍欄一些可能對倍數產生影響的事情。所以我想，第一，你的初步分析在價值創造以及需要考慮的任何不協調方面指出了什麼？我想如果你要進行潛在的公司行動，那麼分離會是什麼樣子，我們應該如何考慮這方面的時間安排？

Yes, Ken, I'd say it's too early really to try to answer that. We're, whatever, 5 or 6 weeks into kicking this thing into gear and studying it. So we don't really have a super-formed view. I think I kind of said what I said, which is we're underway. We've run, tumbled a bunch of numbers. We're obviously out talking to people. So really, we're just working our way through the options, and as I said, would be in a way better spot for a clear answer to you in 90 days.

是的，肯，我想說現在回答這個問題還為時過早。無論如何，我們需要 5 或 6 週的時間來啟動和研究這個東西。所以我們並沒有真正的超級形成的觀點。我想我說了我說的話，我們正在進行中。我們跑了，跌倒了一堆數字。我們顯然是在外面與人交談。所以說真的，我們只是在努力解決這些選項，正如我所說，我們會在 90 天內以更好的方式為您提供明確的答案。

Okay. Okay. We'll wait on that, Ron. I guess as my follow-up, can you talk about the trends you're seeing on the corporate payments side? I mean it kind of feels like the current macro slowdown or recession looks a little different than '08, '09 and maybe businesses might be pulling back ahead of the consumer. So maybe you could just talk about how you're feeling about the spending trends in the Corporate Payments segment. And then any puts and takes across the underlying businesses within that segment?

好的。好的。我們會等待，羅恩。我想作為我的後續行動，你能談談你在企業支付方面看到的趨勢嗎？我的意思是，感覺當前的宏觀經濟放緩或衰退看起來與 08 年、09 年有點不同，也許企業可能會先於消費者撤退。所以也許你可以談談你對企業支付領域支出趨勢的看法。然後在該細分市場內的基礎業務中有任何看跌期權和看跌期權？

Sure. I'd say that I think we report spend in some of the appendices here and stuff, so it continues to be strong really across the board. I think maybe most importantly is the sales are just record levels. I mean our Q1 sales in our Corporate Payments business was not only an all-time high. It was an all-time high by, I don't know, 50% or something. So we're pouring money into advertising the brand now and reaching more people. We've got more people on the street. We finally have a really put-together product line.

當然。我想說的是，我認為我們在此處的一些附錄和其他內容中報告了支出，因此它確實在各個方面都非常強勁。我認為也許最重要的是銷售額剛剛達到創紀錄水平。我的意思是我們公司支付業務的第一季度銷售額不僅創歷史新高。這是歷史新高，我不知道，50% 左右。因此，我們現在正在投入資金為品牌做廣告並吸引更多人。我們街上的人多了。我們終於有了一個真正整合的產品線。

So the -- I think the fill on the top of the bucket is in -- is really the best place that it's ever been in. So I think it's -- without getting over my skis, it's kind of all systems go, the things work in. Our outlook is to compound now, like I said, high teens to 20%. And other than the channel thing, which is, I don't know, 10%, 12% of the business now, really, all the other parts of that business are rocking. So no warning flags at all.

所以 - 我認為桶頂部的填充物 - 真的是它曾經出現過的最好的地方。所以我認為它 - 沒有越過我的滑雪板，所有系統都在運行，事情工作。我們的前景是複合，就像我說的，高十幾歲到 20%。除了渠道之外，我不知道，現在業務的 10%、12%，真的，該業務的所有其他部分都在搖擺不定。所以根本沒有警告標誌。

The next question comes from Trevor Williams.

下一個問題來自 Trevor Williams。

I want to ask on corporate payments in the cross border business in particular. Maybe just a higher level if you could give us a refresher just on what differentiates you on the cross border and the FX side. And now with AFEX and Global Reach, just the main benefits you get with that added scale and then how that feeds into the durability of the growth that you're seeing there?

我特別想問一下跨境業務中的企業支付。如果您可以讓我們回顧一下您在跨境和外匯方面的區別，也許只是更高的水平。現在有了 AFEX 和 Global Reach，只是您從增加的規模中獲得的主要好處，以及它如何影響您在那裡看到的增長的持久性？

Yes. That's really super good question, Trevor. The first and most important thing I think I'd say is who do we compete with. So how do we get business and who would we lose business to? And the answer is banks. And because we mostly serve the middle market, it's Tier 2 banks. So it's super important that everyone has that in the brand. We're playing little league. But maybe we're playing Minor League Baseball versus Major League Baseball.

是的。這真是個好問題，特雷弗。我想我要說的第一件也是最重要的事情是我們與誰競爭。那麼我們如何獲得業務以及我們將失去業務給誰呢？答案是銀行。而且因為我們主要服務於中間市場，所以它是二級銀行。因此，每個人都在品牌中擁有這一點非常重要。我們在玩小聯盟。但也許我們正在打小聯盟和大聯盟。

And so we have to be able to get a mid-sized business to trust us to make either spot or hedge transactions for them versus, let me call it, kind of a Tier 2 bank. So when you have that context, the answer is we got to win everywhere. We have a better network, right, in terms of basically the destination, if you will, of payments, more breadth, more countries. We have better tech because it's all we do versus a bank running or using some third party.

因此，我們必須能夠讓一家中型企業相信我們可以為他們進行現貨或對沖交易，而不是讓我稱之為二級銀行。所以當你有這樣的背景時，答案是我們必須在任何地方取勝。我們有一個更好的網絡，對，基本上就目的地而言，如果你願意的話，支付，更廣的範圍，更多的國家。我們擁有更好的技術，因為這是我們所做的一切，而不是銀行運營或使用第三方。

But the winner, I think, Trevor, is the people. We just have more specialists, right? We have hundreds of people in these different originating markets here, Canada, U.K., Europe, Australia, that really know FX, that have grown up in FX. So I think they really just outthink and outpitch the representatives that are at these Tier 2 banks. And so it's the combo of all of those things. But we compete well because, honestly, who has the book of business would be my answer to you.

但我認為，特雷弗，贏家是人民。我們只是有更多的專家，對吧？我們在加拿大、英國、歐洲、澳大利亞這些不同的起源市場有數百人，他們真正了解外匯，在外匯中長大。所以我認為他們真的只是想得比這些二級銀行的代表更勝一籌。所以它是所有這些東西的組合。但我們競爭很好，因為老實說，誰擁有商業書籍就是我對你的回答。

Okay. Got it. And then on the Fleet segment, any help just on how we should think of the cadence of growth over the course of the year? Is the pivot of new sales to the larger customers as those start to flow through? Ron, I think you said earlier on, getting to the mid-single digits. But just any way you could put a finer point around timing and just as we're thinking of the next 3 quarters, just progression of growth in fleet would be helpful.

好的。知道了。然後在艦隊部分，對我們應該如何考慮一年中的增長節奏有什麼幫助嗎？隨著大客戶開始流動，新銷售的重點是大客戶嗎？羅恩，我想你之前說過，達到中個位數。但無論如何你都可以把時間安排得更好，正如我們正在考慮接下來的 3 個季度一樣，機隊增長的進展會有所幫助。

Super good question. I'd say think of it as just stepping up. So if it's, call it, 3 for the print for Q1, we're going to end middle kind of [3, 4, 5, 6, 3, 5, 6, 7]. It's going to step up basically based on the plan we've built. So kind of 1 point or so acceleration sequentially.

超級好的問題。我會說把它想像成只是加強。因此，如果它是 Q1 打印的 3，我們將結束 [3、4、5、6、3、5、6、7] 的中間類型。它將基本上根據我們制定的計劃加強。如此順序地加速 1 點左右。

The next question comes from Bob Napoli with William Blair.

下一個問題來自 Bob Napoli 和 William Blair。

This is Spencer James on for Bob Napoli. The new sales definitely impressed us. Ron, could you maybe just provide a summary of what's driving the strength in new sales and the components of that number and what's driving the strength there? And then maybe if you could touch on how the digital ad environment might -- may or may not be impacting new sales motion.

這是鮑勃那不勒斯的斯賓塞詹姆斯。新的銷售給我們留下了深刻的印象。羅恩，你能否總結一下是什麼推動了新銷售額的增長以及該數字的組成部分，以及是什麼推動了那裡的增長？然後也許如果你能談談數字廣告環境可能會或可能不會影響新的銷售活動。

Yes. I'm not so sure, Spencer, the second part of the question, but the first part, I can cover, which is, yes, it was a crazy good sales quarter, right? We're [tallying guys] up 31%, and that's in the face of taking the gas off of our North America Fleet business, right? We used to get, I don't know, 10%, 15% of the business in that micro segment, and I just shut it down, right, to try to contain. So it tells you that the rest of international fleet and all the rest of the businesses grew faster even to 31%.

是的。我不太確定，斯賓塞，問題的第二部分，但我可以涵蓋第一部分，是的，這是一個瘋狂的好銷售季度，對吧？我們 [talking guys] 增長了 31%，這是面對我們北美艦隊業務的減少，對吧？我們過去常常在那個微細分市場中獲得 10%、15% 的業務，我只是將其關閉，對，以試圖遏制。所以它告訴你，其餘的國際船隊和所有其他業務增長更快，甚至達到 31%。

And I think it's a combo of things. One is, again, we've stepped up marketing and sales investment, particularly marketing. We've been pouring more money in corporate payments into this Corpay brand campaign, and so that's helping a lot. And then I'd say, second, I think we're finally getting the hang of digital leads, which is generating way more leads in every business. We have a couple of unique campaigns, digital campaigns, both in Fleet. We call one of them Barbara -- I feel like I'm naming boats or something here -- and one in our Lodging business called Sara.

我認為這是多種因素的結合。一是，我們再次加強了營銷和銷售投資，尤其是營銷。我們一直在為這個 Corpay 品牌活動投入更多的企業支付資金，所以這很有幫助。然後我想說，其次，我認為我們終於掌握了數字線索的竅門，這在每項業務中都產生了更多的線索。我們在 Fleet 中有幾個獨特的活動，數字活動。我們稱其中一位為 Barbara——我覺得我在這裡給船起名什麼的——還有一位在我們的住宿業務中叫 Sara。

And so these campaigns that kind of create a bit of a personality in the space have been incredibly successful for us. So I don't want to say they're shooting fish in a barrel, but the sales force is getting fed with a lot more quality leads, call it, in the last year than they were before. So it's just all good. It's inflationary time, so we have kind of cost reduction products. We have better products than we have. We have more people on the street, and our lead thing is working better. So it's just -- I mean, I'd just say it's working, what we're doing.

因此，這些在空間中創造了一點個性的活動對我們來說非常成功。所以我不想說他們是在桶裡打魚，但銷售人員在去年比以前得到了更多的優質銷售線索。所以這一切都很好。現在是通貨膨脹時期，所以我們有一些降低成本的產品。我們有比我們更好的產品。我們有更多的人在街上，我們的首要任務是更好地工作。所以它只是 - 我的意思是，我只是說它正在工作，我們正在做的事情。

Great. And as a follow-up, maybe an update on credit and fraud trends in the Fleet business.

偉大的。作為後續行動，可能會更新車隊業務中的信用和欺詐趨勢。

Yes. So I don't know if we -- Alissa print that or not. So it's a smidgy bit better sequentially from Q4. And again, based on when we started to take the actions, most of the benefit in terms of improvement is expected in the second half. So we're seeing a lot kind of in our -- what we call our delinquency roll rates. So we're staring at the last week. We have super good visibility into Q2, which doesn't necessarily impact the credit reserve we'll take for this quarter but super does for the following quarter. So we can see that thing really coming down.

是的。所以我不知道我們是否-- Alissa 打印出來了。所以從第四季度開始稍微好一點。同樣，根據我們開始採取行動的時間，預計在下半年將獲得大部分改進方面的好處。所以我們在我們的拖欠率中看到了很多 - 我們稱之為拖欠率。所以我們盯著上週。我們對第二季度的了解非常好，這不一定會影響我們將在本季度獲得的信貸儲備，但對下一季度的信貸儲備會產生影響。所以我們可以看到那東西真的下來了。

So I don't know if we can take it to the bank yet, but the early warning, the early good news signs are that the actions we've taken are going to take credit losses down in the second half like we planned. And then same on the fraud side. The fraud side has been a combo of what we call application fraud, which are fully people pretending to be somebody and getting us. So we basically put in a bit of a new system that does way better at that, has a few more variables that it looks at before it says okay.

所以我不知道我們是否可以把它帶到銀行，但早期的警告，早期的好消息跡象表明，我們採取的行動將在下半年像我們計劃的那樣減少信貸損失。然後在欺詐方面也是如此。欺詐方面是我們所說的應用程序欺詐的組合，完全是人們假裝成某人並欺騙我們。因此，我們基本上放入了一個在這方面做得更好的新系統，在它說好的之前它會查看更多的變量。

And then the second one is just criminal fraud, right? People at a truck stop putting in skimming and selling cars and stuff. And so I think we're down 40% in fraud sequentially in those couple of areas. And our partners, like the truck stop partners, have been helpful in trying to police that better at the site. So as those numbers got bigger, right, because fuel prices, what, Q2, I guess, peaked last year, I'm going to say Q2, it became a more attractive target. And so it took time, I think, for us and others to get on it. So not mission accomplished yet, but we're making good progress.

然後第二個只是刑事欺詐，對吧？卡車上的人停止瀏覽和銷售汽車和東西。因此，我認為我們在這兩個領域的欺詐行為連續下降了 40%。我們的合作夥伴，如卡車停靠站合作夥伴，一直在努力在現場更好地監管這一問題。因此，隨著這些數字變得更大，對吧，因為燃料價格，我想，第二季度，去年達到頂峰，我要說第二季度，它成為一個更有吸引力的目標。因此，我認為我們和其他人需要時間才能開始。所以任務還沒有完成，但我們正在取得很好的進展。

The next question comes from James Faucette with Morgan Stanley.

下一個問題來自摩根士丹利的 James Faucette。

I had a couple of follow-up operational questions here. Retention in the quarter was really strong. I think it was like 91.2% but was down about 100 basis points from last quarter. And I know you just mentioned kind of the credit actions taken. But can you expand if there were any other factors driving that? Is there seasonality, et cetera, that we should be aware of? And how are you thinking about that for the remainder of the year?

我在這裡有幾個後續操作問題。本季度的保留率非常高。我認為它大約是 91.2%，但比上一季度下降了大約 100 個基點。我知道你剛剛提到了採取的信貸行動。但是如果有任何其他因素推動它，你能擴大嗎？是否存在我們應該注意的季節性等因素？在今年餘下的時間裡，您如何考慮這一點？

Yes, James, Ron again. No, that's it. I mean the reason it shows up there is what we call involuntary attrition, which is about half of our losses, right? So let's use 10% not to hurt our head. Hey, 10% of our customers quit us every year. We quit 5 of them, which means we get uncomfortable with your credit profile and so you're not our customer anymore.

是的，詹姆斯，又是羅恩。不，就是這樣。我的意思是它出現在那裡的原因是我們所說的非自願減員，這大約是我們損失的一半，對吧？因此，讓我們使用 10%，以免傷到我們的頭。嘿，我們每年有 10% 的客戶離開我們。我們退出了其中的 5 個，這意味著我們對您的信用狀況感到不安，因此您不再是我們的客戶。

And so when you go through what we did of having greater -- heightened attention on these small-ish 1, 2, 3 kind of card accounts, we took actions basically to cut lines and pull back payment cycles and stuff really just obviously to contain losses. And so that just translates into us effectively kicking those clients out. So that's it. That's the totality of the thing. And I want everyone clear, we did it with our eyes just completely wide open. And based on what we're seeing, happy that we did it. In your opening comment, we're still -- work for ADP for 10 years and still super happy with a consolidated 91% revenue retention rate. So we're -- no tears here.

因此，當你經歷我們所做的更多 - 對這些小型 1、2、3 種卡賬戶的高度關注時，我們基本上採取了行動來削減線路並拉回支付週期和其他東西，這顯然是為了遏制損失。因此，這只是轉化為我們有效地將這些客戶踢出去。就是這樣了。這就是事情的全部。我希望每個人都清楚，我們是睜大眼睛做的。根據我們所看到的，很高興我們做到了。在您的開場評論中，我們仍然 - 為 ADP 工作了 10 年，並且仍然對 91% 的綜合收入保留率感到非常滿意。所以我們 - 這裡沒有眼淚。

Got it. And then just a follow-up on -- there's been a lot of conversation obviously on segments and strategy, et cetera. But from a realignment perspective, at least as you've redefined some of the segment definitions, any change to how that strategically impacts those businesses or planned go to market, et cetera?

知道了。然後只是跟進 - 顯然有很多關於細分市場和戰略等方面的對話。但從重新調整的角度來看，至少在您重新定義了一些細分市場定義後，對如何從戰略上影響這些業務或計劃進入市場等方面有何改變？

That's really a super good question. Yes. Let me say what I think kind of the insight is, and it comes a little bit from how we started on kind of a product-centric view of our lines of business versus a market rider or a customer-centric view. And I think the Brazil guys that I called out at the top of the call, they've proven that if you want to redefine your business as, hey, I'm going to help vehicle-related drivers make payments, whether they're a business guy driving around or whether they're a consumer driving around, all those things that you pay related to the vehicles, right, fuel, toll, EV, maintenance, stopping for food, parking, now even insurance, that those things -- getting into those shows that the businesses and the consumers believe that our business has the right to offer to provision all of those payment things and having all those things on one account seems like a good idea to them.

這真是一個超級好的問題。是的。讓我說說我認為的洞察力是什麼，它有點來自我們如何開始以產品為中心的業務線視圖，而不是以市場騎手或以客戶為中心的視圖。而且我認為我在電話會議的頂部召集的巴西人，他們已經證明，如果你想重新定義你的業務，嘿，我將幫助與車輛相關的司機付款，無論他們是一個開車四處走動的商人，或者他們是一個開車四處走動的消費者，你支付的所有這些與車輛相關的東西，對，燃料，通行費，電動汽車，維護，停下來吃飯，停車，現在甚至是保險，那些東西 - - 進入這些表明企業和消費者相信我們的企業有權提供所有這些支付的東西並且將所有這些東西放在一個帳戶上對他們來說似乎是一個好主意。

So I'd say that's kind of where we're headed. The idea would be to basically stop looking at the thing as, hey, you're driving around, and we're selling you one thing. Like go to Europe. We're now -- I said -- talked about the 3 in 1. Now we're selling fleets, but we're also selling old-fashioned diesel and EV. Why can't we sell parking and toll and insurance to those sets of millions of users and stuff? And so I think that's the strategic turn for us, is to think about really the multiple things we could sell to the same customer that makes sense to them.

所以我想說這就是我們前進的方向。這個想法是基本上停止看東西，嘿，你開車到處走，我們賣給你一件東西。比如去歐洲。我們現在 - 我說 - 談論 3 合 1。現在我們在銷售車隊，但我們也在銷售老式柴油和電動汽車。為什麼我們不能向數以百萬計的用戶群出售停車、通行費和保險？所以我認為這對我們來說是戰略轉變，是真正考慮我們可以賣給同一個客戶的多種東西，這對他們來說是有意義的。

And the great news is we have a live case, like a real case to that. And the other thing I'm guessing people missed is the phone, right? The mobile phone is starting to matter. Like I tell you that 3 million out of 5 million users, consumers in Brazil decided to go to our phone app in a month. I don't know if that's crazy to you guys, but it is to me. We used to stick a tag on the windshield, and now 60% of the people are on their phone in our app looking for stuff. And so that creates, I think, an enormous ability again to offer up, like the insurance example, more things to the customer base. So we're going to -- the headline is we're looking at the world more through the lens of the customer and what we can offer than we are product by product.

好消息是我們有一個活生生的案例，就像一個真實的案例。我猜人們錯過的另一件事是電話，對吧？手機開始變得重要了。就像我告訴你的那樣，巴西的 500 萬用戶中有 300 萬消費者決定在一個月內使用我們的手機應用程序。我不知道這對你們來說是否瘋狂，但對我來說是這樣。我們曾經在擋風玻璃上貼一個標籤，現在 60% 的人在我們的應用程序中使用他們的手機尋找東西。因此，我認為，這創造了一種巨大的能力，可以再次向客戶群提供更多的東西，比如保險的例子。所以我們要 - 標題是我們更多地通過客戶的視角和我們可以提供的東西來看待世界，而不是逐個產品。

The next question comes from Jeff Cantwell with Wells Fargo.

下一個問題來自富國銀行的 Jeff Cantwell。

And just to follow up on some of the questions about core versus noncore and you giving us a ton of color on this. I just wanted to bounce something off you and see if you would agree that this is a fair statement that, over the years, amongst Fleet, Corporate Payments and Lodging, there would be potentially a number of operational synergies amongst those 3 segments. And so the clear follow-up question to that would be could you maybe give us some comments on Brazil within the context of core versus noncore. Just curious how that piece of your business ties in with the rest.

只是為了跟進一些關於核心與非核心的問題，你給了我們很多關於這個的顏色。我只是想反駁你，看看你是否同意這是一個公平的說法，多年來，在機隊、企業支付和住宿之間，這 3 個部分之間可能存在許多運營協同效應。因此，明確的後續問題是，您能否在核心與非核心的背景下給我們一些關於巴西的評論。只是好奇您的那部分業務與其他業務有何联系。

Yes, I think Jeff, I kind of just said it. To me, in some ways, Brazil is the lead dog, is kind of the poster child for really how we should think about the portfolio, right? That, hey, when we bought that business 7 years ago, it was mostly a toll-centric business, and it's transformed, right, in the -- like I said, selling 5 or 6 things to the same, both businesses and consumers. And notice how we're selling EV, right, to both businesses and consumers. We're just basically repurposing the networks and the tech. Well, obviously, that's what Brazil has done, right?

是的，我想 Jeff，我剛剛說過了。對我來說，在某些方面，巴西是領頭羊，是我們應該如何考慮投資組合的典型代表，對吧？那個，嘿，當我們 7 年前買下那家公司時，它主要是一家以收費為中心的公司，它已經轉變，正確的，就像我說的，向同一家公司和消費者出售 5 或 6 種東西。請注意我們是如何向企業和消費者銷售電動汽車的。我們基本上只是在重新利用網絡和技術。好吧，很明顯，這就是巴西所做的，對吧？

They've got toll networks that both use. They've got fuel networks that both use. They have parking that both use. So they've literally taken the same networks and tech and sold the stuff to the 2 different groups. So I'd say, if anything, that business looks more related. The other thing, which is so weird, is fleet's in 8 giant markets today. Fleet's not only in the U.S.A. It's in, obviously, the U.K. It's in Czech. It's in Germany. It's in Russia. It's in Australia. It's in Canada. Obviously, it's in Brazil. Obviously, we have a Fleet business that's in 8 geographies, of which 1 of them just happens to be Brazil.

他們有共同使用的收費網絡。他們有共同使用的燃料網絡。他們有兩個都使用的停車場。所以他們實際上採用了相同的網絡和技術，並將這些東西賣給了兩個不同的團體。所以我想說，如果有的話，那項業務看起來更相關。另一件非常奇怪的事情是今天在 8 個巨大市場中的艦隊。 Fleet 不僅在美國。很明顯，它在英國。它在捷克。它在德國。它在俄羅斯。它在澳大利亞。它在加拿大。顯然，它在巴西。顯然，我們的車隊業務分佈在 8 個地區，其中 1 個恰好是巴西。

So our lenses are, in some ways, it might be the -- it is -- the most related business in the company to our Fleet business would be our Brazil business because all of it is another country doing fleet, vehicle stuff. So I would say that would be a super duper long shot. The only thing is I like businesses that are working, just as an aside. So the fact that the business is compounding in the teens and pressed at about the 50% EBITDA line and beaten down people that are giving things away for free and continuing to compound, we like that. I mean I like that like a lot, the performance of the business.

因此，在某些方面，我們的鏡頭可能是 - 它是 - 公司中與我們的車隊業務最相關的業務將是我們的巴西業務，因為所有這些都是另一個國家做車隊，車輛的事情。所以我會說那將是一個超級騙子的遠射。唯一的事情是我喜歡正在運作的企業，只是順便說一句。因此，事實上，該企業在十幾歲時復合，並壓在大約 50% 的 EBITDA 線，並擊敗那些免費贈送東西並繼續複合的人，我們喜歡這樣。我的意思是我非常喜歡企業的表現。

Okay. And my follow-up is for Tom. For those of us who have not covered you at your prior, would you maybe just, if you don't mind, give us a sense of how you think strategically and also conceptually about managing the business and so forth? Would love to get your thoughts on what your mindset is as you're coming onboard here.

好的。我的後續行動是針對湯姆的。對於我們這些沒有在您之前報導過您的人，如果您不介意的話，您是否可以讓我們了解您如何從戰略和概念上思考管理業務等等？當您來到這裡時，很想了解您的心態。

Sure, Jeff. Look forward to working with you and good to work with many of you on the call that did cover EVO. My DNA as a finance person is really to approach it from a business-centric perspective. I've had the benefit over the last month or so being able to participate in a variety of meetings here, really learning the company firsthand, and getting grounded in how the business operates is centric to how I and the rest of the team within finance thinks and supports the business.

當然，傑夫。期待與您合作，並很高興與你們中的許多人一起參與涵蓋 EVO 的電話會議。作為一名財務人員，我的 DNA 實際上是從以業務為中心的角度來處理它。在過去一個月左右的時間裡，我受益匪淺，能夠參加這裡的各種會議，真正了解公司的第一手資料，並深入了解業務運作方式，這對我和財務團隊的其他成員來說至關重要認為並支持業務。

Our role is to make sure we bring good information and good advice and ideas to the business. And we can't do that by just looking at the output of the results. I've said repeatedly over the course of my career, I like focusing on the inputs in order to drive the outputs. And my dialogue and the team's dialogue with the business is around their KPIs. And if we can get their focus on their KPIs and how those KPIs drive the kind of outcomes that we're looking for financially, then the company wins.

我們的職責是確保我們為企業帶來好的信息、好的建議和想法。我們不能僅僅通過查看結果的輸出來做到這一點。在我的職業生涯中，我曾多次說過，我喜歡專注於投入以推動產出。我的對話以及團隊與業務的對話圍繞著他們的 KPI。如果我們能讓他們專注於他們的 KPI 以及這些 KPI 如何推動我們在財務上尋求的那種結果，那麼公司就會贏。

So you'll find me and again, the rest of the team very focused on making sure that we understand how the business is operating and how we can help it become more and more successful. Very focused on things up and down the income statement and balance sheet, so no real bias there. It's where the opportunity is, is where we'll focus.

所以你會再次發現我，團隊的其他成員非常專注於確保我們了解業務的運作方式以及我們如何幫助它變得越來越成功。非常關注損益表和資產負債表上下的事情，所以那裡沒有真正的偏見。這是機會所在，也是我們將關注的地方。

The next question comes from Mihir Bhatia with Bank of America.

下一個問題來自美國銀行的 Mihir Bhatia。

My first question just has to do with the consumer EV build-out that you kind of mentioned, Ron. Can you maybe expand on that? Is the idea there to build a FLEETCOR consumer brand? Or are you white labeling? Is the -- I mean, I guess, based on some of your other comments about Brazil, is the thinking there that using EV instead of tolls, you can do something similar on the consumer side as what they have done in Brazil using tolls as the wedge if you will?

我的第一個問題只是與你提到的消費電動汽車建設有關，羅恩。你可以擴展一下嗎？是否有建立 FLEETCOR 消費品牌的想法？或者你是白標？是——我的意思是，我猜，根據你對巴西的一些其他評論，那裡的想法是使用電動汽車而不是通行費，你可以在消費者方面做一些類似於他們在巴西使用通行費所做的事情楔子，如果你願意的話？

Yes, that's a good question. So as I mentioned at the top, the motivation initially here is repurposing assets we have, which are networks, right, in tech. But your comment about brand is a good one. So the first thing I'd say is some of that build initially will be under other people's brands, where we'll be kind of Intel Inside. So what I mean by that is think of us going to an EV car manufacturer. Pick Volvo, Renault, somebody who's making EV cars and they want to give their new buyers an easy way to find public recharging and pay for it. They're going to use our network and our app.

是的，這是個好問題。因此，正如我在頂部提到的那樣，最初的動機是重新利用我們擁有的資產，即技術網絡。但是你對品牌的評論很好。所以我要說的第一件事是，最初的一些構建將在其他人的品牌下，我們將成為 Intel Inside。所以我的意思是想想我們去一家電動汽車製造商。選擇沃爾沃、雷諾這些製造電動汽車的公司，他們希望為新買家提供一種輕鬆的方式來尋找公共充電站並為其付費。他們將使用我們的網絡和我們的應用程序。

The brand and sometimes even the app will get pulled into Renault's or Volvo's way, right, of communicating. So that's one, so leveraging kind of the carmaker's brand to get to those drivers. And then the second one is kind of the CPOs, the gas stations, if you will, the charge point operators is what they call them. Same thing, we would go to someone that's got 100 charge points and has customers coming in that wants them to be able to roam to go to places other than their 100. They would be trying to sign those customers up and get them under an app that we would provide them. So that's the first headline, is that some amount of our consumer business would leverage these intermediary brands.

品牌，有時甚至應用程序都會被拉入雷諾或沃爾沃的溝通方式，對吧。這就是一個，所以利用汽車製造商的品牌來吸引那些司機。然後第二個是 CPO，加油站，如果你願意的話，充電點運營商就是他們所說的。同樣的事情，我們會去找一個有 100 個充電點的人，並且有客戶進來，希望他們能夠漫游到他們 100 個充電點以外的地方。他們會嘗試讓這些客戶註冊並讓他們使用應用程序我們會提供給他們。所以這是第一個標題，我們的一些消費者業務將利用這些中間品牌。

But lastly, I think it is a good idea. We have this brand, this company we bought called Plugsurfing, which, I guess, kind of sounds like an EV brand. So yes, we're not going to use, for sure, the FLEETCOR brand. We want something that's representative of EV. And so we might invest. We may take a market, to your point, and invest digitally to see if we can build that brand and add some consumers directly. But that's for a different day.

但最後，我認為這是個好主意。我們有這個品牌，我們收購了這家名為 Plugsurfing 的公司，我猜這聽起來有點像電動汽車品牌。所以是的，我們肯定不會使用 FLEETCOR 品牌。我們想要能代表 EV 的東西。所以我們可能會投資。我們可能會按照您的觀點進入市場，並進行數字投資，看看我們是否可以建立該品牌並直接增加一些消費者。但那是另一天。

Understood. And then just switching gears to this year, and obviously, you're seeing some sales momentum that you've highlighted. But just in general, as you sit here today, do you think things are getting better or worse relative to 3 months ago? Because there's a lot of conflicting data. I guess, from your -- the data you are seeing, are you seeing any pockets of weakness across your offerings? Or is it really just the macro is the only -- like outside macro is a big question mark for you?

明白了。然後就換到今年，很明顯，你看到了你強調的一些銷售勢頭。但總的來說，當你今天坐在這裡時，你認為與 3 個月前相比，情況是在變好還是變壞？因為有很多相互矛盾的數據。我想，從你看到的數據來看，你是否發現你的產品有任何弱點？或者它真的只是宏是唯一的——就像外部宏對你來說是一個大問號？

Yes. I know it's the question on everyone's mind, but I guess I'd make a couple of points. So first is our best internal metric here is what we call same-store sales, which basically isolates existing clients in the period that we had in the same period a year ago and just ask, hey, are they getting healthier or sicker, and the answer is healthier. So across our -- across the globe, at least among our clients, they're plus 3% healthier than they were 12 months ago. So that's kind of point one.

是的。我知道這是每個人都在想的問題，但我想我會提出幾點。因此，首先是我們最好的內部指標，我們稱之為同店銷售額，它基本上將我們一年前同期的現有客戶隔離開來，然後問問，嘿，他們是變得更健康還是更生病了，以及答案更健康。因此，在我們——在全球範圍內，至少在我們的客戶中，他們比 12 個月前的健康水平提高了 3%。所以這是第一點。

The second point is our company that grows revenues double digit and grows profits faster isn't super reliant on GDP. I don't know what our GDP is here in the U.S. or in some of our big markets, but let's say it's 1% or 2%. We're growing by gaining share, right? We sell way more than we lose. So the growth rate and potential of our company is way more in our control of being able to sell way more businesses at the top of the bucket and lose less businesses at the bottom. If the existing clients shrink 1 point or so, oh, woe is me for a quarter or 2 maybe, but that's not our game.

第二點是我們公司的收入增長兩位數，利潤增長更快，並不是非常依賴 GDP。我不知道我們在美國或一些大市場的 GDP 是多少，但假設是 1% 或 2%。我們通過獲得份額而增長，對嗎？我們賣出的遠遠多於我們損失的。因此，我們公司的增長率和潛力更多地在我們的控制之下，我們能夠在桶的頂部出售更多的業務，並在底部損失更少的業務。如果現有客戶縮減 1 個百分點左右，哦，我可能會有四分之一或 2 個百分點，但這不是我們的遊戲。

Our game is to basically power through, either happier or a little bit sadder, GDP kind of environment. So again, we're not seeing much, and frankly, I think it's -- the impact, it's at the margin for us.

我們的遊戲基本上是通過 GDP 類型的環境，無論是更快樂還是更悲傷。因此，我們再次看到的並不多，坦率地說，我認為這是 - 影響，它對我們來說是微不足道的。

This has concluded our question-and-answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may all now disconnect.

我們的問答環節到此結束，會議也到此結束。感謝您參加今天的演講。你們現在可能都斷開連接了。