Corpay Inc (CPAY) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Corpay First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note this call is being recorded. (Operator Instructions)

大家好，歡迎參加今天的 Corpay 2024 年第一季財報電話會議。 （操作員說明）請注意此通話正在錄音。 （操作員說明）

It is now my pleasure to turn the call over to Jim Eglseder. Please go ahead, sir.

現在我很高興將電話轉給吉姆‧埃格爾塞德 (Jim Eglseder)。請繼續，先生。

Good afternoon, and thank you for joining us today for our first quarter 2024 earnings call. With me today are Ron Clarke, our Chairman and CEO; and Tom Panther, our CFO. Following the prepared comments, the operator will announce that the queue will open for the Q&A session. Today's documents, including our earnings release and supplement can be found under the Investor Relations section of our website at corpay.com.

下午好，感謝您今天參加我們的 2024 年第一季財報電話會議。今天與我在一起的有我們的董事長兼執行長 Ron Clarke；以及我們的財務長 Tom Panther。在準備好評論後，操作員將宣布問答環節將開放隊列。今天的文件，包括我們的收益發布和補充資料，可以在我們網站 corpay.com 的投資者關係部分找到。

Throughout this call, we will be covering organic growth. As a reminder, this metric neutralizes the impact of year-over-year changes in foreign exchange rates, fuel prices and spreads. And it also includes pro forma results for acquisitions and divestitures or scope changes closed during the 2 years being compared. We will also be covering other 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 at 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.

在整個電話會議中，我們將討論有機成長。提醒一下，這項指標抵銷了外匯匯率、燃油價格和利差同比變動的影響。它還包括所比較的兩年內完成的收購和剝離或範圍變更的預期結果。我們還將涵蓋其他非公認會計準則財務指標，包括收入、淨利潤和稀釋後每股淨利潤，所有這些指標均經過調整。這些指標並非根據公認會計準則計算，可能與其他公司的計算方式不同。歷史非公認會計原則與最直接可比較的公認會計原則資訊的調節可以在今天的新聞稿和我們的網站上找到。

It's important to understand 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.

重要的是要了解我們今天討論的部分內容可能包括前瞻性陳述。這些陳述反映了我們迄今為止所掌握的最佳信息，所有有關我們的前景、新產品以及業務發展和未來收購預期的陳述均基於該信息。它們不是未來性能的保證，您不應過度依賴它們。我們不承擔更新任何這些聲明的義務。

These expected results are subject to numerous risks and uncertainties, 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. These documents are available on our website and at sec.gov.

這些預期結果受到許多風險和不確定性的影響，這可能導致實際結果與我們的預期有重大差異。今天的新聞稿中的 8-K 表和我們的 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 上取得。

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

解決這個問題後，我會將電話轉給我們的董事長兼執行長 Ron Clarke。羅恩？

Okay, Jim. Thanks. Good afternoon, everyone, and welcome to our Q1 2024 earnings call, our first as Corpay, the Corporate Payments company. So upfront here, I'll plan to cover 3 subjects: first, provide my take on Q1 results and share our updated 2024 guidance. Second, I'll cover conclusions from our recent 3-year strategy offsite regarding the way forward for the company. And then lastly, I'll highlight a couple of developments since we last spoke.

好吧，吉姆。謝謝。大家下午好，歡迎參加我們的 2024 年第一季財報電話會議，這是我們作為企業支付公司 Corpay 的第一次電話會議。因此，首先，我將計劃討論 3 個主題：首先，提供我對第一季結果的看法，並分享我們更新的 2024 年指導。其次，我將介紹我們最近三年異地策略中有關公司未來發展方向的結論。最後，我將重點介紹自我們上次談話以來的一些進展。

Okay. Let me begin with our Q1 results, which finished really right in line with our expectations. We reported revenue of $935 million, that's up 8%, excluding Russia and cash EPS of $4.10, that's up 14%, excluding Russia. Overall, organic revenue growth, 6% for the quarter, although against a pretty tough comp. Pleased with our Corporate Payments business, revenue growth there, up 17% overall, but up 21% if you exclude the channel partners.

好的。讓我從我們第一季的業績開始，該業績確實符合我們的預期。我們報告的收入為 9.35 億美元，成長 8%（不包括俄羅斯）；現金每股收益為 4.10 美元，成長 14%（不包括俄羅斯）。總體而言，本季有機收入成長 6%，儘管對比相當艱難。我們對企業支付業務感到滿意，該業務的收入成長總體成長了 17%，但如果排除通路合作夥伴，則成長了 21%。

Trends in Q1, quite good. Retention -- overall retention remains stable at 91%. Sales or new bookings, up 11% year-over-year. In same-store sales, soft negative 2% for the quarter, driven primarily by lodging, although same-store sales did improve 1 point sequentially from minus 3 to minus 2 this quarter.

第一季的趨勢，相當不錯。留存率－整體留存率穩定在 91%。銷量或新預訂量較去年同期成長 11%。在同店銷售額方面，本季軟負 2%，主要由住宿推動，儘管本季同店銷售額確實環比提高了 1 個百分點，從負 3 升至負 2。

For sure, we're dealing with a couple problem children here in Q1, our North America Vehicle business as you'll recall, making the pivot away from low-quality micro accounts to SMB accounts. We are increasing the sales ramp there with incremental digital and a new kind of upmarket field sales channel to drive the pivot, but taking a bit longer than expected. But I do want to say we are, for sure, making progress.

當然，我們在第一季正在處理一些問題兒童，正如您所記得的，我們的北美汽車業務正在從低品質的微型帳戶轉向中小企業帳戶。我們正在透過增量數位化和新型高端現場銷售管道來提高那裡的銷售量，以推動這一轉變，但所需時間比預期要長一些。但我確實想說，我們確實正在取得進展。

Our workforce lodging business continuing to experience continued softness. That's from a combo of macro weakness and a couple of areas there, along with the issues in converting to a new IT system. Fortunately, we've now converted the majority of the client base across to the new IT system. And we've introduced a brand-new employee-friendly solution, we call choice, hoping these enhancements will harden the base.

我們的員工住宿業務持續疲軟。這是宏觀疲軟和幾個領域的綜合影響，以及轉換到新 IT 系統時遇到的問題。幸運的是，我們現在已經將大部分客戶群轉換為新的 IT 系統。我們推出了一種全新的員工友善解決方案，我們稱之為選擇，希望這些增強功能能夠鞏固基礎。

Good news, the early look at April volume in lodging does suggest that the softness is stabilizing. We're out looking both the North America Vehicle business and the workforce lodging business to return to positive organic growth in Q4. So look, in summary, for the quarter, no real surprises and numbers coming in really on expectation.

好消息是，四月份住宿量的初步觀察確實顯示疲軟狀況正在趨於穩定。我們預計北美汽車業務和員工住宿業務將在第四季度恢復正有機成長。總而言之，從本季來看，沒有真正的驚喜，數據也確實符合預期。

All right. Let me make the turn to our updated 2024 full year guidance. Really 2 major differences today in our outlook for the year versus 90 days ago.

好的。讓我來談談我們更新後的 2024 年全年指引。今天我們對今年的展望與 90 天前確實有 2 個重大差異。

So first, FX has moved against us and interest rates look to be holding higher for longer. So both of these macro factors, unfortunately, will depress our print rest of the year. Additionally, as I said, we're expecting our lodging client softness to hang around longer, thereby reducing our full year lodging revenue forecast.

首先，外匯走勢對我們不利，利率看起來將在更長時間內保持在較高水準。因此，不幸的是，這兩個宏觀因素都將抑制我們今年剩餘時間的印刷業。此外，正如我所說，我們預計我們的住宿客戶疲軟將持續更長時間，從而降低我們全年的住宿收入預測。

On the good news front, we do have greater visibility now around our high-performing businesses, our Corporate Payments, international vehicle in Brazil and their ability to over-deliver our rest of the year. So as a result of these updated assumptions, we're reducing our full year 2024 revenue guide at the midpoint from $4.80 billion to $4 billion, so down $80 million. That consists of $40 million of lower FX translation and then second, $40 million of incremental lodging revenue softness. We're also reducing full year '24 cash EPS at the midpoint from $19.40 to $19. This is 100% the result of the macro.

在好消息方面，我們現在確實對我們的高性能業務、我們的企業支付、巴西的國際工具以及他們超額交付我們今年剩餘時間的能力有了更大的了解。因此，由於這些更新的假設，我們將 2024 年全年收入指南中點從 48 億美元減少到 40 億美元，即減少了 8,000 萬美元。其中包括 4,000 萬美元的外匯換算下降，以及 4,000 萬美元的增量住宿收入疲軟。我們也將 24 年全年現金每股收益中位數從 19.40 美元下調至 19 美元。這100%是宏的結果。

We do plan to absorb the profit impact from the $40 million launching revenue through a combination of expense reductions currency swaps and some tax planning. So despite the bit softer full year outlook, we're still expecting a very strong Q4 exit with organic revenue there, well above 10% and cash EPS above $5.

我們確實計劃透過減少費用、貨幣互換和一些稅務規劃相結合的方式來吸收 4000 萬美元啟動收入對利潤的影響。因此，儘管全年前景稍顯疲軟，但我們仍預計第四季度的業績將非常強勁，有機收入將遠高於 10%，現金每股收益將高於 5 美元。

Okay. Moving on, let me shift gears and share some of our conclusions from our recent mid-term strategy off-site, that's where we lay out plans for the next 3 years. So first off, in terms of objectives, we aspire to be a top quartile growth company within the S&P 500. We're committed to 10% plus organic revenue growth and 15%-plus earnings growth, and that's a pretty small club. Second, deeper, not wider. We've concluded to go deeper in each of our 3 core segments: Vehicle, Corporate Payments and Lodging and not to expand in the new segments, at least for now.

好的。接下來，讓我換個話題，分享我們最近的場外中期策略得出的一些結論，這就是我們制定未來 3 年計畫的地方。首先，就目標而言，我們渴望成為標準普爾500 指數中排名前四分之一的成長型公司。小的俱樂部。第二，更深，而不是更廣。我們得出的結論是，將深入研究我們的三個核心細分市場：車輛、企業支付和住宿，而不是擴展新的細分市場，至少目前是如此。

Our research across the 3 core segments confirms that we've got plenty of TAM and plenty of sales expansion opportunity in each major business such that we can achieve our growth objectives without going wider. Third, in terms of acquisition strategy, our focus will be on corporate payments and consumer vehicle businesses, I think, Pay by Phone. We're going to focus on wheelhouse or accretive deals rather than capability deals that we've executed recently.

我們對 3 個核心細分市場的研究證實，我們在每個主要業務中都有大量的 TAM 和大量的銷售擴張機會，這樣我們就可以在不擴大業務範圍的情況下實現我們的成長目標。第三，在收購策略上，我們的重點將是企業支付和消費汽車業務，我認為是電話支付。我們將重點放在駕駛室或增值交易，而不是我們最近執行的能力交易。

And then lastly, from the off-site in each of our major businesses, we plan to sell what we call a flagship product most of the time so that more and more of our scale will be built on a single product in each line of business. And then over time, we convert existing clients off of other products on the flagship product. This will result in a narrower set of SKUs over time. So look, we believe that this more focused way forward will result in a much easier company to manage and grow.

最後，我們計劃在每個主要業務的場外銷售我們所謂的旗艦產品，以便我們將越來越多的規模建立在每個業務線的單一產品上。然後隨著時間的推移，我們將現有客戶從旗艦產品上的其他產品轉變為其他產品。隨著時間的推移，這將導致 SKU 集的範圍縮小。因此，我們相信，這種更集中的前進方式將使公司更容易管理和發展。

Okay. Lastly, let me make the turn to talk about 2 recent developments. First, our brand and ticker change. We did make our overall company brand change to Corpay, the Corporate Payments company, in March at the same time, changing the ticker symbol to CPAY. We are planning to use the Corpay brand as a go-to-market brand here in the U.S. We already go to market as Corpay in our Corporate Payments business.

好的。最後我想談談最近的兩個進展。首先，我們的品牌和股票代碼會改變。同時，我們在 3 月將公司整體品牌改為 Corpay（企業支付公司），並將股票代號改為 CPAY。我們計劃在美國使用Corpay品牌作為進入市場的品牌。

We've now launched the Corpay One universal fleet card and business card in our Vehicle Payments segment. And we're soon to relaunch CLC as Corpay Lodging. So in this case, we'll have one single Corpay go-to-market brand across payables, lodging and vehicle. So sure to help us on the cross-selling front.

我們現在在車輛支付領域推出了 Corpay One 通用車隊卡和名片卡。我們很快就會重新推出 CLC，名稱為 Corpay Lodging。因此，在這種情況下，我們將在應付帳款、住宿和車輛方面擁有單一的 Corpay 上市品牌。所以一定要在交叉銷售方面幫助我們。

Second, acquisitions. We've been pretty active on the acquisition front. We did announce earlier this year that we closed the majority investment in Zapay, that's a Vehicle Payments business in Brazil with 3 million monthly active users. You might recall the idea there is to add Zapay's vehicle registration renewals and payments of vehicle tickets or fines to our overall Brazil consumer vehicle bundle. The business is doing great. Zapay revenue grew over 50% in Q1.

第二，收購。我們在收購方面一直非常活躍。今年早些時候，我們確實宣布完成了對 Zapay 的大部分投資，Zapay 是巴西的汽車支付公司，每月擁有 300 萬活躍用戶。您可能還記得將 Zapay 的車輛登記更新以及車票或罰款支付添加到我們整個巴西消費者車輛捆綁中的想法。生意做得很好。 Zapay 第一季營收成長超過 50%。

We did announce earlier today signing Paymerang. That's a full AP Corporate Payments company, runs about $50 million in annual revenue. We like the deal. It will strengthen our Corporate Payments, AP automation business and 4 new verticals. We're expecting the deal to close here in Q2 pending regulatory approval and expect it to be accretive to both revenue growth and EPS growth next year. We see lots of synergies to chase.

今天早些時候我們確實宣布簽署 Paymerang。這是一家完整的 AP 企業支付公司，年收入約為 5000 萬美元。我們喜歡這筆交易。它將加強我們的企業支付、AP 自動化業務和 4 個新的垂直領域。我們預計該交易將在第二季完成，等待監管部門的批准，並預計它將促進明年的收入成長和每股盈餘成長。我們看到了很多需要追求的協同效應。

Okay. So in conclusion, Q1 out of the blocks kind of per our expectations. Rest of year outlook, unfortunately, a bit of a mixed bag, now expecting unfavorable macro and lodging softness for longer, offset by strong performance in Corporate Payments, international vehicle and Brazil. We have refined our 3-year growth plan. It calls for a narrower simpler company that we can manage and compound that's got plenty of growth potential. So we like the way forward.

好的。總而言之，第一季的表現符合我們的預期。不幸的是，今年剩餘時間的前景有點好壞參半，目前預計不利的宏觀經濟和住宿疲軟將持續較長時間，但被企業支付、國際汽車和巴西的強勁表現所抵消。我們完善了三年成長計劃。它需要一家規模更小、更簡單的公司，我們可以管理和整合，並擁有巨大的成長潛力。所以我們喜歡前進的方向。

Finally, we're excited about these latest acquisitions, Zapay and Paymerang along with the active pipeline in front of us. We expect these wheelhouse deals to be accretive to 2025 revenue and earnings growth.

最後，我們對這些最新的收購、Zapay 和 Paymerang 以及我們面前的活躍管道感到興奮。我們預計這些重大交易將促進 2025 年的收入和獲利成長。

So with that, let me turn the call back over to Tom to provide some additional detail on the quarter. Tom?

因此，讓我將電話轉回給湯姆，以提供有關本季的一些其他詳細資訊。湯姆？

Thanks, Ron, and good afternoon, everyone. Here are some additional details related to the quarter. Overall, results were in line with our expectations. Print revenue was $935 million, which was consistent with our guide despite a $7 million macro headwind from both fuel and FX. Organic revenue growth was 6% as 17% growth in Corporate Payments was partially offset by softness in lodging. Reported revenue growth was 4%. But if you exclude the impact from the sale of our Russia business, revenue growth was 8%.

謝謝羅恩，大家下午好。以下是與本季度相關的一些其他詳細資訊。整體而言，結果符合我們的預期。印刷收入為 9.35 億美元，與我們的指南一致，儘管燃料和外匯帶來了 700 萬美元的宏觀阻力。有機收入成長 6%，企業支付 17% 的成長被住宿業的疲軟部分抵銷。報告收入增長率為 4%。但如果排除出售俄羅斯業務的影響，收入成長為 8%。

Strong expense discipline and another quarter of lower bad debt produced positive operating leverage. Combined with a lower tax rate, we delivered $4.10 per share in cash EPS, $0.03 above the midpoint of our guidance, up 8% versus last year and excluding the impact from the sale of our Russia business, cash EPS increased 14%.

嚴格的費用紀律和壞帳又一個季度的下降產生了積極的營運槓桿。加上較低的稅率，我們實現了每股4.10 美元的現金每股收益，比我們指導的中點高出0.03 美元，比去年增長8%，排除出售俄羅斯業務的影響，現金每股收益增長了14%。

Now turning to our segment performance and the underlying drivers of our revenue growth. Corporate Payments revenue increased 17% during the quarter, within which our direct business grew 27%. Our direct business exhibited strong underlying performance with solid growth across spend volume, transactions and customers. In addition, higher revenue per transaction rates further contributed to the revenue growth.

現在轉向我們的細分市場業績和收入成長的潛在驅動力。本季企業支付收入成長 17%，其中我們的直接業務成長 27%。我們的直接業務表現出強勁的基本業績，支出量、交易量和客戶均實現穩健成長。此外，每筆交易收入的增加進一步推動了收入的成長。

Cross-border revenue increased 18% and sales grew 25% despite the low FX volatility during the quarter. Client acquisition and spend volume activity was robust, as nearly every geography was up double digits, with particular strength in Asia Pac. We continue to make significant investments in this business through increased sales and marketing resources.

儘管本季外匯波動較小，但跨境收入成長了 18%，銷售額成長了 25%。客戶獲取和支出活動強勁，幾乎每個地區都實現了兩位數成長，其中亞太地區尤其強勁。我們透過增加銷售和行銷資源繼續對該業務進行重大投資。

Turning to Vehicle Payments. Organic revenue grew 4% during the quarter with the increase driven by Brazil and international fleet. Our international fleet business continues to perform very well led by double-digit revenue growth in Europe, Australia and our maintenance business. In the U.K., the soft economy impacted volumes in specific industry sectors but we're confident that we'll rebound as economic growth resumes given our strong market position, which includes 75% of the U.K.'s top 200 fleet companies.

轉向車輛付款。在巴西和國際機隊的推動下，本季有機收入成長了 4%。在歐洲、澳洲和維護業務兩位數收入成長的帶動下，我們的國際車隊業務持續表現出色。在英國，經濟疲軟影響了特定行業的銷量，但鑑於我們強大的市場地位（其中包括英國 200 強車隊公司中的 75%），我們有信心隨著經濟恢復增長，我們將反彈。

During the quarter, we continued to build on our market-leading position in EV with customer accounts nearly doubling, which includes our 3-in-1 Chargepass product and home charging sales. We're also excited to report that the Chargepass product won the Innovation in EV Technology Award at the 2024 Great British Fleet Awards, a prestigious and long-standing event across the automotive and fleet community. Our EV success is further reinforced with over 40% of the top 200 fleet companies using our Chargepass product.

本季度，我們繼續鞏固在電動車領域的市場領先地位，客戶帳戶幾乎翻了一番，其中包括我們的三合一 Chargepass 產品和家庭充電銷售。我們也很高興地報告，Chargepass 產品榮獲 2024 年英國艦隊獎的電動車技術創新獎，這是汽車和車隊界享有盛譽的長期活動。前 200 名的車隊公司中有超過 40% 使用我們的 Chargepass 產品，這進一步鞏固了我們在電動車領域的成功。

Related to our expansion into the U.K. consumer vehicles market, we are making progress developing the integrations between our proprietary fuel, EV and vehicle networks into the PayByPhone app. We expect this functionality to be in place by the third quarter of this year.

與我們向英國消費汽車市場的擴張相關，我們正在將我們的專有燃料、電動車和車輛網路整合到 PayByPhone 應用程式中，並取得進展。我們預計該功能將在今年第三季到位。

In Brazil, business performance was extremely strong, led by tag growth of 9%, now totaling over 7 million tag users. Our B2C extended network revenue was double compared to Q1 of 2023. And now over 30% of total revenue is non-toll. Also, sales growth continued to be strong across the tag and insurance products.

在巴西，業務表現極為強勁，標籤成長了 9%，目前標籤用戶總數超過 700 萬。與 2023 年第一季相比，我們的 B2C 擴展網路收入翻了一番。此外，標籤和保險產品的銷售成長持續強勁。

In March, we closed on the majority investment of Zapay, which has over 3 million customers that use the Zapay solution to pay for vehicle registration and compliance fees. The addition of Zapay further advances our consumer Vehicle Payments strategy in Brazil and allows us to capitalize on the attractive 2-way cross-sell opportunity. We are now beginning to cross-sell Zapay solutions to our existing 7 million drivers and conversely, cross-selling our existing suite of Vehicle Payment products to Zapay's client base.

今年 3 月，我們完成了 Zapay 的大部分投資，該公司擁有超過 300 萬名客戶使用 Zapay 解決方案來支付車輛登記費和合規費。 Zapay 的加入進一步推進了我們在巴西的消費者車輛支付策略，並使我們能夠利用有吸引力的雙向交叉銷售機會。我們現在開始向現有的 700 萬名駕駛者交叉銷售 Zapay 解決方案，反之亦然，向 Zapay 的客戶群交叉銷售我們現有的車輛支付產品套件。

In the U.S., the impact from our shift away from micro climates continues to impact our sales and revenue results. Our upmarket digital and field sales efforts are improving as we continue to see growth in applications, approvals and starts. As we mentioned last quarter, the shift to higher credit quality clients has impacted late fees, which were down $8 million compared to Q1 of 2023. However, we've seen a $15 million reduction in bad debt expense, yielding a positive earnings trade.

在美國，我們擺脫小氣候的影響繼續影響著我們的銷售和收入結果。隨著申請、批准和啟動的持續成長，我們的高端數位和現場銷售工作正在不斷改善。正如我們上季度提到的，向更高信用品質客戶的轉變影響了滯納金，與2023 年第一季相比，滯納金減少了800 萬美元。了積極的盈利交易。

Lodging revenue was down 9% against 26% organic growth in Q1 2023. So a pretty tough comp. Recall that last year, we had significant high weather-driven distressed passenger volume and insurance claims. We continue to see softness in the base, particularly related to smaller field services companies that are deploying fewer workers as a result of the uncertain macro environment. We've recently completed some IT enhancements that will strengthen our value proposition to both existing and new customers, which translated into 16% growth in Q1 sales compared to a year ago.

住宿收入下降了 9%，而 2023 年第一季的有機成長為 26%。回想一下，去年，我們因天氣原因導致的不良乘客量和保險索賠數量顯著增加。我們繼續看到基礎的疲軟，特別是與規模較小的現場服務公司有關，由於不確定的宏觀環境，這些公司部署的員工較少。我們最近完成了一些 IT 改進，這將加強我們對現有客戶和新客戶的價值主張，這意味著第一季銷售額與一年前相比成長了 16%。

Now looking further down the income statement. Our Q1 operating expenses of $538 million were up 2% versus Q1 of last year. Expense growth from acquisitions and sales investments were offset by lower bad debt expense and the sale of our Russia business. Bad debt expense declined $14 million or 35% from last year to $25 million or 5 basis points of total spend. Substantially all of the decline was in U.S. Vehicle Payments as we realized the benefit from our lower exposure to U.S. micro clients.

現在進一步檢查損益表。我們第一季的營運支出為 5.38 億美元，比去年第一季成長 2%。收購和銷售投資帶來的費用成長被壞帳費用下降和俄羅斯業務出售所抵銷。壞帳支出比去年減少 1,400 萬美元，或 35%，降至 2,500 萬美元，佔總支出的 5 個基點。基本上所有的下降都發生在美國車輛支付領域，因為我們意識到我們對美國微型客戶的曝險減少帶來了好處。

EBITDA margin in the quarter was 51.6%, a 53 basis point improvement from the first quarter of last year. The positive operating leverage was driven by solid revenue growth, lower bad debt expense and disciplined expense management. Excluding our Russian business sold in 2023, EBITDA margin increased approximately 160 basis points.

本季 EBITDA 利潤率為 51.6%，較去年第一季提高 53 個基點。穩健的收入成長、較低的壞帳費用和嚴格的費用管理推動了積極的營運槓桿。不包括 2023 年出售的俄羅斯業務，EBITDA 利潤率增加了約 160 個基點。

Interest expense for the quarter increased $9 million year-over-year due to a decline in interest income from the sale of our Russia business and the impact of higher interest rates, which were partially offset by lower debt balances. Our effective tax rate for the quarter was 24.7% versus 27.1% last year. The lower tax rate was primarily driven from tax benefits from the exercises of stock options.

由於出售俄羅斯業務的利息收入下降以及利率上升的影響，本季利息支出較去年同期增加 900 萬美元，但債務餘額下降部分抵消了這一影響。我們本季的有效稅率為 24.7%，而去年為 27.1%。較低的稅率主要是因為行使股票選擇權所帶來的稅收優惠。

Now turning to the balance sheet. We ended the quarter with $1.3 billion in unrestricted cash, and we had nearly $1.5 billion available on our revolver. We have $5.4 billion outstanding on our credit facilities, and we had $1.4 billion borrowed under our securitization facility.

現在轉向資產負債表。本季結束時，我們擁有 13 億美元的非限制性現金，而我們的左輪手槍上有近 15 億美元的可用資金。我們的信貸安排中有 54 億美元未償還，我們的證券化安排借了 14 億美元。

As of the end of the quarter, our leverage ratio was 2.4x trailing 12-month EBITDA, which is at the lower end of our target range. Our strong liquidity and debt capacity, coupled with our ability to generate over $300 million in quarterly free cash flow positions us well to actively deploy capital during the year. We have ample capacity to support M&A as well as to continue to buy back our stock.

截至本季末，我們的槓桿率為過去 12 個月 EBITDA 的 2.4 倍，處於我們目標範圍的下限。我們強大的流動性和債務能力，加上季度自由現金流超過 3 億美元的能力，使我們能夠在年內積極部署資本。我們有足夠的能力來支持併購以及繼續回購我們的股票。

Related to our $800 million buyback program we announced in February, to date, we've repurchased approximately 2.4 million shares for $700 million. We view $800 million as the floor, not a ceiling, and we'll continue to evaluate additional buybacks over the course of the year.

與我們 2 月宣布的 8 億美元回購計畫相關，迄今為止，我們已以 7 億美元回購了約 240 萬股股票。我們將 8 億美元視為底線，而不是上限，並且我們將在今年繼續評估額外的回購。

In addition to Ron's comments regarding guidance, let me provide some additional detail on our full year guidance and some thoughts on our Q2 outlook. For the economic outlook, we are not assuming either a recession or meaningful economic improvement in overall business activity across our markets. We have updated our macro forecast to reflect the latest fuel FX and interest rate projections. The fuel-related macro assumptions are essentially unchanged. However, the higher for longer expectation related to interest rates that gained traction in April caused the U.S. dollar to significantly strengthen and the forward curve to increase approximately 90 basis points as of year-end. The impact from FX is approximately a $40 million reduction in revenue and higher interest rates result in an additional $14 million of interest expense.

除了羅恩有關指導的評論之外，讓我提供有關全年指導的一些其他詳細信息以及對第二季度前景的一些想法。對於經濟前景，我們並不假設我們市場的整體商業活動會出現衰退或有意義的經濟改善。我們更新了宏觀預測，以反映最新的燃料外匯和利率預測。與燃料相關的宏觀假設基本上不變。然而，4月利率相關的長期預期走高，導緻美元大幅走強，遠期曲線截至年底上漲約90個基點。外匯影響導致收入減少約 4,000 萬美元，而利率上升導致額外 1,400 萬美元的利息支出。

Additionally, we are lowering our revenue guidance $40 million due to the softness in lodging. However, we are executing specific actions to reduce expenses that offset this reduction in revenue, so it doesn't flow through to earnings. In the supplement, we outlined the impact of these changes in the macro and operating performance to revenue, EBITDA and adjusted EPS.

此外，由於住宿業的疲軟，我們將收入指導下調了 4000 萬美元。然而，我們正在採取具體行動來減少開支，以抵消收入的減少，因此它不會轉化為收益。在補充資料中，我們概述了宏觀和經營績效的這些變化對收入、EBITDA 和調整後每股盈餘的影響。

In summary, for the full year, we now expect GAAP revenue growth of 5% to 7% and organic revenue growth of 7% to 9%. EBITDA growth of 7% to 9% as well with margin expanding 100 basis points and adjusted net income per diluted share growth of 11% to 13%. Excluding the impact from the sale of our Russia business, we're expecting cash EPS growth of 15% to 17%. I'll underscore that these estimates exclude the impact from our pending acquisition of Paymerang.

總而言之，我們現在預計全年 GAAP 收入將成長 5% 至 7%，有機收入將成長 7% 至 9%。 EBITDA 成長 7% 至 9%，利潤率擴大 100 個基點，調整後每股稀釋淨利潤成長 11% 至 13%。排除出售俄羅斯業務的影響，我們預計現金每股收益將成長 15% 至 17%。我要強調的是，這些估計不包括我們即將收購 Paymerang 的影響。

For Q2, we're expecting revenue to grow 1% to 3% on a GAAP basis and 4% to 6% organically and cash EPS to grow 6% to 8%. Excluding the impact of the sale of our Russia business, we're expecting Q2 cash EPS to grow 12% to 14%. This reflects roughly $13 million of expected revenue macro headwinds from FX and $3 million of additional interest expense versus the outlook we provided in February.

對於第二季度，我們預計以 GAAP 計算的營收將成長 1% 至 3%，有機成長 4% 至 6%，現金每股盈餘將成長 6% 至 8%。排除出售俄羅斯業務的影響，我們預計第二季現金每股收益將成長 12% 至 14%。與我們 2 月提供的前景相比，這反映了來自外匯的約 1300 萬美元的預期收入宏觀阻力以及 300 萬美元的額外利息支出。

Looking forward into the second half of the year, we anticipate revenue and adjusted net income growth to accelerate as we realize the benefits from the implementation of new sales, improved retention in U.S. Vehicle Payments and specific business initiatives. The rest of our assumptions can be found in our press release and supplement. Thank you for your interest in Corpay.

展望今年下半年，隨著我們認識到新銷售的實施、美國車輛支付保留率的提高和具體業務計劃所帶來的好處，我們預計收入和調整後淨利潤的增長將加速。我們其餘的假設可以在我們的新聞稿和補充資料中找到。感謝您對Corpay的關注。

And now operator, please open the line for questions.

現在接線員，請打開電話提問。

(Operator Instructions) Our first question comes from Tien-Tsin Huang, JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的黃天欽。

Ron and Tom, I just wanted to ask on the lodging maybe to start with that, I don't think I fully caught. Some of it was macro and there was an IT cutover, maybe that drove some attrition, but it didn't look like the retention was off either. So just trying to get a little bit more detail in what we might expect for the next 2 to 3 quarters before it turns positive again in the fourth.

羅恩和湯姆，我只是想問一下住宿問題，也許可以從這個開始，我想我還沒完全明白。其中一些是宏觀的，並且有 IT 切換，也許這會導致一些人員流失，但看起來保留率也沒有消失。因此，我們只是想更詳細地了解我們對未來 2 到 3 個季度的預期，然後再在第四季度再次轉為正數。

Tien-Tsin, it's Ron. You mostly got it right. So basically, last year, we put in an upgraded IT system kind of the foundation, but weighted till this first quarter to try to convert it. So we've created a few bumps and created [divot] with kind of a set of clients, kind of softness with a set of clients. But fortunately, from watching it, it hasn't gotten any wider.

天進，是羅恩。你基本上是對的。所以基本上，去年我們安裝了升級的 IT 系統作為基礎，但直到今年第一季才嘗試轉換。因此，我們創造了一些障礙，並與一群客戶建立了[草皮]，與一群客戶建立了某種柔軟度。但幸運的是，從觀察來看，它並沒有變得更寬。

I think we stuck a page, Tom, in the document. Page 16, Tien-Tsin, in the supplement basically shows the softness is still sitting there in Q1 that we reported. But part of the press in April is kind of stabilized, kind of the business is flattening. And so the hope that we have is as we lap the divot here in Q2 and Q3 that basically, again, the retention is good, and the new sales were good. Sales actually were up by 16% in Q1. That will be on other side of it. So hopefully, it's a blip with a select set of clients that we can get to the other side on.

湯姆，我想我們在文檔中插入了一頁。第 16 頁，Tien-Tsin，在增刊中基本上顯示了我們報告的第一季的疲軟狀況仍然存在。但四月的部分新聞報導趨於穩定，業務趨於平緩。因此，我們的希望是，當我們在第二季和第三季完成這裡的草皮時，基本上，保留率很好，新的銷售也很好。第一季銷售額實際上成長了 16%。那將在它的另一邊。因此，希望這對我們能夠到達另一邊的精選客戶來說只是一個短暫的現象。

I see. Okay. So you're basically -- you're rebasing off of a -- of the set of clients coming off and you're seeing growth from that. Okay. I think, I get it. Thanks for [the side]. I missed it. On the Paymerang acquisition, what stood out about this one? Ron, was it the verticals, something around the tech specifically? I'm curious what are you to it?

我懂了。好的。所以，基本上，你正在根據一群客戶的流失進行重新調整，然後你就會看到成長。好的。我想，我明白了。謝謝你的[側面]。我錯過了。在 Paymerang 收購中，這次有何亮點？羅恩，是垂直產業，還是專門圍繞技術的產業？我很好奇你到底想幹嘛？

Yes. I mean the first thing, Tien-Tsin, is it's the kind of business we like. So inside of Corporate Payments, our favorite piece of business is what we call full AP, where we take literally 100% of the clients' invoices, right, no matter how we pay them. So we like that the most because it gives us the most control. We have the best retention with it. I like it the most. So that's the first one.

是的。我的意思是，天進，首先，這是我們喜歡的生意。因此，在企業支付領域，我們最喜歡的業務就是所謂的完整 AP，我們實際上 100% 收取客戶的發票，對吧，無論我們如何付款。所以我們最喜歡這樣，因為它給了我們最大的控制權。我們擁有最好的保留率。我最喜歡它了。這是第一個。

But yes, the appeal to us as you pick up 3 or 4 verticals that we're not in, we have no referenceable clients, one; two, vendors that are kind of in those verticals; or three, like ERPs or other partners. So you pick up whatever the 10 or 15 years that company has been building those up, suddenly, we're set up now to go bigger in those spots. And then lastly, obviously, because it's so super adjacent to what we do, the synergies as you'd expect, quite significant, super meaningful to us. So yes, with the things kind of we get through the first few months here, the model we had is it will be quite accretive in '25.

但是，是的，當你選擇我們不參與的 3 或 4 個垂直行業時，我們沒有可參考的客戶，其中之一；第二，在這些垂直領域的供應商；或三個，例如 ERP 或其他合作夥伴。因此，無論該公司花了 10 年還是 15 年的時間來打造這些產品，突然之間，我們都準備好在這些領域做得更大。最後，顯然，因為它與我們所做的事情非常接近，正如你所期望的那樣，協同效應對我們來說非常重要，非常有意義。所以，是的，根據我們在前幾個月所經歷的事情，我們的模型是，它將在 25 年取得相當大的成長。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Ron, could you talk about the North America Vehicle business? It sounded like it's performing a little bit weaker than you'd like. I mean are you guys expecting that to inflect as we move through the year? And sort of what's going to drive that?

羅恩，您能談談北美汽車業務嗎？聽起來它的表現比你想像的要弱一些。我的意思是，你們是否期望隨著這一年的發展，這種情況會改變？是什麼推動了這一點？

Sanjay, it's a good question. So I think the story is a little bit full now of whatever 1.5 years ago, we made the pivot. We flushed whatever 40,000 micro accounts that gave us revenue and late fees, but also a ton of bad debt. So as we work that through both stopping new micro accounts coming in and then second, camping down on terms of credit lines in the first half last year, we were successful in exiting a lot of that business.

桑傑，這是個好問題。所以我認為現在的故事有點完整了 1.5 年前我們所做的轉變。我們沖掉了 40,000 個微型帳戶，這些帳戶為我們帶來了收入和滯納金，但也帶來了大量壞帳。因此，當我們透過阻止新的微型帳戶進入，然後在去年上半年降低信貸額度時，我們成功地退出了許多此類業務。

And so now we have a cleaner business with a steadier kind of 80,000, call it, bigger clients that have a steadier late fee mix, volume mix, loss characteristics and stuff. And so we're lapping kind of that prior period. So now it's really just the addition of the -- kind of some of the new products there and the new sales, snowballing enough to kind of build off of the base.

因此，現在我們的業務更加乾淨，擁有更穩定的 80,000 名大客戶，他們擁有更穩定的滯納金組合、數量組合、損失特徵等。所以我們正在重複之前的時期。所以現在實際上只是增加了一些新產品和新的銷售，滾雪球般的增長足以在基礎上建立起來。

And so like every pivot or change in the business, it's gone a bit slower than I would hope. But internally, I've got that thing well into the positive as we exit the year. So as we lap the thing and we head into the back half into Q4. So I would say that structurally, you get retention benefit, right? Whenever you have a base and you flush super micro accounts that a lot of them become insolvent, you have a lot of involuntary attrition. So we'll get structural improvement, both in base hardness and retention.

因此，就像業務中的每一次轉變或變化一樣，它的進展速度比我希望的要慢一些。但在內部，隨著今年的結束，我已經把這件事變得積極。因此，當我們完成一圈後，我們就進入了第四季的後半段。所以我想說，從結構上講，你可以獲得保留福利，對吧？每當你有了一個基礎，並且你沖掉了超微型帳戶，其中許多帳戶都破產了，你就會有很多非自願的流失。因此，我們將在基礎硬度和保持力方面獲得結構改進。

So really, it's just waiting a couple of these new sales channels to layer on, and we like back where we'll be. That's the basic outlook. It's a little pain we'll get to hear, but we like the way forward.

所以說真的，只是等待一些新的銷售管道的出現，我們喜歡回到我們現在的位置。這是基本的看法。我們會聽到一些痛苦的聲音，但我們喜歡前進的方向。

Sanjay, just some couple of proof points on that. In the first quarter, we actually saw sales growth up 12%. So that was improved from what we saw on a quarterly basis last year. We've also seen approval rates back to 2021 level. So we've been doing some things on the credit side, tuning our models and approval rates are back to where we were prior to the dividend into the digital channel. And on late fees, we've actually seen those bottom out and start to slightly rebalance. So I think there's line of sight into the things that caused the drag over the last 3 or 4 quarters to be lapping and normalizing.

Sanjay，只是一些關於這一點的證據。第一季度，我們的銷售額實際上成長了 12%。因此，這比我們去年看到的季度有所改善。我們也看到支持率回到了 2021 年的水準。因此，我們一直在信貸方面做一些事情，調整我們的模型，批准率回到了數位管道分紅之前的水平。至於滯納金，我們實際上已經看到這些費用已經觸底並開始稍微重新平衡。因此，我認為，人們正在關注導致過去 3 或 4 個季度的阻力逐漸消失和正常化的因素。

Sanjay, just on top of Tom's comment, the approval rate is up about 50% from September. So we track it monthly. So all the stuff that comes to us. So we're pointing marketing, if you will, and higher-quality prospects or better applications now that we can improve. So it makes it an easier business to run.

Sanjay，除了 Tom 的評論之外，支持率比 9 月上升了約 50%。所以我們每月追蹤一次。所以所有的東西都來到我們身邊。因此，如果您願意的話，我們將重點放在行銷上，以及現在我們可以改進的更高品質的前景或更好的應用程式。因此，這使得企業更容易運作。

And just a follow-up question on Paymerang. I understand it's sort of full AP automation, but how does it fit into what you have right now? And how long have you guys been looking at this business? And then just final one, Tom. Like are you including the revenues associated with the acquisition? I know, Ron, you mentioned it's probably not going to be accretive until next year, but maybe you could just talk about that, too.

關於 Paymerang 的後續問題。我知道這是一種完整的 AP 自動化，但它如何適應您現在所擁有的？你們關注這個行業多久了？然後是最後一個，湯姆。您是否包括與收購相關的收入？我知道，羅恩，你提到它可能要到明年才會增加，但也許你也可以談談這個。

So let me try to take the order of those questions. So how long? I guess we've known the business for a few years, have visited and stuff. And so I've reached out to the principal directly to make this transaction.

那麼讓我試試看這些問題的順序。那麼需要多長時間？我想我們已經了解這個行業好幾年了，也參觀過等等。因此，我直接聯繫了委託人以進行這筆交易。

Second question, does it included? No, we signed, but we haven't closed. So basically, when we close, which we expect to be certainly this quarter, when we talk again in 90 days, we'll roll that in, so call it $25 million to $30 million incremental assuming we close in the next couple of months.

第二個問題，包括在內嗎？不，我們簽了，但還沒結束。所以基本上，當我們關閉時，我們預計肯定是在本季度，當我們在90 天內再次討論時，我們將把它轉入，所以假設我們在接下來的幾個月內關閉，我們將其稱為2500 萬至3000 萬美元的增量。

And how it fits is? Again, we're in the exact same business. We do exactly the same thing, but we generally do it for different kinds of companies in different verticals. And as people pointed out, there's a bit of a [breather reaction]. Once you get into a vertical, your brand becomes known, you have clients in the area, you pay the vendors of those clients. You have ERP and other kinds of partners. And so the thing works in a way, basically where you can build the business better via verticals than you can geographically.

以及它如何適合呢？再說一遍，我們從事的是完全相同的業務。我們做的事情完全相同，但我們通常會為不同垂直領域的不同類型的公司做這件事。正如人們所指出的，存在一些[喘息反應]。一旦你進入某個垂直領域，你的品牌就會廣為人知，你在該地區擁有客戶，你就可以向這些客戶的供應商付款。您有 ERP 和其他類型的合作夥伴。所以事情在某種程度上是有效的，基本上你可以透過垂直領域比在地理上更好地建立業務。

So although we do exactly the same things, we don't do those things in those verticals. So effectively, we will. We'll use, obviously, a lot of our back office and some of our advantage contracts and stuff like that, and some of our sales techniques to kind of basically build up the business that they have in those verticals and get obviously a bunch of synergies along the way. So it's a super attractive. It's what we call a wheelhouse deal. We know it. Super cool. We studied the company well, and we're super clear on what we're going to do with it.

因此，儘管我們所做的事情完全相同，但我們不在這些垂直領域做這些事情。因此，我們會有效地做到這一點。顯然，我們將使用大量的後台和一些優勢合約之類的東西，以及我們的一些銷售技巧來基本上建立他們在這些垂直領域的業務，並顯然獲得一堆一路上的協同作用。所以這是一個超級有吸引力的。這就是我們所說的駕駛室交易。我們知道。超酷。我們對這家公司進行了深入研究，我們非常清楚我們將用它做什麼。

Sanjay, it's right in our sweet spot where we're getting both customers, 1,300 customers and expanding our merchant portfolio by 250,000 merchants. So we've talked a lot about customers and networks as our kind of 2 competitive moats out there, and this is right in that spot where we gain those things with this acquisition. And then as Ron said, we can terminate it from here into something bigger.

Sanjay，這正是我們的最佳選擇，我們不僅獲得了 1,300 名客戶，還透過 250,000 名商家擴大了我們的商家組合。因此，我們已經多次談論客戶和網路作為我們的兩條競爭護城河，而這正是我們透過這次收購獲得這些東西的地方。然後，正如羅恩所說，我們可以從這裡終止它，變成更大的東西。

And I'm sorry, they won't make money until next year? Or do they make money now?

抱歉，他們要到明年才能賺錢？或者說他們現在賺錢了嗎？

They make money now, but we needed to make a lot more money.

他們現在賺錢了，但我們需要賺更多的錢。

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

我們的下一個問題來自巴克萊銀行的拉姆齊·阿薩爾。

I wanted to ask again about lodging. And just maybe ask you to comment on your visibility in that business right now. I mean April -- it was great to see April stabilized. Do you feel like the recovery in lodging is kind of pretty much locked in at this point? Or are there still variables that you're having to worry about to kind of get from point A to point B there?

我想再問一下住宿的問題。也許只是請您評論一下您現在在該業務中的知名度。我指的是四月——很高興看到四月穩定下來。您是否覺得目前住宿業的復甦已基本鎖定？或者您仍然需要擔心從 A 點到 B 點的變數？

Yes. Ramsey, it's Ron. It's a good question. So I think locked in is a pretty strong word. What I'd say is, what we can see that super clear is, what cost the [divot] and the decel, which is softness. So yes, we've got, I don't know, 15,000 clients or something in that business, and a select group of clients went soft on a starting Q2, Q3 last year.

是的。拉姆齊，是羅恩。這是一個好問題。所以我認為鎖定是一個非常強烈的詞。我想說的是，我們可以非常清楚地看到，[草皮]和減速的成本是什麼，即柔軟度。所以，是的，我不知道，我們有 15,000 名客戶或該行業的其他客戶，並且選定的一組客戶在去年第二季、第三季開始表現疲軟。

And so the good news is other than that select group that went soft, the others didn't. So the other clients didn't go soft and neither did the retention did we have any kind of big spike in retention. So effectively, kind of once we lap the select group of clients that went soft, the key to the thing reaccelerating again is just sales. It's a high retention business generally. And so as long as the sales that we have in the plan come to fruition and we get those implemented, then we'll grow basically over that lap base.

因此，好消息是，除了精選組表現軟弱之外，其他組則沒有。因此，其他客戶並沒有軟弱，保留率也沒有任何大幅上升。因此，實際上，一旦我們抓住了那些表現疲軟的精選客戶群，再次加速成長的關鍵就是銷售。一般來說，這是一項高保留率的業務。因此，只要我們計劃中的銷售能夠實現並實施，那麼我們基本上就會在這一基礎上實現成長。

So again, a little bit you're seeing of that is, we started to catch it a little bit here in April. So we think really the turn in the business would be Q3, where if we said, hey, what's the softest, I think it was still 10%, 11%, 12% in Q1, and we had 2% as a company overall. My estimate would be by Q3, that thing would be close to 0. So the softness would be, if you will, client base would be relatively flat.

再說一次，你看到的一點是，我們從四月開始在這裡發現了一點。因此，我們認為業務真正的轉變將在第三季度，如果我們說，嘿，最軟的是什麼，我認為第一季仍然是10%、11%、12%，而我們公司整體的成長率為2%。我的估計是到第三季度，這個數字將接近 0。

So -- and again, the good news is there's no more IT bogeyman. We spent 1.5 years, 2 years building the thing. We converted the base. It's a new great feature. So the product is actually better. So we're going to get the benefits this year forward of the pain effectively that we inflicted last year. So that's a positive. There was some benefit basically in the journey on IT.

所以，好消息是不再有 IT 怪物了。我們花了 1.5 年、2 年的時間來建造這個東西。我們改造了基地。這是一個新的很棒的功能。所以產品實際上更好。因此，我們將在今年獲得好處，有效彌補去年造成的痛苦。所以這是積極的。 IT 之旅基本上帶來了一些好處。

And Ramsey, what I'd add is we've kind of taken beyond the analytics. We've actually got a very structured campaign where we're calling those customers, talking to them, giving them the value proposition of the improvements that we've made, understanding why they maybe are using us less. We're gaining really good insights into that. So I would agree, not locked in, but we've taken this beyond the math and are really doing it at a customer level, which has given us a lot of additional insights over the last month or so.

拉姆齊，我要補充的是，我們已經超越了分析。實際上，我們有一個非常結構化的活動，我們打電話給這些客戶，與他們交談，向他們提供我們所做的改進的價值主張，了解他們為什麼可能更少使用我們。我們對此有了非常好的見解。所以我同意，不是鎖定，但我們已經超越了數學，並且真正在客戶層面上做到了這一點，這在過去一個月左右的時間裡為我們提供了很多額外的見解。

That's perfect. And a quick follow-up from me. I noticed that the stock repurchases seemed to accelerate in the last 30 days, meaning you did more repurchases in the last month than you did in the entire first quarter. Should we expect you to kind of lean more aggressively into buybacks when it comes to capital deployment? Not entirely a fair question because you're also announcing deals that you're doing. So I'm just curious if you can comment on the balance there and what we should expect.

那很完美。我的快速跟進。我注意到，過去 30 天的股票回購似乎在加速，這意味著上個月的回購次數比整個第一季的回購次數還要多。在資本部署方面，我們是否應該期望你們更積極地傾向於回購？這不完全是一個公平的問題，因為您還宣布了您正在進行的交易。所以我很好奇你是否可以評論那裡的平衡以及我們應該期待什麼。

Ramsey, it's Tom. So I think it kind of compare a little bit of an apple and orange there because in the first quarter, it was really just the month of March was when we got started in terms of the buybacks. We waited until we got our K filed and started to buy back. You're only seeing one month in the month of March and then basically, obviously, the month of April. So they're fairly evenly split across that $700 million in terms of how that played out. In the period, we did a 10b5-1 plan so that we could continue to be in the market during the blackout period. So nothing there other than just timing. We were pretty much evenly in the market over those 60 days, if you will.

拉姆齊，是湯姆。所以我認為這有點像蘋果和橘子，因為在第一季度，實際上只是三月我們開始回購。我們等到了K提交並開始回購。你只能看到三月的一個月，然後基本上，顯然，四月。因此，就結果而言，他們在這 7 億美元中的分配相當均勻。期間我們做了10b5-1計劃，這樣我們就可以在停電期間繼續進入市場。所以除了時機之外沒有什麼。如果你願意的話，這 60 天我們在市場上的表現幾乎是均勻的。

And as I said in my prepared remarks, I think right around the $700 million marks to touch under it, and we'll finish up the $800 million we would expect in the month of May and we still have ample liquidity, notwithstanding the Paymerang acquisition. As we sit here today, we've got over $1 billion on the revolver outstanding, and we have additional liquidity should we want to be in the market above the $800 million. And as we also look at our business, there could be other sources of capital that we're able to create over the course of the year as well that give us additional liquidity, if there's some noncore assets that we end up divesting of, if that played out.

正如我在準備好的演講中所說，我認為大約需要 7 億美元，我們將在 5 月完成預期的 8 億美元，儘管收購了 Paymerang，但我們仍然擁有充足的流動性。當我們今天坐在這裡時，我們的左輪手槍餘額已超過 10 億美元，如果我們想進入超過 8 億美元的市場，我們將有額外的流動性。當我們審視我們的業務時，如果我們最終剝離一些非核心資產，我們可能會在一年中創造出其他資本來源，從而為我們提供額外的流動性，如果就這樣結束了。

Ramsey, it's Ron. So I did mention at the top that we have a pipeline, so we're working on some additional transactions. So -- but my answer on top of Tom's would be, I would expect us to do both of those things likely buy more companies this year. And depending on where our stock price is, buy back more stock. And so between the liquidity that we have, the leverage ratio and then we're getting close on a couple of divestitures that gives us capital. We feel we've got obviously, plenty of liquidity to do both of those things rest of the year.

拉姆齊，是羅恩。所以我在頂部確實提到我們有一個管道，所以我們正在處理一些額外的交易。所以，除了湯姆的答案之外，我的答案是，我預計我們今年會做這兩件事，可能會收購更多公司。根據我們的股價，回購更多股票。因此，在我們擁有的流動性、槓桿率之間，我們即將進行一些為我們提供資本的資產剝離。我們認為我們顯然擁有充足的流動性來完成今年剩餘時間的這兩件事。

That's great. That's the power of the model. I appreciate it.

那太棒了。這就是模型的力量。我很感激。

Power of the model. Power of the model. Yes, there you go.

模型的力量。模型的力量。是的，就這樣。

Our next question comes from Nate Swanson with Deutsche Bank.

我們的下一個問題來自德意志銀行的內特·斯旺森。

Maybe kind of following up on that repurchase question. Can you talk a little bit more about the corporate actions you're taking to offset that softness that you're seeing in Lodging. So I guess, specifically, what are you doing to lower OpEx? And then related to the repurchase question, I think on one of the slides you talked about increasing repurchases. So how does that tie in versus the $800 million plan? And what was incorporated into guide previously?

也許是在跟進回購問題。您能否多談談您為抵銷住宿業的疲軟狀況而採取的企業行動。所以我想，具體來說，您正在採取哪些措施來降低營運成本？然後與回購問題相關，我認為您在一張幻燈片中談到了增加回購。那麼這與 8 億美元的計畫有何關係呢？之前指南中包含了哪些內容？

And I guess the follow-up is how much of these actions have already been completed? And is there any risk in executing these that may weigh on results as we move through the year?

我猜接下來的問題是這些行動已經完成了多少？執行這些措施是否存在可能影響今年業績的風險？

Yes. Sure, Nate. I think it's a range of options. That's one of the things that's good about the company and the way it's structured and the levers we have. We'll do a variety of things related to the OpEx side that is just kind of just good old fashion belt tightening. We'll look at some things, maybe some projects that we could delay, some T&E that we could avoid things like that, that are more, I would say, structural. We don't want to do anything to infringe upon the go-forward power of the company from a sales and marketing perspective. So I think that's fairly sacred ground.

是的。當然，內特。我認為這是一系列的選擇。這是公司的優點之一，也是公司的結構方式和我們擁有的槓桿的優點之一。我們將做各種與營運支出相關的事情，這只是一種老式的勒緊褲腰帶的方式。我們會考慮一些事情，也許一些我們可以推遲的項目，一些我們可以避免的事情，我想說，這些更多是結構性的。從銷售和行銷的角度來看，我們不想做任何侵犯公司前進能力的事情。所以我認為這是相當神聖的地方。

But there are always some things that we can do to adjust on some fixed costs that come out, plus there will be some natural variable costs that come out as well. Below the EBITDA line of some things that we've already executed related to some cross-currency swaps that allowed us to essentially convert a portion of our debt. We've already done a euro-denominated. We've done in sterling and a Canadian. So that causes our debt to be about 25% converted to foreign, which is still low relative to how you think about the overall company.

但我們總是可以採取一些措施來調整一些出現的固定成本，此外還會出現一些自然變動成本。在 EBITDA 線以下，我們已經執行了一些與交叉貨幣掉期相關的事情，這些掉期使我們能夠基本上轉換部分債務。我們已經做了歐元計價的。我們已經用英鎊和加拿大元完成了。因此，這導致我們大約 25% 的債務轉換為外債，相對於您對整個公司的看法來說，這個數字仍然很低。

And then we've had in the queue for a while, just a variety of tax planning ideas, that we would have executed with or without the softness in Lodging, but those are coming together fortuitous time where that can also offset from an earnings perspective. So I would say there's good line of sight into those company actions, no Hail Marys in there. And now it's just about executing, which I think we've got some pretty good demonstrated performance of being able to execute and deliver on those.

然後我們已經排隊了一段時間，只是各種各樣的稅務規劃想法，無論有沒有住宿的疲軟，我們都會執行這些想法，但這些想法是在偶然的時間聚集在一起的，這也可以從收益的角度抵消。所以我想說，這些公司的行為有很好的視野，沒有萬福瑪利亞。現在只剩下執行了，我認為我們已經展示了一些非常好的執行和交付能力。

But no additional stock repurchases are in that recovery. So we said, "Hey, $19.40 was our guide. Hey, $19 because of the FX and the interest rates. Hey, we'll get the $0.40 back stay at $19." That doesn't assume any incremental buybacks above the $800 million which we may do depending on the stock price.

但此次復甦並未進行額外的股票回購。所以我們說，“嘿，19.40 美元是我們的指導。嘿，19 美元是因為匯率和利率。嘿，我們將在 19 美元的價格上獲得 0.40 美元的返還。”這並不假設我們可能會根據股價進行超過 8 億美元的增量回購。

Got it. That's helpful color. And I guess for my follow-up, Ron, in your prepared remarks, you mentioned for a positive for the full year that you had greater visibility into some of your high-performing businesses. So I guess, namely Corporate Payments, international vehicle in Brazil. So maybe you can talk about what you're seeing across those businesses? What gives you that confidence into the greater visibility and then maybe growth expectations across each of those 3 for the 4 year?

知道了。這是有用的顏色。羅恩，我想在我的後續行動中，您在準備好的演講中提到了全年的積極因素，即您對一些表現出色的業務有了更大的了解。所以我猜，即企業支付，巴西的國際工具。那麼也許您可以談談您在這些企業中看到的情況？是什麼讓您對這 3 個領域的更高可見度以及未來 4 年的成長預期充滿信心？

Yes. I mean I always, Nate, when you lay out a plan in the businesses volume rate revenue is tracking and the initiatives that you've laid out are tracking. And so for example, in Corporate Payments, I don't know how many times we've mentioned that over the last couple of years, the channel partners. The growth is wherever we said, "Hey, it's 17% of the print, the 21% without channel partners."

是的。我的意思是，內特，當您在業務中製定計劃時，收入率將被跟踪，並且您所製定的計劃將被跟踪。例如，在企業支付中，我不知道過去幾年我們提到了多少次通路合作夥伴。成長就在我們所說的任何地方，“嘿，印刷品佔 17%，沒有通路合作夥伴則佔 21%。”

And I think we went on record really in the last call last year and said, "Hey, that thing is turning." We've kind of renewed some stuff with some existing partners and signed some new ones. So instead of that thing declining it's going to actually turn and start increasing. And so we have those contracts signed, and we're starting to put some of that volume through. So that would be like an example of sitting here now. On the other side of that, I can see and another big partner we signed up there, too, in the last, I don't know, 45 days. So that would be an example of things have actually happened, they're in the rearview that will create that acceleration in the rest of the year.

我認為我們在去年的最後一次電話會議中確實進行了記錄，並說：“嘿，事情正在轉變。”我們與一些現有的合作夥伴更新了一些東西，並簽署了一些新的合作夥伴。因此，它不會下降，而是會真正轉向並開始增加。我們已經簽署了這些合同，並且開始交付其中的一部分。這就像現在坐在這裡的一個例子。另一方面，我可以看到我們的另一個大合作夥伴也在那裡簽約，在過去，我不知道，45 天。因此，這將是實際發生的事情的一個例子，它們將在今年剩餘時間產生加速。

In Brazil, I'd say it's just the power of the distribution. We have 10 ways to sell tags and fuel and parking and insurance there and they're just rocking. They just -- the bank channel thing we launched a couple of years ago with Santander and Caixa. They're selling a pile like 10%, 15% of all of our new tags now coming through that brand-new channel. The cross-sell is working. I think we've sold million insurance policies. We bought this Zapay thing, which is super unique to add, obviously, this demand, it grew 50% in the quarter.

在巴西，我想說這只是分配的力量。我們有 10 種方式出售標籤、燃油、停車位和保險，而且效果非常好。他們只是——我們幾年前與桑坦德銀行和Caixa 推出的銀行管道。我們現在透過這個全新管道銷售的所有新標籤中，有 10%、15% 左右。交叉銷售正在發揮作用。我想我們已經賣了數百萬份保單。我們買了這個 Zapay 的東西，這是非常獨特的，顯然，這個需求在本季度增長了 50%。

So the things that we planned in the businesses to make the businesses go we're seeing real evidence in this first whatever 4 months that, that stuff is working and the materials that we need to get the full with numbers are clear. Obviously, there's less -- months less. So I just say that they're beating the plan we put together for the first 4 months and the progress suggests to me that they'll meet the plan, the remaining age. So it's good to have those guys in the bullpen.

因此，我們在企業中計劃開展的旨在推動業務發展的事情，無論在前4 個月內，我們都看到了真實的證據，這些事情正在發揮作用，而且我們需要獲得完整數字的材料也很明確。顯然，時間少了──少了幾個月。所以我只是說，他們在前 4 個月內完成了我們制定的計劃，而且進展表明，他們將在剩餘年齡內達到計劃。所以讓這些人進入牛棚是件好事。

Our next question comes from Cris Kennedy with William Blair.

我們的下一個問題來自克里斯·肯尼迪和威廉·布萊爾。

Ron, you talked about narrowing the focus of the business. You also alluded to some potential divestitures. Can you just kind of frame what you're thinking about and the relative size of these initiatives?

羅恩，您談到縮小業務重點。您也提到了一些潛在的資產剝離。您能否概括一下您的想法以及這些舉措的相對規模？

Cris, are you asking first about the size of divestitures?

Cris，您首先問資產剝離的規模嗎？

The size of the divestitures, and then you also talked about narrowing the focus of the business. So just I'm trying to get how big of an a narrow the focus of the business are you thinking here? How material is that?

剝離的規模，然後您也談到了縮小業務重點。所以我想知道您在這裡考慮的業務重點有多大？那有多物質？

Yes. Let me start with the second part of the question and then go back to the more important first part. So yes, as part of the strategic review, we identified a couple of kind of smallish column in the $200 million to $300 million range kind of market price for the assets, one in our Vehicle business really both in and around our vehicle business. And so we're well along on those things with counterparties.

是的。讓我從問題的第二部分開始，然後回到更重要的第一部分。所以，是的，作為策略審查的一部分，我們在資產市場價格2 億至3 億美元範圍內確定了一些小型資產，其中一個是在我們的汽車業務中，實際上是在我們的汽車業務內部和周圍。因此，我們與交易對手在這些事情上相處得很好。

So with those transact, as I said before, we'll have a simpler company and we'll redeploy that capital. But on the more important question, I think, we spent the last year studying the company and said the most important thing to create value in the company was the fleet transformation and the redefinition of our fleet business to be a broader Vehicle business right across the U.S., Brazil and Europe. And so -- and then even adding the consumer leg right to that business.

因此，正如我之前所說，透過這些交易，我們將擁有一家更簡單的公司，並且我們將重新部署該資本。但我認為，在更重要的問題上，我們去年花了一年的時間研究該公司，並表示為公司創造價值的最重要的事情是車隊轉型以及將我們的車隊業務重新定義為更廣泛的汽車業務。如此——然後甚至將消費者業務添加到該業務中。

And so those 3 segments, Vehicle, Corporate Payments and Lodging are where we're headed. There's obviously plenty and plenty of TAM and coverage for us to go get. We have new products in all 3 of them. And so the conclusion from all of us going through the thing is, let's just double down there. We did all this frigging Humpty-Dumpty work the last 5 years to assemble this company in these segments, buying stuff, stitching it, fixing it. So we finally have a, I think, super advantaged products in these segments. And so we're really in the marketing and sales phase, right, just basically sell more stuff in these 3 areas.

因此，車輛、企業支付和住宿這三個細分市場就是我們的發展方向。顯然，我們可以獲得大量的 TAM 和覆蓋範圍。我們在所有 3 個產品中都有新產品。因此，我們所有人經歷這件事的結論是，讓我們加倍努力。在過去的 5 年裡，我們做了所有這些該死的工作，在這些領域組建了這家公司，購買東西，縫合它，修復它。因此，我認為我們最終在這些細分市場中擁有了超級優勢的產品。所以我們確實處於行銷和銷售階段，對吧，基本上只是在這三個領域銷售更多的東西。

And the reason I like it is it's just an easier company to manage there's less kind of, call it, Humpty-Dumpty figure-it-out work, connect stuff work. It's more kind of just basic sell stuff and then add related stuff like the Paymerang thing or the ad paying thing, ad stuff that's in the 3 segments. So we're going to be on that course for a while just chasing to grow these 3 segments and maybe making acquisitions in those 3 segments.

我喜歡它的原因是，它是一家更容易管理的公司，減少了那種「矮胖子搞清楚工作」、「把東西連結起來」的工作。它更像是基本的銷售內容，然後添加相關內容，例如 Paymerang 內容或廣告付費內容，以及 3 個細分市場中的廣告內容。因此，我們將在這個過程中持續一段時間，只是追求這 3 個細分市場的成長，並可能在這 3 個細分市場中進行收購。

Our next question comes from Pete Christiansen with Citigroup.

我們的下一個問題來自花旗集團的皮特·克里斯蒂安森。

I think I certainly appreciate the deeper versus wider approach product [homologation], all that. Just curious, as you're looking out the next 3 years, are you considering making any changes to like the margin versus growth kind of trade-off that algorithm? Do you see opportunities there to kind of invest more and maybe spur growth a bit harder?

我想我當然很欣賞更深層的而不是更廣泛的方法產品[認證]，所有這些。只是好奇，當您展望未來 3 年時，您是否正在考慮做出任何改變，例如利潤率與成長之間的權衡演算法？您是否看到了更多投資並可能更努力地刺激成長的機會？

Yes. Pete, it's a good question. I think you probably have heard a bit of the answer. I like that right as an idea, even if it trends, if you will, margins for a while, if you could see the return. But I think I said this to you repeatedly, we're into profitable growth. And so the incremental marketing and sales investment has to be productive. I don't want to spend another $50 million and it doesn't, right, produce anything. And so as you know, with people, these things take some time to build. And so you're better off, let's say, you're spending $300 million last year to spend $300 million, $350 million, $400 million, $450 million over the next 3 years. Rather than, hey, watch we go from $300 million to $400 million to $500 million. You'll have a lot more waste in those bigger steps, way more newbie people, way less productivity, and obviously, you'll need more profits.

是的。皮特，這是個好問題。我想你可能已經聽到一些答案了。我喜歡這個想法，即使它會在一段時間內（如果你願意的話）保持利潤率，如果你能看到回報的話。但我想我已經多次對你說過，我們正在實現獲利成長。因此，增量行銷和銷售投資必須富有成效。我不想再花 5000 萬美元，但它不會產生任何結果。正如你所知，對人來說，這些東西需要一些時間來建立。所以你的情況會更好，比方說，你去年花了 3 億美元，在未來 3 年花費 3 億美元、3.5 億美元、4 億美元、4.5 億美元。而不是，嘿，看著我們從 3 億美元到 4 億美元，再到 5 億美元。在那些更大的步驟中，你會產生更多的浪費，更多的新手，更低的生產力，顯然，你需要更多的利潤。

And so I'd say with that balance in mind, if we saw things, particularly around the digital front, where we could spend more that was productive, we would do that and probably take some costs out of other places. But look, it's working, we're selling, announcing the businesses we have, we're planning to be up 20% again. I think we finished, what, I said 20% last year in sales.

因此，我想說，考慮到這種平衡，如果我們看到一些事情，特別是在數字方面，我們可以在其中花費更多的生產力，我們就會這樣做，並且可能會從其他地方減少一些成本。但看，它正在發揮作用，我們正在出售、宣布我們擁有的業務，我們計劃再次成長 20%。我想我們去年的銷售額已經完成了 20%。

And so if we can keep compounding sales at 20% and kind of growing marketing and sales investment, that's all we need, Pete, to compound the top of 10, right, 20% minus 10% retention right? Sorry, attrition, is 10% growth. And so that's really the model. Just stay on that, make productive sales, keep profits growing at the same time.

因此，如果我們能夠保持 20% 的複合銷售額以及不斷增長的營銷和銷售投資，那麼皮特，我們需要的就是複合前 10 名，對吧，20% 減去 10% 保留率，對嗎？抱歉，流失率是 10% 的成長。這就是真正的模型。只要堅持下去，實現富有成效的銷售，同時保持利潤成長。

I appreciate that. And then on the Paymerang deal, talking about revenue synergies, obviously, scaling it versus Corpay pays infrastructure is an obvious opportunity there? I'm just curious if you believe there's any cross-selling opportunities here on the synergy side, perhaps layering those new verticals versus other product categories that you may be selling.

我很感激。然後在 Paymerang 交易上，談論收入協同效應，顯然，相對於 Corpay 支付基礎設施進行擴展是一個明顯的機會？我只是好奇您是否認為在協同方面存在任何交叉銷售機會，也許將這些新的垂直領域與您可能銷售的其他產品類別進行分層。

Yes, for sure. I mean I think I did mention there's both revenue synergies and to your point, obvious cost synergies. So one, for example, which we do in all these transactions, as Tom mentioned, the merchant network. So that company has 250,000 merchants. We have about 1 million and each of us pay some amount of those merchant network with virtual cards.

是肯定的。我的意思是，我想我確實提到了收入綜效和你的觀點，明顯的成本綜效。例如，正如湯姆所提到的，我們在所有這些交易中所做的就是商業網路。那麼該公司有25萬商家。我們大約有 100 萬，我們每個人都用虛擬卡向這些商家網路支付一定的金額。

So as part of the diligence, we run an overlap where each of us could find merchants that we have that the other guys staying with a virtual card that were not and vice versa. So obviously, we're going to go right back and try to put each guy's respective merchants, if you will, on virtual card, and that creates lift.

因此，作為盡職調查的一部分，我們進行了重疊，我們每個人都可以找到我們擁有的商家，而其他人則使用虛擬卡，反之亦然。顯然，我們將立即返回並嘗試將每個人各自的商家（如果願意的話）放在虛擬卡上，這會產生提升。

They have contracts with banks and processes that are 6x, Pete, is expensive is us because of their scale. That's all contra revenue. So for $1 of spend, we bring way more of it to the revenue line, for example, than they do. And then there's the whole car business. All they have basically is full AP, right? They help companies with what we call invoice automation, fix the process and the workflow and then payment automation or outsourcing pay all the bills.

他們與銀行簽訂的合約和流程是我們的 6 倍，Pete，由於其規模而昂貴。這就是所有的抵銷收入。例如，對於 1 美元的支出，我們為收入線帶來的收入比他們多得多。然後是整個汽車業務。他們所擁有的基本上都是完整的AP，對吧？他們幫助公司實現我們所謂的發票自動化，修復流程和工作流程，然後支付自動化或外包支付所有帳單。

But we have issued now a big card business, walk around cards, business cards, fuel cards, even stand-alone virtual cards that they don't have because they're not in the card business, they're not an issuer, they're not a processor. And so clearly, we've looked at that as well as putting some of our sales guys against their base to sell our cards.

但我們現在已經發行了大型卡業務，包括流動卡、名片卡、加油卡，甚至是他們沒有的獨立虛擬卡，因為他們不從事卡業務，他們不是發行人，他們不是處理器。很明顯，我們已經研究了這一點，並讓我們的一些銷售人員反對他們的基礎來銷售我們的卡片。

So yes, there's not only clear cost synergy, there's a bunch of revenue synergies. So we expect to think it's already growing, I don't know, 20% to 30% on its own. It's a great business, at super-duper good people, which I want to call out as an asset, too. You can't run companies without people. So when you add our super adjacent capabilities, the thing -- we think the thing will perform really well.

所以，是的，不僅有明顯的成本協同效應，還有大量的收入綜效。所以我們預計它已經成長了 20% 到 30%，我不知道。這是一項偉大的事業，擁有超級優秀的人才，我也想稱之為一項資產。沒有人就無法經營公司。因此，當你添加我們的超級相鄰功能時，我們認為它會表現得非常好。

And there's not many of them, Pete. The other thing is they're scarce, right? There's only a handful really that we're aware of any kind of sizable people that do what we call full AP in the middle market really of any size. And obviously, we know them all.

而且這樣的人也不多，皮特。另一件事是它們很稀缺，對嗎？據我們所知，真正在任何規模的中間市場上從事我們所謂的完整 AP 業務的大型企業屈指可數。顯然，我們都認識他們。

Our next question comes from Trevor Williams with Jefferies.

我們的下一個問題來自杰弗里斯的特雷弗·威廉姆斯。

I want to go back to fleet and just how you guys are thinking about the shape of the year. I think the prior guide for vehicle had assumed fleet would get back up to the high single digits or so by the end of the year. Just if that still holds and the level of visibility you have into the acceleration on -- you're mentioning late fees, retention? Anything there would be helpful.

我想回到艦隊，以及你們如何看待今年的情況。我認為先前的車輛指南假設車隊數量將在今年年底恢復到高個位數左右。如果這仍然成立，並且您對加速的可見性水平 - 您提到滯納金，保留費？那裡的任何事情都會有幫助。

Yes. Trevor, it's Ron again. So if you called it right, if you took our Vehicle business and you looked at our internal documents on how we build into the second half, you're right, we show the vehicle business in total, exiting in the high single digits, both in Q3 and in Q4. So again, part of that is the lapping of the pivot in North America and the other 2 businesses that are sitting inside vehicle are performing fine and well and compounding. And so that's the view that we'd go from kind of low mid-single digits for vehicle to high single digits as we exit the year.

是的。特雷弗，又是羅恩。因此，如果你說得對，如果你拿了我們的汽車業務，並且查看了我們關於如何進入下半年的內部文件，那麼你是對的，我們顯示了汽車業務的總額，以高個位數退出，兩者在第三季和第四季。再說一遍，其中一部分是北美樞軸的轉動，而車內的其他兩家企業表現良好，並且複合。因此，我們認為，當我們結束今年時，我們的車輛銷售將從低中個位數變為高個位數。

Okay. Got it. And then on Corporate Payments, Tom, I think you called out higher rev per transaction being a tailwind on the direct piece. Should we think going forward on top of the new sales growth, that's kind of how we've been oriented to think about growth in the business that pricing could maybe be a bigger lever for growth across both direct and cross-border?

好的。知道了。然後在企業支付方面，湯姆，我認為您指出每筆交易的更高回報是直接業務的推動力。我們是否應該在新的銷售成長之上繼續思考，這就是我們思考業務成長的方式，即定價可能成為直接和跨國成長的更大槓桿？

Yes. Trevor, I wouldn't overemphasize the pricing piece. Obviously, we'll always look to price competitively. I think what you're seeing in our trend line of RevPAR trend is just a mix variance there in terms of where channel was a bigger portion of the first quarter of last year. You also see that in our spend numbers where they were dominating the spend numbers kind of diluted the overall year-over-year, but sequentially, you see 10% growth. That also translated into the take rate.

是的。特雷弗，我不會過度強調定價部分。顯然，我們將始終尋求具有競爭力的價格。我認為您在我們的 RevPAR 趨勢趨勢線中看到的只是一個混合方差，因為管道在去年第一季度佔據了更大的比例。您還可以看到，在我們的支出數字中，他們在支出數字中占主導地位，這有點稀釋了整體同比增長，但您會看到連續 10% 的增長。這也轉化為採用率。

I think what you see is run rate take rate is pretty good. Again, we'll look for opportunities to optimize on any kind of pricing or monetization strategies. But it's more of a mix when you're looking in the rearview mirror than it is some kind of over pricing strategy that we've deployed.

我認為你所看到的運行率和利用率相當不錯。同樣，我們將尋找機會優化任何類型的定價或貨幣化策略。但從後視鏡來看，這更像是一種混合，而不是我們部署的某種定價過高的策略。

That's true also within cross-border. I know we focus a lot on payables, but the cross-border business as well as the mix of that business has also been toward products where we earn more. We're doing more sophisticated-type FX transactions on behalf of our customers. And because of that, we're getting paid. And so that too is factoring into that overall trend and the shift in mix from kind of the basic stuff, commoditized kind of stuff to the more specialized, sophisticated stuff that we're bringing to our customers.

在跨境領域也是如此。我知道我們非常專注於應付帳款，但跨境業務以及該業務的組合也轉向了我們收入更高的產品。我們正在代表客戶進行更複雜的外匯交易。正因為如此，我們才得到報酬。因此，這也考慮到整體趨勢以及從基本商品、商品化商品到我們為客戶提供的更專業、更複雜的商品的組合轉變。

Trevor, it's Ron. Let me make sure you guys get clear on this price thing and how we can be advanced. Let's say, simplistically that we're managing spend for you, and there's 250 basis points of interchange and we agreed to split the thing. I'll give you a rebate of 125 basis points, and I'll keep 125, keep for me, for revenue for me. The pitch to get more price isn't just the split of the 250, it's how much of your spend I can get on virtual card. So if you spend $1 million a month, and I can get 20% on and someone else can only get 10%, I don't necessarily have to meet the 125 basis point rebate because I'm going to return you way more absolute money.

特雷弗，我是羅恩。讓我確保你們清楚這個價格問題以及我們如何取得進展。簡單地說，我們正在為您管理支出，並且有 250 個基點的互換，我們同意分攤這筆費用。我會給你125個基點的回扣，我會保留125，為我保留，為我帶來收入。獲得更高價格的目的不僅僅是分攤 250 美元，而是我可以從你的消費中獲得多少虛擬卡。因此，如果你每月花費 100 萬美元，我可以獲得 20%，而其他人只能獲得 10%，我不一定需要滿足 125 個基點的回扣，因為我將返還給你更多的絕對錢。

So we're able to capture effectively a better price, a better keep price than banks, which are, I'd say, the main competition because of our merchant network and tech allows us to -- and people we get way more of the clients spend on card programs, thus generating a bigger pool. And so we can effectively keep more money than other people and still have better value to the client. So I just want to pick up on Tom's comment that although it's not kind of pure price, it does result in a price advantage for us.

因此，我們能夠有效地獲得比銀行更好的價格、更好的保留價格，我想說，銀行是主要的競爭對手，因為我們的商業網絡和技術使我們能夠——而且我們得到了更多的人客戶在信用卡項目上花費，從而產生更大的資金池。因此，我們可以有效地保留比其他人更多的錢，並且仍然為客戶提供更好的價值。所以我只想聽聽湯姆的評論，雖然這不是純粹的價格，但它確實為我們帶來了價格優勢。

Our next question comes from James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的詹姆斯·福賽特。

You guys have delved into a lot of different topics. I want to -- just quickly in -- I guess, in the interest of completeness, go back to the EV, you provided some interesting comments there and certainly appreciate the detail on the U.K. EV economics. But I'm just wondering if you can unpack what's driving the increased penetration of EV cards relative to fuel cards. I mean is this a simple on an incremental basis as mix fleet is growing in share more broadly? Or is there something else going on there?

你們已經深入研究了很多不同的主題。我想——只是很快——我想，為了完整起見，回到電動車，你在那裡提供了一些有趣的評論，並且當然欣賞有關英國電動車經濟學的細節。但我只是想知道您是否能解釋一下是什麼推動了電動汽車卡相對於加油卡的普及率提高。我的意思是，隨著混合車隊的份額更廣泛地增長，這是一個簡單的增量基礎嗎？或者有其他事情發生嗎？

James, it's Ron. So the exhibits in the supplement, again, I think what we're trying to say there is, (inaudible) a sample of whatever, 300 or 400 clients that we've had for some period of time. The chart shows that they're incrementally adding EV relative to combustion, right? So the percentage of total vehicles among that pool of clients is becoming more EV.

詹姆斯，是羅恩。因此，增刊中的展品，我想我們想說的是，（聽不清楚）我們在一段時間內擁有的 300 或 400 名客戶的樣本。這張圖表顯示他們相對於燃燒逐漸增加電動車，對吧？因此，該客戶群中車輛總數的比例正變得越來越電動化。

I think the main point we're trying to say is that because we do not only, on the road, but also at home with a super high attach rate, we can actually get more revenue per vehicle for EV vehicle than we can from the old fashion combustion vehicles. So that's the point we're really trying to make to everybody is, oh, well, it's me when the world goes to more EV fleet or Corpay will be hurt by, we're trying to make the point that no, no, no, clients are willing to pay for this mixed solution we have and on the road and at home. And even as they grow to a higher and higher share of EV vehicles to total, we keep getting paid more, not less. That's really what we're trying to show you there.

我認為我們想說的要點是，因為我們不僅在路上，而且在家裡也有超高的附著率，我們實際上可以從電動車的每輛車上獲得比我們從電動車上獲得的更多的收入。所以這就是我們真正想向每個人傳達的觀點是，哦，好吧，當世界上有更多的電動汽車車隊時，是我，否則Corpay 將會受到傷害，我們試圖表明這一點：不，不，不，客戶願意為我們在路上和家裡的混合解決方案付費。即使電動車在電動車總量中所佔的比例越來越高，我們的薪水卻不斷增加，而不是減少。這正是我們想要向您展示的。

That's really just a share of wallet. We're keeping obviously, the ICE business, the fuel. But as they evolve their fleet to EV, we're getting that business as well. So it's incremental business for us.

這實際上只是錢包的一部分。顯然，我們會保留內燃機業務和燃料。但隨著他們將車隊升級為電動車，我們也獲得了這項業務。所以這對我們來說是增量業務。

That's great. I appreciate that. And then I just wanted to get one last point here. Like -- I think you've broken down kind of the growth expectations for Corporate Payments and talked about pricing and some of those things. I just want to make sure I understand, are we close to channel drag being over and that's stopping being kind of a headwind? Or how should we think about the timing of that?

那太棒了。我很感激。然後我只想在這裡得到最後一點。就像——我認為你已經分解了企業支付的成長預期，並談到了定價和其中一些事情。我只是想確保我明白，我們是否已經接近結束通道阻力並且不再是逆風？或者說我們該如何考慮這個時機？

What does channel drag means?

通道阻力是什麼意思？

Our channel margins.

我們的通路利潤。

Oh, the channel margins. Yes. So again, yes is the short answer. I'd say, for sure, by Q3 and then, again, the thing, point-to-point the channel has helped us actually higher, I think when we get to Q3 and Q4. So yes. I'd say maybe the quarter was sitting in the last time, hopefully, we'll have to talk about this. And again, I said it earlier, our confidence, my confidence is high in it because the stuff that's full, what is literally contracted. So we just have to make sure we implement it. I hope this is the last time we answered, James. I hope it.

哦，通路利潤。是的。再說一次，簡短的回答是「是」。我肯定會說，到第三季度，然後，再一次，點對點管道實際上幫助我們提高了，我想當我們到達第三季度和第四季度時。所以是的。我想說也許這個季度是最後一次，希望我們必須討論這個問題。再說一次，我之前說過，我們的信心，我的信心很高，因為這些東西是飽滿的，實際上是收縮的。所以我們只需要確保我們實施它。我希望這是我們最後一次回答，詹姆斯。我希望如此。

Our next question comes from Daniel Krebs with Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的丹尼爾·克雷布斯。

This is Daniel on for Darrin. I wanted to unpack some of the drivers of fleet transaction growth down 12% year-over-year. Is this also primarily driven by the loss of the micro fleet? It seems like maybe a bigger impact than we would have expected.

這是達林的丹尼爾。我想分析一下導致車隊交易成長年減 12% 的一些驅動因素。這是否也主要是由於微型機隊的損失造成的？看來影響可能比我們預期的更大。

Daniel, I think you're looking at the print there, and that would be Russia where we would have Russia in the prior year. I think if you look at the organic, it's probably where we referenced the pro forma macro adjusted is a better indication. You see transactions up 7% and then we kind of break that down based on some of the different types of transactions that now flow through the whole Vehicle Payments segment.

丹尼爾，我想你正在看那裡的印刷品，那將是俄羅斯，我們在前一年就有俄羅斯。我認為，如果你看一下有機因素，我們提到的預期宏觀調整可能是一個更好的指示。您會看到交易量增加了 7%，然後我們根據現在流經整個車輛支付細分市場的一些不同類型的交易對其進行了細分。

Okay. Got it. So that wouldn't be an issue moving forward? And maybe as a follow-up on Corpay, could you speak to the performance across the FX versus the full AP business? Any material delta between the 2 in terms of revenue or volume growth there?

好的。知道了。那麼這不會成為前進的問題嗎？也許作為 Corpay 的後續行動，您能否談談外匯業務與整個 AP 業務的表現？兩者之間在收入或銷售成長方面是否存在重大差異？

Daniel, it's Ron. No. They're kind of the same. They're both growing high teens to 20%. So not a big difference across border. Business is a bit bigger, call it, I don't know, 30% bigger, won't be quite as big as we get to close this Paymerang. But no, they're quite similar. The one thing I will point out between the 2 businesses, though, just to remind everybody is, the cross-border business has a massive TAM because we originate customers in 5 geographies. So only about 1/4 of that business is U.S. origination. The other 75% of it is Canada, U.K., Europe, Australia. And so you've got way number of companies and prospects to basically fish in the pond in that business because they sit in lot of geographies.

丹尼爾，是榮恩。不，它們有點相同。他們的成長率都達到了 20%。所以跨界差異不大。生意有點大了，我不知道，大了 30%，但不會像我們關閉這個 Paymerang 那麼大。但不，它們非常相似。不過，我要在這兩家企業之間指出的一件事是，只是為了提醒大家，跨國業務擁有龐大的 TAM，因為我們的客戶來自 5 個地區。因此，該業務中只有約 1/4 源自美國。另外75%是加拿大、英國、歐洲、澳洲。因此，有大量的公司和潛在客戶基本上可以在該行業的池塘釣魚，因為它們分佈在許多地區。

Our next question comes from Dave Koning with Baird.

我們的下一個問題來自戴夫·科寧和貝爾德。

And I guess one follow-up on just the channel drag question. Are still going to see for a couple more quarters kind of flattish Corporate Payment volume. We're going to keep seeing that. And then by Q4, it reaccelerates when you hit the easier comp. Is that a fair way to think about that?

我想接下來的一個後續行動只是關於通路阻力問題。在接下來的幾個季度中，我們仍會看到企業付款量持平。我們將繼續看到這一點。然後到了第四季度，當你達到更容易的比賽時，它會重新加速。這是一個公平的思考方式嗎？

It is because the channel, remember, is lots of spend at no rate and the direct is obviously less spend at a decent rate. So what you just said is right. Once the channel gets cleaned up effectively, it is on its own. It's higher than the prior period that will wash away.

這是因為，請記住，通路的支出大量且無利率，而直接通路的支出顯然較少，且利率合理。所以你剛才說的是對的。一旦渠道有效清理，它就可以自行解決。它比之前的時期要高，會被沖走。

And you accelerated Corporate which was great even with the transaction of decelerating. So that was good. My follow-up quick share count was flat sequentially despite big buybacks in Q1. Was that just timing in March, so we'll see it a lot more in Q2.

你加速了公司業務，即使交易減速，這也很棒。所以那很好。儘管第一季進行了大規模回購，但我的後續快速股票數量環比持平。這只是三月的時間嗎，所以我們會在第二季看到更多。

Yes, Dave, it's a little bit of that. It's also stock price. So when stock price goes up, there's more dilution on the options than restricted stock that's outstanding. So that kind of counterbalance some of the actions that we're taking on the buyback front. So there's a little bit of a headwind when it comes to that. But with the buybacks, as you said, back-end loaded to Q1 and then active in the first month of Q2, there'll be a bigger benefit when we print Q2.

是的，戴夫，有一點點。也是股價。因此，當股價上漲時，選擇權的稀釋程度高於流通在外的限制性股票。因此，這可以抵消我們在回購方面採取的一些行動。因此，在這方面存在一些阻力。但是，正如您所說，隨著回購，後端加載到第一季度，然後在第二季度的第一個月活躍，當我們列印第二季度時，將會有更大的好處。

Our final question comes from Rufus Hone with BMO Capital Markets.

我們的最後一個問題來自 BMO 資本市場的 Rufus Hone。

Just wanted to ask on the same-store sales. And I know you mentioned it's improved 1 percentage point sequentially to minus 2% this quarter. I guess what's the path and the time line for getting that back to flat? Is that a 2Q goal or more like something around year-end?

只是想問一下同店銷售狀況。我知道您提到本季環比提高了 1 個百分點，達到負 2%。我想恢復平坦的路徑和時間線是什麼？這是第二季的目標還是更像是年底左右的目標？

Yes, I would say it's probably close to the year-end, a lot of it turns again on this lodging thing, which I mentioned was, call it, 10% or 11%. And the big period there is Q3. The other one I think I did call out or if I did in the last time, the U.K. as an economy has been a bit soft in the last year. And so that would be the other drag. I'd say the rest of them are improving. So I think part of our plan would be the minus 3, the minus 2 that I think gets back to close to flat by Q4.

是的，我想說，可能接近年底了，很多事情會再次轉向住宿方面，我提到的是，稱之為 10% 或 11%。其中最重要的時期是第三季。我想我確實指出了另一個問題，或者如果我上次說過的話，英國作為一個經濟體去年有點疲軟。這將是另一個阻力。我想說的是，其餘的人都在進步。因此，我認為我們計劃的一部分是負 3，負 2，我認為到第四季度將恢復到接近持平。

We have no further questions at this time. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

目前我們沒有進一步的問題。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。