Corpay Inc (CPAY) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Corpay third-quarter 2024 earnings conference call. (Operator Instructions) Please note that this will be recorded and I will be standing by should you need any assistance.

大家好，歡迎參加今天的Corpay 2024年第三季財報電話會議。（操作員說明）請注意，這將被記錄下來，如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn today's call over to Head of Investor Relations, Jim Eglseder. Please go ahead.

現在我很高興將今天的電話轉給投資者關係主管 Jim Eglseder。請繼續。

Good afternoon, and thank you for joining us today for our third-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 the queue will open for the Q&A session.

下午好，感謝您今天參加我們的 2024 年第三季財報電話會議。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。

Today's documents, including our earnings release and supplement, can be found under the Investor Relations section on our website at corpay.com. Now throughout this call, we will be covering several non-GAAP financial metrics, including revenues, net income, and net income per diluted share, all on an adjusted basis.

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。現在，在整個電話會議中，我們將討論幾個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。

We will also be covering organic revenue growth. This metric neutralizes the impact of year-over-year changes in FX rates, fuel prices, and fuel spreads. It also includes pro forma results for acquisitions and divestitures or scope changes closed during the two years being compared.

我們還將涵蓋有機收入成長。此指標抵消了匯率、燃油價格和燃油利差同比變化的影響。它還包括比較兩年內完成的收購和剝離或範圍變更的預期結果。

None of these measures are 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.

這些指標均不是根據公認會計原則計算的，且計算方法可能與其他公司不同。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 is important to understand that part of our discussion may include forward-looking statements. These statements reflect the best information we have as of today. All statements about our outlook, new product, 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.

重要的是要理解我們的討論的一部分可能包括前瞻性陳述。這些陳述反映了我們今天所掌握的最佳資訊。所有有關我們的前景、新產品以及對業務發展和未來收購的期望的陳述均基於該資訊。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 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. These documents are available on our website and at sec.gov.

這些預期結果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。

Now I'll turn the call over to Ron Clarke, our Chairman and CEO. Ron?

現在我將把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 Q3 2024 earnings call.

好吧，吉姆。謝謝。大家下午好，歡迎參加我們的 2024 年第三季財報電話會議。

Upfront here, I plan to cover three subjects. First, provide my take on Q3 results, share our Q4 guidance along with a 2025 preview. Second, I'll discuss our USA opportunity and our recent sales reorganization. And then lastly, I'll provide an update on our M&A activities.

首先，我計劃討論三個主題。首先，提供我對第三季結果的看法，分享我們的第四季指引以及 2025 年預覽。其次，我將討論我們在美國的機會和我們最近的銷售重組。最後，我將提供有關我們併購活動的最新資訊。

Okay. Let me begin with our Q3 results, starting with we surpassed $1 billion in quarterly revenue for the very first time. So quite a big milestone for us. We reported revenue of $1.29 billion, up 7%, excluding Russia; and cash EPS of $5, up 14%, excluding Russia. The result is really in line with our expectations, both revenue and earnings finishing on the high side of our guidance range.

好的。讓我從第三季的業績開始，我們的季度營收首次超過 10 億美元。這對我們來說是一個相當大的里程碑。我們報告的收入為 12.9 億美元，成長 7%（不包括俄羅斯）；現金每股收益為 5 美元，成長 14%（不包括俄羅斯）。結果確實符合我們的預期，收入和利潤都高於我們的指導範圍。

EBITDA margins in Q3, 54.2%, that's up about 100 basis points sequentially. Our trends in Q3 really quite good. Same-store sales remained essentially flat and that's consistent with Q2. Retention improved slightly to a bit above 92% for the quarter. That's a return to record levels.

第三季 EBITDA 利潤率為 54.2%，較上一季成長約 100 個基點。我們第三季的趨勢確實非常好。同店銷售額基本持平，與第二季一致。本季的保留率略有提高，略高於 92%。這又回到了創紀錄的水平。

Sales or what we call new bookings growth, 14% inside of that corporate payment sales growth leading the way with a 28% sales growth for the quarter. And payables spend monetization levels remaining steady sequentially. Organic revenue growth, finishing at 6% overall. Again, strong growth in corporate payments, Brazil, and international fleet and a continued drag from North America fleet in lodging, although lodging did show signs of improvement in the quarter.

銷售或我們所謂的新預訂成長，其中企業支付銷售成長 14%，本季銷售成長 28%，遙遙領先。應付支出貨幣化水準連續保持穩定。有機收入成長，整體成長 6%。同樣，企業支付、巴西和國際機隊的強勁成長以及北美機隊對住宿的持續拖累，儘管本季住宿確實顯示出改善的跡象。

So the wrap on Q3, really, no surprises here, lodging a bit better; north America fleet a bit worse. But more importantly, trends, same-store sales, retention, sales, and spend monetization, all stable or improving. So really a good result.

第三季的總結，真的，沒有什麼驚喜，住宿條件好一點了；北美艦隊差一點。但更重要的是，趨勢、同店銷售、留任率、銷售額和支出貨幣化都穩定或改善。所以確實是一個很好的結果。

Okay. Let me make the turn to Q4 and full-year 2024 guidance. So we're outlooking a very strong Q4 finish. We're expecting organic revenue growth to accelerate to 13%. An early view of our October revenue flash supports this acceleration.

好的。讓我談談第四季和 2024 年全年指引。因此，我們預計第四季度的業績將非常強勁。我們預計有機收入成長將加速至 13%。我們 10 月份收入預覽的早期視圖支持了這種加速。

Outlooking EBITDA margins of 55.6%, which should be up about another 140 basis points sequentially. Cash EPS of $5.35 at the midpoint, up 21%, and hopeful for Q4 sales growth coming in above 20%. So really firing on all cylinders.

預計 EBITDA 利潤率為 55.6%，比上一季再成長約 140 個基點。現金每股收益中點為 5.35 美元，成長 21%，預計第四季銷售成長將超過 20%。所以真的是全力以赴。

A couple additional positives. We expect lodging revenue growth to turn positive here in Q4 and the infamous corporate payments channel segment expected to finally grow again here in Q4. So both of these things support our overall revenue growth acceleration. So as I said back in August, our expected arrival to a better place is now Q4.

還有一些額外的正面因素。我們預計第四季度住宿收入將出現正增長，而臭名昭著的企業支付管道部分預計最終將在第四季度再次增長。因此，這兩件事都支持我們整體營收成長的加速。正如我在 8 月所說，我們預計在第四季達到更好的水平。

For full-year 2024, our staying put with $19 of full year cash EPS at the midpoint. That implies 16% year-over-year EPS growth, excluding Russia. So really in line with our 15% to 20% midterm earnings growth target.

對於 2024 年全年，我們維持全年現金每股收益 19 美元的中位數不變。這意味著每股收益年增 16%（不包括俄羅斯）。因此確實符合我們 15% 至 20% 的中期獲利成長目標。

Okay. Let me transition to a 2025 preview. Obviously, early days, but we think it's setting up quite well. In terms of organic revenue growth, we're outlooking 9% to 11% driven by recovery of our North America fleet in lodging businesses, both moving into positive territory next year. Corporate payments in Brazil maintaining mid- to high-teens growth rates, even our gift business outlooking double-digit growth next year.

好的。讓我過渡到 2025 年預覽。顯然，還處於早期階段，但我們認為它已經建立得很好。就有機收入成長而言，我們預計在北美住宿業務機隊復甦的推動下，有機收入成長將達到 9% 至 11%，這兩項業務明年均將實現正成長。巴西的企業支付保持中高青少年成長率，甚至我們的禮品業務明年也有望實現兩位數成長。

We do expect an incremental 3% of print revenue growth that's above organic from the combination of the two corporate payments acquisitions. Planning our 2025 sales growth, around 20% next year. That's driven by the demand for our new products, along with incremental investment in sales coverage.

我們確實預期印刷收入將成長 3%，這高於兩項企業支付收購相結合帶來的有機成長。計劃 2025 年銷售額成長 20% 左右。這是由對我們新產品的需求以及對銷售覆蓋範圍的增量投資所推動的。

So taken together, we're targeting 2025 cash EPS at a $22 per share ballpark. Still lots to work through a couple of big assumptions behind the 2025 cash EPS will be FX assumptions, particularly the Brazil real, along with the net impact of lower interest rates offset by higher 2025 tax rates. So look, net-net, we're outlooking a pretty good 2025 setup.

綜上所述，我們的目標是 2025 年現金每股收益約為每股 22 美元。2025 年現金每股收益背後的幾個重大假設仍有許多工作要做，包括外匯假設，尤其是巴西雷亞爾，以及 2025 年較高稅率所抵消的較低利率的淨影響。所以看，網路網絡，我們正在展望一個非常好的 2025 年設定。

Okay. Let me make the turn to our USA sales opportunity along with the recent decision to reorganize US sales and a point a new CRO. So recently, our US sales growth has not been as good as our international sales growth and particularly our North America fleet and lodging solutions. We see the US opportunity for all of our lines to be enormous.

好的。讓我談談我們的美國銷售機會以及最近重組美國銷售的決定和新的 CRO。因此，最近我們的美國銷售成長不如我們的國際銷售成長，特別是我們的北美機隊和住宿解決方案。我們看到美國對我們所有的產品線來說都有巨大的機會。

Take for example our payables business. We've got about a 2% or 3% share of the mid-market. Recall that's a business of about $500 million of annualized revenue. And yet there's a couple hundred thousand prospects to convert. And we've got 2% to 3%. So look, a big opportunity.

以我們的應付帳款業務為例。我們在中端市場佔有大約 2% 或 3% 的份額。回想一下，這是一項年收入約 5 億美元的業務。然而，仍有數十萬潛在客戶需要轉換。我們有 2% 到 3%。所以看，這是一個巨大的機會。

So to get at this opportunity more urgently, we've taken the following actions. We've established a consolidated US sales organization with the associated marketing and sales support functions reporting into one new CRO exec. His name is Mike Jeffrey.

因此，為了更緊急地抓住這個機會，我們採取了以下行動。我們已經建立了一個統一的美國銷售組織，其相關的行銷和銷售支援職能向一位新的 CRO 執行官報告。他的名字叫麥克傑弗裡。

We've rebranded sections of the vehicle, lodging, and payables lines of business to Corpay to leverage the brand, and we've established a dedicated cross-sell team that will take each of our solutions back to our existing client base to drive sales. So lots of energy, focus, and urgency around selling more here in the US.

我們已將車輛、住宿和應付帳款業務部門重新命名為Corpay，以利用該品牌，並且我們建立了專門的交叉銷售團隊，將把我們的每個解決方案帶回我們現有的客戶群，以推動銷售。因此，在美國銷售更多產品需要投入大量的精力、注意力和緊迫感。

Okay. And finally, I'll move to my last subject, which is an M&A update. So quite busy in 2024 on the M&A front. For deals finalized a couple still in the pipeline.

好的。最後，我將轉向最後一個主題，即併購更新。2024 年併購方面非常繁忙。對於已敲定的交易，有幾項仍在醞釀中。

So first, Paymerang, the AP automation company -- we closed that July 1. Good news. It's tracking closely to our second half plan. and we're seeing significant synergies here in Q4. GPS across border business that we signed up this summer, still on track to close at the end of the year.

首先是 Paymerang，AP 自動化公司—我們於 7 月 1 日關閉。好消息。它與我們的下半年計劃密切相關。我們在第四季度看到了顯著的協同效應。我們今年夏天簽的GPS跨國業務，預計年底就能完成。

Through Q3, the business is performing at forecast. So good news there. So we'll be excited to bring that business across. Taken together these two corporate payment deals should contribute about $0.50 of cash EPS accretion in 2025.

截至第三季度，該業務的表現符合預期。這是個好消息。因此，我們將很高興能夠開展這項業務。總的來說，這兩筆企業支付交易應該會在 2025 年為每股收益帶來約 0.50 美元的現金增量。

Third is our Zapay Brazil deal, which is a vehicle car debts company helps drivers pay for registration renewals and tickets. We acquired that business in the spring. It gave us an entry to really a new payments TAM, that is five times the size of the toll TAM, so pretty big.

第三是我們的 Zapay Brazil 交易，這是一家汽車債務公司，幫助司機支付註冊續約和罰單費用。我們在春季收購了這項業務。它為我們提供了一個真正新的支付 TAM 的入口，它的大小是通行費 TAM 的五倍，非常大。

And the that Zapay business year to date, up 45% in revenue. We've also signed up 90,000 Sem Parar toll users to using the Zapay solutions in the first six months. So a good start.

Zapay 業務今年迄今的營收成長了 45%。在前六個月內，我們還簽署了 90,000 名 Sem Parar 收費用戶來使用 Zapay 解決方案。這是一個好的開始。

And lastly, the Comdata Merchant Solutions business. It's a POS solutions business for truck stop merchants. It's being sold to a PE-backed company planning that sale to close by year-end. You might recall this divestiture is tied to the strategic review. From last spring and then to simplify the company, we do have a couple of active deals now that we're still working and although relatively small, if we do proceed we will close those early next year.

最後是 Comdata Merchant Solutions 業務。這是一家為卡車停靠站商家提供 POS 解決方案業務的公司。它被出售給一家私募股權支持的公司，計劃在年底前完成出售。您可能還記得這次剝離與策略審查有關。從去年春天開始，然後為了簡化公司，我們確實有一些活躍的交易，現在我們仍在工作，雖然規模相對較小，但如果我們繼續進行，我們將在明年初完成這些交易。

So look, in conclusion, today, Q3, again, results finishing on the high side of our guidance range stable or improving same-store sales, retention and spend monetization trends, outlooking meaningful revenue growth acceleration here in Q4, along with record earnings. Early take on 2025 good outlook in revenue and earnings growth kind of in line with our stated midterm objectives.

因此，總而言之，今天第三季的業績再次處於我們指導範圍的高端，穩定或改善同店銷售、保留率和支出貨幣化趨勢，預計第四季度收入將大幅加速，盈利將創歷史新高。早期對 2025 年收入和獲利成長的良好展望與我們既定的中期目標相符。

And lastly, very pleased with our 2024 M&A activity, the two corporate payment acquisitions, tracking, and the business really just positioned better overall for faster growth.

最後，對我們 2024 年的併購活動、兩項企業支付收購、追蹤和業務確實處於更好的整體位置以實現更快的成長感到非常滿意。

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

因此，讓我將電話轉給湯姆，以提供有關本季度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. As we announced last week, Q3 revenue was $1.029 billion, which I was pleased to see at the higher end of our guide despite lower fuel prices. Organic revenue grew 6% versus Q3 last year, led by 18% growth in corporate payments. Strong expense discipline and another quarter of lower bad debt resulted in EBITDA margin of 54.2%.

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。正如我們上週宣布的，第三季收入為 10.29 億美元，儘管燃油價格較低，但我很高興看到該收入處於我們指南的較高端。有機收入較去年第三季成長 6%，其中企業支付成長 18%。嚴格的費用紀律和壞帳又一個季度的下降使得 EBITDA 利潤率達到 54.2%。

We generated $355 million of free cash flow, which translates into $5 per share in cash EPS, $0.05 above the midpoint of our guidance, up 11%, versus last year and up 14%, excluding the impact of the sale of our Russia business.

我們產生了 3.55 億美元的自由現金流，相當於每股現金 EPS 5 美元，比我們指導的中點高出 0.05 美元，比去年增長 11%，增長 14%（不包括出售俄羅斯業務的影響）。

Overall, our first $1 billion revenue quarter, reflecting the quality and diversification of our business. Now turning to our segment performance and the underlying drivers of our organic revenue growth. Corporate payments revenue was up 18%, driven by 7% growth in spend volume and stable card penetration rates. Strength in our direct business, which grew 21% was again led by strong growth in full AP.

總體而言，我們的第一個季度收入達到 10 億美元，反映了我們業務的品質和多元化。現在轉向我們的部門業績和有機收入成長的潛在驅動力。受支出量成長 7% 和信用卡滲透率穩定的推動，企業支付收入成長 18%。我們的直接業務成長了 21%，這再次得益於全額 AP 的強勁成長。

We closed the Paymerang deal in July, which contributed $14 million of revenue in the quarter and we continue to migrate the business to our platform. Everything is progressing according to plan, and we expect meaningful synergy contributions beginning in the fourth quarter.

我們於 7 月完成了 Paymerang 交易，該交易為本季貢獻了 1,400 萬美元的收入，我們繼續將業務遷移到我們的平台。一切都在按計劃進行，我們預計從第四季度開始將產生有意義的協同效應。

From an adjusted EPS perspective, we still expect Paymerang to be EPS neutral in Q4. Cross-border revenue was up 21%, led by 40% sales growth. Both new client acquisition and recurring client transaction activity was robust as our scale, technology, and talent advantages continue to power share gains from legacy financial players. Our previously announced acquisition of GPS Capital Markets continues to progress through the approval process, and we expect it to close in early 2025.

從調整後每股盈餘的角度來看，我們仍然預期 Paymerang 在第四季每股收益為中性。在銷售額成長 40% 的帶動下，跨境收入成長 21%。由於我們的規模、技術和人才優勢持續推動傳統金融企業的份額成長，新客戶獲取和經常性客戶交易活動都很強勁。我們先前宣布的 GPS Capital Markets 的收購正在繼續通過審批程序，我們預計將於 2025 年初完成。

Turning to vehicle payments. Organic revenue increased 4% during the quarter. Growth was driven by a 7% increase in transactions and higher revenue per transaction which were both broad-based across all businesses and geographies.

轉向車輛付款。本季有機收入成長 4%。成長是由交易量成長 7% 和每筆交易收入增加所推動的，這在所有業務和地區都有廣泛的基礎。

Organic revenue growth was again driven by Brazil and international fleet, which both grew double digits. We're beginning to see some progress related to our sales and marketing investment in our local US fleet business. As a reminder, this customer segment services middle market and SMB field services businesses that used vehicles to deliver their goods and services every day.

有機收入成長再次受到巴西和國際機隊的推動，均實現兩位數成長。我們開始看到與我們在美國當地車隊業務的銷售和行銷投資相關的一些進展。提醒一下，這個客戶群為中間市場和中小型企業現場服務企業提供服務，這些企業每天都使用車輛來交付貨物和服務。

During the quarter, transactions and spend volume on a constant fuel price basis showed signs of accelerating growth. In addition, we're seeing a quarterly trend of improving performance across same-store sales, new sales, and retention. There's more work to be done to increase sales, but it's encouraging to see some initial progress.

本季度，以固定燃油價格計算的交易量和支出量顯示出加速成長的跡象。此外，我們也看到同店銷售、新銷售和保留率的業績呈現季度性改善趨勢。增加銷量還有更多工作要做，但看到一些初步進展令人鼓舞。

In the UK, we continue to expand the PayByPhone parking app into a multi-point consumer vehicle payment app by leveraging our proprietary networks and partnerships to add relevant products and services. In Q2, we launched the ability to acquire car content insurance when parking and added a search function for nearby fuel stations and EV chargers.

在英國，我們利用我們的專有網路和合作夥伴關係添加相關產品和服務，繼續將 PayByPhone 停車應用程式擴展為多點消費者車輛支付應用程式。第二季度，我們推出了停車時取得汽車內容保險的功能，並添加了附近加油站和電動車充電樁的搜尋功能。

We've gone live this quarter with two additional services. One, our first vehicle maintenance and repair product for the UK's mandatory annual vehicle inspection service. And secondly, EV charging payments, where app users can directly pay for EV charging from their PayByPhone app. We continue to be quite excited about the future prospects from repurposing our B2B networks and payment solutions to a large consumer segment. In Brazil, business performance was again quite strong with revenue growing 18% and sales increasing 22%.

我們本季推出了兩項附加服務。一是我們的首款用於英國強制年度車輛檢查服務的車輛保養和維修產品。其次，電動車充電支付，應用程式使用者可以直接透過 PayByPhone 應用程式支付電動車充電費用。我們仍然對將我們的 B2B 網路和支付解決方案重新用於大型消費群體的未來前景感到非常興奮。在巴西，業務表現再次表現強勁，營收成長 18%，銷售額成長 22%。

Tag growth was 8% and toll-related revenue grew 20%. We continue to see success not just in selling tags, but also selling additional payment solutions. Both insurance policies sold and car debt payment transactions were up over 100% in the quarter. Additionally, card debt app users and revenue were up over 30% compared to last year. These additional products are quite popular and continue to support our cross-sell success.

標籤成長 8%，通行費相關收入成長 20%。我們不僅在銷售標籤方面繼續取得成功，而且在銷售其他支付解決方案方面也取得了成功。本季保單銷售量和汽車債務支付交易量均成長超過 100%。此外，卡債應用程式的用戶和收入比去年增長了 30% 以上。這些附加產品非常受歡迎，並繼續支持我們交叉銷售的成功。

Lodging revenue decreased 5% and improved 5 points sequentially from Q2. room nights increased 10%, in part due to an improvement in same-store sales as well as storm-related emergency services. The softness in the business appears to have bottomed, and we're expecting the segment to grow slightly in the fourth quarter.

住宿收入較上季下降 5%，較上季提高 5 個百分點。間夜數增加了 10%，部分原因是同店銷售額以及風暴相關緊急服務的改善。該業務的疲軟似乎已經觸底，我們預計該部門將在第四季度略有成長。

Now looking further down the income statement. Operating expenses of $561 million represent a 7% increase versus Q3 of last year, driven primarily by acquisitions. Excluding acquisitions and divestitures, operating expenses were flat. Bad debt expense declined 3% from last year to $28 million or 5 basis points of spend. So credit remains controlled.

現在進一步檢查損益表。營運支出為 5.61 億美元，較去年第三季成長 7%，這主要是由收購推動的。不包括收購和剝離，營運費用持平。壞帳支出較去年下降 3%，至 2,800 萬美元，即支出下降 5 個基點。因此信貸仍然受到控制。

EBITDA margin in the quarter was 54.2%, the slight year-over-year decline was impacted by acquisitions and divestitures over the last 12 months. Normalizing for these transactions, EBITDA margin increased 77 basis points. Our positive operating leverage is driven by solid revenue growth and disciplined expense management, both of which we're quite good at.

本季 EBITDA 利潤率為 54.2%，年比小幅下降是受到過去 12 個月收購和資產剝離的影響。這些交易正常化後，EBITDA 利潤率增加了 77 個基點。我們積極的營運槓桿是由穩健的收入成長和嚴格的費用管理所推動的，這兩點都是我們非常擅長的。

Interest expense increased $21 million versus Q3 of 2023, due to higher debt balances from acquisitions and share buybacks. Our effective tax rate for the quarter was 22.9% versus 26.6% last year, quite a bit lower as a result of option exercises during the quarter.

由於收購和股票回購帶來的債務餘額增加，利息支出較 2023 年第三季增加了 2,100 萬美元。我們本季的有效稅率為 22.9%，而去年為 26.6%，由於本季行使選擇權，稅率降低了不少。

Now turning to the balance sheet. We ended the quarter with $1.3 billion in unrestricted cash, and we had $800 million available on our revolver. We have $6.2 billion outstanding on our credit facilities which includes an additional $500 million of Term Loan B we issued in September at substantially similar terms to the existing credit facility. We used the proceeds to pay down the revolver after our purchase of Paymerang on July 1.

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 8 億美元的可用資金。我們的信貸額度尚未償還 62 億美元，其中包括我們於 9 月以與現有信貸額度基本相似的條款發放的額外 5 億美元定期貸款 B。7 月 1 日購買 Paymerang 後，我們用所得款項支付了左輪手槍的費用。

As of September 30, our leverage ratio was 2.82 times trailing 12-month EBITDA. We also took actions in September to reduce our interest expense by entering into an additional $500 million 3.19% fixed rate swap and restruck our Canadian dollar to USD cross-currency swap at a more favorable rate. The combination of these transactions is expected to reduce interest expense next year by approximately $7 million.

截至 9 月 30 日，我們的槓桿率為過去 12 個月 EBITDA 的 2.82 倍。我們也在 9 月採取了行動，透過簽訂額外 5 億美元的 3.19% 固定利率互換協議來減少利息支出，並以更優惠的利率重新啟動加幣對美元的交叉貨幣互換。這些交易的結合預計明年將減少約 700 萬美元的利息支出。

We repurchased 300,000 shares in the quarter for $90 million entirely related to employee stock option exercises. We have over $500 million authorized for share repurchases and the Board recently authorized an additional $1 billion of share repurchases, so we now have over $1.5 billion available for buybacks. We will continue to pursue near-term M&A opportunities, and we'll also buy back shares when it makes sense while maintaining our leverage within our target range.

我們在本季以 9,000 萬美元回購了 30 萬股股票，完全與員工股票選擇權行使相關。我們已授權超過 5 億美元用於股票回購，董事會最近授權額外 10 億美元進行股票回購，因此我們現在有超過 15 億美元可用於回購。我們將繼續尋求近期併購機會，我們也將在有意義的時候回購股票，同時將槓桿率維持在目標範圍內。

Now let me provide some additional details related to our outlook. For the full year, we are maintaining our cash EPS guide of $19 per share and slightly lowering our revenue guide to $3.995 billion at the midpoint as a result of unfavorable fuel prices and FX rates. We are not flowing through the third quarter beat as most of that $4 million of revenue was driven by the timing of customer transactions near quarter end.

現在讓我提供一些與我們的前景相關的其他細節。就全年而言，由於不利的燃油價格和匯率，我們維持每股 19 美元的現金每股收益指導，並略微將收入指導中位數下調至 39.95 億美元。我們沒有經歷第三季的節拍，因為這 400 萬美元的收入大部分是由接近季度末的客戶交易時間推動的。

For the fourth quarter, we are outlooking 13% revenue growth and 21% earnings growth at the midpoint. We expect revenue growth acceleration across each of our segments in the fourth quarter, driven by new sales, strong retention and the realization of synergies from the Pairing acquisition.

對於第四季度，我們預計營收成長 13%，獲利成長 21%。我們預計，在新銷售、強勁的保留率以及 Pairing 收購帶來的協同效應的推動下，第四季度我們各部門的營收成長將加速。

So all in all, quite similar to what we expected in August. For more details regarding our fourth quarter and full-year outlook, please refer to our earnings release.

總而言之，與我們八月的預期非常相似。有關我們第四季度和全年展望的更多詳細信息，請參閱我們的收益發布。

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

感謝您對Corpay的關注。現在，接線員，我們想開通提問專線。

(Operator Instructions) Ramsey El-Assal, Barclays.

（操作員說明）Ramsey El-Assal，巴克萊銀行。

This is [Shan] on for Ramsey. Thanks for taking my question. I was just wondering if you could break down the retention by segment. And how much of the retention improvement that you saw -- how much of that is from corporate payments becoming a larger part of the business versus just improving retention trends throughout the remainder of the business?

這是拉姆齊的[單]。感謝您提出我的問題。我只是想知道您是否可以按細分細分保留率。您看到的留存率改善有多少——其中有多少是來自企業支付成為業務的更大一部分，而不是僅僅改善整個業務其餘部分的留存趨勢？

Yeah, Shan, thanks for the question. Yes, we really don't break the retention down by segment. We've talked generally in terms of how the segments performed relative to the overall line average but corporate payments business is much better than the line average in some of the SMB businesses within fleet, vehicle payments are below.

是的，單，謝謝你的提問。是的，我們確實不會按細分市場細分留存率。我們一般性地討論了各細分市場相對於整體線路平均水平的表現，但企業支付業務比車隊內一些中小型企業業務的線路平均水平要好得多，車輛支付則低於該水平。

I think generally, what we've seen is improving signs of retention on an absolute basis yes, as the mix gets more directed towards those higher retention businesses, it'll naturally rotate up. But that's going to move at a slow pace.

我認為總的來說，我們所看到的是絕對基礎上的保留跡像有所改善，是的，隨著組合更多地針對那些保留率較高的業務，它自然會向上輪換。但這將會以緩慢的速度進行。

And you haven't seen a dramatic shift in mix just from one quarter to the next. You'd have to look out over a 12-month period before you probably start seeing that have much of an impact. So I think you can assume or take away the point that the improvement that we saw in retention is just core retention improving within the businesses versus a mix story.

而且您還沒有看到從一個季度到下一個季度的組合發生巨大變化。您必須觀察 12 個月的時間，才能開始看到它產生的巨大影響。因此，我認為您可以假設或消除這樣的觀點：我們在保留率方面看到的改進只是企業內核心保留率的提高，而不是混合故事。

Got it. Very helpful. And then just a quick follow-up on -- sorry. And then just a quick follow-up on lodging for me. I was wondering if you guys could size if FEMA had any contribution to lodging payments in the quarter, given the hurricanes and if you guys are expecting any further tailwind from just extended disaster relief efforts?

知道了。非常有幫助。然後快速跟進——抱歉。然後對我的住宿進行快速跟進。我想知道，鑑於颶風的影響，你們能否評估一下聯邦緊急事務管理局(FEMA) 在本季度的住宿付款方面是否有任何貢獻，以及你們是否期望從剛剛擴大的救災工作中獲得進一步的推動力？

Hey, it's Ron. It's a good question. I'd say it's probably about $1 million each quarter, maybe $1 million above kind of the normalized emergencies we get and maybe $1 million this quarter.

嘿，這是羅恩。這是一個好問題。我想說每季可能約為 100 萬美元，可能比我們遇到的正常緊急情況高出 100 萬美元，本季可能為 100 萬美元。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

I just want to ask on new sales, if that's okay. Just a couple of questions there. How did the third quarter come in versus plan? And how quickly can the new sales reorg and the CRO here produce results in your mind?

我只是想問一下新的銷售狀況，可以嗎？只是有幾個問題。第三季的業績與計畫相比如何？新的銷售重組和 CRO 能多快產生您心目中的成果？

So I'd say corporate payments was rocking in Q3, I think I called it out, it was in the high-20s over the prior year. The NAF business was still a bit soft. I think it was 14 in total.

所以我想說，第三季的企業支付情況很不穩定，我想我已經指出了這一點，它比前一年高出 20 多美元。NAF 業務仍然有點疲軟。我想總共是14個。

The outlook is kind of low to mid-20s for Q4. So the full year would be around 20% for the full year. In the preliminary plan that we built for 2025 kind of did that to be up against 20% next year.

第四季的前景在 20 多歲左右。所以全年的成長率約為20%左右。在我們為 2025 年制定的初步計劃中，明年這一數字將達到 20%。

The hope is that we're going to get some leverage from this thing, which is why we did it both on the expense side, consolidating some of the back office things so we can have more line people right out with customers.

希望我們能夠從這件事中獲得一些槓桿作用，這就是為什麼我們在費用方面都做了這件事，整合了一些後台事務，這樣我們就可以讓更多的第一線人員直接與客戶聯繫。

And then also the cross-selling, right? It's cheaper to sell things back to clients we have in terms of the contact rate is much better. So he's a terrific guy. The guy we put in the job ran about half of the field in pay checks. So a pretty big group.

然後還有交叉銷售，對嗎？將東西賣回給我們的客戶更便宜，因為聯繫率要好得多。所以他是一個很棒的人。我們安排的那個人負責大約一半的工作，並領取薪水。所以是一個相當大的團體。

And so, look, I'm super bullish both on the structure, the advantages the structure creates -- and then second, just on the guy just a super duper guy. So with the products that we have, the structure now in that guy, I'm hoping that things are going to do better next year.

所以，看，我非常看好這個結構，以及該結構所創造的優勢——其次，我看好這個人，他只是一個超級騙子。因此，憑藉我們擁有的產品，以及那個人現在的結構，我希望明年事情會做得更好。

Okay. No, that's great to hear. And then just my follow-up just thinking about visibility into '25. I know we're so got certainty on the election, and we'll see what happens with rates here, but double-digit growth at this point? How do you feel about visibility there, Ron versus 90 days ago or even same time this time last year?

好的。不，很高興聽到這個消息。然後我的後續行動只是考慮 25 年的可見性。我知道我們對選舉非常確定，我們將看看這裡的利率會發生什麼，但此時兩位數的成長？Ron 與 90 天前甚至去年同期相比，您對那裡的能見度有何看法？

Yes. I think better, Tien-Tsin, for a couple of reasons. One is that we're outlooking the acceleration right now sitting in this quarter. And I've had a chance to peak in October, right, which supports the port, which is good. So to sit here today and say, hey, I think organic is going to go from [666 to 13] is the first statement I'd make.

是的。我認為更好，天進，有幾個原因。一是我們正在展望本季的加速成長。我有機會在十月達到頂峰，對吧，這支持了端口，這很好。所以今天坐在這裡說，嘿，我認為有機將從 [666 到 13]，這是我要做的第一個聲明。

And then the second one, I think, is just the mix helps us as we look into next year, I think the confidence is higher because the two problem shoulder and moved to flat or kind of low single digit and the corporate payments in Brazil that are super good mid- to high-teens or bigger share side of the business. So I think the mix, the ratio to get back the line averages better.

然後，我認為，第二個問題只是在我們展望明年時，這種組合對我們有所幫助，我認為信心更高，因為這兩個問題都在肩負並轉向持平或較低的個位數，而且巴西的企業付款是超級優秀的中高青少年或更大的業務份額。所以我認為混合，恢復線路的比率平均更好。

So I think it's a business you can plan when we go into next year, we've got 90% of the revenue engine next year. Whatever is 20 years of stats now on retention, same-store sales, I mean, you guys are good at math. So that helps us basically frame what the revenue is going to be.

所以我認為這是一項你可以在進入明年時進行規劃的業務，明年我們將獲得 90% 的收入引擎。無論 20 年來的留存率、同店銷售額統計數據如何，我的意思是，你們的數學很好。因此，這可以幫助我們基本上確定收入的情況。

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

Sorry about that. I wanted to ask about North American fleet still remains a little bit of a drag on overall growth. And I know one of the other players in the space recently talked about some macro-driven softness there. So wondering if you can call out some of the broader trends you're seeing in that business. I know you mentioned same-store sales flat in 3Q, but any call-outs you have on trends quarter to date?

對此感到抱歉。我想問北美機隊仍然對整體成長有一點拖累。我知道該領域的其他參與者最近談到了宏觀驅動的疲軟。所以想知道您是否可以指出您在該行業看到的一些更廣泛的趨勢。我知道您提到第三季同店銷售額持平，但您對本季迄今的趨勢有什麼看法嗎？

And then maybe more importantly, your 25 outlook calls for North American fleet to return to positive growth. So can you talk about your confidence, maybe follow-up on Tien-Tsin's questions about visibility into that positive inflection sort of beyond the sales work changes that you mentioned?

也許更重要的是，您的 25 年展望要求北美機隊恢復正成長。那麼，您能否談談您的信心，或許可以跟進田津關於除了您提到的銷售工作變化之外的積極變化的可見性的問題？

Hey, Nate, it's Ron. So on the first one, the same-store sales, we're seeing nothing. So again, the thing is basically flat sequential and again, it's improved from the couple of previous quarters, point one. Point two, to the retention, and that business has improved it sequentially and quite a bit from 12 months ago.

嘿，內特，我是羅恩。因此，在第一個方面，即同店銷售，我們什麼也沒看到。所以，這件事基本上是連續的，而且，它比前幾季有所改進，第一點。第二點，關於保留率，該業務已經連續改善，並且比 12 個月前有很大提高。

And so at this point, now that we finally lapped the infamous pivot of two years ago, it's really just a function now of sales, right? The retention levels are good. We're not seeing anything unusual in the same-store sales.

因此，在這一點上，現在我們終於擺脫了兩年前臭名昭著的轉向，它現在實際上只是銷售的一個函數，對吧？保留水平良好。我們在同店銷售中沒有看到任何異常情況。

And lastly, we're not setting that big target to try to get to our overall number in the 9% to 11% number. We're saying, hey, let's look for that thing to be low single digit, better than it was this year, but no world beaters. So we're not trying to plan some crazy amount of sales next year, but we do expect sales to be up. So we're not seeing many of the same things that the other company called those.

最後，我們設定的目標並不是要達到 9% 到 11% 的總體數字。我們說，嘿，讓我們尋找低個位數的東西，比今年更好，但沒有世界領先者。因此，我們不想計劃明年的銷售額達到瘋狂的水平，但我們確實預計銷售額會上升。所以我們沒有看到很多與其他公司所稱的相同的東西。

Got it. That's helpful. And then another question with regard to the '25 outlook. I think you mentioned a couple of the key assumptions being the net impact of lower interest rates and higher taxes. So hoping you could drill down into each of those a little more.

知道了。這很有幫助。然後是關於 25 年前景的另一個問題。我認為您提到了幾個關鍵假設，即較低利率和較高稅收的淨影響。所以希望你能更深入地研究每一個。

So on interest rates, obviously, lower interest rate impact to interest expense. But I wanted to ask about the impact of flow revenue, particularly within corporate payments. I know it's not something you manage the business for probably spend two seconds thinking about it. But it's obviously been a little bit of a tailwind to growth there. year-to-date.

因此，就利率而言，顯然，利率對利息支出的影響較低。但我想問一下流量收入的影響，特別是在企業支付方面。我知道這不是你管理業務時可能要花兩秒鐘思考的事情。但這顯然對那裡的成長有一點推動作用。今年迄今為止。

So how should we weigh sort of lower rates versus maybe higher average cash balances that you hold for clients and anything else we could be with aware of with regards to lapping float revenue -- and then on tax rate, I know there's been a lot of talk about Pillar to and the impact facing other companies. So I just wanted to clarify if you had any impact there.

因此，我們應該如何權衡較低的利率與您為客戶持有的較高的平均現金餘額以及我們可以了解的有關浮動收入的其他任何信息 - 然後是稅率，我知道有很多談論支柱以及其他公司面臨的影響。所以我只是想澄清一下你是否對此有任何影響。

And then beyond Pillar 2, any other things we should keep in mind when thinking about the tax rate next year, whether it's impact the share options and back with the election, et cetera?

然後，除了第二個支柱之外，在考慮明年的稅率時，我們還應該記住其他什麼事情，它是否會影響股票選擇權和選舉等等？

That is one loaded full on (inaudible).

那是滿載的（聽不清楚）。

Let me try to move through each of those quickly to leave some time for another caller. So first on rates, obviously, we had about $3 billion of our debt that's still rate sensitive. So as the Fed mood continues to cut off, and they cut today and expectation would be to continue to move down, we will get the benefit of that.

讓我嘗試快速瀏覽一遍這些內容，以便為其他來電者留出一些時間。首先是利率，顯然我們有大約 30 億美元的債務仍然對利率敏感。因此，隨著聯準會情緒繼續減弱，他們今天降息，預期將繼續下降，我們將從中受益。

So you can against the $3 billion notional. We pencil that out based on what we're seeing in the rate curve is that rates go down average to average, call it, 70 basis points.

所以你可以對抗 30 億美元的名義資金。根據我們在利率曲線中看到的情況，我們將其畫出來，利率平均下降了 70 個基點。

With respect to float, it doesn't have an overly material impact in terms of the overall affect our revenue or to our interest income, depending on where the balances are classified. There'll be a little bit of a headwind. But the numbers that we quoted in terms of the overall guide, take that into account in terms of being able to power through any impact from the flow side.

就浮動資金而言，它不會對我們的整體收入或利息收入產生過於重大的影響，這取決於餘額的分類。會有一點逆風。但我們在總體指南中引用的數字，考慮到了能夠透過流動側的任何影響提供動力。

With respect to your question on taxes, we do have some exposure to the global minimum tax as that round it's not overly material. I think what I would say is that this year, we've commented that our tax rate was benefited from some discrete items, namely the exercise of some stock options just by employees given where the stock price has moved over the course of the year, not necessarily counting on that to always continue.

關於你關於稅收的問題，我們確實對全球最低稅收有一定的了解，因為這一輪的稅收並不太重要。我想我想說的是，今年，我們評論說，我們的稅率受益於一些離散項目，即考慮到股價在一年中的變動情況，僅由員工行使一些股票期權，不一定指望這種情況永遠持續下去。

And so, I think you can look at the tax rate that's closer to our more recent history versus where we were this year where we benefited from outsized employee exercises.

因此，我認為你可以看看更接近我們最近歷史的稅率，而不是今年我們從大規模員工鍛鍊中受益的稅率。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

I guess, first of all, the growth is so good in Q4, and then obviously it's good next year, too. But what's in Q4, the 13% that if we look at next year at that's not totally sustainable. It seem lodging would probably get better next year, not worse. So what is going to be different in Q4 than the rest of next year?

我想，首先，第四季的成長非常好，然後顯然明年也很好。但如果我們看看明年，第四季的 13% 是不完全可持續的。看來明年的住宿條件可能會更好，而不是更差。那麼第四季與明年剩餘時間會有什麼不同呢？

Yes, Dave, it's Ron. So the comps would be the main thing. So let me start with just the acceleration from Q3 to Q4, so kind of $6 million to $13 million. So call that, we report $10 million, $29 million, so call it [$25 million, $55 million].

是的，戴夫，是羅恩。所以比較將是主要的事情。讓我從第三季到第四季的加速開始，大約 600 萬美元到 1300 萬美元。就這麼稱呼吧，我們報告 1000 萬美元、2900 萬美元，就這麼稱呼吧[2500萬美元，5500萬美元]。

Sequentially, we've got three businesses that basically will do way better in Q4 than Q3. So Brazil because it our corporate payments business, partly to the synergies of the latest acquisition or big, and that business is still growing fast.

接下來，我們有三項業務在第四季的表現基本上會比第三季好得多。因此，巴西因為我們的企業支付業務，部分歸功於最近收購或大額收購的協同效應，而且該業務仍在快速成長。

And then our gift business, which is a big seasonal business super active in Q4. So those three businesses will add $25 million, $30 million incremental. So I'd say our confidence plus peaking in October is pretty high. So then when you roll the clock to the next thing, some of those things roll off, right, that Brazil and guests are super powerful in the other quarters, they are big quarters Q4. And again, like last year, with the comps, the gifting got pushed out, I think I mentioned into 2024 or 2023.

然後是我們的禮品業務，這是第四季度超級活躍的大型季節性業務。因此，這三項業務將增加 2,500 萬美元、3,000 萬美元的增量。所以我想說我們的信心加上十月份的高峰是相當高的。因此，當你將時鐘滾動到下一件事時，其中一些事情就會滾滾而來，對吧，巴西和客人在其他方面非常強大，他們是第四季度的大季度。再次，就像去年一樣，隨著比賽的進行，禮物被推遲了，我想我提到了 2024 年或 2023 年。

So it's really just how things line up against the prior period. But as I said, for the 2025 number [9% to 11%], we're just taking the problem children going from negative to low single digits into the plus column. Corporate payments in Brazil, mid to high and then kind of international, call it, around 10%. So when you add those things together, our confidence in that number is pretty high for next year.

所以這確實是與前一時期的情況相符的。但正如我所說，對於 2025 年的數字 [9% 到 11%]，我們只是將問題兒童從負數變成低個位數放入加號欄中。巴西的企業支付率為中高水平，然後是國際水平，約為 10%。因此，當你把這些因素加在一起時，我們對明年這個數字的信心非常高。

And then also one thing to clarify, the 10% midpoint in that range is exclusive of the Paymerang and the GPS acquisition. So on a print basis, it would be closer to the 13% that we've referenced.

還有一件事需要澄清，範圍內 10% 的中點不包括 Paymerang 和 GPS 收購。因此，從印刷版來看，它更接近我們引用的 13%。

Got you. Yeah, that makes sense. And maybe a quick follow-up. Just corporate mix of growth in volume and yield was super strong this quarter, volume decel. Was that just purely the mix of what was happening?

明白你了。是的，這是有道理的。也許還有一個快速的跟進。本季度，企業的銷量和收益率成長非常強勁，但銷量卻有所下降。這純粹是所發生的事情的混合嗎？

Yes. That's exactly right. It's just purely a mix story behind that.

是的。完全正確。這背後純粹是個混合故事。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員說明）Sanjay Sakhrani，KBW。

Ron and Tom, you guys talked about a pipeline and M&A pipeline. I'm just curious sort of what's in there. I know there's more on the share buyback. But as we think about where you're going to allocate your capital next, I mean, is it M&A more so than buyback given some of the valuations are compressed?

羅恩和湯姆，你們談論了管道和併購管道。我只是好奇裡面有什麼。我知道還有更多關於股票回購的事情。但當我們考慮接下來要在哪裡配置資本時，我的意思是，考慮到一些估值被壓縮，併購是否比回購更重要？

Yes. Let me go to the first part of the question, the pipeline. So I think we said last time, we're focused really on corporate payments, transactions and then the consumer vehicle, things that could help us build bigger volume faster there. So no shot that the things we're out looking are in that group.

是的。讓我談談問題的第一部分，即管道。所以我想我們上次說過，我們真正關注的是企業支付、交易，然後是消費者車輛，這些可以幫助我們更快在那裡建立更大的銷售。因此，我們正在尋找的東西不可能屬於該組。

In terms of the split between buybacks and acquisitions, it's always the same. If we have attractive earnings and assets that we can buy that create forward growth, that's always our top priority if the business case turns. And to the extent that the stock price rates out of a range that we like, we use liquidity for that.

就回購和收購之間的劃分而言，總是一樣的。如果我們擁有有吸引力的收益和可以購買的資產來創造未來的成長，那麼當商業案例發生變化時，這始終是我們的首要任務。如果股價超出我們喜歡的範圍，我們就會利用流動性。

So I don't think anything materially different in terms of the priority ahead into next year, although I think the Board did at the last meeting increased the authorization by another $1 billion. So we've got liquidity get next year. We've got the authorization, so we'll see where the stock goes.

因此，我認為明年的優先事項沒有什麼重大不同，儘管我認為董事會在上次會議上將授權額又增加了 10 億美元。因此，我們明年將獲得流動性。我們已經獲得授權，所以我們會看看庫存的去向。

I guess just to follow up, I know you talked just on that previous question about the acceleration and then the comps and stuff. I guess as we think about this acceleration, I mean, you said you peaked into October, it looks good. Where is there any risk in the numbers? I mean, it seems like things are progressing quite well. But you're calling for a pretty decent acceleration in the fourth quarter.

我想只是為了跟進，我知道你剛剛談到了之前關於加速的問題，然後是比較和其他東西。我想當我們考慮這種加速時，我的意思是，你說你在十月達到了頂峰，看起來不錯。數字中存在哪些風險？我的意思是，事情似乎進展順利。但您要求第四季出現相當可觀的加速。

I'm just curious as we look at these, is it just all comps and therefore, you're pretty comfortable? Because sometimes the comp thing doesn't work either. Just curious.

當我們看到這些時，我只是很好奇，這只是所有的比較，因此，你很舒服嗎？因為有時補償的事情也不起作用。只是好奇。

So it's a good question to say, hey, we're going to have a 13% revenue growth and I think a 21% earnings growth in Q4 is obviously what we've arrived. I'd say the biggest risk, we tend to look at the business sequentially would be in that gifting. Last year, we had it in the Q4 number because it's historically been the big quarter not only to retailers order tons of gift cards, but then people activate them like crazy late in the quarter.

所以這是一個很好的問題，嘿，我們的營收將成長 13%，我認為第四季的獲利成長 21% 顯然是我們已經達到的目標。我想說，我們傾向於按順序看待業務，最大的風險在於禮物。去年，我們在第四季度的數據中提到了這一點，因為從歷史上看，這是一個大季度，不僅零售商訂購了大量禮品卡，而且人們在季度末瘋狂激活它們。

So it's a late game call. And so there's only so much science in that. So I'd say if we were back on a call in 90 days and were short in Q4, I would say that would be the most likely answer as to why.

所以這是一個後期的遊戲調用。所以這裡面的科學知識就這麼多。所以我想說，如果我們在 90 天內再次接到電話並且在第四季度出現短缺，我會說這將是最有可能的原因答案。

Just building off what Ron said on the sequential point. So it's going up $25 million sequentially. We've got -- the gift piece, call that [10%]. And then the other pieces are things that we've got a pretty good line of sight into some realization of Paymerang synergies is another piece of that.

只是以羅恩在順序點所說的話為基礎。所以它會連續增加 2500 萬美元。我們有——禮物，就這樣吧[10%]。然後其他部分是我們對 Paymerang 協同效應的認識有很好的了解的另一部分。

And then Brazil, given the summer season down there predict we have high predictability around the sequential increase there from Q3 to Q4. So I think those give us added confidence that we'll be able to hit the Q4 number.

然後是巴西，考慮到那裡的夏季，我們對第三季到第四季的連續成長具有很高的可預測性。因此，我認為這些讓我們更有信心，我們將能夠達到第四季的目標。

Yeah. There are also record numbers, right? There's comps and the growth over the prior year, but it will be record revenue, record earnings, I mean, almost record margins. So everything I'd say to you guys is pretty positive, separate from having easier comps from last year. Good spot, good spot.

是的。也有創紀錄的數字，對吧？與前一年相比，有比較和成長，但這將是創紀錄的收入、創紀錄的盈利，我的意思是，幾乎創紀錄的利潤率。所以我要對你們說的一切都是非常正面的，除了去年的比賽變得更容易之外。好地方，好地方。

(Operator Instructions) Peter Christiansen, Citi.

（操作指示）Peter Christiansen，花旗銀行。

This for the question here, really nice trend because of some results. Cross-sell has been an initiative in the past, granted. We've had to pivot the business the micro accounts in between that last effort. Just trying to see how you're going about cross-sell differently this time around and what makes you confident that you see that this is a more viable opportunity in '24 and outside?

對於這裡的問題，由於一些結果，趨勢非常好。交叉銷售過去一直是一項舉措，這是理所當然的。我們必須在最後的努力之間將業務轉向微型帳戶。只是想看看這次您將如何以不同的方式進行交叉銷售，是什麼讓您確信這是 24 年及以後更可行的機會？

Yeah. Hey, Pete, thanks for reminding me of the prior success, but it's a super fair question. I think a few things.

是的。嘿，皮特，謝謝你提醒我之前的成功，但這是一個非常公平的問題。我想有幾件事。

Every day, we get a little bit smarter. So the handful of differences this time around is, first and foremost, the targeting I think I've mentioned that before. We were romanced by the numbers instead of by the targets. And so this time, we're much clearer who among our client base makes sense to bring our other products to. It's a smaller group of larger accounts. That will be the first one.

每一天，我們都變得更聰明一點。因此，這次的一些差異首先是我之前提到的目標。我們被數字而不是目標所吸引。因此，這次，我們更加清楚我們的客戶群中哪些人適合將我們的其他產品引入。這是較小的一組較大帳戶。那將是第一個。

The second one, I think, is the brand, bringing products back that share the brand. We've moved a bunch of existing clients, let's say, in the fleet card business to what we call a Corpay One fleet card. So when you go to them with a Corpay business card or Corpay AP automation solution, they're like, oh, that's their company CPAY, okay? So it's the same thing.

我認為第二個是品牌，將共享品牌的產品帶回來。我們已經將車隊卡業務中的一批現有客戶轉移到了我們所說的 Corpay One 車隊卡上。因此，當您拿著 Corpay 名片或 Corpay AP 自動化解決方案去找他們時，他們會說，哦，那是他們公司的 CPAY，好嗎？所以這是同樣的事情。

And then lastly, I think this dedication of sales people that are just doing this. So it's not a part-time job, but it's kind of what they do and we have marketing people focused on it. So I think the the whole approach to the thing is just better organized and better set up this time around.

最後，我認為銷售人員的奉獻精神就是這樣做的。所以這不是一份兼職工作，而是他們所做的事情，我們有行銷人員專注於此。所以我認為這次整件事的組織和設置都更好了。

You get smarter in the cycles. And so we should have some pretty decent read over the next three to six months whether this version is going to be way more successful. It should be.

在循環中你會變得更聰明。因此，我們應該在接下來的三到六個月內進行一些相當不錯的閱讀，看看這個版本是否會更成功。應該是的。

I appreciate that. It certainly sounds more encouraging this time around. I did wanted to ask a little bit about the preview for '25, super helpful. Appreciate the initial preliminary look there.

我很欣賞這一點。這次聽起來確實更令人鼓舞。我確實想詢問一些關於 25 年預覽的問題，非常有幫助。欣賞那裡最初的初步外觀。

Just curious on view on margins generally. Obviously, there's going to be a lot of factors that could influence that over the year. But at least from what you're looking at now, do you see that as a component to earnings growth next year? Thank you.

一般只是對邊緣視圖感到好奇。顯然，今年會有很多因素可能影響這一點。但至少從你現在的情況來看，你認為這是明年獲利成長的一個組成部分嗎？謝謝。

Yeah, for sure. Again, you get a little bit of noise right from the acquisitions that generally come across as lower margin. But I think the answer is yes. We expect some operating leverage again, role in the next year.

是的，當然。同樣，你會從通常被認為利潤率較低的收購中得到一些噪音。但我認為答案是肯定的。我們預計一些營運槓桿將在明年再次發揮作用。

Can you just have the structural advantage of the business where the significant amount of fixed cost. And so when you're growing revenue 13% at the midpoint inclusive of the acquisitions, you're just going to get positive operating coverage.

您能否僅擁有固定成本大量的業務結構優勢？因此，當您的收入在中間值（包括收購）增長 13% 時，您將獲得積極的營運覆蓋率。

We've been pleased with the sequential increase of margins quarterly this year. I don't have the numbers in front of me, but like a 51, 52, 54, 55 kind of number. And so I think that some of that quarterly variation is seasonal. But exiting at that mid-50s and overall at about 54, for the year, I think, gives us reason to believe that it will bring paid up next year as well.

我們對今年季度利潤率的連續成長感到滿意。我前面沒有數字，而是像51、52、54、55之類的數字。因此，我認為其中一些季度變化是季節性的。但我認為，在 50 多歲中期退出，整體在 54 左右退出，我認為，這讓我們有理由相信明年也能帶來回報。

Rufus Hone, BMO Capital Markets.

Rufus Hone，BMO 資本市場。

Sorry, I joined the call a little late, so hopefully it hasn't been asked. But on corporate payments, the gross sales performance looks really strong and you noted 40% growth in cross-border. I think about the retention there is slightly better than the Corpay average.

抱歉，我加入通話的時間有點晚，所以希望沒有被問到。但在企業支付方面，銷售總額表現看起來非常強勁，跨境成長了 40%。我認為那裡的留存率略高於 Corpay 的平均值。

So how are you thinking about the organic growth in that segment heading into 2025 with that kind of sales traction, obviously, moving pieces from the acquisitions? But any thoughts there would be great.

那麼，您如何看待該細分市場進入 2025 年的有機成長以及這種銷售牽引力，顯然是透過收購來實現的？但任何想法都會很棒。

Yeah, Rufus, it's Ron. High-teens is what I say we're looking at. You're right, the sales have been literally record levels now for the last two years. And you're right, the retention in the business is a bit above -- a bit better, I should say, than our line average.

是的，魯弗斯，我是羅恩。我說我們正在關注的是高青少年。你是對的，過去兩年的銷售額確實創下了歷史新高。你是對的，業務的保留率略高於——我應該說，比我們的平均水平要好一些。

And so when you put that math together, you get back to high-teens in revenue. And obviously, faster to Tom's point, this operating leverage in that business, it runs off of one system. So you're probably in the mid-20s in terms of EBITDA growth in the business. So it's been compounding at that level for a couple of years now.

因此，當你把這些數學放在一起時，你的收入就會回到十幾歲左右。顯然，更快地達到湯姆的觀點，該業務中的這種營運槓桿是在一個系統上運作的。因此，就業務的 EBITDA 成長而言，您可能處於 20 多歲。因此，幾年來它一直在這個水平上複合。

And then as you recall, that's an interesting area for us in terms of deals. We're going to add, obviously, an asset that we hope to close at the end of the year that there's synergies in and continue to look in that space for other assets. So we do have the ability to layer additional transactions in that space on our platform.

正如您所記得的那樣，就交易而言，這對我們來說是一個有趣的領域。顯然，我們將添加一項希望在今年年底完成的資產，該資產具有協同效應，並繼續在該空間中尋找其他資產。因此，我們確實有能力在我們平台上的該空間中分層進行額外交易。

Thank you. And there are no further questions at this time. I'll turn the call back over to Jim Eglseder for closing remarks.

謝謝。目前沒有其他問題。我會將電話轉回吉姆·埃格爾塞德 (Jim Eglseder) 進行結束語。

Thanks for your interest, guys. I know it's a busy night. So if you have anything else or you're working through your models, feel free to shoot me a note. Happy to help. But thank you for getting on the call.

謝謝你們的興趣，夥伴們。我知道這是一個忙碌的夜晚。因此，如果您還有其他事情或正在研究模型，請隨時給我留言。很高興能幫助你。但感謝您接聽電話。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。