Corpay Inc (CPAY) 2025 Q2 法說會逐字稿

Good day. I'd like to welcome everyone to Corpay Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Today's call is being recorded. I would now turn the call over to Jim Eglseder. Please go ahead.

再會。歡迎大家參加 Corpay 2024 年第二季財報電話會議。（操作員指示）今天的通話正在錄音。現在我會把電話轉給 Jim Eglseder。請繼續。

Good afternoon, and thank you for joining us today for our earnings call to discuss the second quarter 2025 results. With me today are Ron Clarke, our Chairman and CEO; and Peter Walker, our CFO. Following the prepared comments, the operator will announce that the queue will open for the Q&A session.

下午好，感謝您今天參加我們的財報電話會議，討論 2025 年第二季的業績。今天與我在一起的有我們的董事長兼執行長 Ron Clarke 和我們的財務長彼得沃克 (Peter Walker)。在準備好的評論之後，操作員將宣布隊列將開放以進行問答環節。

Today's documents, including our earnings release and supplement can be found under the Investor Relations section on our website at corpay.com. 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，包括我們的收益報告和補充文件，可在我們網站 corpay.com 的「投資者關係」欄位下查閱。在本次電話會議期間，我們將討論多項非公認會計準則 (Non-GAAP) 財務指標，包括收入、淨利潤和每股攤薄淨利潤，所有指標均為調整後數據。

We will also discuss organic revenue growth. Now 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. None of these measures are calculated in accordance with GAAP and may be calculated differently than in other companies. Reconciliations of the non-GAAP to GAAP information can be found in today's press release and on our website.

我們還將討論有機收入成長。現在，該指標抵消了外匯匯率、燃料價格和燃料價差同比變化的影響。它還包括收購和資產剝離的準備結果，或所比較的兩年內完成的範圍變化。這些指標均不是按照 GAAP 計算的，並且可能與其他公司的計算方式不同。非 GAAP 與 GAAP 資訊的對帳可以在今天的新聞稿和我們的網站上找到。

It's important to understand that our comments may include forward-looking statements, which reflect the information we have currently. All statements about our outlook, expected macro environment, new products, business development expectations, future acquisitions or synergies 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，我們的評論可能包括前瞻性陳述，這些陳述反映了我們目前掌握的資訊。關於我們的前景、預期宏觀環境、新產品、業務發展預期、未來收購或綜效的所有陳述均基於此資訊。它們並不能保證未來的表現，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 also subject to numerous uncertainties and risks, which could cause actual results to differ materially from what we expect. Some of those risks are mentioned in today's press release and Form 8-K and on our annual report on Form 10-K. These documents are available on our website and at sec.gov.

這些預期結果也受到許多不確定性和風險的影響，可能導致實際結果與我們的預期有重大差異。今天的新聞稿和 8-K 表格以及我們的 10-K 表格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 over the call 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 thanks for joining our Q2 2025 earnings call. With me today here is Peter Walker, our new CFO, joining his first earnings call with us. Hopeful that you'll get an opportunity to interact with Peter over the coming weeks.

好的。吉姆，謝謝。大家下午好，感謝您參加我們的 2025 年第二季財報電話會議。今天和我一起在場的還有我們的新任財務長彼得沃克 (Peter Walker)，他與我們一起參加了他的第一次財報電話會議。希望您能在接下來的幾週內有機會與彼得互動。

At the top here, I'll plan to cover three subjects. First, provide my take on Q2 results, along with rest of your forecast. Second, I'll provide a brief update on our 2025 top priorities, and then lastly, provide a bit of an update on our M&A activities.

首先，我計劃涵蓋三個主題。首先，請提供我對第二季業績的看法以及您的其他預測。其次，我將簡要介紹我們 2025 年的首要任務，最後，介紹一下我們的併購活動的最新情況。

Okay. Let me begin with our Q2 results. We reported Q2 print revenue of $1.102 billion, up 13% and cash EPS of $5.13, also up 13%. Cash EPS would be up 17% on a constant macro basis. The Q2 results really right in line with our expectations, both in terms of revenue and profits.

好的。讓我先從我們的第二季業績開始。我們報告第二季印刷收入為 11.02 億美元，成長 13%，現金每股收益為 5.13 美元，也成長 13%。在恆定宏觀基礎上，現金每股收益將成長 17%。無論是營收還是利潤，第二季的業績都完全符合我們的預期。

We did enjoy a bit more favorable Q2 macro than expected, but that was mostly offset by both weaker lodging performance and fewer gift card shipments than we had planned, really landing us kind of right back at our Q2 revenue target of $1.1 billion. Our Q2 overall organic revenue growth, 11% in the quarter. That's up 2% sequentially from Q1. Inside of that, vehicle Payment's segment grew 9%.

我們確實享受到了比預期更有利的第二季度宏觀經濟形勢，但這主要被較弱的住宿業績和比我們計劃的更少的禮品卡發貨量所抵消，這實際上使我們回到了 11 億美元的第二季度收入目標。我們第二季的整體有機收入成長了 11%。這比第一季環比增長了 2%。其中，汽車支付部分增加了9%。

Our Corporate Payments segment grew 18% in the quarter, and our Lodging segment declined 2% year-over-year. Trends in Q2, quite good. Q2 sales finishing up 31%. That's on the back of 36% growth in Q4 and 35% in Q1. So three consecutive quarters of 30% plus sales and bookings growth. Again, we think the best indicator of demand.

本季度，我們的企業支付部門成長了 18%，而住宿部門則較去年同期下降了 2%。第二季的趨勢相當好。第二季銷售額成長 31%。這是在第四季度增長 36% 和第一季增長 35% 的基礎上實現的。因此，銷售額和預訂量連續三個季度增長 30% 以上。再次，我們認為這是需求的最佳指標。

Retention in the quarter ticked up to 92.3%, that's the highest level we've seen in quite some time. Same-store sales really essentially flat in the quarter. So look, in summary, Q2 really finishing right on expectations. We did enjoy accelerating vehicle payments revenue growth, continued high teens corporate payments revenue growth and again, really solid fundamental trends.

本季的保留率上升至 92.3%，這是我們相當長一段時間以來看到的最高水準。本季同店銷售額基本持平。總而言之，第二季確實按照預期完成。我們確實享受了汽車支付收入加速成長、企業支付收入持續高成長以及真正穩固的基本趨勢。

Let me make the turn to our rest of year guidance. So updated full year 2025 guidance today, mostly unchanged. So after Q1, we provided $4.42 billion in revenue and $21 of cash EPS at the midpoint. So today, we're inching up full year revenue $25 million to $4.445 billion and full year cash EPS to $21.06. So our second half outlook does reflect a bit more positive macro, particularly more favorable FX.

讓我來談談我們今年剩餘時間的指導。因此，今天更新了 2025 年全年指導，基本上保持不變。因此，在第一季之後，我們實現了 44.2 億美元的收入和 21 美元的現金每股盈餘。因此，今天我們將全年營收小幅調高2,500萬美元，至44.45億美元，全年現金每股收益則上調至21.06美元。因此，我們對下半年的展望確實反映了更積極的宏觀經濟情勢，尤其是更有利的外匯因素。

Some of that will be offset by continued lodging revenue softness, so results in $25 million of incremental print revenue. Really, most everything else in the second half is tracking to plan. We do expect our second half vehicle segment revenue growth to reach 10%, so halleluiah. And inside of that, our U.S. vehicle growth accelerating to mid-single digits.

其中一部分將被持續疲軟的住宿收入所抵消，因此將帶來 2500 萬美元的增量印刷收入。事實上，下半年的大多數其他事情都在按計劃進行。我們確實預計下半年汽車部門的收入成長將達到 10%，所以哈利路亞。其中，美國汽車銷售成長加速至中等個位數。

Outlooking Corporate Payments to report high teens organic revenue growth for the full year. So this updated guidance would imply full year print revenue growth of 12% and full year organic revenue growth of 10%. Okay, I'll transition now to our 2025 top priorities, which are intended to, first, simplify the company, so that it's easier to manage and understand and then second, to better position the company for the long term. So first priority, the portfolio, working hard here to have fewer, bigger businesses, rotating the portfolio to more corporate payments with the recent Avid and Alpha announcements and we are expecting the Corporate Payments segment to reach $2 billion in revenue and represent over 40% of the company next year.

展望企業支付業務，全年有機收入將達到高成長。因此，這項更新後的指引意味著全年印刷收入將成長 12%，全年有機收入將成長 10%。好的，現在我將轉到我們 2025 年的首要任務，這些任務旨在：首先，簡化公司，使其更易於管理和理解；其次，更好地定位公司的長期發展。因此，首要任務是投資組合，努力擁有更少、更大的業務，根據最近的 Avid 和 Alpha 公告將投資組合轉向更多的企業支付，我們預計企業支付部門的收入將達到 20 億美元，占公司明年收入的 40% 以上。

Second priority, USA sales. We're now live in market with our new Corpay brand advertising that targets CFOs now with our entire solution set. We do have some impressive sales momentum, a streak of three straight quarters with 30% plus sales and bookings growth.

第二優先事項，美國銷售。我們現已在市場上推出新的 Corpay 品牌廣告，該廣告以 CFO 為目標客戶，並提供全套解決方案。我們的銷售動能確實令人印象深刻，連續三個季度銷售額和預訂量成長 30% 以上。

Third priority, payables. So we have successfully implemented the new enterprise client, which I spoke about. That client has reached $1 billion in spend in the month of July. So now in search of our next enterprise client. Additionally, we have just launched our Corpay Complete payables tech platform in the U.K. So bringing those capabilities now into the international arena.

第三優先，應付。因此，我們已經成功實施了我所說的新企業客戶端。該客戶 7 月的支出已達 10 億美元。現在我們正在尋找下一個企業客戶。此外，我們剛剛在英國推出了 Corpay Complete 應付款項技術平台，從而將這些功能帶入國際舞台。

And then fourth priority is cross-border. We have successfully extended our cross-border business to now serve four market segments. You can see that on Page 15 in the supplement. So we've moved beyond our original core business serving just middle market corporate accounts to now also serving FIs and more aggressively now with the Mastercard partnership. We're serving and plan to serve more institutional asset managers as a result of the Alpha acquisition.

第四個優先事項是跨境。我們已成功擴展跨境業務，目前服務四個細分市場。您可以在附錄第 15 頁看到它。因此，我們已經超越了最初的核心業務，不再僅僅服務於中端市場企業帳戶，現在還為金融機構提供服務，並且現在更積極地與萬事達卡合作。在收購 Alpha 之後，我們正在為更多機構資產管理者提供服務，並且計劃繼續為其提供服務。

And we're beginning to serve digital asset and stablecoin providers like Circle and Ripple with our on- and off-ramp services. Super excited about the Circle partnership we announced earlier, should give us a fast start in the space.

我們開始透過我們的上行和下行服務為 Circle 和 Ripple 等數位資產和穩定幣提供者提供服務。我們非常高興能夠與先前宣布的 Circle 建立合作夥伴關係，這將使我們在該領域快速起步。

In terms of products and cross-border, our new MCA multicurrency account product off to a terrific start. We've got 10,000 accounts live now from zero a year ago, and we've reached $1 billion in deposits in July. So clearly, one of the best new product launches of the company. So overall, we're making terrific progress transforming the company into some faster growth categories and across more geographies, should extend the company's runway for years.

在產品和跨境方面，我們的新 MCA 多幣種帳戶產品取得了良好的開端。我們從一年前的零開始，現在已經擁有 10,000 個帳戶，我們的存款在 7 月達到 10 億美元。顯然，這是該公司推出的最好的新產品之一。因此，總體而言，我們在將公司轉變為一些成長更快的類別和更多地區方面取得了巨大進展，這應該會延長公司多年的發展軌跡。

All right. Last subject up, let me cover the progress on the M&A front. beginning with our 2024 acquisitions. So Paymerang, an AP automation and payment company acquired last July, that's on track to double EBITDA this year. It also extends the verticals that our core payables business can serve.

好的。最後一個主題，讓我來介紹一下併購的進度。從我們 2024 年的收購開始。因此，去年 7 月收購的 AP 自動化和支付公司 Paymerang 預計將在今年實現 EBITDA 翻一番。它還擴展了我們核心應付款業務所能服務的垂直領域。

GPS, a cross-border company acquired in December, performing quite well. We have shuttered the GPS IT infrastructure and also seeing the GPS sales or bookings double from the same sales group as a result of them being in our system.

12月收購的跨國公司GPS表現相當不錯。我們已經關閉了 GPS IT 基礎設施，並且由於 GPS 進入了我們的系統，同一銷售組的 GPS 銷售或預訂量翻了一番。

And last is the ZapPay Gringo Brazil card debt companies. They are growing literally like crazy. The combined revenue of those 2 businesses in the first half growing over 50% versus prior year. Additionally, we've gross-sold about $4 million of car debt alerts services to our existing Sempra client base. So really an exciting new vehicle payments category to ride.

最後是 ZapPay Gringo Brazil 卡債公司。它們確實在瘋狂生長。這兩家企業上半年的總營收比去年同期成長了50%以上。此外，我們也向現有的 Sempra 客戶群銷售了價值約 400 萬美元的汽車債務警報服務。這確實是一個令人興奮的全新車輛支付類別。

We're advancing our two newest partnerships, Mastercard and Avid. Both of those investments are tracking towards a Q4 closing, the Mastercard partnerships out of the blocks, both companies, we believe, take the opportunity seriously. We've held a number of senior level planning sessions and are literally in market now with our initial set of prospect calls. Avid, our Avid take private investment with TPG, again, tracking to close in Q4. We've now cleared HSR and still expecting the Avid transaction to be accretive to earnings in 2026.

我們正在推動與萬事達卡和 Avid 這兩個最新合作夥伴的合作。這兩項投資都將在第四季度完成，萬事達卡合作夥伴關係也已啟動，我們相信兩家公司都會認真對待這一機會。我們已經舉行了多次高層規劃會議，並且實際上已經透過首批潛在客戶電話會議進入了市場。Avid，我們的 Avid 與 TPG 再次進行私人投資，預計將於第四季度完成。我們現在已經完成了 HSR 審批，並且仍然預計 Avid 交易將在 2026 年增加收益。

And then Alpha, again, just recently announced our agreement to acquire Alpha, the European cross-border company for $2.2 billion enterprise value couldn't be more excited about the addition of Alpha's global alternative bank account solution. As you might recall, that targets the institutional asset managers, but we think could be quite interesting to the Tier-2 FI partners, which we can accelerate via the Mastercard partnership. We are reaffirming again that the Alpha acquisition will be at least $0.50 accretive in 2026.

然後，Alpha 剛剛宣布我們同意以 22 億美元的企業價值收購歐洲跨境公司 Alpha，我們對 Alpha 的全球替代銀行帳戶解決方案的加入感到非常興奮。您可能還記得，它的目標是機構資產管理者，但我們認為對於二級金融機構合作夥伴來說可能相當有趣，我們可以透過與萬事達卡的合作來加速這一進程。我們再次重申，Alpha 收購將在 2026 年帶來至少 0.50 美元的增值。

And then last, on the M&A front, non-core divestitures, we have formally teed up two non-core vehicle divestiture candidates. We've hired investment bankers and expect to launch post Labor Day. Both of these are very good businesses and our divestiture candidates because of their relatedness or lack thereof not performance. We're hopeful that the net proceeds from these couple of businesses will exceed $1.5 billion if we can successfully transact.

最後，在併購方面，非核心資產剝離方面，我們已經正式準備了兩家非核心資產剝離候選公司。我們已經聘請了投資銀行家，預計在勞動節後推出。這兩家公司都是非常好的企業，也是我們的剝離對象，因為它們的相關性或缺乏相關性，而不是績效。如果交易成功，我們希望這幾項業務的淨收益將超過 15 億美元。

So look, all of this recent M&A activity intended to go deeper, not wide and again, result in fewer bigger businesses.

所以，看看吧，最近所有這些併購活動都是為了更深入地進行，而不是更廣泛地進行，這又會導致大型企業的減少。

So look, in conclusion today, the story of 2025 is that we plan to basically finish where we started out the year, approximately $4.4 billion in revenue, approximately $21 million of cash EPS. We do expect a bit more favorable macro, but a bit weaker lodging business. The vehicle segment really tracking to plan and expect it to accelerate to 10% here in the second half. Corporate Payments business continuing to rock outlooking high teens growth for the full year.

所以，今天總結一下，2025 年的故事是我們計劃基本上完成年初的目標，即收入約 44 億美元，現金每股收益約為 2,100 萬美元。我們確實預期宏觀經濟情勢會更加有利，但住宿業務會稍微疲軟。汽車行業確實按照計劃進行，預計下半年將加速成長 10%。企業支付業務持續強勁成長，預計全年將實現高成長率。

Progress, again, lots of progress repositioning the company towards corporate payments. Again, in the payable segment, we've added this upmarket enterprise opportunity, again, also taking that business internationally to the U.K.

再次，公司在重新定位企業支付方面取得了巨大進展。同樣，在應付款項領域，我們增加了這個高端企業機會，並再次將該業務推向國際，擴展到英國。

In cross-border, our new MCA product looks like a hit. We've also added three really brand-new customer segments to serve the FIs, the institutional asset managers and now here, most recently, the digital asset providers via these new partnerships. So look, these moves go a long way to extend the runway and potential of the company.

在跨境方面，我們的新 MCA 產品看起來很受歡迎。我們還增加了三個全新的客戶群，透過這些新的合作夥伴關係為金融機構、機構資產管理者以及最近的數位資產提供者提供服務。所以，這些措施對於拓展公司的發展空間和潛力大有裨益。

So with that, let me turn the call back over to Peter. He'll provide some additional detail on the quarter and outlook. Peter?

因此，讓我將電話轉回給彼得。他將提供有關本季和前景的更多細節。彼得？

Thanks, Ron, and good afternoon, everyone. I'm thrilled to join Corpay during such an exciting time. The last several weeks have been super busy and a great opportunity to learn the business and meet the team. I look forward to meeting more of our investors and analysts soon. I'm impressed by the exceptional talent and high-caliber capabilities that support the organization.

謝謝，羅恩，大家下午好。我很高興能在如此令人興奮的時刻加入 Corpay。過去幾週非常忙碌，這是一個了解業務和與團隊會面的好機會。我期待很快能與更多的投資者和分析師會面。我對支持組織的傑出人才和高水準能力印象深刻。

Corpay has a proven track record of generating top line and bottom line growth and I'm excited to dig in and drive the company forward to achieve our objectives. Now on to some additional details about the quarter. As Ron mentioned, Q2 print revenue of $1.102 billion was just above the midpoint of our guide. In the quarter, our print revenue benefited from a favorable FX environment partially offset by weakness in our lodging business. Print revenue increased 13% year-over-year, driven by organic revenue growth of 11%, a 500 basis point improvement over the prior year.

Corpay 在實現營業收入和利潤成長方面有著良好的記錄，我很高興能夠深入研究並推動公司向前發展以實現我們的目標。現在來了解本季的一些其他細節。正如羅恩所提到的，第二季的印刷收入為 11.02 億美元，略高於我們指南的中點。本季度，我們的印刷收入受益於有利的外匯環境，但住宿業務的疲軟部分抵消了這一影響。印刷收入年增 13%，其中有機收入成長 11%，比上年提高 500 個基點。

Q2 adjusted EPS of $5.13 per share increased 13% over the prior year due to strong top line performance paired with solid expense management. Adjusted EPS grew 17% over the prior year on a constant macro basis. The headline for the quarter is double-digit top and bottom line growth, excellent organic growth, all while maintaining strong margins.

由於強勁的營收表現和穩健的費用管理，第二季調整後每股收益為 5.13 美元，較上年增長 13%。調整後的每股收益在恆定宏觀基礎上比上年增長了 17%。本季的重點是兩位數的營收和利潤成長、出色的有機成長，同時保持強勁的利潤率。

We've also produced significant sales growth this year that will fuel our business over the balance of the year and into next year. All of this puts us halfway down the path to delivering both the revenue and profit targets laid out back in February.

今年我們的銷售額也取得了顯著成長，這將推動我們今年餘下時間以及明年的業務成長。所有這些都使我們距離實現二月制定的收入和利潤目標已經過去了一半。

Turning now to our segment performance and the underlying drivers of revenue growth. Corporate Payments delivered 18% organic revenue growth for the quarter, with similar results in the payables and cross-border businesses. Overall, the performance was driven by growth in spend volumes, which increased 36% on a reported basis and was up 19% organically. Spend volume was just over $58 billion in Q2 which puts us on pace to be well north of $200 billion annually.

現在來談談我們的分部績效和收入成長的根本驅動力。企業支付業務本季實現了 18% 的有機收入成長，應付帳款和跨國業務也取得了類似的業績。總體而言，業績成長是由支出金額的成長所推動的，支出額在報告基礎上成長了 36%，有機成長了 19%。第二季的支出額剛超過 580 億美元，這使我們的年支出額預計將遠遠超過 2,000 億美元。

The payables business continues to perform driven by strong execution on Paying synergies and solid progress implementing and ramping enterprise customers. We remain confident and excited about the future of the business and our laser focus on customer acquisition.

應付帳款業務持續表現良好，這得益於支付協同效應的強勁執行以及企業客戶實施和增加的穩步進展。我們對業務的未來以及對客戶獲取的高度關注仍然充滿信心和興奮。

Cross-border sales were excellent in the quarter, setting a new record high. While there is little incremental clarity on U.S. trade policy and tariffs, the global coverage and nature of our business is such that markets outside of North America are doing quite well and made up for some softness in North America.

本季跨境銷售表現優異，創下新高。儘管美國貿易政策和關稅的逐步明朗化程度不高，但由於我們業務的全球覆蓋範圍和性質，北美以外的市場表現相當良好，彌補了北美的一些疲軟。

There's no shortage of opportunity in cross-border regardless of the macro backdrop. Vehicle payments delivered 9% organic revenue growth for the quarter, our third quarter in a row delivering high single-digit organic growth and a 400 basis point increase over the prior year.

無論宏觀背景如何，跨國領域都不乏機會。本季度，車輛支付業務實現了 9% 的有機收入成長，這是我們連續第三個季度實現高個位數有機成長，比上年增加了 400 個基點。

U.S. vehicle payments organic revenue growth turned positive in the quarter, a significant improvement over prior year. This was driven by improved sales production, applications and approvals, onboarding new customers and stronger retention.

本季美國汽車支付有機收入成長轉為正值，較上年同期有顯著改善。這是由於銷售產量、申請和批准的提高、新客戶的加入以及更強的保留率所推動的。

Brazil and international vehicle payments continued to perform well. In Brazil, the combination of 7% tag growth, growth in our extended network, including the car debt offering is driving the strong results. International vehicle payments continues to deliver consistent results driven by strong sales and performance across the U.K., Europe and ANZ.

巴西和國際汽車付款繼續表現良好。在巴西，7%的標籤成長率、包括汽車債務發行在內的擴展網路的成長共同推動了強勁的業績。在英國、歐洲和澳新銀行強勁的銷售和業績的推動下，國際汽車支付持續取得穩定的業績。

The vehicle Payments segment is tracking to 10% organic growth in the second half of this year.

今年下半年，車輛支付部門的自然成長率將達到 10%。

Lodging organic revenue was down 2% for the quarter. Room nights decreased 1% as lower emergency services and distressed airline rooms offset some improvement in workforce. We feel good about the progress we've made here to position the business for the future, but the recovery is yet to show through in a meaningful way. We don't expect organic revenue to improve in the second half.

本季住宿有機收入下降了 2%。由於緊急服務減少和航空公司客房供應不足抵消了勞動力的一些改善，客房夜數減少了 1%。我們對目前的進展感到滿意，為未來的業務做好了準備，但復甦尚未以有意義的方式顯現出來。我們預計下半年有機收入不會改善。

The Other segment was up 18% as the gift business generated significant year-over-year growth from new gift card orders delivered in the quarter, given the pent-up demand due to new regulations to upgrade gift card packaging to reduce fraud, we expect continued strong gift card performance in Q3.

其他部門成長了 18%，因為禮品業務在本季度交付的新禮品卡訂單中實現了顯著的同比增長，考慮到新法規升級禮品卡包裝以減少欺詐而產生的被壓抑的需求，我們預計第三季度禮品卡的表現將繼續強勁。

In summary, we delivered 11% organic growth in Q2 and are pleased with the continued strong high-teens corporate payments organic growth and all other segments delivering significant year-over-year organic revenue growth improvement.

總而言之，我們在第二季度實現了 11% 的有機成長，並對企業支付有機成長持續強勁的高位數成長以及所有其他部門實現顯著的同比有機收入成長改善感到滿意。

Now looking further down the income statement. Second quarter operating expenses of $623 million increased 15% compared to Q2 of last year. $32 million of the increase was due to the net impact of acquisitions and divestitures compared with Q2 of last year.

現在進一步檢查損益表。第二季營運費用為 6.23 億美元，與去年第二季相比增加了 15%。與去年第二季相比，增加的 3,200 萬美元是由於收購和資產剝離的淨影響。

Excluding the M&A activity and normalizing for lower FX rates, operating expenses increased approximately 9% versus Q2 of last year. The increase in operating expense was driven by higher transaction volumes, sales activities to drive growth and onetime M&A deal, fees and integration-related expenses. The increase would be 7% if we exclude add-backs.

不包括併購活動和因匯率正常化而降低的情況，營運費用較去年第二季增加了約 9%。營業費用的增加是由於交易量增加、推動成長的銷售活動以及一次性併購交易、費用和整合相關費用。如果我們排除加回，增幅將達到 7%。

Our adjusted EBITDA margin was 56.3%, relatively consistent with the prior year. Our adjusted effective tax rate for the quarter was 27.7%. The increase in the rate was driven by a discrete tax item, Pillar two and a change in the mix of earnings. Pillar two is effective in 2025 and resulted in multiple jurisdictions implementing a minimum tax rate of 15%.

我們的調整後 EBITDA 利潤率為 56.3%，與去年基本持平。本季調整後的有效稅率為 27.7%。稅率的提高是由單獨稅項、第二支柱和收入結構的變化所驅動。第二支柱將於 2025 年生效，並導致多個司法管轄區實施 15% 的最低稅率。

On to the balance sheet. We ended the quarter in excellent shape, continuing to delever and resulting in a leverage ratio of 2.53 times. We have over $3.5 billion of cash and revolver availability which gives us ample flexibility in how we fund our growth, including our recently announced Alpha acquisition.

進入資產負債表。我們以優異的業績結束了本季度，繼續去槓桿，槓桿率達到 2.53 倍。我們擁有超過 35 億美元的現金和循環信貸，這為我們的發展融資提供了充足的靈活性，包括我們最近宣布的 Alpha 收購。

Capital deployment in the quarter was again limited as we prepared our checkbook for transactions. We did spend $32 million on share buybacks associated with employee option exercises. We continue to work on noncore divestitures, including the recent announcement that we are divesting one of our legacy private label fuel card portfolios that will free up $100 million of capital.

由於我們準備了用於交易的支票簿，本季的資本配置再次受到限制。我們確實花了 3,200 萬美元用於與員工選擇權行使相關的股票回購。我們繼續致力於非核心業務的剝離，包括最近宣布剝離我們的一個傳統自有品牌燃油卡組合，這將釋放 1 億美元的資本。

Executing on noncore divestitures will bring focus to our portfolio of businesses and provide additional capacity in preparation for closing the Alpha transaction in Q4.

執行非核心資產剝離將使我們的注意力集中到業務組合上，並為在第四季度完成 Alpha 交易做好準備，提供額外的產能。

So now some updates and details on our Q3 and full year outlook. We're increasing our full year 2025 revenue guidance to $4.445 billion at the midpoint representing print growth of 12%, primarily driven by the continued benefit of improved foreign exchange in the back half of the year. We are also increasing our adjusted EPS guidance to $21.06 per share at the midpoint, representing growth of 11% as a result of our slight Q2 beat and continued expense discipline in the second half of the year.

現在介紹我們第三季和全年展望的一些更新和細節。我們將 2025 年全年營收預期上調至 44.45 億美元，中位數為印刷量成長 12%，這主要得益於下半年外匯持續改善的好處。我們還將調整後的每股收益預期中位數提高至每股 21.06 美元，這意味著由於我們第二季度業績略有超出預期以及下半年繼續控制開支，每股收益將增長 11%。

Our organic revenue growth range is updated to 9% to 11% due to the expected weaker performance in our Lodging segment that I mentioned earlier. For the third quarter, we expect print revenue of $1.165 billion at the midpoint, representing growth of 13% and adjusted EPS of $5.60 per share at the midpoint, representing growth of 12%.

由於我之前提到的住宿部門預計表現較弱，我們的有機收入成長範圍已更新為 9% 至 11%。對於第三季度，我們預計印刷收入中位數為 11.65 億美元，成長 13%，調整後每股收益中位數為 5.60 美元，成長 12%。

We provided additional details regarding our rest of year and third quarter outlook in our press release and earnings supplement. This concludes our prepared remarks. Operator, please open the line for questions.

我們在新聞稿和收益補充中提供了有關今年剩餘時間和第三季展望的更多詳細資訊。我們的準備好的演講到此結束。接線員，請打開熱線以回答問題。

(Operator Instructions) We'll take our first question from Andrew Jeffrey with William Blair. Please go ahead.

（操作員指示）我們將回答威廉布萊爾的安德魯傑弗裡提出的第一個問題。請繼續。

Hi guys, appreciate you taking the question. I guess I wanted to dig in a little bit on corporate payments. It seems like you've built and are building, certainly one of the most complete vertically integrated tech stacks in the market. And when we think about GPS and the very strong sales and the pending acquisition of Alpha and very good performance, could, as we think the '26 and '27 that organic revenue growth could even accelerate from these levels? Or how are you framing that as you plan out over the next couple of years?

大家好，感謝您回答這個問題。我想對公司支付進行一些深入的了解。看起來您已經建立並正在建立市場上最完整的垂直整合技術堆疊之一。當我們考慮 GPS 和非常強勁的銷售、即將收購 Alpha 以及非常好的表現時，我們認為 26 年和 27 年有機收入成長甚至可能從這些水準加速嗎？或者您在規劃未來幾年時如何制定這一目標？

Andrew, it's Ron. It's a good question. So yes, we pretty pleased with the setup. So I think it will be mostly a function of what we elect to spend. I think we've told you before, we try to design businesses to grow at a certain rate based on the sales and marketing investment, which is that high net business, which is why it's high teens.

安德魯，我是羅恩。這是個好問題。是的，我們對這個設定非常滿意。所以我認為這主要取決於我們選擇支出多少。我想我們之前告訴過你，我們試圖設計業務，使其根據銷售和行銷投資以一定的速度成長，這就是高淨值業務，這就是為什麼它是高十幾歲的。

So I don't want to get out over my skis, but I'd say assuming that we continue to pour money into that, these incremental segments should be additive. So again, that business will finish high teens this year. I think if we spend enough, we could probably tick that up another couple of points.

所以我不想冒險，但我想說，假設我們繼續向其中投入資金，這些增量部分應該是可加的。因此，該業務今年將再次實現十數億美元的成長。我認為，如果我們投入夠多，我們可能還能再提高幾個百分點。

Again, we don't overspend where things become unproductive. But the width of the thing, I think, creates even more runway would be my headline. I think the diversity of the segments, right, not just end accounts, but banks, the asset class, the new digital players that -- to me, that's the super attraction is really the diversity really of the client base going forward.

再次強調，我們不會在沒有效益的情況下過度消費。但我認為，這個東西的寬度會創造更多的跑道，這是我的標題。我認為細分市場的多樣性，不僅是終端帳戶，還有銀行、資產類別、新的數位參與者——對我來說，這才是真正的超級吸引力，也就是未來客戶群的多樣性。

Okay. That's helpful. It's pretty exciting to watch. And then just on the Circle deal, which I think is also notable, are they going to be both a customer using on-ramp and off-ramp and are you going to be a customer of theirs or a distribution partner of theirs in terms of incorporating USDC in your MCA product?

好的。這很有幫助。看起來非常令人興奮。然後就 Circle 交易而言，我認為這也值得注意，他們會同時成為使用入口和出口的客戶嗎？在將 USDC 納入您的 MCA 產品方面，您會成為他們的客戶還是分銷合作夥伴？

Yes. That's the concept. It's kind of a reciprocal partnership. So they, as you know, the currency, the rails, the blockchain and even the wallet. So we'll plan to use that in certain use cases.

是的。這就是概念。這是一種互惠的夥伴關係。所以，如你所知，他們有貨幣、軌道、區塊鏈甚至錢包。因此我們計劃在某些用例中使用它。

And then just what you said that we would help them in certain geographies on and off ramp. So yes, that's the goal.

然後正如您所說，我們會在某些地區為他們提供上坡和下坡方面的幫助。是的，這就是目標。

Okay, excellent. Peter, look forward to working with you. Welcome to Corpay.

好的，非常好。彼得，期待與您合作。歡迎來到 Corpay。

Thanks, Andrew.

謝謝，安德魯。

Our next question comes from Darrin Peller with Wolfe Research. Please go ahead.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。請繼續。

Maybe we could just hit on the U.S. vehicle acceleration and just help us understand what underpins the acceleration that you're anticipating into the second half? And just to hit on whether it contemplates the BP portfolio to you guys. Thanks.

也許我們可以談談美國汽車的加速度，並幫助我們了解您預期下半年加速度的基礎是什麼？只是想問你們它是否考慮過 BP 投資組合。謝謝。

Hey, Darren, it's Ron. So, yeah, the couple of drivers of that thing getting a bit better in the second half are retention, which we can see sequentially in the report that I'm looking at. So for example, Q2 of this year versus Q2 of the prior year, the retentions of about 130 basis points, and we're out looking at the inch up a bit more as we head into Q3, Q4, so less businesses will fall away this second half that did last year. And then number two, it's the sales are better.

嘿，達倫，我是羅恩。是的，下半年情況會好轉的幾個驅動因素是保留率，我們可以在我正在查看的報告中依次看到這一點。舉例來說，今年第二季度與去年第二季度相比，留存率約為 130 個基點，而隨著進入第三季度和第四季度，我們預計留存率還會略有上升，因此今年下半年流失的業務數量將比去年減少。第二，銷售情況較好。

Specifically, we have a couple of big elephants like Gas Buddy. I think we did announce that back in the spring, which is a pretty big account, and Amazon that were both sold a while ago that are kind of beefing up volumes in the second half. So it's really just super basic, incremental volume through those new sales and better attention.

具體來說，我們有幾頭像 Gas Buddy 這樣的大象。我想我們確實在春季宣布了這一點，這是一個相當大的帳戶，而亞馬遜這兩家公司不久前都被出售了，下半年的交易量有所增加。因此，這實際上只是透過這些新銷售和更好的關注來增加銷售的超級基礎。

Okay, Ron, that helps. Thanks. Just a quick follow up on the corporate payment side. Just the contribution of the enterprise domestic payables client to the corporate payment segment. Was there anything there? And then just what were the underlying signs in the segment from the same sort of sales activity? Just how's how's activity from either domestic or international AP payments as well if you if you don't mind. Thanks again guys, good job.

好的，羅恩，這很有幫助。謝謝。只是對公司支付方面進行快速跟進。只是企業國內應付款客戶對企業支付部分的貢獻。那裡有什麼東西嗎？那麼，從同類銷售活動中可以看出該細分市場中存在哪些潛在跡象呢？如果您不介意的話，國內或國際 AP 支付的活動情況如何？再次感謝大家，幹得好。

Let me take the first part. Maybe Peter can take the second one. It, it's crazy, exciting dear to me that, I think we mentioned this the first time when over 90 days ago that we contracted that account at the end of the year and literally went live and literally, moved a billion dollars of spend. I don't know if people heard that, in the month of July. And outlooking that thing, as we finish the Halloween month to be at about $1.5 billion, in spend, for the month of October. So it's a super big contributor to volume. Obviously, the monetization of the rates not as good as the rest of the spend, but still, super contribution and profit. I think the key to the thing is really the extensibility now.

我先講第一部分。也許彼得可以選第二個。這對我來說是瘋狂而令人興奮的，我想我們第一次提到這一點是在 90 多天前，我們在年底簽訂了該帳戶，然後正式上線，並真正動用了 10 億美元的支出。我不知道七月份人們是否聽說過這個消息。展望這一情況，隨著萬聖節月的結束，十月份的支出預計將達到約 15 億美元。因此，它對銷售的貢獻非常大。顯然，費率的貨幣化不如其他支出，但仍貢獻巨大，利潤豐厚。我認為現在問題的關鍵實際上是可擴展性。

Now that we've learned, we can go to like super duper big enterprise accounts. Through some of these relationships, can we get the pipeline? We've got a few accounts in the pipeline. Can we get more accounts like this big enterprise to fall, which again will create some acceleration in that business. So, yeah, super pleased with it. You want to take the same source.

現在我們已經了解了，我們可以去超級大的企業帳戶。透過這些關係，我們能得到管道嗎？我們有幾個帳戶正在籌備中。我們能否讓更多像這家大企業這樣的帳戶倒閉，這將再次加速該業務的發展。是的，我對此非常滿意。您想獲取相同的來源。

Yes, so, Hey nice to meet you. I think same source sales was what is our expectation for the rest of the year you're looking for?

是的，嘿，很高興認識你。我認為同源銷售是我們對今年剩餘時間的預期嗎？

Just what you're seeing in the underlying trends right now more than anything else in the last quarter and then into this quarter coming up.

您現在所看到的潛在趨勢比上個季度以及即將到來的本季的其他任何趨勢都更為明顯。

Yeah, so for the total same source sales relatively flat year over year, and that's what we've assumed for the rest of the year.

是的，因此，同源總銷售額比去年同期相對持平，這也是我們對今年剩餘時間的預期。

Hey Darrin, it's Ron. I'm just looking at the page. If you're on corporate payments, it's let's see year four, the period is basically pretty steady as she goes over the last few quarters. No big change in same-store sales. So again, all the incremental all the growth rate is really just on the ad side.

嘿，達林，我是羅恩。我只是在看頁面。如果您使用的是公司付款，那麼讓我們看看第四年，隨著過去幾季的過去，這段期間基本上相當穩定。同店銷售沒有太大的變化。所以，所有增量和成長率其實只是在廣告方面。

Losses have actually improved dispensed they're 100 basis points better than a year ago, even in that business. So really, the math there is the sales just massively outpacing the losses and same-store sales steady.

損失實際上已經有所改善，即使在該行業，損失也比一年前減少了 100 個基點。因此，實際上，計算結果顯示銷售額大大超過了虧損，而同店銷售額保持穩定。

That's great to hear. All right, very helpful, Ron. Thanks guys.

聽到這個消息真是太好了。好的，非常有幫助，羅恩。謝謝大家。

Thanks for the cheerleading again on the space.

再次感謝大家對這個空間的鼓勵。

We will take our next question from Tien-Tsin Huang with JPMorgan. Please go ahead.

我們將回答摩根大通的 Tien-Tsin Huang 提出的下一個問題。請繼續。

Thank you so much. Welcome to the call. Just on the lodging side, I'm just curious on the visibility there and what could turn out differently than what you're forecasting either on the upside or the downside. I'm sure you've got some plans, I assume, to reenergize growth as well?

太感謝了。歡迎來電洽詢。就住宿方面而言，我只是好奇那裡的可見性以及結果可能與您預測的上行或下行情況有何不同。我確信您也有一些計劃來重振成長？

No, no plans. Yes, on the downside of a couple of things one is which has got a weird to wish for maybe worse weather. But probably half of the softness in the second half versus what we thought back at the turn of the year is basically in what we call kind of the emergency or distressed segment, which shows up for us and like the FEMA contract. People run out to a location or in our airline business where people get stranded and have to hire into hotel room.

不，沒有計劃。是的，有幾件事不太好，其中之一就是希望天氣可能更糟，這有點奇怪。但與我們在年初時所認為的相比，下半年的疲軟可能有一半基本上是在我們所謂的緊急或困境部分，這對我們來說是顯而易見的，就像聯邦緊急事務管理局的合約一樣。人們跑到某個地方，或者在我們的航空業務中，人們被困在那裡，不得不租住酒店房間。

So that's about half of it that that's run softer. And so we're just out looking at softer in between us, who knows, but I didn't want to make up a number that's better. And then the other one I have is just the sales aren't good enough. I said it before, that the positive year, if there is any is the business has stabilized. That didn't we had a year plus ago as I had hoped has stabilized back to the same-store sales.

因此，其中大約有一半的運行比較平穩。因此，我們只是在尋找我們之間更柔和的平衡，誰知道呢，但我不想編造一個更好的數字。我的另一個問題是銷量不夠好。我之前說過，如果說今年有什麼正面的方面的話，那就是業務已經穩定下來了。一年多前我們並沒有實現我所希望的目標，同店銷售額已經穩定下來。

And now it's just what goes in the top versus what goes go out at the bottom. And so the second problem is we're just not selling enough and implementing enough new business. And so again, we built the plan six months ago, we thought implementations of that thing would be high. I mean, quantum is nothing, It's a $100-to-some million business per quarter you're talking about $2 million or $3 million or something in that kind of a range.

現在，這只是頂部進入的內容與底部流出的內容之間的對比。因此，第二個問題是我們的銷售量不夠，新業務發展也不夠。因此，我們六個月前就制定了該計劃，我們認為該計劃的實施率會很高。我的意思是，量子不算什麼，這是每季 1 億美元到幾百萬美元的業務，你說的是 200 萬美元或 300 萬美元或類似的金額。

So when we say it's off of what we thought to the company, it's not a material amount, but it's just not -- obviously, it's not working the way we want. The mix again is super clear. It's mostly sales. Now that we stabilize the base, we've gotten put a bunch of product fixes in to make the product more competitive in the segment that we have problems with. So it's really just Harvard on the same thing. It's just getting the sales engine to fill the box so that thing turns positive. I put more people in to put a new sales leader in it in the spring.

因此，當我們告訴公司這與我們的設想不符時，雖然數額不大，但顯然，它並沒有按照我們想要的方式運作。混合物再次變得非常清晰。主要是銷售。現在我們已經穩定了基礎，並進行了一系列產品修復，以使產品在存在問題的領域中更具競爭力。所以其實哈佛大學也做著同樣的事情。這只是讓銷售引擎填滿盒子，以便事情變得積極。我安排了更多人手，以便在春季任命一位新的銷售主管。

And so like you, we're going to keep an eye on it and kick out it a bit harder here. 85% of the plan and right, getting the vehicle back the second hit back to hand. I think it was probably four in Q3 or whatever Q2 last year and keeping the core payments thing humming and expanded. I'm glad that the bigger section is working well.

因此，像您一樣，我們會密切關注它，並在這裡加強將其踢出。 85％的計劃是正確的，讓車輛在第二次撞擊後回到手中。我認為去年第三季或第二季可能有四個，並且核心支付業務保持活躍和擴張。我很高興較大的部分運作良好。

Got you. And just my quick follow-up just on the divestitures Ron. Just on the -- if you achieve your target EV, I'm assuming that you've got -- it sounds like it has been (inaudible) on $1.5 billion. Just thinking about the earnings impact and how much flex you have and what you're thinking in achieving your goals there with the divestitures?

明白了。我只是對資產剝離一事進行快速跟進，羅恩。就——如果你實現了你的目標企業價值，我假設你已經——聽起來它已經（聽不清楚）達到 15 億美元。只是考慮一下收益影響和您有多少靈活性，以及​​您打算如何透過資產剝離來實現您的目標？

Yes, it's a good question, Tien-Tsin. I mean, I think the headline I want to give is this is a different time than the last time around, right, with the gift business we're looking at exiting what we would call good businesses, right, that are growing revenues and have futures and stuff quick futures. And so it's really just a function of the multiple right? We've laid out a target of kind of net proceeds.

是的，Tien-Tsin，這是個好問題。我的意思是，我想給出的標題是，這次與上次不同，對吧，對於禮品業務，我們正在考慮退出我們所謂的好業務，對吧，這些業務的收入正在增長，並且擁有未來和快速的未來。所以它實際上只是一個倍數函數，對嗎？我們已經制定了淨收益目標。

Obviously, we're not selling these assets if the multiples aren't in the teens right against EBITDA. So we pet out a model where those things are kind of a push or not dilutive. So we get out of them. They're kind of a push. We get the capital back to contribute to the Alpha deal. So I'd say it's obviously just a function of what prices we get to the assets. If we don't get enough price we'll hold them because it's a good businesses.

顯然，如果 EBITDA 的倍數不在十幾倍以內，我們就不會出售這些資產。因此，我們設計了一個模型，其中這些東西是一種推動力，而不是稀釋力。所以我們就離開他們。它們有點像是一種推動力。我們收回資本來為 Alpha 交易做出貢獻。所以我想說這顯然只是我們獲得的資產價格的函數。如果我們沒有獲得足夠的價格，我們就會持有它們，因為這是一筆好生意。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

We will take our next question from Nate Svensson with Deutsche Bank. Please go ahead.

我們將回答德意志銀行的 Nate Svensson 提出的下一個問題。請繼續。

Hey guys, I know last quarter, we were talking a lot about tariffs. So I guess I'm just wondering if there was any impact to 2Q numbers from tariffs, any sort of pull forward, strength in the FX hedging business, we talked about last quarter, anything on volume impacts -- and then I guess the related question, in the prepared remarks, you called out record cross-border sales. And so I guess I'm just wondering like given how dynamic the environment is, is it actually helping the go-to-market motion and your value prop as your end consumer -- or your end companies that you're serving to deal with an environment that's changing on a daily basis?

嘿，夥計們，我知道上個季度我們討論了很多有關關稅的問題。所以我想我只是想知道關稅是否對第二季度的數據產生了影響，任何形式的提前，外匯對沖業務的強勁增長，我們上個季度討論過，任何對交易量的影響 - 然後我想相關的問題是，在準備好的評論中，您提到了創紀錄的跨境銷售。所以我想我只是想知道，考慮到環境的動態性，它是否真的有助於進入市場的動作和您作為最終消費者的價值主張 - 或者您所服務的最終公司應對每天都在變化的環境？

Yes. Nate, it's Ron. It's a super good question. I mean I think the summary is it's a mixed bag. I think the tariff situation uncertainty, whatever you want to call, is landing differently on different companies, both geographically, like it's landing affected us more here in North America because of the early Canada, Mexico posture.

是的。內特，我是羅恩。這是一個非常好的問題。我的意思是，我認為總結起來就是好壞參半。我認為關稅情勢的不確定性，無論你怎麼稱呼它，對不同公司的影響是不同的，無論是在地理位置上，例如由於早期加拿大和墨西哥的態勢，它對我們在北美的影響更大。

So I think those geographies are still a bit softer for us than anticipated whereas the U.K., European and Asian side is stronger. And then second, I think, is just the individual companies. So companies are super committed -- they have to be international. They're figuring out ways to deal with it. They're looking at risk management ways to deal with the thing.

因此我認為這些地區對我們來說仍然比預期的要弱一些，而英國、歐洲和亞洲地區則更為強勁。其次，我認為只是個別公司。因此，公司必須全心全意地致力於國際化。他們正在想辦法解決這個問題。他們正在尋找風險管理方法來解決這個問題。

And then other companies are like, Oh my god, it's freezing me, maybe I should find different suppliers or target customers at different places. So there's not -- I don't think there's one across the board answer to it because it is uncertain. I mean, to your point, certainly, just the volatility, if you will, of currencies is generally a help. We say probably is a plus 10% in a period of time versus completely flat nonvolatile periods. But -- so I'd say we've gotten a little bit of help, but not a ton, and we're kind of out looking steady as she goes.

然後其他公司就會說，天哪，這讓我很困惑，也許我應該尋找不同的供應商或在不同的地方瞄準客戶。所以我認為沒有一個可以解決這個問題的全面答案，因為它是不確定的。我的意思是，就你的觀點而言，當然，如果你願意的話，貨幣的波動性通常是一種幫助。我們說，與完全平穩的非波動時期相比，在一段時間內可能會上漲 10%。但是——我想說我們得到了一點幫助，但不是很多，而且我們在她離開時看起來很穩定。

Some clients will like and come to the table. Others will wait. So again, overall kind of a mixed bag.

有些客戶會喜歡並參與其中。其他人會等待。所以，整體來說，情況好壞參半。

That's helpful. For the follow-up, the Zafe and Greenville growth really stood out. I think you classified it as growing like crazy Ron. And like moving aside currency fluctuations, the Brazil business has been a really strong performer. So maybe you could talk about more about some of the strength you're seeing there and kind of what's embedded in the vehicle payments acceleration outside of the U.S. vehicle payments that we talked about earlier?

這很有幫助。對於後續行動，Zafe 和 Greenville 的成長確實非常突出。我認為你把它歸類為瘋狂增長，羅恩。並且，除了貨幣波動之外，巴西業務表現非常強勁。那麼，也許您可以更多地談談您在那裡看到的一些優勢，以及除了我們之前談到的美國汽車付款之外，汽車付款加速中還包含哪些內容？

And then maybe you could extend that topic to something we've touched on in the past. It's the broader consumer vehicle payment efforts. So any update on how things are progressing in the U.K. update on plans in the U.S., et cetera?

然後也許您可以將該主題擴展到我們過去討論過的內容。這是更廣泛的消費者車輛支付努力。那麼，英國的情況如何？美國計劃的最新進展如何？等等，您有什麼最新消息嗎？

That's a load. Let me (inaudible) I could remember the first (inaudible) crazy. So yes. I mean I think the headline on that for everybody is the core business there, which we started with as a toll business relies obviously on vehicles in Brazil running over toll roads, which call it is maybe $20 million of the 60 million vehicles registered there. Whereas this vehicle car debt thing, which is, hey, paying for tickets and doing annual registrations is all $60 million.

這太麻煩了。讓我（聽不清楚）我記得第一次（聽不清楚）瘋狂。是的。我的意思是，我認為每個人關注的重點都是那裡的核心業務，我們最初的收費業務顯然依賴於在巴西收費公路上行駛的車輛，這可能占到在那裡註冊的 6000 萬輛汽車中的 2000 萬美元。而這筆汽車債務，也就是支付罰單和進行年度登記的費用總共高達 6,000 萬美元。

So you start with kind of three times the TAM in this business. And then second, it's just super early days, like this digital idea of how to see you've got a ticket and pay for a ticket or register digitally on a phone, it's like a super brand new way versus the old-fashioned way of going with bank and stuff. And so the market share in the space is super early days. We estimate it's still under 5%. So when you put those two things together, it is just a runaway hit of the service that people there want both businesses and consumers want.

因此，您從這個業務的 TAM 的三倍開始。其次，現在還處於非常早期的階段，例如如何查看您是否有票、如何支付票款或透過手機進行數位註冊的數位化理念，這是一種全新的方式，而不是傳統的透過銀行等方式。因此，該領域的市場份額仍處於早期階段。我們估計它仍然低於5％。因此，當你把這兩件事放在一起時，它就是一項大獲成功的服務，滿足了企業和消費者對它的需求。

And so we are selling like an absolute pile of it, and it's for sure helping the growth rate in Brazil. So Initially, our biggest focus was on cross sell, which was also not bad. I think I called out $4 million of those companies' services were sold back by our core business. But the great thing here is this is just an extended vehicle payment category that is just super attractive on its own.

因此，我們銷售了大量產品，這肯定有助於巴西的經濟成長。所以最初，我們最大的關注點是交叉銷售，這也不錯。我記得我說過，這些公司價值 400 萬美元的服務都是由我們的核心業務賣回來的。但最棒的是，這只是一個擴展的車輛付款類別，本身就極具吸引力。

We've got a good position. It's early days. It's growing like a weed, getting more profitable. So we're delighted. I want to report back that it's another super good acquisition for us.

我們處於有利地位。現在還為時過早。它像野草一樣生長，利潤越來越高。所以我們很高興。我想報告的是，這對我們來說是另一個非常好的收購。

On the broader question of the consumer thing, I'd say, still unknown. I'd say, obviously, the Brazil experience, including the thing I just spoke to is reaffirming that extending what one services into many is the work leader in Brazil, not so much so far in the U.K. I wouldn't go maybe all the way to struggling, but I'd say it's a lot of hard work to get that thing stood up and get the first set of customers and stuff across.

對於消費者問題的更廣泛問題，我想說，仍然未知。我想說，顯然，巴西的經驗，包括我剛才談到的事情，都再次證明了將一種服務擴展到多種服務是巴西的工作重點，而目前在英國還沒有那麼多。我可能不會一路掙扎，但我想說，要讓這件事站起來並獲得第一批客戶和其他東西，需要做很多艱苦的工作。

And we're continuing I kind of put the group on the clock, hey, take the rest of the year. So if you get this thing humming if you can, I'm going to redeploy the capital, if you can, hey, we'll stay with you. So I'd say we're still work in progress on the U.K. side.

我們將繼續，我給團隊安排時間，嘿，利用今年剩下的時間。所以如果你能讓這件事順利進行的話，我將重新部署資本，如果可以的話，嘿，我們會和你在一起。所以我想說我們在英國方面的工作仍在進行中。

Thanks Ron, I get paid by the question, so I appreciate you obliging the multi-parter.

謝謝羅恩，我根據問題獲得報酬，所以我很感謝你答應我的多部分提問。

Our next question comes from Sanjay Sakhrani with KBW. Please go ahead.

下一個問題來自 KBW 的 Sanjay Sakhrani。請繼續。

Thanks. I guess I have a question for Peter and Ron, maybe you to, the growth is really strong and the setup for the second half for vehicle and corporate payments, obviously, in corporate payments with the enterprise relationship coming on in July, it looks good. But the fourth quarter is a pretty difficult comparison in terms of the growth rate. I mean, could you just talk about like the cadence of the growth? Like do we need to worry just about the fourth quarter growth rates? Just trying to think through all of that .

謝謝。我想我有一個問題要問彼得和羅恩，也許你們也一樣，增長確實很強勁，下半年車輛和企業支付的設置，顯然，在企業支付方面，隨著 7 月份企業關係的建立，情況看起來不錯。但從成長率來看，第四季的比較相當困難。我的意思是，您能談談成長的節奏嗎？例如，我們是否只需要擔心第四季的成長率？只是想思考這一切。

Yes. So Sanjay, nice to meet you. So our belief, when we kind of look at the growth rates quarter-over-quarter on a print basis, right, delivered 13% this quarter. That's what we're projecting for Q3 and then just a tick up in Q4. So again, pretty consistent on a basis of growth rates. And then to your point, vehicle payments, we expect to improve 10% organic growth and then corporate payments to continue in that high-teens arenas.

是的。桑傑，很高興認識你。因此，當我們以印刷為基礎觀察季度環比成長率時，我們認為本季的成長率為 13%。這就是我們對第三季的預測，第四季將會略有上升。因此，從成長率來看，這還是相當一致的。然後回到您的觀點，我們預計車輛支付將實現 10% 的有機成長，而企業支付將繼續保持高成長。

Okay. So you expect the grow over to be just fine to the fourth quarter?

好的。所以您預計第四季的成長會很好嗎？

We do.

是的。

Okay. Got it. And just maybe, Ron, a follow-up just on same-store sales. Obviously, it ticked down a little bit, just curious, like, is there anything that you're seeing from an economic standpoint that concerns you in terms -- what can drive a reacceleration there? And how much of that -- I know you said you've kind of figured for flat same-store sales for the rest of the year, but just trying to think through what the puts and takes there are?

好的。知道了。羅恩，也許只是跟進同店銷售額。顯然，它略有下降，只是好奇，例如，從經濟角度來看，您是否看到了一些讓您擔心的事情——什麼可以推動那裡的經濟重新加速？其中有多少——我知道您說過您已經估計今年剩餘時間的同店銷售額將持平，但您只是想想想其中的利弊是什麼？

It's a good question, Sanjay. We did study it and when you go from plus one, I don't think it's exactly zero, it's like plus 0.3 or something like it is just such fine. I have the reports that up in front of me across all the different categories. And there's literally barely anything moving. It's almost literally mass. So I wouldn't say, hey, take a lot away from that, hey that it went from plus one.

這是個好問題，桑傑。我們確實研究過它，當你從加一開始時，我不認為它正好是零，它就像加 0.3 或類似的數字，這樣就很好了。我面前有涉及所有不同類別的報告。並且實際上幾乎沒有任何移動。它幾乎就是字面上的品質。所以我不會說，嘿，從中拿走很多，嘿，它從加一開始。

So yes, there's no super-duper trend in the thing. And I'm looking again across all the categories, and they're mostly kind of tracking to where they've been over the prior four quarters or five quarters. But it's whole how the economy that we're just -- we're not seeing anything, again, significant on that front. I know we all keep looking. But I'd say whether it's in the fleet business or in the corporate payments, the spend business or even the Brazil business, there's nothing we see yet that this material that's given us concern around kind of the health of the clients.

所以是的，這件事並沒有什麼超級趨勢。我再次查看了所有類別，它們大多與前四個季度或五個季度的情況一致。但就整體經濟而言，我們還沒有看到任何重大進展。我知道我們都在繼續尋找。但我想說，無論是在車隊業務、企業支付、支出業務，甚至是巴西業務中，我們還沒有看到任何讓我們擔心客戶健康狀況的事情。

Thank you.

謝謝。

Thank you. We'll take our next question from Ramsey El-Assal with Barclays. Please go ahead.

謝謝。我們將回答巴克萊銀行的拉姆齊·埃爾阿薩勒 (Ramsey El-Assal) 提出的下一個問題。請繼續。

Hi, thank you for taking my question and welcome to you, Peter. I wanted to ask about retention. It was another nice result in the quarter. And I'm not implying that necessarily this was the driver of that result. But given the structurally higher retention rates and corporate payments versus some of your other historical businesses, should we expect retention -- overall company retention rates to climb up over time just given the mix shift to corporate payments?

你好，謝謝你回答我的問題，歡迎你，彼得。我想問一下關於保留的問題。這是本季的另一個不錯的成績。我並不是說這一定是導致這結果的原因。但是，考慮到與您歷史上的其他一些業務相比，結構上更高的留存率和公司支付，我們是否應該預期留存率——只要轉向公司支付，整體公司留存率就會隨著時間的推移而上升？

And then I guess the next logical step is, will that have an impact on driving some revenue acceleration as you don't have to turn -- replace so many clients that sort of churn through sort of longer-term philosophical questions, but just curious your perspective.

然後我想下一個合乎邏輯的步驟是，這是否會對推動一些收入加速產生影響，因為你不必轉身——更換那麼多客戶，這種客戶會透過某種長期的哲學問題流失，但我只是好奇你的觀點。

Yes, Ramsey, it's Ron. That's quite observed by you. So the best retention in a while is really two things. The first thing that you called out, which is corporate payments mix being higher, and it's got kind of best-in-class retention rate.

是的，拉姆齊，我是羅恩。你觀察得很透徹。因此，一段時間內最好的保留實際上有兩件事。您提到的第一件事是，企業支付組合更高，並且擁有一流的保留率。

But the second one is the vehicle. Like I'm looking at that better and particularly the U.S. vehicle. And I think old song now, but it's super related to that pivot a couple of years ago of larger clients. And so life is about really the mix of small, medium to large clients in every business. The retention rates are dramatically higher with larger enterprise accounts than in smaller micro. So those are two mix things that are happening.

但第二個是車輛。就像我正在更好地觀察它，特別是美國車輛。我現在認為這已經是老生常談了，但它與幾年前大客戶的轉變息息相關。因此，生活實際上就是每個企業中小型、中型和大型客戶的混合。大型企業帳戶的保留率明顯高於小型微型企業帳戶。所以這是正在發生的兩件混合的事情。

The answer on your second question of structurally, given those two things, if the vehicle business keeps acquiring a higher mix of bigger clients and corporate payments keeps growing, should have go up, yes. But I'd moderate you, I would say, that's not the magic. Let's use 7%, not to hurt our head. Hey, you think about the mix over the next year, could you maybe get a point, could you get seven to go to six. Remember, half the losses are us cutting clients off, right?

關於你的第二個問題，從結構上講，考慮到這兩點，如果汽車業務繼續獲得更多的大客戶，並且企業支付持續成長，那麼答案是應該上升的。但我會緩和你，我想說，那不是魔法。讓我們使用 7% 吧，以免傷到我們的頭。嘿，你想想明年的組合情況，你能得到一分嗎，你能得到七分到六分嗎。請記住，一半的損失都是因為我們失去了客戶，對嗎？

People who don't pay credit issues, mergers, bank stuff going on that really -- they're not going somewhere else equating us. So the number is really small. And although I constantly meet our guys out, hey, get me half of -- want to give me a point of attention. If I'm trying to get 10% or 12% growth rate, the game in sales. I just don't want you guys to miss that. Obviously, we have to hold this and try to improve it. But the key to this company's long-term growth is really at the top of the funnel more than inch in this thing up a point.

那些不支付信用問題、合併、銀行事務的人實際上——他們不會去其他地方與我們相提並論。所以這個數字確實很小。儘管我經常在外面遇見我們的人，嘿，給我一半——想引起我的注意。如果我想要獲得 10% 或 12% 的成長率，那麼遊戲的銷售就會很好。我只是不想讓你們錯過這一點。顯然，我們必須堅持這一點並努力改進。但這家公司長期成長的關鍵實際上在於漏斗頂部，而不是向上移動一英寸。

Got it. Got it, thank you. A quick follow-up on gift. I know it's noncore, but Q3, I know there's this reissuance in terms of tamper-proof packaging. And I'm just curious in terms of your visibility to what arrived in Q2 versus what may come in Q3? Are we anything are we in there? Should we expect kind of a days to come? Or are you already sort of past the halfway point with that whole cycle?

知道了。明白了，謝謝。為禮物快速跟進。我知道這不是核心，但第三季度，我知道有防篡改包裝方面的重新發行。我只是好奇，您對第二季發生的事情以及第三季可能發生的事情有何看法？我們在那裡嗎？我們應該期待未來的日子嗎？還是您已經過了整個週期的中點？

Yes. Although the thing is bumpy because literally, they ship big sporting goods or Macy's or somebody want cards and they got some big campaign or something (inaudible) or whatever. So despite the thing being bumpy, it's proposing quite well.

是的。儘管事情很坎坷，因為實際上，他們運送大型體育用品或梅西百貨，或者有人想要卡片，他們有一些大型活動或某樣東西（聽不清楚）或其他什麼。因此，儘管路途崎嶇，但前景還是相當不錯的。

And our forecast for the full year is the thing to be probably somewhere in like the mid-teens in terms of growth over the prior year. And it's not only this card improved kind of card tamperproof packaging thing, it's freaking new sales. They're on a tear of signing a bunch and implementing a bunch of kind of new gift card clients and stuff. So it's pretty fundamental.

我們對全年的預測是，與前一年相比，成長率可能達到十五六個百分點。這不僅是改進了卡片防篡改包裝，還帶來了驚人的新銷售。他們正在緊鑼密鼓地簽署並實施一系列新的禮品卡客戶等。所以這是非常基礎的。

So I'm going to go out on a limb here, Ramsey, and say it's probably like the best period of gift performance since I bothering, whatever it is, like eight or nine years ago. So it is this tamper-proof packaging. But the core underlying part of the business is just way healthier than it was before. And yes, we expect the second half growth over the prior year in that segment to be quite good.

所以，拉姆齊，我要冒險一試，說這可能是自八九年前我開始關注禮物以來禮物表現最好的時期，不管它是什麼。所以這就是防篡改包裝。但業務的核心基礎部分比以前健康得多。是的，我們預計該領域下半年的成長將比去年同期相當好。

Got it. And by the way, I think you bought the business 11 years ago. So time flies, Ron. Thanks a lot.

知道了。順便說一句，我認為您 11 年前就收購了這家公司。時間過得真快，羅恩。多謝。

We'll take our next question from John Davis with Raymond James. Please go ahead.

我們將回答雷蒙德詹姆斯的約翰戴維斯的下一個問題。請繼續。

Hey, good afternoon, guys. Ron, I just want to circle back to lodging. You're not known for owning businesses that don't really grow. So as we think about that segment, the flattish plus or minus growth -- how much of that is macro? Like what do you think you can do to reaccelerate growth? And if you can't get it back to something that's more reasonable from a growth perspective, if it does it make sense to own it? And would you potentially offload to deploy capital to corporate payments or a faster-growing segment of the business?

嘿，大家下午好。羅恩，我只是想回到住宿的問題。你不會因為擁有無法真正成長的企業而出名。因此，當我們考慮這個部分時，平穩的正成長或負成長——其中有多少是宏觀的？您認為可以做些什麼來重新加速成長？如果從成長角度來看，你無法將其恢復到更合理的水平，那麼擁有它是否有意義？您是否有可能將資本轉移到企業支付或成長更快的業務領域？

Yes, John. I think the answer is the answer to your question. The band-aid in our company is to be a growth company and kind of the non-negotiable part of that is 10%. I've said that for years here is the floor 10, 13, 19, I got a 10% organic, the little operating leverage and then use cash or buying earnings to get the yield. And so it has to perform.

是的，約翰。我認為答案就是你問題的答案。我們公司的創可貼是成為一家成長型公司，其中不可協商的部分是 10%。多年來我一直說，這裡是底線 10、13、19，我獲得了 10% 的有機收益，即很少的經營槓桿，然後使用現金或購買收益來獲得收益。所以它必鬚髮揮作用。

And again, this is not a business that's always been crummy. Like if you looked over the longer history since we've been in that going back even two, three, four years ago, the thing was growing 15%, 20% year after year. So we have the position and the market in the vehicle business. We did some bundling. We took a huge divot that we're taking out so what you said is right, it either gets fixed and it gets grower goes.

再說一遍，這並不是一個一直很糟糕的生意。如果你回顧我們從那時起的較長歷史，追溯到兩、三、四年前，你會發現這個數字每年都在以 15% 到 20% 的速度成長。因此，我們在汽車業務中擁有地位和市場。我們做了一些捆綁。我們挖出了一塊巨大的草皮，並將其取出，所以你說的是對的，它要么被修復，要么被種植者利用。

And so the question is just how long and it is disappointing that kind of half of this miss this year is kind of this emergency, weather macro stuff, which obviously we're running it and we have no control over. But it's not an excuse. We have to do better in that thing. I think we will. But if we don't, we will not be in a long term.

所以問題是這種情況會持續多久，令人失望的是，今年一半的失利都是由於緊急情況、宏觀天氣因素造成的，顯然我們正在運行這些因素，但我們無法控制。但這不是藉口。我們必須在那件事上做得更好。我想我們會的。但如果我們不這樣做，我們就不會長久。

Okay. Great. And then just switching to the balance sheet here. So Ron, you laid out kind of a mid- to high 2s pro forma kind of leverage at year-end closing alpha with some of the divestitures. Given kind of the integration of GPS and Alpha, should we expect more buybacks given kind of -- you do have some balance sheet flexibility, but you are also integrating a couple of acquisitions at the same time?

好的。偉大的。然後就切換到這裡的資產負債表。所以羅恩，你透過一些資產剝離，在年底的收盤阿爾法值中設定了 2% 到 2% 的預測槓桿率。考慮到 GPS 和 Alpha 的整合，我們是否應該期待更多的回購——你們確實有一些資產負債表彈性，但同時你們也在整合一些收購？

Just curious what kind of the appetite for M&A from here, call it, over the next 12 months versus buybacks and how we should think about it?

我只是好奇，未來 12 個月對併購的興趣與回購相比是什麼樣的，我們該如何看待它？

That's a super good follow. So the kind of the BAU model for us is kind of getting into the low twos. I think we printed 2.5 here coming out of Q2, call it, 22, 2122 -- exiting the year on a BAU basis. which gives us, to your point, a lot of our revolver. I think the size now $[1.7] billion and change, that will only be completely undrawn.

這是一個非常好的跟進。因此，對於我們來說，BAU 模型已經進入了 2 歲以下的水平。我認為我們在第二季度印刷了 2.5，稱之為 22、2122 - 以 BAU 為基礎結束這一年。正如您所說，這給了我們很多循環信貸。我認為現在的規模是[17億美元]並且會發生變化，這只會完全取消。

So it's really a function of how -- what you said these different deals, right, come together, like, Hey, when does Alpha close? When does the Mastercard then close one? Does Avaclose? We do have a pipeline. We've done a lot of deals, but once kind of prices reset, we've been back at it. So the answer is our first priority is always to buy attractive growing businesses that strengthen our scale our business if we can make good returns on it.

所以這實際上取決於——你所說的這些不同的交易是如何結合在一起的，例如，嘿，Alpha 什麼時候結束？那麼萬事達卡什麼時候關閉呢？Avaclose 會關閉嗎？我們確實有管道。我們已經做了很多交易，但一旦價格重置，我們就會重新開始。因此，答案是我們的首要任務始終是購買有吸引力的成長型企業，如果我們能夠從中獲得良好的回報，這些企業可以增強我們的業務規模。

So that's always the first call on capital. But at the stock price and I'm looking at, we're obviously buyers of our stock. And so if our stock were to stay around this level and we've got liquidity we'll be buying stock back to. So I think if you look over the last four or five years, we could see the chart, it's been a pretty balanced set of spending between buying businesses and buying earnings, if you will, and buying the stock back. And we've had a rotation back to M&A over the last, whatever, 12 to 18 months. So it's a function of liquidity, the pipeline of attractive stuff versus the stock price. And so we're always trying to manage between those sets of factors.

因此這始終是資本的首要需求。但從股價來看，我們顯然是股票的買家。因此，如果我們的股票保持在這個水平附近，並且我們有流動性，我們就會回購股票。因此，我認為，如果你回顧過去四到五年，我們可以看到圖表，在購買企業和購買收益（如果你願意的話）以及回購股票之間，支出一直相當平衡。在過去的 12 到 18 個月裡，我們又回到了併購領域。因此，它是流動性的函數，是有吸引力的商品的通路與股票價格的關係。因此，我們總是試圖在這些因素之間進行管理。

Thanks guys.

謝謝大家。

We'll take our next question from Mihir Bhatia with Bank of America. Please go ahead.

我們將回答美國銀行的 Mihir Bhatia 提出的下一個問題。請繼續。

Hi, good afternoon. Thank you for taking my questions and welcome Steve. So I wanted to take a step back maybe and ask a question about stablecoins. Just from a big picture perspective, lots of announcements in recent weeks around stablecoins, including from you. And I was wondering if you could talk a little bit more about everything you're doing there. I'm particularly interested in the opportunities and risks you see to your existing business?

嗨，下午好。感謝您回答我的問題，歡迎史蒂夫。所以我想退一步問一個關於穩定幣的問題。從整體來看，最近幾週有很多關於穩定幣的公告，包括你們的公告。我想知道您是否可以再多談談您在那裡所做的一切。我特別感興趣的是您認為現有業務面臨的機會和風險？

And also, if you -- like where are things -- what parts of stablecoins are exciting for you and what parts are way you're looking at it and say, hey, maybe we need to reach ego the business a little bit to accommodate stable points? Maybe even talk about the transaction economics with stablecoins versus without.

而且，如果您——例如事情在哪裡——穩定幣的哪些部分讓您感到興奮，哪些部分是您看待它的方式，然後說，嘿，也許我們需要稍微達到自我業務以適應穩定點？甚至可以討論有穩定幣和無穩定幣的交易經濟學。

Thank you.

謝謝。

That was a long but interesting question and I guess, is an important question. So -- the first thing I'd say is (inaudible) stablecoin. To me, it's just -- it's kind of a bit of a new payment ecosystem, whether it's crypto or stablecoins and blockchain and digital wallets. This is the different currency and pipe, right, to move money. And so I kind of think about the things related. You got (inaudible) currency going over Swift to a traditional bank account, you've got U.S. stablecoin going blockchain to a digital wallet.

這是一個很長但有趣的問題，我想也是一個重要的問題。所以——我想說的第一件事是（聽不清楚）穩定幣。對我來說，這只是一種新的支付生態系統，無論是加密貨幣、穩定幣、區塊鏈或數位錢包。這是不同的貨幣和管道，對的，用於轉移資金。所以我就思考一些相關的事情。你可以將（聽不清楚）貨幣透過 Swift 轉入傳統銀行帳戶，也可以將美國穩定幣透過區塊鏈轉入數位錢包。

And so the way we think about it is we are and will incorporate that incremental or new or modern rail and we will use and we are using it. And so there will be use cases with our clients. To me, the biggest one will be outside of kind of banking hours. I think the biggest edge that the new -- the payment train has here is the 24/7. It could move money after the banks are closed every day.

因此，我們對此的看法是，我們正在並將繼續採用增量式或新型或現代化的鐵路，並且我們將使用它。因此，我們的客戶將會有用例。對我來說，最大的一個是在銀行營業時間之外。我認為新支付方式的最大優勢是全天候服務。它可以在每天銀行關門後轉移資金。

And then selectively, we'll probably use it in some geographies, some kind of sonic geography. So the first thing I'd say is we just view it as another tool, another way to move money for our clients at a certain application in certain situations, it's better than kind of the traditional rails.

然後，我們可能會選擇性地在某些地理區域、某種聲音地理區域使用它。因此，我想說的第一件事是，我們只是將其視為另一種工具，在特定情況下的特定應用中為客戶轉移資金的另一種方式，它比傳統的軌道更好。

But the second one is the opportunity side is it's creating a new set of players, right, that meant the stablecoins and a variety of different blockchain providers and stuff and so they need help getting their new kind of ecosystem to talk to the traditional one. And so given the fact that we have a big position in the traditional and where all the new ones, we can play a bit of a role of helping money move across between caravan A and B. So something that comes down in stablecoin needs to go over to feed or vice versa. So that's where we think this real upside is someone has to play that role.

但第二個是機會方面，它正在創造一批新的參與者，對吧，這意味著穩定幣和各種不同的區塊鏈提供者等等，所以他們需要幫助，讓他們的新生態系統與傳統生態系統對話。因此，鑑於我們在傳統領域和所有新興領域都佔有重要地位，我們可以發揮一定作用，幫助資金在大篷車 A 和 B 之間流動。因此，穩定幣中的東西需要轉移到飼料上，反之亦然。所以我們認為真正的好處是必須有人扮演這個角色。

We have the compliance to be able to do a lot of banks are uncomfortable with a stablecoin bridge across given who's in it. And so that's our view that this thing is something we're going to use, we'll figure out what the best use cases are. There's an upside for this new set of digital asset providers. And so we're generally pretty excited about it because we think ultimately, it will be better for clients.

我們有合規性，能夠做到很多，但考慮到參與其中的銀行，許多銀行對穩定幣橋樑感到不舒服。所以我們認為這個東西是我們要使用的東西，我們會找出最佳的用例。這批新的數位資產提供者俱有優勢。因此，我們對此感到非常興奮，因為我們認為最終這對客戶來說會更好。

Ron, if you just touch on transaction economics?

羅恩，您能談談交易經濟學嗎？

Yes. The economics, I think people don't get it super good. So if you're in B2B cross-border, which we're in 90% plus of the value creation and our revenue comes from the actual conversion of the currency buying and selling in dollars into sterling. It's the actual liquidity, it's the exchange, the conversion, a handful, call it, 3% to 5% is in the moving is in the rails and stuff. And so whether you use Swift, which is the most expensive way to move global funds or use the proprietary network we have, which is a quarter of the cost we use blockchain, which is free.

是的。我認為人們對經濟學的理解還不夠深入。因此，如果您從事 B2B 跨國業務，我們創造的價值佔比超過 90%，而我們的收入則來自於美元與英鎊的實際貨幣買賣轉換。這是實際的流動性，是交換，是轉換，一小部分，稱之為 3% 到 5% 是在移動，是在軌道上等等。因此，無論您使用 Swift（這是轉移全球資金最昂貴的方式）還是使用我們擁有的專有網路（其成本僅為我們使用區塊鏈的四分之一，它是免費的）。

It has a de minimis impact really on the overall kind of revenue equation for us. So -- but we don't see the impact being economic here. We see it being speed. We see it being 24/7. We see the programmability part of it. There are other aspects of this that we think are more interesting than a few cents cheaper to actually run the rail.

它對我們的整體收入方程式的影響實際上微乎其微。所以——但我們沒有看到其對經濟產生影響。我們認為這就是速度。我們看到它是全天候的。我們看到了它的可編程性部分。我們認為，這件事的其他方面比實際運行鐵路便宜幾美分更有趣。

Got it. Thank you so much.

知道了。太感謝了。

You're welcome.

不客氣。

We will take our next question from Trevor Williams with Jefferies. Please go ahead.

我們將回答 Jefferies 的 Trevor Williams 提出的下一個問題。請繼續。

Hey guys, thanks for taking the question. I want to go back to corporate payments and the 18% growth. On the Q1 call it, it sounded like April had been a very strong month. So if you could just talk us through what the sequencing and puts and takes look like from there in May and June. I think Peter, you called out some softness in North America, but any more detail there would be helpful? Thanks.

嘿夥計們，謝謝你們回答這個問題。我想回到企業支付和 18% 的成長。從第一季的電話會議來看，四月似乎是一個非常強勁的月份。因此，您能否向我們介紹 5 月和 6 月的排序和投入情況？我認為彼得，你提到了北美的一些疲軟現象，但更詳細的資訊會有幫助嗎？謝謝。

Yes. So the -- when we think about the 18% organic revenue growth in corporate payments, I'd say, it was really the same when we look at the payables business and the cross-border business. In the cross-border business, what I've shared is we've seen some weakness in North America, but that has been more than offset outside of North America. So overall, we were really pleased with the results for the quarter.

是的。因此，當我們考慮企業支付 18% 的有機收入成長時，我想說，當我們考慮應付款業務和跨境業務時，情況實際上是相同的。在跨國業務方面，我所分享的是，我們看到北美存在一些疲軟跡象，但北美以外的地區已經抵消了這一趨勢。整體而言，我們對本季的業績非常滿意。

Trevor, it's Ron. Not a lot a little better, I think, in April, cross-port I think the payables to Peter's point, was steady she goes every month. I can't remember that it was May or June with the (inaudible) cross-border better plant by bit. So they had a better April, I think it was a bit softer June and the other one was steady as she goes. I've seen July and we're kind of tracking.

特雷弗，我是羅恩。我認為，四月的情況並沒有好多少，我認為跨港應付給彼得的款項每個月都很穩定。我不記得那是五月還是六月，（聽不清楚）跨境更好的植物一點一點地生長。所以他們四月的業績比較好，我認為六月的業績會稍微疲軟一些，而另一個月份的業績則比較穩定。我已經看到了七月，我們正在追蹤。

We try to obviously, given the call story, whatever it's August 6, we guided to Q3, so we've got July and the tank. And so we're tracking good here one month for two.

顯然，我們會嘗試，根據通話故事，無論是 8 月 6 日，我們都會指導第三季度，所以我們有 7 月和坦克。因此，我們在這裡追蹤了兩個月的良好情況。

Okay. Got it. And then just going back to the full year revenue guide, if you could put a finer point on the moving pieces, just within the organic guide, it sounds like it's mostly lodging. That's a part of the one point cut, but the relative sizing of that against the better FX, just how we net to the $25 million full year race?

好的。知道了。然後回到全年收入指南，如果您可以更詳細地說明有機指南中的移動部分，聽起來它主要是住宿。這是單點削減的一部分，但與更好的 FX 相比，我們如何達到全年 2500 萬美元的淨利潤？

Yes. I think we use 1% Trevor simplistically you said, Hey, the revenue is ballpark $2 billion, $2 billion and change in the second half, pay percent happy macro sad in lodging. And then remember, if you get two points of revenue from macro, which is the print you lose half of it back on the cost side, which is why you get no real earnings improvement.

是的。我認為我們簡單地使用 1% 特雷弗，你說，嘿，收入大約是 20 億美元，20 億美元，下半年會發生變化，支付百分比快樂宏觀悲傷在住宿方面。然後請記住，如果您從宏觀上獲得兩點收入，即印刷收入，那麼您在成本方面就會損失一半，這就是為什麼您沒有獲得真正的收益改善。

So to your point, really the only change from 90 days ago in the second half is macro up, lodging down a point which takes the organic, call it, again, $20 billion on, $2 billion a point. Everything else kind of tracking. And I mostly don't like to miss that tracking of what we said is, right? So vehicle getting from whatever it was to then a 9% and then getting to 10 and then particularly the U.S. getting to five.

所以，正如你所說，下半年與 90 天前相比唯一的變化是宏觀經濟上漲，下降了一個點，這需要有機增長，再說一遍，200 億美元，每個點 20 億美元。其他一切都是跟踪。而且我最不想錯過的是我們所說的內容的追踪，對吧？因此，車輛的比例從原來的 9% 上升到 10%，特別是美國，上升到 5%。

I don't want people to miss it like that is super important to this company for us to sit here today and say, Hey, we're headed to get that number and keep corporate payments rocking that getting the 85% of the company in a good spot and following orders, I want to make sure everyone's going to some more and more to me. I wish the lodging was doing what I was supposed to. But the other two things are, and that's super important to us.

我不想讓人們錯過這一點，這對公司來說非常重要，我們今天坐在這裡說，嘿，我們要達到這個數字，保持公司支付的穩定，讓公司 85% 的人處於良好的狀態，並遵守命令，我想確保每個人都對我越來越好。我希望住宿能夠滿足我的要求。但另外兩件事對我們來說非常重要。

Yeah, okay. I appreciate all that. Thanks, Ron.

嗯，好的。我對此表示感謝。謝謝，羅恩。

We'll take our next question from Ken Suchoski with Autonomous Research. Please go ahead.

我們將回答 Autonomous Research 的 Ken Suchoski 提出的下一個問題。請繼續。

Ron and Peter, thanks on taking the questions, maybe I'll ask on U.S. vehicle. I mean, it's nice to see the momentum and moving in the right direction and getting to mid-single digits in the back half. I guess I'm curious to get your view on whether U.S. vehicle can be a sustainable sort of mid-single-digit grower.

羅恩和彼得，感謝你們回答問題，也許我會問有關美國車輛的問題。我的意思是，很高興看到這種勢頭，朝著正確的方向發展，並在後半段達到中等個位數。我很好奇，想知道您對美國汽車是否能夠實現可持續的中等個位數成長的看法。

And then I guess when you think about the drivers behind that mid-single-digit growth, like how do you think about the building blocks, whether new customer growth, same-store sales volume growth or pricing?

然後我想，當您考慮中等個位數成長背後的驅動因素時，您如何看待其基本要素，無論是新客戶成長、同店銷售量成長還是定價？

Ken, it's Ron. So yes, we're pleased to and yes, it has been a long journey. So the hope in that business would be kind of somewhere where it is mid-single to maybe a smidge better, assuming we get there, that's what we're saying we're going to do. So run at that thing would be good.

肯，我是羅恩。是的，我們很高興，是的，這是一段漫長的旅程。因此，我們對該業務的希望是，它處於中等水平，甚至可能更好一些，假設我們能夠實現這一目標，那麼這就是我們要做的。所以跑去那東西會很好。

So the main thing is we've got the retention at a better place, and part of that is the mix. So continuing to acquire less micro clients and more kind of small and midsize is the key. I did mention we had a couple of elephants that came in.

因此，最重要的是我們在更好的地方保留客戶，其中一部分就是混合。因此，繼續減少微型客戶，增加中小型客戶是關鍵。我確實提到我們有幾頭大象進來。

And then second, we're still at with some of our new products, trying to wrap some corporate payments use around this huge base. The company started in this U.S. fleet space. We still have a giant client count and a lot of super high quality, midsized accounts there.

其次，我們仍在推出一些新產品，試圖在這個龐大的群體中推廣一些企業支付用途。該公司起步於美國船隊領域。我們在那裡仍然擁有大量的客戶和大量超高品質的中型帳戶。

So that's the second piece of the idea is get revenue from that. Take some of these products that are kind of all in one that have the fleet specificity in them but basically give the client the ability to buy other things in the control way and pay for other things in a controlled way. And so keep selling the stuff to sell bigger accounts, keep the retention high and then wrap and love this thing that it was in corporate payments would be the ingredients.

所以這個想法的第二個部分就是從中獲取收入。以這些一體化產品為例，它們具有車隊特異性，但基本上讓客戶能夠以可控的方式購買其他東西，並以可控的方式支付其他費用。因此，繼續銷售產品以銷售更大的帳戶，保持較高的保留率，然後包裝並喜歡企業支付中的這個東西，這就是要素。

Yes. No, that makes sense, Ron. And maybe just as my follow-up, I think Sanjay maybe asked about it, but just revisiting that 3Q versus 4Q growth rate, I mean when we look at pretty much every segment has a harder comp on the year-over-year growth rate in 4Q, even total company, I think, is like six points harder. So why doesn't that impact the year-over-year growth in 4Q? Ron, I know you look at the business sort of quarter-over-quarter, but just optically year-over-year, it looks like it's harder.

是的。不，這很有道理，榮恩。也許就像我的後續問題一樣，我認為桑傑可能會問到這個問題，但只是重新審視第三季度與第四季度的增長率，我的意思是，當我們看幾乎每個部門在第四季度的同比增長率上都有更難的比較時，甚至整個公司，我認為，要難 6 個百分點。那麼為什麼這不會影響第四季的年成長呢？羅恩，我知道你看的是季度與季度之間的業務情況，但從同比來看，情況似乎更加艱難。

And then, I guess, if you could just give us like what is the expectation for organic growth in 3Q versus 4Q, that would be helpful. Thank you.

然後，我想，如果您能告訴我們對第三季和第四季有機成長的預期，那將會很有幫助。謝謝。

Yes. So specifically, on the 4Q guide, right, I mean, it's ticking up 14% versus 13%. But last year, we did experience a higher 4Q than 3Q rate, it's kind of consistent on trends and dollar-over-dollar it's not a significant dollar amount on the print side.

是的。具體來說，在第四季度指南中，我的意思是，它上漲了 14%，而之前是 13%。但去年，我們確實經歷了第四季度高於第三季的利率，這在趨勢上是一致的，而且在印刷方面，美元對美元的金額並不大。

Yes. I'm not sure if -- one of the question right, you're saying, hey, how are we out looking at organic growth and the difference between Q3 and Q4?

是的。我不確定——其中一個問題是否正確，你是說，嘿，我們如何看待有機增長以及第三季度和第四季度之間的差異？

Yes. I think the organic growth in 3Q versus 4Q, Ron, but I think one question we're getting is just like the growth in 4Q 2024 was so much harder versus 3Q. So if you just look at that like run rate, it sort of implies some acceleration, I feel like, in the fourth quarter.

是的。羅恩，我認為第三季與第四季相比有有機成長，但我認為我們遇到的一個問題是，2024 年第四季的成長與第三季相比要困難得多。因此，如果你只看運行率，我覺得這在某種程度上意味著第四季度會出現一些加速。

Yes, I'd say it's probably actually the other way around, I'd say that the organic guide in the print guide that we're giving you kind of the 10%, right, in the second half and 10% for the full year. If anything, I'd say the organic growth rate in Q3 will be better.

是的，我想說實際上可能恰恰相反，我想說我們給你的印刷指南中的有機指南是下半年的 10%，全年的 10%。如果有的話，我認為第三季的有機成長率會更好。

So if you said, Hey, the second half is 10%. I think 10.5% to 11% versus 9.5% and 10%. And the main reason is we have some stuff. We had some onetime happy stuff in Q4 last year around the corporate payments business and the payables business related to a transaction. So I'd say it's nothing structurally per se, it's just the prior period. It's just to grow over.

所以如果你說，嘿，下半場是 10%。我認為是 10.5% 到 11%，而不是 9.5% 到 10%。主要原因是我們有一些東西。去年第四季度，我們在企業支付業務和與交易相關的應付業務方面取得了一些令人高興的成績。所以我想說，從結構上來說這沒什麼，這只是之前的時期。它只是在長大而已。

So I would have you guys think that it's kind of steady as she goes that the vehicle business is in that, call it, 10% range, and the other stuff is plus or minus 0.5 point between Q3 and Q4.

因此，我希望你們認為，正如她所說，汽車業務處於穩定的狀態，即 10% 的範圍內，而其他業務在第三季度和第四季度之間增加或減少 0.5 個百分點。

Okay. Great. Thank you, Ron.

好的。偉大的。謝謝你，羅恩。

We'll take our next question from Dave Koning with Baird. Please go ahead.

我們將回答來自 Baird 的 Dave Koning 的下一個問題。請繼續。

Yeah, hey guys, thank you. Just one question, free cash flow looked massive in Q2 look like your best cash flow ever. And just a question, I guess, a lot of companies actually guide to cash flow and a lot have less cash flow than earnings. In your case, you've had better cash flow than earnings -- maybe just philosophically, would you ever guide to that? And then maybe why is your cash flow so strong and is it sustainable?

是的，嘿夥計們，謝謝你們。只有一個問題，第二季的自由現金流看起來很龐大，看起來是您有史以來最好的現金流。我想問一下，很多公司其實都以現金流為導向，但很多公司的現金流卻低於收益。就您而言，您的現金流比收益更好——也許只是從哲學角度來看，您會引導這種情況嗎？那麼為什麼您的現金流如此強勁且可持續呢？

You take it what we.

你拿走我們的東西。

Dave, it's Ron. Let me try and I think Peter (inaudible) here. So there's two ways to look at cash flow is the accounting way, which maybe you're looking at that brings the balance sheet in, which is obviously a function of AR and AP. And the way I look at free cash flow, which is really kind of what I call cash income, which is really the operating cash. And so the full year, the way I look at it, we're trying to get to $1.5 billion for the full year, but what I call cash net income, what you're probably seeing in front of me the accounting one, Peter turning the pages, would be some change really in the working capital in the period that boosted us.

戴夫，我是羅恩。讓我試試，我認為彼得（聽不清楚）在這裡。因此，有兩種查看現金流的方式，一種是會計方式，也許您正在查看的是資產負債表，這顯然是 AR 和 AP 的功能。我看待自由現金流的方式，其實就是我所說的現金收入，也就是經營現金。因此，從我的角度來看，我們試圖將全年收入達到 15 億美元，但我所說的現金淨收入，也就是你們可能在我面前看到的會計收入，彼得翻開書頁，實際上是營運資本在這段時期發生了一些變化，這對我們起到了推動作用。

So I wouldn't get maybe you can get excited. I don't get super excited about that. I'm just trying to make sure that the real free cash flow generated by operations continues to run hot and close, which, again, that thing is planned to be up 10%, 12% again in '25, the way we look at it.

所以我不知道也許你會感到興奮。我對此並不太興奮。我只是想確保營運產生的實際自由現金流持續保持旺盛，按照我們的看法，這個數位計畫在 25 年再次成長 10% 到 12%。

Just confirming that the accounting methodology is presenting something favorable in a quarter that is accounting methodology driven and really the method that Ron points to is the correct one to measure us five, which is an 11% growth of cash EPS year-over-year.

只是確認會計方法在會計方法驅動的季度中呈現出一些有利的跡象，而羅恩指出的方法確實是衡量我們五年業績的正確方法，即現金每股收益同比增長 11%。

Yeah, that's great. Thank you.

是的，太棒了。謝謝。

Thank you. And at this time, I'd like to turn the call back over to our speakers for any final and closing remarks.

謝謝。現在，我想將電話轉回給我們的發言人，請他們發表最後的總結發言。

Thanks, Margo, and thanks, everybody, for sticking with us. That's it for us. Anything else, please let us know.

謝謝瑪戈，也謝謝大家的支持。對我們來說就是這樣。還有其他任何事情，請告訴我們。

Thanks guys, appreciate it.

謝謝大家，非常感謝。

Thank you thank you ladies and gentlemen. That does conclude today's conference. We appreciate your participation. Have a wonderful day.

謝謝各位女士們、先生們。今天的會議到此結束。感謝您的參與。祝您有美好的一天。