Corpay Inc (CPAY) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Corpay's third-quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加Corpay 2025年第三季財報電話會議。（操作說明）

It is now my pleasure to turn the conference over to Jim Eglseder, Investor Relations. Please go ahead.

現在我很高興將會議交給投資者關係部的吉姆·埃格爾塞德。請繼續。

Good afternoon, and thank you for joining us today for our earnings call to discuss third-quarter 2025 results.

下午好，感謝各位今天參加我們的財報電話會議，共同討論2025年第三季業績。

With me today are Ron Clarke, our Chairman and CEO; and Peter Walker, our CFO. Our earnings release and supplemental materials for the quarter are available on the Investor Relations section of corpay.com. Please refer to these materials for an explanation of the non-GAAP financial measures discussed on this call, along with a reconciliation of those measures to the nearest applicable GAAP measures.

今天陪我一起的還有我們的董事長兼執行長羅恩克拉克，以及我們的財務長彼得沃克。本季度收益報告及補充資料可在 corpay.com 網站的「投資者關係」欄位查閱。請參閱這些資料，以了解本次電話會議中討論的非公認會計準則（非GAAP）財務指標的解釋，以及這些指標與最接近的適用公認會計準則（GAAP）指標的調節表。

Our remarks today will include forward-looking statements about expected operating and financial results, strategic initiatives, acquisitions and synergies and potential divestitures, among other matters. Forward-looking statements may differ materially from actual results and are subject to a number of risks and uncertainties. Some of those risks are mentioned in today's press release on Form 8-K and can also be found in our annual report on Form 10-K. These documents are available on our website and at sec.gov.

我們今天的演講將包括有關預期經營和財務績效、策略舉措、收購和協同效應以及潛在資產剝離等方面的前瞻性陳述。前瞻性陳述可能與實際結果有重大差異，並受到許多風險和不確定因素的影響。其中一些風險在今天的 8-K 表格新聞稿中有所提及，也可以在我們的 10-K 表格年度報告中找到。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，我將把電話交給我們的董事長兼執行長羅恩克拉克。羅恩？

Okay, Jim, thanks. Good afternoon, everyone, and thanks for joining our Q3 2025 earnings call. Upfront here, I'll plan to cover three subjects. So first, provide my view on Q3 results, our Q4 outlook and an early 2026 preview. Second, I want to spotlight our Corporate Payments business and emphasize really the sheer size of that opportunity. And then lastly, I'll provide a progress report on our recent M&A and stablecoin activities.

好的，吉姆，謝謝。各位下午好，感謝各位參加我們2025年第三季財報電話會議。首先，我計劃介紹三個主題。首先，請談談我對第三季業績的看法、第四季展望以及2026年初的展望。其次，我想重點介紹我們的企業支付業務，並強調這項機會的巨大規模。最後，我將報告我們近期在併購和穩定幣方面的進展。

Okay. Let me begin with our Q3 results, which were really quite good across the board. We reported both revenue and cash EPS growth of 14% in the quarter. Our overall organic revenue growth finished up 11%.

好的。首先讓我談談我們第三季的業績，各方面表現都相當不錯。本季營收和現金每股收益均成長了 14%。我們的整體有機收入成長率最終達到了11%。

Particularly pleased there that higher volume and higher spend is driving the organic growth, so durable. Inside of the overall organic revenue growth, our Vehicle Payments segment grew 10%. And inside of that, our US Vehicle Payment segment accelerated to 5%. So delighted, obviously, to see our Vehicle segment back to 10% organic growth. Our Corporate Payments segment grew 17% in the quarter, and that's inclusive of a point of flow compression.

尤其令人欣慰的是，更高的銷售量和更高的消費額推動了有機成長，而且這種成長是持久的。在整體有機收入成長中，我們的車輛支付業務成長了 10%。其中，我們的美國車輛支付業務成長了 5%。當然，看到我們的汽車業務板塊恢復到 10% 的有機成長，我們感到非常高興。本季我們的企業支付業務成長了 17%，這已經包含了資金流動壓縮的影響。

Q3 trends continuing quite strong. Retention improved slightly to 92.4%. Our sales or new bookings grew 24% in the quarter, happy with that. And our same-store sales remained essentially flat. Our lodging business remained weak in Q3. It was mostly impacted by lower emergency or onetime revenues. Fortunately, the attrition in the business improved, so from minus 8% last year to minus 5% this quarter, and the client base softness improved from minus 2% to plus 2% this quarter.

第三季趨勢依然強勁。留存率略微提高至 92.4%。本季我們的銷售額或新訂單成長了 24%，對此我們很滿意。我們的同店銷售額基本上維持不變。第三季度，我們的住宿業務依然疲軟。主要受到緊急或一次性收入減少的影響。幸運的是，業務流失率有所改善，從去年的 -8% 降至本季的 -5%，客戶基礎疲軟程度也從 -2% 改善至本季的 +2%。

So for sure, the business is stabilizing. Now we just need to sell more. So look, in summary, very pleased with the quarter. It's clean. All of the businesses finished in line or better than our expectation. And our two biggest businesses, Vehicle and Corporate Payments, representing 80% of the company, both growing double digits organically.

所以可以肯定的是，業務正在趨於穩定。現在我們只需要賣出更多產品。總而言之，我對本季非常滿意。它很乾淨。所有企業的業績都達到或超越了我們的預期。我們最大的兩個業務部門——車輛業務和企業支付業務，占公司總業務的 80%，這兩個部門都實現了兩位數的有機成長。

Okay. Let me make the turn to our Q4 outlook, which we're revising up with today's Q4 guidance. So we're now outlooking Q4 revenue of $1.235 billion and cash EPS of $5.90 at the midpoint. Both of those numbers helped by the Alpha acquisition that closed October 31, along with our strong Q3. We are expecting Q4 organic revenue growth of approximately 10%. We are maintaining our Vehicle segment organic growth at 10% in Q4 and expecting our Corporate Payments segment to finish approximately mid-teens. That's inclusive of a 3% float revenue headwind.

好的。接下來我想談談我們對第四季的展望，我們今天發布了第四季度業績指引，並上調了預期。因此，我們現在預計第四季度營收為 12.35 億美元，現金每股收益為 5.90 美元（取中間值）。這兩個數字都得益於 10 月 31 日完成的 Alpha 收購，以及我們強勁的第三季業績。我們預計第四季有機收入成長約為10%。我們預計第四季度汽車業務板塊的有機成長率將維持在 10%，企業支付業務部門的有機成長率預計將達到 15% 左右。這其中包含了3%的浮動收入不利因素。

We have had an early peak at October's revenue, and that's incorporated here in our Q4 guide. So assuming we achieve this Q4 outlook, our full year 2025 will finish above $4.5 billion in revenue. That will be up 14% and above $21 in cash EPS, which is higher than our initial profit guide back in February. It will also mean that four of the last five years, our organic revenue growth will be 10% or higher, so pretty durable.

10 月份的收入已經提前達到峰值，這一點已納入我們的第四季度業績指引中。因此，假設我們能夠實現第四季的預期目標，那麼我們 2025 年全年的營收將超過 45 億美元。這將使現金每股收益成長 14%，超過 21 美元，高於我們 2 月的初步獲利預期。這也意味著，在過去五年中，有四年我們的有機收入成長率將達到 10% 或更高，因此相當穩定。

Okay. Now on to our 2026 fiscal year setup. Headline here is we really like what we see. Macro -- the current macro setting up quite favorably for next year, better FX rates and lower interest rates, still outlooking organic revenue growth in the 9% to 11% range expecting incremental accretion of at least $0.75 from the combined Alpha and Avid deals. We're also expecting incremental margin expansion as a result of some AI productivity and vendor rationalization initiatives. So look, all of this is to say that we're expecting strong earnings growth next year.

好的。接下來我們來看看2026財年的安排。重點是：我們非常喜歡我們所看到的。宏觀經濟方面－目前的宏觀經濟情勢對明年相當有利，匯率走強，利率走低，有機收入成長預計將達到 9% 至 11%，同時預期 Alpha 和 Avid 兩筆交易將帶來至少 0.75 美元的增量成長。我們也預計，隨著人工智慧生產力提升和供應商合理化措施的實施，利潤率將逐步提高。所以，總而言之，我們預計明年獲利將實現強勁成長。

All right. Let me make the turn to our Corporate Payments business and speak to why we're so excited about the future. So we do have four solutions that make up our Corporate Payments segment. We're out looking over $2 billion in revenue next year, and that representing about 40% of the company. What we're hoping to do here is just reinforce really the sheer size of this corporate payments opportunity, along with the advantaged positions that we bring to the space.

好的。接下來，我想談談我們的企業支付業務，並談談我們為什麼對未來如此充滿信心。因此，我們的企業支付業務部門共有四個解決方案。我們預計明年營收將超過 20 億美元，約占公司總營收的 40%。我們希望藉此機會進一步凸顯企業支付領域的巨大潛力，以及我們在這個領域所擁有的優勢地位。

So our first solution is called Corpay One Spend Management, about a $250 million business where we provide kind of modern-day commercial cards that compete with the likes of Amex, Ramp, Brex, Divvy, et cetera. So our advantage here lies in the ability to monetize or digitize more client spend than others, really related to the pretty developed B2B virtual card and fuel networks that we attach to the offering.

因此，我們的第一個解決方案叫做Corpay One Spend Management，這是一個價值約2.5億美元的業務，我們提供與Amex、Ramp、Brex、Divvy等公司競爭的現代化商業卡。因此，我們的優勢在於能夠比其他公司將更多的客戶支出貨幣化或數位化，這實際上與我們產品所附帶的相當成熟的 B2B 虛擬卡和加油網絡有關。

Second, we've got about a $400 million mid-market AP automation and payment business, where we help clients pay some or all of their invoices. We're a leader in this middle market space, have a number of exclusive ERP relationships, along with the option to acquire Avid, another $500 million mid-market business over the coming years.

其次，我們擁有價值約 4 億美元的中端市場應付帳款自動化和支付業務，我們幫助客戶支付部分或全部發票。我們在中端市場領域處於領先地位，擁有許多獨家 ERP 合作關係，並且在未來幾年內可以選擇收購 Avid，Avid 是另一家價值 5 億美元的中階市場企業。

Third solution is our cross-border business that provides risk management and mass payment solutions. We originate clients there here in the US, UK, Continental Europe, and even Asia, out looking about $1.2 billion in revenue next year, largest non-bank in the world in this cross-border space, and we do boast the most experienced set of sales and service specialists.

第三種解決方案是我們的跨境業務，提供風險管理和大量支付解決方案。我們的客戶來自美國、英國、歐洲大陸，甚至亞洲，預計明年收入將達到約 12 億美元，是全球跨境領域最大的非銀行機構，並且我們擁有經驗最豐富的銷售和服務專家團隊。

Last up, our newest solution in Corporate Payments is our global bank account solution and our multicurrency account solution out looking about a $200 million business next year, where these global bank accounts help institutional asset managers, think PE firms and corporates set up new foreign bank accounts in record time, currently holding about $3 billion in deposits there.

最後，我們最新的企業支付解決方案是全球銀行帳戶解決方案和多幣種帳戶解決方案，預計明年業務規模將達到 2 億美元。這些全球銀行帳戶可以幫助機構資產管理公司、私募股權公司和企業在創紀錄的時間內開設新的外國銀行帳戶，目前這些帳戶的存款總額約為 30 億美元。

So look, the point here is that we've got pretty strong positions in each of these four corporate payment solutions areas, spend management, AP automation, cross-border risk management and global bank accounts. Each of which have just an incredible global opportunity and upside. So we've set our sights on making this a really big business, think $10 billion, think 5x from where we are. So quite excited about it.

所以，關鍵在於，我們在企業支付解決方案的這四個領域——支出管理、應付帳款自動化、跨境風險管理和全球銀行帳戶——都擁有相當強大的地位。它們每一個都蘊藏著巨大的全球機會和發展潛力。所以我們的目標是把這項業務發展成一個真正的大企業，規模達到 100 億美元，是我們現在的 5 倍。對此我感到非常興奮。

Okay. Let me make the transition to progress on the M&A front. We have closed the Avid mid-market AP automation investment. We did that on October 15. We're busy working with TPG and Avid management to craft a more profitable plan. We've laid out a series of actions, we think, to materially improve Avid's profitability and their sales productivity. We have closed Alpha, which is the European cross-border business. on October 31. Super excited about this transaction.

好的。接下來，我想談談併購的進展。我們已經完成了對 Avid 中階市場 AP 自動化投資。我們在10月15日完成了這件事。我們正忙於與 TPG 和 Avid 的管理層合作，制定一個更有利可圖的計劃。我們認為，我們已經制定了一系列措施，可以實際提高 Avid 的獲利能力和銷售效率。我們已於10月31日關閉了Alpha業務，該業務是歐洲跨境業務。我對這筆交易感到非常興奮。

And as I mentioned, the global bank account product, fast growing, really a new opportunity for us. So we are in the final stages of developing the '26 plan, the synergies, but fully expect that business to be quite accretive to us in 2026.

正如我之前提到的，全球銀行帳戶產品發展迅速，這對我們來說確實是一個全新的機會。因此，我們正處於製定「2026 年計畫」和協同效應的最後階段，但我們完全預期這項業務將在 2026 年為我們帶來相當大的收益。

We expect to close the Mastercard investment into our cross-border business on or around December 1. The reminder there is that we would bring our cross-border solutions to Mastercard's bank clients or FI clients. We do have a pipeline building and we hope to convert some new accounts there in Q1.

我們預計將於 12 月 1 日左右完成萬事達卡對我們跨國業務的投資。這裡要提醒的是，我們將把我們的跨國解決方案帶給萬事達卡的銀行客戶或金融機構客戶。我們正在建立客戶管道，並希望在第一季轉換一些新客戶。

We are in the market with two divestitures, hoping to fetch up to $1.5 billion. We expect to have a pretty good idea if these divestitures will transact when we speak again in 90 days. And not surprisingly, we are continuing to look at some additional, some new corporate payment acquisitions that we're engaged with. So lots going on, on the M&A front.

我們正在進行兩項資產剝離，希望能夠獲得高達 15 億美元的收益。我們預計在 90 天後再次會面時，就能比較清楚地了解這些資產剝離交易能否完成。不出所料，我們正在繼續關註一些新的企業支付收購案。併購方面有很多事情發生。

Okay. Lastly, my last subject, stablecoins and our progress there since last time. So we have contracted with some partners, including Circle to provision the coin, the rails, and the digital wallet, to enable us basically to add this new stablecoin peer-to-peer payment system to our business.

好的。最後，我的最後一個主題是穩定幣以及我們自上次以來在該領域取得的進展。因此，我們與包括 Circle 在內的一些合作夥伴簽訂了合同，由他們提供代幣、支付軌道和數位錢包，以便我們能夠將這種新的穩定幣點對點支付系統添加到我們的業務中。

So we're really chasing the stablecoin opportunity on three fronts. So first is to enable our largest domestic and cross-border merchants or beneficiaries to receive payouts in their stablecoin wallets, so that they can receive a payment 24/7. We've got a super large set, hundreds of billions of payment flows, already moving to these beneficiaries. So we like the idea of giving them another place to put funds.

所以，我們實際上是在三個方面追逐穩定幣的機會。首先，要讓我們最大的國內和跨境商家或受益人能夠在他們的穩定幣錢包中收到付款，以便他們可以全天候 24/7 收到付款。我們已經收集了大量數據，數千億筆支付款項正在流向這些受益者。所以我們很贊同提供他們另一個存放資金的途徑。

Second is our idea to add digital wallets to our existing Alpha bank account clients and Corpay multicurrency account clients, so that they can hold both stablecoins and fiat dollars to transfer basically back and forth between their fiat accounts and stablecoin.

其次，我們的想法是為現有的 Alpha 銀行帳戶客戶和 Corpay 多幣種帳戶客戶添加數位錢包，以便他們可以同時持有穩定幣和法定美元，並在他們的法定帳戶和穩定幣帳戶之間進行來回轉帳。

The third opportunity is to really directly serve large new crypto clients. We have one, Bank Frick, that hold very large crypto balances today, but have the need to return liquidity to a US bank account of an investor. So we'll leverage the fiat rails and compliance infrastructure that we have to serve these kind of clients. So look, the existing assets that we have, we think, create a lot of leverage for us to participate in this stablecoin system.

第三個機會是真正直接服務大型新加密貨幣客戶。我們有一家銀行，名為 Bank Frick，目前持有大量加密貨幣餘額，但需要將流動性回饋給一位投資者的美國銀行帳戶。因此，我們將利用我們現有的法幣軌道和合規基礎設施來服務這類客戶。所以你看，我們認為我們現有的資產為我們參與這個穩定幣系統創造了很大的槓桿作用。

So look, in conclusion today, we printed a clean Q3 beat. We've revised up our Q4 and full year 2025 guidance. We do see an attractive 2026 setup. We're super excited about the long-term prospects for our corporate payments business and solutions, the opportunity to make that really big. We have completed a meaningful acquisition and investment this year that we think position the company well over the midterm, and progressing our stablecoin entry to capitalize really on this new rail.

所以，總而言之，我們今天公佈的第三季業績完全超出預期。我們上調了2025年第四季和全年業績預期。我們看到2026年的發展前景十分誘人。我們對企業支付業務和解決方案的長期前景感到非常興奮，並有機會將其成長。今年我們完成了一項意義重大的收購和投資，我們認為這將使公司在中期內處於有利地位，並且我們正在推進穩定幣業務，以真正利用這一新的管道。

So with that, let me turn the call back over to Peter to share some more details on the quarter. Peter?

那麼，接下來我將把電話轉回給彼得，讓他分享更多關於本季的情況。彼得？

Thanks, Ron, and good afternoon, everyone. Let's start with highlights of the quarter. Q3 revenue was $1.172 billion, overperforming the midpoint of our guidance range. Print revenue grew 14% year over year, driven by 11% organic revenue growth.

謝謝你，羅恩，大家下午好。讓我們先來看看本季的亮點。第三季營收為 11.72 億美元，超過了我們預期範圍的中位數。印刷收入較去年同期成長 14%，其中有機收入成長 11%。

Q3 adjusted EPS of $5.70 per share overperformed the midpoint of our range and grew 14% year over year due to strong top line performance and solid expense management. Adjusted EPS grew 17% year over year on a constant macro basis. The headline for the quarter is mid-teens top and bottom line growth, excellent organic growth with 10% vehicle payments organic growth driven by our US vehicle payments business returning to mid-single-digit organic growth, continued strong retention, all while maintaining strong margins. We've also produced significant sales growth this year that will fuel our business over the balance of 2025 and into 2026.

第三季調整後每股收益為 5.70 美元，超過了我們預期範圍的中點，年增 14%，這得益於強勁的營收表現和穩健的費用控制。以宏觀經濟不變計算，調整後每股盈餘較去年同期成長 17%。本季度亮點是營收和利潤均實現兩位數中段增長，其中汽車支付業務實現了10%的有機增長，這主要得益於美國汽車支付業務恢復到個位數中段有機增長，同時客戶留存率也保持強勁，所有這一切都保持了較高的利潤率。今年我們的銷售額也實現了顯著成長，這將推動我們在 2025 年剩餘時間和 2026 年的業務發展。

Now turning to our segment performance and the underlying drivers of our organic revenue growth. Corporate Payments delivered 17% organic growth for the quarter despite 100 basis points drag from float revenue compression due to lower interest rates. Overall, the performance was driven by growth in spend volumes, which increased 57% on a reported basis and up 38% organically.

現在來看看我們各業務板塊的業績以及推動我們有機收入成長的根本因素。儘管利率下降導致浮動收入壓縮 100 個基點，企業支付業務本季仍實現了 17% 的有機成長。整體而言，業績成長主要得益於支出額的成長，按報告資料計算成長了 57%，以自然成長計算成長了 38%。

Spend volume was just over $68 billion in Q3, which puts us on pace to be north of $250 billion annually on a run rate basis. Corporate Payments revenue per spend volume decreased year over year due to new payables and cross-border enterprise clients. The payables business continues to perform, driven by strong execution on Paymerang synergies and solid progress implementing and ramping new full AP customers.

第三季支出額略高於 680 億美元，以此速度計算，我們每年的支出將超過 2,500 億美元。由於新增應付帳款和跨國企業客戶，企業支付業務的每筆支出額收入較去年同期下降。應付帳款業務持續表現良好，這得益於 Paymerang 協同效應的強勁執行以及在實施和擴大新的全應付帳款客戶方面取得的穩步進展。

We continue to be optimistic about the future of the business and are laser-focused on customer acquisition. Cross-border continued to deliver strong sales in Q3. 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.

我們對公司的未來依然保持樂觀，並將全部精力集中在客戶獲取上。第三季跨境業務持續保持強勁的銷售動能。新客戶獲取和現有客戶交易活動均表現強勁，我們的規模、技術和人才優勢繼續推動我們從傳統金融機構手中奪取市場份額。

Vehicle Payments organic revenue increased to 10% this quarter. You can see in the financial supplement, there is a good trend line of improving organic revenue growth in this segment, now returning to our target run rate of 10% organic revenue growth. Also, it's important to point out that our Vehicle Payments segment is made up of three approximately equal sized revenue businesses in different geographies. These geographies are the US, Brazil and Europe.

本季車輛支付業務的有機收入成長了 10%。從財務補充資料中可以看出，該業務部門的有機收入成長呈現良好的改善趨勢，目前已恢復到我們10%的有機收入成長目標水準。另外，需要指出的是，我們的車輛支付業務板塊由三個規模大致相等、位於不同地區的業務部門組成。這些地區包括美國、巴西和歐洲。

US Vehicle Payments organic revenue growth improved 500 basis points sequentially to 5%, reflecting the return to sustainable mid-single-digit organic growth we've been expecting. This was driven by improved sales production, higher approval rates and strong retention. Brazil and Europe vehicle payments continue to perform well. In Brazil, the combination of 6% tag growth, growth in our extended network, including our new card debt offering is driving the strong results.

美國車輛支付業務的有機收入環比增長500個基點至5%，反映了我們一直預期的可持續的中個位數有機增長的回歸。這主要得益於銷售業績的提升、核准率的提高和客戶留存率的增強。巴西和歐洲的車輛支付表現持續良好。在巴西，6% 的標籤成長、我們擴展網路的成長（包括我們新的信用卡債務產品）共同推動了強勁的業績。

International Vehicle Payments continued to deliver consistent results, driven by strong sales and performance across the UK, Europe, and ANZ. As expected, lodging organic revenue was down 5% for the quarter, inclusive of a 400 basis point drag from lower emergency revenue year over year in our FEMA business. We feel good about the progress we've made to position this business for the future, but the recovery has not yet shown through in a meaningful way. The business has now stabilized, and we are hyper-focused on improving sales in the lodging business.

國際車輛支付業務持續取得穩定業績，得益於英國、歐洲和澳新地區強勁的銷售和表現。正如預期的那樣，本季住宿業務的有機收入下降了 5%，其中包括 FEMA 業務緊急收入年減 400 個基點。我們對為公司未來發展所做的努力感到滿意，但復甦尚未以有意義的方式顯現出來。目前業務已經穩定，我們將全力以赴提高住宿業務的銷售額。

The other segment was up 23% as the gift business generated significant year-over-year growth from pent-up demand due to new regulations to upgrade gift card packaging to reduce fraud.

另一個細分市場成長了 23%，禮品業務由於新規升級禮品卡包裝以減少欺詐，積壓的需求釋放，實現了顯著的同比增長。

In summary, we delivered 11% organic growth in Q3 at the high end of our target range, driven by continued strong corporate payments organic growth and double-digit vehicle payments organic growth. These two segments make up over 80% of our revenues.

總而言之，在第三季度，我們實現了 11% 的有機成長，達到了目標範圍的高端，這主要得益於企業支付業務持續強勁的有機增長以及汽車支付業務兩位數的有機增長。這兩個業務板塊占我們收入的 80% 以上。

Now looking further down the income statement. Operating expenses of $649 million represent a 16% increase versus Q3 of last year, driven primarily by acquisitions and divestitures and related add-backs, FX and a true-up of a 2024 disposition. Excluding these impacts, operating expenses increased 8%. Bad debt expense declined 1% from last year to $28 million or 4 basis points of spend, so credit remains well controlled.

現在繼續往下看損益表。營運支出為 6.49 億美元，比去年第三季成長 16%，主要原因是收購和剝離以及相關的調整、外匯和 2024 年處置的調整。剔除這些影響，營運費用增加了 8%。壞帳支出較上年下降 1% 至 2,800 萬美元，即支出減少 4 個基點，因此信貸仍得到良好控制。

Our adjusted EBITDA margin was 57.7%, essentially flat with the prior year. Our adjusted effective tax rate for the quarter was 26.6%. The increase in the rate was driven by Pillar 2 and a change in the mix of earnings.

我們調整後的 EBITDA 利潤率為 57.7%，與前一年基本持平。本季調整後的實際稅率為 26.6%。利率上升是由第二支柱和收入結構的變化所推動的。

On to the balance sheet. We ended the quarter in excellent shape with liquidity of $3.5 billion and a leverage ratio of 2.4x. Today, we closed upsized debt facilities that enhance our capital structure, increasing our revolving credit facility by $1 billion, resulting in a total facility of $2.775 billion and a new $900 million seven-year Term Loan B. Our Term Loan B and revolving credit facility continue to price at some of the tightest credit spreads amongst BB+ corporates, which reflects our strong balance sheet and significant cash flow generation. We used proceeds from these facilities to close our Alpha acquisition and our investment in AvidXchange. We have a plan to delever and expect to end 2025 at approximately 2.8x leverage.

接下來是資產負債表。本季末，我們財務狀況良好，流動資金達35億美元，槓桿率為2.4倍。今天，我們完成了規模更大的債務融資，進一步優化了資本結構，循環信貸額度增加了10億美元，總額度達到27.75億美元，並新增了一筆9億美元的七年期B類定期貸款。我們的B類定期貸款和循環信貸額度持續維持著BB+級企業中最低的信用利差，這反映了我們強勁的資產負債表和充裕的現金流。我們利用這些資金完成了對 Alpha 的收購以及對 AvidXchange 的投資。我們有去槓桿化的計劃，預計到 2025 年底槓桿率將降至約 2.8 倍。

We purchased approximately 600,000 shares in the quarter for $192 million, leaving us with approximately $1 billion authorized for share repurchases. We will continue to pursue near-term M&A opportunities and we'll also buy back shares when it makes sense while maintaining leverage within our target range.

本季我們斥資 1.92 億美元購買了約 60 萬股股票，剩餘約 10 億美元用於股票回購。我們將繼續尋求近期併購機會，並在適當的時候回購股票，同時將槓桿率保持在目標範圍內。

So now some updates and details on our Q4 and full year outlooks. We're increasing our full year 2025 revenue guidance to $4.505 billion at the midpoint, representing print growth of 14%, driven by our third quarter beat, the continued benefit of improved foreign currency exchange rates and the inclusion of our recently closed acquisition.

現在，我們將帶來一些關於第四季度和全年展望的最新資訊和細節。我們將 2025 年全年營收預期中位數上調至 45.05 億美元，印刷業務成長 14%，這主要得益於我們第三季業績超出預期、外匯匯率持續改善以及我們最近完成的收購。

We are also increasing our adjusted EPS guidance to $21.24 per share at the midpoint, representing growth of 12% as a result of our Q3 beat, continued expense discipline, and recently closed acquisition and investment.

我們同時將調整後每股盈餘預期中位數上調至每股 21.24 美元，成長 12%，這得益於我們第三季業績超出預期、持續的成本控制以及最近完成的收購和投資。

For the fourth quarter, we expect print revenue of $1.235 billion at the midpoint, representing growth of 19% and adjusted EPS of $5.90 per share at the midpoint, representing growth of 10%. We provided additional details regarding our rest of year and Q4 outlook in our press release and earnings supplement. This concludes our prepared remarks, operator.

我們預計第四季度印刷收入中位數為 12.35 億美元，年增 19%；調整後每股收益中位數為 5.90 美元，年增 10%。我們在新聞稿和收益補充文件中提供了有關今年剩餘時間和第四季度展望的更多細節。操作員，我們的發言稿到此結束。

Please open the line for questions.

請開通提問專線。

(Operator Instructions) John Davis, Raymond James.

（操作說明）約翰戴維斯，雷蒙德詹姆斯。

Hey, good afternoon guys. Peter, maybe just first on Corporate Payments organic growth. I think you guys said mid-teens despite an incremental float headwind. Obviously, you have a very tough comp from the year ago quarter. So maybe just talk about the drivers that give you confidence in that organic growth outlook for the fourth quarter, specifically in Corporate Payments.

嘿，各位下午好。Peter，或許是企業支付領域有機成長的第一人。我覺得你們說的是十幾英里，儘管有逐漸增強的逆風。顯然，你們面臨著與去年同期非常高的比較基數。那麼，不妨談談是什麼因素讓您對第四季的有機成長前景充滿信心，尤其是在企業支付領域。

John, I appreciate the question. So maybe we'll just break it down into the components, because what Ron shared in his script was obviously with the Alpha acquisition. So if we look at the core Corporate Payments business, we're expecting that to be, call it, 16%-ish with a drag of 100 basis points from float. So about a 17% growth rate there in the core business.

約翰，感謝你的提問。所以，我們或許應該把它分解成各個組成部分，因為 Ron 在他的腳本中分享的內容顯然與 Alpha 的收購有關。因此，如果我們看一下核心企業支付業務，我們預計其成長率將達到 16% 左右，浮動利率將拖累 100 個基點。因此，核心業務的成長率約為 17%。

That does compare to last year, which was 26%, which was obviously kind of had a double impact. We had a one-timer in there of about 400 basis points, and we are growing off of a really weak Q4 '23. So hopefully, that gives some context in terms of kind of the core business.

這與去年的 26% 相比確實有所下降，顯然受到了雙重影響。我們當時有一次大約 400 個基點的波動，而且我們是在 2023 年第四季業績非常疲軟的情況下實現成長的。希望這能讓大家對核心業務有所了解。

When we think about Alpha, Alpha's organic growth is coming in at 13%, but ex-float, that would be 31%. So obviously, the business is very dependent on float from the bank account business. And then on a consolidated basis, that gets us to the mid-teens that Ron spoke about with a 3% float headwind. So call that without the headwind, 18%-ish.

當我們考慮 Alpha 時，Alpha 的有機成長率為 13%，但剔除流通股後，成長率將達到 31%。顯然，該業務非常依賴銀行帳戶業務的流動資金。然後，綜合來看，這就達到了榮恩所說的十幾個百分點，加上 3% 的浮動利率逆風。所以，如果不考慮逆風因素，大概是 18% 左右。

And John, it's Ron. Remember, we've also seen in October.

約翰，我是羅恩。記住，我們在十月也看到了這種情況。

Fair enough. Fair enough. All right. So I'll continue on the guidance here. Ron, as you think about next year, you guys have consistently said 10% organic.

很公平。很公平。好的。所以我會繼續在這裡提供指導。羅恩，你在考慮明年的時候，你們一直都說要達到 10% 的有機產品比例。

You're guiding to that next year. There's a little bit of a choppy macro backdrop. You saw some nice acceleration in North America fleet in the quarter. Obviously, Corporate Payments is strong. Maybe just talk about what gives you confidence?

明年你將為此做準備。微距背景有點混亂。本季北美車隊規模出現了不錯的成長。顯然，企業支付業務實力雄厚。或許可以聊聊什麼能讓你充滿自信？

And what, if any, of that organic growth outlook next year comes from synergies from Paymerang and some other of the prior corporate payments deal that now will flow through to organic growth.

那麼，明年有機成長前景中，有多少（如果有的話）來自 Paymerang 和其他一些先前企業支付交易的協同效應，這些協同效應現在將轉化為有機成長呢？

Yes. I think, John, it's just run rate, right? We've got the trends. We see what we're adding new business. We see what the losses are running.

是的。約翰，我想，這只是運行率，對吧？我們掌握了潮流趨勢。我們看到我們正在增加哪些新業務。我們看到虧損情況如何。

And so I think our confidence of having the vehicle business high single digits to 10% in the Corporate Payments business call it, mid-teens, inclusive of the flow headwinds that we're super comfortable. And even the other category, which historically was a bit problematic, we're outlooking that thing to be kind of 10% plus.

因此，我認為我們有信心，汽車業務的成長將達到個位數高段位到 10%，企業支付業務的成長將達到十幾個百分點，考慮到各種不利因素，我們對此非常有信心。即使是歷史上有點問題的另一個類別，我們也預期其佔比將達到 10% 以上。

So the wildcard, I guess, is lodging, which we think will edge over into positive territory. So I think we -- what we're seeing, I mean, look at the quarter, right, that we just printed and look what we're giving for Q4. So I think we're just -- we're seeing it and really not calling for anything super different than what we're kind of running at, so pretty confident.

所以，我認為最大的變數是住宿業，我們認為它可能會略微轉正。所以我覺得我們——我們看到的是，我的意思是，看看我們剛剛公佈的季度報告，看看我們第四季的業績。所以我覺得我們只是——我們看到了這一點，並沒有要求採取任何與我們正在努力的方向截然不同的做法，所以我們相當有信心。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Maybe just to follow on some of the questions asked before. Obviously, next year is setting up pretty strong. You've got this Mastercard investment and then some of the pipeline that's building associated with that partnership, the synergies from Alpha.

謝謝。或許只是想回答之前提出的一些問題。顯然，明年情勢一片大好。您獲得了萬事達卡的投資，以及與該合作關係相關的正在建立的一些項目，以及來自 Alpha 的協同效應。

Could you just talk, Ron, a little bit of how you're figuring for that in that preliminary outlook?

羅恩，你能否簡單談談你初步的展望是如何看待這個問題的？

What do you mean, Sanjay, how we're figuring in the --?

桑傑，你的意思是，我們如何看待這個問題？——？

Like how much of that is driving sort of the preliminary view on revenue growth for next year?

例如，其中有多少因素影響了對明年營收成長的初步預期？

Yeah. I'd say not a lot. I think I said before that we were hoping that Mastercard thing could add 1 point or 2 that FI channel to our cross-border business, which is already kind of a mid-high teens number. The synergies, again, the Alpha business is, call it, circa $300 million-ish in US and it's got a bit of a flow headwind. So I'd say, again, 0.5 point maybe from that.

是的。我覺得不多。我想我之前說過，我們希望萬事達卡能為我們的跨國業務增加 1 到 2 個 FI 通路點，而我們的跨國業務點已經達到了十幾個百分點。再次強調協同效應，Alpha 業務在美國的規模約為 3 億美元左右，目前面臨一些發展阻力。所以我覺得，大概比那高0.5分吧。

So the majority really of the outlook is around just the core set of businesses. I do think we're going to get profit leverage, though, separate from revenue from Alpha from the macro, right, that we're seeing and from some of this cost efficiency, some of the AI work that we've done. So I do see us getting some incremental profit leverage next year kind of above normal levels.

因此，大部分的展望其實都圍繞著核心業務。不過，我認為我們將獲得利潤槓桿，這與 Alpha 的收入以及我們所看到的宏觀經濟效益，以及我們所做的一些成本效益和人工智慧工作所帶來的利潤槓桿是分開的。所以我認為明年我們的利潤槓桿作用會略高於正常水準。

Got it. Okay. And then, Peter, could you just drill down just a little bit more on that breakdown that you had. So if I think about the fourth quarter revenue outlook, how much does Alpha specifically add to that? And then on that $0.75 of upside for next year, like how much of it is Alpha versus Avid?

知道了。好的。彼得，你能否再深入分析你剛才做的分析？那麼，如果我考慮第四季的營收前景，Alpha 具體能為其中貢獻多少呢？那麼，明年這0.75美元的上漲空間，有多少是Alpha貢獻的，又有多少是Avid貢獻的呢？

Yes. So on the revenue outlook for Q4 '25, Alpha is adding about $55 million of revenue in the fourth quarter. And in terms of the $0.75, we've not given that breakout, but we obviously previously shared that Alpha would be $0.50. So you can kind of take those two and give that some thought in terms of your split there.

是的。因此，在 2025 年第四季的營收展望中，Alpha 將在第四季增加約 5,500 萬美元的營收。至於 0.75 美元的目標價位，我們還沒有給出突破性預測，但我們之前已經說過 Alpha 的目標價位是 0.50 美元。所以你可以把這兩個數字結合起來考慮一下。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Good afternoon. Good to event wanted to ask on 26 again. Just thinking about the segments and the growth and how growth might be different than what we saw in '25 at a high level. Any interesting call-outs there. You've got the new sales performance up 20-plus percent retention is a little bit better.

午安.很高興能再次詢問26號的活動。只是在思考各個細分市場和成長情況，以及成長情況與我們在 2025 年看到的整體成長情況可能會有何不同。有什麼值得注意的地方嗎？你們的新銷售業績提高了 20% 以上，客戶留存率也略有提高。

I know the deals are getting layered in. But just at a high level, how is '26 going to be different than --?

我知道這些交易是層層疊加的。但從宏觀層面來看，2026 年與以往有何不同？——？

Tien-Tsin, it's Ron. It's good to hear your voice. I'd say it's really more of the same, right, than different. I think what's different is a little bit happier on the vehicle, right, that thing accelerated second half or will we think to 10% from whatever it was 8%, 9% in the first half. So we think that's going to kind of carry through.

天心，我是羅恩。很高興聽到你的聲音。我覺得其實差別不大，對吧。我認為不同之處在於車輛性能有所提升，對吧？這輛車在後半程加速了，或者說，從前半程的 8%、9% 提升到了 10%。所以我們認為這種情況會一直持續下去。

So we think that will do a little bit better. Lodging, again, a wildcard call that thing a push. The other category, maybe a tad lighter but still positive kind of double digits. So really, the question is where in the teens will the corporate payment business inclusive of the float land.

所以我們認為這樣會好一點。住宿方面，又是一個變數，姑且稱之為平手吧。另一類數字可能略少一些，但仍是兩位數的正數。所以真正的問題是，包括浮動利率在內的企業支付業務將在2010年代的哪個階段落地。

So that would be, I'd say, what could cause the thing to be a little bit better. But more of the same really, Tien-Tsin, to the '25 numbers, I'd say, next year.

所以，我認為，這或許能讓情況好轉一些。但說實話，天心，我覺得明年的情況和 2025 年差不多。

And my quick follow-up, just thinking about -- I mean, you have a lot on your plate thinking about, again, the acquisitions, divestitures. I'm sure there are other deals in the pipe as well. Just think about Ron, does it feel tougher to sort of regenerate some of the sales performance that you've seen? Just curious where you see opportunity versus risk going into the end of the year here and going into next year.

我還有一個後續問題，就是關於──我的意思是，你有很多事情要考慮，像是收購和剝離。我相信還有其他交易正在籌備中。想想羅恩，是不是覺得很難再恢復到之前那樣的銷售業績？我只是好奇，您認為今年年底以及明年，機會與風險分別在哪裡？

Yes. I mean I think the sales performance, Tien-Tsin, is quite good. The preliminary plan that we're building is way increasing. We hired someone new to start to build up some new channels like the Zoom channel has been super small. We're building that channel for kind of midsize is working.

是的。我的意思是，我認為天心的銷售業績相當不錯。我們正在製定的初步計劃正在不斷改進。我們聘請了一位新員工來建立一些新的管道，例如 Zoom 管道，該管道規模一直非常小。我們正在為中型企業打造這樣的通路，目前看來效果不錯。

So I see us pouring a bunch more money some of it from the expense savings that we're getting and sales will be up well over 20% this year in 2025. We got a bunch of elephants, right, that help this year. So I think bullish on it. I think the way upside for us is really in capital allocation.

因此，我認為我們將投入更多資金，其中一些資金來自我們節省的費用，到 2025 年，銷售額將比今年增長超過 20%。今年我們請來了一群大象幫忙，對吧？所以我看好它。我認為我們真正的上升空間在於資本配置。

If people keep trading our stock at this level, and we sell these companies, we are going to be buying stock back, which obviously at this kind of a price would be pretty incremental. We have this Mastercard money coming in. So we have some sources of incremental capital, again, above kind of normal levels that could help us next year. So I'm pretty bullish on the profit side really for next year.

如果人們繼續以這種價格交易我們的股票，而我們賣掉這些公司，我們就會回購股票，顯然，在這種價格下，回購規模會相當有限。我們收到了一筆萬事達卡的款項。因此，我們有一些新增資金來源，而且這些資金高於正常水平，這可能對我們明年有所幫助。所以我對明年的獲利前景相當樂觀。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Appreciate taking the question. Pretty exciting times in corporate payments, obviously. Ron, I'm intrigued by the stablecoin commentary because I know there's been a lot of discussion in the market, both sort of pro and con. I wonder if you could just sort of frame up for me what you think the long-term opportunity is in that business? It sounds like initially, it's going to be infrastructure, so on-ramp, off-ramp.

感謝您回答這個問題。顯然，企業支付領域正迎來令人興奮的時期。羅恩，我對穩定幣的評論很感興趣，因為我知道市場上對此有很多討論，既有支持也有反對的聲音。我想請您大致介紹一下您認為這個產業的長期發展機會是什麼？聽起來最初應該是基礎建設，例如匝道、出口匝道。

Over time, does the Circle agreement sort of create the opportunity for cross-border stablecoin movement? It sounds like maybe you're doing that a little bit today in the FX business, but I'm thinking like cross-border B2B payments. And what do you think the time frame on something like that is, assuming that's a business in which you have your eye at this point?

隨著時間的推移，Circle協議是否會為跨境穩定幣流動創造機會？聽起來你現在可能在外匯業務中稍微涉足了這方面，但我指的是跨國 B2B 支付。那麼，假設這是你目前關注的業務領域，你認為這類專案需要多長時間才能完成？

Yes. We tried to lay out, Andrew, in the supplement, I think Jim was page 18 or something. But to me, Andrew, the stablecoin thing is kind of -- it's a two-part thing. So one is kind of the new players, right, that have big crypto balances like Circle, Ripple, this bank, I mentioned the Bank Frick, where we can be helpful to them.

是的。安德魯，我們試圖在補充資料中詳細說明，我想吉姆的名字應該在第 18 頁左右。但對我來說，安德魯，穩定幣這件事有點——它由兩部分組成。所以，其中一方是像 Circle、Ripple 這樣的新興玩家，他們擁有大量的加密貨幣餘額，還有我剛才提到的 Bank Frick 這家銀行，我們可以為他們提供幫助。

Effectively, they're both providers of capabilities to us, but potentially clients of ours, right, again, that need to route dollars back, right, in USD to investors. So that's opportunity, one, is just to be a provider back to some of these guys that have big balances. But to me, the fascinating one will be we've got a big business, right? We pay hundreds of billions to the US merchants, both on our domestic business and our cross-border business, they're huge beneficiaries of payouts of ours.

實際上，他們都是我們的技術供應商，但同時也是我們的客戶，他們需要將資金以美元的形式回饋給投資者。所以，機會之一就是為一些負債累累的人提供資金支持。但對我來說，最有趣的是，我們擁有一個龐大的企業，對吧？我們每年向美國商家支付數千億美元，無論是國內業務還是跨境業務，他們都是我們從我們的付款中獲益匪淺。

And so to me, the fascinating question is, what will the take rate be? So if we go to those biggest concentrated beneficiaries and say to them, hey, we'll enable you with a stablecoin wallet. Do you want us to basically have funds come in there if they're off cycle or not.

所以對我來說，最引人入勝的問題是，接受率會是多少？所以，如果我們找到那些最大的受益者群體，對他們說，嘿，我們將為你們提供一個穩定幣錢包。你們是否希望無論資金是否處於非週期性，都能流入那裡？

And then you can toggle it back and forth between your traditional bank accounts or we have a big bank account business. I think we said 7,000 bank accounts with $3 billion in deposits, same thing. When we tell those institutional clients, we're attaching a stablecoin wallet, will they use it? And so I think we'll learn a lot there because we have flows and we have deposits unlike people who are trying to get into this business.

然後，您可以隨時在您的傳統銀行帳戶之間切換，或者我們有一個大型銀行帳戶業務。我想我們之前說過，有7000個銀行帳戶，存款總額達30億美元，情況是一樣的。當我們告訴那些機構客戶，我們將為其附加一個穩定幣錢包時，他們會使用它嗎？所以我認為我們會在那裡學到很多東西，因為我們有資金流動和存款，不像那些試圖進入這個行業的人。

And so I think we're going to get a super early read of the interest on both sides, right, the deposit side and this payout side. So we're just readying those things and then seeing if the beneficiaries and the clients we have used them.

所以我認為我們會很早就了解到雙方的利息情況，對吧，存款方面和支付方面都是如此。所以我們正在準備這些東西，然後看看受益人和我們的客戶是否使用了它們。

Okay. So it sounds like you'll sort of build the infrastructure and wait to see how the market evolves. Would that be the right way to think about it?

好的。聽起來你們打算先搭建基礎設施，然後等待市場發展。這樣想是否正確？

Yes, Yes. I mean if you think of what's happening, like it's kind of third-tier world driving a lot of the things, right? There's not a ton of activity kind of in the G20 space where our -- all of our bulk is. So I think we're going to be there. We're adding this set of capabilities, particularly the wallets.

是的，是的。我的意思是，如果你想想現在發生的事情，你會發現很多事情都是三流國家在推動的，對吧？G20領域並沒有太多活動，而我們的業務大多集中在G20領域。所以我覺得我們一定會去。我們正在添加這一系列功能，特別是錢包功能。

We have these flows, and we're going to make our clients aware of them and see what the take rate is to see whether there's utilization or not. But we're excited that there probably will be. I personally think this off-cycle piece, Andrew, is the magic being able to basically take funds when the banking system is closed, I think, might be the most interesting piece, but I guess we'll see. The thing I want to say is we're not afraid. I mean I don't -- I think some people think like we're afraid.

我們有這些流程，我們將讓客戶了解這些流程，並查看接受率，以了解是否充分利用了。但我們很高興這很可能會發生。我個人認為，安德魯，這個非週期性交易的神奇之處在於，它能夠在銀行系統關閉時提取資金，我認為這可能是最有趣的部分，但我們拭目以待。我想說的是，我們並不害怕。我的意思是，我不這麼認為──我覺得有些人覺得我們很害怕。

We're not afraid. We think it's a fascinating incremental rail. We're going to offer it, and we think -- we hope that our clients are going to take some advantage of it.

我們不害怕。我們認為這是一個引人入勝的漸進式鐵路。我們將提供這項服務，並且我們認為—我們希望我們的客戶能夠從中受益。

Yes, I suspect they will. I suspect you're right. And if I could ask one more, maybe, Peter, the yield on these big enterprise clients, I guess, I mean, if investors ask, can you kind of frame up how you're thinking about that business? I imagine it's high incremental margin and you like the volume. Is there anything you'd add to that when we think about sort of the yield on those big customers versus the core business?

是的，我懷疑他們會的。我懷疑你是對的。彼得，如果我可以再問一個問題，關於這些大型企業客戶的收益率，我想，我的意思是，如果投資者問起，你能大致介紹一下你對這項業務的看法嗎？我想它的增量利潤應該很高，而且你也喜歡它的銷售量。當我們考慮大客戶帶來的效益與核心業務的效益時，您還有什麼要補充的嗎？

Andrew, it's Ron. I'll take that one. I think it's quite wide, right? As we said in our cross-border business, historically, we'd be in the, call it, average of 50 to 60 basis points kind of keep on conversion work. We have some of these gigantic super large transactions that could be single-digit basis points, so 16, 17 of the line average and stuff.

安德魯，我是羅恩。我選那個。我覺得它挺寬的，對吧？正如我們在跨國業務中所說，從歷史上看，我們的轉換率平均在 50 到 60 個基點之間，需要不斷努力才能達到目標。我們有一些非常大的交易，其影響可能達到個位數基點，例如平均線的 16、17 個基點等等。

And we often do it in concert with the normal business with those big accounts. So we might have a big account where we're doing some set of ongoing kind of mass payments at a decent kind of rate and then, hey, they call us for some kind of significant one-off kind of transaction. So it's oftentimes done that way where the account calls us for some other kind of use.

我們通常會在與這些大客戶的正常業務往來中同時進行這項工作。所以，我們可能有一個大帳戶，我們以相當不錯的費率進行一系列持續的批量付款，然後，嘿，他們打電話給我們，要求進行一些重要的單次交易​​。所以經常會遇到這種情況，帳戶會因為其他用途而聯絡我們。

And your point, although it's a way different rate, it's a gigantic trade, and we're happy to kind of take it to your point, from a profit perspective, it's quite high, the absolute dollars of the profit because it's one big transaction, there's not a lot of work. We're really calling out mostly so people don't think that the core or normalized rate in that business is moving at all.

你說的沒錯，雖然匯率差別很大，但這是一筆巨大的交易，我們很樂意採納你的觀點，從利潤的角度來看，利潤的絕對金額相當高，因為這是一筆大交易，不需要做太多工作。我們發出呼籲主要是為了避免人們誤以為該行業的核心或正常成長率根本沒有變化。

It's really going nowhere if you look at it without this handful of accounts.

如果忽略這幾個帳戶，這件事真的不會有任何進展。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Ron, can you just give us a quick update on the progress and any details you can provide about the interest level and some of the divestitures you were looking for -- looking to make over the next several quarters or so?

羅恩，你能否簡要介紹一下進展情況，以及你希望在未來幾個季度內進行的一些資產剝離項目，並提供有關市場興趣水平和剝離項目的詳細信息？

Yes. Darrin, I'd say mostly it's early days. Kind of the books are out, the fireside chats have started. We've obviously had some call-ins on the businesses. So I'd say it'd be premature to say we know a lot.

是的。達林，我覺得現在還為時過早。書已經出版，爐邊談話也開始了。顯然，我們接到了一些關於這些企業的電話。所以我覺得現在就說我們了解了很多還太早。

The one thing I would say is these are decent businesses. These are a couple of businesses that are in our International vehicle segment that are growing, both of them grow kind of 10%-ish. So they're decent businesses and they're profitable. So they will sell. The question is, are we going to like the price.

我想說的是，這些都是不錯的企業。這是我們國際汽車業務部門中兩家正在成長的企業，它們的成長率都在 10% 左右。所以它們都是不錯的企業，而且獲利狀況良好。所以它們會賣出去。問題是，我們會喜歡這個價格嗎？

So unlike the gift thing that I know you weathered through with us, however many times we try that. These will transact. The question is whether we're going to like the price enough. But we will know. We've got a process set up where first bids are due in the next few weeks here.

所以，不像我知道你和我們一起經歷過的送禮物這件事，無論我們嘗試過多少次。這些交易將會進行。問題是，我們是否會喜歡這個價格。但我們會知道的。我們已經制定了一套流程，第一批投標書將在未來幾週內提交。

So by the time we talk again, we'll have a clear answer for you.

所以下次再談的時候，我們會給你一個明確的答案。

All right. That's good to hear and helpful. I guess, my quick follow-up would be on US fleet growth. I think we saw 5% you mentioned.

好的。聽到這個消息真好，很有幫助。我想，我接下來要問的問題是美國艦隊的成長情況。我認為我們看到了你提到的5%。

And just touch a little bit more on the sustainability of that just because it obviously is good to see. I'm curious what's driving it and then your conviction around it going forward.

最後再稍微談談它的可持續性，因為這顯然是件好事。我很好奇是什麼促使你這麼做，以及未來對此的信念。

Yes. That's a super good question. I think the main thing is the structure of that business has changed a lot kind of since the pivot. So call our Vehicle segment there a $2 billion business annually, kind of a third in the US, a third in Europe and a third in Brazil, ballpark. So let's just use $700 million as a ballpark number. The retention in that business now has gotten to the company's line average.

是的。這真是個好問題。我認為最主要的是，自轉型以來，該企業的結構已經發生了很大的變化。所以，我們汽車業務部門每年的業務額約為 20 億美元，其中大約三分之一在美國，三分之一在歐洲，三分之一在巴西，大概是這樣。所以我們暫且把 7 億美元當作一個大概的數字吧。該業務的員工留存率目前已達到公司平均水準。

So historically, when it was a micro business, losses were super high. So think now if you were modeling this with me, hey, I got a $700 million business printing in 2025 and our line average is, call it, 92%, 93%, so the loss rate is [7]. So you lose [7] on $700 million, you lose $50 million. We actually are planning the same-store sales that are improving.

所以從歷史上看，當它還是微型企業時，虧損非常高。所以現在想想，如果你跟我一起做這個模型，假設我有一個2025年價值7億美元的印刷業務，我們的平均損耗率是，比如說92%或93%，那麼損耗率是多少？[7].所以，如果你在 7 億美元中虧損 [7]，你就虧損 5,000 萬美元。我們正在計劃提高同店銷售額。

They're going to go positive in that business next year. So you're into a way lower risk profile now. We don't need to sell very much or add too many initiatives to get the thing to work. Whereas before, we had the bottom of the bucket. The loss rates were almost double that at some point and the same-store sales were 2 and 3 points negative. So that's the main headline for everybody is the assignment to grow it now is just infinitely easier than it was a couple of years ago.

他們明年這項業務將會轉虧為盈。所以你現在的風險承受能力大大降低了。我們不需要銷售很多東西，也不需要推出太多措施就能讓這件事成功。而之前，我們只有桶底。在某些時候，損失率幾乎翻了一番，同店銷售額下降了 2% 到 3%。所以，大家最關心的一點是，現在發展壯大它比幾年前容易得多。

Nate Stinson, Deutsche Bank.

內特‧斯廷森，德意志銀行。

Nice results. I did want to ask on Avid now that that's closed and nice to hear that it's contributing at least some portion of the $0.75 accretion next year. I guess, first, just any update on the work being done at Avid to help improve their margin profile and growth and kind of the role that Corpay is playing there?

結果不錯。既然 Avid 已經關閉了，我想問它的情況。很高興聽到它至少能為明年 0.75 美元的成長做出一部分貢獻。我想先問一下，Avid 目前在改善利潤率和促進成長方面做了哪些工作，以及 Corpay 在其中扮演的角色是什麼？

And then I guess, more specifically, since the deal closed, any way to quantify the impact from Avid volumes maybe coming on? I think a competitor may have called out a loss, but wondering if you can size the impact there maybe in terms of volumes.

然後，更具體地說，既然交易已經完成，有沒有辦法量化 Avid 銷售可能帶來的影響？我認為競爭對手可能宣布了虧損，但我想知道您是否可以評估這方面的影響，例如銷售方面。

Well, the first thing I got to say, Nate, is thank you. That was a good opener, nice results. We kind of appreciate that. On your first question of what are we doing, I feel like the relationship is super good. We've obviously -- I've known Mike who runs the place for quite a while and a bunch of his management team.

內特，首先我要說的是，謝謝你。開局不錯，結果很好。我們對此表示讚賞。對於你提出的第一個問題，也就是我們正在做什麼，我覺得我們的關係非常好。顯然，我認識這家店的老闆麥克很久了，也認識他的許多管理團隊成員。

And we like -- which is why we did the deal, the TPG guys. So the first thing I'd say is the three groups, us, the Avid guys and TPG guys have been kind of on this together, point one. Point two is it's super clear like the handful of things to do to dramatically improve profit performance there is clear. And Mike has already pulled the trigger on by the time we're on this call, getting rid of a bunch of costs already. So I'd say that we're aligned on it.

我們喜歡——這也是我們達成這筆交易的原因，TPG 的那些傢伙。所以，我首先要說的是，我們這三個團隊，Avid 的人和 TPG 的人，一直在共同努力，這是第一點。第二點是，要大幅提高利潤表現，需要做的幾件事非常明確。在我們通話的時候，麥克已經採取行動，削減了一大筆成本。所以我覺得我們在這個問題上意見一致。

We will get the profits way up, which is why we're comfortable with some accretion next year. The $1 million question is really the growth rate. Can we -- can Mike get that business close to the kind of parity with what we do, kind of mid-teens or mid-teens plus kind of grower. So I'd say, Nate, that that's mostly what we're focused on now is what can they do on the buyer sales side and on the monetization side to get the revenue acceleration. And as I said, if we get that, if that company gets that we will buy the balance of the business and consolidate it.

我們將大幅提高利潤，所以我們對明年的利潤成長感到滿意。真正價值百萬美元的問題是成長率。我們——麥克能否讓那家公司達到和我們差不多的水平，也就是十幾分之一或十幾分之一以上的成長速度？所以我想說，內特，我們現在主要關注的是，他們能在買方銷售方面和盈利方面做些什麼來加速收入成長。正如我所說，如果我們能得到那部分，如果那家公司能得到那部分，我們將收購剩餘的業務並將其合併。

Yes, makes sense. I appreciate the detail. I do want to ask on the gift card business and other. I know there's some lumpiness and there were some regulatory changes that may have shifted demand from certain parts of the year to others. So I think it would be helpful just to kind of like walk through the changes in that business, where the pull -- how much the pull forward was.

是的，有道理。我很欣賞這種細緻的觀察。我想問一下關於禮品卡業務和其他方面的問題。我知道市場存在一些波動，而且一些監管政策的變化可能導致需求從一年中的某些時段轉移到其他時段。所以我覺得，整理一下該業務的變化，以及推動業務發展的動力——也就是推動業務發展的動力——會很有幫助。

And then I think you said kind of returning to double-digit growth. So just making sure your confidence in your visibility and getting back to double-digit growth in a business that can be lumpy historically, that would be helpful.

然後我想你說過，要恢復到兩位數的成長水準。所以，確保你對業務的可見性有信心，並恢復到兩位數的成長，這對於一個歷史上可能波動較大的行業來說，將會很有幫助。

Yes, that's a super good question. So one of the world's worst businesses, right, some number of years ago, three, four years ago and now a good business, a growing business, both this year and next. So kind of what's going on. It's really three things, Nate. So one is this fraud packaging thing.

是的，這真是個好問題。所以，幾年前，三、四年前，它還是世界上最糟糕的企業之一，而現在它卻是一家不錯的企業，一家正在發展壯大的企業，無論今年還是明年。所以到底發生了什麼事？內特，其實是三件事。其中之一是這種包裝詐欺問題。

So a couple of states have said, hey, we're sick of people going in and stealing these gift cards and coming back in and grouping up consumers to buy it and find out there's no money. They paid for the card and there's no money on the card.

所以有幾個州表示，嘿，我們受夠了有人進去偷這些禮品卡，然後又回來拉攏消費者購買，結果發現裡面沒錢。他們付了錢辦了卡，但是卡里沒錢。

So look, new suppliers are going to stop that. You're going to create packaging that doesn't allow people to do that. So that packaging has been created, and we've recycled some of that new packaging among some of our clients. So it created a bit of a lift, maybe, I don't know, 5 points -- 3 to 5 points this year above normal kind of card fulfillment as people kind of reinventory with this fraud protection stuff.

所以你看，新的供應商將會阻止這種情況發生。你們要設計的包裝會阻止人們這樣做。所以包裝已經製作完成，我們也將部分新包裝回收給了部分客戶。所以它帶來了一些提振，也許，我不知道，5個百分點——今年比正常的信用卡兌現率高出3到5個百分點，因為人們利用這些防欺詐措施重新調整了庫存。

But the two other things are we're just selling, like I don't know if other folks that do this business have gotten sleepy or whatever, but we are way winning more new accounts and onboarding those. I'm telling you like five, six new accounts this year, another at least four or five that we're close to closing now that will come online next year. So way more new business the last couple of years.

但另外兩件事是，我們一直在努力銷售，我不知道其他做這行的人是不是有點懈怠了，但我們贏得的新客戶越來越多，新客戶的入駐也越來越順利。我告訴你，今年會有五、六個新帳戶，另外至少還有四、五個我們正在接近完成的交易，它們將於明年上線。所以，過去幾年新業務量大幅成長。

And then lastly, these new add-ons that I think I've spoken of like, hey, we'll help a gift card client sell cards. So we went into the business of helping manage their website and do the fulfillment. So we get paid not only for administering their gift cards, but actually helping them sell the cards. We also figured out a way to stick the cards, these proprietary cards into the wallet. So they sort of like a marketing thing for people where you stick your Dick's Sporting Goods card in your wallet, you see it every time you go to your wallet. So we're getting paid more money from our clients for like doing additional things.

最後，還有一些新的附加功能，我想我之前也提到過，例如，我們可以幫助禮品卡客戶銷售禮品卡。於是我們開始幫助他們管理網站並負責訂單履行。因此，我們不僅因管理他們的禮品卡而獲得報酬，而且還因幫助他們銷售禮品卡而獲得報酬。我們還找到了一種方法，可以將這些專用卡片插入錢包中。所以他們有點像是在搞行銷，你把迪克體育用品公司的會員卡放在錢包裡，每次打開錢包都能看到它。所以，我們因為做了額外的事情而從客戶那裡獲得了更多的報酬。

So when you put those two, three things together, it's like it's just turned into like it's a good business and our confidence that it will be double digit again in '26, I'd say, is pretty high.

所以，當把這兩三件事放在一起時，它就變成了一項不錯的生意，而且我們非常有信心，到 2026 年它將再次實現兩位數的增長。

I guess just to clarify that 3- to 5-point uplift you mentioned above normal card fulfillment. Is that a pull for '26? Or is there a change in inventories? Or am I thinking about that the wrong way?

我想澄清一下，您上面提到的 3 到 5 分的提升是指正常的信用卡履行。這是26年的拉力賽嗎？或者庫存發生了變化？還是我的想法是錯的？

No, I would say it's the incremental 2025 growth. Like if they hadn't had this thing, I'd say the full year '25 gift card might be 2, 3 points lower than what we'll print. I don't think it will have much different impact. We know everything about the legislation and stuff. So we built that into the guide already for '26. It's mostly these two new things that are creating the lift to get the thing in the double digits.

不，我認為是 2025 年的增量成長。如果沒有這個，我估計 2025 年全年的禮品卡金額可能會比我們印製的少 2 到 3 個百分點。我認為這不會產生太大的影響。我們對相關的法律法規瞭如指掌。所以我們已經把這一點納入了 2026 年的指南中。正是這兩項新措施推動了該指標達到兩位數的成長。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Let me also add nice results here. Maybe to just -- I want to go back to the monetization rate discussion a little bit in the Corporate Payments segment. I guess just trying to understand, was there anything unusual in 3Q in terms of the number of large transactions or onboarding some of these enterprise accounts?

我也想補充一些不錯的成果。或許——我想稍微回到企業支付部分的貨幣化率討論一下。我只是想了解一下，第三季在大額交易數量或企業帳戶開通方面是否有任何異常情況？

What I'm really trying to understand is, should we expect the monetization to increase back like the monetization rate to bounce back up in 4Q? Or have you unlocked something where you're just going to be doing more of these volumes and you've signed some of these big enterprise accounts. So it's more of a volume story than a monetization story?

我真正想了解的是，我們是否應該預期獲利能力會像獲利率一樣在第四季反彈？或者，你解鎖了某些功能，可以處理更多這類交易，並且已經簽下了一些大型企業客戶？所以這更多的是銷售問題，而不是一個獲利問題？

Yes. I would say don't read that as abnormal. We probably will do a bit more of this. The reason we want to break it out is to make sure people are clear that when you take away these super large accounts and these super large transactions that the normal book of business is still pricing basically in the same kind of range. And I'd say the same thing on the domestic payables business. If anything, that thing may inch up again next year as we offer some incremental ways.

是的。我覺得不應該把這解讀為不正常。我們以後可能會多做一些這樣的事情。我們之所以要單獨列出來，是為了確保人們清楚知道，即使剔除這些超級大客戶和超級大交易，正常的業務定價仍然基本上在相同的範圍內。對於國內應付帳款業務，我的看法也是。如果有什麼變化的話，隨著我們逐步提供一些方法，明年這個數字可能會再次小幅上漲。

We've increased kind of pay for ACH via an acquisition, we're introducing a debit card as a way to get paid versus just a virtual card. So I would say that, if anything, the monetization rates and these big onetime things will probably inch up a bit in '26.

我們透過收購提高了 ACH 付款方式，我們正在引入借記卡作為收款方式，而不僅僅是虛擬卡。所以我認為，如果有什麼變化的話，那就是 2026 年的貨幣化率和這些一次性大額支出可能會略有上升。

Got it. That is helpful. And then maybe just thinking about '26 broadly, you've laid out some pretty interesting upside or optionality in corporate payments, whether it's from the Mastercard of just selling more. And then similarly on US vehicle payments, you were talking about the turnaround being there and being the sales increasing.

知道了。那很有幫助。然後，或許從更宏觀的角度來看，2026 年，你已經提出了企業支付方面一些非常有趣的優勢或選擇，無論是透過萬事達卡銷售更多產品。同樣地，關於美國汽車付款，你剛才提到情況正在好轉，銷量也在增長。

Lodging, it sounds like it's stabilized and likely heading better. So I guess I'm asking, where is the risk? And could that 9% to 11% growth actually look closer to 11% to 13% or something like that?

住宿方面，聽起來已經穩定下來，而且可能會好轉。所以我想問的是，風險在哪裡？9%到11%的成長率，實際上會不會更接近11%到13%甚至更高？

I think that's a super great follow-up. I guess the headline, the first comment is we just have a better business today. Like I just don't want people on the call to miss that sitting here in whatever November, like the business is just better. The two biggest businesses are growing and working and stuff. And so that would be the number one thing.

我覺得這是一個非常棒的後續報導。我想標題，或者說第一條評論，就是我們現在的生意更好了。我只是不想讓參加電話會議的人錯過這一點，即使到了十一月，公司的情況也會好轉。兩大企業都在發展壯大，一切正常。所以，這應該是最重要的事。

Across the areas, I'd say, again, the thing that probably has a chance to be better that would cause our number to get better if we got there would be in the corporate payment space. A bunch of these things that you called out like the Mastercard thing are new. We haven't actually booked a single sale yet, although we have a good pipeline.

總的來說，我認為，如果能夠改善企業支付領域，那麼該領域可能會有所改善，從而帶動我們的業績成長。你提到的很多事情，像是萬事達卡的事情，都是新出現的。雖然我們有很多潛在客戶，但實際上我們還沒有達成任何一筆交易。

So I'd say the goal of this call, since we're still early days is to not get over our skis to kind of give you guys a number of what we're seeing, what the business is running at and provide some assurance we think we can get that number and then come back in 90 days when we finished our work and be a bit more precise. But I think the main thing is we've gotten to the second half acceleration that we said we would despite the skeptics, and we like that.

所以我想說，由於現在還處於早期階段，這次電話會議的目標是不要操之過急，而是向大家提供一些我們目前看到的情況，以及業務的運行狀況，並保證我們認為可以達到這個數字，然後在90天后，當我們完成工作時，再回來提供更精確的信息。但我認為最重要的是，儘管有人持懷疑態度，但我們已經實現了我們之前所說的下半年加速成長的目標，我們對此感到滿意。

And we just don't want people to miss that the step off, when we give you 570 and 590, you're good at math, that's higher than 21. So I say it all the time in recurring businesses, if your exit rate is a lot better than your entry rate, you already have part of the next year baked. It's really in your exit rate. So yes, I'd say our confidence of the business performance is pretty good.

我們只是不想讓人們錯過這個關鍵時刻，當我們給你 570 和 590 時，說明你數學很好，這比 21 高。所以我常說，在需要持續經營的業務中，如果你的退出率遠高於進入率，那麼你已經穩賺不賠下一年的生意了。關鍵在於你的退出率。所以，是的，我認為我們對公司業績的信心相當不錯。

Rayna Kumar Oppenheimer.

雷娜·庫瑪·奧本海默。

This is Abigail on for Rayna. So just a quick question about corporate payments kind of going off of the team for tonight. So the accounts payables represents a major TAM for corporate payments, particularly with the investment in Avid. Could you talk a little bit more about the progress you're making in convincing companies to switch from older accounts payable methods like such as paper checks, et cetera? And then what are some of like your biggest roadblocks that the sales force is facing to unlock more of this TAM?

這裡是阿比蓋爾替雷娜報道。今晚我想問一個關於公司支付的簡單問題，這個問題暫時擱置在團隊討論中。因此，應付帳款代表了企業支付的一個主要潛在市場，尤其是在對 Avid 進行投資之後。您能否再詳細談談您在說服公司從紙本支票等舊的應付帳款方式轉向電子支付方面取得的進展？那麼，銷售團隊在挖掘更多潛在市場價值方面面臨的最大障礙有哪些呢？

And then how do you guys like convince the companies to make that switch?

那麼，你們是如何說服這些公司做出這種改變的呢？

Abigail, it's Ron. That's a pretty good question. I guess this offering of going to a midsized company that's got a lot of ADP, it's literally a proposal that's too good to be true. You show up, knock, knock, meet the CFO, the head of ADP and you tell them, hey, look, I can digitize and derisk paying your ADP and give you money back. So when you finish saying that, I think people look at you and like, what do you mean?

阿比蓋爾，我是羅恩。這確實是個好問題。我覺得這個去一家擁有大量 ADP 的中型公司工作的提議，簡直好得令人難以置信。你出現，敲門，見到財務長和 ADP 的負責人，然後告訴他們，嘿，聽著，我可以數位化並降低支付給 ADP 的風險，還能把錢退給你們。所以當你說完這些話之後，我覺得人們會看著你，心想，你這話是什麼意思？

Well, like, what do you mean? What do we mean? We can take over all the invoicing you have. We've got way more scale to do it. We've got ways to derisk the electronic transfer of things and because we can monetize some of them, we can actually give you money back.

那你到底是什麼意思？我們是什麼意思？我們可以接手您所有的發票處理工作。我們有更大的規模來做到這一點。我們有辦法降低電子轉帳的風險，而且因為我們可以將其中一些風險貨幣化，所以我們實際上可以退款給你。

So the pitch is super compelling. It's the inertia, I'd say, of getting in. So the close rate, the win rate is super high. If you can meet the CFO and the Head of ADP and tell them that we've got thousands of clients that we do this for, and it's pretty easy and you get money back and you transfer risk to us, it's a really super compelling pitch. The question is, can you get the meetings?

所以這個方案非常有吸引力。我認為，這是進入這個領域的慣性。所以成交率，也就是勝率，非常高。如果你能見到 ADP 的財務長和負責人，並告訴他們我們有成千上萬的客戶都在使用這項服務，而且這項服務非常簡單，客戶可以獲得資金回報，並將風險轉移給我們，那麼這將是一個極具說服力的推介。問題是，你能安排到這些會議嗎？

Can you get people to make time to listen to it? That would be the question mark. And I think the more common, I worked at ADP before starting this company and everybody knows about payroll outsourcing, and I think less people know about ADP automation and workflow and payment ADP outsourcing.

你能讓大家抽空聽嗎？那將是一個問號。而且我認為，在創辦這家公司之前，我曾在 ADP 工作，大家都知道薪資外包，但我認為很少人了解 ADP 自動化、工作流程和支付外包。

So I think as the category and the referenceability keeps getting wider that it will get easier. The world will be clear that this is a logical thing to do with non-payroll expense, right, which is almost half of a business' expense, right, payroll half and then this. So that's the bet that we have that as the clock keeps turning, more and more companies will become aware of the service.

所以我認為，隨著類別和參考範圍的不斷擴大，事情會變得越來越容易。世界將會清楚地認識到，對於非工資支出來說，這是合乎邏輯的做法，對吧？非工資支出幾乎佔企業支出的一半，對吧？薪資支出佔一半，然後就是這部分支出。所以我們相信，隨著時間的推移，越來越多的公司將會意識到這項服務。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Ron, I want to follow up on questions around the -- around the stablecoins. I really appreciate all the work you guys are doing to build an infrastructure there. You made interesting comments about where you may see some utility.

羅恩，我想跟進一些關於穩定幣的問題。我非常感謝你們為在那裡建設基礎設施所做的一切努力。你提出了一些很有趣的觀點，指出了哪些方面可能有用。

Just wondering if you can give more specific example. I think you mentioned you thought maybe there'd be some interest in things like after hours or weekend type transfers, et cetera. But have you seen any specific cases where, hey, that makes a lot of sense or at least you could imagine the kinds of transactions that you may be looking at?

請問您能否舉個更具體的例子？我想你曾經提到過，你認為人們可能會對下班後或週末之類的調車服務感興趣。但是，你有沒有看過一些具體的例子，在這些例子中，這樣做很有道理，或者至少你可以想像出你可能會遇到的交易類型？

Yeah, James, it's a good question. I'd say it's pretty quiet. I'd say that most of the activity is with the crypto digital assets guys themselves, right, that people like us going to Circle and Ripple to get some capabilities and then them suggesting that they could be clients of ours. I'd say that's what's real today. We're actually getting paid doing work here in November.

是的，詹姆斯，問得好。我覺得這裡很安靜。我認為大部分活動都發生在加密數位資產領域，對吧？像我們這樣的人去 Circle 和 Ripple 那裡獲取一些功能，然後他們表示可以成為我們的客戶。我認為這就是當今的真實情況。我們11月在這裡工作居然還能拿到薪水。

So on the other ones, I'd say, in terms of our flows and our deposits, I think there's not a lot of people standing up and shouting. I think as we make them more aware of what this after-hours utility case is, then we'll see would be my comment back. But I wouldn't say, again, among the major countries and major markets, which is where our flows are that we are hearing tons of people jumping up and down on it yet.

所以就其他方面而言，就我們的資金流動和存款而言，我認為並沒有很多人站出來大聲疾呼。我認為，當我們讓他們更了解這個下班後公用事業案件是什麼時，我們就會看到結果了，這就是我的回應。但是，我不會再說一遍，在我們的資金流動所在的主要國家和主要市場中，我們還沒有聽到很多人對此大肆慶祝。

But we're not waiting. We're just going to put the stuff in place and tell people about it and see if they find utility there.

但我們不能再等了。我們打算先把這些東西擺放好，然後告訴大家，看看他們是否覺得有用。

Got it. And maybe again, just following up on that 1 point, is that -- you mentioned the G20 and not seeing a lot of activity there. Can you just talk about like why that might be? Or what would change that? Because I have heard that from others saying, hey, this is going to be more an artifact for emerging market currencies, et cetera. But I guess I'd love to hear from your perspective, like if that's a permanent thing or just requires time and development.

知道了。還有一點，我想就您剛才提到的那一點繼續追問——您提到了 G20，但似乎沒有看到太多活動。你能說說為什麼會這樣嗎？或者什麼會改變這種情況？因為我聽其他人說過，嘿，這對新興市場貨幣來說更像是一種產物，等等。但我很想聽聽你的看法，例如這是否是永久性的，還是只是需要時間和發展。

Yeah. I mean I do think if you look at the current business, I think that, that is what's driving it, that the ability in these third world emerging countries, I think, is where the volume is. And I think the rest of the volume is really just crypto, like Bitcoin and stuff like that and us helping those guys return money in USD to investors.

是的。我的意思是，如果你看看目前的商業環境，我認為，這就是推動它發展的因素，這些第三世界新興國家的能力，我認為，才是業務量所在。我認為其餘的交易量其實都是加密貨幣，像是比特幣之類的，我們幫助這些人以美元的形式將資金回饋給投資者。

So I think the stablecoin among big businesses in these major markets is still just early days where they're trying to figure out what is the use case that's beneficial. It's not like the current system is broken, right, and it doesn't work like we move hundreds of billions of dollars. So I think it's more just time for -- I think when I talk to people, they don't even understand what this is, James, literally. Like when I go through, hey, this is what.

所以我認為，在這些主要市場的大型企業中，穩定幣仍處於早期階段，他們還在努力弄清楚哪些用例是有益的。目前的系統並沒有崩潰，對吧？而且它也不是用來處理數千億美元的資金流動的。所以我覺得現在更應該——我覺得當我跟別人談起這件事的時候，他們甚至都不理解這到底是什麼，詹姆斯，真的。就像我經歷的那樣，嘿，這就是。

So that's what I'd say is there's more people writing and talking about it, I think, than using it. And so I'd say, just give it some time, and we're going to tell clients about it and deposit holders about it, and we'll report back of what their interest is. But the main message I'm trying to give is we're getting ready. And we're going to try to get our clients, beneficiaries and deposit holders ready, and then we'll report back of whether they're going to transact or not.

所以我覺得，談論它、寫它的人比使用它的人還要多。所以我想說，請耐心等待一段時間，我們會將此事告知客戶和存款人，並報告他們的反應。但我最想傳達的訊息是，我們正在做好準備。我們將努力讓我們的客戶、受益人和存款人做好準備，然後我們會報告他們是否會進行交易。

Trevor Williams, Jefferies.

特雷弗威廉斯，傑富瑞集團。

I wanted to ask another on '26. So within the 9% to 11% organic growth, Ron, it sounded like not much different than what we're seeing this year or at least in the second half. For Corporate Payments, can you be more specific on what you're assuming for the fully loaded growth rate there?

我想問另一個關於26號的問題。羅恩，所以，在9%到11%的自然成長率範圍內，聽起來和我們今年或至少下半年看到的情況並沒有太大差異。對於企業支付業務，您能否更具體地說明您對全面成長率的假設？

And within that, how you're thinking about the puts and takes between float and then the revenue synergies from Alpha, if we can think about those 2 potentially netting each other out in fiscal '26?

在此背景下，您如何看待浮動收益和 Alpha 帶來的收入綜效之間的利弊？我們是否可以考慮這兩者在 2026 財政年度相互抵消？

Yes, Trevor, I think it's just too early days, which is why we're kind of giving a bit of a wide range like we're maybe halfway through the Alpha 2026 plan. I'm actually going there with our group next week to continue to work the thing and how hard we're going to press the synergies. We did mention the Mastercard thing, right? Again, we'll know more in 90 days as those appointments, the pipeline converts. We'll have a better view of whether that starts starting to convert.

是的，特雷弗，我認為現在下結論還為時過早，所以我們給出的範圍比較寬泛，例如我們可能只完成了 Alpha 2026 計劃的一半。下週我將和我們的團隊一起去那裡，繼續研究這個項目，以及我們將如何最大限度地發揮協同效應。我們之前提到過萬事達卡的事，對吧？再過 90 天，隨著這些預約和銷售管道的轉化，我們就會知道更多資訊了。我們將能更清楚地看到這種情況是否開始有所轉變。

So I'd say that we're kind of staying a bit broad with it. Obviously, we want to see what the interest rate curves are, what happens there, right, in the next 90 days with the employment vows -- cause that thing to keep coming down. So look, we're confident that, that segment is going to grow, and I think it's a function of what we're going to invest.

所以我覺得我們在這方面會採取比較廣泛的做法。顯然，我們想看看利率曲線如何，接下來的 90 天會發生什麼，對吧？就業承諾－導致利率持續下降。所以你看，我們有信心，這個領域將會成長，我認為這取決於我們將要投資多少。

If we get more money out of some of this AI stuff, we may put more sales and marketing spend into the business. So I just ask you to be patient, and we'll kind of give you the details of those three or four pieces when we talk next time.

如果我們能從人工智慧領域獲得更多收益，我們可能會增加對業務的銷售和行銷投入。所以請您耐心等待，下次見面的時候會詳細介紹這三、四件東西。

Okay. Fair enough. And then to piggyback on Alpha and the accretion, at least within the initial $0.50 when you had announced the deal, it seemed like there was a fair amount of conservatism embedded in that number. So maybe just within the accretion that you're baking in within the $0.75 in total with Avid, can you give us some more specifics on what the obvious easy early synergies are from Alpha and then maybe beyond that, what you -- at least today, what you feel confident in being able to realize eventually, but maybe you don't have it in the numbers, at least initially, that would be helpful.

好的。很公平。然後，藉著 Alpha 和增值，至少在你宣布交易時的最初 0.50 美元範圍內，這個數字似乎蘊含了相當多的保守主義。所以，或許就你從 Avid 獲得的 0.75 美元總收益中扣除的那部分，你能給我們一些關於 Alpha 早期顯而易見的協同效應的具體細節嗎？除此之外，你——至少目前——你覺得最終能夠實現的，但也許你還沒有具體的數字數據，至少在初期階段，這將很有幫助。

Yeah. I would say we've given the number in early days, we're highly -- I would say we're highly confident that we can get at least that number. And so I'd say a couple of things. One, that in this case, in the Alpha case, we have both kinds of synergies. We have both revenue synergies and expense synergies.

是的。我想說，我們在早期就給了這個數字，我們非常有信心——我想說，我們非常有信心至少能達到這個數字。所以我想說幾點。第一，在這種情況下，在 Alpha 案例中，我們同時擁有這兩種綜效。我們既有收入綜效，也有支出綜效。

In some of the other businesses, we've had more on the cost side. And then second, I'd say that half or more of the synergies are just -- they're free to us. They're just super easy to get like we have contracts where we get better rates on holding deposits than they do or they have accounts that use their product in geographies that they're not licensed in, but we are.

在其他一些業務中，我們在成本方面投入更多。其次，我認為一半甚至更多的綜效都是——對我們來說是免費的。他們很容易就能獲得這些服務，例如我們簽訂的合約規定，我們在存款方面可以獲得比他們更好的利率，或者他們的帳戶在他們沒有獲得許可的地區使用他們的產品，而我們卻獲得了許可。

Obviously, they have a public company cost structure that will be gone and stuff. So I'd say that half or more, Trevor, of the first cut of the synergies are just sitting on the tee for us, which enable us to pay the price. And the purpose of the next 90 days is really to work the other half to really see where can we take that number. And by the time we talk again, we'll have an answer for you. But it will be quite accretive.

顯然，他們現在擁有的上市公司成本結構將會消失等等。所以我覺得，特雷弗，第一階段產生的綜效中至少有一半或更多已經擺在我們面前，讓我們能夠付出代價。接下來 90 天的目的，就是努力完成剩下的 1/3 目標，看看我們能把這個數字提升到什麼程度。等我們下次見面的時候，就會有答案給你了。但這將帶來相當大的成長。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Good job. Capital return question, really getting back kind of to the last question. Is the $0.75, is that fully self-funding, meaning the profits are fully covering the interest expense of what you're borrowing and you can use all your cash flow to do capital return over the next year. Just want to make sure I understand that how the accretion was looked at.

好工作。資本回報問題，其實又回到了上一個問題。這 0.75 美元是否完全自籌資金，意味著利潤完全可以支付借款的利息支出，並且你可以利用所有現金流在下一年進行資本回報。我只是想確認一下我了解他們是如何看待吸積過程的。

Yes. Dave, the answer, yes.

是的。戴夫，答案是肯定的。

Good. And then just a quick follow-up -- go ahead.

好的。然後，再補充一句——請繼續。

I want to make sure you're clear, yes, just the way you said it, the answer is yes.

我想確認一下你的意思，是的，就像你剛才說的那樣，答案是肯定的。

Okay. I'm glad we're on the same page. A quick follow-up. Interest expense, Q4, $115 million, $120 million, something in that range, up just a tick next year per quarter just because we'll have a full quarter of the borrowing from -- since you're into the quarter already when you bought Alpha. But just -- is that the way to think about it using a little higher than $115 million to $120 million per quarter?

好的。很高興我們意見一致。快速跟進一下。第四季利息支出為 1.15 億美元至 1.2 億美元，大致在這個範圍內，明年每個季度只會略微增加一點，因為我們將有一個季度的借款——因為你在購買 Alpha 時已經進入了該季度。但是——如果每季預算略高於 1.15 億美元到 1.2 億美元，這種想法對嗎？

Peter, you got that one?

彼得，你明白了嗎？

Yes. I think it's a fair way to think about it.

是的。我認為這種思考方式很合理。

Ken Suchoski, Autonomous Research.

Ken Suchoski，自主研究。

Maybe just on US Vehicle, the acceleration there. I think you called out higher approval rates as one of the drivers. Can you just comment on what you're seeing in terms of new acquisition and where that's coming from? It sounds like you're comfortable with the credit trends that you're seeing if you're approving more customers there.

或許只是在美國車輛上，加速性能會受到影響。我認為你提到提高審批通過率是其中一個驅動因素。您能否談談您目前觀察到的新收購情況以及這些收購的來源？聽起來你對目前的信貸趨勢感到滿意，因為你批准的客戶數量正在增加。

Yes. Ken, it's Ron. That's right. The growth of that business, as I said, starts really with a complete change in the retention and same-store sales setup, which again makes it much easier to grow. But look, on the sales side, we have a bunch of elephants that we booked that created the second half acceleration.

是的。肯，我是羅恩。這是正確的。正如我所說，該業務的成長真正始於客戶留存和同店銷售模式的徹底改變，而這又使得成長變得更加容易。但你看，在銷售方面，我們預訂了一大批大客戶，這促成了下半年的加速成長。

We've obviously got some more in the pipeline. I think the focus, the pivot that we made from the micro digital world is just better credit quality. And so as we've kind of retweaked our models and we look at our losses and what our receivables look like, we're approving just higher amounts. So what we're selling, we're basically getting more into the revenue line. We also have some other kind of rate initiatives around the merchant side.

我們顯然還有一些項目正在籌備中。我認為我們從微型數位領域轉向的重點，就是提高信貸品質。因此，隨著我們對模型進行了一些調整，並審視了我們的損失和應收帳款情況，我們批准了更高的金額。所以，我們銷售的產品，基本上能為我們帶來更多收入。我們還有一些針對商家方面的其他費率優惠措施。

We have these big proprietary networks, including cardlock. So our tech now is -- enables us to move some of the volume that was on kind of lower interchange rails to higher. So we'll basically get some merchant rate enhancement by having some of our volume flow to different areas. So we've got a lot of things working.

我們擁有這些大型專有網絡，包括卡鎖網絡。所以我們現在的技術能夠將原本在較低階的轉乘軌道上的部分貨物轉移到更高階的轉乘軌道上。因此，透過將部分交易量轉移到其他地區，我們基本上可以獲得一些商家費率優惠。所以很多事情都進展順利。

The base is just more solid. We've made some big sales. The approval rate credit quality is better on new accounts. We're moving volume to higher interchange, things like there's three or four things that are making the thing work, and we think it's durable into next year.

底座更穩一些。我們達成了幾筆大筆交易。新帳戶的審批率和信用品質較好。我們正在將貨運量轉移到更高的互換性上，有三、四個因素促成了這件事的發生，我們認為它能持續到明年。

And then maybe just -- sorry, go ahead.

然後也許就——抱歉，請繼續。

You're breaking up a little.

你有點心碎了。

Sorry about that. Just on the margins for next year, I mean, lots of moving parts with acquisitions and efficiencies. Just how are you thinking about margins? I think I saw the comment on expecting incremental margin expansion from some initiatives.

抱歉。就明年而言，情況仍不明朗，因為收購和效率提升等許多因素都會影響最終結果。您是如何考慮利潤率的？我想我看到了關於預期某些舉措會帶來逐步利潤成長的評論。

Yes. As we mentioned, we've got some AI initiatives that are paying off well, some vendor rationalization initiatives, et cetera. So we do think there'll be incremental margin improvement next year, and we'll give more details on that when we get together in 90 days.

是的。正如我們所提到的，我們有一些人工智慧專案取得了良好的成效，還有一些供應商整合專案等等。因此，我們認為明年利潤率會逐步提高，我們將在 90 天後開會時提供更多細節。

Ken, it's Ron. I also think it's a function of what we decide to -- in that, I think I tell you guys, a big part of our growth planning is what we agreed to spend in sales and marketing.

肯，我是羅恩。我認為這取決於我們的決定——在這方面，我想我可以告訴你們，我們成長計畫的一個重要部分是我們同意在銷售和行銷方面投入多少資金。

So to Peter's point, that's going to be one of the calls we make is how much do we deliver in profitability in '26? And can we productively spend a bit more in some of the businesses to get it up and go in the forward year. So that's another call that we'll make. So I don't want to get again out over the skis. We may decide to spend some of that if we think we can get a good return on it.

所以正如彼得所說，我們將要做出的決定之一是，我們在 2026 年能實現多少盈利？我們能否在一些業務上增加一些投入，使其在未來一年順利發展？所以，這是我們接下來要打的另一通電話。所以我不想再滑雪出去了。如果我們認為我們能獲得好的回報，我們可能會決定花掉其中的一部分。

This does conclude our Q&A session, as well as the Corpay thirdquarter 2025 earnings conference call. Thank you for your participation, and you may disconnect at any time.

我們的問答環節到此結束，Corpay 2025 年第三季財報電話會議也到此結束。感謝您的參與，您可以隨時斷開連線。