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- **Record Q4 Performance**: $1.248B revenue (+21% YoY), $6.04 EPS, driven by cross-border and Alpha overperformance. Full year 2025 organic growth 10%, 4th year of 10%+ growth.
- **2026 Guidance**: $5.265B revenue (+16%), $26 EPS (+22%), fueled by 10% organic growth, Alpha/Avid accretion, and favorable macro.
- **Strategic Priorities**: Portfolio simplification, U.S. sales expansion, payables monetization, cross-border growth, and AI adoption.
- **Key Initiatives**: Alpha integration progressing, Mastercard FI channel pipeline building, Brazil non-toll revenue growing 20%+.

**【CEO Summary Section】**
- **Q4 2025 Results**: Revenue of $1.248 billion (+21% YoY), cash EPS of $6.04 (+13% YoY). Cross-border and Alpha overperformance drove results. Organic revenue growth of 11% for the quarter, with Corporate Payments (+16%) and Vehicle Payments (+10%) leading. New sales up 29% YoY, same-store sales +1%, and retention stable at 92%. Full year 2025 revenue $4.5 billion (+14%), cash EPS $21.38 (+12%).
- **2026 Guidance**: Midpoint of $5.265 billion revenue (+16% YoY) and $26 cash EPS (+22% YoY). Drivers include 10% organic growth, Alpha/Avid accretion ($1 EPS), and favorable macro (FX, lower SOFR, stable tax rate). Key priorities: portfolio simplification, U.S. sales expansion, payables monetization, cross-border growth, and AI implementation.
- **Strategic Moves**: Acquired Alpha ($300M+ revenue contribution), Avid, and Brazil vehicle debt company. Divesting PayByPhone ($100M 2026 revenue) to simplify portfolio.

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: GAAP revenue +21% YoY, adjusted EPS $6.04 (+1% YoY). Corporate Payments grew 16% organically, offsetting 200bps float drag. Cross-border and Alpha integration progressing well. Vehicle Payments +10% organically across U.S., Europe, and Brazil. Lodging flat YoY due to FEMA drag.
- **2026 Outlook**: Organic growth 10% (mid-teens for Corporate Payments, high single-digits for Vehicle Payments). Adjusted EPS $26 (+22% YoY). Expense rationalization to save $75M, with $50M executed. Margins expected to expand sequentially due to fixed cost base and revenue growth. Interest expense $370-400M, flat tax rate 25%-27%.
- **Balance Sheet**: $7.7B debt, $1.5B share buyback authorization. Free cash flow used for debt reduction and M&A.

**【Q&A Highlights】**
- **Corporate Payments Growth**: Mid-teens 2026 driven by Alpha integration, new monetization options (e-checks, instant payments), and payables expansion. First joint Mastercard sale logged, pipeline building in Europe.
- **Vehicle Payments**: U.S. sales improving with stable retention. Brazil non-toll revenue growing 20%+ via credit card and debt products. Europe and Latin America performing well.
- **Lodging Recovery**: Low single-digit 2026 growth as new sales ramp. Stable retention and margin contribution despite slow demand.
- **AI Implementation**: Piloting conversational AI in client UIs, reducing lodging agent costs, and accelerating merchant matching.
- **Divestitures**: Expected to close 2 additional vehicle payments divestitures ($1-1.3B proceeds) to buy back shares and simplify portfolio.

Corpay, Inc. (CPAY) Q4 2025 Earnings Call Transcript

- **Q3 Beat**: Revenue $1.172B (+14% YoY), EPS $5.70 (+14% YoY). Corporate Payments up 17% organically, spend volume +38%.
- **Q4 Guidance**: $1.235B revenue (+19% YoY), EPS $5.90 (+10% YoY). Full year 2025 EPS >$21.
- **Strategic Wins**: Alpha and Avid acquisitions to add $0.75 EPS in 2026. Stablecoin partnerships with Circle and Mastercard to enable 24/7 payouts.
- **Growth Drivers**: Vehicle Payments (10% organic), Corporate Payments (mid-teens), and gift card business (23% growth).

**【CEO Summary Section】**
- **Q3 Results**: Revenue grew 14% YoY to $1.172 billion, with 11% organic growth. Adjusted EPS of $5.70 beat expectations, up 14% YoY. Corporate Payments segment grew 17% organically, driven by spend volume growth of 38%.
- **Q4 Outlook**: Revenue of $1.235 billion (19% YoY growth) and EPS of $5.90 (10% YoY growth). Organic growth expected at 10%, with Corporate Payments in mid-teens (3% float headwind). Full year 2025 revenue to exceed $4.5 billion, EPS above $21.
- **2026 Setup**: Organic growth of 9-11%, with $0.75 EPS accretion from Alpha and Avid deals. AI productivity and vendor rationalization to drive margin expansion. Stablecoin initiatives and Mastercard partnership to add incremental growth.
- **Strategic Initiatives**: Completed Alpha (European cross-border) and Avid (mid-market AP automation) acquisitions. Stablecoin partnerships with Circle and Mastercard to enable 24/7 payouts and digital wallets. Divesting two International Vehicle businesses to focus on core growth.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income $420 million, Non-GAAP EPS $5.70 (14% YoY). Operating expenses $649 million (16% YoY growth), driven by acquisitions and FX. Adjusted EBITDA margin 57.7%, stable despite higher tax rate (26.6%).
- **Segment Performance**: Vehicle Payments (10% organic growth), Corporate Payments (17% organic), Lodging (-5% due to FEMA drag), and Other (23% growth from gift cards). Cross-border spend volume $68 billion, up 57% YoY.
- **Balance Sheet**: Liquidity $3.5 billion, leverage 2.4x. Upsized debt facilities ($2.775 billion revolver, $900 million Term Loan B) to fund M&A. Share buybacks of $192 million in Q3, $1 billion remaining authorization.

**【Q&A Highlights】**
- **Corporate Payments Growth**: Core business expected at 16-17% (mid-teens with float headwind). Alpha adds $55 million Q4 revenue, Avid contributes $0.50 EPS accretion. Synergies from Paymerang and AI initiatives to drive margin expansion.
- **Stablecoin Progress**: Partnering with Circle and Mastercard to enable stablecoin wallets for beneficiaries and institutional clients. Testing after-hours transfers and crypto asset repatriation, with early interest from digital asset firms.
- **Risks and Opportunities**: Lodging stabilizing but still weak. Gift card business benefiting from fraud-proof packaging and new client wins. Vehicle Payments improved retention and approval rates, with 5% U.S. growth in Q3.
- **Capital Allocation**: $0.75 EPS accretion from M&A self-funding. Focus on share buybacks and strategic acquisitions, with $1.5 billion potential from divestitures.


Corpay, Inc. (CPAY) Q3 2025 Earnings Call Transcript

- **Q2 revenue beat**: $1.102B (13% YoY), cash EPS $5.13 (13% YoY). 
- **Segment standout**: Corporate Payments +18% organic, Vehicle Payments +9% organic. 
- **Strategic momentum**: 30%+ bookings growth streak, $1B+ MCA deposits. 
- **M&A acceleration**: Alpha ($2.2B EV, +$0.50 EPS 2026), $1.5B+ divestiture target. 
- **H2 outlook**: Vehicle Payments +10% organic, Lodging flat, EBITDA stable.

**【CEO Summary Section】**
- Q2 2025 revenue: $1.102 billion (13% YoY), cash EPS: $5.13 (13% YoY). Organic revenue growth: 11% (2% sequential improvement). 
- Segment performance: 
  - Vehicle Payments: 9% organic growth (U.S. +mid-single digits). 
  - Corporate Payments: 18% organic growth (Payables & cross-border). 
  - Lodging: -2% organic (weaker emergency services). 
- 2025 guidance: Full year revenue $4.445 billion (12% growth), cash EPS $21.06. 
- Strategic priorities: 
  - Portfolio simplification (40%+ of $2B Corporate Payments by 2026). 
  - Sales momentum (30%+ bookings growth Q4 2024-Q2 2025). 
  - New products (MCA multicurrency account: 10,000+ accounts, $1B deposits). 
- M&A updates: 
  - Alpha acquisition ($2.2B EV, +$0.50 EPS 2026). 
  - Noncore divestitures ($1.5B+ net proceeds target). 

**【CFO Financial Commentary】**
- Q2 financial highlights: 
  - Adjusted EBITDA margin: 56.3% (stable vs. prior year). 
  - Operating expenses: $623M (15% YoY, 9% ex-M&A). 
  - Tax rate: 27.7% (Pillar 2 impact). 
- Balance sheet: 
  - Cash & revolver: $3.5B+ (leverage 2.53x). 
  - Share buybacks: $32M (Q2). 
- 2025 outlook: 
  - Q3 print revenue: $1.165B (13% YoY). 
  - Full year adj. EPS: $21.06 (11% growth). 

**【Q&A Highlights】**
- **Corporate Payments growth**: 
  - High-teens organic growth driven by enterprise clients ($1B+ spend in July). 
  - Cross-border sales record high (offsetting North America softness). 
- **Vehicle Payments acceleration**: 
  - 10% organic growth expected in H2 (U.S. +mid-single digits). 
  - Brazil card debt business: 50%+ YoY growth. 
- **Lodging challenges**: 
  - 2% organic decline due to emergency services weakness. 
  - No improvement expected in H2. 
- **M&A strategy**: 
  - Focused on fewer, larger deals (Alpha, Mastercard partnerships). 
  - Divestitures targeting $1.5B+ net proceeds. 
- **Stablecoin opportunities**: 
  - 24/7 rails for cross-border (2%+ of total spend). 
  - Digital asset partnerships (Circle, Ripple on/off-ramps).

Corpay, Inc. (CPAY) Q2 2025 Earnings Call Transcript

- **Q1 Strong Performance**: 8% revenue growth, 10% EPS increase, 9% organic growth.
- **Full-Year Guidance Maintained**: $4.0-4.2B revenue, $21 EPS (midpoint), reflecting Gringo acquisition.
- **Strategic Deals**: $300M Mastercard partnership for Cross-Border expansion; $500M Avid investment for payables scale.
- **Key Growth Drivers**: Corporate Payments (19% organic), US sales pipeline growth, UK payables launch.

**【CEO Opening Remarks】**
- Q1 2025 revenue: $1.6 billion (8% YoY), cash EPS: $4.51 (10% YoY). Organic revenue growth: 9% overall, 19% in Corporate Payments, 8% in Vehicle Payments.
- Full-year 2025 guidance: $4.0-4.2 billion revenue, $21 cash EPS (midpoint). Includes Gringo acquisition impact.
- M&A updates: $300M Mastercard partnership for Cross-Border unit valuation >$10B; $500M Avid investment for B2B payables expansion.
- 2025 priorities: corporate payments growth, US sales acceleration, payables product launch in UK, cross-border institutional client expansion.

**【CFO Financial Details】**
- Q1 GAAP net income: $420M; Non-GAAP EPS: $1.08 (exceeds expectations). Adjusted EBITDA margin: 55.2% (flat YoY).
- Operating expenses: $579M (8% YoY), driven by transaction volumes and sales investments.
- Balance sheet: $2.5B+ cash and revolver availability; leverage ratio: 2.69x.
- Q2 outlook: 12-14% print revenue growth, 11-13% cash EPS growth; organic growth 12% (constant macro basis).

Corpay, Inc. (CPAY) Q1 2025 Earnings Call Transcript

- **Q4 Revenue Beat**: $1.034B (+10% YoY), organic growth 12% driven by Corporate Payments (+26%) and Cross-Border (+20%).
- **2025 Guidance**: $4.4B revenue (+11%), $21 EPS (+11%), despite $100M macro drag. Focus on Corporate Payments expansion and MCA product launch.
- **Brazil Growth**: Vehicle Payments toll +9% YoY, Gringo adds 5M users targeting 3x larger car debt market.
- **Payables Breakthrough**: First enterprise win with spend equal to Paymerang acquisition, unlocking $1B+ TAM.
- **Lodging Recovery**: Same-store sales flat, sales pipeline improving with 25% off workforce housing offer.

**【CEO Summary Section】**
- **Q4 2024 Performance**: Revenue of $1.034 billion (+10% YoY), cash EPS of $5.36 (+21% YoY). Organic revenue growth accelerated to 12%, driven by Corporate Payments (+26% YoY) and Cross-Border (+20% YoY). Same-store sales turned positive at +1% vs. -3% in Q4 2023.
- **2024 Full Year Highlights**: Cash EPS of $19 (+16% YoY excluding Russia). Acquired Paymerang and GPS, integrating $0.50 of cash EPS accretion in 2025. Vehicle Payments in Brazil saw toll revenue +9% YoY and insurance policies sold at 300,000 in Q4.
- **2025 Guidance**: Mid-point of $4.4 billion revenue (+11% YoY) and $21 cash EPS (+11% YoY). Organic revenue growth of 11%, with macro headwinds compressing print revenue by $100 million and EPS by $1.20. Key priorities: deepen Corporate Payments, expand USA sales, upmarket Payables to Enterprise, and launch Multi-Currency Account (MCA) in Cross-Border.
- **M&A Update**: Gringo acquisition adds 5 million monthly active users in Brazil, targeting car debt market 3x larger than tolls. Pipeline remains active for Corporate Payments expansion.

**【CFO Financial Commentary】**
- **Q4 2024 Financials**: Adjusted EBITDA margin of 55.2% (+100bps YoY). Operating expenses up 6% YoY, driven by transaction and sales growth. Bad debt expense stable at $22 million (4bps of spend). Effective tax rate 36.4% due to one-time items, normalized to 21%.
- **2025 Outlook**: Print revenue growth 10-12%, cash EPS growth 10-12%. Net interest expense $350-380 million, tax rate 25.5-26.5%. Free cash flow of $1.5 billion to deploy for M&A or buybacks. Segment growth: Corporate Payments (+20s% print, +10s% organic), Vehicle Payments (+low-single print, +high-single organic), Lodging (+low-single print, +organic recovery).
- **Q1 2025 Guidance**: Print revenue +7-9%, organic +8-10%, cash EPS +9-11%. Normalized growth (constant macro) at 13% revenue and 17% EPS YoY.

**【Q&A Key Highlights】**
- **Vehicle Payments Growth**: Brazil leads with 9% toll growth and 130% insurance revenue. Gringo adds 5 million users, targeting car debt market. U.S. Vehicle Payments sales +60% Q4, driven by new corporate client.
- **Cross-Border Expansion**: MCA product launched in Q4, enabling multi-currency deposits. First enterprise win in Payables, with potential to unlock $1 billion+ TAM.
- **Lodging Recovery**: Same-store sales flat in Q4 vs. -3% YoY. FEMA activation (hurricanes, wildfires) compresses yields but supports disaster response. Digital sales pipeline improving.
- **Margin Outlook**: 2025 print margins flat due to macro, but core business margins expand as Lodging and Vehicle Payments improve. Synergies from GPS and Paymerang offset lower-margin M&A.

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