Thanks everybody for joining. My name's Tien-tsin Huang. I follow the payments and IT services sector at J.P. Morgan. Really excited to have Corpay back, Peter Walker, CFO. My first time having him at the conference, so super excited to have him here. Thank you for being here.
Great to be here with you.
We'll do a fireside chat. I put together a bunch of questions. I think if there are any questions in the portal or from the audience, we'll take those as well. Again, appreciate the time. I thought we'd just start, if that's okay, Peter, with the obligatory macro question and what you're seeing on the ground. How healthy are SMBs? What are you seeing in terms of activity? Maybe start with that, if that's okay.
Yeah, happy to. Maybe talk about it in two ways. One, you know, fundamentals in the business and then what we're seeing in the overall macro environment.
Perfect.
The fundamental business trends are strong. We reported 11% organic growth for the quarter. It's our fourth consecutive quarter of 11% organic growth, you know, really thrilled about that. We actually came out of the gate stronger than we expected, as we expected originally for a lower organic growth for the quarter. Revenue retention is 93.5% now including cross-border, also really strong, and 24% sales growth year-over-year. We are really set up well at the beginning of the year. As you know from the call, we raised our revenue and adjusted EPS guidance for the full year. From a macro environment, you know, the world is on our side right now. I would say that higher fuel prices in the U.S. are helpful to the business.
While it's rather a small part of our business today, it's still helpful. The weaker U.S. dollar is obviously helpful for us given we're such a global company and the FX rates related to that. Just in general, I'd say, you know, volatility in FX is helpful for our business in our cross-border business, which I know you joined our teach-in last week.
That's right.
learned a little bit more about that.
Yeah. I'm sure we'll dig in on that. Just quickly, just to get it out the way, I know people ask me to ask you, just the sensitivity to higher fuel prices. I know diesel is all over the place relative to regular unleaded, just quickly walk us through the sensitivity there.
Yeah, I'd say, just a reminder, right, in the U.S., our USVP business is about 10% of our total revenue of $5.3 billion.
Right.
I'd say, higher fuel prices are helpful for the business, but it's not a, you know, needle-moving impact on the overall business. Higher fuel prices for a longer period of time are helpful for the profitability of the business because typically, prices remain higher longer, which means there's a spread component on the back end.
Beyond fuel, thinking about just the signals out there, watching the macro, anything else, Peter, that you pay attention to? Especially with you know, joining the firm, what have you found to be helpful?
I'd say, you know, we track a bunch of KPIs across the different businesses. Obviously, having 50% of our revenues overseas, we're really attuned into what's happening on a macro basis. It's super helpful that our largest and most profitable business is cross-border, which is in the business of managing risk for other CFOs. Mark's a great partner to Ron and I in terms of input and really tracking what's happening macro. As I said, you know, right now we feel like we're set up really well for the rest of the year.
No, it sounds that way. It definitely came across from the call and even on the teach-in recently. Before we get into the business, just a couple more on the headline result. There was over performance. You said the majority of it, two-thirds of it was not macro-related. What's coming in better than expected? What's driving the step up in financial performance, if you were to summarize it?
Yeah. I mean, the great thing which we all hope for is we just got off to a faster start with a lot of our initiatives this year.
Okay
which was super helpful. If you look across the segments, we had over performance in all four of the businesses, especially over performance in Corporate Payments, which is obviously, you know, the crown jewel and what we're moving towards as a total enterprise. Really pleased with the trends. Two-thirds really came bit from business fundamentals, and then as we talked about, the world is just being helpful to us right now. Benefit from exchange rates and benefit from fuel prices.
Right. Pretty broad base, but definitely a big help from corporate payments. Let's talk about that you're pivoting more into corporate payments. You've done a great job of remixing there. I think you're ahead of schedule in getting that to 40% of revenue, which is great. Why is mid-teens plus the right target for growth? That's the most common question I get from investors. How do you benchmark that?
Yeah. We, we worked really hard in terms of doing our first teach-in last week on cross-border, and I think one of the themes in that cross-border teach-in, and it's holistic to corporate payments, is, you know, our competition in this space is regional banks. Call it tier 2 through 4 regional banks.
Right
in all of corporate payments. Our competition is not the other fintechs that are, you know, relatively small compared to us in these spaces, especially within cross-border. I wouldn't say not that there's not competition, but there is room for all of us because there's an underserved market by these banks that we can look to serve. I'd say this is about, you know, gaining share. We've just had incredible success in being able to do that.
Good. Good. Lot of ways to follow up on that. The standout for me was that you've got very high retention, upper 90s.
Yep.
You've had a pretty consistent track record of reproducing the 20% of new sales growth or bookings or whatever you wanna call it, replenishing the backlog and the pipeline. How sustainable is that? Where are you driving or sourcing that new revenue?
Yeah, maybe we'll start with retention quickly, right?
Yeah.
97% retention. Wallet share gains is a large part of that retention. Important to think about in the cross-border business, when we think about international payments and then we think about risk management contracts, they're really peanut butter and jelly. A client who's doing international payments is also very interested in a company that has those capabilities. It allows us to compete, in a different way than others. That's really what's helping us grow, the wallet share. In addition to that, right, we're really focused on growing our global bank account product. Overall, feel really good about the retention side. You go to the new sales side. The same thing runs true.
When we're going into a new client and, those are purely new sales that we're including in that, you know, call it 20%+ .
Sure
What they're interested in is that we've got this fulsome suite of three products to offer and they all go together really, really well. Again, here we've sized the TAM at about $160 billion in terms of what we can serve in that, you know, call it, you know, tier two through tier four bank market. We have less than 1% of it. The ability for us to grow is really about capturing additional share. As you know, we've talked about our partnership with Mastercard, which we're excited about. What that partnership allows us to do is to take these capabilities and actually sell them into the tier two through four banks and allow them to have the same capabilities. They can white label them if they want, really resell that product where today they're not very successful, right?
It's not only about going after the clients directly, but we also have the ability to sell in, into those banks, tier two through four, and have them resell the product.
Peter, in lay terms, just tell us, like, your ideal client that's consuming everything, that's got high wallet share. What does that look like? Can you give us a real world example of what a customer might look like there?
Yeah. You know, it's interesting within the cross-border space because I think all of us here in the U.S., we don't deal with foreign currency very often.
Right, right.
I think it does become a kind of, "Oh, what is this?" I would refer the audience to the teach-in that we put out.
For sure.
last week because the goal there was to be super transparent. What we used as an example in there is we used a middle market company based in the U.K. who is then looking to open up offshore operations in different countries, right? Kind of the first use case that you start with that middle market company is they're gonna have employees in a different country, and they're gonna have vendors in a different country. The natural place that we really start with that type of a client is, you know, how do we help them create their FX program and get those vendors paid? What then they typically understand is, "Oh, there's risk in international payments. How do I manage that risk?
Corpay, can you be helpful to us, in terms of managing that risk?" That's how the relationship starts, I'd say, with a lot of our corporate clients. If we move over to our private capital market clients, which is really the base that we bought when we bought Alpha, think of this as Bain Capital, right, or a PE firm.
We typically start with them when they're looking at a transaction, and they're looking at a transaction in an international country, and they need to open up a bank account. By the way, with a tier two through four bank, it takes four to six months to open up a bank account. I don't know if you've worked for private equity. I have.
You have, mm-hmm.
That's an eternity in private equity time, right?
Yeah.
Our ability to open that account within, you know, call it one week is, you know, satisfies their need. Once we have them on, their thought is, "Oh, how do you protect the volatility of this payment that I'm gonna transfer," right? That leads to growing wallet share. I'd say both corporates and private, uh, markets, and then I talked about financial institutions, those are three of the four segments in cross-border, and in addition to that is digital currency. Hopefully that gives a little bit of a view of how a client works there.
I think I do encourage folks to listen to it. I think it was very helpful to think about the plumbing, but I thought the important takeaway, and I, you know, it's hard to fathom it, but the idea that the actual money movement part is not where the value is. That's not how you get monetized. I think there's a lot of fear, right, with stablecoins and how that's gonna, you know, lower the cost of money movement and the rail. I think that gets too much play relative to the other services around that. Can you just give a 30-second, you know, summary of that if I'm articulating that right?
Yeah, happy to. I mean, innovation is always exciting, right? I think, you know, investors' role is to always be looking at innovation, saying, "How is it gonna change the market?" What we really wanted to do in the teach-in was kind of, you know, help further educate. I think, Tien-tsin, the best point I can lean on is over 85% of our revenue is in G20 currencies.
Right.
Those G20 currencies are super liquid.
Yep.
They're nearly instant, there's a pretty thin spread there, right? These are sophisticated markets, so there's not disruption to be had in terms of the rail, so to speak, or really in terms of the margin. That's kind of the first thing that I would lay out. The second thing that I would lay out is running, you know, what we believe is the largest cross-border business outside the banking system takes many more capabilities than the rails. The rails is just one component. One, you've gotta have a great customer acquisition engine. Two, you've gotta have liquidity across the world. We're now in a place today that we can net over 60% of our trades-
Right
which is super important. The technology that we have and the licensing framework. We've been investing in this for, call it, you know, 20+ years. The idea of somebody catching up to us at the rate we're growing, I think that's gonna be difficult. Lastly, I would just say, hey, blockchain and stablecoin, we think they're really interesting. Use case here is the 24/7 settlement, right. The after banking hour settlement.
Right.
We're really leaning in, you know, ironically, you know, JPM has built the Kinexys product.
Right.
We're really enthusiastic about it because it is using the blockchain, it is a tokenized currency, but it's not a stablecoin, and it's easier for people to use because they don't have to go on-chain and off-chain. It's a less difficult process of doing that, and the idea of, you know, foreign currency exchange still exists in that product. We actually think that the uptake of banks, who've always been the leaders of top-tier banks in money movement, in the blockchain and tokenized currency, that's gonna be the real winner versus stablecoin.
How does Alpha fit the acquisition?
You mean in totality?
Yeah.
Yeah, Alpha really two pieces to the business, right? They had the private capital markets business.
Yeah
They had the corporate payments business. The private capital markets business brought with it about $3 billion in deposits in global bank accounts, really, focused at asset managers and, as I described, kind of the Bain Capital example. What we're super excited about there is Alpha was licensed in the U.K. and in continental Europe. We have license in Australia, and we have license in the U.S. Big picture in terms of synergies, that's a huge opportunity for us. I'd say there's also a whole other list of taking a company the size of Alpha and adding it to the company our scale that we get benefits out of.
What I'd say in terms of synergies is back half of this year, as we have showed in our guidance, there's an uptick, and that's because we'll see those synergies come on board, and we expect, you know, an even a bigger impact as we go into 2027.
Right. Just by exposing it and getting that geo expansion, I think naturally creates those synergies.
That's correct, and the great thing is, you know, the global teams are already working together, so we got that figured out really quick. Ended the year strong in cross-border out of it. As we shared on the call, we moved about 15% of their business to our one global platform.
Right
within cross-border, and through midsummer, we'll move the rest of it. This is, you know, we're a serial acquirer here, so these aren't new things for us in terms of, how do we get the synergies out as soon as possible.
The deals have been good. Let's stay on that. I think you and Ron Clarke have said that the pipeline is really strong and active on the corporate payments front. It feels like it's imminent. Can we assume that they have similar criteria or, you know, common features to what we've seen in past deals, or could these be different?
I think you should assume they would look similar to past deals, right? I mean, Alpha was a very large deal for us.
It was.
Second in the company history.
It was.
I'm not sure we've got something that big in the near time.
Okay
near term. Hey, we are an acquirer of choice, right? People reach out to us all the time with different ideas, whether that's large businesses or whether that's innovations we can buy and enhance our products, et cetera. You know, our, you know, open sign is on in terms of M&A and deals.
Okay. Yeah, I think sometimes we under appreciate that, right? Corpay is a destination of choice for a lot of targets to join. No, we're definitely excited about it. Anything else on corporate payments I didn't ask before we move on?
I also, you know, we didn't talk about our payables business.
Sure, yeah.
I would just say, again, a lot of white space there for us to compete within the payables business. There's really two products in there. One is our spend management product, and the other is our AP automation product. Those businesses continue to perform well, and the organic growth rate for corporate payments in totality from payables and cross-border was quite strong in Q1 as we talked about.
Yeah. I've been seeing a lot of ads from people forwarding to or texting me let's spend management.
Yes.
It sounds like Corpay's been pretty active on that, on that front. Okay, before we open up for questions, I just want to hit a few more. Just on the vehicle payment side, if you don't mind, Peter, just, you know, you're back to double-digit growth. You've got three major geos there. Any surprises, anything to consider as we move into the second quarter in the back half across the three geos?
No surprises. I'd say everything is performing as expected. Brazil, much higher growth.
Right.
You know, call it mid-to-high teens. If we move over to Europe and rest of world, you know, super consistent delivering, call it 9%-10%. USVP delivered 5% in Q1. Everything really tracking our expectations there.
I know you've cleaned up the down market within the U.S., so not as much exposure to very small businesses. The credit performance has generally been good. We get this question quite a bit. Is the credit performance, some of the delinquency, signals out there, how do you see that?
We manage it very tightly. To your point, we've really moved out of the micro SMB.
Right
which cuts it off at the heels from that perspective. You know, typically, when the fuel business grows, which there is some impact of growth obviously from what's happening in the macro, we've watched credit even more carefully, right?
With this macro 'cause you all of a sudden have companies who are running a fleet of 20 that didn't think they needed a program, and they need a program now. I'd say the good thing is it enhances revenue, but it ensures that we're running, you know, our credit processes so we don't upsize our credit risk.
Okay. Then on Brazil, you mentioned mid-teens plus on that. What's the growth algo there? I know non-toll has been an important, you know, driver for the company, or at least an important strategy for.
Yeah
for the company. Where is that in the growth algorithm?
Yeah, I think what's really impressive there is, you know, over 40% of the revenue is coming from non-toll.
Right.
What we've built is, you know, really the best network in the country related to an individual's vehicle. Through that network, and the Super App as we call it.
They're able to buy toll, parking, insurance, vehicle debt, really diversified the offering. I'd say, you know, toll continues to perform well, but we're seeing a lot of growth around the additional products that we're offering. We did two vehicle debt deals in, like, the last two years, we're really the primary owner of that business in Brazil, and it continues to perform really well for us.
How do you see that mix changing then, Peter, between toll and non-toll?
Yeah, it's a good question. You know, I would say that the non-toll will continue to be a bigger part.
Sure
of Brazil going forward.
Okay. I know that a divestiture has been talked about there for some time. I know fitness is always a question and I know there's a mix towards corporate payments, but what qualifications What qualifies a company to be potentially, or piece of the business to be potentially divested within Corpay?
specifically with the vehicle payments?
Yeah. I'd say, you know, Corpay's had a great long history in M&A, right? 125 acquisitions over the last 25 years. That was, you know, really focused on high-performing payments business with great growth rates and great profitability. There's obviously the transition call two years ago into corporate payments where we realized some of those businesses, like PayByPhone, we'll use as an example, that we recently sold. It's a great business, terrific growth rate, profitable company.
We felt that it was TAM constrained in order to be able to grow it. That's really what we're focused on is when we look at vehicle payments, which of the pay businesses and, you know, other businesses outside of corporate payments, which of the businesses are TAM constrained, and which of them can we not scale, right? As now we're a $5 billion+ revenue company, the strategy for who we want to be is just very different. Kind of where I started out, the TAMs are so attractive in corporate payments that if we can, you know, reinvest the capital, let's say, in buying back shares of Corpay, we generate so much cash per year, almost $2 billion a year, my ability to do M&A and corporate payments is quite high.
Yeah. Okay. Let's open it up here in a second, but you mentioned it there. You know, I think Ron Clarke, CEO, said that he's, he'd be tempted to buy back half the company given how cheap the stock is today. In the same breath, he's also talking about wanting to do deals, which has been a superpower for the company. As the CFO, Peter , how do you balance those two things?
Well, you know, just going back to being CFO of a company where this year we're up $2 billion in free cash flow.
I have a lot of optionality.
Sure.
If you look at kind of, and we published this chart in the earnings deck at the end of the year, if you look over the past eight years and kind of the split between buybacks and M&A, it was about $15.5 billion we spent, and it was almost 50/50, a little bit more weighted towards buyback. You know, it's always a thought of, you know, what is the most opportunistic thing for the company? Given we're so undervalued, buybacks are really attractive.
We're just about, and we'll announce it later this week, I just refinanced all of the debt of the company. Through the process of refinancing in November related to the Alpha acquisition and this financing process, we are just an incredibly attractive company to the credit market because of our free cash flow dynamics and our growth dynamics. When you look at the free cash flow of the company and the ability for us to continue to take leverage, by the way, not above 3x, which is our, you know, stated guidance.
It puts us in a place of saying, "Hey, if we continue to sit at what we believe is a very depressed stock price, we'll just continue to buy back shares." That's how we'll create valuation for our shareholders, and at the same time, we'll be able to do M&A. If you look kind of at the past, what we did with that $15.5 billion, you know, what can we do with it in the future, that's where Ron was focused on.
Good. Questions. Happy to take questions from the portal or from folks in the room. Otherwise, I can keep going. Yep. Got a couple.
Morning, everyone in the room. Just on deals, you've talked about doing 125 in the last 20 odd years. I'm just curious to know, going forward, how do you frame internal rate of return when you acquire something?
Did you hear that?
I think, how do you frame IRR on deals? Did I hear that right?
Yes. That.
Yeah.
Yeah. You know, we've not specifically disclosed kind of what our framework is around that, but I'd say if we look at the history of our deals, the IRR has been extremely high, and so our expectations would be to continue to produce that.
Would 20% be-
I can't hear you without a microphone.
Oh. Would 20% be a ballpark figure or is that too low?
Like-
A 20% IRR threshold.
20% IRR.
Is that too low, too high?
I'd say it's, you know, that would be at the minimum.
Okay. Thank you.
Yeah. Makes sense. Thanks for the question. Anyone else? Otherwise, I can keep going. Oh, yeah, Brendan.
Yeah. I'll follow up on a little different deal question. Thanks for doing this, Peter. Like, given all the noise that you all have had to address in as it relates to cross-border business with Stablecoin, I know some of the assets like yourself in the public markets are trading lower. What can you share about target company expectations or rationality about valuations? How rational are sellers at the moment given, you know, obviously the benchmark of Corpay stock is pretty attractive?
Yeah. It's a pretty good question. I would say in the market, I mean, I often hear this and it always makes me wanna cry, people always say to me, "Hey, you're a great house in a really bad neighborhood," whenever I ask about, you know, how we're trading and the stock price. I think what that means is that, you know, deals are available at pretty attractive prices right now. I don't think investors truly appreciate cross-border. We're hoping that we helped with that last week in the stablecoin risk. I'd say there's a lot of things out there that are pretty attractive. On the same hand, as we just talked about, we're also in the divestiture business right now.
That's always the debate on the divestiture side is we'd probably like to move a little quicker there. Again, those multiples are kinda pulled down by what it looks like across the overall market.
Anyone else? I wanted to ask about incremental margins?
Yeah
if that's all right, especially with the mix shift going on and you're moving more into corporate payments. I think Corpay has the third-highest margins in our whole coverage behind Visa and Mastercard, which I think is underappreciated, but also creates a high bar.
Yeah. Yeah
around margins. As you see this evolving net of divestitures, can we still see accretive incremental margins, or is that too much?
Adjusted EBIT margin runs about 55%. This year we're slightly down from last year. That's mostly driven by Alpha, right? Bringing them on as is versus, you know, getting through the synergy process. When we talk about 2027, we should be able to talk about some margin expansion into 2027. I think the important thing to think about here, Tien-tsin, is, you know, we run a really attractive margin, but we also are 10% plus organic growth rate company. I've gotta fund the growth. Finding that mix is really important.
I'd say, you know, for getting out kind of long term, like three to five years from now, and we've done that full rotation of corporate payments, yes, I would expect some incremental increase in EBITDA margins, but I also wanna be thoughtful of making sure I'm feeding the business to deliver the growth that I've committed to investors.
No, for sure. I think that's the right answer. Double-digit growth is coveted, and if you can produce that's very, very powerful. The obligatory AI question then?
Yeah
Peter, just to ask it, we've went pretty far along without asking you.
I'm impressed.
Is that a big initiative? The margins are high, but do you see a lot of opportunity to unlock some productivity and maybe break this linearity between revenue growth and people?
Yeah. I'd say our focus right now on AI is on our products.
Okay
How do we improve our products. We've introduced AI agents across many of our products, right? To bring value to market. We recently announced that we are gonna have purchasing cards that AI agents can actually use. We've got the controls in place to be able to do that, so we think that's pretty exciting, that AI agents will be able to make payments on customers' behalf.
That's been where we're leaning into. I think the next question there is probably, "Hey, can you charge for that?
Right.
I'd say too early on to tell you, but really good question. I'd say on the efficiency side, we've been focused on it throughout the organization. I think there's a lot of thought, if you think of the organization, unfortunately, as a hierarchy, as a triangle, that the opportunity for AI is at the bottom and the middle, right? Don't get me wrong, in call centers there's opportunity. We're focused on it. In engineering, in optimizing engineering and focusing their time, we're focused on it. We also believe at the thought leader level, the Peter Walker level, the Ron Clarke level, that AI can be a huge innovator. I'll give you a great example. The cross-border presentation that you saw last week.
Yeah
that we presented, a lot of that is through proprietary data and public data that we've added into a database on the cross-border business.
Asked it a series of questions. We were able to create, you know, call it an investor-level intellectual document. We think that if we can help the top, you know, 150, 200 leaders across the organization cut half of their time on things that are not creating value, like, you know, the initial pulling together of a presentation or refining of it.
really focusing them more on driving the business, that there's benefit. I'd say we have religion on AI. You know, continue to hear updates from us on that.
Good. No, that's a good summary. I think you, I think in the spring you hosted a offsite where you brought all the leaders of the company together and talked about strategy and the go-forward plan. It doesn't sound like AI is top of the list of things, but you tell me, where did you gauge the energy to be the highest in the company that you're willing to share with us here?
Yeah. It was my first time participating in the leadership offsite.
Right.
This is my fifth CFO gig, so it's not my first time doing a leadership offsite. You always go into those sometimes with a, "You know, what is this gonna be? Is it gonna be interesting?" I tell you, it's the best one I've ever been to.
because it was a true working session. Like, we all came with sessions with prepared materials, but the whole group got the opportunity to absorb the materials and make decisions on it. I'd say where we started that offsite was the voice of the investor. I think you always know kind of the culture here is we wanna hear from investors, the good, the bad, and the ugly, right? All of it, right? Because that helps us become better, right? We really started the session with the voice of the investor, then what is our strategy? How are we placed today? We looked at a bunch of other, you know, companies in the market and kind of how we line up.
We did a review of all of the lines of businesses that we own. Where we left the meeting was just a stronger conviction than ever that corporate payments is the journey that we're on. I think if you probably picked up on our last earnings call, you know, Ron kind of leaned into, "Hey, PayByPhone, we did the divestiture. We've got another one on tap of size, and we've got some other things we're contemplating for the rest of the year." Things like that were outputs of the meeting, where as a leadership team, we got together and said, "Yes, the future is corporate payments. How do we continue to rotate into it faster?
Good. Any final question here? Yep. Maybe use the mic if you don't mind. Be easier for everybody.
Peter, if you could do a pre-mortem.
Pre-mortem
let's say two of your biggest businesses, the, transportation business and the cross-border business, what would be your biggest concerns?
Sorry, which two businesses?
Let's say the transportation, the fuel business, and then the cross-border business. Do you know what I mean when I say pre-mortem?
Pardon me?
Do you know Does the question about pre-mortem make sense?
You go ahead and define it for me.
Well, basically, like, if you could imagine something going wrong with those businesses, what would it be? What are you most concerned about longer term?
If we look at the vehicle business, right, there's three businesses within that business based on geographies, right? Think about it as Brazil, Europe, and rest of world, and the U.S. And we kind of walk through the positioning of those businesses. I'd say kind of, you know, the USVP business is the lowest growing business in there, but I think we've managed that to a good state, and that was really the company's, you know, heritage starting in that business. Now it's got, you know, a $500 million business today. I'd say if there's anything in there, you know, the progress we've made is a transition out of the micro SMB and really going upmarket. I'd say I'm not overall concerned about the risk there.
Brazil performing really well, rest of world really well. Moving into the cross-border business, I think my biggest concern is, like, investors don't understand the business, and really helping investors better understand the business. Something I've been super focused on, I've been in this role for about 10 months. By the way, we've had three quarters of beat and raise over those, the 10 months, so I'm pretty proud of that in terms of the company performance and results. Something I've been super focused on is transparency and helping investors better understand the business so that they can come to their own conclusions about risks themselves.
In the cross-border business, I think the company has an overhang from Stablecoin, and this happens, right, when there are new innovations, and I think it's because people really don't understand the cross-border business. By the way, I didn't understand the cross-border business until I came to this company, right? It's no fault. When we sit in America and I go from Boston to New York to Miami to Atlanta, I don't have to change currencies, so I don't even think about it, right? When I set up business partnerships across the U.S., I don't think about it. The goal with the cross-border business was, hey, let's give transparency in the business. Let's give people, investors enough detail without turning it into jargon, and let's also really give context to this blockchain innovation and how it will be helpful to the business.
That's probably been a big focus of mine. I do truly believe that we're super undervalued given the results that we produce. Our goal is the additional transparency will help investors see the business the same way we do.
Good. We got less than one minute left. I was thinking about a good closing question for you, Peter, but with you coming in from the outside, you've got a, you know, really interesting, great background coming in from a different, a lot of different places, including on the private equity side. As you mentioned, we've always thought of Corpay as so, you know, from a value creation standpoint, Ron is a genius thinking about.
Yes
driving value and returns and things like that. I don't work there. With you going there, what's been validated in your mind in terms of the secret sauce of Corpay and maybe what we all don't appreciate looking at it from the outside?
Yeah. I'd say we've got the benefit of being a large S&P 500 public company, but operating like a private equity company, right? You know, I've reported to four other CFOs or CEOs in my life. With Ron, it's a constant, "Let's reimagine the business. Let's think about some things differently. Oh, I have an M&A idea," right? As opposed to other professionals, CEOs I've worked for have been, "Oh, we've got the board meeting next week," or, "Oh," you know, kind of the drudgery and the bureaucracy. Like, don't get me wrong, you can't help that in a large company.
Sure.
We try and minimize that as much as possible and really focus on the value creation, that comes from the very top of the house. I don't want the company to think that, you know, Ron is the only one.
Sure, sure.
Right? I mean, there is a leadership team which he has built and then a team underneath us, and all of us are indoctrinated in that culture of we show up every day to create value, not to, you know, just punch the clock and be an executive. That's why I joined the company. I love it.
Good. No. Culture comes from the top, and we always learn to when we track the talent. Glad to have you here and part of the company and look forward to chatting more.
Appreciate it.
Thank you, Peter. Thank you.
Thanks, guys.