Corpay Inc at KBW Fintech Payments Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : So it's been about 4 months since you started as CFO, maybe you could talk about your preliminary takeaways from the seat, what you think -- might be thinking of affecting a better outcome for the company?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Quick.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : That's great. Obviously, the stock has been beaten up a decent amount recently. Although it's had a nice run in the last couple of days, and we'll take it, right? What do you think the market is missing on the business? And what do you think you need to do to bridge that -- the views going forward?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Yeah. On the conference call last week, you guys talked about each of the Core segments that make up the key businesses of Corpay, right? Maybe you could just sort of rehash that buildup of how they come together to drive double-digit topline growth.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Well, that's great. Obviously, inside of Corporate Payments, there's a lot happening over the next couple of years. And that can, at minimum, sustain the really strong growth that we've seen, if not accelerated. Maybe you could talk about how you're planning for all these different initiatives in the segment? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 12, 2025 / 4:40PM, CPAY.N - Corpay Inc at KBW Fintech Payments Conference

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : So you talked about Alpha a little bit in the Global Banking Account business. But maybe you could just talk about the revenue profile of Alpha and how it impacts the Corporate Payments revenue growth profile going forward?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. And then you've guided to at least $0.75 accretion from Alpha and the Avid deals combined. Maybe you could just talk about the sources of Alpha synergies and how much will come from cost savings versus revenue synergies, cross-selling Corpay's products into the Alpha client base, maybe just break all of that down.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : And Mike, just what's the timeline to get to a good place is, I guess, it would take a little while, I would think, just because there's a lot to do. So I'm just curious, like how should we think about that?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. Okay. It seems -- it would seem to me like there's a lot of leverage between the Vehicle and Corporate Payments business. Where do you think the biggest opportunities are for synergies?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. So maybe a little double-clicking on the Vehicle business. The organic growth has been accelerating, but same-store sales has been sort of flat for quite some time. I'm just curious like when we could see some kind of inflection in same-store sales. It just seems like it's been hard to come. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 12, 2025 / 4:40PM, CPAY.N - Corpay Inc at KBW Fintech Payments Conference

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. Okay. Maybe we shift gears to lodging. Obviously, it's been quite choppy in that business, and there's a bunch of headwinds. Maybe you could just talk about sort of the process to get an inflection in that business.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. I want to get to the topic of significant discussion which is Stablecoins.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : You got to love Stablecoins. It's one that I think a lot of people talk about just because part of your Corporate Payments business sort of is in the intersection of where people believe there's perceived disruption, which is Cross-Border payments. Maybe you could just talk a little bit about how you see the business positioned relative to the Stablecoin discussion.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. And then when we think about sort of the utility and the price differential, those are 2 big things that come up quite a bit. How would you compare them to what you guys provide today?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : And just one last one on that. Like so how quickly do you think you guys utilize Stablecoins and have it up and running in a significant way? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 12, 2025 / 4:40PM, CPAY.N - Corpay Inc at KBW Fintech Payments Conference

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Okay. Very clear. Okay. Maybe we move to capital priorities because I think Ron spoke about the possible divestitures that are out there. And then -- there's the Mastercard investment that's coming and then obviously normal cash flow generation. Could you just talk about how you intend to sort of work through all of those different priorities that you have and inflows and outflows.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. And then maybe you could talk a little bit about the divestitures and sort of where -- obviously, in Vehicle, it sounds like, but just timing and how you see that sort of working its way through into the financial statement.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : But when we think about like the trade-offs of losing that revenue stream of the strong business versus the liquidity that you get, like the trade-off is still net positive in terms of like the financial impact?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : And that's obviously things you're looking at when you're thinking about purchase price.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Got it. Okay. Perfect. I want to talk a little bit about gift we saw pretty strong performance there. And it's been a while, no, I'm joking. It just goes up and down quite -- it's quite volatile, right? And so I'm just curious sort of what drove the strong performance? Is it sustainable? Can we get a little bit more visibility into the trends?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Yeah. That's fair. And I guess, like just the same -- along those same lines, I know Ron has talked about, well, that business doesn't necessarily fit as a function of the whole. It's a great strong performer, but you kind of focused on those 2 core businesses. Any thoughts on like if the appetite has increased for someone who want to buy that business?

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : The Gift business.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Of course. Of course. Got it. Maybe one more for me, and then I'll see if the audience has any questions. Vehicle has now -- look, the US Vehicle business has come back into mid-single-digit growth. It seems like you had done some restructuring in that business to sort of align the sales in a better way. So maybe you could just talk about the success there, and if you feel like that's a sustainable improvement and that we can even see improvement from here.

Question: Sanjay Sakhrani - Keefe Bruyette & Woods Inc - Analyst : Great. So I figure I'll open up to the audience if there's any questions from the audience. No? Okay. I think that we're good. We've gotten through all the questions. So this is great. Thank you so much, Peter. Appreciate it.