Hello everyone, and welcome to today's Corpay Q2 2026 earnings conference call. At this time, all participants are in a listen-only mode. Later, you'll have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press the star and one on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Jim Eglseder. Please go ahead. Good afternoon, thank you for joining us today for our earnings call to discuss the Q2 2026 results. With me today are Ron Clarke, our Chairman and CEO, and Peter, 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 the reconciliation of those measures to the most applicable GAAP measures. Our remarks today will include forward-looking statements about expected operating and financial results, strategic initiatives, acquisitions, and 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 and on Form 8-K and can also be found in our annual report on Form 10-K. These documents are all available on our website and at sec.gov. Now I'll turn the call over to Ron Clarke, our Chairman and CEO. Ron? Jim. Thanks. Hello everyone, thanks for joining today's call. Upfront here I plan to cover three subjects. First, provide my take on Q2 results. Second, share our updated guidance for 2026. Lastly, I'll speak to our future and where we're headed. Let me begin with our Q2 results, which were very, very good. We reported revenue of $1.34 billion. That's up 21%, coming in $45 million above our expectations. Q2 macro, super favorable to us. It contributed about $30 million more than our expectations. Meaning about $15 million of the beat was just underlying performance. We reported Cash EPS of $7 on the button. That's up 36%, setting an all-time company earnings record, so it feels good. Our two biggest corporate payments deals, the Alpha acquisition, and the Avid investment, contributed $0.39 of Cash EPS accretion in the quarter. Spot on our target. Q2 fundamentals, very solid. Overall organic revenue growth, 10%. That was led by our Corporate Payment segment at 16%, and our Vehicle Payment segment at eighr percent. Taken together, our two biggest segments delivered 12% organic growth. Operating trends also are very good in the quarter. Retention remaining steady at 93%. Year-over-year sales or new bookings, terrific. Growing 30%, and same store sales in the plus column, +one percent. Look, these trends are super helpful, and bode well for continued performance here in the second half. All in all, really an outstanding quarter, an outstanding first half, really against both our expectations, and maybe more importantly, against the prior year. All right. Let me make the turn to our 2026 outlook. We're raising full year revenue guidance to $5,310 million at the midpoint. The bridge as follows. First, we'll flow through our Q2 $45 million revenue beat. Second, we'll increase full year revenue guidance another $15 million based on expected better macro and business fundamentals. We'll net out $40 million related to our expected epyx divestiture, and there we're assuming a September 1 close. We will continue to outlook 10% organic revenue growth in the second half, with our Corporate Payment segment expected to maintain a mid-teens plus organic growth, and our lodging segment set to accelerate to mid-single digits. On the earnings side, we're raising full year 2026 Cash EPS to $27.35 at the midpoint. That's up a ways from our $26 initial guide at the start of the year. The rest of year EPS bridge goes like this. We'll flow through our Q2 Cash EPS beat of $0.45. We'll raise the rest of year Cash EPS another $0.20, and we'll hold the epyx divestiture EPS impact neutral, as we plan to use the deal proceeds to repurchase CPAY shares. Look, this higher full year 2026 guidance implies good things. 17% full year revenue growth, 28% full year Cash EPS growth. Cash EPS for 2026 up about $6 from 2025. Cash EPS exit rate in Q4 exiting over $29. Full-year Cash EBITDA approximately $3 billion, and $1.8 billion of full-year free cash flow, which is approximately a seven percent yield. The drivers really of this 2026 performance are a combo of a few things. Obviously, a very favorable macro environment for us, particularly the first half, the two big accretive corporate payments deals, and mostly just strong underlying fundamental operating performance. Look, taken together, we've got a lot of confidence in the outlook. Last up today, I do want to share our thoughts on the future, the road ahead for the company. We did post an updated investor presentation today to our website. It lays out our direction along with our growth algorithm. I do want to say, we've really never felt clearer about the way forward or even more excited about the prospects for the company. We're really in a great spot. Let's start out with the portfolio. We have said repeatedly that our plan is to create a simpler company with fewer, bigger businesses. You should expect to see us divest more sub-scale businesses like today's epyx announcements and really double down in three primary areas. First, spend management, which is our card and AP businesses. We'll do more there. We'll head towards the procurement space more. We'll expand wider geographically. We will make that a bigger business. In vehicle, we'll stay invested in our largest and most advantaged fleet businesses, and we'll also embed fleet into our spend management platform so that our spend management platform can serve the unique needs of fleet-intensive companies and their drivers. There's actually a slide, I think it's the last slide in our supplement, that lays out our progress there, where we're selling our spend platform to both fleet-intensive businesses and traditional businesses. Take a look. Last area to double down will be cross-border. Obviously plan to do more there. We're in the process of adding new real-time private blockchain rails. Also investing to build out our global banking and deposit offering. Both of these things we think game changers for middle-market companies. The portfolio repositioning gives us a $600 billion revenue TAM for a $5 billion company today. Look, it certainly gives us the potential to at least 10 times this company to say $50 billion over time. The second direction for us is to go left, which means we plan to help our clients with their indirect expense decision-making before they approve payments. We'll help support decisions like the selection of vendors, the pricing of vendors, the terms they have with vendors, the renewal decisions they need to make with vendors, and we'll deliver a set of things to be helpful there. We'll provide some benchmarking data. We'll provide spend insights. We'll even guide clients on how to negotiate renewals to a better outcome. Look, we really do aspire to bring more value and go left better helping our clients with the expense management assignment. Finally, let me turn to our midterm growth algorithm. It remains unchanged. As a reminder, we target 10%+ organic revenue growth, low teens PBT growth, and over 20% Cash EPS growth. The model works first again because there's a large opportunity for us to sell into. We do have proven retention and sales capabilities, and we generate a material amount of free cash flow yield. We do expect to have approximately $15 billion of available capital over the forecast period. That's via a combo of our annual free cash flow plus higher debt capacity as our earnings grow. This capital is what creates EPS acceleration, as we'll either buy back half of CPAY or alternatively, we'll buy the earnings of other corporate payment companies based on the relative returns there. Look, in conclusion today, we are obviously delighted with the Q2 performance. We're confident in our raised second half guide, again expecting mid-20s year-over-year Cash EPS growth. We're really excited about the future, the road ahead, and what Corpay can become. With that, let me turn the call back over to Peter to provide some additional details on the quarter. Peter? Thanks, Ron, and good afternoon, everyone. We delivered another outstanding quarter with 21% revenue growth and 36% adjusted EPS growth year-over-year, marking our fourth consecutive quarter of outperforming expectations. Our first half performance was exceptional, and we're proud of what the team accomplished. While we've certainly benefited from favorable macro conditions, the foundation of our performance continues to be consistent double-digit organic growth. That consistency is the engine behind our compounding model, and we've now delivered double-digit organic revenue growth for five consecutive quarters and 10% organic growth in five of the last six years. Having been in the CFO seat for just over a year, I can tell you these outcomes don't simply happen. They are the result of constant focus, active management, and thousands of decisions made across the organization every day to drive returns. I wouldn't underestimate just how important our operating discipline is to our long-term performance. Now, let's turn to segment performance and the underlying drivers of our organic revenue growth in the quarter. Corporate payments delivered 16% organic growth for the quarter, including 180 basis point drag from float revenue compression driven by lower interest rates year-over-year. The organic revenue growth was in line with our expectations, with strong performance in both cross-border and payables. Overall, corporate payments continue to be driven by strong underlying customer activity, with organic spend increasing 43% to $95 billion. Cross-border continued to deliver strong sales and revenue performance in Q2. Alpha's integration continues to progress exceptionally well, with over 80% of Alpha's corporate volume now migrated to our global tech platform. The payables business continued to perform well, driven by sales and volume growth in Q2. We're also pleased with the strong performance of Avid, our minority investment, which is reflected as an equity investment in our financials. Avid continues to execute well under new ownership, with sales growing more than 30%, continued strength in volume and revenue, and EBITDA more than doubling year-over-year to a record level. Vehicle payments organic growth was eight percent, right in line with our high single-digit expectations. Brazil and Europe remain quite strong. In the U.S., growth remains consistent with our strategy of reallocating sales investment toward the higher return opportunities within corporate payments. Lodging was in line with our expectations, delivering sequential organic revenue growth improvement of two percent versus Q1 2026. We've now lapped the more episodic events last year that created tough comps, and we continue to expect organic growth to perform in the second half of the year. In summary, we delivered 10% organic growth in Q2, driven by sales growth of 30% and retention rates of 93%, all quite robust. Our corporate payments and vehicle payment segment totaled 84% of our Q2 revenue and delivered a combined organic growth rate of 12%, consistent with Q1. Taken together, these results reinforce our confidence in the durability of our growth model and support our decision to increase full-year guidance. Now, looking further down the income statement. Operating costs increased nine percent, excluding the impact of FX, A, stock compensation, amortization, and a settlement charge. The settlement charge of $100 million relates to the FTC matter and is subject to final commission approval. The 9% increase was primarily due to sales investments and modestly higher credit losses. Adjusted EBITDA margin of 57.3% was up approximately 100 basis points over the prior year, primarily due to operating leverage and flow-through of macro benefit. Our adjusted effective tax rate for the quarter was 25.3%. The year-over-year decrease in the tax rate was driven by our improved mix of earnings. Turning to the balance sheet, we ended the quarter in a very strong financial position. Our leverage ratio finished at 2.55 x, and we had approximately $1.6 billion of available capacity under our revolving credit facility. During the quarter, we repurchased $321 million worth of stock, retiring approximately one million shares. As of quarter end, we still had roughly $1.4 billion remaining under our current share repurchase authorization. We also completed the refinancing of our revolving credit facility and Term Loan A, increasing the size of our revolver by approximately $1 billion - $3.7 billion while paying down our Term Loan B by $1 billion. Over the past nine months, we've successfully refinanced our entire debt stack, extending maturities, lowering borrowing costs, and further strengthening our balance sheet. More importantly, from a capital allocation perspective, we've increased our financial flexibility and are well-positioned to continue executing our balanced strategy of both meaningful share repurchases and disciplined accretive M&A. Finally, I'd like to touch on our interest rate profile. Following the Alpha acquisition, our restricted cash balance increased significantly, primarily reflecting the growth of the global bank account business. Our cash now creates a meaningful natural hedge against our floating rate debt, with approximately 85% of our exposure naturally offset during the second quarter. Including our interest rate swaps, we were effectively more than 120% hedged. Given the strength of that natural hedge, we don't expect to enter into additional interest rate swaps going forward. Now let me share some additional information on our updated 2026 full year and Q3 outlook. As Ron mentioned, we signed a definitive agreement to sell epyx, a non-core vehicle payments asset. We expect the transaction to close this fall, likely between September and October. For planning purposes, we've assumed a September 1st closing. The transaction is expected to reduce 2026 revenue by approximately $40 million or roughly $10 million per month, but is not expected to have an impact on adjusted EPS because we intend to redeploy the proceeds into share repurchases. We're raising our 2026 revenue guidance to $5.31 billion at the midpoint, growing 17% year-over-year. Importantly, this guidance continues to assume approximately 10% organic revenue growth for the year. Our updated revenue outlook flows through our Q2 beat of $45 million, raises the rest of the year by $15 million, driven by a combination of macro favability and business momentum, partially offset by $40 million from the sale of epyx. We're raising our full year guidance for adjusted EPS to $27.35 per share at the midpoint, growing 28% year-over-year. This captures the $0.45 beat in Q2 and raises guidance by $0.20 from higher revenue and productivity improvements over the rest of the year. Our Q3 revenue guide is $1.355 billion at the midpoint, growing 16% year-over-year. We expect Q3 organic revenue growth in the range of 9%-11%. We expect adjusted EPS of $7.15 at the midpoint, growing 26% year-over-year. Stepping back, our model is built to compound over time. We remain focused on consistently delivering double-digit organic growth, maintaining strong margins, and deploying capital where we believe it generates the highest long-term returns for shareholders. Additional details regarding our full year guidance raise and Q3 outlook can be found in our earnings release and earnings supplement. Operator, please open the line for questions. Thank you. As a reminder at this time, if you would like to ask a question, it is the star and one on your touch tone telephone. We do ask that you please limit yourself to one question and one follow-up. We'll take our first question from Ramsey El-Assal with Cantor Fitzgerald. Please go ahead. Hi. Thank you so much for taking my question, another great quarter. As freight prices remain healthy and fleet operators seem to be in a much better place than they were, God knows, post-COVID, do you see an opportunity to open up the credit box a little bit more? Maybe lean in harder to some slightly higher risk parts of the market to drive on the vehicle side of the business, obviously to drive incremental growth. Hey, Ramsey. Thanks for the question. We do experience with fuel prices going up and the demand that there's naturally a higher risk to credit losses. We've taken a provision for that within the quarter, a slight provision for it. What I would say is we're not going to weaken our underwriting standards to gain business here. Okay, fair enough. On a follow-up from me, you announced the epyx divestiture, and you also talked about the intention to create a simpler company. Should we think about that as trimming more of these very small kind of embedded business lines? Or is there an appetite or demand out there for a larger simplification of something like a lodging segment or larger chunks of the business? Hey, Ramsey, it's Ron. It might be both. I'd say we're on the track for the first thing you said. We've ID'd another two, three, four businesses that are kind of subscale or not as related, like the epyx thing. As I said on other things, we want better performance first, right? I want to have improved performance because then it gives us options. I'd say you should look for more of the epyx-like things over the next 6 - 12 months, and if performance improves, maybe something additional. Got it. Thank you. You bet. Thank you. We'll take our next question from Tien-Tsin Huang from JPMorgan. Please go ahead. Your line is open. Please make sure you check your mute switch. Even we can't hear you, Tien-Tsin. Now is this better? Yes, we can hear you now. Please go ahead. There we go. Sorry to waste your time. As always, nice to talk to you guys. Just thinking maybe for you, Ron, has the bar changed at all for M&A and buybacks given pipeline valuations? I know you're focused on these divestitures. You announced one, as you just said. Has the bar changed? Yeah, I don't think so, Tien-Tsin. Like I said last time, if anything, we've seen some of the transactions, some of the deals on the acquisition side get back into a realistic range. I think that we're actually in a pretty good spot. Okay. Glad to hear it. Just on the bookings front, that was really strong. Maybe just double-clicking on that, how broad-based was it? Where are you outperforming? Can you replenish the pipeline as we go into the second half? It was pretty good. I'd say I'm looking at that report. It was pretty broad-based. We did kind of high teens year-over-year in the vehicle and crazy, certainly close to 40% sales growth in the corporate payment segment. We're obviously selling a lot of that. Now, again, we poured incremental investment into it, so there's more spend behind that, reflecting the increase. No, it's good. We target, I think, sales to grow 20% to kind of hit our overall algorithm. This is a bit better than that. I'd say, our rest of the year is probably targeting about that 20% again. All right, great. Well done. Thank you. Good to talk to you, Pat. Thank you. We'll take our next question from Sanjay Sakhrani with KBW. Please go ahead. Thank you. Ron, the corporate payments division obviously did really well with the organic revenue growth up 16%. We look ahead, it seems like the comparisons get easier. Can this growth rate sort of sustain itself, if not accelerate from here? I think it's a good question, Sanjay. I think it's a function, again, of investment. We were guiding basically to 16+ here in the second half, which is obviously attractive. We've got super line of sight in that business on both the retention and base. I'm staring at it. It's better than our line average. Our line average is 93. That business is closer to 96% or 97% retention, and the base is positive. It's in the plus column. Whenever you have that set up, it's not complicated for math people that the whole growth rate is sales. It's just really the sales. As I said to Tien-Tsin's question, we sold 40% more in the quarter. That's the toggle. Again, unlike the startups, we always are trying to balance making a buck with growing. That's the balancing act. We put incremental money into it. We've taken a bit of money out of the vehicle thing. I'd say that's our plan for now. We're continuing to build spend in that, and we'll update you if we decide to invest more as we look into next year. We're obviously pleased with this growth rate. Okay. Second question is just on the divestitures. We think about the divestitures that you will make or that you've identified, do those accelerate the revenue growth rate, or are they just sort of too small to have an impact? Maybe you could also just comment on what you're seeing in the M&A market in terms of acquiring stuff. Thanks. I'd say the answer to the first part is it depends. We have businesses. I guess we've announced to you guys two divestitures this year, and the answer is those would actually be slightly growth dilutive to us. The parking business was a high flyer. Grew at in front of me 20%-25%, and this epyx thing was a kind of a perennial 10%-11% grower. Some of the other things we're looking at, Sanjay, might be lower growth. As I said, hey, we have three or four things in the block. My comment would be it'd be a mix. Some of the stuff might be a little bit slower growing, it's really what you said. We're just trying to clean house with kind of smaller things. We need to add billions of revenue to the company, growing $100 million business to 110 is not getting us there. That's the emphasis. As I said, the same thing on the acquisition side. Obviously, we did a couple of pretty large transactions last year. We've got our gunsights on some other pretty significant things. As I said to Tien-Tsin, we're super clear on what we want to acquire, what would be helpful. We target or we're in discussions, obviously, with those companies, and some of those transactions are meaningful. Because of the way we can run the things, they're actionable. We can actually do them. I'd say, like always, stay tuned on the acquisition front. Thank you. Thank you. Thank you. We'll take our next question from Mihir Bhatia with Bank of America. Please go ahead. Good afternoon. Thank you for taking my question. Ron, I was wondering if you could give us an update on the Mastercard, the FI channel. I think previously you've called out three wins. Where does the pipeline stand? Are you still expecting a couple of points of cross-border acceleration from that? Just trying to get an update on that Mastercard partnership and where things stand with the pipeline. Thank you. It's another good question. I think we said it last time, if I had Mark, the guy that runs it, or the Mastercard folks. It's a high level, better than expected again. I think the thesis that we had that Mastercard knows bank folks, and we know cross-border, and that's a good combo, that that's proving to be true. The numbers are good. We're now at 10 FIs that have been closed. On the last report I saw, we've got 100 active additional FIs in the pipeline. I would say it's positive. The offer is resonating. Mastercard's being super helpful in introductions. With FIs, the selling cycle is definitely longer, Mihir, than it is with corporates. I would say we're still bullish on it. I said to the Mastercard people when we did the deal, "Please don't make this a press release." I've got to applaud their effort and the energy so far. I'd say so far so good. Great. If I could ask about just the global banking. I think, Ron, you've described it in your prepared remarks as a game changer. Just trying to think about the monetization timeline there. I think Peter called out some of the benefits of the hedging, but just from a revenue standpoint for Corpay, what is the monetization timeframe and what kind of expectations should we have over the next year or two? I think we should see a big step up next year. We still frankly are building the product. Let me give the baby 101 here. What we do is we open local foreign bank accounts. If there's a company in Atlanta, they're trying to do business in Europe, boom, in less than a week or two days, we can open a foreign bank account for them, which would take months, years, potentially, through a correspondent. The work that we're doing, Mihir, on the thing is effectively linking multiple local accounts. Let's say the client in Atlanta wants to open something in the U.K., on the continent, and Australia, and we go open three local foreign accounts in those jurisdictions so that they could run on the pipes there. What we're finishing up is tying those together and balancing them back to that account's primary bank account. Let's say it's back here in Atlanta. That kind of second part, I'm going to call that the enhanced, the better product than just the one-off sell the local account, which is where Alpha kind of focused. That is due to be out of the kitchen in Q4. Two things. One is, I think we'll sell a lot more of it because it's way more attractive, right, to go to an account and tell them, "I can add these in different places, but then tie them all together for you." Second, we're going to sell the you-know-what out of it back to the client base. I mean, think of how many middle-market clients we have in cross-border, in payables, even in fleet here and internationally. That's the second part of the idea is to tell all the existing clients we have, whether they're in cross-border or not, "Hey, we can be way helpful in this way." I'd say it's going good. Alpha's selling a lot of the kind of the single local thing, the hopes are that this kind of premium offer will be a big deal next year. Got it. Thank you. Got it. Thank you. We'll take our next question from Darrin Peller with Wolfe Research. Please go ahead. Hey, guys. Thanks. I know you've talked, Ron, you talked about the opportunity to cross-sell your fleet management products into the spend management customer base. Maybe just talk us through how you're thinking about that cross-sell opportunity now and where it stands, where could it go more broadly across other products in AP and bill pay also and cross-border. Where are the opportunities to further expand with your existing base that you have now? It's a good question, Darrin. It has been a long articulation of that. We did stick in, you probably haven't seen it yet, but if you guys on the call would open at some point the, what do we call it, Jim? The earnings supplement. The last page in there, Darrin, is an internal slide where we actually show what you're asking, which is, we have a, we call it internally a spend management platform, call it cards plus software. Basically on that same platform, a client can buy different things. Drivers could buy fleet stuff, travelers could buy T&E stuff. Procurement or purchasing people could buy purchasing stuff. If you look at the thing which is interesting is we take that same platform and we sell it to fleet-intensive businesses. If you see that slide, not shockingly, they buy a lot of fleet, a lot of fuel. They do buy some other stuff. Like in the mid-size ones, almost half their spend is non-fuel. We sell the same exact thing to kind of traditional companies, maybe the white collar, that don't have the same kind of drivers, and they buy a little bit of fuel, but all the other spend categories. The message to everybody is we're just embedding it. In other words, we're taking the fleet networks that we built and the point-of-sale data capture and the mobile apps for people, and we're just sticking it in the same platform so that when our guys go to companies, they can actually ask them, "Hey, do you have a lot of drivers and fuel, or don't you?" To your point, it's not a dumb idea now to go back to all the big-size fleet guys and say, "Hey, how about buying some other stuff on the same thing?" Going to the regular guys and asking, "Hey, did we miss the fact that you actually have some drivers?" I think it's going to be simpler, hopefully, for people outside. It's not just a bunch of kludgy proprietary fleet things. It's literally now core to this spend offering that we're going to take out of the market. I think advantage there, because other guys that make business cards or corporate cards don't have 20-year-old networks for fleet purchasing or even the virtual card network that we built. They have just vanilla Mastercard or Visa networks. I think us attaching those networks to our card program is going to be a pretty big advantage. We collect more data than they do. We have better economics with those merchants than they do. If you take a peek at that thing, hopefully the slide in there will be explanatory. All right. That's really helpful. Thanks, Ron. Just maybe a quick follow-up, if you can, on margins, just we continue to see them ticking up sequentially. When we're thinking about further expansion from here, just how much more investment do you think is needed to sustain this type of 10% plus organic profile? Clearly, you're not on a low margin base for now, I'm curious what your thoughts are on that. Thanks. Hey, Darrin, it's Peter. Thanks for the question. What I would say is for the quarter, we obviously achieved a really strong 57% EBITDA margin. A lot of that was helped by flow-through of favorable macro. Sure. Yeah. Right? For the back half, we kind of expect to be slightly below where we are last year, we feel like we're really invested at the right level to deliver on the organic growth targets. We already achieved really strong margins. The thought is that we won't look to increase those significantly. Okay. More of an investment story. That makes sense. Okay, guys. Thanks. Thanks, Darrin. Thank you. We'll take our next question from David Koning with Baird. Please go ahead. Hey, guys. Great job. One thing I was just wondering about, it looked like Brazil remains a little slower than normal, and you still had a great quarter. I guess I'm wondering how much better maybe it would have even been if Brazil was running normal. Am I right about that? How's the Google partnership or ad search stuff going? Maybe just reflect on all of that. Yeah, Dave. Hey, it's Ron. Yeah, I'd say, to your point, splitting hairs, it was a smidge slower. The answer is still sitting in the same spot with the Google search. We have a couple of, like always, new ideas, so you'll see that thing kind of in our rest year. We have that thing ticking back up again, a point or two in Q3 and Q4. We haven't basically planned in that forecast for that Google issue to resolve. We have some other kind of tricks up our sleeve there to keep that thing chugging. The free flow thing is actually helping us some. I don't know if people on the call know what that is, but still a third of 40% of all the toll transactions in Brazil are not electronic. I think like seven percent of the market has now moved to free flow, which means there's no other way to pay. You have to pay electronically. You can't pay with cash or credit card. It's bringing incremental travelers into the mix. Things like that, along with some of the sales things we're doing. That thing will be again high teens performance here in the second half. Great. Thank you. Just one follow-up. The other revenue stream was up a lot sequentially in Q3. It was up about $20 million sequentially last year in Q3. Does that create a tough comp at all, or is that kind of normal seasonality going forward? Yeah. Appreciate the question. As you know, our gift business is in there. In the other, that's really the largest component, and there's quite a bit of volatility between the quarters in the gift business. Last year, they also had the changeover in terms of the new cards, which really drove that up. I'd say it does create a tougher comp in other in the back half of the year. Got you. Thanks, guys. Great job. Thanks, Dave. Our next question comes from Nate Svensson with Deutsche Bank. Please go ahead. Hey, guys. Nice results. Thanks for the question. Ron, I thought your commentary on go left was pretty interesting, so I was maybe hoping for a little more color on what your optionality there looks like in practice. I guess, what products and solutions do you plan to bring to market to help clients with vendor selection, pricing, et cetera? Is this going to require a certain level of investment, either organic or inorganic, or is it simply more kind of reorganizing your existing resources into something that will help clients? Then maybe lastly, how big do you think that opportunity could be, and what could it add to growth in the coming years? Yeah. Super good question. Big, Nate, would be my comment. At a high level, it's the AI models, right? Those things are changing the game in lots of places. Not shockingly, they're changing the game at around corporate procurement and contract management and price comparisons and all that kind of stuff. This idea from talking to our clients and having tons of clients and stuff is, hey, I've got, in our case, $800 million of indirect expense, and you guys are super helpful at helping us manage and control and pay all that. Like, should I have it? Should I have $750 million in expense, and should I have these people I have? This idea is super adjacent, Nate, to what we do. It's left, it's earlier, it's before you approve the payment, you decide whether you should have the expense and stuff. We're vetting a set of partners that have done some things here and looking at kind of integrating some of those capabilities. What's interesting is we've got gazillions of clients already that we're already, they're telling us they approved the payment. We're making the payment with huge amounts of spend, where we're not helping on the decision support very much, let alone telling new prospective clients, "Hey, we can be even more helpful to you." I think it's a big, big deal, both in terms of revenue acceleration, in that spend business and potentially sales, Nate, of getting people more interested because bosses want to spend less indirect expense. AP managers want it to work well, the process to work better, and not have fraud, not to lose money and stuff. We're really trying to appeal to that C-suite a bit more with these add-ons, if you will. Yeah. Interesting stuff. I guess just for a follow-up. Sorry, there was a little bit of feedback, so I don't know if that was on my end. It was on the beat and raise, obviously some help from macro, but also you called out underlying momentum, I guess, both in 2Q and for the rest of the year. Was hoping you could maybe put a finer point on that underlying momentum. Is there one or two segments you would maybe call out as being better than expected in 2Q? I guess, for the rest of the year, relative to your prior expectations, I know high level the relative growth rates sound like they're all in the same ballpark. I guess, just on the margin, what came in better than expected, and what do you expect to be better than expected for the rest of the year? Hey, Nate, appreciate the question. Maybe starting with the rest of your guide question that you put forward. Our thought process here is it's a relatively immaterial raise at $15 million of revenue and $0.20 EPS. Our message is our confidence in achieving our back half guidance. Just a reminder that we set a significant climb for ourselves in the back half of the year. Absolute revenue is growing, call it $100 million Q1 to Q4, and absolute EPS is growing, call it over $1.50 from Q1 to Q4. Quite impressive numbers by themselves in Q4. Again, just sharing with everybody our confidence in achieving those. Hey, Nate, it's Ron. Most of it I don't want you to miss, "Hey, Ron, hey, how's your guide versus last time?" Make sure your lens is on its 25% Cash EPS growth in the second half over the prior year. That's what we're focused on is delivering an absolute growth rate and amount, exiting at $29 or something. That's our main message is don't miss that the numbers that we're sticking out there are significant versus prior period. Main message well received. Thanks, guys. Thank you. We'll take our next question from Madison Suhr with Raymond James. Please go ahead. Hey, guys. Good afternoon. Appreciate you taking the questions. You talked about some reallocation of investment from U.S. vehicle to corporate payments. Obviously, the U.S. business is much slower growth, but I guess maybe touch on your confidence level around sustaining high single-digit organic vehicle growth, especially as you reallocate some of those resources. It seems like it would be pretty high given your comments just now around high-teens Brazil growth, but would love to just hear your thoughts about the sustainability, especially in lieu of some of those reallocations of resources. It's another good question. The first thing I'd say is they're good businesses. Whether they're growing eight percent or 10%, they're durable as hell. They're hard to knock over. They're super profitable. They have advantage stuff, networks, tech people and stuff. The first headline to people is, don't discount just the quality of the businesses. The second point I'd make is the infamous pivot we made a couple of years ago has landed us now at literally line average retention, particularly in the U.S. and international markets. Historically, because they were smaller, the vehicle businesses had a worse loss rate, lower retention rate. Generally, they had a worse same store sales. I'm happy to report today, problem solved. Because we've changed the mix of business, it was always larger internationally, but because we've moved the mix here in the U.S. larger, we've now gotten to line average loss rates and same store sales again, around flat to +one. It's really just a straight sales game now, is my message. The growth rate now that we have stable base, which we didn't have, and way improved retention because of the business mix, now it's literally just selling. It's just investment level and productivity. That's what we're still toggling with. We've only got so much money to try to make returns, and so we're trying to trade that off between the vehicle business and other people value our corporate payments business higher. I'd say we lead a little bit more that way, but I'd say it's high. If we keep spending money on sales and we keep making sales, I referenced high teens sales growth in Q2 over the prior year, so we're still selling stuff. I'd say that's the answer. It's stable. If we spend money and make sales, we can keep growing high single digits. Okay, that's helpful. Just a follow-up on corporate payments here. Obviously, you guys mentioned that you expect to maintain this mid-teens plus organic growth in the second half. You gave some color on retention versus new sales, but I was hoping you could maybe also double-click on just what you're seeing on the cross-border versus payable sides and just any changes in expectation from the recent teach-in, or are things kind of tracking with what you laid out there? Thanks. Not much difference between those two kind of sub-lines. It's not like one is 10 and one is 23 or something. They're both kind of paired up in terms of the growth rate. They're both selling a lot and stuff. As I said, I think the couple of exciting things there that could potentially make us do better is the bank thing that I mentioned earlier. If we deliver that version 2.0 and take it back to the base. Second, it's getting the payables and spend management product over the pond, which we've done, grabbing that TAM, we've got more sales and clients there. Those would be the two kind of upsides of kind of offering something or going somewhere that's not kind of in the current numbers. Both of those things are in flight. If they take hold and do better, both of those things could be helpful to next year. Thank you. As a reminder, if you'd like to ask a question, it is the star and one on your touchtone telephone. We'll go next to Michael Infante with Morgan Stanley. Please go ahead. Yeah. Hey, guys. Thanks for taking my question. You've previously spoken about the 40% of your flows within cross-border that are still on SWIFT. I think you previously had mentioned trying to take that volume mix down closer to the mid-teens level by leveraging some of the private blockchain rails like Connexus. Ron, you obviously highlighted that in your prepared remarks, too. I just wanted to ask on SWIFT directly, just given their announcement about some more real-time capabilities as well, how do you think about that volume mix shift and sort of the differentiation between that SWIFT real-time rail relative to something like a Connexus and the decision tree there? Thanks, guys. Yeah, Michael. Ron, it's a good question. For us, because it's a rail, it's just speed and cost. To your point, whether it's the JPM thing or Citi announced a similar thing. To me, having the banks kind of rally a consortium that wants to do this speedy blockchain thing, forget the stupid stablecoin, but just tokenize real money, we love that. I think we said it before, I think 40,000, I think is the number. I think we've done 40,000 transactions already over the JPM private blockchain. It's not just on a paper, it's real. We're actually moving money. The guy who run the thing tells me, "A, I think we could get to half by the time we leave for Christmas. I think we could get literally half of our wires from SWIFT onto one of these things." Look, if SWIFT somehow matched the speed, which they haven't today, with their cost, between us, we're kind of indifferent in a way, right? As long as the thing goes there fast and it's low cost and it's super reliable and we can follow the breadcrumbs, we don't feel strongly. The main message for me is we like the idea of tokenized fiat currency. We love the idea of helping clients move money instantly to merchants twenty-four seven. Some of the banks, Michael, have said they literally credit it outside of banking hours. What do you need to get on and out of, in and out of freaking stablecoins for if you could just tokenize a euro and send it to somebody instantly, and it gets credited right away? For us, I've said this repeatedly, the bank's announcements and move, I think, way increase the chance of the outcome being what we said, where we think the ball's going to bounce here. It makes a ton of sense. Just a quick follow-up on AvidXchange to the extent that you can share anything interesting in terms of underlying split there between software and payments revenue at this point and sort of the willingness of suppliers to pay for that incremental software functionality over time with everything going on with AI. Thanks, guys. At the high level, Avid is doing super good. I think we said their earnings last quarter were up 50% over the prior year. More importantly to me, I just had a review last week. Their revenue growth is expected to tick up double digits as we get into the back half year. The revenue growth has been the key indicator for us, which they're bullish on. The composition of that revenue, to your point, there's been not much change. I'd say that the software revenue's been pretty stable. I think it's kind of low single digits growing. We've seen no attrition, no losses from clients in terms of paying the thing. They're doing a very good job in getting wider monetization. They've gone beyond virtual cards. They've added debit now as another way electronically. They've got a lot more volume on paid ACH, if you will, that goes a lot faster. I'd say generally the thing is going well, and we don't see a lot of risk on the software side. They're also way AI-ing their software. They're putting in a lot of cool things that they couldn't do before that clients like. I don't know if you like this, but called Fetch, where, hey, normally I'm the little person that sends out 100 invoices. I don't see Ron Clarke's invoice. The thing goes and fetches it, brings it back. I would say to you, they're sexing up, they're making the software better for clients, which adds value. We're liking it. I'd say I'm more excited about that company. We didn't say it, the combo of Avid and Alpha is going to come in above, I think I gave $1 and I gave $0.39, but that thing's going to be pretty above the $1, which is one of the reasons we're up $1.35. Both of those big transactions, Michael, are performing for us. That's great detail. Thanks, Ron. As a reminder, if you would like to ask a question, it is the star and one on your touchtone telephone. We'll pause briefly for any further questions or follow-ups to queue. It does not appear we have any further questions at this time, we'd like to thank everybody for their participation in today's conference. This does bring us to the end of the meeting, and you may now-