Q2 2024 Corpay Inc Earnings Call Transcript
Key Points
- Q2 revenue of $976 million, up 7% excluding Russia, and cash EPS of $4.55, up 14% excluding Russia.
- Improved overall retention, up nearly 92 points from last year.
- Strong sales and new bookings, up 21%, with corporate payments business sales up 28%.
- Organic revenue growth of 6%, driven by strong performance in corporate payments, Brazil business, and international fleet business.
- Reiterated full-year 2024 guidance with $4 billion in revenue and $19 cash EPS, indicating confidence in future performance.
- North America fleet business remains a drag on growth, despite some improvements.
- Lodging business in North America underperformed expectations due to lower flight cancellations and fewer homeowner insurance claims.
- Weaker FX and fuel prices expected to impact second-half performance.
- Continued challenges in the lodging business, with revenue declining 10% in Q2.
- Potential macroeconomic headwinds and unsettled environment could impact future performance.
Good day everyone, and welcome to todays Corpay second quarter 2024 earnings conference call. (Operators Instructions) Please note this call is being recorded. I will be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Jim Eglseder of Investor Relations. Please go ahead.
Good afternoon, and thank you for joining us today for second quarter 2024 earnings call. With me today are Ron Clarke, our Chairman and CEO; and Tom Painter, our CFO. Following their prepared comments, the operator will announce the queue will open for the Q&A session.
Today's documents, including our earnings release and our buyback or paid our top. Throughout this call, we will be covering several non-GAAP financial metrics, including revenues, net income and net income per diluted share. All on an adjusted basis. We will also be covering organic revenue growth.
This metric neutralizes the impact of year-over-year changes in FX rates, fuel prices and fuel spreads. It also
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