Financial Data and Key Metrics Changes - The company reported Q3 revenue of $1.172 billion, reflecting a 14% year-over-year growth, driven by 11% organic revenue growth [14][15] - Cash EPS for Q3 was $5.70, also up 14% year-over-year, with adjusted EPS growing 17% on a constant macro basis [15][22] - The full year 2025 revenue guidance was increased to $4.515 billion, representing a 14% growth, and adjusted EPS guidance was raised to $21.24 per share, indicating a 12% growth [22] Business Line Data and Key Metrics Changes - The corporate payments segment achieved 17% organic growth in Q3, despite a 1% drag from float revenue compression due to lower interest rates [15][16] - The vehicle payment segment grew 10% organically, with the US vehicle payment segment accelerating to 5% [3][17] - The lodging business saw a decline of 5% in organic revenue, primarily due to lower emergency revenue [18] Market Data and Key Metrics Changes - Corporate payments revenue per spend volume decreased year-over-year, attributed to new payables and cross-border enterprise clients [16] - Spend volume in corporate payments increased by 57% on a reported basis, reaching over $68 billion in Q3, positioning the company for an annual run-rate exceeding $250 billion [16] Company Strategy and Development Direction - The company is focusing on expanding its corporate payments business, aiming for over $2 billion in revenue next year, which will represent about 40% of total revenue [6][7] - The company is pursuing M&A opportunities, having closed the AvidXchange investment and the Alpha acquisition, which are expected to enhance profitability and growth [10][11] - The company is also exploring stablecoin opportunities to enhance its payment systems and provide new services to clients [12][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment for 2026, anticipating better FX rates and lower interest rates, with expected organic revenue growth in the 9-11% range [5][6] - The company is confident in achieving strong earnings growth next year, driven by synergies from recent acquisitions and productivity improvements [6][30] Other Important Information - The company ended Q3 with liquidity of $3.5 billion and a leverage ratio of 2.4 times, indicating a strong balance sheet [20] - The company plans to continue share repurchases while maintaining leverage within target ranges [21][22] Q&A Session Summary Question: Corporate payments organic growth outlook for Q4 - Management expects core corporate payments growth to be around 16%, with a drag of 100 basis points from float, leading to a mid-teens growth rate overall [24] Question: Confidence in organic growth outlook for next year - Management is confident in achieving 10% organic growth, with expectations for mid-teens growth in corporate payments despite macro challenges [26] Question: Impact of Mastercard investment on revenue growth - The Mastercard investment is expected to add a point or two to revenue growth, with synergies from Alpha contributing around $300 million [28][29] Question: Update on AvidXchange's margin improvement - Management is focused on improving Avid's profitability and growth, with clear actions already taken to enhance performance [46] Question: Progress on divestitures - Management indicated that the divestiture process is underway, with first bids expected soon, and expressed confidence in selling decent businesses [42] Question: Sustainability of US fleet growth - Management noted improved retention and sales in the US vehicle payments segment, indicating a more sustainable growth trajectory [44]