Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $691.8 million, an increase of 3.9% year over year, exceeding the high end of guidance [5][27] - Adjusted net income per diluted share was $4.59, an increase of 5.5% year over year, also above the high end of guidance [6][27] - Excluding the impact of fuel prices and foreign exchange rates, revenue growth was 4.4% and adjusted EPS grew 7.2% [6][27] Business Line Data and Key Metrics Changes - **Mobility Segment**: Revenue increased 1% despite a drag of 1.4% from lower fuel prices and foreign exchange rates; transaction levels were down slightly from the prior year [16][28] - **Benefits Segment**: Total revenue was $198.1 million, up 9.2%; SaaS account growth was 6% and HSA accounts increased by 7% [20][28] - **Corporate Payments Segment**: Revenue was $132.8 million, an increase of 4.7%; purchase volume declined 0.9% year over year, but the net interchange rate increased, leading to revenue growth [22][30] Market Data and Key Metrics Changes - The Mobility segment continues to face challenges in the over-the-road market, with same-store sales softening during Q3 [17][41] - The Benefits segment is well-positioned for growth, especially with new legislation expected to expand HSA eligibility [21][50] - Corporate Payments is seeing broad-based adoption across industries, with a notable 20% year-over-year growth in direct accounts payable volumes [22][30] Company Strategy and Development Direction - The company aims to simplify business operations through a differentiated value proposition, focusing on sustainable growth, profitability, and strong free cash flow [8][12] - Three strategic pillars include amplifying core business, expanding reach into adjacent workflows, and accelerating innovation through AI [9][10] - The company is leveraging AI to enhance product innovation and operational efficiency, resulting in a 20% increase in product innovation velocity [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth, particularly in Corporate Payments, and emphasized the importance of maintaining high retention rates [6][34] - The macroeconomic environment remains dynamic, but the company is optimistic about its strategic investments yielding results [6][34] - Management anticipates continued growth in the Benefits segment and expects to navigate through the current challenges in Mobility [34][35] Other Important Information - The company appointed Dave Foss to the Board of Directors, bringing valuable experience in financial services and technology [25] - The leverage ratio at the end of Q3 was 3.25 times, down from 3.5 times at the end of Q1, indicating a focus on debt reduction [32] Q&A Session Summary Question: What was the conclusion of the strategic review regarding the stock? - Management indicated that the board conducted a thorough review with independent investment banks, focusing on executing the strategic plan and overcoming the OTA customer transition impact [38][39] Question: Can you elaborate on the trends in Mobility and the impact of over-the-road softness? - Management noted a slight worsening in over-the-road performance but emphasized strong sales efforts and customer retention strategies [41][42] Question: What are the expectations for Corporate Payments moving forward? - Management expressed excitement about returning to growth in Corporate Payments, highlighting strong momentum and product capability extensions [48][49] Question: How is the company managing credit risk in the Mobility segment? - Management stated that credit standards have been tightened, and investments in risk models have improved credit decision-making [55][56] Question: What is the fuel price sensitivity of the business? - A $0.10 change in fuel prices annually would impact revenue by $20 million and EPS by $0.35, with quick flow-through effects on both [58][59]