Strong Revenue Growth
Q2 reported revenue of $1.102 billion, up 13% year-over-year, with cash EPS also up 13% to $5.13. Organic revenue growth was 11%, and full-year guidance increased to $4.445 billion.
Corporate Payments Segment Performance
Corporate Payments segment grew 18% in the quarter, with Payables and cross-border businesses showing similar growth. Spend volumes increased 36% on a reported basis.
Vehicle Payments Segment Improvement
Vehicle Payments segment grew 9% organically, with expectations to reach 10% growth in the second half of the year. U.S. Vehicle Payments growth turned positive.
High Retention Rates
Retention in Q2 increased to 92.3%, the highest level in quite some time.
Successful M&A Activities
Acquisitions such as Paymerang and GPS are performing well, and new partnerships with Mastercard and Avid are progressing positively.
New Product Launch and Market Expansion
The MCA multicurrency account product reached $1 billion in deposits in July. Expansion into new markets, including digital asset services with Circle and Ripple.