Subtext

Corpay, Inc. CPAY

SectorFinancials
Transcripts28
Date range2018-05-03 – 2025-05-06
Calls charted28

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-11-6+0+6+112018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12018 Q1 · Overall: -2.42018 Q2 · Overall: +0.22018 Q3 · Overall: +2.02018 Q4 · Overall: +1.42019 Q1 · Overall: +0.92019 Q2 · Overall: +3.52019 Q3 · Overall: -1.32019 Q4 · Overall: -3.12020 Q1 · Overall: -6.52020 Q2 · Overall: +1.12020 Q3 · Overall: -5.62020 Q4 · Overall: -2.62021 Q1 · Overall: +1.32021 Q2 · Overall: -0.42021 Q3 · Overall: +2.92021 Q4 · Overall: -2.82022 Q1 · Overall: -1.52022 Q2 · Overall: -0.52022 Q3 · Overall: -0.82022 Q4 · Overall: -4.42023 Q1 · Overall: -0.52023 Q2 · Overall: +2.92023 Q3 · Overall: +3.52023 Q4 · Overall: -5.12024 Q1 · Overall: +3.82024 Q3 · Overall: +9.92024 Q4 · Overall: +4.72025 Q1 · Overall: +6.3
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-62-31+0+31+622018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12019 Q2 · CEO: +3.62019 Q3 · CEO: +2.82019 Q4 · CEO: +1.62020 Q1 · CEO: -0.42020 Q2 · CEO: +1.42020 Q3 · CEO: -9.52020 Q4 · CEO: +0.72021 Q1 · CEO: +2.82021 Q2 · CEO: -1.02021 Q3 · CEO: +3.42021 Q4 · CEO: -0.52022 Q1 · CEO: +6.52022 Q2 · CEO: +4.62022 Q3 · CEO: +2.82022 Q4 · CEO: -4.12023 Q1 · CEO: +1.02023 Q2 · CEO: +5.32023 Q3 · CEO: +1.22023 Q4 · CEO: +0.02024 Q1 · CEO: +4.02024 Q3 · CEO: +11.62024 Q4 · CEO: +8.02025 Q1 · CEO: +9.22019 Q2 · CFO: +4.72019 Q3 · CFO: -10.12019 Q4 · CFO: -5.42020 Q1 · CFO: -5.12020 Q2 · CFO: -8.12020 Q3 · CFO: +0.02020 Q4 · CFO: -4.72021 Q1 · CFO: +4.02021 Q2 · CFO: +5.52021 Q3 · CFO: +6.72021 Q4 · CFO: +2.92022 Q1 · CFO: -3.02022 Q2 · CFO: +9.92022 Q3 · CFO: -2.52022 Q4 · CFO: -6.32023 Q1 · CFO: +53.62023 Q2 · CFO: +3.22023 Q3 · CFO: +21.32023 Q4 · CFO: -9.22024 Q1 · CFO: +9.92024 Q3 · CFO: +14.32024 Q4 · CFO: +5.32025 Q1 · CFO: +7.5
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-25-12+0+12+252018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12018 Q1 · Prepared remarks: -3.22018 Q2 · Prepared remarks: +3.02018 Q3 · Prepared remarks: +8.02018 Q4 · Prepared remarks: +0.02019 Q1 · Prepared remarks: +2.22019 Q2 · Prepared remarks: +17.82019 Q3 · Prepared remarks: +7.52019 Q4 · Prepared remarks: +11.92020 Q1 · Prepared remarks: +12.62020 Q2 · Prepared remarks: +21.72020 Q3 · Prepared remarks: +13.22020 Q4 · Prepared remarks: +3.62021 Q1 · Prepared remarks: -3.42021 Q2 · Prepared remarks: +20.22021 Q3 · Prepared remarks: +20.92021 Q4 · Prepared remarks: +14.72022 Q1 · Prepared remarks: +10.32022 Q2 · Prepared remarks: +0.02022 Q3 · Prepared remarks: +18.52022 Q4 · Prepared remarks: -3.62023 Q1 · Prepared remarks: +15.22023 Q2 · Prepared remarks: +4.72023 Q3 · Prepared remarks: +20.12023 Q4 · Prepared remarks: +13.02024 Q1 · Prepared remarks: +8.42024 Q3 · Prepared remarks: +14.92024 Q4 · Prepared remarks: +8.82025 Q1 · Prepared remarks: +7.62018 Q1 · Q&A responses: +0.52018 Q2 · Q&A responses: +1.22018 Q3 · Q&A responses: +3.22018 Q4 · Q&A responses: +6.22019 Q1 · Q&A responses: +3.22019 Q2 · Q&A responses: +1.52019 Q3 · Q&A responses: +0.72019 Q4 · Q&A responses: -0.72020 Q1 · Q&A responses: -1.32020 Q2 · Q&A responses: -0.72020 Q3 · Q&A responses: -5.32020 Q4 · Q&A responses: -1.92021 Q1 · Q&A responses: +4.52021 Q2 · Q&A responses: -0.72021 Q3 · Q&A responses: +0.52021 Q4 · Q&A responses: +0.02022 Q1 · Q&A responses: +0.42022 Q2 · Q&A responses: +7.92022 Q3 · Q&A responses: +1.22022 Q4 · Q&A responses: -3.22023 Q1 · Q&A responses: +3.32023 Q2 · Q&A responses: +4.82023 Q3 · Q&A responses: +4.02023 Q4 · Q&A responses: -4.72024 Q1 · Q&A responses: +4.92024 Q3 · Q&A responses: +7.92024 Q4 · Q&A responses: +4.62025 Q1 · Q&A responses: +7.3
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$9.85$16.02$22.202018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12018 Q1: $10.702018 Q2: $11.222018 Q3: $11.622018 Q4: $11.882019 Q1: $12.062019 Q2: $12.602019 Q3: $13.102019 Q4: $13.562020 Q1: $13.842020 Q2: $12.042020 Q3: $12.362020 Q4: $12.692021 Q1: $12.992021 Q2: $13.612021 Q3: $14.552021 Q4: $15.292022 Q1: $15.932022 Q2: $16.772022 Q3: $17.172022 Q4: $17.232023 Q1: $17.682023 Q2: $18.422023 Q3: $18.932023 Q4: $19.362024 Q1: $20.182024 Q3: $21.34

Forward P/E

9.7516.6223.482018 Q12019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12018 Q1: 19.432018 Q2: 18.512018 Q3: 18.932018 Q4: 15.152019 Q1: 19.482019 Q2: 22.032019 Q3: 22.532019 Q4: 21.892020 Q1: 14.492020 Q2: 21.462020 Q3: 18.982020 Q4: 22.042021 Q1: 21.952021 Q2: 19.562021 Q3: 17.862021 Q4: 14.082022 Q1: 14.852022 Q2: 13.692022 Q3: 12.222022 Q4: 11.082023 Q1: 10.702023 Q2: 13.022023 Q3: 14.382023 Q4: 13.672024 Q1: 14.812024 Q3: 14.42

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2019 Q3 tone ↓ -4.8 fwd EPS ↑ +0.50 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -3.5 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +7.6 fwd EPS ↓ -1.80 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↓ -6.7 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -5.7 fwd EPS ↑ +0.74 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↓ -8.5 fwd EPS ↑ +0.43 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-06+6.3——View →
2024 Q42025-02-05+4.7——View →
2024 Q32024-11-07+9.9$21.3414.4View →
2024 Q12024-05-09+3.8$20.1814.8View →
2023 Q42024-02-07-5.1$19.3613.7View →
2023 Q32023-11-08+3.5$18.9314.4View →
2023 Q22023-08-08+2.9$18.4213.0View →
2023 Q12023-05-03-0.5$17.6810.7View →