Greetings. Welcome to FLEETCOR Technologies, Inc. Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Jim Eglseder, Head of Investor Relations. Thank you. You may begin.

Good afternoon, everyone, and thank you for joining us today for our second quarter 2021 earnings call. With me today are Ron Clarke, our Chairman and CEO; and Charles Freund, our CFO. Following the prepared comments, the operator will announce that the queue will open for the Q&A session. It is only then you that can get in the line for questions. Please note that our earnings release and supplement can be found on the Investor Relations section of our website at fleetcor.com. Now throughout this call, we will be presenting non-GAAP financial information, including adjusted revenues, adjusted net income and adjusted net income per diluted share. This information is not calculated in accordance with GAAP and may be calculated differently than non-GAAP information at other companies. Reconciliations of historical non-GAAP information to the most directly comparable GAAP information appears in today's press release and on our website as previously described. I do need to remind everyone that part of our discussion today may include forward-looking statements. These statements reflect the best information we have as of today. All statements about our recovery, outlook, new products and acquisitions, expectations regarding business development and future acquisitions are based on that information. They are not guarantees of future performance, and you should not put undue reliance upon them. We do not undertake any obligation to update any of these statements. These expected results are subject to numerous uncertainties and risks, which could cause actual results to differ materially from what we expect. Some of those risks are mentioned in today's press release on Form 8-K and in our annual report on Form 10-K, both filed with the Securities and Exchange Commission. These documents are available on our website and at sec.gov. Now with that out of the way, I will turn the call over to Ron Clarke, our Chairman and CEO. Ron?

Okay, Jim. Thanks. Good afternoon, everyone, and thanks for joining our Q2 earnings call. Upfront here, I'll plan to cover 3 subjects. First, I'll share my perspective on our Q2 results, along with rest of year outlook. Second, I'll provide an update on our 2 newest acquisitions. And then lastly, I'll talk about our fuel card business, including our latest view on EV, along with a couple of innovative developments underway in that business. Okay. Let me turn to our Q2 results. So very pleased to report outstanding Q2 financial results meaningfully above our internal expectations. We reported Q2 revenue of $667 million that's up 27% and cash EPS of $3.15, up 38%. Both our Q2 '21 revenue and cash EPS exceeded our Q2 '19 results, so finally moving past our pre-pandemic baseline. Organic revenue growth came in at 23% for the quarter, our full AP outsourcing platform segment up 53% versus Q2 last year. The trends in the quarter are really quite good. Our same store sales metric improved to plus 18%, so hardness of 18%, many of the sectors in our client base recovering. Retention, record level, we reached nearly 94%, an all-time high since we've been reporting the metric. And interestingly, our global fuel card business reached 92% retention, also an all-time high. Credit losses remain very good, running at historic levels. And sales outstanding in the quarter finishing up almost 2x last year's Q2 and up 6% against 2019. Okay. Let me transition to our view of the rest of the year. So today, we're raising guidance to $2.765 billion at the midpoint for full year revenue, raising cash EPS at the midpoint to $12.90. That's driven by our Q2 beat, the AFEX close and really the momentum that we have running into the second half.…

Thanks, Ron. I'm delighted to share with you the results of a very good quarter. For Q2 of 2021, we reported revenue of $667 million, up 27%; GAAP net income up 24% to $196 million; and GAAP net income per diluted share up 26% to $2.30. Adjusted net income for the quarter, or ANI, increased 36% to $268 million and ANI per diluted share increased 38% to $3.15 as we finally lapped the worst of COVID. Organic revenue growth improved 29 points sequentially to up 23% on a year-over-year basis, driven by strong sales, record retention levels and same-store sales recovery. Looking at organic growth across the categories. Corporate payments was up 32% in the second quarter, led by our full AP solutions. We are seeing very good success leading with our full AP and selling a more complete package versus just a stand-alone virtual card offering. Full AP is clearly what we prefer to sell, so we've reoriented our combined sales force with this focus, and it's paying off. T&E card revenue was up 58% year-over-year, rebounding significantly as business activity and travel began to resume. This T&E description is a bit of a misnomer as it's really a multipurpose card that can be used as either a purchasing card or as walk-around plastic, depending on how the customer wants to use it. And while spending within T&E-related categories has rebounded, it's still below historical levels. So there's clearly room for further improvement there. Cross-border revenue was up 25%. These results do include 1 month of AFEX with pro forma results for Q2 last year, so which is if we owned it in both periods. And finally, virtual card revenue was up 13%. Both of these areas are still affected by COVID softness in industries that we've discussed before,…

[Operator Instructions] Our first question is from Sanjay Sakhrani with KBW.

Ron, I'm curious what surprised you in the second quarter in terms of -- sort of relative to your expectation as you looked at the strength. And I know, Charles, you just mentioned you guys are sort of anticipating the rebound to continue, but the second half guidance didn't go up a whole lot. Understandably, last quarter, you guys took up guidance. So I'm just trying to reconcile all of that, if you could just walk us through that.

We are having technical difficulties. Please be patient while we fix the difficulties. Just one moment, please. [Technical Difficulty]

Sanjay, it's Ron. I don't know if you can hear me now or not.

I can hear you now.

Okay. Great, great. so what I was saying, where I cut out here, is no surprising sales, right? So I think we'd shown previously kind of the climb back, right, from a year ago where we were against the baseline. And so to basically post really a record number and really almost across the board, I'd say that's probably the most surprising, most positive thing. And then the second thing, I guess, I'd say is just the ratability. Obviously, coming into this year, we were a little cautious, right? Should we give guidance? How well can we plan this business, et cetera. And so I'd say both this quarter and the first half, along with our outlook that we're -- that I'm surprised that basically, things are tracking as well or better kind of than the plan that we build. So that -- those would be the couple of things from me.

And I guess, I'm sorry, just -- if we think about the second half, you guys aren't necessarily expecting that strength -- or that strength isn't outpacing your expectations. Is that because we're sort of putting in some more conservatism or something else?

Yes. That's a good question. So I'd say a couple of things. So again, we have taken up the second half from 90 days ago. But more importantly, I think the sequential number was already up a lot, Sanjay, I think before we printed the number for Q2. I think I commented 90 days ago that our full year number had our Q4 revenue up, I think, $100 million from Q2. So that would be my second point that we're outlooking basically making $7 in the second half versus $6 off of a good quarter here. So it's still up, but we had already basically forecasted the thing to sequentially keep improving.

Got it, got it. And my final question, just -- I always ask this question, but just M&A pipeline. I know you guys took up the share buyback. Is that a reflection of the M&A pipeline or there's opportunities to do both?

Yes. So I think I said in the last call, we always start with a pipeline. We have attractive things in front of us. And yes, we do. That's what caused us to refi the thing and take up our liquidity. So yes, I know I sound a bit like a broken record, but in front of me is our pipeline sheet. We've got 2 or 3 things close in that we're going to decide on and we've got another kind of 2 or 3 things that we may do before the year is over. So as always, we've got some interesting things. And then second, we've -- I think we've got enough liquidity. I don't have it in front of me, but circa $1.5 billion to $2 billion. We're generating, what, $250 million a quarter. So that's another $500 million in the second half. So we've really got, for once, kind of plenty liquidity. Leverage ratio, I think, is in the mid-2s. So when you put it all together, I think we feel pretty able to do, Sanjay, virtually anything we want.

Our next question is from James Faucette with Morgan Stanley.

I appreciate the color and commentary on the capital allocation and that kind of thing. I want to dig in a little bit on the... [Technical Difficulty]

We have lost his line. So we'll just move on until he redials in. Our next question is from Tien-Tsin Huang with JPMorgan.

I hope you can hear me okay. I think maybe building on Sanjay's question around M&A. Just Ron, should the deals look similar to the -- as you called it, the classic 2 deals you guys closed here similar in terms of size and accretion? Or are some of these things perhaps bigger or smaller? I'm just trying to get a better sense of what you're seeing and what might be different.

Tien-Tsin, you can see if we don't like the questions, we just yank the guy off. So we're...

A great strategy, a great strategy.

Thanks for your question. So I'd say looking at the thing in front of me, I think the difference is we've got kind of 2 flavors. We've got a couple of things that are similar to the AFEX and ALE. They're kind of more of what we do, where we like the prices and they're accretive. And then I'd say we've got a couple of things that are more adjacent. I think I called out a year ago this idea of kind of going up the value chain in corporate pay, like AP automation, as an example, kind of do more for the client between his ERP and our payments. So we've got a couple of things like that, that are not square in the categories but nest pretty close to them.

Okay. Good. That's fun -- it would be fun to see what it is. And then just on the new sales front, you said that was a nice surprise. How about in the second half? I mean do you feel like there's some pent-up demand as, let's hope, everyone sort of getting back to more normal order of business? Do you see that stepping up or maybe even more than a catch-up?

Yes. I mean that's also a good question. So yes, we did our kind of nice [ 93 to 10 T Box ] review halfway through the year review and the sales forecasts are in absolute numbers always higher in the back half. So we have forecast that are up in -- up even more against the 2019 baseline. And I did try to -- I know there's a lot of chitchat in these opening scripts, but I didn't want to just double down on the comment around this digital thing. I tried to call it out, but I'd say it's the most hopeful like for me that I've done. I've taken this question, 100 times of, hey, Ron, can you just spend more? Why don't you just invest more in sales and marketing, sell more and all that kind of stuff? And I've always said that, hey, we want good returns. We don't waste money. And practically, it's hard to hire 50% more people and you have turnover. So at this time, Tien-Tsin, it's a bit different with the digital because you can kind of turn the crank, right, in a way and generating more visitors. On the call, I said we did that and generated 50% more visitors in Q2 than we had in the trailing baseline quarters. So that's the one place I'd say there's a ray of light there of us being able maybe to really step up the digital sales even more.

Okay. I'm glad you found that.

Our next question is from Peter Christiansen with Citigroup.

Nice trends guys, really nice. Earlier in the year, I think there was this assumption that there's expectations that you'd make up roughly 2/3 of hard-hit accounts by year-end. Clearly, you're running ahead of that schedule. I was just wondering if you could update us on your thinking there. And then just piggybacking on the last response, how are you thinking about incremental outperformance so far, reinvesting versus dropping that to the bottom line? How are you thinking about the decisioning there?

Peter, this is Charles. So on the softness recovery, I'd say the impact has basically tracked to our plan, but it's come in a little bit differently in that T&E spend came roaring back faster as the domestic airline travel and lodging that's associated with it. A few of the other areas were a little bit slower. So some of the industries that we called out in terms of cruise operators or hotels and lodging and such still haven't quite recovered where we thought they would, so mixed bag. The good news is it is tracking the plan. We do believe there's still further upside moving forward into the second half. So still optimistic that we'll get to where we more or less planned, but it may just come in a little bit different.

Pete, it's Ron. Let me just jump on the back of Chuck's comment, your part B. Yes is the answer, maybe not obvious from our Q2 results, but we actually spent some incremental money late in the quarter both in kind of incremental digital investments that I spoke of, along with IT. So I think the answer is to the extent that we're tracking ahead of what we're committing to here, I think you would see us spend more money. We've got some places where we think we can get returns now.

Our next question is from James Faucette with Morgan Stanley.

I'm not sure what happened there technically but -- and I apologize if I -- you already answered this question in my absence. But I was wondering if you could talk a little bit about the corporate payments growth. It seemed like that was a source of better performance at least versus our model and especially accounts payable. What are the kind of key drivers of strength this quarter? And as a quick follow-up, I'll just get it in now. How correlated is that segment right now with respect to fuel in particular and kind of the broader business more generally?

Yes. James, this is Charles. The corporate payments business, as you said, kind of outpaced a number of the other businesses in terms of organic growth. And it was really driven by 2 areas. Our full AP was up over 50% as was the T&E. The T&E piece helped a lot through macro recovery or environmental recovery, I should say. In terms of the full AP being up over 50%, that's driven by strong sales. And so as we came through the pandemic, we actually continue to sell a lot of that product as people were looking for digital automated solutions where you can have as many people touching invoices. And you didn't need as many people to run processes. And during a lockdown, it's super helpful to outsource that process to us. So we had a lot of demand through COVID and that's continued into this year. So sales continue to be strong there, and you're seeing the flow-through on the revenue.

Got it, got it. And just as a clarification then. And so that flow-through and benefit that you're seeing, is that driven by generally like just movement and acceleration of the business? And how much of that is tied or is being benefited by fuel prices and a little bit higher levels there?

Yes. We don't have a lot of fuel buying in the full AP area. So you have a little bit of it in T&E. And our T&E, our multi-card business fuel is about 7%, 8%, maybe the spend. But in terms of overall kind of what we call corporate payments, it's not a big factor.

Okay. Great to hear that.

James, it's probably our technical thing to cut you off. But just to add to Chuck saying, again, the retention in that business is our world. It's super duper high. And obviously, we had incremental payments with clients we have. So that obviously drives the growth. That continues to inch up.

Our next question is from Trevor Williams with Jefferies.

Just so on the guide for the second half, if we back out the 2Q beat, the midpoint of the revenue guide at least for the second half is a raise of about $80 million from where you were. Could you just break out kind of how much of that is the contribution from AFEX? Fuel is a little bit higher than what was in the prior guide, maybe a little bit better FX versus just building in more organic revenue dollars in the second half.

Yes. So the $80 million lift, AFEX runs about $10 million roughly per quarter -- sorry, per month. So that will be a sizable contributor there. We are getting a little bit of macro love with fuel prices and we'll be coming -- FX seems to be kind of okay. So I'd say that between AFEX of, call it, 60 and then some of the macro and then we've got -- the rest would be organic lift versus where we thought.

Yes. Trevor, it's Ron. The macro is kind of going in a couple of different ways, right? There's happies like fuel prices that you called out. And then there's sads like, for us, like COVID in Brazil. Obviously, this came in worse than -- is worse than we thought. So there's kind of puts and takes in that. But to me, again, the thing I tried to say it earlier, I don't know people heard me, is it's not just so much the incremental guide, hey, we're guiding to whatever, 80 more at the midpoint. It's sequentially, even previously, we continue to believe there's an acceleration in the business. Again, that if you look at second half versus first half or even Q3 versus Q2, we're talking about revenue stepping up another, call it, $50 million. So I just don't want people to miss that, that we -- it's a business we can plan. And so we forecasted that roll rate, if you will, in the subsequent quarters.

Okay. No, that's helpful. And I mean it's all moving in the right direction. And then just my follow-up on corporate pay. I mean there was good acceleration on the year-over-year growth rate but really no change from the first quarter, just normalizing for the easier comp. And I'm guessing just based on the numbers Charles ran through, I mean it sounds like virtual card is where there's still probably the most softness relative to '19 levels at least? I mean how much of that is the timing lag with invoicing from when you guys actually get paid there versus the potential for there being something that could be more permanent with the underlying customers. And then just as a clarification there. I mean, how much recapture from those soft virtual card customers do you have embedded in the second half guide?

Yes. So Trevor, you're spot on in terms of where the softness lies, mostly in that virtual card area where we would handle payments for cruise line operators, ticket operators, hotels, restaurants, et cetera. Commercial construction continues to lag a bit as well. There is still some softness that we're seeing -- lingering softness in the cross-border business, too, which I'd called out there, particularly Australia. That market is struggling and actually come back in a lockdown now. So I'd say you're spot on. We don't view this as structural, meaning that we believe it can come back or at least most of it will come back. It's just more of a timing issue. So the potential is there. It just hasn't recovered yet.

Trevor, it's Ron again. Let me just jump on to Chuck's thing that the thing that's fascinating is it's super concentrated. I don't have the exhibit in front of me, but circa 75 clients account for 1/2 to 2/3 of the softness in that particular line. And the good news is they're still alive because they haven't showed up in our losses. So it's not an across-the-board thing. It's literally the small handful of super impacted clients that are still kind of down but not out. And so to Chuck's point, to the extent that they come back, we haven't planned a bunch in the second half for them. But to the extent that they stay open and come back, that could be happy for us next year.

Okay. Got it. And so there's not much from them that's embedded in the second half number?

Not much.

Our next question is from Ken Suchoski with Autonomous Research.

I just want to ask about Beyond Tolls. I just wanted to get your appetite. I just wanted to ask about your appetite there to kind of open up the credit lines. And I think you mentioned that you expect Beyond Tolls to contribute to revenue growth and volume growth. So I mean what's the expectation there in terms of contribution to revenue growth in the segment or to a total company, whether that's back half of this year or next year?

Yes. Ken, it's Ron. It's a good question. So the first thing I'd say is it's been different than we planned because Brazil slid into a COVID problem kind of in the February, March period. I believe it's starting to come out. If you look at the curve, it's starting to kind of reopen. So that's the first comment is the activity and people driving obviously is less than we planned. But what I'd say for this particular thing is it's less credit because we do put some of the stuff on credit cards, and we do have experience with customers that we take money from their bank accounts. So we're -- we've got the credit under control. It's a network issue for us. So we spent a lot of time optimizing the digits on the software that go in parking garages and fuel sites and fast food to get the right performance, to get super high performance and stuff. And so we put a ton of capital. I think, Chuck, it's in the $10 million to $20 million range again to build out. So they're adding network like crazy now, which we see already even through this COVID lens volume going up because we've got obviously millions of consumers already that have the tag that just need a gas station or parking garage near them. And so I'd say that it's the combo of those 2 things: one, the rate at which we build out the network; and then two, the rate of recovery of people driving around again. So I don't know when those -- that thing will cross the curve, whether it's later this year or the beginning of next. But I'd say we're still -- based on the investment I just mentioned, we're super bullish on the idea.

Yes. That makes a lot of sense. I guess my follow-up question. Just maybe we could touch on the Roger acquisition. I mean how is that cross-sell progressing? Are customers receptive to adopting that solution? Any comments there would be really helpful.

Yes. Another good question, Ken. So I'd say still early days. I guess we've owned it for, I think, 6 months now. We've got a few thousand. Last time I looked, having 3,000 kind of active clients, SMB clients on the platform. So it's working, it's out there. We're starting to market. Obviously, we had to do a lot of work to get the digital selling machine and the tech built in and get it combined into other FLEETCOR assets and stuff. And literally this month, in August, we kind of launched the cross-sell. I think I mentioned it in the top of my comments that we're taking the fuel card UI that, what was it, call it 100,000 clients use to go in and pay their bills and basically putting in the Roger payment platform to pay the FLEETCOR bill and offer to pay additional bills. So that thing is actually going live in this month. So we'll report back. But I'd say, again, we're -- the category is super high. We've got a super good product. We're selling a few thousands, and we're making sure the quality is good. And were on the 1-yard line here to launch the cross-sell. So early, but I'd say encouraging so far.

Our next question is from Ramsey El-Assal with Barclays.

I wanted to ask you about EV. And what are you seeing in the marketplace today? Are you sort of planning for the future when it comes to thinking through this stuff? Or are you seeing fleets that are today moving in that direction? In other words, is it sort of a demand side kind of pulling you in order to make these changes? Or you just sort of trying to see what's around the curve and prepare for it?

Ramsey, it's Ron. That's another really super good question. I'd say it's a mix. So the EV action, if you will, is super pocketed. So we really only see stuff in Europe. So when we convene and we talk about EV and who's doing what, I'd say it's all quiet on the Western front here in old U.S.A. But we see it in certain markets. It's pretty active, for example, in the Netherlands. It's starting to become active in the U.K. and it's -- interestingly, it's starting with the big accounts. And so what we are seeing is the corporate accounts, which I guess are trying to be green or whatever have more money and are willing to kind of dispose of the old-fashioned combustion assets are kind of the early adopters of the thing. So we are seeing some exchange, some transition among our client base at that level, at the corporate level. And then Part B is what you said. We're trying to get the model clear, okay? What spend -- I don't know if had a chance to flip through the supplement we put out. But to me, it's just almost shocking that to drive a van into a EV station in the U.K. or to drive an EV van into a public charge point, it's the same cost to the guy. The guy spends -- or the gal spends the same amount of money for those -- to fill up or the recharge. Like I don't know if that would be what people would think. But when you look at it based on the efficiency of the vehicles and the markup that the charge point guys are charging right there, you're like, oh, I didn't know that someone like FLEETCOR can actually get paid because there's real spend. And then this idea that we have live now of actually putting software at the employees' home to -- so he's not burdened with his own electricity costs and putting boxes and that stuff in, we're getting a bunch of money for that and a lot of demand for it. So it's a little of both. It's starting to head this way and then us trying to get out ahead of it so we can articulate what the model looks like.

Okay. That's super helpful. Just a really quick follow-up. I just wanted to make sure that I got your kind of preliminary 2022 EPS view. It's effectively all in, about $14.70 to $14.90 is what you're seeing in terms of the base run rate in addition to the interest rate hedges rolling off, M&A contribution at this point. It looks like about $14.70 to $14.90.

Yes. So let me be clear with you. We're not trying to give guidance, so let me go on the record. It's really just trying to say Chuck and I provide guidance here in the back half of $7, so just helping everybody with the math. So in a recurring business, that's an exit rate of $14, that's just what we provided. And then I just did want to comment on a couple of super happy things. We work on deals and these are kind of FLEETCOR wheelhouse deals. And so they're rich with synergies. So our confidence -- my confidence is super high in that kind of $0.50 to $0.70 increment because obviously, they're late coming into our company and the synergies are well as the year goes on. And the other thing is something the treasurer took me through a couple of weeks ago that we made a bad hedge or a roll off and so I'm happy. So I just want to make sure people are clear that there's some happy set of things in our business, including the exit rate of the business and these couple of things that we can see. But obviously, we're going to work hard to keep selling way more and buying way more. So I wouldn't, in one second, try to suggest that what I'm saying is anywhere near what the guidance is going to be. We'll cook that as we run through the year.

Our next question is from David Koning with Baird.

I guess my first question is just in the fuel segment, thinking about Q3, normally, when we look back, it's kind of flat to up a little bit sequentially. I think this quarter, you talked about fuel will be a little bit of a sequential tailwind, which is nice. It's -- but it seems like there's going to be more -- it's going to be a nice sequential growth, just the way you're kind of guiding the year. What's all getting better like sequentially from Q2 to Q3? Like what's going to kind of drive that higher than normal?

Yes. So Dave, this is Charles. So one thing is we are seeing some higher fuel prices. So that's certainly helpful. As Ron mentioned, also great digital sales. So sales are -- and in that business, sales are recognized and turned into revenue pretty quickly, pretty quick translation. So that's helpful. Last year, as you know, sales were pretty awful. So that created a slightly different trajectory. So we're back on kind of where we want to be. So I'd say those couple of things combined with a little bit of COVID recovery still to go, but those things combined will help lift us a bit faster in Q3 versus Q2.

David, it's Ron. Just the one add to Chuck's thing there is the retention. I think someone -- Sanjay asked me at the opening of the call, I should have called it, hey, what's surprised us so far? Fuel card retention. I called out at the top of the call, we hit an all-time high. I don't know if we break it out, Jim, or not, but we're showing up at 94% for the company. But inside of that, we hit 92% from the fuel card business. So when you roll that through our sequential model, that creates lift in the second half as well. So we're at all-time retention. We've had crazy good sales, to Chuck's point, and we're getting a little bit of macro happy from fuel and COVID recoveries. So you put it all together, things climb pretty good.

Yes. And then I guess just as a quick follow-up. The credit provisions have been really low. We can see that in the cash flow statement, and you mentioned it earlier in the call, too. Does your guidance for the rest of the year assume that, that stays low? And should we think of that changing much in '22? Should we like normalize it? Or what should we think about there?

Yes, David, it's Charles. So we are forecasting for credit to kind of normalize as we exit the year. So Q3 get up a little bit, Q4 get back to kind of what we would see more historically. As we're selling a lot more now, generally, credit follows the sales. I sell somewhat, and I try to underwrite really well. However, some people do get through and they go bad, then they get weeded out and the base then performs better. So as we have way more new sales now, we would expect that it's normalized. And so what I'd say is going into next year, I'd look for more kind of what we've done historically as a baseline.

Our next question is from David Togut with Evercore ISI.

The transformation of the fuel card UI into a broader bill payment platform seems intriguing and reminiscent of what you did on the fuel card side when you open that up to more of a Beyond Fuel card. So can you talk about what you need to do to build this broader bill payment platform mostly on the merchant acceptance side because that would seem to be probably the heaviest lifting with this type of a payments project.

Yes. David, yes, it's -- no, we think it's a pretty big idea. As I said, we're going live this month. And I think the trend is coming to us, right, that more and more of our both U.S. and European fuel card clients are using UI, using their phone and using the desktop and particularly going there to pay us, right, their invoices, right, whether they get an e-mail reminder. And so we have all these clients showing up pretty frequently inside our software UI. And so what we've done, what we've been working on is taking the Roger bill pay software and basically making it the bill payment system of record. So when you go into the UI and look over to pay something, that platform is working. So we don't really have to rebuild the bill pay platform in the network because we got that already. And obviously, we have all those capabilities from our other businesses, merchant networks and the deals we have with our friends at MasterCard. We have all that other stuff, vendors that do paper making and everything. So really, it's just customers. It's just seeing if the accounts are comfortable using the UI to do more than just pay us. And we'll have certainly a report for you back, but the numbers are just staggeringly big, right? It's over 100,000 just here in the United States are paying a bill every month on these UIs. So we're hopeful, I don't know if you want to call it the super app, but the idea is more and more people are using these software apps with us. We just want them to be more useful and we've got another product that's ready to go. So it's going live.

Got it. And just as a follow-up, what does the unit pricing look like on this bill payment platform when you go beyond kind of fuel card bill pay?

Yes. So it's kind of almost free at this point to the client. We're looking at whether we should get subscription money for the software, if you will. But really, as you know, we get paid on the back end, mostly the stuff that we run through our cards and then obviously cross-border, call it, 8% to 10% of the stuff that could be cross-border. So we'll probably make it super attractive to our client base initially, get paid on the back side and then look to feather in some software SaaS fees as we go.

Our next question is from John Coffey with Susquehanna Financial Group.

My question is on the corporate payments segment. And I was actually looking at a company that's not traditionally a competitor of yours, Coupa. And one thing that they've been saying, they as a software company focus on procurement, they've been getting more involved in Coupa Pay. And I think what they would say is procurement and payments or payments of the procured items are actually complementary services. And if I'm paraphrasing their position right, they say, why would you go -- if you're doing procurement with us, why would you go outside and do payment when these things -- 2 things could be bundled? And I was wondering what you thought of that sentiment. I was wondering if you disagree with it, why? And if you agree with it, is there any thought you would have that you would get maybe more exposed to the software side of the universe, particularly the procurement side of the universe?

John, it's Ron. That's also a good question. So first, just FYI for you, the company we bought 2 years ago called Nvoicepay in Portland was the pay provider to Coupa Pay. So we're pretty clear on what Coupa Pay is trying to do. I don't think you could ask them that they've done a lot today of combining the pay with the software, but I know that that's their ambition. So what I'd say is for a year or 2, we've studied and looked at a bunch of companies that have software that's kind of up the value chain, right, AP automation, scheduling approval, workflow software and even on top of that kind of procurement contract compliance kind of software that you've mentioned. Our take on it is it will be all of the above, which means some clients will just take that AP automation software like they do from Coupa and not to pay. Some people will just take pay like what we offer, and some people will take both. And I think I've repeated that we probably will offer that. We probably will offer the both. I don't know if we'll offer the stand-alone AP automation software or not, but that's our take that based on the size of the company and the industry that they're in and the research that we've done is it won't be one size fits all. It's not like everybody is going to do it one way. So we think it's a good idea. It's something that we'll look probably to offer. We do partner with people where we offer the pay into their software. So we're studying how well they're doing it. I call it, peanut butter and jelly. Is it going to be peanut butter and jelly? Or is it going to be not peanut butter and jelly? So I think the jury is still out on it.

And our final question is from George Mihalos with Cowen and Company.

I guess I'll ask 2 quick ones upfront. I guess on the sales momentum, the 106% of '19 levels. Just curious, Ron and Charles, where -- from a segment perspective, that seems to be outperforming where you feel you're doing better than expected and maybe sort of the pockets of any weakness, if there are any, from the new sales side. And then separately, Ron, just curious at a high level out of Washington, any thoughts about the infrastructure bill and what that might mean for FLEET?

Yes. George, it's Ron. On the first part, the sales thing. So yes, I think I mentioned we've been surprised to the upside against the plan that we built. And I'd say this -- I'm sure it will sound funny to everybody, but it's been fuel. We've actually sold more year-to-date in the forecast. So the second half is actually higher in fuel than the plan that we built. So most of the overperformance against our internal expectations is fuel, and most of that overperformance is digital selling. We keep growing the share of new digital accounts that we're onboarding. And as I mentioned, we're investing more at the top to try to drive that. So that's the overperformance. I'd say everything else is kind of mostly on plan. We're super pleased with it. As you mentioned, the plan is up, way, way up from last year and even up against '19. So I'd say everybody else is kind of delivering what we hope for. On Part B, who knows on the infrastructure bill. I'd say, first, tell me what infrastructure is. And if it's like what it would be, what you think it would be, which is kind of fixing stuff and construction-centric, it could help us a lot. I'd say it looks a lot to us like the stimulus from last year obviously helped us get paid and helped a lot of our clients stay open and pay payroll. And so I'd say the same thing that if that comes to pass and gets funded and its regular old fashion kind of infrastructure where stuff gets built, we're pretty weighted concentrated in that construction segment. So it's got to help us. If there's more money and more work for those sets of companies, that will flow through to us. I'm not counting on it, George, by the way. It's a political thing. But if it comes to be and it comes to be the old-fashioned infrastructure, it's happy for FLEET.

And George, I would just add as Ron talked about the concentration in the construction vertical, that's not just in fleets that also pertains to our lodging business and our AP, full AP and virtual card businesses.

George, anything else?

No, I think we're set. That's great color. Really appreciate it. Hopefully, that's a point of upside.

And that does conclude our question-and-answer session. This is -- this concludes the conference. You may disconnect your lines at this time, and thank you, everybody, for your participation.