Proxy Report

Corpay, Inc. CPAY

They pay him to sign a billion dollars of acquisitions a year and to grow earnings measured with those acquisitions taken back out, which means he will keep buying companies with borrowed money and will never have to prove any of them paid off.

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Corpay, Inc. CPAYCorpay's debt reached $10.6B against $3.5B of book equity, three times over, after buying Alpha Group for about $2.4B in October. Back of NapkinAug 25 Corpay, Inc. CPAYCorpay's corporate payments business has grown organically at 16 to 17% for four straight quarters while its fuel card revenue per transaction rose every quarter. Moat DiveAug 25 Salesforce, Inc. CRMSalesforce just reported its first accelerating quarter in three years, raised the full-year guide, and the stock jumped about 10% overnight, and even after the jump it costs roughly 13 times trailing free cash flow. Back of NapkinAug 27 Figma, Inc. FIGFigma has accelerated revenue growth three quarters running, 48% in the latest, and the stock has fallen 63% from its post-IPO high anyway, because the sellers are the people who built it. Back of NapkinAug 27