Corpay (CPAY) reported impressive third-quarter 2024 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.See Zacks Earnings Calendar to stay ahead of market-making news.CPAY’s earnings per share of $5 beat the consensus estimate by a slight margin and increased 11.4% on a year-over-year basis. The total revenues of $1 billion outpaced the consensus estimate marginally and grew 6% from the year-ago quarter.The stock has gained 21% over the past three months compared with the 18.2% r ...

Financial Performance - Corpay reported net revenues of $1,029.2 million for the three months ended September 30, 2024, a 6.0% increase from $970.9 million in the same period of 2023[98]. - Net income attributable to Corpay for the three months ended September 30, 2024, was $276.4 million, compared to $271.5 million for the same period in 2023, reflecting a 1.8% increase[97]. - Adjusted net income attributable to Corpay for the three months ended September 30, 2024, was $354.5 million, up from $335.1 million in the prior year, representing a 5.0% increase[99]. - EBITDA for the three months ended September 30, 2024, was $557.7 million, compared to $528.9 million in the same period of 2023, indicating a 5.4% increase[99]. - Total consolidated net revenues reached $1,029.2 million, marking a 6% growth from $970.9 million year-over-year[108]. - Consolidated operating income was $468.1 million, a 5.2% increase compared to the prior period[125]. - Net income attributable to Corpay increased to $276.4 million, or 1.8%, from the prior period[128]. - Consolidated revenues increased by 4.2% to $2,940.2 million for the nine months ended September 30, 2024, driven by organic growth of 6% and acquisitions[136]. - For the nine months ended September 30, 2024, net income was $757.7 million, an increase from $726.0 million in the same period of 2023[172]. Revenue Segments - The Vehicle Payments segment generated $506.8 million in net revenues for the three months ended September 30, 2024, accounting for 49% of total revenues[103]. - Corporate Payments segment revenues increased to $321.9 million for the three months ended September 30, 2024, representing 31% of total revenues, up from 27% in the same period of 2023[103]. - Vehicle Payments segment reported net revenues of $506.8 million, a 1% increase from $500.6 million in the same period last year[108]. - Corporate Payments segment achieved net revenues of $321.9 million, reflecting a 25% increase compared to $257.8 million in the prior year[108]. - Vehicle Payments revenues were $1,511.1 million, relatively flat with a 0.4% increase, supported by organic growth and acquisitions[141]. - Corporate Payments revenues surged by 20.0% to $875.7 million, driven by an 18% organic growth and strong new sales[142]. - Lodging Payments revenues decreased by 5.2% to $134.0 million in Q3 2024, primarily due to non-recurring insurance commissions from the prior year[131]. - Other revenues decreased by 6.3% to $66.5 million in Q3 2024, attributed to lower payroll card business volume and timing of gift transactions[132]. Acquisitions and Investments - The company acquired 70% of Zapay for approximately $59.5 million, enhancing its Vehicle Payments business in Brazil[114]. - In July 2024, the company acquired Paymerang for approximately $179.2 million, enhancing its presence in various market verticals[116]. - The company signed an agreement to acquire GPS Capital Markets for approximately $725 million, expected to close in early 2025[116]. - The company completed asset acquisitions totaling approximately $6.7 million for the nine months ended September 30, 2024[116]. - The company announced a stock repurchase program with an aggregate size of $9.1 billion, of which $7.6 billion has been utilized to repurchase 32,438,132 shares as of September 30, 2024[158]. - The company’s capital expenditures increased by 12% to $131.1 million in the nine months ended September 30, 2024, compared to $117.2 million in the prior period, driven by acquisitions and technology investments[148]. Cash Flow and Liquidity - Net cash provided by operating activities was $1,291.9 million for the nine months ended September 30, 2024, a decrease of 6.7% from $1,384.6 million in the same period of 2023[148]. - Net cash used in investing activities increased to $378.2 million in the nine months ended September 30, 2024, compared to $345.6 million in the prior period, primarily due to the absence of $197.0 million in proceeds from the sale of the Russian business[148]. - The company reported net cash provided by financing activities of $176.2 million for the nine months ended September 30, 2024, a significant turnaround from net cash used of $501.5 million in the same period of 2023[148]. - As of September 30, 2024, the company had approximately $2.1 billion in total liquidity, consisting of $0.8 billion available under the Credit Facility and $1.3 billion in unrestricted cash[145]. - The company has a $7.5 billion Credit Agreement, with $3.1 billion in borrowings outstanding on Term Loan A and $2.3 billion on Term Loan B as of September 30, 2024[149]. Market and Economic Factors - Approximately 8% of net revenues were directly impacted by changes in fuel prices for the nine months ended September 30, 2024[112]. - The company experienced a negative impact of approximately $14 million on consolidated revenues due to macroeconomic factors[121]. - The impact of foreign exchange rates negatively affected revenues by approximately $17 million, while fuel prices had a negative impact of about $5 million[166]. - The effective tax rate is subject to fluctuations driven by the impact of discrete tax items and changes in tax laws[111]. - The provision for income taxes for Q3 2024 was $82.0 million, down from $98.6 million in Q3 2023, a decrease of 16.7%[172]. Strategic Initiatives - Corpay's vision emphasizes that every payment is digital, aiming to reduce unauthorized purchases and fraud through enhanced data analytics[92]. - The company highlighted ongoing strategic initiatives and potential market expansions in its forward-looking statements[174]. - The company emphasized the importance of managing credit risks and maintaining operational efficiency amid macroeconomic uncertainties[175]. - The company continues to evaluate the performance and effectiveness of its operational strategies using adjusted net income and organic revenue growth as key metrics[169].

Financial Data and Key Metrics Changes - The company reported revenue of $1.29 billion for Q3 2024, marking a 7% increase, and cash EPS of $5, up 14% when excluding Russia [8][27] - EBITDA margins improved to 54.2%, up about 100 basis points sequentially [8][27] - Organic revenue growth was 6% overall, with corporate payments leading at 18% growth [10][27] Business Line Data and Key Metrics Changes - Corporate Payments revenue increased by 18%, driven by a 7% growth in spend volume [28] - Vehicle payments organic revenue grew by 4%, with a 7% increase in transactions [31] - Lodging revenue decreased by 5% but showed signs of improvement, with room nights increasing by 10% [36] Market Data and Key Metrics Changes - Brazil and international fleet segments showed strong growth, with Brazil's revenue growing 18% and sales increasing 22% [35] - North America fleet and lodging solutions have been underperforming, but lodging is expected to turn positive in Q4 [12][17] Company Strategy and Development Direction - The company is focusing on a consolidated U.S. sales organization to enhance sales efforts, particularly in the payables business [20][17] - M&A activities are a priority, with four deals finalized and more in the pipeline, including acquisitions in corporate payments [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong Q4 finish, expecting organic revenue growth to accelerate to 13% [11][12] - For 2025, the company anticipates organic revenue growth of 9% to 11%, driven by recovery in North America fleet and lodging businesses [14][16] Other Important Information - The company ended Q3 with $1.3 billion in unrestricted cash and $800 million available on its revolver [40] - Share repurchase authorization has been increased to over $1.5 billion, indicating a commitment to returning capital to shareholders [42] Q&A Session Summary Question: Retention breakdown by segment - Management does not break down retention by segment but noted that Corporate Payments has better retention than the line average [46][47] Question: Contribution of FEMA to lodging payments - Estimated at about $1 million above normalized emergencies for the quarter [49] Question: New sales performance and reorganization impact - Corporate Payments performed well, while North American fleet business was softer; expectations for Q4 are low to mid-20s growth [52][53] Question: Visibility into 2025 growth - Management expressed improved visibility due to current trends and retention metrics [55][56] Question: North American fleet growth outlook - Same-store sales are flat, but retention has improved; expectations for low single-digit growth next year [60][61] Question: Impact of interest rates and taxes on 2025 outlook - Lower interest rates are expected to reduce interest expense, while tax rates may increase due to global minimum tax exposure [66][69] Question: Corporate Payments growth expectations - Anticipated organic growth in the high teens for Corporate Payments, supported by strong sales and retention [93]

Corpay (CPAY) reported $1.03 billion in revenue for the quarter ended September 2024, representing a yearover-year increase of 6%. EPS of $5.00 for the same period compares to $4.49 a year ago. The reported revenue represents a surprise of +0.22% over the Zacks Consensus Estimate of $1.03 billion. With the consensus EPS estimate being $4.98, the EPS surprise was +0.40%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street exp ...

Corpay (CPAY) came out with quarterly earnings of $5 per share, beating the Zacks Consensus Estimate of $4.98 per share. This compares to earnings of $4.49 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 0.40%. A quarter ago, it was expected that this provider of fuel card and payment products for businesses would post earnings of $4.51 per share when it actually produced earnings of $4.55, delivering a surprise of 0.89%. Over ...

Exhibit 99.1 Corpay Reports Third Quarter 2024 Financial Results Surpasses $1 Billion in quarterly revenue Atlanta, Ga., November 7, 2024 — Corpay, Inc. (NYSE: CPAY), a corporate payments company, today reported financial results for its third quarter ended September 30, 2024. "We surpassed $1 billion in quarterly revenue for the first time, led by Corporate Payments organic growth of 18%. Business fundamentals were quite good with same store sales and retention improving and sales remaining strong," said R ...

Corpay (CPAY) is scheduled to release its third-quarter 2024 results on Nov. 7, after market close.See Zacks Earnings Calendar to stay ahead of market-making news.The company surpassed the Zacks Consensus Estimate in two of the four trailing quarters, missed in one, and met in another instance. It delivered an earnings surprise of 0.2%, on average.CPAY’s Q3 ExpectationsThe Zacks Consensus Estimate for revenues is pegged at $1 billion, implying 5.8% growth from the year-ago quarter’s actual. We expect the to ...

Financial Performance - For the three months ended June 30, 2024, net revenues were $975.7 million, an increase from $948.2 million in the same period of 2023, representing a growth of approximately 2.5%[91]. - Net income attributable to Corpay for the six months ended June 30, 2024, was $481.4 million, compared to $454.5 million for the same period in 2023, reflecting a year-over-year increase of about 5.9%[90]. - Adjusted net income per diluted share for the three months ended June 30, 2024, was $4.55, up from $4.19 in the same period of 2023, indicating a growth of approximately 8.6%[92]. - For the six months ended June 30, 2024, consolidated revenues reached $1,911.0 million, compared to $1,849.5 million in the same period of 2023, marking an increase of about 3.3%[91]. - Consolidated revenues for the six months ended June 30, 2024, were $1,911.0 million, reflecting a 3.3% increase compared to the prior period, driven by organic growth of 6% and acquisitions contributing 1%[124]. - The company reported consolidated revenues of $975.7 million for the three months ended June 30, 2024, a 2.9% increase compared to the prior period, driven by 6% organic growth[112]. - Total consolidated net revenues reached $975.7 million, representing a 3% increase from $948.2 million year-over-year[101]. - Net income from operations for Q2 2024 was $251.7 million, up from $239.7 million in Q2 2023, representing a growth of 6.7%[157]. - The company reported a total EBITDA of $1,000.1 million for the six months ended June 30, 2024, compared to $957.2 million for the same period in 2023, an increase of 4.5%[157]. - EBITDA for the three months ended June 30, 2024, was $517.7 million, compared to $497.1 million for the same period in 2023, reflecting an increase of 4.3%[157]. - The EBITDA margin for the three months ended June 30, 2024, was 53.1%, compared to 52.4% in the same period of 2023, indicating improved operational efficiency[92]. - Consolidated operating income was $433.3 million, reflecting a 5.0% increase compared to the prior period, with an EBITDA margin expansion of 63 basis points[114]. - Total operating income rose to $830.7 million, a 5.4% increase, with an EBITDA margin expansion of 58 basis points over the prior period[126]. Segment Performance - The Vehicle Payments segment generated $510.3 million in net revenues for the three months ended June 30, 2024, accounting for 52% of total revenues, compared to 54% in the same period of 2023[97]. - The Corporate Payments segment saw a revenue increase to $288.5 million for the three months ended June 30, 2024, representing 30% of total revenues, up from 26% in the same period of 2023[97]. - Vehicle Payments revenues were $510.3 million, a slight increase of 0.1%, negatively impacted by the disposition of the Russian business, which lowered revenue by approximately $32 million[117]. - Corporate Payments revenues increased by 17.3% to $288.5 million, primarily due to 18% organic revenue growth driven by a 19% increase in spend volume[118]. - Lodging Payments segment saw net revenues decline to $122.4 million, down 10% from $136.6 million in the prior year[101]. - Lodging Payments revenues decreased by 10.4% to $122.4 million, attributed to a 6% decline in room nights compared to the prior year[119]. - Corporate Payments operating income increased by 27.9% to $225.3 million, reflecting strong revenue growth and improved margins[130]. - Other revenues increased by 5.1% to $119.1 million, driven by gift card sales and transaction volume increases[132]. Acquisitions and Dispositions - The company completed the sale of its Russia business on August 15, 2023, which had contributed approximately $49.8 million to consolidated income before income taxes for the six months ended June 30, 2023[89]. - The company completed the acquisition of 70% of Zapay for approximately $59.5 million, enhancing its Vehicle Payments business in Brazil[106]. - A 100% acquisition of Paymerang for approximately $469 million was finalized, expanding the company's presence in accounts payables automation solutions[106]. - The company signed an agreement to acquire GPS Capital Markets for approximately $725 million, expected to close in early 2025[107]. - In January 2023, the company acquired Global Reach for approximately $102.9 million, enhancing its Corporate Payments segment[108]. - The company plans to continue geographic expansion through acquisitions, including PayByPhone Technologies, acquired for approximately $301.9 million[108]. - The company acquired Paymerang for approximately $469 million in July 2024, enhancing its presence in various market verticals[147]. - A definitive agreement was signed in June 2024 to acquire GPS Capital Markets, LLC for approximately $725 million, expected to close in early 2025[147]. - The company signed a definitive agreement to sell non-core assets in the U.S. Vehicle Payments segment, with an anticipated pre-tax gain on disposal[148]. Cash Flow and Liquidity - As of June 30, 2024, the company had approximately $2.2 billion in total liquidity, consisting of $0.9 billion available under the Credit Facility and $1.4 billion in unrestricted cash[133]. - Net cash provided by operating activities was $891.1 million for the six months ended June 30, 2024, a decrease of 19% from $1,099.0 million in the same period of 2023[135]. - Net cash used in investing activities was $146.6 million for the six months ended June 30, 2024, down from $201.2 million in the comparable prior period, primarily due to reduced acquisition spending[135]. - Capital expenditures increased by 8% to $85.3 million in the six months ended June 30, 2024, compared to $78.9 million in the same period of 2023[135]. - The company made borrowings of $325.0 million on term loans during the six months ended June 30, 2024, with $3.2 billion outstanding on term loan A and $1.8 billion on term loan B as of the same date[136]. Interest and Taxation - Interest expense increased to $94.7 million, up $6.2 million from the prior period, primarily due to higher interest rates on increased borrowings[114]. - The provision for income taxes was $82.5 million, with an effective tax rate of 24.7%, down from 26.6% in the prior period[115]. - Interest expense increased by $15.5 million to $183.8 million, primarily due to higher interest rates on increased borrowings[126]. - The provision for income taxes for Q2 2024 was $82.5 million, slightly down from $86.9 million in Q2 2023[157]. Risks and Forward-Looking Statements - The ongoing military conflicts and geopolitical events are being monitored for their potential impact on the company's operations and market demand[86]. - The company highlighted potential risks including macroeconomic conditions and regulatory changes that could impact future performance[159]. - Forward-looking statements indicate that the company anticipates challenges in executing its strategic plan and managing growth amid various uncertainties[160].

Exhibit 99.1 Corpay Reports Second Quarter 2024 Financial Results Paymerang acquisition closed on July 1, 2024 Atlanta, Ga., August 7, 2024 — Corpay, Inc. (NYSE: CPAY), a corporate payments company, today reported financial results for its second quarter ended June 30, 2024. "Our results were slightly ahead of our expectations. Our most recent business trends, including same store sales, new sales and customer retention, all meaningfully improved in the second quarter, which bodes well for our 2024 exit," s ...

Financial Performance - For the three months ended March 31, 2024, net revenues were $935.3 million, an increase of 3.5% from $901.3 million in the same period of 2023[97]. - Net income attributable to Corpay for Q1 2024 was $229.8 million, up 7% from $214.8 million in Q1 2023[97]. - Adjusted net income attributable to Corpay for Q1 2024 was $301.3 million, compared to $283.1 million in Q1 2023, reflecting a 6.3% increase[98]. - EBITDA for Q1 2024 was $482.4 million, an increase from $460.1 million in Q1 2023, resulting in an EBITDA margin of 51.6% compared to 51.0% in the prior year[98]. - Total consolidated net revenues increased by 4% to $935.3 million from $901.3 million[106]. - Net income attributable to Corpay increased by 7.0% to $229.8 million in Q1 2024[123]. - Revenues for Q1 2024 reached $935.3 million, compared to $901.3 million in Q1 2023, marking a year-over-year increase of 3.6%[154]. - EBITDA for Q1 2024 was $482.4 million, up from $460.1 million in Q1 2023, reflecting a growth of 4.9%[154]. - EBITDA margin improved to 51.6% in Q1 2024, compared to 51.0% in Q1 2023[154]. Revenue Segmentation - The Vehicle Payments segment generated $494.1 million in net revenues for Q1 2024, accounting for 53% of total revenues, slightly down from $495.5 million (55%) in Q1 2023[102]. - Corporate Payments segment revenues increased to $265.4 million in Q1 2024, representing 28% of total revenues, up from $226.2 million (25%) in Q1 2023[102]. - Revenues from the Lodging Payments segment decreased to $111.3 million in Q1 2024, down from $122.3 million in Q1 2023, representing 12% of total revenues[102]. - Vehicle Payments revenues decreased by 0.3% to $494.1 million, primarily due to the disposition of the Russian business, which reduced revenue by approximately $31 million[125]. - Corporate Payments revenues increased by 17.3% to $265.4 million, with organic growth of 17% attributed to strong new sales in AP and cross-border solutions[126]. - Lodging Payments revenues fell by 9.0% to $111.3 million, impacted by high weather-driven passenger volume in 2023 and a tough macro environment[127]. Acquisitions and Growth Strategy - The company acquired 70% of Zapay for approximately $56.3 million, enhancing its Vehicle Payments business in Brazil[113]. - A definitive agreement was signed to acquire 100% of Paymerang for approximately $475 million, expected to close in Q2 2024[113]. - The company has completed over 95 acquisitions since 2002, indicating a strong growth strategy through acquisitions[112]. - The company completed several acquisitions in 2023, including Global Reach for $102.9 million and PayByPhone for $301.6 million, aimed at expanding geographic reach and product offerings[115]. Cash Flow and Liquidity - Net cash provided by operating activities decreased to $350.2 million in Q1 2024 from $877.7 million in Q1 2023, primarily due to an increase in restricted cash[132]. - Total liquidity as of March 31, 2024, was approximately $2.8 billion, consisting of $1.5 billion available under the Credit Facility and $1.3 billion in unrestricted cash[129]. - The company had $3.2 billion in borrowings outstanding on the term loan A and $1.8 billion on the term loan B as of March 31, 2024[133]. - Net cash used in financing activities decreased to $158.6 million in Q1 2024 from $217.7 million in Q1 2023, primarily due to net borrowings on credit facilities[132]. Expenses and Financial Management - Processing expenses were $207.4 million, a 1.2% increase, influenced by higher transaction volumes and acquisition-related costs[121]. - Selling expenses surged by 15.4% to $94.2 million, driven by increased commissions from higher sales volume[121]. - Interest expense increased to $89.1 million in Q1 2024, up from $79.8 million in Q1 2023, representing a rise of 14.6%[154]. - Provision for income taxes decreased to $75.5 million in Q1 2024 from $80.0 million in Q1 2023, indicating a reduction of 6.3%[154]. Strategic Focus and Market Conditions - Corpay's vision emphasizes that every payment is digital, every purchase is controlled, and every related decision is informed, aiming to reduce unauthorized spending and fraud[91]. - The company is focused on executing its strategic plan and managing growth while navigating macroeconomic conditions and regulatory changes[156]. - Future performance is subject to various risks, including changes in consumer preferences and international operational risks[156]. - The company emphasizes the importance of developing new technology, products, and services to enhance its market position[157]. Market Impact and Risks - Fuel price volatility impacted approximately 8% of revenues in Q1 2024, down from 12% in Q1 2023[111]. - The Company experienced a negative impact of approximately $4 million from fuel prices and $6 million from fuel price spreads during the reporting period[150]. - The impact of foreign exchange rates contributed positively with an estimated $14 million during the same period[150]. - No material changes to market risk were reported as of March 31, 2024, compared to disclosures in the Annual Report for the year ended December 31, 2023[158].