Stock Repurchase and Equity - As of June 30, 2023, the company has repurchased 26,338,904 shares for an aggregate purchase price of $5.9 billion, leaving $1.2 billion available for future repurchases[52]. - The stock repurchase program was increased by $1.0 billion to a total of $7.1 billion on October 25, 2022[52]. - The Company has repurchased 26,338,904 shares for an aggregate purchase price of $5.9 billion since the inception of the stock repurchase program, leaving $1.2 billion available for future repurchases[70]. Financial Performance - Consolidated revenues for the three months ended June 30, 2023, were $948.2 million, a 10.1% increase from $861.3 million in the same period of 2022[79]. - Revenues for the six months ended June 30, 2023, reached $1,849,507 thousand, an increase of 12.1% from $1,650,519 thousand in the same period in 2022[89]. - Net income for Q2 2023 was $239,702 thousand, a decrease of 8.5% compared to $262,171 thousand in Q2 2022[89]. - Basic earnings per share for Q2 2023 were $3.24, down from $3.42 in Q2 2022, reflecting a decline of 5.3%[89]. - Net income for the six months ended June 30, 2023, was $454,537, a decrease of 5.3% compared to $480,123 for the same period in 2022[96]. - Adjusted net income for Q2 2023 was $314.3 million, compared to $326.1 million in Q2 2022, reflecting a decrease of 3.5%[165]. Legal Proceedings and Risks - The company is currently involved in various legal proceedings, but management does not believe these will materially affect financial performance[45]. - A new derivative lawsuit filed in January 2023 seeks approximately $118 million in damages related to alleged unfair marketing practices[46]. - The company intends to appeal a court decision related to the FTC's claims after final judgment is issued[47]. - The company continues to face risks associated with ongoing litigation and regulatory investigations, which could affect future results[51]. - The FTC's administrative action against the Company is currently stayed, pending further developments[123]. Assets and Liabilities - Total assets increased to $15,178,653 thousand as of June 30, 2023, up from $14,089,260 thousand at December 31, 2022, representing a growth of approximately 7.7%[88]. - Total debt decreased from $7,036,894 thousand to $6,749,489 thousand, with a current portion of $2,071,231 thousand and a long-term portion of $4,678,258 thousand as of June 30, 2023[111]. - The net book value of the Company's assets in Russia at June 30, 2023, was approximately $219.7 million, with $216.5 million classified as restricted cash[155]. Revenue Segmentation - Revenue from the United States accounted for 56% of total revenues for the three months ended June 30, 2023, totaling $534.7 million[79]. - Brazil's revenue for the three months ended June 30, 2023, was $126.1 million, representing 13% of total revenues[79]. - Revenues for the Corporate Payments segment increased by 30.2% from $189,699 thousand in Q2 2022 to $246,952 thousand in Q2 2023[119]. - Corporate Payments segment revenues increased to $247.0 million in Q2 2023, representing 26% of total revenues, up from 22% in Q2 2022[162]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $1,254,243 thousand as of June 30, 2023, from $1,435,163 thousand at December 31, 2022, a decline of 12.6%[88]. - As of June 30, 2023, the company had approximately $2.1 billion in total liquidity, including $0.8 billion available under the Credit Facility and $1.3 billion in unrestricted cash[217]. - For the six months ended June 30, 2023, net cash provided by operating activities was $826.7 million, compared to $41.9 million for the same period in 2022[222]. Interest and Financing - Interest expense, net, increased significantly by 283.6% to $88.5 million, primarily due to rising interest rates on borrowings[191]. - The Securitization Facility, which matures on August 18, 2025, had an interest rate of 6.20% as of June 30, 2023, with a total receivables purchase agreement of $1.7 billion[229]. - The Company entered into the thirteenth amendment to the Credit Facility on May 3, 2023, replacing LIBOR with the Secured Overnight Financing Rate (SOFR) plus a SOFR adjustment of 0.10%[111]. Foreign Exchange and Derivatives - The fair value of derivative assets as of June 30, 2023, was $587.0 million, while derivative liabilities were $530.2 million, indicating a net position of $56.8 million[131]. - The Company has outstanding interest rate swap derivatives with a notional amount of $500 million at a fixed rate of 2.50% maturing on December 19, 2023[136]. - The Company recognized a benefit of $3.9 million in interest expense for the six months ended June 30, 2023, related to excluded components of a cross currency interest rate swap designated as a net investment hedge[142]. Operational Highlights - The company completed over 95 acquisitions since 2002, with recent acquisitions including Global Reach for approximately $102.9 million in January 2023[183]. - The company continues to focus on expanding its payment solutions across more than 150 countries, enhancing its service offerings in Vehicle and Mobility solutions and Corporate Payments solutions[167]. - Processing expenses increased by 10.6% to $205.3 million, attributed to higher transaction volumes and acquisition-related costs[191].

Table of Contents FORM 10-Q For the quarterly period ended March 31, 2023 Commission file number: 001-35004 __________________________________________________________ Registrant's telephone number, including area code: (770) 449-0479 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) ...

Financial Performance - Total revenues for 2022 were $3,427 million, an increase of 21% from $2,834 million in 2021[82] - Net income for 2022 was $954 million, reflecting a 13.7% increase compared to $839 million in 2021[95] - Consolidated revenues for 2022 were $3,427 million, an increase from $2,834 million in 2021, reflecting a growth of approximately 20.9%[120] - Net income for 2022 was $954.3 million, an increase of 13.7% from $839.5 million in 2021[192] - The company’s total comprehensive income for 2022 was $909.3 million, compared to $738.0 million in 2021[192] Revenue Sources - Corporate Payments revenues increased by 28.7% to $772.4 million in 2022, with operating income rising by 29.3% to $255.4 million[97] - Brazil revenues reached $442.2 million in 2022, a 20.1% increase from the previous year, with operating income growing by 13.2% to $174.7 million[98] - Lodging revenues reached $456.5 million in 2022, marking a 47.4% increase compared to the previous year, driven by higher transaction volumes and acquisitions[126] - Other revenues were $251.0 million in 2022, a 6.4% increase year-over-year, driven by organic growth and increased transaction volumes[127] - Revenues from international businesses accounted for 38.9% of total revenues in 2022, up from 37.0% in 2021[175] Acquisitions and Investments - The acquisition of Roomex for approximately $56.8 million was completed on November 1, 2022, expanding the company's presence in the U.K. and German markets[88] - The company completed over 95 acquisitions since 2002, indicating a strong focus on growth through strategic acquisitions[117] - The company acquired a European-based vehicle maintenance provider and a cloud-based EV charging software platform in February 2023 for an immaterial amount[118] - The company made strategic investments totaling $19.1 million in various EV-related businesses in 2022[88] Expenses and Liabilities - Depreciation and amortization expenses increased by 13.4% to $322.3 million in 2022, primarily due to acquisition-related expenses[94] - Selling expenses increased by 17.9% to $309.1 million in 2022, primarily due to higher marketing costs and expenses related to acquisitions[122] - The company incurred additional interest expense of $10.6 million in 2022 due to interest rate swap contracts tied to variable rate debt[123] - The company’s total current liabilities increased to $6,043.5 million in 2022 from $5,290.4 million in 2021[188] - The company had $5.8 billion of variable rate debt outstanding as of December 31, 2022, up from $4.9 billion in 2021, reflecting an increase of approximately 18.4%[206] Currency and Interest Rate Impact - The company estimates a positive impact of approximately $96 million on consolidated revenue for 2022 due to favorable fuel prices and spreads, partially offset by a $47 million negative impact from foreign exchange rates[92] - Fuel prices directly impacted approximately 13% of revenues in 2022, compared to 12% in 2021[87] - The impact of fuel prices on revenues was approximately $141 million in 2022, contributing to about 6% of net revenues[117] - The company experienced foreign currency translation losses of $77.1 million in 2022, compared to losses of $144.5 million in 2021[192] - A hypothetical 10% change in foreign currency exchange rates could have impacted consolidated operating income by approximately $68.4 million in 2022[175] Shareholder Actions - The company repurchased 26,280,908 shares for a total of $5.9 billion since the start of the stock repurchase program, with $1.2 billion remaining for future repurchases[171] - The stock repurchase program was increased to $7.1 billion as of October 25, 2022[171] Operational Insights - Approximately 61% of the company's revenue in 2022 was derived in U.S. dollars, minimizing the impact of foreign currency exchange rates[87] - The company’s payment solutions focus on specific commercial spend categories, including Fuel, Corporate Payments, Tolls, and Lodging[132] - The company’s cross-border payments business includes revenue from currency exchanges at spot rates, enabling cross-currency payments[133] - Approximately 91% of outstanding accounts receivable were current as of December 31, 2022, compared to 96% in 2021, indicating a decline in receivables quality[202] Financial Management - The company has entered into interest rate swap contracts with notional values totaling $2.0 billion to reduce cash flow variability associated with variable rate debt[160] - The effective interest rate incurred on the term loans was 3.41% during 2022[158] - The company utilizes interest rate swap contracts with notional amounts totaling $2 billion to mitigate exposure to rising interest rates[206] - The company classified $215.8 million as restricted cash due to current capital market conditions as of December 31, 2022[138] - The company made principal payments of $2.8 billion on term loans and $6.5 billion on revolving facilities during 2022[159] Asset Management - The company recognized revenue for stored value cards at the point in time when control passes to the customer, generally upon shipment[134] - The company evaluates indefinite-lived intangible assets for impairment annually, with significant estimates including discount rates and projected revenue growth[205] - Share-based compensation expense for 2022 was $121,416, compared to $80,071 in 2021, marking an increase of approximately 51.6%[194] - Other comprehensive loss from currency exchange for 2022 was $(45,034), a decrease from $(101,458) in 2021, indicating an improvement of about 55.7%[194]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition pe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-K __________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 001-35004 __ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition pe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-Q _________________________________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...