Slide 1: Q4 2024 Earnings Release Supplement
Q4 2024 Earnings Release Supplement Refer to earnings release dated February 5, 2025 for further information
Slide 2: Safe Harbor Provision
Q4 2024 Safe Harbor Provision This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s (formerly known as Fleetcor Technologies) beliefs, assumptions, expectations and future
Slide 3: Agenda
Q4 2024 Agenda ^ Q4 2024 Results FY 2024 Results 2025 Guidance Gringo Acquisition Appendix
Slide 4: Q4 2024 Results
my 4 Q4 2024 Resul Corpay esults
Slide 5: Our Take on the Quarter
Q4 2024 Our Take on the Quarter ^ Q4 adjusted EPS Earnings exceed expectations1, grew 21%: finished slightly • Adjusted EPS2 $5.36, up 21% YOY...above midpoint of our guide • Revenues $1.034 billion, up 10% YOY above the mid-point ◦ Impacted by ~$20 million of unanticipated fx macro headwind of our
Slide 6: Revenue and Cash EPS Bridge vs Prior Year
Q4 2024 Revenue and Cash EPS Bridge vs Prior Year $119 $27 $1,034 ^ $(4) $(45) $937 2019 +10% Revenue YoY ($ in millions) 2 4Q23 Core Change Macro Acquisitions Divestiture 4Q24 $0.93 $0.02 $0.03 $0.16 $5.36 $0.15 Adjusted Net Income Per $(0.37) Share1 $4.44 +21% YoY 3 4 4Q23 Core Change Acquisitions
Slide 7: Organic Revenue Growth
Q4 2024 Organic Revenue Growth1,2 ($ in millions) ^ VEHICLE PAYMENTS CORPORATE PAYMENTS $346 $543 $500 $274 8% 26% +19% +32% 4Q23 4Q24 4Q23 4Q24 Total LODGING PAYMENTS 12% OTHER3 $67 $70 $120 $121 1% 5% +9% +39% 4Q23 4Q24 4Q23 4Q24 1. Non-GAAP financial measures. See appendix for reconciliation of n
Slide 8: Organic Revenue Growth and Same Store Sales Trends
Q4 2024 Organic Revenue Growth and Same Store Sales Trends1 ^ 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 Vehicle Payments2 7% 8% 7% 5% 6% 4% 5% 4% 8% 5% Corporate Payments3 19% 22% 20% 15% 19% 17% 18% 18% 26% 20% Lodging Payments 26% 14% 10% 0% 12% (9)% (10)% (5)% 1% (6)% Other4 2% (14)% 6% 6
Slide 9: Improving Retention
Q4 2024 Improving Retention* +30 BPS Improvement YOY ^ 92.1% 92.0% 91.9% 91.7% 91.6% 4Q23 1Q24 2Q24 3Q24 4Q24 *Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where Corpay is a processor instead of issuer.
Slide 10: Balance Sheet Structured for Flexibility and Capacity
Q4 2024 Balance Sheet Structured for Flexibility and Capacity ^ Robust cash flow and opportunistic capital allocation Leverage Ratio3 • Reported $581 million of EBITDA1 (X) 2.75 • Generated $383 million of free cash flow1,2 2.43 • Repurchased ~0.7 million shares for $244 million (associated with emp
Slide 11: FY 2024 Results
FY A Corpay peg FY 2024 Und
Slide 12: Our Take on the Year
FY 2024 Our Take on the Year ^ Record FY results Record 2024 Results1: with revenue of • Adjusted EPS2 $19.01, up 16% ex-Russia approximately • Record revenues of $3.97 billion, up 8% ex-Russia • Adjusted EBITDA2,5 $2.1 billion, up 10% ex-Russia $4 billion and • GAAP EPS $13.97, up 10% ex-Russia adj
Slide 13: Revenue and Cash EPS Bridge vs Prior Year
FY 2024 Revenue and Cash EPS Bridge vs Prior Year $283 $80 ^ $3,975 $(65) $(81) +6% 2019 $3,758 YoY Revenue ($ in millions) FY23 Core Change Macro 2 Acquisitions Divestiture FY24 $2.32 $0.66 $19.01 $(0.08) $0.35 Adjusted Net $(0.41) $(0.25) Income Per Share1 $16.92 $(0.50) +12% YoY 3 4 6 FY23 Core A
Slide 14: Long Record of Strong Performance
FY 2024 Long Record of Strong Performance ^ Revenue1 Adjusted Net Income per Share2 ($ in millions) $19.01 2014-2024 2014-2024 CAGR = $3,975 CAGR = 2019 13% $3,758 14% $16.10 $16.92 $3,427 $2,834 $13.21 $2,649 $11.79 $2,433 $2,389 $11.09 $2,250 $10.53 $1,832 $8.54 $1,703 $6.92 $1,199 $6.30 $5.15 201
Slide 15: Durable Organic Revenue Growth
FY 2024 Durable Organic Revenue Growth1 ^ 13% 2019 12% 11% 10% 8% 2 FY21 FY22 FY23 FY24 FY25-G 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Growth rate at the midpoint of guidance for 2025 Corpay | 15
Slide 16: Adjusted EBITDA, Adjusted EBITDA Margin and Capex
FY 2024 Adjusted EBITDA1, Adjusted EBITDA Margin1 and Capex ($ in millions, except %) ^ 56.5% 56.9% 54.1% 53.9% 53.6% 53.1% 52.2% 51.6% 51.0% 51.3% 50.3% $2,129 $1,994 $1,769 $1,506 $1,526 $1,374 $1,148 $1,225 $957 $857 $648 2 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 EBITDA Margin 2014
Slide 17: Robust Cash Flows Support Capital Allocation
FY 2024 Robust Cash Flows Support Capital Allocation ^ Adjusted Net Income1 Share Repurchases2 ($ in millions) $1,364 Amounts Average Shares ($ in millions) ('000) Price 2014-2024 $1,259 CAGR = $1,237 2017 $402 2,855 $141 12% $1,110 2018 $959 4,911 $195 $1,062 $970 2019 $695 2,270 $306 $962 2020 $85
Slide 18: Hedging floating rate debt and foreign net assets
FY 2024 Hedging floating rate debt and foreign net assets Fixed Rate Interest Rate Swaps ^ • Cumulative $4.5B swap portfolio at 12/31/2024: Notional (millions) Weighted Average Fixed Rate Interest Rate Swap Portfolio $4,500 3.98% Amount Outstanding Total Debt, as of 12/31/2024 Average Variable Rate
Slide 19: 2024 Capital Deployed
FY 2024 2024 Capital Deployed ($ in millions) We deployed $2.55 billion capital in 2024 via deals and share buybacks ^ $2.55 billion Acquisitions $ 1,265 Cross Border - GPS $ 725 $1,283 Corporate Payments - Paymerang $ 475 Share Buybacks Consumer Vehicle - Zapay $ 65 Share Buybacks (4.2M shares) $ 1
Slide 20: 2025 Guidance
FY Corpay” [RRR 2025 Guidance
Slide 21: 2025 Macro Assumptions
FY 2025 2025 Macro Assumptions The macro economic environment has significantly deteriorated since our November earnings call…with an expected negative impact to both revenue and adjusted EPS compared to our November preview and 2024 ^ Macro Assumptions Macro Impact % Change Vs. Nov Preview Vs. Prio
Slide 22: Bridge: November Preview vs February 2025 Guidance
FY 2025 Bridge...November Preview vs February 2025 Guidance Our 2025 revenue and adjusted EPS guidance is fundamentally unchanged since November ...except for the expectation of a significantly more unfavorable macro environment ^ November February Macro Full Year 20251 Preview3 Guidance Change GAAP
Slide 23: FY25 Guidance
FY 2025 FY25 Guidance ($ in millions, except per share data and %) ^ Guidance Ranges1 Print At Constant YoY Macro Full Year 2025 Guide Midpoint vs 2024 Midpoint vs 2024 GAAP Revenues $4,350 - $4,450 $4,400 +11% $4,509 +13% Adjusted Net Income per $20.75 - $21.25 $21.00 +11% $22.19 +17% Diluted Share
Slide 24: FY 2025 Guidance Revenue and Adjusted EPS Bridge vs FY 2024
FY 2025 FY 2025 Guidance Revenue and Adjusted EPS Bridge vs FY 2024 ^ $438 $131 $4,400 $3,975 $(109) $(35) 2019 Revenue ($ in millions) +11% YoY 2 FY 2024 Core Change Macro Acquisitions Divestiture FY 2025 $0.34 $3.15 $0.03 $(0.74) $21.00 $(0.79) Adjusted Net Income Per $19.01 Share1 +11% YoY FY 202
Slide 25: Gringo Acquisition
Corpay”* a Gringo Acquisition
Slide 26: Corpay Signs Definitive Agreement to Acquire Gringo
FY 2025 Corpay Signs Definitive Agreement to Acquire Gringo Gringo is a leading vehicle registration and compliance payment company in Brazil. It strengthens Corpay’s position in vehicle related service offerings. ^ 3x larger TAM spend...car debts Digital app that helps drivers pay for $16B and less
Slide 27: Appendix: About Non-GAAP Financial Measures
Q4 2024 Appendix About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. The Company refers to free cash flow, cash net income and adjusted net ^ income attributable to Corpay interchangeably, a non-GAAP financial measure. A
Slide 28: Reconciliation of Net Income to Adjusted Net Income - 2024
Q4 2024 Reconciliation of Net Income to Adjusted Net Income - 2024* ($ in millions, except per share amounts) 4Q24 3Q24 2Q24 1Q24 ^ Net income attributable to Corpay $246 $276 $252 $230 Stock-based compensation 36 29 27 25 Amortization1 63 61 57 58 Loss on extinguishment of debt — 5 — — Other2,3 30
Slide 29: Reconciliation of Net Income to Adjusted Net Income - 2023
Q4 2024 Reconciliation of Net Income to Adjusted Net Income - 2023* ($ in millions, except per share amounts) ^ 4Q23 3Q23 2Q23 1Q23 Net income attributable to Corpay $256 $271 $240 $215 Stock based compensation 26 29 35 26 Amortization1 58 58 58 60 Other2,3 8 (2) 9 8 Total pre-tax adjustments 92 87
Slide 30: Reconciliation of Net Income to Adjusted Net Income
FY 2024 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Year Ended December 31,1 ^ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income attributable to Corpay $1,004 $982 $954 $839 $704 $895 $811 $740 $452 $362 $369 Net income per diluted sh
Slide 31: Reconciliation of Non-GAAP EBITDA Measures - 2023 and 2024 quarters
Q4 2024 Reconciliation of Non-GAAP EBITDA Measures- 2023 and all quarters of 2024 ($ in millions, except %) 4Q24 3Q24 2Q24 1Q24 2023 ^ Net income from operations $246 $276 $252 $230 $982 Provision for income taxes 141 82 83 75 343 Interest expense, net 95 104 95 89 349 Other expense, net 6 — 4 3 (3)
Slide 32: Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA measures
^ FY Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA 2024 measures ($ in millions, except %)* Year Ended December 31, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income $1,004 $982 $954 $839 $704 $895 $811 $740 $452 $362 $369 Provision for Income Taxes 381 343 321 269 178 183 28
Slide 33: Calculation of Organic Growth
Q4 2024 Calculation of Organic Growth* ($ in millions, except %) ^ 1Q24 ORGANIC GROWTH 2Q24 ORGANIC GROWTH 3Q24 ORGANIC GROWTH 4Q24 ORGANIC GROWTH 2024 2023 Pro 2024 2023 Pro 2024 2023 Pro 2024 2023 Pro Macro Adj3 forma2 % Macro Adj3 forma2 % Macro Adj3 forma2 % Macro Adj3 forma2 % Vehicle Payments
Slide 34: Calculation of Organic Growth - 2021 through 2025G
FY 2024 Calculation of Organic Growth* - 2021 through 2025G ^ 2021 2022 2023 2024 2025G Macro Pro Macro Pro Macro Pro Macro Pro Macro Pro Organic Revenue Growth Adjusted1 Forma2 Adjusted1 Forma2 Adjusted1 Forma2 Adjusted1 Forma2 Adjusted1 Forma2 2021 2020 2022 2021 2023 2022 2024 2023 2025 2024 CORP
Slide 35: Calculation of Organic Growth - Excluding Russia
Q4 2024 Calculation of Organic Growth - Excluding Russia ($ in millions, except %) ^ 1Q23 ORGANIC GROWTH 2Q23 ORGANIC GROWTH 3Q23 ORGANIC GROWTH 4Q23 ORGANIC GROWTH 2023 2023 2023 2023 Macro 2022 Pro Macro 2022 Pro Macro 2022 Pro Macro 2022 Pro SEGMENT Adj2 forma1 % Adj2 forma1 % Adj2 forma1 % Adj2
Slide 36: Calculation of Organic Growth - Excluding Channel
Q4 2024 Calculation of Organic Growth - Excluding Channel ($ in millions, except %) ^ 1Q24 ORGANIC GROWTH 2Q24 ORGANIC GROWTH 3Q24 ORGANIC GROWTH 4Q24 ORGANIC GROWTH 2024 2024 2024 2024 Macro 2023 Pro Macro 2023 Pro Macro 2023 Pro Macro 2023 Pro SEGMENT Adj2 forma1 % Adj2 forma1 % Adj2 forma1 % Adj2
Slide 37: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 ($ in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 VEHICLE PAYMENTS Pro forma and macro adjusted $543 $522 $518 $492 $500 $501 $492 $475 Impact of acquisitions/d
Slide 38: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 (continued)
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 (continued, in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 3 OTHER Pro forma and macro adjusted $70 $66 $55 $64 $67 $71 $56 $57 Impact of acquisitions/dispositi
Slide 39: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2023 ($ in millions) Macro Adjusted1 Pro Forma2 2023 Organic Revenue Growth* 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 VEHICLE PAYMENTS Pro forma and macro adjusted $498 $524 $529 $487 $476 $490 $491 $456 Impact of acquisitions/d
Slide 40: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 (continued)
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2023 (continued, in millions) Macro Adjusted1 Pro Forma2 2023 Organic Revenue Growth* 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 3 OTHER Pro forma and macro adjusted $66 $71 $56 $58 $62 $66 $66 $57 Impact of acquisitions/dispositi
Slide 41: Reconciliation of Non-GAAP Guidance Measures
FY 2024 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) 2025 GUIDANCE ^ Low* High* Net income $1,174 $1,224 Net income per diluted share $16.50 $17.00 Stock based compensation 117 117 Amortization 249 249 Other 52 52 Total pre-tax adjustments $418 $418 Income t