Slide 1: 1Q 2024 Earnings Release Supplement
1Q 2024 Earnings Release Supplement Refer to earnings release dated May 8, 2024 for further information
Slide 2: Safe Harbor Provision
1Q 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
1Q 2024 Agenda ^ 1Q 2024 Results Updated 2024 Guidance EV Update Paymerang Acquisition Appendix
Slide 4: 1Q 2024 Results
Corpay” 1Q 2024 Results 2024
Slide 5: Our Take on the Quarter
1Q 2024 Our Take on the Quarter ^ Results in line with expectations1: 1Q results driven by • Revenues up 4% YOY, to $935 million, up 8% ex-Russia revenue and sales • EBITDA2 growth of 5%, to $482 million, up 11% ex-Russia growth and expense • GAAP EPS $3.12, up 8% YOY discipline Adjusted • Adjusted
Slide 6: Our Take on the Quarter: Free Cash Flow and Capacity
1Q 2024 Our Take on the Quarter ^ Substantial free Robust cash flow and balance sheet usage cash flow and • Generated $301 million of free cash flow1 balance sheet • Repurchased 1.1 million shares through 1Q24...and an capacity enables additional 1.4 million shares in 2Q24 M&A and share • Leverage s
Slide 7: Revenue and Cash EPS Bridge vs Prior Year
1Q 2024 Revenue and Cash EPS Bridge vs Prior Year ^ 2019 +4% Revenue YoY ($ in millions) 2 Adjusted Net Income Per Share1 +8% YoY 3 4 5 6 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Macro consists of $4 million negative impact from fuel prices and
Slide 8: Organic Revenue Growth
1Q 2024 Organic Revenue Growth1,2 ($ in millions) ^ VEHICLE PAYMENTS CORPORATE PAYMENTS 4% 17% +19% +32% Total LODGING PAYMENTS 6% OTHER3 (9)% 12% +9% +39% 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Adjusted to remove impact of changes in macroeco
Slide 9: Organic Revenue Growth Trends
1Q 2024 Organic Revenue Growth Trends1 ^ 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 Vehicle Payments2 7% 8% 7% 5% 6% 4% Fleet3 3% 6% 4% 2% 4% 0% Corporate Payments4 19% 22% 20% 15% 19% 17% Lodging Payments 26% 14% 10% 0% 12% (9)% Other5 2% (14)% 6% 6% 0% 12% Total Organic Growth 12% 10% 10% 7% 10% 6% 1. Non-GAAP
Slide 10: Strong Retention
1Q 2024 Strong Retention* ^ *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. Also excludes our cross border payments business, due to the nature of business cu
Slide 11: Balance Sheet Structured for Flexibility and Capacity
1Q 2024 Balance Sheet Structured for Flexibility and Capacity Robust cash flow and opportunistic capital allocation ^ Leverage Ratio3 • Reported $482 million of EBITDA1 (X) • Generated $301 million of free cash flow1,2 • Repurchased 1.1 million shares for $321 million ◦ In 2Q 2024, repurchased an ad
Slide 12: Updated 2024 Guidance
Corpay” ES Updated 2024 Guidance
Slide 13: FY24 ROY Macro
1Q 2024 FY24 ROY Macro Macro environment deteriorated in April … creating $40M GAAP Revenue and $0.40 Adjusted EPS rest of year (ROY) headwind ^ ROY Macro Assumptions ROY Macro Impact ROY Macro Assumptions $ in millions, except per share ROY Impact Earnings Guidance GAAP Adjusted as of May Macro Rev
Slide 14: FY24 Guidance Bridge
1Q 2024 FY24 Guidance Bridge In addition to flowing through the ROY macro impact, we are updating guidance to incorporate Lodging softness ... but neutralizing the earnings impact with ^ company actions Guidance Bridge Guidance At Midpoint FY 2024 FY 2024 (+) ROY Post-Macro (+) FY 2024 $ in millions
Slide 15: FY24 and 2Q24 Guidance
1Q 2024 FY24 and 2Q24 Guidance ($ in millions, except per share data) Guidance Ranges1 ^ vs 2023 vs 2023 Full Year 2024 Guide Midpoint Actual Ex-Russia GAAP Revenues $3,960 - $4,040 $4,000 6% 9% EBITDA2 $2,140 - $2,180 $2,160 8% 12% Adjusted Net Income per Diluted Share2 $18.80 - $19.20 $19.00 12% 1
Slide 16: Workforce Lodging Revenue and Volume Trends
1Q 2024 Workforce Lodging Revenue and Volume Trends Recent softness experienced in workforce lodging revenue and room nights shows initial signs of stabilizing in April ^ Workforce Lodging* (8)% Revenue $ in millions 0% (14)% Room Nights in millions 4% • Does not include Airlines or Insurance busine
Slide 17: EV Update
Corpay” EV Update 2024
Slide 18: Over 40% of the U.K.'s top fleets use our EV/Mixed fleet solution
1Q 2024 Over 40% of the U.K.'s top 200 fleets use our EV/Mixed fleet solution ^ Corpay | 18
Slide 19: UK EV Economics
1Q 2024 UK EV Economics Corpay continues to see higher levels of revenue from Fleet customers with both ICE & EV solutions ^ EV Economics Revenue* £ thousands FY21 FY22 FY23 1Q24 EV 197 659 1,815 579 ICE 2,641 2,789 2,758 668 Total 2,838 3,448 4,573 1,247 EV % Cards 8% 18% 32% 39% EV Revenue % 7% 19
Slide 20: Paymerang Acquisition
^ 1Q Paymerang Acquisition 2024
Slide 21: Corpay Signs Definitive Agreement to Acquire Paymerang
1Q 2024 Corpay Signs Definitive Agreement to Acquire Paymerang Corpay has signed definitive documentation to acquire Paymerang, a leader in AP automation solutions. It strengthens Corpay’s position in middle market AP … and ^ provides entry into 4 new attractive verticals Corpay | 21
Slide 22: Appendix: About Non-GAAP Financial Measures
1Q 2024 Appendix ^ About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock based compens
Slide 23: Reconciliation of Net Income to Adjusted Net Income
1Q 2024 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) ^ Three Months Ended March 31, 2024 2023 Net income attributable to Corpay $230 $215 Stock based compensation 25 26 Amortization1 58 60 Integration and deal related costs 4 6 Restructuring and relat
Slide 24: Reconciliation of Net Income to EBITDA
1Q 2024 Reconciliation of Net Income to EBITDA* ($ in millions) ^ Three Months Ended March 31, 2024 2023 Net income from operations $230 $215 Provision for income taxes 75 80 Interest expense, net 89 80 Other expense, net 3 1 Depreciation and amortization 85 84 Other operating, net — 1 EBITDA $482 $
Slide 25: Calculation of Organic Growth
1Q 2024 Calculation of Organic Growth* ($ in millions) ^ 1Q24 ORGANIC GROWTH 2024 Macro 2023 Pro Adj4 forma3 % Vehicle Payments $492 $475 4% Fleet1 351 352 —% Corporate Payments 264 226 17% Lodging Payments 111 122 (9)% Other2 64 57 12% Consolidated Revenues, net $932 $881 6% 1Q23 ORGANIC GROWTH 2Q2
Slide 26: Calculation of Organic Growth - Excluding Russia
1Q 2024 Calculation of Organic Growth - Excluding Russia ($ in millions) ^ 1Q24 ORGANIC GROWTH 2024 Macro 2023 Pro SEGMENT Adj2 forma1 % Vehicle Payments, ex Russia $492 $475 4% Consolidated Revenues, net, ex Russia $932 $881 6% 1Q23 ORGANIC GROWTH 2Q23 ORGANIC GROWTH 3Q23 ORGANIC GROWTH 4Q23 ORGANI
Slide 27: Calculation of Organic Growth - Excluding Channel
1Q 2024 Calculation of Organic Growth - Excluding Channel ($ in millions) ^ 1Q24 ORGANIC GROWTH 2024 Macro 2023 Pro SEGMENT Adj2 forma1 % Corporate Payments, excluding Channel $250 $207 21% 1Q23 ORGANIC GROWTH 2Q23 ORGANIC GROWTH 3Q23 ORGANIC GROWTH 4Q23 ORGANIC GROWTH 2023 2023 2023 2023 Macro 2022
Slide 28: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024
^ 1Q Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 ($ in millions) Macro Pro Adjusted1 Forma2 2024 Organic Revenue Growth* 1Q24 1Q23 VEHICLE PAYMENTS Pro forma and macro adjusted $492 $475 Impact of acquisitions/dispositions — 21 Impact of fuel prices/spread (10) — Impact
Slide 29: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 (continued)
^ 1Q Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 (continued, in millions) Macro Pro Adjusted1 Forma2 2024 Organic Revenue Growth* 1Q24 1Q23 OTHER3 Pro forma and macro adjusted $64 $57 Impact of acquisitions/dispositions — — Impact of fuel prices/spread — — Impact of fore
Slide 30: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023
^ 1Q Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 2024 ($ 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 31: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 (continued)
^ 1Q Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 2024 (continued, in millions) Macro Adjusted1 Pro Forma2 2023 Organic Revenue Growth* 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 OTHER3 Pro forma and macro adjusted $66 $71 $56 $58 $62 $66 $66 $57 Impact of acquisitions/dispositio
Slide 32: Reconciliation of Non-GAAP Guidance Measures
1Q 2024 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) Q2 2024 GUIDANCE ^ Low* High* Net income $248 $258 Net income per diluted share $3.47 $3.57 Stock based compensation 31 31 Amortization 58 58 Other 5 5 Total pre-tax adjustments $94 $94 Income tax impact o
Slide 33: Reconciliation of Non-GAAP Guidance Measures
1Q 2024 Reconciliation of Non-GAAP Guidance Measures ($ in millions) ^ 2024 GUIDANCE Low* High* Net income $1,075 $1,115 Provision for income taxes 352 352 Interest expense, net 363 363 Depreciation and amortization and other 350 350 EBITDA $2,140 $2,180 * Columns may not calculate due to rounding C