Slide 1: Q3 2024 Earnings Release Supplement
Q3 2024 Earnings Release Supplement Refer to earnings release dated November 7, 2024 for further information
Slide 2: Safe Harbor Provision
Q3 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
Q3 2024 Agenda ^ Q3 2024 Results 2024 Guidance 2025 Financial Preview Appendix
Slide 4: Q3 2024 Results
my Q3 Q3 2024 Resul Corpay esults
Slide 5: Our Take on the Quarter
Q3 2024 Our Take on the Quarter ^ Q3 results finished Results exceed expectations1: at the high end of • Revenues $1.029 billion, up 7% ex-Russia our guidance range; • EBITDA2 $558 million, up 8% ex-Russia first time printing • Adjusted EPS2 $5.00, up 14% ex-Russia quarterly revenues • GAAP EPS $3.9
Slide 6: Revenue and Cash EPS Bridge vs Prior Year
Q3 2024 Revenue and Cash EPS Bridge vs Prior Year $971 $58 $27 $1,029 ^ $(14) $(13) 2019 +6% Revenue YoY ($ in millions) 2 3Q23 Core Change Macro Acquisitions Divestiture 3Q24 $0.24 $5.00 $0.31 $0.14 $4.49 $(0.03) $(0.03) Adjusted Net $(0.05) $(0.07) Income Per Share1 +11% YoY 3 4 5 6 3Q23 Core Acqu
Slide 7: Organic Revenue Growth
Q3 2024 Organic Revenue Growth1,2 ($ in millions) ^ VEHICLE PAYMENTS CORPORATE PAYMENTS $501 $522 $320 $271 4% 18% +19% +32% 3Q23 3Q24 3Q23 3Q24 Total LODGING PAYMENTS 6% OTHER3 $141 $71 $134 $66 (5)% (6)% +9% +39% 3Q23 3Q24 3Q23 3Q24 1. Non-GAAP financial measures. See appendix for reconciliation o
Slide 8: Organic Revenue Growth and Same Store Sales Trends
Q3 2024 Organic Revenue Growth and Same Store Sales Trends1 ^ 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 Vehicle Payments2 7% 8% 7% 5% 6% 4% 5% 4% Corporate Payments3 19% 22% 20% 15% 19% 17% 18% 18% Lodging Payments 26% 14% 10% 0% 12% (9)% (10)% (5)% Other4 2% (14)% 6% 6% 0% 12% (2)% (6)% Total Organic
Slide 9: Improving Retention
Q3 2024 Improving Retention* +100 BPS Improvement YOY ^ 92.1% 91.9% 91.7% 91.6% 91.2% 3Q23 4Q23 1Q24 2Q24 3Q24 *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
Q3 2024 Balance Sheet Structured for Flexibility and Capacity ^ Leverage Ratio3 Robust cash flow and opportunistic capital allocation (X) • Reported $558 million of EBITDA1 2.82 • Generated $355 million of free cash flow1,2 2.43 • Board of Directors increased share repurchase authorization by $1 bil
Slide 11: Hedging floating rate debt and foreign net assets
FY Q3 2024 Hedging floating rate debt and foreign net assets Fixed Rate Interest Rate Swaps ^ • In September 2024, entered into $500M additional interest rate swaps; cumulative $4.5B swap portfolio at 9/30/2024: Weighted Average Fixed Notional (millions) Rate Interest Rate Swap Portfolio $4,500 3.98
Slide 12: 2024 Guidance
Corpay” ES 2024 Guidance
Slide 13: 4th Quarter Trends Accelerating
Q3 2024 4th Quarter Trends Accelerating We're out-looking Q4 organic revenue growth accelerating to 13%, along with ^ improving EBITDA margins Organic Revenue1 FY23 1Q24 2Q24 3Q24 4Q24G Vehicle Payments2 6% 4% 5% 4% 8% Corporate Payments 19% 17% 18% 18% 27% Lodging Payments 12% (9)% (10)% (5)% 1% Ot
Slide 14: FY24 and 4Q24 Guidance
Q3 2024 FY24 and 4Q24 Guidance ($ in millions, except per share data) Guidance Ranges1 ^ vs 2023 vs 2023 Full Year 2024 Guide Midpoint Actual Ex-Russia GAAP Revenues $3,980 - $4,010 $3,995 6% 9% EBITDA2 $2,130 - $2,160 $2,145 8% 11% Adjusted Net Income per Diluted Share2 $18.90 - $19.10 $19.00 12% 1
Slide 15: 2025 Financial Preview
^ 2024 2025 Financial Preview
Slide 16: 2025 Financial Preview
Q3 2024 2025 Financial Preview ^ 2025 Revenue • 9%-11% organic revenue growth1 • Incremental +3%2 GAAP revenue growth from Paymerang + GPS 2025 Expenses • Positive operating leverage & EBITDA margin expansion • Lower net interest expense from lower SOFR • Higher tax rate from lower 2024 discrete ite
Slide 17: Appendix: About Non-GAAP Financial Measures
Q3 2024 Appendix ^ About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock based compens
Slide 18: Reconciliation of Net Income to Adjusted Net Income - 2024
Q3 2024 Reconciliation of Net Income to Adjusted Net Income - 2024* ($ in millions, except per share amounts) 3Q24 2Q24 1Q24 ^ Net income attributable to Corpay $276 $252 $230 Stock based compensation 29 27 25 Amortization2 61 57 58 Loss on extinguishment of debt 5 — — Other3,4 7 13 12 Total pre-tax
Slide 19: Reconciliation of Net Income to Adjusted Net Income - 2023
Q3 2024 Reconciliation of Net Income to Adjusted Net Income - 2023* ($ in millions, except per share amounts) ^ 4Q23 3Q23 2Q23 1Q23 Net income attributable to Corpay $256 $271 $240 $215 Stock based compensation 26 29 35 26 Amortization1 58 58 58 60 Other2,3 8 (2) 9 8 Total pre-tax adjustments 92 87
Slide 20: Reconciliation of Net Income to EBITDA - 2023 and 2024 Quarters
Q3 2024 Reconciliation of Net Income to EBITDA - 2023 and First, Second and Third Quarters of 2024 ($ in millions) ^ 3Q24 2Q24 1Q24 2023 Net income from operations $276 $252 $230 $982 Provision for income taxes 82 83 75 343 Interest expense, net 104 95 89 349 Other expense, net — 4 3 (16) Depreciati
Slide 21: Calculation of Organic Growth
Q3 2024 Calculation of Organic Growth* ($ in millions) ^ 1Q24 ORGANIC GROWTH 2Q24 ORGANIC GROWTH 3Q24 ORGANIC GROWTH 4Q24G ORGANIC GROWTH 2024 2024 2024 2024 Macro 2023 Pro Macro 2023 Pro Macro 2023 Pro Macro 2023 Pro Adj4 forma3 % Adj4 forma3 % Adj4 forma3 % Adj4 forma3 % Vehicle Payments $492 $475
Slide 22: Calculation of Organic Growth - Excluding Russia
Q3 2024 Calculation of Organic Growth - Excluding Russia ($ in millions) ^ 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 forma1 % V
Slide 23: Calculation of Organic Growth - Excluding Channel
Q3 2024 Calculation of Organic Growth - Excluding Channel ($ in millions) ^ 1Q24 ORGANIC GROWTH 2Q24 ORGANIC GROWTH 3Q24 ORGANIC GROWTH 2024 2024 2024 Macro 2023 Pro Macro 2023 Pro Macro 2023 Pro SEGMENT Adj2 forma1 % Adj2 forma1 % Adj2 forma1 % Corporate Payments, excluding Channel $250 $207 21% $2
Slide 24: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024
^ Q3 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 ($ in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24G 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 VEHICLE PAYMENTS Pro forma and macro adjusted $544 $522 $518 $492 $504 $501 $492 $475 Impact of acquisitions/
Slide 25: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 (continued)
^ Q3 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 (continued, in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24G 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 3 OTHER Pro forma and macro adjusted $77 $66 $55 $64 $67 $71 $56 $57 Impact of acquisitions/disposit
Slide 26: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023
^ Q3 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2023 ($ 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 27: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 (continued)
^ Q3 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 $57 Impact of acquisitions/dispositi
Slide 28: Reconciliation of Non-GAAP Guidance Measures
Q3 2024 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) 2024 GUIDANCE ^ Low* High* Net income $1,061 $1,081 Net income per diluted share $14.82 $15.02 Stock based compensation 108 108 Amortization 235 235 Other 42 42 Total pre-tax adjustments $385 $385 Income t
Slide 29: Reconciliation of Non-GAAP Guidance Measures
Q3 2024 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except percentage) ^ 2024 GUIDANCE Low* High* Net income $1,061 $1,081 Provision for income taxes 333 333 Interest expense, net 380 390 Depreciation and amortization and other 356 356 EBITDA $2,130 $2,160 4Q 2024 GUIDANCE Low* High