Slide 1: Q2 2024 Earnings Release Supplement
Q2 2024 Earnings Release Supplement Refer to earnings release dated August 7, 2024 for further information
Slide 2: Safe Harbor Provision
Q2 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
Q2 2024 Agenda ^ Q2 2024 Results 2024 Guidance Appendix
Slide 4: Q2 2024 Q2 Results
Corpay”* [2 2024 Q2 Results
Slide 5: Our Take on the Quarter: Results Exceed Expectations
Q2 2024 Our Take on the Quarter ^ Q2 results finished Results exceed expectations1: • Revenues $976 million, up 7% ex-Russia near the higher end Adjusted EPS2 • EBITDA2 $518 million, up 10% ex-Russia of our guidance Up 14% ex- • Adjusted EPS2 $4.55, up 14% ex-Russia Russia range • GAAP EPS $3.52, up
Slide 6: Our Take on the Quarter: Free Cash Flow and Acquisitions
Q2 2024 Our Take on the Quarter ^ Substantial free cash Robust cash flow and share repurchases flow and two • Generated $325 million of free cash flow1 Corporate Payments • Repurchased 2.2 million shares in 2Q24 acquisitions • Leverage steady at 2.60x2 Acquisitions and investments • Acquired Paymera
Slide 7: Revenue and Cash EPS Bridge vs Prior Year
Q2 2024 Revenue and Cash EPS Bridge vs Prior Year $54 $15 $976 ^ $948 $(9) $(32) 2019 +3% Revenue YoY ($ in millions) 2 2Q23 Core Change Macro Acquisitions Divestiture 2Q24 $0.40 $0.11 $4.55 $0.07 $0.12 Adjusted Net $(0.02) $4.19 Income Per $(0.19) $(0.07) $(0.06) Share1 +8% YoY 3 4 5 6 2Q23 Core Ac
Slide 8: Organic Revenue Growth
Q2 2024 Organic Revenue Growth1,2 ($ in millions) ^ VEHICLE PAYMENTS CORPORATE PAYMENTS $518 $290 $492 $246 5% 18% +19% +32% 2Q23 2Q24 2Q23 2Q24 Total LODGING PAYMENTS 6% OTHER3 $137 $122 $56 $55 (10)% (2)% +9% +39% 2Q23 2Q24 2Q23 2Q24 1. Non-GAAP financial measures. See appendix for reconciliation
Slide 9: Organic Revenue Growth Trends
Q2 2024 Organic Revenue Growth Trends1 ^ 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 Vehicle Payments2 7% 8% 7% 5% 6% 4% 5% Corporate Payments3 19% 22% 20% 15% 19% 17% 18% Lodging Payments 26% 14% 10% 0% 12% (9)% (10)% Other4 2% (14)% 6% 6% 0% 12% (2)% Total Organic Growth 12% 10% 10% 7% 10% 6% 6% 1. Non-GAA
Slide 10: Improving Retention
Q2 2024 Improving Retention* ^ 91.9% 91.7% 91.6% 91.2% 91.2% 2Q23 3Q23 4Q23 1Q24 2Q24 *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
Slide 11: Balance Sheet Structured for Flexibility and Capacity
Q2 2024 Balance Sheet Structured for Flexibility and Capacity ^ Leverage Ratio3 Robust cash flow and opportunistic capital allocation (X) 2.60 1 2.43 • Reported $518 million of EBITDA • Generated $325 million of free cash flow1,2 • Repurchased 2.2 million shares for $628 million Liquidity at June 30
Slide 12: 2024 Guidance
Corpay” ES 2024 Guidance
Slide 13: FY24 and 3Q24 Guidance
Q2 2024 FY24 and 3Q24 Guidance ($ in millions, except per share data) Guidance Ranges1 ^ vs 2023 vs 2023 Full Year 2024 Guide Midpoint Actual Ex-Russia GAAP Revenues $3,975 - $4,025 $4,000 6% 9% EBITDA2 $2,135 - $2,165 $2,150 8% 12% Adjusted Net Income per Diluted Share2 $18.85 - $19.15 $19.00 12% 1
Slide 14: 2024 Exit
Q2 2024 2024 Exit... We're forecasting an accelerating exit in Q4 2024 driven by core business growth, Paymerang acquisition and lapping 2023 headwinds* ^ 2023 2024 Q4 1H Q3 Q4 2023 1H Q3G2 Q4G2 2024G2 Revenue $1,850 $971 $937 $3,758 $1,911 $1,025 $1,064 $4,000 14% EBITDA1 $957 $529 $508 $1,994 $1,0
Slide 15: Appendix: About Non-GAAP Financial Measures
Q2 2024 Appendix ^ About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock based compens
Slide 16: Reconciliation of Net Income to Adjusted Net Income - 2024
Q2 2024 Reconciliation of Net Income to Adjusted Net Income- 2024* ($ in millions, except per share amounts) 4Q24G1 3Q24G1 2Q24 1Q24 ^ Net income attributable to Corpay $313 $278 $252 $230 Stock based compensation 27 28 27 25 Amortization2 59 59 57 58 Other3,4 6 7 13 12 Total pre-tax adjustments 91
Slide 17: Reconciliation of Net Income to Adjusted Net Income - 2023
Q2 2024 Reconciliation of Net Income to Adjusted Net Income - 2023* ($ in millions, except per share amounts) ^ 4Q23 3Q23 2Q23 1Q23 Net income attributable to Corpay $256 $271 $240 $215 Stock based compensation 26 29 35 26 Amortization1 58 58 58 60 Other2,3 8 (2) 9 8 Total pre-tax adjustments 92 87
Slide 18: Reconciliation of Net Income to EBITDA - 2024
Q2 2024 Reconciliation of Net Income to EBITDA- 2024* ($ in millions) ^ 4Q24G1 3Q24G1 2Q24 1Q24 Net income from operations $313 $278 $252 $230 Provision for income taxes 97 86 83 75 Interest expense, net 93 105 95 89 Other expense, net — — 4 3 Depreciation and amortization 90 89 84 85 Other operatin
Slide 19: Reconciliation of Net Income to EBITDA - 2023
Q2 2024 Reconciliation of Net Income to EBITDA - 2023* ($ in millions) ^ 4Q23 3Q23 2Q23 1Q23 Net income from operations $256 $271 $240 $215 Provision for income taxes 78 99 87 80 Interest expense, net 92 88 88 80 Other (income) expense, net (2) (13) (2) 1 Depreciation and amortization 84 85 84 84 Ot
Slide 20: Calculation of Organic Growth
Q2 2024 Calculation of Organic Growth* ($ in millions) ^ 1Q24 ORGANIC GROWTH 2Q24 ORGANIC GROWTH 2024 2024 Macro 2023 Pro Macro 2023 Pro Adj4 forma3 % Ad4 forma3 % Vehicle Payments $492 $475 4% $518 $492 5% 1 Fleet 351 352 0% 362 362 0% Corporate Payments 264 226 17% 290 246 18% Lodging Payments 111
Slide 21: Calculation of Organic Growth - Excluding Russia
Q2 2024 Calculation of Organic Growth - Excluding Russia ($ in millions) ^ 1Q24 ORGANIC GROWTH 2Q24 ORGANIC GROWTH 2024 2024 Macro 2023 Pro Macro 2023 Pro SEGMENT Adj2 forma1 % Adj2 forma1 % Vehicle Payments, ex Russia $492 $475 4% $518 $492 5% Consolidated Revenues, net, ex Russia $932 $881 6% $985
Slide 22: Calculation of Organic Growth - Excluding Channel
Q2 2024 Calculation of Organic Growth - Excluding Channel ($ in millions) ^ 1Q24 ORGANIC GROWTH 2Q24 ORGANIC GROWTH 2024 2024 Macro 2023 Pro Macro 2023 Pro SEGMENT Adj2 forma1 % Adj2 forma1 % Corporate Payments, excluding Channel $250 $207 21% $275 $230 20% 1Q23 ORGANIC GROWTH 2Q23 ORGANIC GROWTH 3Q
Slide 23: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024
^ Q2 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 ($ in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 2Q24 1Q24 2Q23 1Q23 VEHICLE PAYMENTS Pro forma and macro adjusted $518 $492 $492 $475 Impact of acquisitions/dispositions — — 18 21 Impact of fuel pri
Slide 24: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 (continued)
^ Q2 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2024 (continued, in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 2Q24 1Q24 2Q23 1Q23 OTHER3 Pro forma and macro adjusted $55 $64 $56 $57 Impact of acquisitions/dispositions — — — — Impact of fuel prices/spr
Slide 25: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023
^ Q2 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 2023 ($ 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 26: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2023 (continued)
^ Q2 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 $57 Impact of acquisitions/dispositi
Slide 27: Reconciliation of Non-GAAP Guidance Measures
Q2 2024 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) Q3 2024 GUIDANCE ^ Low* High* Net income $273 $283 Net income per diluted share $3.88 $3.98 Stock based compensation 28 28 Amortization 59 59 Other 7 7 Total pre-tax adjustments $94 $94 Income tax impact o
Slide 28: Reconciliation of Non-GAAP Guidance Measures
Q2 2024 Reconciliation of Non-GAAP Guidance Measures ($ in millions) ^ 2024 GUIDANCE Low* High* Net income $1,058 $1,088 Provision for income taxes 331 351 Interest expense, net 390 370 Depreciation and amortization and other 356 356 EBITDA $2,135 $2,165 * Columns may not calculate due to rounding C