Solid start to the year with over $1 billion in revenues

Announced deals with Mastercard and AvidXchange

ATLANTA, May 06, 2025--(BUSINESS WIRE)--Corpay, Inc. (NYSE: CPAY), a corporate payments company, today reported financial results for its first quarter ended March 31, 2025.

"Our first quarter results were right in-line with our expectations. First quarter 2025 organic revenue growth was 9% and within that, our Corporate Payments segment grew 19%," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "Our fundamental trends: retention, same store sales and sales/new bookings, were very strong. Also, last week we announced an exciting investment and strategic partnership with Mastercard, and today we announced our plan to invest $500 million, alongside TPG, to acquire AvidXchange."

Financial Results for First Quarter of 2025:

GAAP Results

Revenues increased 8% to $1,005.7 million in the first quarter of 2025, compared with $935.3 million in the first quarter of 2024. Net income attributable to Corpay increased 6% to $243.2 million in the first quarter of 2025, compared with $229.8 million in the first quarter of 2024. Net income per diluted share attributable to Corpay increased 9% to $3.40 in the first quarter of 2025, compared with $3.12 per diluted share in the first quarter of 2024.

Non-GAAP Results1

Organic revenue growth1 was 9% in the first quarter of 2025. Adjusted EBITDA1 increased 8% to $555.4 million in the first quarter of 2025, compared to $516.5 million in the first quarter of 2024. Adjusted net income attributable to Corpay1 increased 7% to $322.9 million in the first quarter of 2025, compared with $301.3 million in the first quarter of 2024. Adjusted net income per diluted share attributable to Corpay1 increased 10% to $4.51 in the first quarter of 2025, compared with $4.10 per diluted share in the first quarter of 2024.

"Our Corporate Payments and Vehicle Payments segments delivered solid performance driven by implementations and ramping of new sales," said Alissa Vickery, interim chief financial officer, Corpay, Inc. "Our cross border business performed quite well given the volatility experienced in the currency markets and activity levels remain robust in April."

Updated Fiscal Year 2025 Outlook:

"We are maintaining our original 2025 outlook, while incorporating our recent Gringo acquisition. We currently expect revenue growth acceleration over the coming quarters driven by new sale implementations and business initiatives. While there is uncertainty around the rest of year macro outlook, our businesses are quite durable, and we’re ready to adjust to any changes in the demand environment," concluded Vickery.

Story Continues

For fiscal year 2025, Corpay, Inc.'s updated financial guidance1 is as follows:

Total revenues between $4,380 million and $4,460 million; Net income between $1,167 million and $1,207 million; Net income per diluted share between $16.37 and $16.77; Adjusted net income between $1,485 million and $1,525 million; and Adjusted net income per diluted share between $20.80 and $21.20.

Corpay’s guidance assumptions for the balance of the year are as follows:

Weighted average U.S. fuel prices equal to $2.96 per gallon; Fuel price spreads flat with the 2024 average; Foreign exchange rates equal to the April 2025 forward consensus; Interest expense between $350 million and $380 million; Approximately 72 million fully diluted shares outstanding; An effective tax rate of approximately 25.5% to 26.5%; and No impact related to material acquisitions not closed.

Conference Call:

The Company will host a conference call to discuss first quarter 2025 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Alissa Vickery, interim chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing (800)-445-7795 or (785)-424-1699; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11158788. The replay will be available through Tuesday, May 13, 2025. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology.

These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to the completion of the acquisition of AvidXchange and our investment therein alongside TPG, including the satisfaction of any conditions thereto; our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, retail lodging price, foreign exchange rates and interest rates trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solution to reduce our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of our information security controls or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the international operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; the risks of mergers, acquisitions and divestitures, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 27, 2025 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access Corpay’s SEC filings for free by visiting the SEC web site at www.sec.gov.

About Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock based compensation expense related to stock based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables, and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.

Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments items using the effective tax rate during the period, exclusive of discrete tax items.

Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.

EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue.

Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA:

as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis; for planning purposes, including the preparation of our internal annual operating budget; to allocate resources to enhance the financial performance of our business; and to evaluate the performance and effectiveness of our operational strategies.

About Corpay

Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions "keep business moving" and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit www.corpay.com.

__________________________________________________________________________________ 1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.

Corpay, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share amounts and percentages)  Three Months Ended March 31, 2025    2024  %
Change  Revenues, net  $ 1,005,667   $ 935,251  8 % Expenses:  Processing   221,844    207,411  7 % Selling   107,557    94,188  14 % General and administrative   156,959    151,262  4 % Depreciation and amortization   92,188    84,760  9 % Other operating, net   (5 )   292  NM  Total operating expense   578,543    537,913  8 % Operating income   427,124    397,338  7 % Other expenses:  Other expense, net   4,095    2,960  38 % Interest expense, net   93,922    89,088  5 % Loss on extinguishment of debt   1,596    —  NM  Total other expense   99,613    92,048  8 % Income before income taxes   327,511    305,290  7 % Provision for income taxes   83,636    75,487  11 % Net income   243,875    229,803  6 % Less: Net income attributable to noncontrolling interest   642    34  NM  Net income attributable to Corpay  $ 243,233   $ 229,769  6 % Basic earnings per share  $ 3.46   $ 3.20  8 % Diluted earnings per share  $ 3.40   $ 3.12  9 % Weighted average shares outstanding:  Basic shares   70,316    71,769  Diluted shares   71,558    73,545   NM - Not Meaningful

Corpay, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)  March 31, 2025  December 31, 2024 (Unaudited)  Assets  Current assets:  Cash and cash equivalents  $ 1,554,835   $ 1,553,642  Restricted cash   2,828,588    2,902,703  Accounts and other receivables (less allowance)   2,546,819    2,090,500  Securitized accounts receivable — restricted for securitization investors   1,469,000    1,323,000  Prepaid expenses and other current assets   678,319    806,024  Total current assets   9,077,561    8,675,869  Property and equipment, net   401,523    377,705  Goodwill and other intangibles, net   8,599,243    8,395,109  Other assets   469,453    508,348  Total assets  $ 18,547,780   $ 17,957,031  Liabilities and Equity  Current liabilities:  Customer deposits   3,228,068    3,266,126  Accounts payable, accrued expenses and other current liabilities   2,753,684    2,671,781  Securitization facility   1,469,000    1,323,000  Current portion of notes payable and lines of credit   785,918    1,446,974  Total current liabilities   8,236,670    8,707,881  Notes payable and other obligations, less current portion   5,916,485    5,226,106  Deferred income taxes   431,022    439,176  Other noncurrent liabilities   469,521    437,879  Total noncurrent liabilities   6,817,028    6,103,161  Commitments and contingencies  Stockholders’ equity:  Common stock   132    131  Additional paid-in capital   3,850,115    3,811,131  Retained earnings   9,439,638    9,196,405  Accumulated other comprehensive loss   (1,606,002 )   (1,713,996 ) Treasury stock   (8,230,047 )   (8,171,329 ) Total Corpay stockholders’ equity   3,453,836    3,122,342  Noncontrolling interest   40,246    23,647  Total equity   3,494,082    3,145,989  Total liabilities and equity  $ 18,547,780   $ 17,957,031

Corpay, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands)  Three Months Ended March 31, 2025    2024  Operating activities  Net income  $ 243,875   $ 229,803  Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation   28,396    28,931  Stock-based compensation   18,366    24,979  Provision for credit losses on accounts and other receivables   30,661    25,342  Amortization of deferred financing costs and discounts   2,274    2,029  Amortization of intangible assets and premium on receivables   63,792    55,829  Loss on extinguishment of debt   1,596    —  Deferred income taxes   (7,983 )   647  Other non-cash operating income, net   (46 )   125  Changes in operating assets and liabilities (net of acquisitions/disposition)   (455,082 )   (17,501 ) Net cash (used in) provided by operating activities   (74,151 )   350,184  Investing activities  Acquisitions, net of cash acquired   (153,719 )   (56,325 ) Purchases of property and equipment   (44,771 )   (41,193 ) Other   14,572    (4,826 ) Net cash used in investing activities   (183,918 )   (102,344 ) Financing activities  Proceeds from issuance of common stock   32,079    90,838  Repurchase of common stock   (58,718 )   (288,833 ) Borrowings on securitization facility, net   146,000    114,000  Deferred financing costs   (10,827 )   (3,176 ) Proceeds from notes payable   750,000    325,000  Principal payments on notes payable   (49,285 )   (25,531 ) Borrowings from revolver   2,454,000    1,570,000  Payments on revolver   (3,120,000 )   (1,866,000 ) Payments on swing line of credit, net   —    (75,429 ) Other   (952 )   580  Net cash provided by (used in) financing activities   142,297    (158,551 ) Effect of foreign currency exchange rates on cash   42,850    (28,148 ) Net (decrease) increase in cash and cash equivalents and restricted cash   (72,922 )   61,141  Cash and cash equivalents and restricted cash, beginning of period   4,456,345    3,141,535  Cash and cash equivalents and restricted cash, end of period  $ 4,383,423   $ 3,202,676  Supplemental cash flow information  Cash paid for interest, net  $ 119,022   $ 115,773  Cash paid for income taxes, net  $ 114,745   $ 38,925

Exhibit 1

RECONCILIATION OF NON-GAAP MEASURES

(In thousands, except per share amounts; shares in millions)

(Unaudited) The following table reconciles net income attributable to Corpay to adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay.*  Three Months Ended March 31, 2025    2024  Net income attributable to Corpay  $ 243,233   $ 229,769   Stock-based compensation   18,366    24,979  Amortization1   66,066    57,858  Loss on extinguishment of debt   1,596    —  Integration and deal related costs   11,389    4,235  Restructuring and related costs   2,800    4,382  Other2   7,092    3,612  Total adjustments   107,309    95,066  Income tax impact of pre-tax adjustments at the effective tax rate3   (27,616 )   (23,515 ) Adjusted net income attributable to Corpay  $ 322,926   $ 301,320  Adjusted net income per diluted share attributable to Corpay  $ 4.51   $ 4.10  Diluted shares   71.6    73.5

1 Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. 2 Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to the Company's noncontrolling interest, taxes associated with stock-based compensation programs and a loss on an economic hedge of a foreign-denominated purchase price of an acquisition. 3 Represents provision for income taxes of pre-tax adjustments. * Columns may not calculate due to rounding.

Exhibit 2

Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted

(In millions except revenues, net per key performance metric and percentages)

(Unaudited) The following table presents revenues, net and revenues, net per key performance metric by segment.* As Reported  Pro Forma and Macro Adjusted2 Three Months Ended March 31,  Three Months Ended March 31, 2025    2024   Change  % Change   2025    2024   Change  % Change VEHICLE PAYMENTS  - Revenues, net $ 487.1   $ 494.1   $ (7.0 )  (1)%  $ 532.0   $ 493.5   $ 38.5   8% - Transactions  213.0    199.7    13.3   7%   213.0    201.0    12.0   6% - Revenues, net per transaction $ 2.29   $ 2.47   $ (0.19 )  (8)%  $ 2.50   $ 2.46   $ 0.04   2% - Tag transactions3  22.9    21.3    1.6   8%   22.9    21.3    1.6   8% - Parking transactions  65.1    60.9    4.2   7%   65.1    60.9    4.2   7% - Fleet transactions  109.7    107.6    2.2   2%   109.7    107.6    2.2   2% - Other transactions  15.3    9.9    5.4   54%   15.3    11.2    4.1   36% CORPORATE PAYMENTS  - Revenues, net $ 352.7   $ 265.4   $ 87.3   33%  $ 358.0   $ 301.7   $ 56.4   19% - Spend volume $ 50,688   $ 36,819   $ 13,869   38%  $ 50,688   $ 42,757   $ 7,931   19% - Revenues, net per spend $  0.70 %   0.72 %   (0.03 )%  (3)%   0.71 %   0.71 %   — %  —% LODGING PAYMENTS  - Revenues, net $ 110.2   $ 111.3   $ (1.1 )  (1)%  $ 110.6   $ 111.3   $ (0.7 )  (1)% - Room nights  9.8    8.2    1.5   19%   9.8    8.2    1.5   19% - Revenues, net per room night $ 11.26   $ 13.51   $ (2.25 )  (17)%  $ 11.30   $ 13.51   $ (2.20 )  (16)% OTHER1  - Revenues, net $ 55.7   $ 64.5   $ (8.8 )  (14)%  $ 56.2   $ 64.5   $ (8.3 )  (13)% - Transactions  422.0    375.2    46.8   12%   422.0    375.2    46.8   12% - Revenues, net per transaction $ 0.13   $ 0.17   $ (0.04 )  (23)%  $ 0.13   $ 0.17   $ (0.04 )  (23)% CORPAY CONSOLIDATED REVENUES  - Revenues, net $ 1,005.7   $ 935.3   $ 70.4   8%  $ 1,056.8   $ 970.9   $ 85.8   9%

1 Other includes Gift and Payroll Card operating segments. 2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent. 3 Represents total tag subscription transactions in the quarter. Average monthly tag subscriptions for the first quarter of 2025 is 7.6 million. * Columns may not calculate due to rounding.

Exhibit 3

Revenues by Geography and Segment

(In millions, except percentages)

(Unaudited)  Revenues, net by Geography* Three Months Ended March 31, 2025  %  2024  % US $ 507  50 %  $ 482  52 % Brazil  163  16 %   149  16 % UK  146  15 %   129  14 % Other  190  19 %   176  19 % Consolidated Revenues, net $ 1,006  100 %  $ 935  100 %  *Columns may not calculate due to rounding.

Revenues, net by Segment* Three Months Ended March 31, 2025  %  2024  % Vehicle Payments $ 487  48 %  $ 494  53 % Corporate Payments  353  35 %   265  28 % Lodging Payments  110  11 %   111  12 % Other  56  6 %   64  7 % Consolidated Revenues, net $ 1,006  100 %  $ 935  100 %  *Columns may not calculate due to rounding.

Exhibit 4

Segment Results*

(In thousands, except percentages)

(Unaudited)  Three Months Ended March 31, 20251   2024  %
Change Revenues, net:  Vehicle Payments2  $ 487,110  $ 494,061  (1 )% Corporate Payments   352,659   265,396  33 % Lodging Payments   110,224   111,295  (1 )% Other3   55,674   64,499  (14 )% $ 1,005,667  $ 935,251  8 % Operating income:  Vehicle Payments2  $ 230,226  $ 225,695  2 % Corporate Payments   135,906   104,711  30 % Lodging Payments   43,295   47,276  (8 )% Other3   17,697   19,656  (10 )% $ 427,124  $ 397,338  7 % Depreciation and amortization:  Vehicle Payments2  $ 47,275  $ 50,321  (6 )% Corporate Payments   30,159   20,803  45 % Lodging Payments   12,824   11,630  10 % Other3   1,930   2,006  (4 )% $ 92,188  $ 84,760  9 % Capital expenditures:  Vehicle Payments2  $ 30,678  $ 28,195  9 % Corporate Payments   7,580   7,276  4 % Lodging Payments   4,729   896  428 % Other3   1,784   4,826  (63 )% $ 44,771  $ 41,193  9 %

1 Results from Gringo acquired in the first quarter of 2025 are reported in the Vehicle Payments segment from the date of acquisition. 2 The results of our merchant solutions business disposed of in December 2024 are included in our Vehicle Payments segment for all periods prior to disposition. 3 Other includes Gift and Payroll Card operating segments. NM - Not Meaningful *Columns may not calculate due to rounding.

Exhibit 5

Reconciliation of Non-GAAP Revenue and Key Performance Metric

by Segment to GAAP

(In millions)

(Unaudited)  Revenues, net   Key Performance Metric Three Months Ended March 31,   Three Months Ended March 31, 2025*  2024*   2025*  2024* VEHICLE PAYMENTS - TRANSACTIONS  Pro forma and macro adjusted  $ 532.0   $ 493.5     213.0   201.0  Impact of acquisitions/dispositions   —    0.6     —   (1.3 ) Impact of fuel prices/spread   (8.7 )   —     —   —  Impact of foreign exchange rates   (36.2 )   —     —   —  As reported  $ 487.1   $ 494.1     213.0   199.7  CORPORATE PAYMENTS - SPEND  Pro forma and macro adjusted  $ 358.0   $ 301.7    $ 50,688  $ 42,757  Impact of acquisitions/dispositions   —    (36.3 )    —   (5,938 ) Impact of fuel prices/spread   —    —     —   —  Impact of foreign exchange rates   (5.3 )   —     —   —  As reported  $ 352.7   $ 265.4    $ 50,688  $ 36,819  LODGING PAYMENTS - ROOM NIGHTS  Pro forma and macro adjusted  $ 110.6   $ 111.3     9.8   8.2  Impact of acquisitions/dispositions   —    —     —   —  Impact of fuel prices/spread   —    —     —   —  Impact of foreign exchange rates   (0.4 )   —     —   —  As reported  $ 110.2   $ 111.3     9.8   8.2  OTHER1- TRANSACTIONS  Pro forma and macro adjusted  $ 56.2   $ 64.5     422.0   375.2  Impact of acquisitions/dispositions   —    —     —   —  Impact of fuel prices/spread   —    —     —   —  Impact of foreign exchange rates   (0.5 )   —     —   —  As reported  $ 55.7   $ 64.5     422.0   375.2    CORPAY CONSOLIDATED REVENUES  Pro forma and macro adjusted  $ 1,056.8   $ 970.9    Intentionally Left Blank Impact of acquisitions/dispositions   —    (35.7 )  Impact of fuel prices/spread2   (8.7 )   —  Impact of foreign exchange rates2   (42.4 )   —  As reported  $ 1,005.7   $ 935.3    1 Other includes Gift and Payroll Card operating segments. 2 Revenues reflect the negative impact of movements in foreign exchange rates of approximately $42 million, negative fuel price spreads of approximately $6 million, and approximately $3 million negative impact from fuel prices. * Columns may not calculate due to rounding.

Exhibit 6

RECONCILIATION OF NON-GAAP EBITDA AND ADJUSTED EBITDA MEASURES

(In millions, except percentages)

(Unaudited) The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to net income from operations.*  Three Months Ended March 31, 2025    2024  Net income from operations  $ 243.9   $ 229.8  Provision for income taxes   83.6    75.5  Interest expense, net   93.9    89.1  Other expense, net   4.1    3.0  Depreciation and amortization   92.2    84.8  Loss on extinguishment of debt   1.6    —  Other operating, net   —    0.3  EBITDA  $ 519.3   $ 482.4   Stock-based compensation   18.4    25.0  Other addbacks1   17.7    9.2  Adjusted EBITDA  $ 555.4   $ 516.5   Revenues, net  $ 1,005.7   $ 935.3  Adjusted EBITDA margin   55.2 %   55.2 %  1 Includes certain legal expenses, restructuring costs and integration and deal related costs * Columns may not calculate due to rounding.

Exhibit 7

RECONCILIATION OF NON-GAAP GUIDANCE MEASURES

(In millions, except per share amounts)

(Unaudited) The following table reconciles full year 2025 and second quarter 2025 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.  2025 GUIDANCE Low*  High* Net income  $ 1,167   $ 1,207  Net income per diluted share  $ 16.37   $ 16.77   Stock based compensation   108    108  Amortization   256    256  Other   64    64  Total pre-tax adjustments   428    428   Income taxes   (110 )   (110 ) Adjusted net income  $ 1,485   $ 1,525  Adjusted net income per diluted share  $ 20.80   $ 21.20   Diluted shares   72    72    Q2 2025 GUIDANCE Low*  High* Net income  $ 272   $ 282  Net income per diluted share  $ 3.82   $ 3.92   Stock based compensation   33    33  Amortization   64    64  Other   21    21  Total pre-tax adjustments   118    118   Income taxes   (31 )   (31 ) Adjusted net income  $ 359   $ 369  Adjusted net income per diluted share  $ 5.05   $ 5.15   Diluted shares   72    72   * Columns may not calculate due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506059602/en/

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Investor Relations
Jim Eglseder, 770-417-4697
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