Corpay : 2024 Q1 Earnings Release Supplement

Q1 2024

Earnings Release Supplement

Refer to earnings release dated May 8, 2024 for further information

1Q	Safe Harbor Provision	^
2024

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 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 the impact of macroeconomic conditions, including any recession 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, and retail lodging price trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; our ability to attract new and retain existing partners, merchants, and providers, their promotion and support of our products, and their financial performance; 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; 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 relating to privacy, information security and data protection; 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; our restatement of prior quarterly financial statements may affect investor confidence and raise reputational issues and may subject us to additional risks and uncertainties, including increased professional costs and the increased possibility or legal proceedings and regulatory inquiries, as well as the other risks and uncertainties identified under the caption "Risk Factors" in Corpay's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on February 29, 2024 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 presentation 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.

This presentation 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 the Company's 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.

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1Q	Agenda	^
2024

1Q 2024 Results

Updated 2024 Guidance

EV Update

Paymerang Acquisition

Appendix

^

1Q 1Q 2024 Results

2024

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1Q	Our Take on the Quarter	^
2024

1Q results driven by revenue and sales growth and expense discipline

Results in line with expectations1:

• Revenues up 4% YOY, to $935 million, up 8% ex-Russia
• EBITDA2 growth of 5%, to $482 million, up 11% ex-Russia
• GAAP EPS $3.12, up 8% YOY

• Adjusted EPS2 $4.10, up 8% YOY,		Adjusted
up 14% ex-Russia	EPS2
		Up 14% ex-
		Russia
Fundamental trends remain strong:

• Organic growth of 6%2...Corporate Payments growth of 17%2, 21%2 excluding channel partners
• • Lodging revenue softness caused a 2% drag on organic growth
• Revenue retention remained strong at 91.6%3
• EBITDA margin2 improvement of 53 bps, and up 160 bps excluding Russia business
• Managed credit losses at 5 bps

1. All comparisons are versus Q1 2023.
2. Non-GAAPfinancial measures. See appendix for reconciliation of non-GAAP measures to GAAP
3. 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 cross-border business due to the nature of business customer and businesses owned less than one year; excludes Russian business as disposed.

1Q	Our Take on the Quarter	^
2024

Substantial free cash flow and balance sheet capacity enables M&A and share buybacks

Robust cash flow and balance sheet usage

• Generated $301 million of free cash flow1
• Repurchased 1.1 million shares through 1Q24...and an additional 1.4 million shares in 2Q24
• Leverage steady at 2.37x2

Acquisitions and investments

• Acquired majority stake in Zapay, a Brazilian consumer vehicle business
• Signed definitive agreement to acquire Paymerang, an accounts payable automation company

1. The Company refers to free cash flow, cash net income and adjustment net income to have a consistent definition. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP
2. At March 31, 2024. Calculated in accordance with the terms of our Credit Facility

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1Q	Revenue and Cash EPS Bridge vs Prior Year		^
2024
	$901	$51	$3	$11		$935
				$(31)	+4%
Revenue							YoY
($ in millions)
	1Q23	Core Change	Macro 2	Acquisitions	Divestiture	1Q24

Adjusted Net	$0.45	$0.14				$0.13	$4.10
Income Per
Share1		$(0.04)
$3.80		$(0.19)	$(0.14)	$(0.02)	$(0.03)		+8%
									YoY
	1Q23	Core	Acquisitions Divestiture3 Bad Debt	Interest 4	Macro5	Share 6	Tax Rate	1Q24
		Change		Rate		Count

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 approximately $6 million negative impact from fuel price spreads, as well as $14 million positive impact due to movements in foreign exchange rates

3. Includes net impact of share repurchases from proceeds of divestiture

4. Includes impact of interest rates on both interest expense and interest income

5. Consists of the impact in footnote 2, with partial offset from impact of foreign exchange rates on expenses

6. Excludes impact of share repurchases from Russia sale proceeds

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1Q	Organic Revenue Growth1,2	^
2024	($ in millions)
	VEHICLE PAYMENTS	CORPORATE PAYMENTS
	$475	$492	$264
	$226

4%						17%
+19%						+32%
	1Q23	1Q24			1Q23	1Q24
					Total
	LODGING PAYMENTS	6%				OTHER3
$122	$111					$64
				$57

(9)%		12%
+9%		+39%
1Q23	1Q24	1Q23	1Q24

1. Non-GAAPfinancial measures. See appendix for reconciliation of non-GAAP measures to GAAP
2. Adjusted to remove impact of changes in macroeconomic environment. Pro forma to include acquisitions and exclude dispositions. Reflects adjustments related to one-time items not representative of normal business operations

3. Other includes Gift and Payroll Card operating segments

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1Q	Organic Revenue Growth Trends1	^
2024

	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-GAAPfinancial measures. See appendix for reconciliation of non-GAAP measures to GAAP
2. Includes Russia business for period of ownership. Excluding Russia from all periods presented, Vehicle Payments organic growth rates would have been as follows sequentially from 1Q23 through 4Q23: 5%, 6%, 6%, 5% and 4%, respectively
3. Provided for informational purposes only. As shown in the appendix, the legacy fleet segment is now included within the vehicle payments segment
4. Excluding channel from all periods presented, Corporate Payments organic growth rates would have been as follows sequentially from 1Q23 through 1Q24: 24%, 28%, 24%, 20%, and 21% respectively

5. Other includes Gift and Payroll Card operating segments

1Q	Strong Retention*	^
2024

91.2%

91.2%

91.2%

91.7%

91.6%

1Q23

2Q23

3Q23

4Q23

1Q24

*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 customer, and businesses owned less than one year

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