Latest news with #RonClarke
Daily Mail
4 days ago
- General
- Daily Mail
FAREWELL TO A HERO: Lachie Stewart, Scot who famously won 10,000m gold at Commonwealth Games in Edinburgh, dies aged 81
Lachie Stewart, the Scot who famously won 10,000m gold at the Commonwealth Games in Edinburgh in 1970, has died aged 81. The Alexandria-born athlete became a national hero when he outpaced Australian great Ron Clarke to triumph on home soil 55 years ago. Stewart also represented Great Britain at the Munich Olympics in 1972 and was inducted into Scottish Athletics' hall of fame in 2018. One of Scotland's finest distance runners, he worked as a dental technician during an era when even top athletes had to earn a living outwith the sport. Scottish Athletics said on Sunday: 'Everyone at scottishathletics and within our community sends our thoughts at this sad time to Lachie's family and his many friends across the sport.' Recalling his 10,000m Commonwealth Games triumph, which was one of the iconic moments in Scottish athletics history, Stewart told Mail Sport in 2018: 'I was experienced. I had won a few Scottish championships and had been at the Empire Games in Jamaica in 1966, albeit as a steeplechaser. 'But I set the fastest time in the world about five weeks before the Games in the Scottish championships at Meadowbank. 'I went into it thinking: 'If everything goes well I could get a medal'. 'Clarke was a god compared to everyone else. He would burn everybody off in races but when he could not do that he was vulnerable. 'I was never beaten in a sprint finish. My idea was: 'If anyone goes early, go with them'. 'They broke away with seven laps to go and I tucked myself in with them. 'There was a further break and me, Clarke and Dick Taylor (of England) opened a gap. I thought that I could win bronze then. 'But with two laps to go, I said: 'I could win this'. For some reason, I felt it was easy. I was so comfortable. 'With 100metres to go, I just felt I was running on air. There was an elation, I knew I was going to win.' Asked about the moment he shook hands with the defeated Clarke afterwards, Stewart recalled: 'I told him: 'I'm sorry to be the one who had to beat you. You've always been an idol of mine'. He just nodded. He was a professional athlete in all but name. We were working-class guys.' In 2020, at the age of 77, Stewart had the lower half of his leg amputaated after complications with diabetes. He told BBC Scotland at the time: 'I had an ulcer between my second and third toe and it didn't seem to heal too well. 'It quickly went from that to the doctor saying I can either live with the pain, which was unbelievable, or we can amputate below the knee. I said to him right away to just take the bottom of the leg off because I just couldn't stand the pain. 'Sport makes you more determined. I don't have any hang-ups about losing the leg.' Stewart's son, Glen, announced his father's death on social media over the weekend, writing: 'It is with great sadness that we announce the passing of Lachie Stewart peacefully today at the RAH Paisley with family by his side after a short illness. 'Famously known for his victory over 10,000m at the 1970 Commonwealth Games in Edinburgh. 'He also represented Scotland at the 1966 British Empire and Commonwealth Games in Kingston, Jamaica and the 1974 Commonwealth Games in Christchurch, New Zealand. 'He competed on numerous occasions for Great Britain including over 10,000m at the 1972 Olympic Games in Munich. 'Funeral details to be confirmed. 'His hardest race has now been run and he will be greatly missed.'
Yahoo
07-05-2025
- Business
- Yahoo
AvidXchange To Go Private For 22% Premium In M&A Deal
AvidXchange Holdings, Inc. (NASDAQ:AVDX) shares are trading higher premarket on Wednesday. On Tuesday, the company inked a deal to be acquired by Corpay, Inc. (NYSE:CPAY) and TPG Inc. (NASDAQ:TPG). The acquisition price is set at $10 per share in cash, valuing AvidXchange at $2.2 billion, and reflects a 22% increase over AvidXchange's closing stock price of $8.20 on May 6, 2025. It also represents a 16% premium compared to the 90-day average trading price up to that date and a 45% premium over the $6.89 closing price on March 12, 2025, the last trading day before potential transaction reports began circulating in the media. Also Read: Corpay Interests Align Well With Mastercard: Analyst According to the agreement, Corpay will invest around $500 million for a 33% ownership stake in the privatized company. The transaction is anticipated to be finalized in the fourth quarter of 2025, subject to shareholder and regulatory approvals and the fulfillment of customary closing conditions. The company anticipates this transaction will positively impact Corpay's earnings starting in 2026. The structure of taking AvidXchange private offers Corpay the agility to implement changes and accelerate profit expansion. Furthermore, Corpay retains the option to acquire the remaining ownership of AvidXchange in 2028. Ron Clarke, Chairman and CEO of Corpay said, 'AvidXchange has over 8,500 highly satisfied customers in complementary verticals. It has a large merchant payment network with a combination of virtual card and ACH+ acceptance.' 'Additionally, we really like AvidXchange's business model: diverse revenue streams from payments and software, high retention rates, and very little working capital and credit exposure.' John Flynn, Partner at TPG added, 'AvidXchange is addressing this need, providing a differentiated payment network and end-to-end tools that integrate seamlessly into workflows, enabling strong connectivity between businesses and their suppliers.' As of March 31, 2025, Corpay's cash and cash equivalents stood at $1.55 billion. Investors can gain exposure to the stock via Fidelity Disruptive Finance ETF (NASDAQ:FDFF) and Managed Portfolio Series Tremblant Global ETF (NYSE:TOGA). Price Action: AVDX shares are up 18.41% at $9.71 premarket at the last check on Wednesday. Read Next: Photo via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
CNA
06-05-2025
- Business
- CNA
TPG, Corpay to buy payments firm AvidXchange in $2.2 billion take-private deal
Global alternative asset manager TPG will partner with Corpay to buy payments solutions provider AvidXchange and take it private in an all-cash deal worth $2.2 billion, the companies said on Tuesday. The deal, which helps the two payments firms scale up operations, sent AvidXchange's shares soaring about 20 per cent in extended trading. Under the agreement, TPG and Corpay have agreed to pay $10.00 per share, representing a premium of about 22 per cent to AvidXchange's close on Tuesday. After the deal's completion, expected in the fourth quarter, TPG will own the majority stake in AvidXchange and Corpay the minority one. In a separate statement, Corpay said it will invest about $500 million to acquire 33 per cent of AvidXchange. Corpay has the option to buy the rest of the stake in AvidXchange in 2028, Chairman and CEO Ron Clarke said. "We couldn't pass up the opportunity to participate in this transaction and invest in a large, complementary corporate payments business," said Corpay Chairman and CEO Ron Clarke. Corpay's deal comes after British financial services provider Alpha Group International on Tuesday said it had rejected an all-cash proposal from the U.S.-based business payments firm. AvidXchange is a payment solutions firm, leading in accounts payment, that offers payment network and end-to-end tools that integrate into work flows, enabling connectivity between businesses and their suppliers.
Business Wire
06-05-2025
- Business
- Business Wire
Corpay Invests Alongside TPG to Acquire AvidXchange
ATLANTA--(BUSINESS WIRE)-- Corpay, Inc. (NYSE: CPAY), a leading corporate payments company, today announced that it has signed a definitive agreement to make a minority investment in AvidXchange Holdings, Inc (NASDAQ: AVDX) ('AvidXchange') as part of a transaction to take AvidXchange private alongside TPG for $10.00 per share in a cash transaction that values AvidXchange at $2.2 billion. Under the agreement, Corpay will invest approximately $500 million for a 33% equity stake in the company. The transaction is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. AvidXchange is a leading provider of accounts payable (AP) automation solutions to lower middle market companies with a focus on several verticals including real estate, HOA, financial institutions and media. 'We're delighted to partner with AvidXchange leadership and TPG on this transaction. We couldn't pass up the opportunity to participate in this transaction and invest in a large, complementary corporate payments business,' said Ron Clarke, Chairman and CEO of Corpay. 'We're incredibly impressed with AvidXchange's assets and capabilities. AvidXchange has over 8,500 highly satisfied customers in complementary verticals. It has a large merchant payment network with a combination of virtual card and ACH+ acceptance. Additionally, we really like AvidXchange's business model: diverse revenue streams from payments and software, high retention rates, and very little working capital and credit exposure.' 'We expect the transaction to be accretive to Corpay earnings in 2026, and the take-private transaction structure gives the company the flexibility to transform and accelerate profit growth. We have the option to buy the rest of the company in 2028.' 'Corpay has a long track record of driving value through innovative products and high-quality customer service,' said John Flynn and Tim Millikin, Partners at TPG. 'They bring an important combination of capital and insight to the transaction. We are pleased to invest alongside the Corpay team.' Goldman Sachs & Co. LLC acted as exclusive financial advisor to Corpay, and Eversheds Sutherland acted as legal counsel to Corpay. 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 assumptions and expectations regarding its investment alongside TPG in connection with the acquisition of AvidXchange, 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, 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 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
Business Wire
06-05-2025
- Business
- Business Wire
Corpay Reports First Quarter Financial Results
ATLANTA--(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 Results 1 Organic revenue growth 1 was 9% in the first quarter of 2025. Adjusted EBITDA 1 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 Corpay 1 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 Corpay 1 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. For fiscal year 2025, Corpay, Inc.'s updated financial guidance 1 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 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 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 Three Months Ended March 31, 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 Expand 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 Expand 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 Expand 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 Amortization 1 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 Other 2 7,092 3,612 Total adjustments 107,309 95,066 Income tax impact of pre-tax adjustments at the effective tax rate 3 (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 Expand 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. Expand 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) Three Months Ended March 31, Three Months Ended March 31, 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 transactions 3 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)% OTHER 1 - 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% Expand 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. Expand 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. Expand 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. Expand Exhibit 4 Segment Results* (In thousands, except percentages) (Unaudited) Three Months Ended March 31, 2025 1 2024 % Change Revenues, net: Vehicle Payments 2 $ 487,110 $ 494,061 (1 )% Corporate Payments 352,659 265,396 33 % Lodging Payments 110,224 111,295 (1 )% Other 3 55,674 64,499 (14 )% $ 1,005,667 $ 935,251 8 % Operating income: Vehicle Payments 2 $ 230,226 $ 225,695 2 % Corporate Payments 135,906 104,711 30 % Lodging Payments 43,295 47,276 (8 )% Other 3 17,697 19,656 (10 )% $ 427,124 $ 397,338 7 % Depreciation and amortization: Vehicle Payments 2 $ 47,275 $ 50,321 (6 )% Corporate Payments 30,159 20,803 45 % Lodging Payments 12,824 11,630 10 % Other 3 1,930 2,006 (4 )% $ 92,188 $ 84,760 9 % Capital expenditures: Vehicle Payments 2 $ 30,678 $ 28,195 9 % Corporate Payments 7,580 7,276 4 % Lodging Payments 4,729 896 428 % Other 3 1,784 4,826 (63 )% $ 44,771 $ 41,193 9 % Expand 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. Expand Exhibit 5 Reconciliation of Non-GAAP Revenue and Key Performance Metric by Segment to GAAP (In millions) (Unaudited) 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 OTHER 1 - 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/spread 2 (8.7 ) — Impact of foreign exchange rates 2 (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. Expand 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 addbacks 1 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. Expand 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. 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