The company said consolidated revenues for the 3-month period ended March 31, 2024 were $935.3 million, up 3.8% from a year earlier. It cited organic growth of 6% and acquisitions contributing 1% as factors. It said the disposition of its Russia business in August 2023 reduced revenues by about $31 million, or 3%.

1. 01

   The company said consolidated revenues for the 3-month period ended March 31, 2024 were $935.3 million, up 3.8% from a year earlier. It cited organic growth of 6% and acquisitions contributing 1% as factors. It said the disposition of its Russia business in August 2023 reduced revenues by about $31 million, or 3%.

2. 02

   The company said Corporate Payments revenues for Q1 2024 rose 17.3% to $265.4 million, while Vehicle Payments revenues fell 0.3% to $494.1 million. Lodging Payments revenues declined 9.0% to $111.3 million, and the company cited the weather-driven distressed passenger volume and insurance claims in 2023 as a comparison factor.

3. 03

   Corpay said consolidated operating income for Q1 2024 rose 5.9% to $397.3 million. Interest expense, net was $89.1 million, an increase of $9.3 million from a year earlier. Net income attributable to Corpay increased 7.0% to $229.8 million, and the effective tax rate was 24.7%, compared with 27.1% a year earlier.

4. 04

   The company said total liquidity was about $2.8 billion as of March 31, 2024, including about $1.5 billion available under its Credit Facility and unrestricted cash of $1.3 billion. Net cash provided by operating activities was $350.2 million in Q1. The remaining amount under its share repurchase authorization is $1.2 billion.

Key figures

Quarter ended March 31, 2024

Revenue

$935M

Operating income

$397M

Net income

$230M

EPS

$3.12

Operating cash flow

$350M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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