The company said consolidated revenues rose to $975.7 million for the 3 months ended June 30, 2024, an increase of 2.9%. It attributed the growth to organic growth of 6% and a contribution of 2% from acquisitions completed in 2023 through 2024. It said the disposition of its Russia business and the macroeconomic environment reduced revenues by approximately $32 million, or 3%.

1. 01

   The company said consolidated revenues rose to $975.7 million for the 3 months ended June 30, 2024, an increase of 2.9%. It attributed the growth to organic growth of 6% and a contribution of 2% from acquisitions completed in 2023 through 2024. It said the disposition of its Russia business and the macroeconomic environment reduced revenues by approximately $32 million, or 3%.

2. 02

   Corpay said Corporate Payments revenues rose to $288.5 million for the 3 months, an increase of 17.3%, and operating income rose to $120.6 million, an increase of 26.0%. Lodging Payments revenues fell to $122.4 million, a decrease of 10.4%. The company cited a 6% decline in room nights and insurance commissions recognized in the prior year that did not recur.

3. 03

   The company said net income attributable to Corpay rose to $481.4 million, an increase of 5.9%, for the 6 months ended June 30, 2024, and operating income rose to $830.7 million, an increase of 5.4%. It said EBITDA margin expanded by 58 basis points over the prior-year period as operating income grew.

4. 04

   The company said total liquidity was approximately $2.2 billion as of June 30, 2024, consisting of approximately $0.9 billion available under its Credit Facility and unrestricted cash of $1.4 billion. It said it had repurchased $7.5 billion of shares through June 30 since the program began, and that the remaining authorization was up to $0.6 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$976M

Operating income

$433M

Net income

$252M

EPS

$3.52

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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