The company said consolidated revenues for the quarter ended September 30, 2024 rose 6.0% to $1,029.2 million, and operating income rose 5.2% to $468.1 million. It cited organic growth of 6% and contributions from acquisitions of 3%. It said these were partly offset by the disposition of its Russia business in August 2023 (about $13 million, or 1%) and the negative impact of the macroeconomic environment.

1. 01

   The company said consolidated revenues for the quarter ended September 30, 2024 rose 6.0% to $1,029.2 million, and operating income rose 5.2% to $468.1 million. It cited organic growth of 6% and contributions from acquisitions of 3%. It said these were partly offset by the disposition of its Russia business in August 2023 (about $13 million, or 1%) and the negative impact of the macroeconomic environment.

2. 02

   The company said Corporate Payments revenue rose 24.8% to $321.9 million this quarter, and operating income rose 30.5% to $136.9 million. Lodging Payments revenue fell 5.2% to $134.0 million, while Vehicle Payments revenue rose 1.2% to $506.8 million.

3. 03

   The company said interest expense, net rose to $104.4 million this quarter, an increase of $16.2 million. It cited increased borrowings for acquisitions and share repurchases, lower interest income due to the sale of its Russia business, and higher interest rates as the reasons. The effective tax rate was 22.9%, and net income attributable to Corpay rose 1.8% to $276.4 million.

4. 04

   The company said net cash provided by operating activities for the 9 months ended September 30, 2024 fell to $1,291.9 million from $1,384.6 million a year earlier, and it cited changes in working capital as the main factor. In its fifteenth amendment, dated September 26, 2024, the company increased the Term Loan B commitment by $500 million and used the proceeds to repay borrowings under its revolving credit facility.

Key figures

Quarter ended September 30, 2024

Revenue

$1.0B

Operating income

$468M

Net income

$276M

EPS

$3.90

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.