Corpay, Inc.

“Corpay, Inc. (the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner.”

“Corpay has the following reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other.”

“the majority of revenue is derived from business customers, which tend to have relatively predictable, consistent volumes;”

“We actively market and sell to current and prospective customers using a multi-channel, go-to-market strategy, which includes comprehensive digital channels, direct sales forces and strategic partner relationships.”

“Our Corporate Payments solutions simplify and automate vendor payments and include AP automation, virtual cards, cross-border payments and purchasing and travel and entertainment ("T&E") card products.”

“Our Vehicle Payments solutions help control and monitor spending and include fuel card offerings, tolls and other complementary products.”

“Our Lodging Payments solutions help businesses manage their lodging costs, while simplifying the management of hotels and housing, both short and longer-term, while also providing traveler and end customer support.”

“Trade settlement and payment delivery is facilitated through a global network of correspondent banks, in-country payment gateways and technology providers, enabling us to send payments to recipients in close to 200 countries and 145 currencies.”

“We also offer multi-currency bank accounts to our corporate and financial institutions customers and alternative bank account solutions tailored to the alternative investment industry (private equity, real estate, hedge funds) to handle complex, high-volume, and cross-border transactions.”

“Corpay’s spend management solution also incorporates advanced analytics, including artificial intelligence (AI) enabled capabilities, to enhance spend oversight and decision-making.”

“Vehicle Payments revenues were $2,138.7 million in 2025, an increase of 6.5% compared to the prior year.”

“Corporate Payments operating income was $639.8 million in 2025, an increase of 28.4% compared to the prior year.”

“With the acquisition of Alpha Group in October 2025, the purchase price included approximately $4.5 billion in cash and cash equivalents and restricted cash, for which there were corresponding customer deposit liabilities assumed”

“the risks of mergers, acquisitions and divestitures, such as our recent acquisition of a partnership interest in AvidXchange and the acquisition of Alpha”

“due to the impact of acquisitions and continued investments in technology.”

“We compete with financial institutions that provide general purpose commercial card, accounts payable and cross-border payment products, as well as specialized providers offering more targeted solutions; and also with traditional payment methods such as cash, checks and manual processes.”

“The negative macroeconomic environment was driven primarily by unfavorable fuel price spreads of approximately $18 million, unfavorable changes in foreign exchange rates on revenues of $12 million and unfavorable fuel prices of $11 million.”

“The decrease in Lodging Payments revenues was primarily due to a decline in workforce room night volume due to lower emergency activity.”

“the disposition of our merchant solutions business in December 2024, which lowered revenues by approximately $34 million”

“We supplement our organic growth strategy and sales efforts by pursuing attractive acquisition opportunities, which serve to strengthen and extend our market positions and create value faster.”

“Corpay Technologies Operating Company, LLC, and certain of our domestic and foreign owned subsidiaries, as designated co-borrowers (the “Borrowers”), are parties to a $10.15 billion Credit Agreement”

“We believe that our current level of cash and borrowing capacity under our Credit Facility, Securitization Facility (as defined below) and other facilities (each discussed below), together with expected future cash flows from operations, will be sufficient to meet the needs of our existing operations and planned requirements for at least the next 12 months”

“At December 31, 2025, we had approximately $4.0 billion in total liquidity, consisting of approximately $1.5 billion available under our Credit Facility and unrestricted cash of $2.4 billion”

“our capital expenditures were $200.8 million in 2025, an increase of $25.6 million, or 15%, from $175.2 million in 2024 due to the impact of acquisitions and continued investments in technology.”

“(v) the adoption of Pillar Two legislation in 2025, which resulted in a global minimum tax at a rate of 15% that impacted two jurisdictions in which we operate”

“contributions of $300.0 million related to Mastercard's noncontrolling interest in our cross-border business”

“including, among others, the Gramm-Leach-Bliley Act, the EU’s General Data Protection Regulation (GDPR) and its Network and Information Security (NIS) Directive, the U.K.'s GDPR and NIS Regulations, Canada’s Personal Information Protection and Electronic Documents Act and Brazil’s General Data Protection Law.”

“We expect that compliance costs will increase in the future for our regulated subsidiaries.”

“litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC)”

“A significant source of our revenue comes from processing transactions through the Mastercard networks.”

“We are dependent on the efficient and uninterrupted operation of interconnected computer systems, telecommunications, data centers and call centers, including technology and network systems managed by multiple third parties”

“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;”

“including fluctuations in retail fuel prices and fuel price spreads, fuel transaction patterns, electric vehicle adoption, retail lodging prices, foreign exchange rates and interest rates develop as anticipated”

“our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting”