UN ITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

 For the Fiscal Year Ended December 31, 2024
 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

 For the Transition Period From to
 Commission File Number 001-35004
 Corpay, Inc.

 Delaware

 72-1074903

 (State or other jurisdiction of
 incorporation or organization)

 (I.R.S. Employer
 Identification No.)

 3280 Peachtree Road, Suite 2400,

 Atlanta,

 Georgia

 30305

 (Address of principal executive
 offices)

 (Zip Code)

 Registrant's telephone number, including area code: ( 770) 449-0479
 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Common Stock, $0.001 par value per share

 CPAY

 NYSE

 Securities registered pursuant to Section 12(g) of the Act:
 NONE
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
 Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange
 Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
 Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
 file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
 pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period
 that the registrant was required to submit and post such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
 reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
 "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 (Do not check if a smaller reporting company)

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
 transition period for complying with any new or revised financial accounting standards provided pursuant to
 Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the
 effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.
 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
 Act). Yes No
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
 registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-
 based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to
 §240.10D-1(b).
 The aggregate market value of the registrant's common stock held by non-affiliates of the registrant was appr oximately
 $ 17,904,831,658 as of June 30, 2024, the last business day of the registrant's most recently completed second fiscal quarter,
 based on the closing sale price as reported on the New York Stock Exchange.
 As of February 17, 2025, there were 70,249,923 shares of common stock outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of the registrant's definitive Proxy Statement to be delivered to shareholders in connection with the 2025 Annual
 Meeting of Shareholders are incorporated by reference into Part III of this report where indicated. The registrant's definitive
 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal
 year to which this report relates.

 Corpay, INC.
 FORM 10-K
 For The Year Ended December 31, 2024

 Page

 Item 1.

 Business

 Item X.

 Executive Officers of the Registrant

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity
 Securities

 Item 6.

 Selected Financial Data

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures about Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 Signatures

 Note About Forward-Looking Statements
 This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws.
 Statements that are not historical facts, including statements about Corpay's beliefs, 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 our current expectations and projections about future
 events. Forward-looking statements are subject to many uncertainties and other variable circumstances, including those
 discussed in this report in Item 1A, "Risk Factors," and Item 7, "Management's Discussion and Analysis of Financial Condition
 and Results of Operations," many of which are outside of our control, that could cause our actual results and experience to
 differ materially from any forward-looking statement.
 These forward-looking statements may not be realized due to a variety of factors, including, without limitation:
 • 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
 vehicles, retail lodging prices, foreign exchange rates and interest rates develop as anticipated and our ability to develop
 successful strategies if these trends change;
 • our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets;
 • our ability to attract new and retain existing partners, merchants, and 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;
 • 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; and
 • the other factors and information in this Annual Report on Form 10-K and other filings that we make with the SEC under
 the Exchange Act and Securities Act. See "Risk Factors" in this Annual Report on Form 10-K.
 Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The
 forward-looking statements included in this report are made only as of the date hereof. We do not undertake, and specifically
 disclaim, any obligation to update any such statements or to publicly announce the results of any revisions to any of such
 statements to reflect future events or developments.

 ITEM 1. BUSINESS
 Introduction
 Effective March 25, 2024, FLEETCOR Technologies, Inc. changed its corporate name to Corpay, Inc. At that time, we ceased
 trading under the ticker symbol "FLT" and began trading under our new ticker symbol, "CPAY", on the New York Stock
 Exchange (NYSE) and have been a member of the S&P 500 since 2018. Corpay is a global corporate payments company that
 helps businesses and consumers better manage and pay their expenses. Corpay's suite of modern payment solutions help
 customers better manage vehicle-related expenses (e.g., fueling, tolls, car registrations and parking), lodging expenses (e.g.,
 hotel and extended stay bookings) and corporate payments (e.g., domestic and international accounts payable and point of sale
 purchases). This results in our customers saving time and ultimately spending less. Since its incorporation in 2000, Corpay has
 delivered payment and spend solutions with customized controls and robust capabilities that offer our customers a better way to
 pay.
 Businesses spend an estimat ed $145 trillion each year in transactions with other businesses. In many instances, businesses lack
 the proper tools to monitor what is being purchased and employ manual, paper-based, disparate processes and methods to both
 approve and make payments for their business-to-business purchases. This often results in wasted time and money due to
 unnecessary or unauthorized spending, fraud, receipt collection, data input and consolidation errors, inaccurate reimbursement
 processing, account reconciliation errors, employee misuse and more.
 Digital payments are faster and more secure than paper-based methods such as checks, provide timely and detailed data that can
 be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting and eliminate
 reimbursement mistakes. Combining this payment data with analytical tools delivers powerful insights, which managers can use
 to better run their businesses.
 Corpay's vision is that every payment is digital, every purchase is controlled and every related decision is informed. Our wide
 range of modern, digitized solutions provide control, reporting and automation benefits superior to many of the payment
 methods businesses often use such as cash, paper checks, general purpose credit cards, as well as employee payment processes.
 In addition to delivering meaningful value to our customers, our solutions also share several important and attractive business
 model characteristics including:
 • the majority of revenue is derived primarily from business customers, which tend to have relatively predictable,
 consistent volumes;
 • recurring revenue models driven by recurring volume, resulting in predictable revenue;
 • unique selling systems with common sales approaches, management and reporting;
 • specialized technology platforms and proprietary payment acceptance networks, which create competitive advantages
 and barriers to entry; and
 • high EBITDA margins and cash flow translation with limited infrastructure investment requirements.
 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. We sell stand-alone products and services
 and are currently deploying platforms where a single customer can use multiple products from one user interface. It is important
 to note that we compete mostly with legacy payment companies and traditional ways of paying, such as cash and checks. 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. With a long, proven operating history, Corpay facilitates
 payments to or on behalf of millions of businesses around the world using multiple modalities.
 Corpay has the following reportable segments: Vehicle Payments, Corporate Payments, Lodging Payments and Other. These
 segments reflect how we organize and manage our global employee base, manage operating performance and execute on
 strategic initiatives. Our Vehicle Payments solutions help control and monitor spending and include fuel card offerings, tolls
 and other complementary products. Our Corporate Payments solutions simplify and automate vendor payments and include
 accounts payable (AP) automation, virtual cards, cross-border payments and purchasing and travel and entertainment ("T&E")
 card 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.

 Our Vehicle Payments solutions are purpose-built to enable our customers to pay for vehicle related expenses. For our business
 customers, we also provide greater control and visibility of spending when compared with less specialized payment methods,
 such as cash or general-purpose credit cards. Our digital enabled solutions provide customers with significant control
 capabilities such as, customizable user-level controls, programmable alerts and detailed transaction reporting. Furthermore, our
 business customers can use the data, controls and tools to combat employee misuse and fraud, streamline expense
 administration and potentially lower their operating costs, accessible through sophisticated web portals and mobile applications.
 For our consumer customers, our Vehicle Payment solutions provide seamless, mobile first digital experience when paying for
 certain vehicle related expenses, removing the friction associated with alternative payment methods and having to use multiple
 service providers.
 We utilize both proprietary and third-party payment acceptance networks to deliver our Vehicle Payments solutions. In our
 proprietary networks, which tend to be geographically distinct and unique to the markets we serve, transactions are processed
 on applications and operating systems owned and operated by us, and only at select participating merchants with whom we
 have contracted directly for acceptance. These proprietary networks generally provide us with better economics, as we control
 more of the transaction, and richer data because of how the networks and point of sale software are configured. Third-party
 networks are operated by independent parties, such as MasterCard and VISA, and tend to be more broadly accepted, which is
 the primary benefit compared with our proprietary networks.
 Fuel – Our fuel solutions are used by customers to pay and control spending for fuel for vehicles and fleets. Our fuel solutions
 are fuel type agnostic (fossil fuel, electricity, etc.). We offer fuel solutions to businesses and government entities who operate
 vehicle fleets, as well as to consumers primarily in Brazil, Mexico and Europe. At the most basic level, we provide the
 measurement of fuel used and facilitate the payment for that fuel to the merchant, whether that fuel be diesel, gasoline,
 compressed natural gas or electricity, while also providing online control, reporting and tracking capabilities to fleet operators.
 In many cases we can also deliver fuel price savings to our business customers when compared to the retail price of fuel. In the
 U.K. and Europe, we also enable fleets to significantly streamline the VAT reclaim process by digitizing and itemizing fuel
 receipts in a way that is compliant with tax authority requirements.
 The measurement, control and payment needs of our customers operating electric vehicles (EV) are similar to those operating
 traditional, internal combustion vehicles, just centered around electricity usage instead of gas or diesel usage. As we help our
 customers manage through the transition to EVs, many will operate "mixed" fleets (i.e., fleets with a combination of internal
 combustion vehicles and EVs) for a long period of time and will need access to all types of fueling, including networks of fuel
 stations, electric charging stations both on the road and at the office and at-home charging options. Considering the increased
 complexity of managing a mixed or an all EV fleet, our product sets are positioned to remain valuable and capture transaction
 economics, regardless of the vehicle type or propulsion method. We have also enhanced our customer platforms and reporting
 capabilities to ensure a fully integrated mixed fleet experience for our customers, so they can capture and review all the relevant
 fleet insights in one place, eliminating the need to select alternative providers for different fuel types or manage disparate
 systems.
 Many of our solutions also have additional capabilities. For example, we can enable the fuel card to allow customers to
 purchase a limited set of non-fuel items, such as oil, tolls, parking and vehicle maintenance supplies. Our proprietary EV
 networks in the U.K. and western Europe, combined with our Mastercard network in the U.S., offer access to hundreds of
 thousands of charge points and the management of at-home charging, while also delivering additional value-added services
 through a mobile app, including the ability to locate and route to a charge-point, charge-point recharging speed, functionality
 and whether in use. Our EV home-charging software solution is aimed at fleets that need to accurately reimburse drivers for
 charging that takes place at home for business purposes, capturing, measuring and accurately pricing relevant charging sessions
 and is directly integrated with energy companies to facilitate direct payment, thus bypassing the home energy account. We are
 actively expanding our EV footprint to accommodate charging in the U.S., U.K. and Europe.
 We also provide program management services to major oil companies, leasing companies and fuel marketers, which allow
 these partners to outsource the sales, marketing, credit, service and system operations of their branded fuel card portfolios. Our
 fuel partners include British Petroleum (BP), Arco, Speedway, Casey's and fuel marketers of all sizes. On the EV side, we also
 provide similar modular solutions to original equipment manufacturers (OEMs) who wish to distribute on-road EV charging
 solutions to consumers buying an EV. We would typically either white-label our charging app or integrate directly via
 application programming interface (API) with vehicle OEMs to deliver access to our products. Our vehicle OEM partners
 include Renault, NIO, Polestar and Jaguar-Land Rover.
 Tolls – Operated primarily in Brazil, we are the leading electronic toll payments provider to businesses and consumers in the
 form of radio frequency identification (RFID) tags affixed to vehicle windshiel ds. Our tolls solution primarily operates on our
 proprietary Sem Parar TM network, which processes transactions for more than 7.5 million tagholders on 100% of the toll roads
 that accept RFID across Brazil. We provide convenience and faster travel for customers, while also reducing manual labor and
 cash handling at merchants' toll booths. Our tolls solution also provides commercial customers with driver routing controls and
 fare auditing, mostly in the form of vehicle type and axle count configuration.

 Our tags may also be used at approximately 7,300 participating merchant locations to purch ase goods and services while in the
 vehicle, such as parking, fuel, car washes and meals at drive-through restaurants. At merchant locations, payment via electronic
 tags is faster, safer and more secure for customers, which in turn increases loyalty and throughput for merchants and eliminates
 the handling of cash.
 Parking – Our parking app for mobile devices allows millions of consumers and fleets to instantaneously pay for parking,
 replacing the use of coins or cash for parking. Our solution also allows business fleets the ability to manage their vehicles from
 anywhere, add and remove authorized drivers and pay in a secured and approved modality. Given the high frequency nature of
 use and the millions of monthly active users on the app, parking lends itself to further extension into the other services we offer,
 namely EV charging, insurance, maintenance and fueling, amongst others. Our parking solutions are available in the U.S.,
 Canada, Europe, the U.K. and Brazil.
 Vehicle Compliance – Our apps for mobile devices in Brazil allow millions of drivers to pay for vehicle taxes, vehicle
 registration and parking and fines instantly. These solutions help drivers manage and monitor their vehicle's and license's
 compliance by leveraging technology and data in consolidated and efficient platforms.
 Fleet Maintenance – We provide a SaaS-based vehicle management solution that helps major leasing companies, as well as
 fleet operators of all sizes, to manage their vehicle maintenance, service and repair needs primarily in the U.K., and also in
 Germany, France, Denmark, Ireland, Australia and Portugal. This solution is provided through our proprietary maintenance and
 repair network, which, in the U.K., processes transactions for fleet customers at approximately 9,000 service centers. The same
 platform also provides leasing companies with the ability to manage the re-marketing of leased vehicles and any ad-hoc vehicle
 rental needs. In addition, we offer compliance services to the U.K.'s heavy goods (truck) operators, workshops and drivers.
 Also, we are increasingly extending the platform for use in the small fleet and business-to-business-to-consumer (B2B2C)
 space, enabling consumers to access our proprietary maintenance network at advantaged economics to them. Finally, we offer
 tire repair and management services to leasing companies and large fleets, servicing over one million vehicles across
 approximately 25,000 tire centers in Germany, Austria, Switzerland, Norway, Sweden, Finland, Czech Republic and Hungary.
 Benefits – In Mexico and Brazil, we offer prepaid food vouchers or cards that may be used as a form of payment in restaurants
 and grocery stores. Additionally, in Brazil, we offer prepaid transportation cards and vouchers that may be used by commuting
 employees as a form of payment on public transportation.
 Our Corporate Payments solutions help businesses streamline the management, processing and payment of their domestic and
 international invoices and make point-of-sale purchases for their employees. Companies can save time, reduce costs and
 manage business-to-business (B2B) payment processing more efficiently with our suite of Corporate Payment solutions,
 including accounts payable (AP) automation, virtual cards, cross-border payment products and purchasing and T&E cards.
 AP Automation – We offer AP Automation solutions with options that are purpose-built for the simplest small business to the
 most complex large enterprise. We initiate, manage and guarantee payment of all company-approved bills to all domestic and
 international vendors through whichever payment modalities the vendors allow, such as virtual card, automated clearing house
 (ACH), wire or check. Our mid-market/enterprise solution meets the needs of the most complex global enterprises with
 multiple organizational hierarchies, approval workflows, locations, bank accounts, robust on-demand reporting and seamless
 integration with Enterprise Resource Planning (ERP) systems. We also provide rich data on the remittance to the vendor,
 regardless of payment modality, which facilitates invoice reconciliations and payment posting. By automating the process of
 paying vendors, businesses of all sizes can reduce the time, costs and fraud risks associated with their payment processes and
 focus on operating their businesses.
 Virtual Card – Our Virtual Card solution provides a single-use card number for a specific amount, usable within a defined
 timeframe. Virtual Cards provide enhanced security relative to checks while reducing total payment costs for our customers.
 Full remittance data accompanies each Virtual Card payment, providing significant reconciliation advantages to ACH and
 check payments. We have integrated our Virtual Card offering into most leading ERP systems, providing a seamless experience
 for our customer's accounts payable personnel.
 We have built a proprietary merchant acceptance network that accepts our Virtual Card payments. Our merchant acceptance
 network is unique due to the nature of commercial Virtual Card acceptance. Unlike standard point-of-sale purchases, each
 issuer negotiates directly with the merchant for acceptance, so other issuers' virtual cards are not interchangeable. This network
 is managed with proprietary technology that allows us to continuously expand Virtual Card acceptance and optimize the
 amount of spend we can capture. The scale of this network, coupled with an in-house vendor enrollment service, is a
 competitive advantage. Our ERP integrations, API capabilities, strategic vendor enrollment and transaction management tools
 enable us to optimize our customers' electronic payables programs.
 Our Virtual Card solution operates on the Mastercard network. Our customers' ERP systems are directly integrated with our
 issuing system, and merchants must be enrolled in our proprietary vendor network to accept our Virtual Card solution. This
 two-sided transaction, where both payor and receiver are in our network, provides substantial payment security relative to paper
 checks or ACH.

 Cross-Border Payments – Our Cross-Border solution is used by our customers to pay international vendors, foreign office and
 personnel expenses and for profit repatriation and dividends. We also offer hedging and risk management services to customers,
 which helps them manage foreign exchange rate exposures in the course of doing business internationally. This solution may be
 sold in conjunction with our AP Automation and Virtual Card solutions.
 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 over 200 countries and 145 currencies. Our
 customers rely on us to deliver personalized service and customer solutions. We offer a proprietary trading and payments
 platform that we can "white label" for financial institutions looking to expand their cross-border payment capability, as well as
 a suite of API products that enables us to embed our full capability directly within the technology of both customers and
 partners. By utilizing transaction monitoring and "watch list" screening systems, we ensure payments are safe, secure and meet
 all applicable regulatory requirements.
 Purchasing and T&E Cards – We offer purchasing cards and T&E solutions to our customers. These solutions are generally
 sold in conjunction with our Virtual Card solution or AP Automation offerings. Additionally, we provide technology, which
 combines and leverages transaction data captured from our virtual, purchasing and T&E card products, to help our customers
 analyze and manage their corporate spending.
 Our Lodging Payments solutions help businesses manage and control their lodging costs, simplify the management offerings
 from hotels or longer term housing arrangements and provide traveler and end customer support. We serve lodging customers
 through three primary verticals: workforce, airlines and insurance. We offer lodging solutions to businesses primarily in North
 America and the U.K. that have employees who travel overnight for work purposes, to airlines and cruise lines globally to
 accommodate both their traveling crews and stranded passengers and to policyholders displaced from their homes due to
 damage or catastrophe on behalf of property insurance carriers.
 The size, scale and nature of our lodging customer base enables us to negotiate lodging nightly rates lower than the rates most
 companies could negotiate directly and below the rates available to the general public. We utilize both proprietary and third-
 party networks where we provide access to deeply discounted hotel rooms with streamlined travel management programs,
 providing enhanced controls and reporting, audit and tax management services. We also can secure hotel rooms outside our
 proprietary networks in each of our solutions, or private homes in our insurance vertical. We use proprietary data management
 and payment processing systems to manage customer billings and reports, which, combined with our discounted hotel network,
 provide customers with potential savings and increased visibility into their lodging costs.
 Workforce – Our workforce lodging solutions provide a comprehensive solution for business travel programs of any size and
 business profile, with the ability to scale to the needs of the customer. Our solution allows customers to find and book lodging
 online, via app, directly with the hotel or by calling us. We provide full-service lodging management for project-based travelers
 and long-term stay programs. Our solution provides customers options, controls and insights they need to streamline their
 corporate lodging program and optimize their investment in travel.
 Airlines – The integration of our processing systems with airline logistics and crew management systems enables us to deliver
 incremental enhanced services to the airline travel industry. We offer end-to-end automation of the crew layover process,
 providing cost-saving hotel and transport bookings. We also have a proactive disruption system managing flight rebookings,
 hotels, meals, compensation and transportation for distressed passengers, which delivers a notification directly to the affected
 passenger to self-service based on their individual requirements. With an all-in-one platform, airlines can access automated
 web-based billing and continual transaction auditing that's tied to their operational data to increase billing accuracy.
 Insurance – We provide temporary housing solutions for displaced policyholders of insurance carriers and catastrophe teams,
 serving at the request and approval of the insurance adjuster, delivering a seamless housing experience. We partner with claims
 adjusters to determine the best housing solution for policyholders, including extended stay hotels and long-term housing,
 providing policyholders a mobile app to manage their temporary housing and receipts.
 Other
 Corpay provides other payments solutions that are not considered within our Vehicle Payments, Corporate Payments or
 Lodging Payments segments.
 Gift – We provide fully integrated gift card program management and processing services to retailers in 66 countries, in both
 plastic and digital form. The gift cards are issued specifically for each customer under their specific brands and are generally
 accepted exclusively within their retail network, digitally or in-person.
 Our gift solutions include card design, production and packaging, delivery and fulfillment, card and account management,
 transaction processing, promotion development and management, website design and hosting, program analytics and card
 distribution channel management. Our turnkey solution benefits our customers in the form of brand promotion, cardholder
 loyalty, increased sales, interest on prepaid balances and breakage on abandoned card balances.

 Payroll Card – We offer a payroll card solution in North America in the form of a reloadable stored value card, that can be used
 instead of a paper payroll check. Our solution operates on the Mastercard payment network and the Allpoint ATM network.
 The payroll cards are issued to our customers' employees and funded by the employees' wages. As cardholders, the employees
 may present the payroll card as a form of payment for personal purchases, transfer funds to their bank account or withdraw
 funds from participating ATMs.
 Sales and Distribution
 We actively market and sell our solutions to current and prospective customers using a multi-channel approach. This go-to-
 market strategy includes comprehensive digital channels, direct sales forces and strategic partner relationships. We continue to
 expand online, end-to-end capability where the customers can buy, onboard and manage their accounts on their own. In
 addition, we leverage an omni-channel approach that enables our sales people to be more efficient by improving their
 prospecting efforts through digitally sourced leads. In our direct sales force channel, we acquire and manage the customer
 relationship, which has historically been either in-person or via telesales. Our capabilities are also offered through indirect sales
 channels (e.g., major oil companies and fuel marketers for fuel, retail establishments for tolls and vehicle OEMs for consumer
 EV solutions) and on a branded or "white label" basis, indirectly through a broad range of resellers and partners across most of
 our solutions. In doing so, we leverage their sales networks to expand our reach into new customer segments, new industry
 verticals and new geographies faster and at a significantly lower cost.
 With respect to our tolls solution, we also place proprietary manned kiosks and unmanned vending machines in areas with high
 consumer foot traffic, such as shopping malls, to reach consumers. With respect to our gift solutions, third-party distribution is
 generally provided by other companies, who are reliant on access to our systems to meet their distribution obligations. With
 respect to our parking solutions, we sign deals with municipalities, local authorities and other parking operators to offer a
 digital parking app to drivers who need to pay for parking in their locations. Typically, signage is prominently displayed in the
 parking location to direct drivers to download our parking app to facilitate booking and payment. This same app is then used as
 a tool to sell other products & services to these users.
 We capitalize on our products' specialization by deploying product-dedicated sales forces to target specific customer segments.
 As our solution set has expanded, we are also facilitating cross-selling and bundled product offerings to fully leverage our
 distribution capabilities, capture more spend and revenue from our existing customer base and deliver more value to customers
 which should improve customer loyalty and retention.
 Credit Underwriting and Collections
 We perform a detailed application review of all new applications for credit, evaluating the applications for fraud as well as
 credit risk. With both the fraud and credit review, we leverage third-party data sources, including device data, fraud scores and
 credit bureau data to name a few. The credit review includes a combination of machine learning models, as well as judgmental
 underwriting based on customer financials. We employ a variety of tools to manage risk in our portfolio, including billing
 frequency, payment terms, spending limits, payment methods, delinquency suspension and security. Further, we use fraud
 detection programs, including proprietary and third-party solutions, to monitor transactions and prevent misuse. We monitor the
 credit quality of our portfolio periodically utilizing external credit scores and internal behavior data to identify high risk or
 deteriorating credit quality accounts and control our risk through various strategies. We conduct targeted strategies to minimize
 exposure to high-risk accounts, including reducing spending limits and payment terms or requiring additional security deposits.
 Competition
 Our primary competition is from financial institutions providing a full suite of financial products, including general purpose
 cards, AP payments (i.e. check and ACH) and cross-border solutions. We also compete with specialized competitive offerings
 from other companies that vary by product solution.
 • Vehicle Payments: Our fuel solutions compete with similar offerings such as, WEX, U.S. Bank Voyager Fleet
 Systems, Edenred, Sodexo, Alelo, Radius Payment Solutions and DKV. Our toll solutions compete with similar
 offerings such as, ConectCar, Veloe (Alelo) and Repom (Edenred). Our parking solutions compete with similar
 offerings such as ParkMobile, ParkHub, Parking BOXX and FLASH.
 • Corporate Payments: Our corporate payments solutions compete with similar offerings from financial institutions,
 including American Express, Coupa, AvidXchange, Bill.com and Convera.
 • Lodging Payments: Our lodging solutions compete with similar offerings from traditional travel management
 companies such as, American Express Global Business Travel, as well as in-house travel solutions at large
 corporations and airlines.
 • Other; Our gift and payroll card solutions compete with similar offerings from Fiserv, other special-purpose card
 issuers and payroll companies.

 Competitive Advantage
 In executing our strategy, we are advantaged by our competitive strengths:
 • Global Scale – We have strong market positions across four continents. This enables us to provide new offerings with
 better cost economics, sell complementary products, acquire attractive assets that can leverage existing infrastructure
 and cost synergies and introduce successful products and practices from other markets.
 • Compounding Growth Model – Our growth model historically benefits from strong revenue retention, organic growth
 from new customer acquisitions and selling more value-added products to current customers, via developed and
 acquired payment solutions.
 • Proprietary Networks – Our specialized proprietary networks allow for unique data capture at the point of sale,
 providing an incremental value proposition to our customers. These proprietary networks also provide us with
 advantageous economics by providing attractive, captive spend to the merchant base.
 • Scalable Technology – Our easy-to-use platforms provide control and functionality for our customers, and we can on-
 board incremental customer volume with very limited need for additional infrastructure. We own and control all the
 critical components to our offering, creating improved speed to market and proprietary feature functionality in the
 marketplace.
 • Diversification – Our solutions and geographic diversification are designed to provide stability through the "portfolio
 effect" when one geography or business is underperforming relative to the others. This allows Corpay to deliver more
 consistent financial performance relative to competitors, continue to invest throughout business cycles and reallocate
 resources to higher performing businesses.
 Technology
 Our technology provides continuous authorization of transactions, processing of critical account and customer information and
 settlement between merchants, issuing companies and individual commercial entities. We recognize the importance of state-of-
 the-art, s ecure, efficient and reliable technology in our business and have made significant investments in our applications and
 infrastructure. In 2024, we spent approximately $380 million in capital and operating expenses to operate, protect and enhance
 our technology.
 We operate several proprietary processing systems that provide features and functionality to run our card programs and
 solutions, including our card issuing, processing and information services. Our processing systems also integrate with our
 proprietary networks, which provide brand awareness and connectivity to our acceptance locations that enables the "end-to-
 end" card acceptance, da ta capture and transaction authorization capabilities of our card programs. Our proprietary processing
 systems and aggregation software are tailored to meet the unique needs of the individual markets they serve and enable us to
 create and deliver solutions that serve each of our industry verticals and geographies. Our technology platforms are comprised
 of four key components, which were primarily developed and are maintained in-house: (1) a core processing platform; (2)
 specialized software; (3) integrated network capabilities; and (4) a cloud-based architecture with proprietary APIs.
 Our technology function is based in the U.S., Europe and Brazil and has expertise in the management of applications,
 transaction networks and infrastructure. We operate application development centers in the U.S., U.K., Netherlands, Czech
 Republic, Brazil and New Zealand. Our distributed application architecture allows us to maintain, administer and innovate our
 solutions in a cost-effective and flexible manner. Our solutions contain significant intellectual property that differentiates us
 from our competition.
 W e continually seek to modernize and evolve our technology solutions through our core information technology (IT)
 transformation initiatives. Our IT transformation initiatives are focused on three main pillars: (1) digital strategy; (2) core
 systems modernization; and (3) data. Our digital strategy is focused on streamlining a digital customer experience across all of
 our solutions, providing a seamless experience. Additionally, we are investing in modernizing our core transactional systems to
 make them more resilient, secure and scalable. Our technology infrastructure is supported by highly-secure data centers, with
 redundant locations. We operate our primary data centers, located in Atlanta, Georgia; Studley, United Kingdom; Prague,
 Czech Republic; Las Vegas, Nevada; Lexington and Louisville, Kentucky; S o Paulo, Brazil; and Toronto, Canada.
 Additionally, as we develop new solutions and modernize legacy assets, we increasingly use cloud services. Through the use of
 cloud technology and microservices, we are able to modernize our platforms with no disruption to our customers. Finally, data
 is becoming an ever-increasing part of how we and our customers do business. We are focused on investing in our data assets to
 deliver value for our customers through improved insights to help them to better control expenses and mitigate fraud. The use
 of cloud services provides us with increased flexibility and agility. We use only proven technology and expect no foreseeable
 capacity limitations.
 We maintain disaster recovery and business continuity plans. Our telecommunications and internet systems have multiple levels
 of redundancy to ensure the reliability of network service. In 2024, we achieved over 99.9% up-time for authorizations globally.

 Safeguarding Our Business
 To provide our services, we may collect, use and store sensitive business information and personal information. Some of this
 information is also processed and stored by financial institutions, merchants and other entities, as well as third-party service
 providers to whom we outsource certain functions and other agents, which we refer to collectively as, our associated third
 parties. We may have responsibility to the card networks, financial institutions and in some instances, our customers, and/or
 individuals, for our failure or the failure of our associated third parties (as applicable) to protect this information.
 Our systems align with industry standards for security, with multiple industry certifications. Our network is configured with
 multiple layers of security to isolate our core systems from unauthorized access. We use secure communication among
 applications, and our employees access critical components strictly on a "need-to-know" basis. We may not be able to
 adequately protect our systems or the data we collect from continually evolving cybersecurity risks or other technological risks,
 which could subject us to liability and damage our reputation. See also, "Risks related to information technology and security"
 under Item 1A for further discussion of the risks we face in connection with our technology systems and potential data breach
 and cybersecurity risks. Also, see Item 1C Cybersecurity for further discussion of our risk management strategy and
 governance.
 Regulation
 A substantial number of laws and regulations, both in the U.S. and in other jurisdictions, apply to businesses offering payment
 products to customers, processing payments and servicing related accounts, or operating payment networks. These laws and
 regulations are often evolving and sometimes ambiguous or inconsistent, and the extent to which they apply to us is at times
 unclear. Failure to comply with regulations may result in the suspension or revocation of licenses or registrations, the limitation,
 suspension, or termination of services or relationships with our bank partners and sponsors and business and sales partners and/
 or the imposition of civil and criminal penalties, including fines. Certain of our solutions are also subject to rules set by various
 payment networks, such as Mastercard, as more fully described below.
 The following, while not exhaustive, is a description of several federal and state laws and regulations in the U.S., as well as
 foreign laws and regulations, that are applicable to our business, and therefore can materially affect our capital expenditures,
 earnings and competitive position. In addition, the legal and regulatory framework governing our business is subject to ongoing
 revision, and changes in that framework could have a significant effect on us.
 Money Transmission and Payment Instrument Licensing Regulations
 We are subject to various U.S. laws and regulations governing money transmission and the issuance and sale of payment
 instruments. In the U.S., most states license money transmitters and issuers of payment instruments. Through our subsidiaries,
 we are licensed in all states where required for business. Many states exercise authority over the operations related to money
 transmission and payment instruments and, as part of this authority, subject us to periodic examinations, which may include a
 review of our compliance practices, policies and procedures, financial position and related records, privacy and data security
 policies and procedures and other matters related to our business. As a result of these periodic examinations, state agencies
 sometimes issue to us findings and recommendations, prompting us to make changes to our operations and procedures.
 As a licensee, we are subject to certain restrictions and requirements, including net worth and surety bond requirements, record
 keeping and reporting requirements, requirements for regulatory approval of controlling stockholders or direct and indirect
 changes of control of the licensee and certain other corporate events and requirements to maintain certain levels of permissible
 investments in an amount equal to our outstanding payment obligations. Many states as well as the Financial Crimes
 Enforcement Network of the U.S. Department of the Treasury (FinCEN) also require money transmitters and issuers of
 payment instruments to comply with federal and state anti-money laundering laws (AML) and regulations. See "Anti-Money
 Laundering, Counter Terrorist and Sanctions Regulations."
 Recently, a number of state legislatures have adopted all or parts of a new money transmission and sales of payment
 instruments model law, the Money Transmission Modernization Act. State laws regarding money transmission and sales of
 payment instruments requirements may continue to change in the future. Additionally, government agencies may impose new
 or additional requirements on money transmission and sales of payment instruments. We expect that compliance costs will
 increase in the future for our regulated subsidiaries.
 Privacy and Information Security Laws and Regulations
 We provide services that are subject to various state, federal and foreign privacy and information security laws and regulations
 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. In the U.S., we are now subject to several
 comprehensive data privacy laws at the state level, including the California Consumer Privacy Act, as amended by the
 California Privacy Rights Act, the Virginia Consumer Data Protection Act, the Colorado Privacy Act (effective July 1, 2023),
 the Connecticut Data Privacy Act (effective July 1, 2023) and the Utah Consumer Privacy Act (effective December 31, 2023).
 We are also subject to the separate security breach notification laws of each of the 50 states and the District of Columbia. Some
 non-U.S. data protection laws, including in the U.K. and EU, impose restrictions on the international transfer of personal data

 absent lawfully recognized transfer mechanisms or, in some cases, prohibit such transfer completely. Going forward, we will
 likely be subject to new and evolving data privacy laws in the U.S. and abroad, which could result in additional costs of
 compliance, enforcement actions, regulatory investigations and fines, individual or class action litigation, or reputational harm.
 These and similar laws and their related regulations collectively restrict certain collection, processing, storage, use and
 disclosure of personal information, require notice to individuals of privacy practices and provide individuals with certain rights
 to prevent use and disclosure of protected information. Some also impose requirements for the safeguarding and proper
 destruction of personal information through the issuance of data security standards or guidelines. In many cases they impose
 obligations to notify affected individuals, state officers or other governmental authorities, the media and consumer reporting
 agencies, as well as businesses and governmental agencies, of security breaches affecting personal information. In addition,
 some restrict the ability to collect and utilize certain types of information such as Social Security and driver's license numbers.
 These laws and regulations are complex and evolving and can provide for significant penalties for non-compliance. We incur
 and expect to continue to incur significant and ongoing operating costs as part of our efforts to comply with applicable laws and
 regulations regarding personal information. These efforts also may divert management and employee attention from other
 business initiatives.
 Certain of our products that access payment networks require compliance with Payment Card Industry (PCI) data security
 standards. See "Payment Card Industry Rules."
 Email and Text Marketing Laws and Regulations
 We use email marketing and text-messaging to reach out to current or potential customers and therefore are subject to various
 statutes, regulations and rulings, including the Telephone Consumer Protection Act (TCPA), the Controlling the Assault of
 Non-Solicited Pornography and Marketing Act (CAN-SPAM Act) and related Federal Communication Commission (FCC)
 orders. Several states have enacted additional, more restrictive and punitive laws regulating telemarketing and commercial
 email. Foreign legislation exists as well, including Canada's Anti-Spam Legislation and the European laws that have been
 enacted pursuant to European Union Directive 2002/58/EC and its amendments. Although we believe that our telemarketing
 and email practices comply with the relevant regulatory requirements, violations could result in enforcement actions, statutory
 fines and penalties, class action litigation and reputational harm.
 Unfair or Deceptive Business Practices
 All persons engaged in commerce, including, but not limited to, us and our bank sponsors and customers, are subject to
 regulatory enforcement by the FTC, under Section 5 of the Federal Trade Commission Act, and state attorneys general, under
 various consumer-protection statutes, prohibiting unfair or deceptive acts or practices, and certain products also are subject to
 the jurisdiction of the Consumer Financial Protection Bureau (CFPB) regarding the prohibition of unfair, deceptive, or abusive
 acts and practices. As a service provider to certain of our bank sponsors, we may further be subject to direct supervision and
 examination by federal banking regulators in connection with certain of our products and services, which may increase our
 compliance costs. If we are accused of violating any of these laws, rules and regulations, we may be subject to enforcement
 actions and as a result, may incur losses and liabilities that may impact our business.
 Lending Regulations
 We are subject to several laws and related regulations governing the provision and administration of credit. The Truth in
 Lending Act (TILA) was enacted as a consumer protection measure to increase consumer awareness of the cost of credit and to
 protect consumers from unauthorized charges or billing errors and is implemented by the CFPB's Regulation Z. Most
 provisions of TILA and Regulation Z apply only to the extension of consumer credit, but a limited number of provisions apply
 to commercial cards as well. One example where TILA and Regulation Z are generally applicable is a limitation on liability for
 unauthorized use, although a business that acquires 10 or more credit cards for its personnel can agree to more expansive
 liability. Our cardholder agreements generally provide that these business customers waive, to the fullest extent possible, all
 limitations on liability for unauthorized card use. The Equal Credit Opportunity Act (ECOA) together with Regulation B
 prohibit creditors from discriminating on certain prohibited bases, such as an applicant's sex, race, nationality, age and marital
 status and further requires that creditors disclose the reasons for taking any adverse action against an applicant or a customer
 seeking credit. The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies and the disclosure and use of
 consumer reports. We obtain consumer reports with respect to an individual who guarantees or otherwise is obligated on a
 commercial card. The Fair and Accurate Credit Transactions Act of 2003 amended FCRA and requires creditors to adopt
 identity theft prevention programs to detect, prevent and mitigate identity theft in connection with covered accounts, which can
 include business accounts for which there is a reasonably foreseeable risk of identity theft.
 Anti-Money Laundering, Counter Terrorist and Sanctions Regulations
 The Currency and Foreign Transactions Reporting Act, which is also known as the Bank Secrecy Act (BSA) and which has
 been amended by the USA PATRIOT Act of 2001, contains a variety of provisions aimed at fighting terrorism and money
 laundering. Among other things, the BSA and related regulations issued by FinCEN require financial-services providers to
 establish AML programs, to prohibit the financing of terrorism, to report suspicious activity and to maintain a number of related
 records. We are also subject to certain economic and trade sanctions programs that are administered by the U.S. Department of
 Treasury's Office of Foreign Assets Control (OFAC) that prohibit or restrict transactions to or from or dealings with specified

 countries, their governments and, in certain circumstances, their nationals, narcotics traffickers and terrorists or terrorist
 organizations. In addition to economic sanctions programs, we are also subject to a number of international laws and
 regulations focused on fighting terrorism and money laundering, including primarily:
 • in Canada, Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA);
 • in Australia, as a registered remittance dealer with AUSTRAC, the Anti-Money Laundering and Counter-Terrorism
 Financing Act 2006 (AML/CTF Act);
 • in the U.K., as a registered Electronic Money Institution with the Financial Conduct Authority, the Proceeds of Crime
 Act, 2002 and the Terrorism Act 2000;
 • in Ireland, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the
 Criminal Justice Act 2013 and by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act
 2018; and
 • in the EU, AML requirements promulgated under the 4th, 5th and 6th EU Anti-Money Laundering Directives.
 Numerous other countries have also enacted or proposed new or enhanced AML legislation and regulations applicable to us.
 Non-banks that provide certain financial services are required to register with FinCEN as "money services businesses" (MSB).
 Certain of our subsidiaries are registered as MSBs.
 In addition, provisions of the BSA known as the Prepaid Access Rule issued by FinCEN impose certain obligations, such as
 registration and collection of consumer information, on "providers" of certain prepaid access programs, including the stored
 value products issued by our sponsor banks for which we serve as program manager. FinCEN has taken the position that, where
 the issuing bank has principal oversight and control of such prepaid access programs, no other participant in the distribution
 chain would be required to register as a provider under the Prepaid Access Rule. Despite this position, we have opted to register
 as a provider of prepaid access through our subsidiary, Comdata Inc.
 Interchange Fees
 The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) effected comprehensive
 revisions to a wide array of federal laws governing financial institutions, financial services and financial markets. The Durbin
 Amendment to the Dodd-Frank Act provided that interchange fees that a card issuer or payment network receives or charges for
 debit transactions must be "reasonable and proportional" to the cost incurred by the card issuer in authorizing, clearing and
 settling the transaction. Payment network fees may not be used directly or indirectly to compensate card issuers in
 circumvention of the interchange transaction fee restrictions. The Federal Reserve has capped debit interchange fees and may
 reduce the cap in the future, however the cap has not had a material direct impact on our results of operations because we
 operate under an exemption to the cap for the majority of our debit transactions.
 Anti-Bribery Regulations
 The Foreign Corrupt Practices Act (FCPA) prohibits the payment of bribes to foreign government officials and political figures
 and includes anti-bribery provisions enforced by the Department of Justice and accounting provisions enforced by the Securities
 and Exchange Commission (SEC). The statute has a broad reach, covering all U.S. companies and citizens doing business
 abroad, among others, and defining a foreign official to include not only those holding public office but also local citizens
 affiliated with foreign government-run or -owned organizations. The statute also requires maintenance of appropriate books and
 records and maintenance of adequate internal controls to prevent and detect possible FCPA violations. We are subject to similar
 statutes in certain foreign jurisdictions in which we operate, such as the U.K. Bribery Act.
 Payment Card Industry Rules
 In connection with certain services we provide for payment cards bearing the Mastercard brand and to those acting as merchants
 accepting those cards, we must comply with the bylaws, regulations and requirements that are promulgated by Mastercard and
 other applicable payment-card organizations, including the Payment Card Industry Data Security Standard (PCI DSS), the
 Mastercard Site Data Protection Program (SDP) and other applicable data-security program requirements. A breach of such
 payment card network rules could subject us to a variety of fines or penalties that may be levied by the payment networks for
 certain acts or omissions. The payment networks routinely update and modify their requirements. Our failure to comply with
 the networks' requirements or to pay the fines they impose could cause the termination of our registration and require us to stop
 processing transactions on their networks. Our subsidiary, Comdata Inc., is PCI DSS 3.2 compliant.
 We are also subject to network operating rules promulgated by the National ACH Association relating to payment transactions
 processed by us using the ACH network.

 Escheat Regulations
 We may be subject to unclaimed or abandoned property (escheat) laws in the U.S. that require us to turn over to certain
 government authorities the property of others that we hold that has been unclaimed for a specified period of time, such as
 payment instruments that have not been presented for payment and account balances that are due to a customer following
 discontinuation of our relationship. We may be subject to audit by individual U.S. states with regard to our escheatment
 practices.
 Prepaid Card Regulations
 Prepaid card programs that we manage may be subject to various federal and state laws and regulations, such as the Credit Card
 Accountability, Responsibility and Disclosure Act of 2009 (CARD Act) and the CFPB's Regulation E, which impose
 requirements on general-use prepaid cards, store gift cards and electronic gift certificates.
 State Usury Laws
 Extensions of credit under many of our card products may be treated as commercial loans and may require state licensing. In
 some states, usury laws limit the interest rates that can be charged not only on consumer loans but on commercial loans as well.
 To the extent that these usury laws apply, we are limited in the amount of interest that we can charge and collect from our
 customers. Because we have substantial operations in multiple jurisdictions, we utilize choice of law provisions in our
 cardholder agreements as to the laws of which jurisdiction to apply. With respect to card products where we work with a partner
 or issuing bank, the partner bank may utilize the law of the jurisdiction applicable to the bank and "export" the usury limit of
 that state in connection with cards issued to residents of other states or we may use our choice of law provisions.
 Derivatives Regulations
 Rules adopted under the Dodd-Frank Act by the Commodity Futures Trading Commission (CFTC), provisions of the European
 Market Infrastructure Regulation and its technical standards, as well as derivative reporting in Canada and the U.S., have
 subjected certain of the foreign exchange derivative contracts we offer to our customers as part of our cross-border payments
 business to reporting, recordkeeping and other requirements. Additionally, certain foreign exchange derivatives transactions we
 may enter into in the future may be subject to centralized clearing requirements, or may be subject to margin requirements in
 the U.S., U.K. and European Union. Other jurisdictions outside the U.S., U.K. and the European Union are considering, have
 implemented, or are implementing regulations similar to those described above.
 Other
 We must contractually comply with certain regulations to which our sponsor banks are subject, as applicable. We may be
 examined by our sponsor banks' regulators and be subject to audits by certain sponsor banks relative to such regulations.
 The Housing Assistance Tax Act of 2008 requires information returns to be made for each calendar year by merchants,
 acquiring entities and third-party settlement organizations with respect to payments made in settlement of electronic payment
 transactions and third-party payment network transactions occurring in that calendar year. Reportable transactions are also
 subject to backup withholding requirements. We are required to comply with these requirements for the merchants in our
 Comdata network. We could be liable for penalties if our information return is not in compliance with these regulations.
 Human Capital
 As of December 31, 2024, Corpay employed approximately 11,200 associates located in 24 countries around the world, with
 approximately 4,300 of those associates based in the U.S. At Corpay, we strongly believe that talent is a determinant of our
 performance and success. Our values-driven people programs, practices and policies have been developed to ensure we are able
 to attract, retain and develop the quality of talent necessary to advance our key initiatives and achieve our strategic objectives.
 We are firmly committed to delivering a strong employee value proposition and unique employment experience to our
 associates which, in turn, should lead to better customer experiences and business outcomes.
 Culture
 Our culture has evolved through time, as we have grown considerably both organically and through acquisitions. Despite
 Corpay's expansive size and geographic scope, we seek to retain a strong entrepreneurial spirit and share a common vision,
 mission and set of values, which together serve as cornerstones to our "One Corpay" culture. Our values, listed below, are
 infused in all aspects of Corpay and guide our employee selection, behavior and interactions with both internal and external
 stakeholders:
 • Innovation – figure out a better way
 • Execution – get it done; outputs matter
 • Integrity – do the right thing
 • People – we make the difference
 • Collaboration – accomplish more together

 As of December 31, 2024, females represented approximately 50% of our global workforce and approximately 17% of our
 senior leadership team, while minorities comprised approximately 32% of our domestic workforce and approximately 17% of
 our senior leadership team.
 We believe fostering a welcoming environment and an engaged employee base aligns with our values. Our global council, three
 regional councils and nine employee resource groups (ERGs) are dedicated to building positivity and engagement into all
 aspects of our global operations. Sponsored by the Chairman of the Board of Directors ("Board") and Chief Executive Officer
 (CEO), the councils and ERGs are vital to creating an environment where all employees are able to prosper. Our ERGs allow a
 safe space for employees to connect and discuss experiences. The ERGs also provide Corpay with perspectives on the unique
 needs and lived experiences of our employees.
 Employee Wellness
 Corpay's benefits programs are designed to meet the evolving needs of our workforce across the globe. Because we want our
 employees and their families to thrive, in additional to our regular benefit offerings, we also focus on physical and mental well-
 being. As part of our benefit programs we offer free online fitness classes, discounted gym memberships, weight-loss classes,
 provide access to employee assistance programs in all regions and Mental Health Awareness programs globally.
 Talent Development
 Corpay offers a variety of high-quality learning opportunities, designed to support employee development and organizational
 effectiveness. Learning opportunities are available in all geographies at all levels and incorporate personal, business and
 leadership skills development with the goal of empowering our organization, creating avenues for closing skill gaps and
 enhancing the capabilities of our workforce. Leadership, teamwork, communication and many other soft skills are vital to our
 success. We offer a wide variety of career opportunities and paths to advancement through on-the-job coaching, training and
 education. We are proud to be a company where an associate can start as an intern and turn it into a successful career.
 The Voice of the Employee
 We continue to develop and refine our people programs based on feedback we receive directly from our workforce, which we
 gather through a survey of all employees globally. The participation rate for our 2024 survey was approximately 54%. Our
 employee engagement score in 2024 remained consistent with previous years. We believe our employee proposition remains
 strong and we continue to attract and retain top talent. We continue to share the detailed engagement scores across the
 organization and analyze the results to understand differences by geography, demographics, job level and leader, and to identify
 opportunities for further improvement. We also conduct pulse surveys and focus groups to assess the ongoing engagement of
 our workforce.
 In January 2025, Corpay published its latest Corporate Responsibility & Sustainability Report (CRS Report), in which we
 provided detailed information about the Company's views and approaches regarding environmental, social and governance
 issues. Our CRS Report also includes details related to our global talent strategy, inclusion efforts, employee wellness and talent
 development. Our CRS Reports may be accessed electronically at  in the governance section.
 Additional Information
 We maintain a website at www.corpay.com. The information on our website is not incorporated by reference into this Annual
 Report on Form 10-K. We make available on or through our website certain reports and amendments to those reports that we
 file with or furnish the SEC in accordance with the Securities and Exchange Act of 1934, as amended (Exchange Act). These
 include our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We
 make this information available on our website free of charge as soon as reasonably practicable after we electronically file the
 information with, or furnish it to, the SEC.
 In addition, the SEC maintains a website that contains reports, proxy and information statements and other information
 regarding issuers that file electronically at

 ITEM X. EXECUTIVE OFFICERS OF THE REGISTRANT
 The following table sets forth certain information regarding our executive officers, with their respective ages as of
 December 31, 2024. Our officers serve at the discretion of our board of directors. There are no family relationships between any
 of our directors or executive officers.

 Name

 Age

 Position(s)

 Ronald F. Clarke

 Chief Executive Officer and Chairman of the Board of Directors

 Tom Panther

 Chief Financial Officer

 Alan King

 Group President—International Vehicle Payments

 Armando L. Netto

 Group President—Brazil and U.S. Vehicle Payments

 Alissa B. Vickery

 Chief Accounting Officer

 Ronald F. Clarke has been our Chief Executive Officer since August 2000 and was appointed Chairman of our Board of
 Directors in March 2003. From 1999 to 2000, Mr. Clarke served as President and Chief Operating Officer of AHL Services,
 Inc., a staffing firm. From 1990 to 1998, Mr. Clarke served as Chief Marketing Officer and later as a Division President with
 Automatic Data Processing, Inc., a human resources software and services company. From 1987 to 1990, Mr. Clarke was a
 Principal with Booz Allen Hamilton, a global management consulting firm. Earlier in his career, Mr. Clarke was a marketing
 manager for General Electric Company, a diversified technology, media and financial services corporation.
 Tom Panther has been our Chief Financial Officer since May 2023 and will be leaving Corpay effective March 15, 2025 to
 become the Chief Financial Officer of the National Christian Foundation. Prior to joining Corpay, Mr. Panther served as the
 CFO at EVO Payments, Inc. ("EVO") from November 2019 until March 2023, where he was instrumental in EVO delivering
 strong revenue growth and significant margin expansion, as well as executing a number of key initiatives, including
 international M&A, debt and capital financings and serving as a key advisor to the Board. Prior to joining EVO, Mr. Panther
 worked at SunTrust Banks, Inc. for nearly 20 years serving in numerous leadership roles. Mr. Panther began his career at Arthur
 Andersen.
 Alan King has served as our Group President — International Vehicle Payments since December 2023 and prior to that was our
 Group President of Global Fleet since May 2022. Mr. King joined Corpay in August 2016 and served as our President - U.K.,
 Australia and New Zealand, based in London, until June 2019. From July 2019 to April 2022, Mr. King was Group President of
 Europe, Australia and New Zealand Fuel. Prior to joining us, Mr. King worked at Mastercard where he was most recently
 Managing Director, MasterCard Prepaid Management Services. During his 11 year career at Mastercard, Mr. King held the
 roles of Group Head, Global Prepaid Solutions, Group General Manager for Market and Business Development in the U.K. &
 Ireland and General Manager, Global Accounts. Prior to Mastercard, Mr. King held leadership positions at VISA in the
 CEMEA region from 2003 to 2005 and at Citibank from 1998 to 2003, largely across commercial payments in international
 markets. Mr. King spent the early part of his career in the telecom and automotive industries, in various sales and marketing
 roles covering Europe.
 Armando L. Netto has served as our Group President — Brazil and U.S. Vehicle Payments since December 2023 and prior to
 that was our Group President – Brazil since June 2014. Prior to joining us, Mr. Netto led IT Services for TIVIT, an IT and BPO
 services company, from 2006 to 2014, where he led the integration of functional areas into the business unit, focused on
 onboarding new clients and ensuring service quality. Prior to TIVIT, Mr. Netto held various leadership roles with Unisys and
 McKinsey, where he gained international experience in Europe supporting clients in the U.K., France, Austria, Portugal and the
 Netherlands.
 Alissa B. Vickery has been our Chief Accounting Officer since September 2020 and also served as our interim Chief Financial
 Officer from October 2022 through May 2023. Mrs. Vickery joined Corpay in 2011 and served as Senior Vice President of
 Accounting and Controls, with oversight of external reporting, technical accounting and internal audit until her appointment as
 interim Chief Financial Officer. Prior to joining us, Mrs. Vickery held a Senior Director position at Worldpay and spent more
 than nine years in public accounting at Deloitte LLP and Arthur Andersen LLP, as a senior manager in the audit and assurance
 practice.

 ITEM 1A. RISK FACTORS
 You should carefully consider the following risks applicable to us. If any of the following risks actually occur, our business,
 operating results, financial condition and the trading price of our common stock could be materially adversely affected. The
 risks discussed below also include forward-looking statements, and our actual results may differ substantially from those
 discussed in these forward-looking statements. See "Note Regarding Forward-Looking Statements" in this report.
 Risks related to information technology and security
 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, which could
 result in our inability to prevent disruptions in our services.
 Our ability to provide reliable service to customers, cardholders and other network participants depends upon uninterrupted
 operation of our data centers and call centers as well as third-party labor and services providers. Our business involves
 processing large numbers of transactions, the movement of large sums of money and the management of large amounts of data.
 We rely on the ability of our employees, contractors, suppliers, systems and processes to complete these transactions in a
 secure, uninterrupted and error-free manner.
 Our subsidiaries operate in various countries and country specific factors, such as power availability, telecommunications
 carrier redundancy, embargoes and regulation can adversely impact our information processing by, or for, our local
 subsidiaries.
 We engage backup facilities for each of our processing centers for key systems and data. However, there could be material
 delays in fully activating backup facilities depending on the nature of the breakdown, security breach or catastrophic event
 (such as fire, explosion, flood, pandemic, natural disaster, power loss, telecommunications failure or physical break-in).
 Although, we have controls and documented measures to mitigate these risks, these mitigating controls might not reduce the
 duration, scope or severity of an outage in time to avoid adverse effects.
 We may experience software defects, system errors, computer viruses and development delays, which could damage
 customer relationships, decrease our profitability and expose us to liability.
 Our business depends heavily on the reliability of proprietary and third-party processing systems. A system outage could
 adversely affect our business, financial condition or results of operations, including by damaging our reputation or exposing us
 to third-party liability. To successfully operate our business, we must be able to protect our processing and other systems from
 interruption, including from events that may be beyond our control. Events that could cause system interruptions include, but
 are not limited to, fire, natural disaster, unauthorized entry, power loss, telecommunications failure, computer viruses, terrorist
 acts and war. Although we have taken steps to protect against data loss and system failures, there is still risk that we may lose
 critical data or experience system failures.
 Our solutions are based on sophisticated software and computing systems that are constantly evolving. We often encounter
 delays and cost overruns in developing changes implemented to our systems. In addition, the underlying software may contain
 undetected errors, viruses or defects. Defects in our software products and errors or delays in our processing of electronic
 transactions could result in additional development costs, diversion of technical and other resources from our other
 development efforts, loss of credibility with current or potential customers, harm to our reputation or exposure to liability
 claims. In addition, we rely on technologies supplied to us by third parties that may also contain undetected errors, viruses or
 defects that could adversely affect our business, financial condition or results of operations. Although we attempt to limit our
 potential liability for warranty claims through disclaimers in our software documentation and limitation of liability provisions in
 our licenses and other agreements with our customers, we cannot assure that these measures will be successful in limiting our
 liability.
 We may not be able to adequately protect our systems or the data we collect from continually evolving cybersecurity risks or
 other technological risks, which could subject us to liability and damage our reputation.
 We electronically receive, process, store and transmit data and sensitive information about our customers and merchants,
 including bank account information, social security numbers, expense data and credit card, debit card and checking account
 numbers. We endeavor to keep this information confidential; however, our websites, networks, information systems, services
 and technologies may be targeted for sabotage, disruption or misappropriation. The uninterrupted operation of our information
 systems and our ability to maintain the confidentiality of the customer and consumer information that resides on our systems
 are critical to the successful operation of our business. Unauthorized access to our networks and computer systems could result
 in the theft or publication of confidential information or the deletion or modification of records or could otherwise cause
 interruptions in our service and operations.
 Other than an unauthorized access incident during the second quarter of 2018, previously disclosed in 2018, we are not aware of
 any material breach of our or our associated third parties' computer systems, although we and others in our industry are
 regularly the subject of attempts by bad actors to gain unauthorized access to these computer systems and data or to obtain,
 change or destroy confidential data (including personal consumer information of individuals) through a variety of means.

 Because techniques used to sabotage or obtain unauthorized access to our systems and the data we collect change frequently
 and may not be recognized until launched against a target, especially considering heightened threats and risks associated with
 artificial intelligence, we may be unable to anticipate these techniques or to implement adequate preventative measures. An
 incident may not be detected until well after it occurs and the severity and potential impact may not be fully known for a
 substantial period of time after it has been discovered. Our ability to address incidents may also depend on the timing and
 nature of assistance that may be provided from relevant governmental or law enforcement agencies. Threats to our systems and
 our associated third parties' systems can derive from human error, fraud or malice on the part of employees or third parties, or
 may result from accidental technological failure. Computer viruses can be distributed and could infiltrate our systems or those
 of our associated third parties. In addition, denial of service or other attacks could be launched against us for a variety of
 purposes, including to interfere with our services or create a diversion for other malicious activities. Although we believe we
 have sufficient controls in place to prevent disruption and misappropriation and to respond to such attacks, any inability to
 prevent security breaches could have a negative impact on our reputation, expose us to liability, decrease market acceptance of
 electronic transactions and cause our present and potential clients to choose another service provider.
 In addition, the risk of cyber-attacks has increased in connection with the military and geopolitical conflicts around the world,
 including between Russia and Ukraine and within the Middle East. In light of those and other geopolitical events, nation-state
 actors or their supporters may launch retaliatory cyber-attacks and may attempt to cause supply chain and other third-party
 service provider disruptions, or take other geopolitically motivated retaliatory actions that may disrupt our business operations,
 result in data compromise, or both. Nation-state actors have in the past carried out, and may in the future carry out, cyber-
 attacks to achieve their aims and goals, which may include espionage, information operations, monetary gain, ransomware,
 disruption and destruction.
 We could also be subject to liability for claims relating to misuse of personal information, such as unauthorized marketing
 purposes and violation of data privacy laws. For example, we are subject to a variety of U.S. and international statutes,
 regulations and rulings relevant to the direct email marketing and text-messaging industries. While we believe we are in
 compliance with the relevant laws and regulations, if we were ever found to be in violation, our business, financial condition,
 operating results and cash flows could be materially adversely affected. We cannot provide assurance that the contractual
 requirements related to security and privacy that we impose on our service providers who have access to customer and
 consumer data will be followed or will be adequate to prevent the unauthorized use or disclosure of data. In addition, we have
 agreed in certain agreements to take certain protective measures to ensure the confidentiality of customer data. The costs of
 systems and procedures associated with such protective measures, as well as the cost of deploying additional personnel, training
 our employees and hiring outside experts, may increase and could adversely affect our ability to compete effectively. Any
 failure to adequately enforce or provide these protective measures could result in liability, protracted and costly litigation,
 governmental and card network intervention and fines, remediation costs and with respect to misuse of personal information of
 our customers, lost revenue and reputational harm. While we maintain insurance covering certain security and privacy damages
 and claim expenses above a certain financial retention level, we may not carry insurance or maintain coverage sufficient to
 compensate for all liability and such insurance may not be available for renewal on acceptable terms or at all, and in any event,
 insurance coverage would not address the reputational damage that could result from a security incident.
 In addition, under payment network rules, regulatory requirements and related obligations, we may be responsible for the acts
 or failures to act of certain third parties, such as third-party service providers, vendors, partners and others, which we refer to
 collectively as associated participants. The failure of our associated participants to safeguard cardholder data and other
 information in accordance with such rules, requirements and obligations could result in significant fines and sanctions and
 could harm our reputation and deter existing and prospective customers from using our services. We cannot assure you that
 there are written agreements in place with every associated participant or that such written agreements will ensure the adequate
 safeguarding of such data or information or allow us to seek reimbursement from associated participants. Any such
 unauthorized use or disclosure of data or information also could result in litigation that could result in a material adverse effect
 on our business, financial condition and results of operations.
 If we fail to develop and implement new technology, products and services, adapt our products and services to changes in
 technology, or if our ongoing efforts to upgrade our technology, products and services are not successful, we could lose
 customers and partners.
 The markets for our solutions are highly competitive and characterized by rapid technological change, frequent introduction of
 new products and services, evolving industry standards and evolving customer needs. We must respond to the technological
 advances offered by our competitors, including the use of artificial intelligence and the requirements of regulators and our
 customers and partners, in order to maintain and improve upon our competitive position and fulfill contractual obligations. We
 may be unsuccessful in expanding our technological capabilities and developing, marketing, selling or encouraging adoption of
 new products and services that meet these changing demands, which could jeopardize our competitive position. Similarly, if
 new technologies are developed that displace our traditional payment card as payment mechanisms for purchase transactions by
 businesses, we may be unsuccessful in adequately responding to customer practices and our transaction volume may decline. In
 addition, we regularly engage in significant efforts to upgrade our products, services and underlying technology, which may or
 may not be successful in achieving broad acceptance or their intended purposes.
 The solutions we deliver are designed to process complex transactions and provide reports and other information on those
 transactions, all at high volumes and processing speeds. Any failure to deliver an effective and secure product or service or any
 performance issue that arises with a new product or service could result in significant processing or reporting errors or other

 losses. We may rely on third parties to develop or co-develop our solutions or to incorporate our solutions into broader
 platforms for the commercial payments industry. We may not be able to enter into such relationships on attractive terms, or at
 all, and these relationships may not be successful. In addition, partners, some of whom may be our competitors or potential
 competitors, may choose to develop competing solutions on their own or with third parties.
 In order to remain competitive, we are continually involved in a number of projects, including the development of new
 platforms, mobile payment applications, e-commerce services and other new offerings emerging in the payments technology
 industry, including with respect to EVs. These projects carry the risks associated with any development effort, including cost
 overruns, delays in delivery and performance problems. Any delay in the delivery of new services or the failure to differentiate
 our services could render our services less desirable to customers, or possibly even obsolete.
 Risks related to our business and operations
 Adverse effects on payment card transaction volume and other aspects of our business and operations, from unfavorable
 macroeconomic conditions, weather conditions, natural catastrophes or public health crises or from changes to business
 purchasing practices, could adversely affect our financial condition and operating results.
 Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions or economic
 downturns, inflation, rising interest rates, labor shortages and disputes, high unemployment, currency fluctuations, actual or
 anticipated large-scale defaults or failures, terrorist attacks, prolonged or recurring government shutdowns, regional or domestic
 hostilities, economic sanctions (including tariffs) and the prospect or occurrence or more widespread conflicts, rising energy
 prices, or a slowdown of global trade, and reduced consumer, small business, government and corporate spending, have a direct
 impact on the demand for fuel, business-related products and services, or payment card services in general. A substantial
 portion of our revenue is based on the volume of payment card transactions by our customers. Accordingly, our operating
 results could be adversely impacted by such events or trends that negatively impact the demand for fuel, business-related
 products and services, or payment card services in general.
 For example, our transaction volume is generally correlated with general economic conditions and levels of spending,
 particularly in the U.S., Canada, the United Kingdom, Europe, Latin America, Australia and New Zealand and the related
 amount of business activity in economies in which we operate. Downturns in these economies are generally characterized by
 reduced commercial activity and, consequently, reduced purchasing of fuel and other business-related products and services by
 our customers. Similarly, prolonged adverse weather events, travel bans as a result of medical quarantine, geopolitical conflicts
 or in response to natural catastrophes, especially those that impact regions in which we process a large number and amount of
 payment transactions, could adversely affect our transaction volumes. Likewise, recent political, investor and industry focus on
 greenhouse gas emissions and climate change issues may adversely affect the volume of transactions or business operations of
 the oil companies, merchants and truck stop owners with whom we maintain strategic relationships, which could adversely
 impact our business. Further, we may not be able to successfully execute our EV strategy, which could further adversely impact
 our business.
 In addition, our transaction volumes could be adversely affected if businesses do not continue to use, or fail to increase their use
 of, credit, debit, ACH, virtual cards or stored value cards as a payment mechanism for their transactions. Similarly, our
 transaction volumes could be impacted by adverse developments in the payments industry, such as new legislation or regulation
 that makes it more difficult for customers to do business, or a well-publicized data security breach that undermines the
 confidence of the public in electronic payment systems.
 Further, adverse macroeconomic conditions and resulting trends, weather conditions, natural catastrophes or public health
 crises, could affect other aspects of our business. For example, because we derive a portion of our revenues from travel-related
 spending, our business is sensitive to safety concerns related to travel and, limitations on travel and mobility and health-related
 risks, and such adverse factors could impact the amount spent on lodging solutions or other business expenses. While our
 lodging solutions generally benefit from weather-related events, disasters or catastrophic events in the future, including the
 impact of such events on certain industries or the overall economy, could have a negative effect on our business, results of
 operations and infrastructure, including our technology and systems. Climate change may exacerbate certain of these threats,
 including the frequency and severity of weather-related events. Such factors and conditions may also impact the proper
 functioning of financial and capital markets, which could have a negative impact on our ability to access capital in the future.
 If we fail to adequately assess and monitor credit risks or fraud of or by, our customers or third parties, we could experience
 an increase in credit loss.
 We are subject to the credit risk of our customers which range in size from small sole proprietorships to large publicly traded
 companies. We use various methods to screen potential customers and establish appropriate credit limits, but these methods
 cannot eliminate all potential credit risks and may not always prevent us from approving customer applications that are not
 credit-worthy or are fraudulently completed. Changes in our industry, customer demand and, in relation to our fuel customers,
 movement in fuel prices may result in periodic increases to customer credit limits and spending and, as a result, could lead to
 increased credit losses. We may also fail to detect changes to the credit risk of customers over time. Further, during a declining
 economic environment, we may experience increased customer defaults and preference claims by bankrupt customers.

 Additionally, the counterparties to 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, may fail to honor their obligations, which could
 expose us to risks we had sought to mitigate. This risk includes the exposure generated when we write derivative contracts to
 our customers as part of our Cross-Border solution, and we typically hedge the net exposure through offsetting contracts with
 established financial institution counterparties. If a customer or financial institution counterparty becomes insolvent, files for
 bankruptcy, commits fraud or otherwise fails to pay us, we may be exposed to the value of one or more relevant offsetting
 positions or may bear financial risk for those receivables where we have offered trade credit. If we fail to adequately manage
 our credit risks or monitor for fraud, our bad debt expense could be significantly higher than historic levels and adversely affect
 our business, operating results and financial condition.
 As a result of being subject to the Federal Reserve Board's and Federal Deposit Insurance Corporation's (FDIC's) rules on
 qualified financial contracts (QFCs) and similar rules in other jurisdictions, we may not be able to exercise remedies against
 counterparties and, as this regime has not yet been tested, we may suffer risks or losses that we would not have expected to
 suffer if we could immediately close out transactions upon a termination event. The International Swaps and Derivatives
 Association (ISDA) Protocols and these rules and regulations extend to repurchase agreements and other instruments that are
 not derivative contracts.
 If one or more of our counterparty financial institutions default on their financial or performance obligations to us or fail,
 we may incur significant losses.
 We have significant amounts of cash, cash equivalents, receivables outstanding and other investments on deposit or in accounts
 with banks or other financial institutions in the U.S. and international jurisdictions. Among other services, certain banks and
 other financial institutions are lenders under our credit facilities, hold customer deposits for customers funds payable on
 demand and hold cash collateral received from customers for derivative transactions as part of our Cross-Border solution. We
 regularly monitor our concentration of, and exposure to, counterparty risk and actively manage this exposure to mitigate the
 associated risk. Despite these efforts, we may be exposed to the risk of default on obligations by, or deteriorating operating
 results or financial condition or failure of, these counterparty financial institutions. If one of our counterparty financial
 institutions were to become insolvent, placed into receivership, or file for bankruptcy, our ability to recover losses incurred as a
 result of default or to access or recover our assets that are deposited, held in accounts with, or otherwise due from, such
 counterparty may be limited due to the insufficiency of the failed institutions' estate to satisfy all claims in full or the applicable
 laws or regulations governing the insolvency, bankruptcy, or resolution proceedings. In the event of default on obligations by,
 or the failure of, one or more of these counterparties, we could incur significant losses, which could negatively impact our
 results of operations and financial condition.
 Our business may be adversely affected by geopol itical risks
 We have foreign operations in, or provide services for customers in more than 200 countries throughout North America, South
 America, Europe, Africa and Asia. We also expect to seek to expand our operations into various additional countries in Asia,
 Europe and Latin America as part of our growth strategy.
 Some of the countries where we operate, and other countries where we will seek to operate, have undergone significant
 political, economic and social change and events (such as the military conflicts in Ukraine and the Middle East) in recent years,
 including the U.S. In addition, changes in laws or regulations, including with respect to payment service providers, taxation,
 tariffs, information technology, data transmission and revenues from non-U.S. operations, or in the interpretation of such
 existing laws or regulations, whether caused by a change in government or otherwise, could materially adversely affect our
 business, operating results and financial condition.
 We are actively monitoring the changes and events and assessing the impact on our business. The extent, severity, duration and
 outcome of market disruptions could be significant and could potentially have substantial impact on the global economy and
 our business for an unknown period of time. Extraordinary measures, such as sanctions and tariffs, will adversely affect the
 global economy and financial markets and could adversely affect our business, financial condition and results of operations or
 otherwise aggravate the other risk factors that we identify herein. We cannot predict the scope of macroeconomic factors
 because these measures are complex and evolving. Our efforts to comply with changes may be costly and time consuming and
 will divert the attention of management. Any alleged or actual failure to comply with these measures may subject us to
 government scrutiny, civil or criminal proceedings, sanctions and other liabilities, which may have a material and adverse effect
 on our business, financial condition and results of operations. We continue to refine our business continuity plan, which
 includes crisis response materials designed to mitigate the impact of significant disruptions to our business, but there can be no
 assurance that our plan will successfully mitigate all disruptions. To date, we have not experienced any material interruptions in
 our infrastructure, technology systems or networks needed to support our operations.
 In addition, conducting and expanding our international operations subjects us to other political, economic, technological,
 operational and regulatory risks and difficulties that we do not generally face in the U.S. We cannot be certain that the
 investment and additional resources required to establish, acquire or integrate operations in other countries will produce desired
 levels of revenue or profitability.

 We may incur substantial losses due to fraudulent use of our payment solutions.
 Under certain circumstances, when we fund customer transactions, we may bear the risk of substantial losses due to fraudulent
 use of our payment solutions. We do not maintain insurance to protect us against all of such losses. We bear similar risk relating
 to fraudulent acts of employees or contractors, for which we maintain insurance. However, the conditions or limits of coverage
 may be insufficient to protect us against such losses.
 Criminals are using increasingly sophisticated methods to engage in illegal activities involving financial products, such as
 skimming and counterfeiting payment cards and identity theft. A single significant incident of fraud, or increases in the overall
 level of fraud, involving our cards and other products and services, could result in reputational damage to us, which could
 reduce the use and acceptance of our cards and other payment solutions and services or lead to greater regulation that would
 increase our compliance costs. Fraudulent activity could also result in the imposition of regulatory sanctions, including
 significant monetary fines, which could have a material adverse effect on our business, financial condition and results of
 operations.
 Any decrease in our receipt of fees and charges, or limitations on our fees and charges, could adversely affect our business,
 results of operations and financial condition.
 Our card solutions include a variety of fees and charges associ ated with transactions, cards, repo rts, optional services and late
 payments. Revenues for late fees and finance charges represented approximately 4% of our consolidated revenue for the year
 ended December 31, 2024. If the users of our cards decrease their transaction activity, or the extent to which they use optional
 services or pay invoices late, our revenue could be materially adversely affected. In addition, several market factors can affect
 the amount of our fees and charges, including the market for similar charges for competitive card products and the availability
 of alternative payment methods. Furthermore, regulators and Congress have passed new legislation that changes the electronic
 payments industry's pricing, charges and other practices related to its customers. Any restrictions on our ability to price our
 products and services could materially and adversely affect our revenue.
 We operate in a competitive business environment, and if we are unable to compete effectively, our business, operating
 results and financial condition would be adversely affected.
 The market for our solutions is highly competitive, and competition could intensify in the future. Our competitors vary in size
 and in the scope and breadth of the products and services they offer. Our primary competitors in the Vehicle Payments solutions
 are small regional and large independent fleet card providers (some providing vouchers for food, fuel, tolls and transportation),
 major oil companies and petroleum marketers that issue their own fleet cards, banks and major financial services companies
 that provide card services to major oil companies and petroleum marketers. Corporate Payments solutions faces a variety of
 competitors, some of which have greater financial resources, name recognition and scope and breadth of products and services.
 Competitors in the Lodging solutions include travel agencies, online lodging discounters, internal corporate procurement and
 travel resources and independent lodging and services providers.
 The most significant competitive factors in our business are the breadth of product and service features, network acceptance
 size, customer service, payment terms, account management and price. We may experience competitive disadvantages with
 respect to any of these factors from time to time as potential customers prioritize or value these competitive factors differently.
 As a result, a specific offering of our features, networks and pricing may serve as a competitive advantage with respect to one
 customer and a disadvantage for another based on the customers' preferences.
 Some of our existing and potential competitors have longer operating histories, greater brand name recognition, larger customer
 bases, more extensive customer relationships or greater financial and technical resources than we do. In addition, our larger
 competitors may also have greater resources than we do to devote to the promotion and sale of their products and services and
 to pursue acquisitions. Many of our competitors provide additional and unrelated products and services to customers, such as
 treasury management, commercial lending and credit card processing, which allow them to bundle their products and services
 together and present them to existing customers with whom they have established relationships, sometimes at a discount. If
 price competition continues to intensify, we may have to increase the incentives that we offer to our customers, decrease the
 prices of our solutions or lose customers, each of which could adversely affect our operating results. In Vehicle Payments
 solutions, major oil companies, petroleum marketers and large financial institutions may choose to integrate fuel card services
 as a complement to their existing or complementary card products and services to adapt more quickly to new or emerging
 technologies, such as EVs, and changing opportunities, standards or customer requirements. To the extent that our competitors
 are regarded as leaders in specific categories, they may have an advantage over us as we attempt to further penetrate these
 categories.
 Future mergers or consolidations among competitors, or acquisitions of our competitors by large companies may present
 competitive challenges to our business if their fuel card products and services are effectively integrated and bundled into lower
 cost sales packages with other widely utilized non-fuel card related products and services.
 Overall, increased competition in our markets could result in intensified pricing pressure, reduced profit margins, increased
 sales and marketing expenses and a failure to increase, or a loss of, market share. We may not be able to maintain or improve
 our competitive position against our current or future competitors, which could adversely affect our business, operating results
 and financial condition.

 We are subject to risks related to volatility in the macroeconomic environment, which could adversely affect our revenue and
 operating results.
 As a result of our foreign operations, we are subject to risks related to changes in currency rates for revenue generated in
 currencies other than the U.S. dollar. For the year ended December 31, 2024, approximately 48% of our revenue was
 denominated in currencies other than the U.S. dollar (primarily, Brazilian real, British pound, euro, Canadian dollar, Australian
 dollar, Mexican peso, Czech koruna and New Zealand dollar). Revenue and profit generated by international operations may
 increase or decrease compared to prior periods as a result of changes in foreign currency exchange rates. Resulting exchange
 gains and losses are included in our net incom e.
 In addition, we earn revenue in our Cross-Border solution from exchanges of currency at spot rates, which enable customers to
 make cross-currency payments. The Cross-Border solution also writes foreign currency derivative contracts for our customers.
 The duration of these derivative contracts at inception is generally less than one year. The credit risk associated with our
 derivative contracts increases when foreign currency exchange rates move against our customers, possibly impacting their
 ability to honor their obligations to deliver currency to us or to maintain appropriate collateral with us.
 Additionally, from time to time, we have and expect to continue to enter into cross-currency swap agreements with financial
 institutions to hedge against the effect of variability in the U.S. dollar to foreign exchange rates. The swap agreements require
 an exchange of the notional amounts between us and the counterparties upon expiration or earlier termination of the
 agreements. If, at the expiration or earlier termination of the swap agreements, the U.S. dollar to applicable foreign exchange
 rate has declined from the rate in effect on the execution date, we are required to pay the counterparties an amount equal to the
 excess of the U.S. dollar value over the respective foreign currency principal amount. In the event of a significant decline in the
 applicable exchange rate, our payment obligations to the counterparties could have a material adverse effect on our cash flows.
 Furthermore, we are subject to exchange control regulations that restrict or prohibit the conversion of more than a specified
 amount of our foreign currencies into U.S. dollars and, as we continue to expand, we may become subject to further exchange
 control regulations that limit our ability to freely utilize and transfer currency in and out of particular jurisdictions.
 We estimate during the year ended December 31, 2024, approxim ately 8% of our consolidated revenue was directly influenced
 by the absolute price of fuel. Approximately 5% of our consolidated revenue during the year ended December 31, 2024 was
 derived from transactions where our revenue is tied to fuel price spread s. When our fleet customers purchase fuel, certain
 arrangements in our Vehicle Payments solutions generate revenue as a percentage of the fuel transaction purchase amount and
 other arrangements generate revenue based on fuel price spreads. The fuel price that we charge to any Vehicle Payments
 customer is dependent on several factors including, among others, the fuel price paid to the fuel merchant, posted retail fuel
 prices and competitive fuel prices. The significant volatility in fuel prices can impact these revenues by lowering total fuel
 transaction purchase amounts and tightening fuel price spreads. We experience fuel price spread contraction when the
 merchant's wholesale cost of fuel increases at a faster rate than the fuel price we charge to our Vehicle Payments customers, or
 the fuel price we charge to our Vehicle Payments customers decreases at a faster rate than the merchant's wholesale cost of
 fuel.
 The volatility could be due to many factors outside our control, such as geopolitical risk, pandemics, new oil production or
 slowdowns, shifting of customer preferences (e.g., shift to EV), actions by the Organization of the Petroleum Exporting
 Countries (OPEC) and others, speculative trading, changing government regulation, and weather and general economic
 conditions. Such volatility could make it more difficult to effectively utilize the cash generated by our operations, and may
 adversely affect our financial condition.
 The value of certain of our solutions depend, in part, on relationships with oil companies, fuel and lodging merchants, truck
 stop operators, airlines, sales channels and other channels and partnerships to grow our business. The failure to maintain
 and grow existing relationships, or establish new relationships, could adversely affect our revenues and operating results.
 The success and growth of our solutions depend on the wide acceptability of such cards when our customers need to use them.
 As a result, the success of these solutions is in part dependent on our ability to maintain relationships with major oil companies,
 petroleum marketers, closed-loop fuel and lodging merchants, truck stop operators, airlines, sales channels and other channels
 and partnerships (each of whom we refer to as our "partners") and to enter into additional relationships or expand existing
 arrangements to increase the acceptability of our payment solutions. These relationships vary in length and may be renegotiated
 at the end of their respective terms. Due to the highly competitive, and at times exclusive, nature of these relationships, we often
 must participate in a competitive bidding process to establish or continue the relationships. Such bidding processes may focus
 on a limited number of factors, including pricing, which may affect our ability to effectively compete for these relationships.
 If the various partners with whom we maintain relationships experience bankruptcy, financial distress, or otherwise are forced
 to contract their operations, our solutions could be adversely impacted. Similarly, because some of our solutions are
 independently marketed, certain other adverse events outside our control, like those companies' failure to maintain their brands
 or a decrease in the size of their branded networks may adversely affect our ability to grow our revenue.

 The loss of, failure to continue or failure to establish new relationships, or the weakness or decrease in size of companies with
 whom we maintain relationships, could adversely affect our ability to serve our customers and adversely affect our solutions
 and operating results.
 Our Vehicle Payments and Corporate Payments solutions depend on relationships with banks and other financial
 institutions around the world, which may impose fees, restrictions and compliance burdens on us that make our operations
 more difficult or expensive.
 We facilitate payment and foreign exchange solutions for enterprises of all sizes using a global network of bank relationships.
 Increased regulation and compliance requirements are impacting these businesses and our bank relationships by making it more
 costly for us to provide our solutions or by making it more cumbersome for businesses to do business with us. Any factors that
 increase the cost for us, our bank relationships, or customers or that restrict, delay, or make delivering our solutions more
 difficult or impractical, such as trade policy or higher tariffs, could negatively impact our revenues and harm our business. We
 may also have difficulty establishing or maintaining banking relationships needed to conduct our services due to evolving
 banks' policies, risk profiles and compliance requirements, which may vary by financial institution.
 We must comply with various rules and requirements, including the payment of fees, of Mastercard and our sponsor banks
 in order to remain registered to participate in the Mastercard networks.
 A significant source of our revenue comes from processing transactions through the Mastercard networks. In order to offer
 Mastercard programs to our customers, one of our subsidiaries is registered as a member service provider with Mastercard
 through sponsorship by Mastercard member banks in both the U.S. and Canada. Registration as a service provider is dependent
 upon our being sponsored by member banks. If our sponsor banks should stop providing sponsorship for us or determine to
 provide sponsorship on materially less favorable terms, we would need to find other financial institutions to provide those
 services or we would need to become a Mastercard member, either of which could prove to be difficult and expensive. Even if
 we pursue sponsorship by alternative member banks, similar requirements and dependencies would likely still exist. In addition,
 Mastercard routinely updates and modifies its membership requirements. Changes in such requirements may make it
 significantly more expensive for us to provide these services. If we do not comply with Mastercard requirements, it could seek
 to fine us, suspend us or terminate our registration, which allows us to process transactions on its networks. The termination of
 our registration, or any changes in the payment network rules that would impair our registration, could require us to stop
 providing Mastercard payment processing services. If we are unable to find a replacement financial institution to provide
 sponsorship or become a member, we may no longer be able to provide such services to the affected customers.
 Changes in Mastercard interchange fees could decrease our revenue.
 A portion of our revenue is generated by network processing fees charged to merchants, known as interchange fees, associated
 with transactions processed using our Mastercard-branded cards. Interchange fee amounts associated with our Mastercard
 network cards are affected by a number of factors, including regulatory limits in the U.S. and Europe and fee changes imposed
 by Mastercard. In addition, interchange fees are the subject of intense legal, political and regulatory scrutiny and competitive
 pressures in the electronic payments industry, which could result in lower interchange fees generally in the future.
 Increasing scrutiny and changing expectations from investors, customers and our employees with respect to our
 environmental, social and governance (ESG) practices may impose additional costs on us or expose us to new or additional
 risks.
 There is increased focus, including from governmental organizations, investors, employees and clients, on ESG issues such as
 environmental stewardship, climate change, diversity and inclusion, racial justice and workplace conduct. Negative public
 perception, adverse publicity or negative comments in social media could damage our reputation if we do not, or are not
 perceived to, adequately address these issues. Any harm to our reputation could impact employee engagement and retention and
 the willingness of customers and our partners to do business with us. In addition, organizations that provide information to
 investors on corporate governance and related matters have developed ratings processes for evaluating companies on their
 approach to ESG matters, and unfavorable ratings of our company or our industries may lead to negative investor sentiment and
 the diversion of investment to other companies or industries.
 Maintaining and enhancing our brands is critical to our business relationships and operating results.
 We believe that maintaining and enhancing our brands is critical to our customer relationships and our ability to obtain partners
 and retain employees. The successful promotion of our brands will depend upon our marketing and public relations efforts, our
 ability to continue to offer high-quality products and services and our ability to successfully differentiate our solutions from
 those of our competitors. In addition, future extension of our brands to add new products or services different from our current
 offerings may dilute our brands, particularly if we fail to maintain our quality standards in these new areas. The promotion of
 our brands will require us to make substantial expenditures, and we anticipate that the expenditures will increase as our markets
 become more competitive and we expand into new markets. Even if these activities increase our revenues, this revenue may not
 offset the expenses we incur. There can be no assurance that our brand promotion activities will be successful.

 Our expansion through acquisitions may divert our management's attention and result in unexpected operating or
 integration difficulties or increased costs and dilution to our stockholders, and we may never realize the anticipated benefits.
 We have been an active acquirer in the U.S. and internationally, and, as part of our growth strategy, we expect to seek to
 acquire businesses, commercial account portfolios, technologies, services and products in the future. We have substantially
 expanded our overall portfolio of solutions, customer base, headcount and operations through acquisitions. The acquisition and
 integration of each business involves a number of risks and may result in unforeseen operating difficulties, delays and
 expenditures in assimilating or integrating the businesses, technologies, products, personnel or operations of the acquired
 business, all of which may divert resources and management attention otherwise available to grow our existing portfolio. We
 may also have new or heightened regulatory requirements that we are required to comply with as a result of our acquisitions
 which may lead to increased expense or a further diversion of management attention.
 Acquisitions may expose us to geographic or business markets in which we have little or no prior experience, present
 difficulties in retaining the customers of the acquired business and present difficulties and expenses associated with new
 regulatory requirements, competition controls or investigations. International acquisitions often involve additional or increased
 risks including difficulty managing geographically separated organizations, systems and facilities, difficulty integrating
 personnel with diverse business backgrounds, languages and organizational cultures, difficulty and expense introducing our
 corporate policies or controls and increased expense to comply with foreign regulatory requirements applicable to acquisitions.
 Integration of acquisitions could also result in the distraction of our management, the disruption of our ongoing operations or
 inconsistencies on our services, standards, controls, procedures and policies, any of which could affect our ability to achieve the
 anticipated benefits of an acquisition or otherwise adversely affect our operations and financial results.
 To complete future acquisitions, we may determine that it is necessary to use a substantial amount of our cash or engage in
 equity or debt financing. If we raise additional funds through further issuances of equity or convertible debt securities, our
 existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and
 privileges senior to those of holders of our common stock. In addition, we may not be able to obtain additional financing on
 terms favorable to us, if at all, which could limit our ability to engage in acquisitions. Moreover, we can make no assurances
 that the anticipated benefits of any acquisition, such as operating improvements or anticipated cost savings, would be realized.
 Further, an acquisition may negatively affect our operating results because it may require us to incur charges and substantial
 debt or other liabilities, may cause adverse tax consequences, substantial depreciation and amortization or deferred
 compensation charges, may require the amortization, write-down or impairment of amounts related to deferred compensation,
 goodwill and other intangible assets, may include substantial contingent consideration payments or other compensation that
 reduce our earnings during the quarter in which incurred, or may not generate sufficient financial return to offset acquisition
 costs.
 In addition, from time to time, we may divest businesses, for, among other things, alignment with our strategic objectives. We
 may not be able to complete desired or proposed divestitures on terms favorable to us. Gains or losses on the sales of, or lost
 operating income from, those businesses may affect our profitability and margins. Moreover, we may incur asset impairment
 losses related to divestitures that reduce our profitability. Our divestiture activities may present financial, managerial and
 operational risks. Those risks include diversion of management attention from existing businesses, difficulties separating
 personnel and financial and other systems, possible need for providing transition services to buyers, adverse effects on existing
 business relationships with suppliers and customers and indemnities and potential disputes with the buyers. Any of these factors
 could adversely affect our business, financial condition and results of operations.
 Derivative transactions and delayed settlements may expose us to unexpected risk and potential losses.
 In connection with our Cross-Border solution, we are party to a large number of derivative transactions. Many of these
 derivative instruments are individually negotiated and non-standardized, which can make exiting, transferring or settling
 positions difficult. Derivative transactions may also involve the risk that documentation has not been properly executed, that
 executed agreements may not be enforceable against the counterparty, or that obligations under such agreements may not be
 able to be "netted" against other obligations with such counterparty. In addition, counterparties may claim that such transactions
 were not appropriate or authorized.
 Derivative contracts and other transactions entered into with third parties often don't require performance until a future date,
 which can be months away and are not always settled on a timely basis. While the transaction remains open there is always the
 chance of non-performance, especially if market movements make the contract less attractive, subjecting us to heightened credit
 and operational risk. In addition, as new complex derivative products are created, disputes about the terms of the underlying
 contracts could arise, which could impair our ability to effectively manage our risk exposures from these products and subject
 us to increased costs. The provisions of the Dodd-Frank Act requiring central clearing of over-the-counter (OTC) derivatives, or
 a market shift toward standardized derivatives, could reduce the risk associated with such transactions, but under certain
 circumstances could also limit our ability to develop derivatives that best suit the needs of our clients and to hedge our own
 risks and could adversely affect our profitability and increase our credit exposure to such platform. We rely on licensed third
 party software to calculate our daily net derivative positions for the purpose of hedging our financial market exposures. Any
 failure of these systems to accurately calculate our net positions due to design weakness, capacity degradation or input errors
 could result in unintended financial losses.

 Our payment solutions' results are subject to seasonality, which could result in fluctuations in our quarterly financial
 results.
 Our Vehicle Payments solutions are typically subject to seasonal fluctuations in revenues and profit, which are impacted during
 the first and fourth quarter each year by the weather, holidays in the U.S. and lower business levels in Brazil due to summer
 break and the Carnival celebration. Our Gift solutions are typically subject to seasonal fluctuations in revenues as a result of
 consumer spending patterns. Historically, Gift revenues have been strongest in the third and fourth quarters and weakest in the
 first and second quarters, as the retail industry has its highest level of activity during and leading up to the Christmas holiday
 season.
 Other
 We have identified a material weakness in our internal control over financial reporting and, if we fail to remediate this
 material weakness, we may not be able to accurately or timely report our financial condition or results of operations, which
 may adversely affect our business.
 S ection 404 of the Sarbanes-Oxley Act of 2002, as amended, requires that we evaluate and determine the effectiveness of our
 internal control over financial reporting and provide a management report on the internal control over financial reporting, which
 must be attested to by our independent registered public accounting firm. A material weakness is a deficiency, or combination
 of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
 misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.
 As previously reported in Part II, Item 9A. "Controls and Procedures" of our Annual Report on Form 10-K for the year ended
 December 31, 2023, we had identified a material weakness in our internal control over financial reporting related to ineffective
 information technology general controls (ITGCs) in the area of user access management over certain information technology
 systems used in the execution of controls that support the Company's financial reporting processes.
 During the year ended December 31, 2024, management improved its user access management over certain systems and made
 progress remediating the material weakness. However, additional time is required to complete the material weakness
 remediation work, and to test the design and operational effectiveness of the enhanced and newly developed controls. In
 addition, as part of remediation effort, we may deem it necessary to implement additional controls, such as enhancements or
 automation of certain aspects of our ITGCs. We believe our efforts will be effective to remediate the material weakness, but this
 material weakness remained as of December 31, 2024. We concluded this material weakness did not result in any material
 misstatements in our financial statements or disclosures in either of the years ended December 31, 2023 or 2024.
 Until the remediation plan is fully implemented, tested and deemed effective, we cannot provide assurance that our actions will
 adequately remediate the material weakness or that additional material weaknesses in our internal controls will not be identified
 in the future. Effective internal control over financial reporting is necessary for us to provide reliable and timely financial
 reports and, together with adequate disclosure controls and procedures, are designed to reasonably detect and prevent fraud. The
 occurrence of, or failure to remediate, this material weakness and any future material weaknesses in our internal control over
 financial reporting may adversely affect the accuracy and reliability and timeliness of our financial statements and have other
 consequences that could materially and adversely affect our business.
 Risks related to our intellectual property
 If we are unable to protect our intellectual property rights and confidential information, our competitive position could be
 harmed and we could be required to incur significant expenses in order to enforce our rights.
 To protect our proprietary technology, we rely on copyright, trade secret, patent and other intellectual property laws and
 confidentiality agreements with employees and third parties, all of which offer only limited protection. Despite our precautions,
 it may be possible for third parties to obtain and use without our consent confidential information or infringe on our intellectual
 property rights, and our ability to police that misappropriation or infringement is uncertain, particularly in countries outside of
 the U.S. In addition, our confidentiality agreements with employees, vendors, customers and other third parties may not
 effectively prevent disclosure or use of proprietary technology or confidential information and may not provide an adequate
 remedy in the event of such unauthorized use or disclosure.
 Protecting against the unauthorized use of our intellectual property and confidential information is expensive, difficult and not
 always possible. Litigation may be necessary in the future to enforce or defend our intellectual property rights, to protect our
 confidential information, including trade secrets, or to determine the validity and scope of the proprietary rights of others. This
 litigation could be costly and divert management resources, either of which could harm our business, operating results and
 financial condition. Accordingly, despite our efforts, we may not be able to prevent third parties from infringing upon or
 misappropriating our intellectual property and proprietary information.
 We cannot be certain that the steps we have taken will prevent the unauthorized use or the reverse engineering of our
 proprietary technology. Moreover, others may independently develop technologies that are competitive to ours or infringe our
 intellectual property. The enforcement of our intellectual property rights also depends on our legal actions against these
 infringers being successful, and we cannot be sure these actions will be successful, even when our rights have been infringed.

 Furthermore, effective patent, trademark, service mark, copyright and trade secret protection may not be available in every
 country in which we may offer our products and services.
 Claims by others that we or our customers infringe their intellectual property rights could harm our business.
 Third parties have in the past, and could in the future, claim that our technologies and processes underlying our products and
 services infringe their intellectual property. In addition, to the extent that we gain greater visibility, market exposure and add
 new products and services, we may face a higher risk of being the target of intellectual property infringement claims asserted by
 third parties. We may, in the future, receive notices alleging that we have misappropriated or infringed a third party's
 intellectual property rights. There may be third-party intellectual property rights, including patents and pending patent
 applications that cover significant aspects of our technologies, processes or business methods. Any claims of infringement or
 misappropriation by a third party, even those without merit, could cause us to incur substantial defense costs and could distract
 our management from our business, and there can be no assurance that we will be able to prevail against such claims. Some of
 our competitors may have the capability to dedicate substantially greater resources to enforcing their intellectual property rights
 and to defending claims that may be brought against them than we do. Furthermore, a party making such a claim, if successful,
 could secure a judgment that requires us to pay substantial damages, potentially including treble damages if we are found to
 have willfully infringed a patent. A judgment could also include an injunction or other court order that could prevent us from
 offering our products and services. In addition, we might be required to seek a license for the use of a third party's intellectual
 property, which may not be available on commercially reasonable terms or at all. Alternatively, we might be required to
 develop non-infringing technology, which could require significant effort and expense and might ultimately not be successful.
 Third parties may also assert infringement claims against our customers relating to their use of our technologies or processes.
 Any of these claims might require us to defend potentially protracted and costly litigation on their behalf, regardless of the
 merits of these claims, because under certain conditions we may agree to indemnify our customers from third-party claims of
 intellectual property infringement. If any of these claims succeed, we might be forced to pay damages on behalf of our
 customers, which could adversely affect our business, operating results and financial condition.
 Finally, we use open source software in connection with our technology and services. Companies that incorporate open source
 software into their products, from time to time, face claims challenging the ownership of open source software. As a result, we
 could be subject to suits by parties claiming ownership of what we believe to be open source software. Open source software is
 also provided without warranty and may therefore include bugs, security vulnerabilities or other defects for which we have no
 recourse or recovery. Some open source software licenses require users of such software to publicly disclose all or part of the
 source code to their software and/or make available any derivative works of the open source code on unfavorable terms or at no
 cost. While we monitor the use of open source software in our technology and services and try to ensure that none is used in a
 manner that would require us to disclose the source code to the related technology or service, such use could inadvertently
 occur and any requirement to disclose our proprietary source code could be harmful to our business, financial condition and
 results of operations.
 Our success is dependent, in part, upon our executive officers and other key personnel, and the loss of key personnel could
 materially adversely affect our business.
 Our success depends, in part, on our executive officers and other key personnel. Our senior management team has significant
 industry experience and would be difficult to replace. The market for qualified individuals is competitive, especially in certain
 fields, including information technology, and we may not be able to attract and retain qualified personnel or candidates to
 replace or succeed members of our senior management team or other key personnel. The loss of key personnel could materially
 adversely affect our business.
 Risks related to regulatory matters and litigation
 Changes in laws, regulations and enforcement activities may adversely affect our products and services and the markets in
 which we operate.
 The electronic payments industry is subject to increasing regulation in the U.S. and internationally. The laws and regulations
 applicable to us, including those enacted prior to the advent of digital payments, continue to evolve through legislative and
 regulatory action and judicial interpretation. Domestic and foreign government regulations impose compliance obligations on
 us and restrictions on our operating activities, which can be difficult to administer because of their scope, mandates and varied
 requirements. We are subject to government regulations covering a number of different areas, including, among others: interest
 rate and fee restrictions; credit access and disclosure requirements; licensing and registration requirements, including money
 transmitter licenses; collection and pricing regulations; compliance obligations; security, privacy and data breach requirements;
 identity theft protection programs; countering terrorist financing; AML compliance programs and consumer protection. While a
 large portion of these regulations focuses on individual consumer protection, legislatures and regulators continue to consider
 whether to include business customers, especially smaller business customers, within the scope of these regulations. As a result,
 new or expanded regulation focusing on business customers or changes in interpretation or enforcement of regulations, as well
 as increased penalties and enforcement actions related to non-compliance, may have an adverse effect on our business and
 operating results, due to increased compliance costs and new restrictions affecting the terms under which we offer our products
 and services.

 In addition, certain of our subsidiaries are subject to regulation under the BSA by FinCEN and must comply with applicable
 AML requirements, including implementation of an effective AML program. Our business in Canada is also subject to the
 PCMLTFA, which is a corollary to the BSA. Changes in this regulatory environment, including changing interpretations and
 the implementation of new or varying regulatory requirements by the government, may significantly affect or change the
 manner in which we currently conduct some aspects of our business.
 As a service provider to certain of our bank sponsors, we are subject to direct supervision and examination by the CFPB, in
 connection with certain of our products and services. CFPB rules, examinations and enforcement actions may require us to
 adjust our activities and may increase our compliance costs. In addition, our bank partners are subject to regulation by federal
 and state banking authorities and, as a result, could pass through some of those compliance obligations to us or alter the extent
 or the terms of their dealings with us in ways that may have adverse consequences for our business.
 Many of these laws and regulations are evolving, unclear and inconsistent across various jurisdictions, and ensuring compliance
 with them is difficult and costly. With increasing frequency, federal and state regulators are holding businesses like ours to
 higher standards of training, monitoring and compliance, including monitoring for possible violations of laws by our customers
 and people who do business with our customers while using our products. If we fail or are unable to comply with existing or
 changed government regulations in a timely and appropriate manner, we may be subject to injunctions, other sanctions or the
 payment of fines and penalties, and our reputation may be harmed, which could have a material adverse effect on our business,
 financial condition and results of operations. Further, as we interact directly with consumers, in conjunction with our existing
 customers and partners or directly on our own behalf, our compliance obligations may expand.
 For more information about laws, regulations and enforcement activities that may adversely affect our products and services
 and the markets in which we operate, see "Business- Regulatory."
 Derivatives regulations have added costs to our business and any additional requirements, such as future registration
 requirements and increased regulation of derivative contracts, may result in additional costs or impact the way we conduct
 our hedging activities, as well as impact how we conduct our business within our international payments provider
 operations.
 OTC derivatives are a core product offered by the Cross-Border solution. Non-centrally cleared OTC derivatives can have
 certain advantages over exchange-traded and centrally cleared derivatives. Some derivative types are only available to be traded
 as non-centrally cleared OTC. In other cases, exchange-traded equivalents are less liquid or less cost-effective in gaining or
 hedging certain market exposures. Further, OTC derivatives offer investors more flexibility in structure because, unlike the
 standardized cleared products, they can be tailored or customized to fit specific needs or investment goals. In order to best meet
 a client's risk management objectives, our Cross-Border solution would like to preserve the ability to continue trading these
 types of OTC derivatives when possible. The most broadly used OTC derivative within the Cross-Border solution are foreign
 currency forwards, the most common financial tool used in the marketplace to hedge currency risk.
 Rules adopted under the Dodd-Frank Act by the CFTC in the U.S., provisions of the European Market Infrastructure Regulation
 and its technical standards in the UK and EU, as well as derivative reporting in Canada and Australia, subject certain of the
 foreign exchange derivative contracts we offer to our customers as part of our Cross-Border solutions to reporting, record
 keeping and other requirements. Additionally, certain foreign exchange derivatives transactions we may enter into in the future
 may be subject to centralized clearing requirements or may be subject to margin requirements in the U.S., U.K., and European
 Union or other jurisdictions.
 Our compliance with these requirements has resulted, and may continue to result, in additional costs to our business and may
 impact our Cross-Border solution. Furthermore, our failure to comply with these requirements could result in fines and other
 sanctions, as well as necessitate a temporary or permanent cessation to some or all of our derivative related activities. Any such
 fines, sanctions or limitations on our business could adversely affect our operations and financial results. Additionally, the
 regulatory regimes for derivatives in the U.S., U.K. and European Union, such as under the Dodd-Frank Act and the Markets in
 Financial Instruments Directive (MiFID II) are continuing to evolve and changes to such regimes, our status under such
 regimes, our associated costs for entering into derivatives transactions or the implementation of new rules under such regimes,
 such as future registration requirements and increased regulation of derivative contracts, may result in additional costs to our
 business. Other jurisdictions outside the U.S., U.K. and the European Union are considering, have implemented, or are
 implementing regulations similar to those described above and these may result in greater costs to us as well.
 With respect to its bank counterparties, the Cross-Border solution may be subject to additional regulatory requirements from
 time to time associated with trading non-centrally cleared OTC derivatives pursuant to the Uncleared Margin Rules (UMR). We
 will need to monitor and manage carefully the initial and variation margin requirements under the UMR, as and when they
 apply to portions of the Cross-Border solution.
 In cases where the currency market experiences significant disruption, our clients may take longer to remit funds for out-of-the-
 money positions and/or post collateral than what is required of our Cross-Border solution related to its own banking
 counterparties, resulting in extended periods of elevated liquidity risk.
 Laws, governmental regulations and contractual obligations designed to protect or limit access to personal information
 could adversely affect our ability to effectively provide our services.

 Governmental bodies in the U.S. and abroad have adopted, or are considering the adoption of, laws and regulations granting
 consumer rights to, restricting the transfer of and requiring safeguarding of, personal information. For example, in the U.S., all
 financial institutions must undertake certain steps to help protect the privacy and security of consumer financial information. In
 connection with providing services to our clients, we are required by regulations and arrangements with payment networks, our
 sponsor banks and certain clients to provide assurances regarding the confidentiality and security of non-public consumer
 information. These arrangements require periodic audits by independent companies regarding our compliance with industry
 standards such as PCI standards and also allow for similar audits regarding best practices established by regulatory guidelines.
 The compliance standards relate to our infrastructure, components and operational procedures designed to safeguard the
 confidentiality and security of non-public consumer personal information received from our customers. Our ability to maintain
 compliance with these standards and satisfy these audits will affect our ability to attract and maintain business in the future. If
 we fail to comply with these regulations, we could be exposed to suits for breach of contract or to governmental proceedings. In
 addition, our client relationships and reputation could be harmed, and we could be inhibited in our ability to obtain new clients.
 If more restrictive privacy laws or rules are adopted by authorities in the future on the federal or state level or internationally,
 our compliance costs may increase, our opportunities for growth may be curtailed by our compliance capabilities or reputational
 harm and our potential liability for security breaches may increase, all of which could have a material adverse effect on our
 business, financial condition and results of operations.
 Legislation and regulation of greenhouse gases ("GHG") and related divestment and other efforts could adversely affect our
 business.
 We are aware of the increasing focus of local, state, regional, national and international regulatory bodies on GHG emissions
 and climate change issues. Legislation to regulate GHG emissions has periodically been introduced in the U.S. Congress, and
 there has been a wide-ranging policy debate, both in the U.S. and internationally, regarding the impact of these gases and
 possible means for their regulation. Several states and geographic regions in the U.S. have adopted legislation and regulations
 to reduce emissions of GHGs. Additional legislation or regulation by these states and regions, the EPA and/or any international
 agreements to which the U.S. may become a party, that control or limit GHG emissions or otherwise seek to address climate
 change could adversely affect our partners' and merchants' operations and therefore ours. Because our business depends on the
 level of activity in the oil industry, existing or future laws or regulations related to GHGs and climate change, including
 incentives to conserve energy or use alternative energy sources, could have a negative impact on our business if such laws or
 regulations reduce demand for fuel. Further, we may not be able to successfully execute our EV strategy, which could further
 adversely affect our business.
 In addition to the regulatory efforts described above, there have also been efforts in recent years aimed at the investment
 community, including investment advisors, sovereign wealth funds, public pension funds, universities and other groups,
 promoting the divestment of fossil fuel equities as well as to pressure lenders and other financial services companies to limit or
 curtail activities with companies engaged in the extraction of fossil fuel reserves. If these efforts are successful, our ability to
 access capital markets may be limited and our stock price may be negatively impacted.
 Members of the investment community have recently increased their focus on sustainability practices with regard to the oil and
 gas industry, including practices related to GHGs and climate change. An increasing percentage of the investment community
 considers sustainability factors in making investment decisions, and an increasing number of our partners and merchants
 consider sustainability factors in awarding work. If we are unable to successfully address sustainability enhancement, we may
 lose partners or merchants, our stock price may be negatively impacted, our reputation may be negatively affected, and it may
 be more difficult for us to effectively compete.
 We contract with government entities and are subject to risks related to our governmental contracts.
 In the course of our business we contract with domestic and foreign government entities, including state and local government
 customers, as well as federal government agencies. As a result, we are subject to various laws and regulations that apply to
 companies doing business with federal, state and local governments. The laws relating to government contracts differ from
 other commercial contracting laws and our government contracts may contain pricing terms and conditions that are not common
 among commercial contracts. In addition, we may be subject to investigation from time to time concerning our compliance with
 the laws and regulations relating to our government contracts. Our failure to comply with these laws and regulations may result
 in suspension of these contracts or administrative or other penalties.
 Litigation and regulatory actions could subject us to significant fines, penalties or requirements resulting in significantly
 increased expenses, damage to our reputation and/or material adverse effects on our business.
 We are, or may from time to time be, subject to claims in the ordinary course of our operations, including individual and class
 action lawsuits, arbitration proceedings, government and regulatory investigations, inquiries, actions or requests and other
 proceedings alleging violations of laws, rules and regulations with respect to competition, antitrust, intellectual property,
 privacy, data protection, information security, anti-money laundering, counter-terrorist financing, sanctions, anti-bribery, anti-
 corruption, consumer protection (including unfair, deceptive, or abusive acts or practices), fraud, accessibility, securities, tax,
 labor and employment, commercial disputes, product liability, use of our services for illegal purposes and other matters. The
 number and significance of these disputes and inquiries is expected to continue to increase as our products, services and
 business expand in complexity, scale, scope and geographic reach, including through acquisitions of businesses and technology.
 Responding to proceedings may be difficult and expensive, and we may not prevail. In some proceedings, the claimant seeks

 damages as well as other relief, which, if granted, would require expenditures on our part or changes in how we conduct
 business. There can be no certainty that we will not ultimately incur charges in excess of presently established or future
 financial accruals or insurance coverage, or that we will prevail with respect to such proceedings. Regardless of whether we
 prevail or not, such proceedings could have a material adverse effect on our business, reputation, financial condition and results
 of operations. Further, these types of matters could divert our management's attention and other resources away from our
 business. In addition, from time to time, we have had, and expect to continue to receive, inquiries from regulatory bodies and
 administrative agencies relating to the operation of our business. Any potential claims or any such inquiries or potential claims
 have resulted in, and may continue to result in, various audits, reviews and investigations, which can be time consuming and
 expensive. These types of inquiries, audits, reviews and investigations could result in the institution of administrative or civil
 proceedings, sanctions and the payment of fines and penalties, various forms of injunctive relief and redress, changes in
 personnel and increased review and scrutiny by customers, regulatory authorities, the media and others, which could be
 significant and could have a material adverse effect on our business, reputation, financial condition and results of operations.
 As described in the Legal Proceedings section below, we are required to comply with an Order issued by the U.S. District Court
 for the Northern District of Georgia on June 8, 2023 (the "FTC Order"). The FTC Order requires us, among other things, to
 comply with certain advertising, contracting, record maintenance and reporting requirements for the U.S. fuel card business.
 Material failures to comply with the obligations under the FTC Order may subject us to enforcement proceedings, which could
 result in significant fines, penalties or liabilities that may impact our financial performance.
 Failure to comply with the FCPA, AML regulations, economic and trade sanctions regulations and similar laws and
 regulations applicable to our international activities, could subject us to penalties and other adverse consequences.
 As we continue to expand our business internationally, we may continue to expand into certain foreign countries, particularly
 those with developing economies, where companies often engage in business practices that are prohibited by U.S., U.K. and
 other foreign regulations, including the FCPA, the U.K. Bribery Act, Canada's PCMLTFA and Australia's AML/CTF Act.
 These laws and regulations generally prohibit our employees, consultants and agents from bribing, being bribed or making
 other prohibited payments to government officials or other persons to obtain or retain business or gain some other business
 advantage. We have implemented policies to discourage such practices; however, there can be no assurances that all of our
 employees, consultants and agents, including those that may be based in or from countries where practices that violate these
 laws may be customary, will not take actions in violation of our policies for which we may be ultimately responsible.
 In addition, we are subject to AML laws and regulations, including the BSA. Among other things, the BSA requires money
 services businesses (such as money transmitters and providers of prepaid access) to develop and implement risk-based AML
 programs, verify the identity of our customers, report large cash transactions and suspicious activity and maintain transaction
 records.
 We are also subject to certain economic and trade sanctions programs that are administered by OFAC, which prohibit or restrict
 transactions to or from or dealings with specified countries, their governments, and in certain circumstances, their nationals, and
 with individuals and entities that are specially designated nationals of those countries, narcotics traffickers and terrorists or
 terrorist organizations. Other group entities may be subject to additional foreign or local sanctions requirements in other
 relevant jurisdictions.
 Similar AML and counter-terrorist financing and proceeds of crime laws apply to movements of currency and payments
 through electronic transactions and to dealings with persons specified in lists maintained by the country equivalent to OFAC
 lists in several other countries and require specific data retention obligations to be observed by intermediaries in the payment
 process. Our businesses in those jurisdictions are subject to those data retention obligations.
 Violations of these laws and regulations may result in severe criminal or civil sanctions and, in the U.S., suspension or
 debarment from U.S. government contracting. Likewise, any investigation of any potential violations of these laws and
 regulations by U.S. or foreign authorities could also have an adverse impact on our reputation and operating results. In addition,
 we cannot predict the nature, scope or effect of future regulatory requirements to which our international operations might be
 subject or the manner in which existing laws and regulations might be administered or interpreted.
 Risks related to our debt
 Our debt obligations, or our incurrence of additional debt obligations, could limit our flexibility in managing our business
 and could materially and adversely affect our financial performance.
 At December 31, 2024, we had approximat ely $8.0 billion of debt outs tanding under our Credit Facility and Securitization
 Facility (each as defined herein). In addition, we are permitted under our credit agreement to incur additional indebtedness,
 subject to specified limitations. Our indebtedness currently outstanding, or as may be outstanding if we incur additional
 indebtedness, could have important consequences, including the following:
 • we may have difficulty satisfying our obligations under our debt facilities and, if we fail to satisfy these obligations, an
 event of default could result;
 • we may be required to dedicate a substantial portion of our cash flow from operations to required payments on our
 indebtedness or posting collateral to our bank counterparties, thereby reducing the availability of cash flow for

 acquisitions, working capital, capital expenditures and other general corporate activities. See "Management's
 Discussion and Analysis of Financial Condition and Results of Operations-Material Cash Requirements and Uses of
 Cash;"
 • covenants relating to our debt may limit our ability to enter into certain contracts, pay dividends or to obtain additional
 financing for acquisitions, working capital, capital expenditures and other general corporate activities, including to
 react to changes in our business or the industry in which we operate;
 • events outside our control, including volatility in the credit markets or a significant rise in fuel prices, may make it
 difficult to renew our Securitization Facility on terms acceptable to us and limit our ability to timely fund our working
 capital needs;
 • the amount of receivables that qualify under our Securitization Facility could decrease, which could materially and
 adversely impact our liquidity;
 • we may be more vulnerable than our less leveraged competitors to the impact of economic downturns, significant
 global events and adverse developments in the industry in which we operate; and
 • we are exposed to the risk of increased interest rates because our borrowings are generally subject to floating rates of
 interest.
 We and our subsidiaries may incur substantial additional indebtedness in the future, including through our Securitization
 Facility. Although our credit agreements contain restrictions on the incurrence of additional indebtedness, these restrictions are
 subject to a number of significant qualifications and exceptions, and under certain circumstances, the amount of additional
 indebtedness that could be incurred in compliance with these restrictions could be substantial. If new debt is added to our
 existing debt levels, the related risks that we will face would increase.
 In addition, any financial turmoil affecting the banking system or financial markets could cause significant financial service
 institution failures, new or incremental tightening in the credit markets, low liquidity and extreme volatility or distress in the
 fixed income, credit, currency and equity markets, which could have a material adverse impact on our business. We require
 liquidity and access to capital to fund our global operations, including providing collateral to bank counterparties, funding
 working capital and other cash needs, and financing acquisitions.
 Our balance sheet includes significant amounts of goodwill and intangible assets. We have recently recorded impairment
 losses on these assets and any further impairment of a significant portion of these assets would negatively affect our
 financial results.
 Our balance sheet includes goodwill and intangible assets that represent a pproximately 47% of o ur total assets at December 31,
 2024. These assets consist primarily of goodwill and identified intangible assets associated with our acquisitions, which may
 increase in the future in connection with new acquisitions. Under current accounting standards, we are required to amortize
 certain intangible assets over the useful life of the asset, while goodwill and indefinite-lived intangible assets are not amortized.
 On at least an annual basis, we assess whether there have been impairments in the carrying value of goodwill and indefinite-
 lived intangible assets. If the carrying value of the asset is determined to be impaired, it is written down to fair value by a
 charge to operating earnings. As a result, for the year ended December 31, 2024, we recorded a non-cash goodwill impairment
 loss of $90 million, representing a partial impairment of the goodwill within our Payroll Card reporting unit, which is a
 component of our "Other" category.

 ITEM 1B. UNRESOLVED STAFF COMMENTS
 We have no unresolved written comments regarding our periodic or current reports from the staff of the SEC.

 ITEM 1C. CYBERSECURITY
 Risk Management and Strategy
 We are subject to cybersecurity incidents and information theft risks in our operations, which we seek to manage through
 cybersecurity and information security programs, training and insurance coverage. To strengthen our security and cybersecurity
 defenses, we maintain a defensive approach to cybersecurity and information security designed to defend our systems against
 misuse, intrusions and cyberattacks and to protect the data we collect. Our processes to assess, identify and manage material
 risks from cybersecurity threats are strategically integrated into our overall risk management framework, as evidenced by
 annual risk assessments and required trainings across business lines and applications. Our information security program
 maintains procedures and controls for the systems, applications and our data and data of our third-party providers. We have an
 established cybersecurity training program which is administered through online learning modules and is required for all
 employees at least annually. Such trainings cover topics such as password protection, phishing, the protection of confidential
 information and asset security, among others and educate employees on mechanisms in place to report cybersecurity incidents

 or suspicions of cybersecurity incidents or threats. Further, we maintain a cybersecurity incident response plan, which is
 managed by our C hief Information Security Officer (CISO) and is reviewed and tested annually. The incident response process
 is overseen by a security operations and cybersecurity incident response team comprised of members across the organization,
 including global management and IT operations and leverages an organizational-wide platform that allows us to track, manage
 and resolve information security risks across the organization.
 Our information security program is designed to generally align with recommended practices in security standards issued by the
 International Organization for Standardization (ISO), American Institute of Certified Public Accountants (AICPA, SSAE18),
 National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), Payment Card Industry Data Security
 Standard (PCI DSS) and other industry sources. Specifically, we strive to maintain ISO certifications (ISO 27001 Brazil and
 U.K.), SOC 1 and 2 Type 2 reports and PCI DSS reports on compliance to adhere to industry standard practices.
 Our newly acquired businesses operate with independent cybersecurity programs and processes, which may vary in scope and
 complexity compared to our overarching cybersecurity framework, until they are fully integrated into our unified system.
 As part of our overall risk mitigation strategy, we also maintain cybersecurity insurance coverage; however, such insurance may
 not be sufficient in type or amount to cover us against claims related to security breaches, cyberattacks and other cybersecurity
 incidents.
 We have not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that have
 materially affected or are reasonably likely to materially affect our business strategy, results of our operations, or financial
 condition. However, we have been the target of cyber-attacks and expect them to continue as cybersecurity threats have been
 rapidly evolving in sophistication and becoming more prevalent in the industry. We cannot eliminate all risks from
 cybersecurity threats or provide assurances that we have not experienced an undetected cybersecurity incident in the past or that
 we will not experience such an incident in the future. For more information on the risks from cybersecurity threats and incidents
 that we face, refer to Part I, "Item 1A. Risk Factors."
 Use of Third Parties
 To regularly assess whether our cybersecurity strategies and processes remain appropriate to prevent, investigate and address
 cybersecurity-related issues, we engage with information security and forensics firms with specialized industry knowledge. Our
 collaboration with these third parties includes the administration of third-party security questionnaires, risk assessments and
 testing and consultation on security enhancements to attempt to mitigate threats. We also collaborate with third parties,
 regulators and law enforcement, when appropriate, to resolve security incidents and assist in efforts to prevent unauthorized
 access to our processing systems.
 In order to oversee and identify risks from cybersecurity threats and incidents associated our use of third-party service
 providers, we maintain a risk management program designed to help protect against the misuse of information technology. In
 addition to risk assessments and questionnaires obtained upon selection of a new service provider, we also perform annual
 third-party risk assessments to ensure these service providers continue to meet contractual obligations for cybersecurity,
 regulatory and industry requirements.
 Governance
 Board of Directors Oversight
 The Information Technology and Security Committee (ITSC) is responsible for providing oversight and leadership for our
 information technology security and cybersecurity planning processes, policies and objectives. The ITSC is composed of board
 members with both industry knowledge as well as expertise in technology and security, finance and risk management. The
 primary purpose of the committee is to review, assess and make recommendations regarding the long-term strategy for global
 information security and the evolution of our technology in a competitive environment.
 To accomplish this purpose, the information technology and security committee has four primary responsibilities:
 • to understand the security controls and assessments conducted on major card platforms and concur that such controls
 are comparable to industry best practices and standards as appropriate;
 • to assess technology modernization plans and processing platform strategies to validate proper investment in multi-
 year initiatives that maintain effective and efficient use of Company resources;
 • to review progress on significant IT projects against milestones and quality indicators and evaluate actions intended to
 drive quality and timeliness; and

 • to evaluate the prioritization of strategies for intellectual property protection.
 Management's Role
 The Board and the information technology and security committee directed the formation of a cross-functional cybersecurity
 council and receive regular cybersecurity reports from the Company's Chief Information Officer (CIO) and the CISO, among
 others. These reports include updates on our cybersecurity strategy and execution of its processes, including updates on
 procedures to prepare for, prevent, detect, respond to and recover from (as applicable) cybersecurity incidents. Such updates
 also include updates on our continued compliance with regulatory requirements. Our information security and risk management
 program is periodically evaluated by third-party specialists, and the results of those reviews are reported to the Board.
 Our CISO, who reports directly to our CIO, has served in various roles in information technology and information security for
 over 20 years, with experience in technology risk management, cybersecurity, compliance, network engineering, information
 systems and business resiliency. He is a Certified Information Systems Security Professional and Certified Information Systems
 Auditor.
 Our CISO manages our information security and oversees our data security personnel and our incident response and business
 continuity management programs to assess and manage the cybersecurity element of our risk management program, including
 policies, cybersecurity training, security operations and engineering, cybersecurity threat detection and incident response. Our
 CISO informs and updates the Board about any information security incidents that may pose a significant risk to us.

 ITEM 2. PROPERTIES
 Our corporate headquarters are located in Atlanta, Georgia where we lease approximately 46,500 square feet of office space. In
 addition to our corporate headquarters, we have major operations located in Brentwood, Tennessee; Covington, Louisiana;
 Louisville, Kentucky; Lexington, Kentucky; and Peachtree Corners, Georgia. Our largest offices internationally are located in
 S o Paulo, Brazil; London, United Kingdom; Prague, Czech Republic; Mexico City, Mexico and Toronto, Canada. We lease all
 of the real property used in our business, except for a portion of our headquarters in Mexico City, which we own.

 ITEM 3. LEGAL PROCEEDINGS
 In the ordinary course of business, Corpay, Inc. and its subsidiaries (the Company) is involved in various pending or threatened
 legal actions, arbitration proceedings, claims, subpoenas and matters relating to compliance with laws and regulations
 (collectively, "legal proceedings"). Based on our current knowledge, management presently does not believe that the liabilities
 arising from these legal proceedings will have a material adverse effect on our consolidated financial condition, results of
 operations or cash flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material
 adverse effect on our results of operations and financial condition for any particular period.
 Derivative Lawsuits
 On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company's directors
 and officers in the United States District Court for the Northern District of Georgia ("Federal Derivative Action") seeking
 recovery from the Company. The District Court dismissed the Federal Derivative Action on October 21, 2020, and the United
 States Court of Appeals for the Eleventh Circuit affirmed the dismissal on July 27, 2022, ending the lawsuit. A similar
 derivative lawsuit that had been filed on January 9, 2019 in the Superior Court of Gwinnett County, Georgia ("State Derivative
 Action") was likewise dismissed on October 31, 2022.
 On January 20, 2023, the previous State Derivative Action plaintiffs filed a new derivative lawsuit in the Superior Court of
 Gwinnett County, Georgia. The new lawsuit, City of Aventura Police Officers' Retirement Fund, derivatively on behalf of
 Fleetcor Technologies, Inc. v. Ronald F. Clarke and Eric R. Dey, alleges that the defendants breached their fiduciary duties by
 causing or permitting the Company to engage in unfair or deceptive marketing and billing practices, making false and
 misleading public statements concerning the Company's fee charges and financial and business prospects and making improper
 sales of stock. The complaint seeks approximately $118 million in monetary damages on behalf of the Company, including
 contribution by defendants as joint tortfeasors with the Company in unfair and deceptive practices and disgorgement of
 incentive pay and stock compensation. On January 24, 2023, the previous Federal Derivative Action plaintiffs filed a similar
 new derivative lawsuit, Jerrell Whitten, derivatively on behalf of Fleetcor Technologies, Inc. v. Ronald F. Clarke and Eric R.
 Dey, against Mr. Clarke and Mr. Dey in Gwinnett County, Georgia. The defendants dispute the allegations in the derivative
 complaints and intend to vigorously defend against the claims. On May 1, 2024, both pending derivative cases were transferred
 to the Fulton County Metro Atlanta Business Case Division and consolidated as In re Corpay, Inc. Shareholder Derivative
 Litigation, CAFN 2023CV383303 (consolidated with CAFN 2023CV381421).
 On July 10, 2024, the defendants filed a motion to dismiss the consolidated lawsuit. The defendants dispute the allegations in
 the consolidated derivative action and intend to vigorously defend against the claims.
 FTC Matter
 In October 2017, the Federal Trade Commission (FTC) issued a Notice of Civil Investigative Demand to the Company for the
 production of documentation and a request for responses to written interrogatories. After discussions with the Company, the
 FTC proposed in October 2019 to resolve potential claims relating to the Company's advertising and marketing practices,
 principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse
 primarily related to what the Company believes are unreasonable demands for redress made by the FTC. On December 20,
 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See FTC v. FleetCor
 and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Ron Clarke violated the FTC Act's
 prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief, consumer
 redress and costs of suit. The Company continues to believe that the FTC's claims are without merit and these matters are not
 and will not be material to the Company's financial performance. On April 17, 2021, the FTC filed a motion for summary
 judgment. On April 22, 2021, the United States Supreme Court held unanimously in AMG Capital Management v. FTC that the
 FTC does not have authority under current law to seek monetary redress by means of Section 13(b) of the FTC Act, which is
 the means by which the FTC has sought such redress in this case. The Company cross-moved for summary judgment regarding
 the FTC's ability to seek monetary or injunctive relief on May 17, 2021. On August 13, 2021, the FTC filed a motion to stay or
 to voluntarily dismiss without prejudice the case pending in the Northern District of Georgia in favor of a parallel
 administrative action under Section 5 of the FTC Act that it filed on August 11, 2021 in the FTC's administrative process.
 Apart from the jurisdiction and statutory change, the FTC's administrative complaint makes the same factual allegations as the
 FTC's original complaint filed in December 2019. The FTC's administrative action was stayed pending resolution of the case in
 federal court. On August 9, 2022, the District Court for the Northern District of Georgia granted the FTC's motion for summary
 judgment as to liability for the Company and Ron Clarke, but granted the Company's motion for summary judgment as to the
 FTC's claim for monetary relief as to both the Company and Ron Clarke.
 On June 8, 2023, the Court issued an Order for Permanent Injunction and Other Relief. The Company filed its notice of appeal
 to the United States Court of Appeals for the Eleventh Circuit on August 3, 2023. On August 17, 2023, the FTC Commission
 ordered that the stay of the parallel Section 5 administration action will remain in place during the pendency of the Eleventh
 Circuit appeal. Oral argument in the Eleventh Circuit appeal was held on January 21, 2025. The Company has incurred and
 continues to incur legal and other fees related to this FTC complaint. Any settlement of this matter, or defense against the
 lawsuit, could involve costs to the Company, including legal fees, redress, penalties and remediation expenses.

 Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an
 extensive degree of judgment, particularly where, as here, the matters involve indeterminate claims for monetary damages and
 are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company
 is currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible
 losses resulting from, the matters described above.

 ITEM 4. MINE SAFETY DISCLOSURES
 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
 MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
 Our common stock is traded on the NYSE under the ticker CPAY. As of December 31, 2024, there were 313 h olders of record
 of our common stock.
 DIVIDENDS AND STOCK REPURCHASES
 We currently expect to retain all future earnings, if any, for use in the operation, expansion of our business and stock
 repurchases. We have never declared or paid any dividends on our common stock and do not anticipate paying cash dividends
 to holders of our common stock in the foreseeable future. In addition, our credit agreements restrict our ability to pay dividends.
 Any determination to pay dividends in the future will be at the discretion of our board of directors and will depend upon, among
 other factors, our results of operations, financial condition, capital requirements and covenants in our existing financing
 arrangements and any future financing arrangements.
 The Company's Board has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the
 Company to repurchase its common stock from time to time until February 4, 2026. On January 25, 2024, the Board authorized
 an increase to the aggregate size of the Program by $1.0 billion to $8.1 billion, and on November 5, 2024, the Board authorized
 an in crease to the aggregate size of the Program by another $1.0 billion to $9.1 billion. Since the beginning of the Program
 through December 31, 2024, 33,090,680 shares have been repurchased for an aggregate purchase price of $7.8 billion, leaving
 the Company up to $1.3 billion of remaining authorization available under the Program for future repurchases in shares of its
 common stock. There were 4,211,818 common shares totaling $1.3 billion in 2024; 2,597,954 common shares totaling
 $0.7 billion in 2023; and 6,212,410 common shares totaling $1.4 billion in 2022 repurchased under the Program. Repurchased
 shares are held as treasury stock on the Company's Consolidated Balance Sheets.
 Any stock repurchases may be made at time s and in such amounts as deemed appropriate. The timing and amount of stock
 repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory
 requirements, and any additional constraints related to material inside information the Company may possess. Any repurchases
 have been and are expected to be funded by a combination of available cash flow from the business, working capital and debt.
 The following table presents information with respect to purchase of common stock of the Company made during the three
 months ended December 31, 2024 by the Company as defined in Rule 10b-18(a)(3) under the Exchange Act:

 Period

 Total Number of
 Shares Purchased 1

 Average Price
 Paid Per Share

 Total Number of
 Shares Purchased
 as Part of the
 Publicly
 Announced Plan

 Maximum Value that
 May Yet be
 Purchased Under the
 Publicly Announced
 Plan (in thousands)

 October 1, 2024 through October 31, 2024

 $ 336.31

 —

 November 1, 2024 through November 30, 2024

 651,967

 $ 374.26

 —

 December 1, 2024 through December 31, 2024

 —

 $ —

 —

 $ 1,275,399

 1 During the quarter ended December 31, 2024, pursuant to our Stock Incentive Plan, we withheld 652,548 shares, at an
 average price per share of $374.22, in order to satisfy employees' tax withholding obligations in connection with the
 vesting of awards of restricted stock.

 PERFORMANCE GRAPH
 The following graph assumes $100 invested on December 31, 2019, at the closing price ($287.72) of our common stock on that
 day and compares (a) the percentage change of our cumulative total stockholder return on the common stock (as measured by
 dividing (i) the difference between our share price at the end and the beginning of the period presented by (ii) the share price at
 the beginning of the periods presented) with (b) (i) the Russell 2000 Index, (ii) the S&P 500 Data Processing & Outsourced
 Services and (iii) S&P 500.

 RECENT SALES OF UNREGISTERED SECURITIES AND USE OF PROCEEDS
 Not Applicable.

 ITEM 6. (RESERVED)

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
 RESULTS OF OPERATIONS
 The following discussion and analysis of our financial condition and results of operations should be read in conjunction with
 the consolidated financial statements and related notes appearing elsewhere in this report. In addition to historical information,
 this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual
 results to differ materially from management's expectations. Factors that could cause such differences include, but are not
 limited to, those identified below and those described in Item 1A "Risk Factors" appearing elsewhere in this report. All foreign
 currency amounts that have been converted into U.S. dollars in this discussion are based on the exchange rate as reported by
 Oanda for the applicable periods.
 The following discussion and analysis of our financial condition and results of operations generally discusses 2024 and 2023
 items, with year-over-year comparisons between these two years. A detailed discussion of 2023 items and year-over-year
 comparisons between 2023 and 2022 that are not included in this Annual Report on Form 10-K can be found in "Management's
 Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-
 K for the year ended December 31, 2023.
 Executive Overview
 Effective March 25, 2024, FLEETCOR Technologies, Inc. changed its corporate name to Corpay, Inc. At that time, we ceased
 trading under the ticker symbol "FLT" and began trading under our new ticker symbol, "CPAY", on the New York Stock
 Exchange (NYSE). Corpay is a global corporate payments company that helps businesses and consumers better manage and
 pay their expenses. Corpay's suite of modern payment solutions help customers better manage vehicle-related expenses (e.g.,
 fueling, tolls, car registration and parking), lodging expenses (e.g., hotel and extended stay bookings) and corporate payments
 (e.g., domestic and international accounts payable and point of sale purchases). This results in our customers saving time and
 ultimately spending less. Since its incorporation in 2000, Corpay has delivered payment and spend solutions with customized
 controls and robust capabilities that offer our customers a better way to pay.
 Businesses spend an estimated $145 trillion each year in transactions with other businesses. In many instances, businesses lack
 the proper tools to monitor what is being purchased and employ manual, paper-based, disparate processes and methods to both
 approve and make payments for their business-to-business purchases. This often results in wasted time and money due to
 unnecessary or unauthorized spending, fraud, receipt collection, data input and consolidation, report generation, reimbursement
 processing, account reconciliations, employee disciplinary actions and more.
 Corpay's vision is that every payment is digital, every purchase is controlled and every related decision is informed. Digital
 payments are faster and more secure than paper-based methods such as checks and provide timely and detailed data that can be
 utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting, and eliminate reimbursement
 processes. Combining this payment data with analytical tools delivers insights, which managers can use to better run their
 businesses. Our wide range of modern, digitized solutions generally provides control, reporting and automation benefits
 superior to many of the payment methods businesses often use such as cash, paper checks, general purpose credit cards, as well
 as employee pay and reclaim processes.
 Russia Disposition
 We completed the sale of our Russia business on August 15, 2023. The sale included the entirety of our operations in Russia
 and resulted in a complete exit from the Russia market. We received total proceeds, net of cash disposed and net of a
 $5.6 million foreign exchange loss upon conversion of the ruble-denominated proceeds to U.S. dollars, of $197.0 million,
 which have been recorded within investing activities in the accompanying Consolidated Statements of Cash Flows for the year
 ended December 31, 2023. In connection with the sale, we recorded a net gain on disposal of $13.7 million during the year
 ended December 31, 2023, which represents the proceeds received less the derecognition of the related net assets, the
 reclassification of accumulated foreign currency translation losses, and the foreign exchange loss upon conversion of the ruble-
 denominated proceeds to U.S. dollars.
 Exclusive of the impact of disposition, our business in Russia accounted for approximately $62.0 million of our income before
 income taxes for the year ended December 31, 2023.
 Comdata Merchant Solutions Disposition
 In May 2024, we signed a definitive agreement to sell the merchant solutions business, a business within the U.S. division of
 our Vehicle Payments segment (the "disposal group") to a third party. The transaction was completed during December 2 024.
 The disposal grou p's as sets and liabilities were recorded at their carrying value. Goodwill of approximately $58.2 million was
 allocated to the carrying value of the disposal group based on a relative fair value analysis.
 We received total proce e ds of $185.5 million, which have been recorded within investing activities in the accompanying
 Consolidated Statements of Cash Flows. In connection with the sale, we recorded a net gain on disposal of $121.3 million
 during the year ended December 31, 2024, which represents the proceeds received less the derecognition of the related net
 assets.

 Results
 Revenues, net, Net Income Attributable to Corpay and Net Income Per Diluted Share Attributable to Corpay. Set forth below
 are revenues, net, net income attributable to Corpay and net income per diluted share attributable to Corpay for the years ended
 December 31, 2024 and 2023 (in millions, except per share amounts).

 2024

 2023

 $ 1,003.7

 $ 981.9

 Net income per diluted share attributable to Corpay

 $ 13.97

 $ 13.20

 Adjusted Net Income Attributable to Corpay, Adjusted Net Income Per Diluted Share Attributable to Corpay, Adjusted
 EBITDA and Adjusted EBITDA margin. Set forth below are adjusted net income attributable to Corpay, adjusted net income
 per diluted share attributable to Corpay, EBITDA, adjusted EBITDA and adjusted EBITDA margin for the years ended
 December 31, 2024 and 2023 (in millions, except per share amounts and percentages).

 2024

 2023

 Adjusted net income attributable to Corpay

 $ 1,364.1

 $ 1,258.6

 Adjusted net income per diluted share attributable to Corpay

 $ 19.01

 $ 16.92

 Adjusted EBITDA 1

 $ 2,129.0

 $ 1,994.2

 Adjusted EBITDA margin 1

 53.6 %

 53.1 %

 1 2024 Adjusted EBITDA and Adjusted EBITDA margin are adjusted for a material modification impacting
 stock based compensation expense and a deal related termination expense.

 Adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, adjusted EBITDA and
 adjusted EBITDA margin are supplemental non-GAAP financial measures of operating performance. See the heading entitled
 "Management's Use of Non-GAAP Financial Measures" for more information and a reconciliation of the non-GAAP financial
 measure to the most directly comparable financial measure calculated in accordance with U.S. generally accepted accounting
 principles, or GAAP. We use adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to
 Corpay, adjusted EBITDA and adjusted EBITDA margin to eliminate the effect of items that we do not consider indicative of
 our core operating performance on a consistent basis. These non-GAAP measures are presented solely to permit investors to
 more fully understand how our management assesses underlying performance and are not, and should not be viewed as, a
 substitute for GAAP measures and should be viewed in conjunction with our GAAP financial measures.
 Sources of Revenue
 Corpay offers a variety of payment solutions that help to simplify, automate, secure, digitize and effectively control the way
 businesses and consumers manage and pay their expenses. We provide our payment solutions to our business, merchant,
 consumer and payment network customers in more than 200 countries around the world today, although we operate primarily in
 three geographies, with approximately 81% of our business in the U.S., Brazil and the U.K. Our customers may include
 commercial businesses (obtained through direct and indirect channels) and partners for whom we manage payment programs,
 as well as consumers.
 We report information about our operating segments in accordance with the authoritative guidance related to segments. We
 manage and report our operating results through the following three reportable segments: Vehicle Payments, Corporate
 Payments and Lodging Payments. The remaining results are included within Other, which includes our Gift and Payroll Card
 businesses. These segments align with how the Chief Operating Decision Maker (CODM) allocates resources, assesses
 performance and reviews financial information.
 Our revenue is generally reported net of the cost for underlying products and services purchased. In this report, we refer to this
 net revenue as "revenue" or "revenues, net". See "Results of Operations" for additional segment information.
 Revenues, net, by Segment. For the years ended December 31, 2024 and 2023, our segments generated the following revenues,
 net (in millions):

 2024

 2023

 Revenues by Segment*

 Revenues,
 net

 % of Total

 Revenues,
 net

 % of Total

 $ 2,008.8

 51 %

 $ 2,005.5

 53 %

 1,221.9

 31 %

 981.1

 26 %

 488.6

 12 %

 520.2

 14 %

 Other

 255.3

 6 %

 250.9

 7 %

 100 %

 100 %

 *Columns may not calculate due to rounding. Other includes our Gift and Payroll card operating segments.
 We generate revenue in our Vehicle Payments segment through a variety of program fees, including transaction fees, card fees,
 network fees and charges, as well as from interchange. These fees may be charged as fixed amounts, costs plus a mark-up,
 based on a percentage of the transaction purchase amounts, or a combination thereof. Our programs also include other fees and
 charges associated with late payments and based on customer credit risk. We also generate float revenue earned on invested
 customer funds in jurisdictions where permitted.
 In our Corporate Payments segment, our payables business primarily earns revenue from the difference between the amount
 charged to the customer and the amount paid to the third party for a given transaction, as interchange or spread revenue. Our
 programs may also charge fixed fees for access to the network and ancillary services provided. Revenues from risk
 management products and foreign exchange payment services are primarily comprised of the difference between the exchange
 rate we set for the customer and the rate available in the wholesale foreign exchange market. In our cross-border payments
 business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency
 payments. Our cross-border payments business also derives revenue from our risk management business, which aggregates
 foreign currency exposures arising from customer contracts and economically hedges the resulting net currency risks by
 entering into offsetting contracts with established financial institution counterparties. Our performance obligation in our foreign
 exchange payment services is providing a foreign currency payment to a customer's designated recipient and therefore, we
 recognize revenue on foreign exchange payment services when the underlying payment is made. We also generate float revenue
 earned on invested customer funds in jurisdictions where permitted.
 In our Lodging Payments segment, we primarily earn revenue from the difference between the amount charged to the customer
 and the amount paid to the hotel for a given transaction or based on commissions paid by hotels. We may also charge fees for
 access to the network and ancillary services provided.
 The remaining revenues represent other solutions in our Gift and Payroll card businesses, referred to as Other. In these
 businesses, we primarily earn revenue from the processing of transactions. We may also charge fees for ancillary services
 provided.
 Revenues, net, by Geography Revenues, net by geography for the years ended December 31, 2024 and 2023, were as follows
 (in millions):

 2024

 2023

 Revenues by Geography*

 Revenues,
 net

 % of total
 revenues, net

 Revenues,
 net

 % of total
 revenues, net

 United States

 $ 2,078.6

 52 %

 $ 2,045.2

 54 %

 Brazil

 594.3

 15 %

 526.1

 14 %

 United Kingdom

 542.0

 14 %

 478.5

 13 %

 Other

 759.7

 19 %

 707.9

 19 %

 100 %

 100 %

 *Columns may not calculate due to rounding. Disclosure has been conformed in all periods to align with current
 presentation, which is based on the geographic location of the legal entity.

 Revenues, net, by Key Performance Metric and Organic Growth. Revenues, net by key performance metric and organic
 growth by segment for the years ended December 31, 2024 and 2023, were as follows (in millions except revenues, net per key
 performance indicator)*:

 As Reported

 Pro Forma and Macro Adjusted 2

 2024

 2023

 Change

 % Change

 2024

 2023

 Change

 % Change

 VEHICLE PAYMENTS

 $2,008.8

 $2,005.5

 $3.3

 —%

 $2,075.3

 $1,968.5

 $106.7

 5%

 ' - Transactions

 820.7

 648.6

 172.1

 27%

 820.7

 768.1

 52.6

 7%

 ' - Revenues, net per transaction

 $2.45

 $3.09

 $(0.64)

 (21)%

 $2.53

 $2.56

 $(0.03)

 (1)%

 ' - Tag transactions 3

 86.5

 79.6

 6.9

 9%

 86.5

 79.6

 6.9

 9%

 ' - Parking transactions

 249.0

 68.0

 181.0

 NM

 249.0

 226.0

 22.9

 10%

 ' - Fleet transactions

 444.8

 477.4

 (32.6)

 (7)%

 444.8

 422.0

 22.8

 5%

 ' - Other transactions

 40.6

 23.7

 16.9

 71%

 40.6

 40.5

 0.1

 0%

 CORPORATE PAYMENTS

 $1,221.9

 $981.1

 $240.8

 25%

 $1,220.3

 $1,017.1

 $203.2

 20%

 ' - Spend volume

 $170,432

 $145,571

 $24,862

 17%

 $170,432

 $148,759

 $21,673

 15%

 ' - Revenues, net per spend $

 0.72%

 0.67%

 0.04%

 6%

 0.72%

 0.68%

 0.03%

 5%

 LODGING PAYMENTS

 $488.6

 $520.2

 $(31.6)

 (6)%

 $488.4

 $520.2

 $(31.8)

 (6)%

 ' - Room nights

 37.7

 36.5

 1.2

 3%

 37.7

 36.5

 1.2

 3%

 ' - Revenues, net per room night

 $12.97

 $14.25

 $(1.28)

 (9)%

 $12.96

 $14.25

 $(1.29)

 (9)%

 OTHER 1

 $255.3

 $250.9

 $4.4

 2%

 $255.2

 $250.9

 $4.4

 2%

 ' - Transactions

 1,574.1

 1,417.7

 156.4

 11%

 1,574.1

 1,417.7

 156.4

 11%

 ' - Revenues, net per transaction

 $0.16

 $0.18

 $(0.01)

 (8)%

 $0.16

 $0.18

 $(0.01)

 (8)%

 CORPAY CONSOLIDATED
 REVENUES, NET

 $3,974.6

 $3,757.7

 $216.9

 6%

 $4,039.2

 $3,756.7

 $282.5

 8%

 1 Other includes Gift and Payroll Card operating segments.

 2 See heading entitled "Managements' Use of Non-GAAP Financial Measures" for a reconciliation of pro forma and macro
 adjusted revenue by product and metric non-GAAP measures to the comparable financial measure calculated in accordance
 with GAAP. The calculated change represents organic growth rate.

 3 Represents total tag subscription transactions in the year. Average monthly tag subscriptions for 2024 is 7.2 million.

 * Columns may not calculate due to rounding.

 NM = Not Meaningful

 Revenue per relevant key performance indicator (KPI), which may include transactions, spend volume, room nights, or other
 metrics, is derived from the various revenue types as discussed above and can vary based on geography, the relevant merchant
 relationship, the payment product utilized and the types of products or services purchased, the mix of which would be
 influenced by our acquisitions, organic growth in our business and the overall macroeconomic environment, including
 fluctuations in foreign currency exchange rates, fuel prices and fuel price spreads. Relevant KPI is derived by broad product
 type and may differ from how we describe the business. Revenue per KPI per customer may change as the level of services we
 provide to a customer increases or decreases, as macroeconomic factors change and as adjustments are made to merchant and
 customer rates. See "Results of Operations" for further discussion of transaction volumes and revenue per transaction.
 Organic revenue growth is a supplemental non-GAAP financial measure of operating performance. 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. See the heading entitled "Management's Use of Non-GAAP Financial Measures" for more
 information and a reconciliation of the non-GAAP financial measure to the most directly comparable financial measure

 calculated in accordance with GAAP. We believe that organic revenue growth on a macro-neutral and consistent acquisition/
 divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.
 Sources of Expenses
 We routinely incur expenses in the following categories:
 • Processing —Our processing expenses consist of expenses related to processing transactions, servicing our customers
 and merchants, credit losses and cost of goods sold related to our hardware and card sales in certain businesses.
 • Selling —Our selling expenses consist primarily of wages, benefits, sales commissions (other than merchant
 commissions) and related expenses for our sales, marketing and account management personnel and activities.
 • General and administrative —Our general and administrative expenses include compensation and related expenses
 (including stock-based compensation and bonuses) for our employees, finance and accounting, information
 technology, human resources, legal and other administrative personnel. Also included are facilities expenses, third-
 party professional services fees, travel and entertainment expenses and other corporate-level expenses.
 • Depreciation and amortization —Our depreciation expenses include depreciation of property and equipment,
 consisting of computer hardware and software (including proprietary software development amortization expense),
 card-reading equipment, furniture, fixtures, vehicles and buildings and leasehold improvements related to office space.
 Our amortization expenses include amortization of intangible assets related to customer and vendor relationships, trade
 names and trademarks, software and non-compete agreements. We are amortizing intangible assets related to business
 acquisitions and certain private label contracts associated with the purchase of accounts receivable.
 • Other operating, net —Our other operating, net includes other operating expenses and income items that do not relate
 to our core operations or that occur infrequently.
 • Other expense (income), net —Our other expense (income), net includes gains or losses from the following: foreign
 currency transactions, extinguishment of debt and investments. This category also includes other miscellaneous non-
 operating costs and revenue. Certain of these items may be presented separately on the Consolidated Statements of
 Income.
 • Interest expense, net —Our interest expense, net includes interest expense on our outstanding debt, interest income on
 cash balances and interest on our interest rate and cross-currency swaps.
 • Provision for income taxes —Our provision for income taxes consists of corporate income taxes related primarily to
 profits resulting from the sale of our products and services on a global basis.
 Factors and Trends Impacting our Business
 We believe that the following factors and trends are important in understanding our financial performance:
 • Global economic conditions —Our results of operations are materially affected by conditions in the economy generally,
 in North America, Brazil, the U.K. and in other locations internationally. Factors affected by the economy include our
 transaction volumes, the credit risk of our customers and changes in tax laws across the globe. These factors affected
 our businesses in each of our segments.
 • Foreign currency changes —Our results of operations are significantly impacted by changes in foreign currency
 exchange rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech
 koruna, euro, Mexican peso, New Zealand dollar and Russian ruble (for periods prior to the disposition of our Russia
 business), relative to the U.S. dollar. Approxi mately 52% and 54% of our revenues in 2024 and 2023, respectively,
 were derived in U.S. dollars and were not affected by foreign currency exchange rates. See "Results of Operations" for
 information related to foreign currency impact on our total revenues, net.
 Our cross-border foreign risk management business aggregates foreign currency exposures arising from customer
 contracts and economically hedges the resulting net currency risks by entering into offsetting contracts with
 established financial institution counterparties. These contracts are subject to counterparty credit risk and liquidity risk
 from collateral calls.
 We further manage the impact of economic changes in the value of certain foreign-denominated net assets by utilizing
 cross currency interest rate swaps. See "Liquidity and capital resources" below for information regarding our cross
 currency interest rate swaps.
 • Fuel prices —Our Vehicle Payments customers use our products and services primarily in connection with the
 purchase of fuel. Accordingly, our revenue is affected by fuel prices, which are subject to significant volatility. A
 change in retail fuel prices could cause a decrease or increase in our revenue from several sources, including fees paid
 to us based on a percentage of each customer's total purchase. Changes in the absolute price of fuel may also impact
 unpaid account balances and the late fees and charges based on these amounts. We estimate approxim ately 8% a nd
 10% of revenues, net were directly impacted by changes in fuel price in 2024 and 2023, respectively. See "Results of
 Operations" for information related to the fuel price impact on our total revenues, net.

 • Fuel price spread volatility —A portion of our revenue involves transactions where we derive revenue from fuel price
 spreads, which is the difference between the price charged to a fleet customer for a transaction and the price paid to the
 merchant for the same transaction. In these transactions, the price paid to the merchant is based on the wholesale cost
 of fuel. The merchant's wholesale cost of fuel is dependent on several factors including, among others, the factors
 described above affecting fuel prices. The fuel price that we charge to our customer is dependent on several factors
 including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices. We
 experience fuel price spread contraction when the merchant's wholesale cost of fuel increases at a faster rate than the
 fuel price we charge to our customers, or the fuel price we charge to our customers decreases at a faster rate than the
 merchant's wholesale cost of fuel. The inverse of these situations produces fuel price spread expansion. We estimate
 approximately 5% of revenues, net were directly impacted by fuel price spreads in both 2024 and 2023. See "Results
 of Operations" for information related to the fuel price impact on our total revenues, net.
 • Acquisitions —Since 2002, we have completed over 100 acquisitions of companies and commercial account
 portfolios. Acquisitions have been an important part of our growth strategy, and it is our intention to continue to seek
 opportunities to increase our customer base and diversify our service offering through further strategic acquisitions.
 The impact of acquisitions has, and may continue to have, a significant impact on our results of operations and may
 make it difficult to compare our results between periods.
 • Interest rates — From January 1, 2023 to July 27, 202 3, the U.S. Federal Open Market Committee increased the target
 federal funds rate four times for a total rate increase of 1.00%, and on September 18, 2024, November 7, 2024 and
 December 18, 2024, lowered the target federal funds rate by 0.50%, 0.25% and 0.25%, respectively. Additional rate
 changes are possible in future periods. We are exposed to market risk changes in interest rates on our debt, particularly
 in rising interest rate environments, which is partially offset by incremental interest income earned on cash and
 restricted cash. As of December 31, 2024, we have a number of receive-variable SOFR, pay-fixed interest rate swap
 derivative contracts with a cumulative notional U.S. dollar value of $4.5 billion. The objective of these contracts is to
 reduce the variability of cash flows in the previously unhedged interest payments associated with variable rate debt,
 the sole source of which is due to changes in SOFR benchmark interest rate.
 See the "Liquidity and capital resources" section below for additional information regarding our derivatives.
 • Expenses —Over the long term, we expect that our expenses will decrease as a percentage of revenues as our revenues
 increase, except for expenses related to transaction volume processed. To support our expected revenue growth, we
 plan to continue to incur additional sales and marketing expense by investing in our direct marketing, third-party
 agents, internet marketing, telemarketing and field sales force.
 • Income Taxes —We pay taxes in various taxing jurisdictions, including the U.S., most U.S. states and many non-U.S.
 jurisdictions. The tax rates in non-U.S. taxing jurisdictions are different than the U.S. tax rate. Consequently, as our
 earnings fluctuate between taxing jurisdictions, our effective tax rate fluctuates. Our effective tax rate is also subject to
 fluctuations driven by the impact of discrete tax items.
 The Organization for Economic Co-operation and Development (OECD), continues to put forth various initiatives,
 including Pillar Two rules which introduce a global minimum tax at a rate of 15%. European Union member states
 agreed to implement the OECD's Pillar Two rules with effective dates of January 1, 2024 and January 1, 2025 for
 different aspects of the directive, and most have already enacted legislation. A number of other countries are also
 implementing similar legislation. As of December 31, 2024, based on the countries in which we do business that have
 enacted legislation effective January 1, 2024, the impact of these rules to our financial statements was not material.
 This may change as other countries enact similar legislation and further guidance is released. We are currently
 evaluating the impact of the enacted legislation effective January 1, 2025 to our financial statements and continue to
 closely monitor regulatory developments to assess potential impacts.

 Acquisitions, Investments and Dispositions
 Each of these acquisitions provide incremental geographic expansion of our product s and broaden our strategies within each of
 our business segments.
 20 25
 • I n February 2025, we signed a definitive agreement to acquire 100% of Gringo, a leading Brazil-based vehicle
 registration and compliance payment company, for approximately $147.0 million, net of cash of approximately $22
 million. Gringo's digital app and national network help drivers in Brazil pay vehicle taxes, registration and fines. The
 transaction is expected to close in the first quarter of 2025, subject to regulatory approval and standard closing
 conditions and will be reflected in our Vehicle Payments segment.
 20 24
 • In March 2024, we acquired 70% of Zapay, a Brazil-based digital mobility solution for paying vehicle-related taxes
 and compliance fees, for approximately $59.5 million, net of cash. As part of the agreement, we have the right to
 acquire the remainder of Zapay in four years. The majority investment in Zapay further scales our Vehicle Payments
 business in Brazil.
 • In July 2024, we acquired 100% of Paymerang, a U.S. based leader in accounts payables automation solutions, for
 approximately $179.2 million, net of cash and cash equivalents and restricted cash acquired of $309 million. The
 acquisition expands our presence in several market verticals, including education, healthcare, hospitality and
 manufacturing. Results from Paymerang are reported in our Corporate Payments segment.
 • In December 2024, we acquired 100% of GPS Capital Markets, LLC ("GPS") for approximately $576.2 million, net of
 cash and cash equivalents and restricted cash acquired of $190.7 million. GPS provides business-to-business cross-
 border and treasury management solutions to upper middle market companies, primarily in the U.S. Results from GPS
 are reported in our Corporate Payments segment.
 • In December 2024, we disposed of our merchant solutions business for $185.5 million, net of cash disposed. Results
 from our merchant solutions business were previously included in our Vehicle Payments segment.
 • During the year ended December 31, 2024, we also completed asset acquisitions for approximately $6.7 million.
 2023
 • In January 2023, we acquired Global Reach, a U.K.-based cross-border payments provider, for approximately
 $102.9 million, net of cash. Results from Global Reach are reported in our Corporate Payments segment.
 • In February 2023, we acquired the remainder of Mina Digital Limited, a cloud-based electric vehicle (EV) charging
 softwa re platfo rm, and we also acquired Business Gateway AG, a European-based vehicle maintenance provider, for a
 total of approximately $23.8 million, net of cash. Results from Mina Digital Limited and Business Gateway AG are
 reported in our Vehicle Payments segment.
 • In September 2023, we acquired PayByPhone Technologies, Inc. a global parking payment application, for
 approximately $301.9 million, net of cash. Results from PayByPhone are reported in our Vehicle Payments segment.
 • In the third quarter of 2023, we disposed of our Russian business for $197.0 million, net of cash disposed and net of a
 $5.6 million foreign exchange loss upon the conversion of the ruble-denominated proceeds to U.S. dollars. Results
 from our Russian business were previously included in our Vehicle Payments segment.

 Results of Operations
 Year ended December 31, 2024 compared to the year ended December 31, 2023
 The following table sets forth selected financial information from the consolidated statements of income for the years ended
 December 31, 2024 and 2023 (in millions, except percentages)*.

 Year Ended
 2024

 % of Total
 Revenue

 Year Ended
 2023

 % of Total
 Revenue

 Increase
 (Decrease)

 % Change

 Revenues, net:

 $ 2,008.8

 50.5 %

 $ 2,005.5

 53.4 %

 $ 3.3

 0.2 %

 1,221.9

 30.7 %

 981.1

 26.1 %

 240.8

 24.5 %

 488.6

 12.3 %

 520.2

 13.8 %

 (31.6)

 (6.1) %

 Other

 255.3

 6.4 %

 250.9

 6.7 %

 4.4

 1.8 %

 Total revenues, net

 3,974.6

 100.0 %

 3,757.7

 100.0 %

 216.9

 5.8 %

 Consolidated operating expenses:

 869.1

 21.9 %

 819.9

 21.8 %

 49.2

 6.0 %

 380.9

 9.6 %

 340.2

 9.1 %

 40.7

 12.0 %

 616.9

 15.5 %

 603.4

 16.1 %

 13.5

 2.2 %

 Depreciation and amortization

 351.1

 8.8 %

 336.6

 9.0 %

 14.5

 4.3 %

 90.0

 2.3 %

 —

 — %

 90.0

 NM

 0.8

 — %

 0.8

 — %

 —

 NM

 (121.3)

 (3.1) %

 —

 — %

 (121.3)

 NM

 Operating income

 1,787.2

 45.0 %

 1,656.9

 44.1 %

 130.3

 7.9 %

 Investment loss (gain)

 0.2

 — %

 (0.1)

 — %

 0.4

 NM

 Other expense (income), net

 13.7

 0.3 %

 (16.6)

 (0.4) %

 (30.3)

 NM

 383.0

 9.6 %

 348.6

 9.3 %

 34.4

 9.9 %

 5.0

 0.1 %

 —

 — %

 5.0

 NM

 Provision for income taxes

 381.4

 9.6 %

 343.1

 9.1 %

 38.3

 11.2 %

 1,003.7

 25.3 %

 981.9

 26.1 %

 21.8

 2.2 %

 Less: Net loss attributable to
 noncontrolling interest

 (14)

 NM

 —

 — %

 —

 NM

 $ 1,003.7

 25.3 %

 $ 981.9

 26.1 %

 $ 21.9

 2.2 %

 Operating income (loss) by
 segments:

 $ 1,076.9

 $ 943.4

 $ 133.5

 14.1 %

 498.4

 382.1

 116.3

 30.4 %

 223.4

 254.3

 (30.9)

 (12.1) %

 Other

 (11.5)

 77.1

 (88.6)

 NM

 Total operating income

 $ 1,787.2

 $ 1,656.9

 $ 130.3

 7.9 %

 *The sum of the columns and rows may not calculate due to rounding.
 NM - not meaningful
 Consolidated revenues were $3,974.6 million in 2024, an increase of 5.8% compared to the prior year. The increase in
 consolidated revenues was due primarily to organic growt h of 8%, driven by increases in spend and transaction volumes,
 implementation and ramping of new sales and business initiatives. Consolidated revenues also grew 2% from acquisitions
 completed in 2023 and 2024. This growth was partially offset by approximately $81 million, or 2%, from the dispositions of
 our Russia business in August 2023 and our merchant solutions business in December 2024, and by the negative impact of the
 macroeconomic environment.

 Although we cannot precisely measure the impac t of the macroeconomic environment, in total we believe it had a negative
 impact of approximately $65 million on our consolidated revenues for 2024 over 2023, driven primarily by unfavorable foreign
 exchange rates of approximately $41 million, mostly in our Brazil business, the unfavorable impact of fuel prices of
 approximately $14 million and unfavorable fuel price spreads of approximately $10 million.
 Consolidated operating expenses
 Processing. Processing expenses were $869.1 million in 2024, an increase of 6.0% compared to the prior year. Increases in
 processing expenses were primarily due to a pproximately $43 million of expenses r elated to acquisitions completed in 2023 and
 2024, higher variable expenses driven by increased transaction volumes and investments to drive future growth. The increases
 were partially offset by lower credit losses of $21 million due to our shift away from micro-SMB (small-medium business)
 clients in the U.S., the impact of foreign exchange rates of approximately $11.0 million and the combined impact of the
 dispositions of our Russia and merchant solutions businesses of approximately $4 million.
 Selling. Selli ng expenses were $380.9 million in 2024, an increase of 12.0% compared to the prior year. Increases in selling
 expen ses were primarily due to increased commissions from higher sales volume and approximately $18 million of expenses
 related to acquisitions completed in 2023 and 2024. The increases were partially offset by the impact of the dispositions of our
 Russia and merchant solutions businesses of approximately $5 million and the impact of foreign exchange rates of
 approximately $3 million.
 General and administrative. General and administrative expenses were $616.9 million in 2024, an increase of 2.2% compared
 to the prior year. Increases in general and administrative expenses were primarily due to approximately $28 million of expenses
 related to acquisitions completed in 2023 and 2024 and higher stock-based compensation expense of approximately $5 million.
 These increases were partially offset by lower overhead expense due to disciplined expense management, the impact of the
 dispositions of our Russia and merchant solutions businesses of approximately $6 million and the impact of foreign exchange
 rates of approximately $2 million.
 Depreciation and amortization. Depreciation and amortization expenses were $351.1 million in 2024, an increase of 4.3%.
 Increases in depreciation and amortization expenses were primarily due to incremental investments in capital expenditures in
 addition to approximately $18 million of expenses related to acquisitions completed in 2023 and 2024. These increases were
 partially offset by the impact of the dispositions of our Russia and merchant solutions businesses of approximately $3 million
 and the impact of foreign exchange rates of approximately $4 million.
 Goodwill impairment. During 2024, we recorded a non-cash goodwill impairment loss of $90.0 million, representing a partial
 impairment of the goodwill within our Payroll Card reporting unit, which is a component of our "Other" category. See
 additional discussion regarding this impairment, including factors leading to this conclusion, in the "Critical accounting
 estimates" section below.
 Gain on disposition of business. During 2024, we recognized a net gain of $121.3 million related to the December 2024
 disposal of our merchant solutions business, a non-core business within the U.S. division of our Vehicle Payments segment.
 Consolidated operating income
 Operating income was $1,787.2 million in 2024, an increase of 7.9% compared to the prior year. The increase in operating
 income was primarily due to the reasons discussed above.
 Other expense (income), net. Other expense, net was $13.7 million in 2024, which primarily represents the impact of
 fluctuations in foreign exchange rates on non-functional currency balances. Other income, net was $16.6 million in 2023, which
 was primarily the net gain of approximately $13.7 million resulting from the disposal of our Russia business during the third
 quarter of 2023.
 Interest expense, net. Interest expe nse was $383.0 million in 2024, an increase of 9.9% compared to the prior year. The
 increase in interest expense was primarily due to higher interest rates and increased borrowings for acquisitions and share
 repurchases and lower interest income due to the sale of our Russia business. The following table sets forth the weighted
 average interest rates paid on borrowings under our Credit Facility, excluding the related unused facility fees and swaps.

 (Unaudited)

 2024

 2023

 Term loan A

 6.64 %

 6.49 %

 Term loan B

 6.95 %

 6.84 %

 Revolving line of credit A & B (USD)

 6.60 %

 6.51 %

 Revolving line of credit B (GBP)

 6.60 %

 5.83 %

 We have a portfolio of interest rate swaps which are designated as cash flow hedges and cross-currency interest rate swaps,
 which are designated as net investment hedges. During the years ended December 31, 2024 and 2023, as a result of these swap
 contracts and net investment hedges, we recorded a benefit to interest expense, net of approximately $60.1 million and $48.4
 million, respectively.
 Provision for income taxes. T he provision for income taxes and effective tax rate were $381.4 million and 27.5% in 2024,
 compared to $343.1 million and 25.9% in the prior year. The increase in the provision for income taxes was driven primarily by
 an increase in uncertain tax positions, an increase in valuation allowance on foreign net operating losses, the tax effect of a
 nondeductible goodwill impairment and fewer foreign tax benefits. The increases were partially offset by an increase in excess
 tax benefits on stock option exercises and state tax planning impacts.
 Net income attributable to Corpay. For the reasons discussed above, our net income attributable to Corpay was $1,003.7
 million in 2024, an increase of 2.2% compared to the prior year.
 Segment Results
 Vehicle Payments revenues were relatively flat at $2.0 billion in 2024. Vehicle Payments revenues increased primarily due to
 organic growth of 5% driven by new sales growth, and the impact of acquisitions, which contributed approximately $44 million
 in revenues. These increases were partially offset by the dispositions of our Russia and merchant solutions businesses in August
 2023 and December 2024, respectively, which lowered revenues by approximately $81 million, and the negative impact of the
 macroeconomic environment of approximately $67 million. The negative macroeconomic environment was driven primarily by
 unfavorable changes in foreign exchange rates on revenues of $43 million, unfavorable fuel prices of $14 million and
 unfavorable fuel price spreads of approximately $10 million.
 Vehicle Payments operating income was $1,076.9 million in 2024, an increase of 14.1% compared to the prior year due to the
 reasons discussed above, as well as lower credit losses of approximately $26 million, as we shifted away from micro-SMB
 clients toward higher credit quality customers in the U.S. in 2023.
 Corporate Payments revenues were $1,221.9 million in 2024, an increase of 24.5% compared to the prior year. Corporate
 Payments revenues increased primarily due to organic revenue growth of 20%, driven by a 15% growth in spend volume and
 strong new sales in our payables and cross-border solutions. The Paymerang and GPS acquisitions contributed approximatel y
 $36 million in revenue.
 Corporate Payments operating income was $498.4 million in 2024, an increase of 30.4% compared to the prior year. Corporate
 Payments operating income and margin increased primarily due to the reasons discussed above, as well as operating leverage
 and integration synergies, as revenues grew faster than expenses, partially offset by higher selling expenses to grow the
 business.
 Lodging Payments revenues were $488.6 million in 2024, a decrease of 6.1% compared to the prior year. The decrease in
 Lodging Payments revenues was primarily due to commissions recognized in the prior year in our insurance business that did
 not recur in 2024, a decline in room nights in our airline and insurance businesses and a decline in revenue per room night in
 our workforce business from the prior year.
 Lodging Payments operating income was $223.4 million in 2024, a decrease of 12.1% compared to the prior year. Lodging
 Payments operating income and margin declined from the prior period due to the reasons discussed above.
 Other
 Other revenues were $255.3 million in 2024, an increase of 1.8% compared to the prior year. Other operating loss was $11.5
 million in 2024 as compared to operating income of $77.1 million in the prior year. The Other operating loss in 2024 was
 driven by a $90.0 million non-cash goodwill impairment recorded in 2024. Excluding this non-cash loss, operating income and
 margin for the Other segment increased primarily due to our operating leverage and disciplined expense management.

 Liquidity and capital resources
 Our principal liquidity requirements are to service and repay our indebtedness, make acquisitions of businesses and commercial
 account portfolios, repurchase shares of our common stock and meet working capital, tax and capital expenditure needs.
 Sources of liquidity. We believe that our current level of cash and borrowing capacity under our Credit Facility, Securitization
 Facility 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 and into the foreseeable
 future, based on our current assumptions. At December 31, 2024, we had approximately $2.1 billion in total liquidity,
 consisting of approximately $0.5 billion available under our Credit Facility (defined below) and unrestricted cash of $1.6
 billion, a portion of which includes customer deposits or is required for working capital and regulatory purposes. Restricted
 cash primarily represents customer deposits repayable on demand held in certain geographies with legal restrictions, customer

 funds held for the benefit of others, collateral received from customers for cross-currency transactions in our cross-border
 payments business, which is restricted from use other than to repay customer deposits and to secure and settle cross-currency
 transactions, and collateral posted with banks for hedging positions in our cross-border payments business.
 We also utilize the Securitization Facility to finance a portion of our domestic receivables, to lower our cost of borrowing and
 more efficiently use capital. Accounts receivable collateralized within our Securitization Facility relate to trade receivables
 resulting primarily from charge card activity in Vehicle Payments and Corporate Payments and receivables related to our
 Lodging Payments business in the U.S. We also consider the available and undrawn amounts under our Securitization Facility
 and Credit Facility as funds available for working capital purposes and acquisitions. At December 31, 2024, we had no
 additional liquidity under our Securitization Facility.
 We have determined that outside basis differences associated with our investments in foreign subsidiaries would not resu lt in a
 material deferred tax liability, and, consistent with our assertion that these amounts continue to be indefinitely invested, have
 not recorded incremental income taxes for the additional outside basis differences.
 Cash flows
 The following table summarizes our cash flows for the years ended December 31, 2024 and 2023.

 (in millions)

 2024

 2023

 Net cash provided by operating activities

 $ 1,940.6

 $ 2,101.1

 Net cash used in investing activities

 $ (807.5)

 $ (380.7)

 Net cash provided by (used in) financing activities

 $ 405.0

 $ (898.2)

 Operating activities. Net cash provided by operating activities was $1,940.6 million in 2024, a decrease from $2,101.1 million
 in 2023. The decrease in operating cash flows was primarily driven by changes in working capital.
 Investing activities. Net cash used in investing activities was $807.5 million in 2024, an increase from $380.7 million in 2023.
 The increase in cash used for investing activities was primarily due to incremental spending on acquisitions completed in 2024
 over the comparable period in 2023. Additionally, our capital expenditures were $175.2 million in 2024, an increase of $21.4
 million, or 14%, from $153.8 million in 2023 due to the impact of acquisitions and continued investments in technology.
 Financing activities. Net cash provided by financing activities was $405.0 million in 2024 compared to net cash used in
 financing activities of $898.2 million in 2023. Net cash provided by financing activities in 2024 was primarily due to (i) net
 borrowings on our Credit Facility and Securitization Facility of $1,271.2 million during 2024 as compared to net repayments of
 $322.4 million during 2023 and (ii) an increase in proceeds of $314.5 million from common stock resulting from stock option
 exercises, partially offset by increased outflows for repurchases of common stock of $601.1 million in 2024 versus 2023.
 Credit Facility
 Corpay Technologies Operating Company, LLC, and certain of our domestic and foreign owned subsidiaries, as designated co-
 borrowers (the "Borrowers"), are parties to a $7.5 billion Credit Agreement (the "Credit Agreement"), with Bank of America,
 N.A., as administrative agent, swing line lender and letter of credit issuer and a syndicate of financial institutions (the
 "Lenders"), which has been amended multiple times. The Credit Agreement provides for senior secured credit f acilities
 (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.8 billion, a Term Loan A facility
 in the amount of $3.3 billion ("Term Loan A") and a Term Loan B facility in the amount of $2.4 billion ("Term Loan B") as of
 December 31, 2024. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $1.3 billion with
 sublimits for letters of credit and swing line loans and (b) a revolving B facility in the amount of $500 million with borrowings
 in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance and a sublimit for swing line loans.
 The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in Term Loan A, Term Loan
 B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than
 3.75 to 1.00. Procee ds from the credit facilities may be used for working capital purposes, acquisitions and other general
 corporate purposes. The maturity date for the Term Loan A and revolving credit facilities A and B is June 24, 2027. The Term
 Loan B has a maturity date of April 30, 2028.
 On May 3, 2023, the Company entered into the thirteenth amendment to the Credit Facility. The amendment replaced LIBOR
 on the Term Loan B with the Secured Overnight Financing Rate (SOFR), plus a SOFR adjustment of 0.10%.
 On January 31, 2024, we entered into the fourteenth amendment to the Credit Agreement. The amendment a) increased the
 capacity on the revolving credit facility by $275.0 million and b) increased the Term Loan A commitments by $325.0 million.
 We used the Term Loan A proceeds to pay down existing borrowings under the revolving credit facility. As a result, the
 transaction was leverage neutral and results in a $600 million increase in our availability under the revolving credit facility. The
 interest rates and maturity terms remain consistent with the existing credit facilities.

 On September 26, 2024, we entered into the fifteenth amendment to the Credit Agreement. The amendment a) increased the
 Term Loan B commitments by $500 million and b) removed the SOFR adjustment margin of 0.10% from the calculation of
 interest on Term Loan B borrowings. We used the Term Loan B proceeds to pay down existing borrowings under the revolving
 credit facility. The maturity dates and the interest rates for the revolving credit facility and Term Loan A commitments were
 unchanged by this amendment.
 On February 20, 202 5, we entered into the sixteenth amendment to the Credit Agreement. The amendment increased the Term
 Loan B commitments by an incremental $750 million. We used t he Term Loan B proceeds to pay down existing borrowings
 under the revolving credit facility and other general corporate purposes. The maturity dates and the interest rates for the Credit
 Agreement were unchanged by this amendment.
 Interest on amounts outstanding under the Credit Agreement accrues as follows: for all loans denominated in U.S. dollars with
 the exception of Term Loan B borrowings, based on SOFR plus a SOFR adjustment of 0.10%; for Term Loan B borrowings,
 based on SOFR; for all loans denominated in British pounds, based on the SONIA plus a SONIA adjustment of 0.0326%; for
 all loans denominated in euros, based on the Euro Interbank Offered Rate (EURIBOR); or for all loans denominated in
 Japanese yen, at the Toyko Interbank Offer Rate (TIBOR) plus a margin based on a leverage ratio (as defined in the
 agreement); or our option (for U.S. dollar borrowings only), the Base Rate (defined as the rate equal to the highest of (a) the
 Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) SOFR plus 1.00% plus a margin
 based on a leverage ratio). In addition, we pay a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.30% of
 the daily unused portion of the credit facility.
 At December 31, 2024, the interest rate on the Term Loan A was 5.83%, the interest rate on the Term Loan B was 6.11%, the
 interest rate on the revolving A and B facilities (USD borrowings) was 5.83%, and the interest rate on the revolving B facility
 (GBP borrowings) was 6.11%. The unused credit facility fee was 0.25% for all revolving facilities at December 31, 2024.
 The term loans are payable in quarterly installments due on the last business day of each March, June, September and
 December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are
 repayable at the maturity of the facility. Borrowings on the domestic swing line of credit are due on demand, and borrowings on
 the foreign swing lines of credit are due no later than twenty business days after such loan is made.
 The obligations of the Borrowers under the Credit Agreement are secured by substantially all of the assets of Corpay and its
 domestic subsidiaries, pursuant to a security agreement and includes a pledge of (i) 100% of the issued and outstanding equity
 interests owned by us of each Domestic Subsidiary and (2) 66% of the voting shares of the first-tier foreign subsidiaries, but
 excluding real property, personal property located outside of the U.S., accounts receivables and related assets subject to the
 Securitization Facility and certain investments required under money transmitter laws to be held free and clear of liens.
 At December 31, 2024, we had $3.1 billion in borrowings outstanding on Term Loan A, net of discounts, $2.3 billion in
 borrowings outstanding on Term Loan B, net of discounts and $1.3 billion in borrowings outstan ding on the revolving credit
 facility. We have unamortized debt issuance costs of $3.4 million related to the revolving credit facility as of December 31,
 2024 recorded in other assets within the Consolidated Balance Sheets. We have unamortized debt discounts and debt issuance
 costs of $16.6 million related to the term loans as of December 31, 2024 recorded in notes payable and other obligations, net of
 current portion within the Consolidated Balance Sheets. As a result of the amortization of debt discounts and debt issuance
 costs, the effective interest rate incurred on the term loan s was 6.87% during 2024.
 During the year ended December 31, 2024, we made borrowings of $825.0 million on the term loans, principal payments of
 $140.1 million on the term loans and net borrowings of $570.3 million on the revolving facilities.
 As of December 31, 2024, we were in compliance with each of the covenants under the Credit Agre ement.
 Securitization Facility
 We are a party to a $1.7 billion receivables purchase agreement among Corpay Funding LLC, as seller, PNC Bank, National
 Association as administrator, and various purchaser agents, conduit purchasers and related committed purchasers parties thereto
 (the "Securitization Facility") as of December 31, 2024. At December 31, 2024, the interest rate on the Securitization Facility
 was 5.36%.
 On January 24, 2025, we entered into an omnibus amendment to our Securitization Facility. The amendment increased the
 Securitization Facility commitment from $1.7 billion to $1.8 billion and extended the maturity of the Securitization Facility
 from August 18, 2025 to January 24, 2028. The omnibus amendment also reduced the program fee by 5 bps to SOFR plus
 0.10% adjustment plus 0.90% or the Commercial Paper Rate plus 0.80% and decreased the unused facility fee by 5 bps for two
 of the purchasers.
 The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which
 the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with
 respect to the receivables and may appoint a successor servicer, among other things.
 We were in compliance with all financial and non-financial covenant requirements related to our Securitization Facility as of
 December 31, 2024.

 Other Facilities
 We carefully monitor and manage initial and variation margin requirements for our cross-border solutions, which can result in
 transitory periods of elevated liquidity needs in cases where the currency market experiences disruption. In order to help
 mitigate that liquidity risk, we have entered into facilities intended to provide additional means to manage working capital
 needs for our cross-border solutions.
 We have three unsecured overdraft facilities with a combined capacity of $155.0 million, which may be accessible via written
 request and corresponding authorization from the applicable lenders. There is no guarantee the uncommitted capacity will be
 available to us on a future date. Interest on drawn balances accrues under the agreements at either (a) a fixed rate equal to the
 lender's reference rate or the Federal Funds Effective Rate (as defined in the respective agreements) plus 1% or (b) SOFR plus
 1.25%. As of December 31, 2024, we had no borrowings outstanding under the uncommitted credit facilities.
 We also have a 364-day committed revolving credit facility with a total commitment of $70.0 million and maturity date of
 February 20, 2026. Borrowings under this facility will bear interest at the borrower's option at a rate equal to (a) Term SOFR
 (as defined in the agreement) plus 1.25% or (b) the Base Rate (determined by reference to the greatest of (i) the Federal Funds
 Effective Rate, at that time, plus 0.50%, (ii) the Prime Rate, at that time, and (iii) Term SOFR (as defined in the agreement) at
 such time plus 1.00%). As of December 31, 2024, we had no borrowings outstanding under the committed credit facility.
 Cash Flow Hedges
 As of December 31, 2024, we had the following outstanding interest rate swap derivatives that qualify as hedging instruments
 within designated cash flow hedges of variable interest rate risk (in millions):

 Notional Amount

 Weighted Average
 Fixed Rate

 Maturity Date

 $500

 4.01%

 7/31/2025

 $500

 3.80%

 1/31/2026

 $1,500

 4.15%

 7/31/2026

 $750

 4.14%

 1/31/2027

 $500

 4.19%

 7/31/2027

 $250

 4.00%

 1/31/2028

 $500

 3.19%

 7/31/2028

 The purpose of these contracts is to reduce the variability of cash flows in interest payments associated with $4.5 billion of
 unspecified variable rate debt, the sole source of which is due to changes in the SOFR benchmark interest rate. For each of
 these swap contracts, we pay a fixed monthly rate and receive one month SOFR.
 Our cash flow hedges resulted in a reduction to interest expense, net of $46.3 million and $39.4 million during the years ended
 December 31, 2024 and 2023, respectively.
 Net Investment Hedges
 We enter into cross-currency interest rate swaps that are designated as net investment hedges of our investments in foreign-
 denominated operations. Such contracts effectively convert the U.S. dollar equivalent notional amounts to obligations
 denominated in the respective foreign currency and partially offset the impact of changes in currency rates on such foreign-
 denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion
 of the swaps, resulting in interest rate savings on the USD notional.
 At December 31, 2024, we had the following cross-currency interest rate swaps designated as net investment hedges of our
 investments in foreign-denominated operations:

 U.S. dollar equivalent
 notional (in millions)

 Fixed Rates

 Maturity Date

 Euro (EUR)

 $500

 2.15%

 5/26/2026

 Canadian Dollar (CAD)

 $800

 1.14%

 5/20/2026

 British Pound (GBP)

 $750

 0.317%

 5/8/2028

 Hedge effectiveness is tested based on changes in the fair value of the cross-currency swaps due to changes in the USD/foreign
 currency spot rates. We anticipate perfect effectiveness of the designated hedging relationships and record changes in the fair
 value of the cross-currency interest rate swaps associated with changes in the spot rate through accumulated other
 comprehensive loss. Excluded components associated with the forward differential are recognized directly in earnings as
 interest expense, net. We recognized a benefit of $13.9 million and $9.0 million in interest expense, net for the years ended
 December 31, 2024 and 2023, respectively, related to these excluded components.
 In January 2025, we terminated our existing CAD cross-currency interest rate swaps designated as net investment hedges and
 subsequently entered into four new cross-currency interest rate swaps designated as net investment hedges of our investments in
 CAD-denominated operations. These contracts effectively convert an aggregate $800 million of U.S. dollar equivalent to an
 obligation denominated in CAD and partially offset the impact of changes in currency rates on our CAD-denominated net
 investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap,
 resulting in a weighted average interest rate savings of 1.35% on the USD notional.
 Acquisition
 I n February 2025, we signed a definitive agreement to acquire 100% of Gringo, a leading Brazil-based vehicle registration and
 compliance payment company, for approximately $147.0 million, net of cash of approximately $22 million. Gringo's digital app
 and national network help drivers in Brazil pay for vehicle taxes, registration and fines. The transaction is expected to close in
 the first quarter of 2025, subject to regulatory approval and standard closing conditions and will be reflected in our Vehicle
 Payments segment.
 Stock Repurchase Program
 Given our returns on our capital investments and significant cash provided by operations, management believes it is prudent to
 reinvest in the business to drive profitable growth and use excess cash flow to return cash to shareholders over time through
 stock repurchases. Our Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to
 time, the "Program") authorizing us to repurchase our common stock from time to time until February 4, 2026. On January 25,
 2024, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $8.1 billion, and on November 4,
 2024, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $9.1 billion. Since the beginning
 of the Program through December 31, 2024, we have repurchased 33,090,680 shares for an aggregate purchase price of $7.8
 billion, leaving us up to $1.3 billion of remaining authorization available under the Program for future repurchases in shares of
 our common stock. We repurchased 4,211,818 common shares totaling $1.3 billion in 2024; 2,597,954 common shares totaling
 $0.7 billion in 2023 and 6,212,410 common shares totaling $1.4 billion in 2022.
 Any stock repurchases may be made at times and in such amounts as deemed appropriate. The timing and amount of stock
 repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory
 requirements, and any additional constraints related to material inside information we may possess. Any repurchases have been
 and are expected to be funded by a combination of available cash flow from the business, working capital and debt.
 Material Cash Requirements and Uses of Cash
 Material cash requirements primarily consist of debt obligations and related interest payments, along with lease obligations.
 See Note 11 and Note 14 to the Consolidated Financial Statements within this Form 10-K for further information.
 Deferred income tax liabilities as of December 31, 2024 were approximately $439.2 million. See Note 13 to the Consolidated
 Financial Statements within this Form 10-K for further information. Deferred income tax liabilities are calculated based on
 temporary differences between the tax bases of assets and liabilities and their respective book bases, which will result in taxable
 amounts in future years when the liabilities are settled at their reported financial statement amounts. The results of these
 calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods. As a result,
 scheduling deferred income tax liabilities as payments du e by period could be misleading, as this scheduling would not relate to
 liquidity needs. At December 31, 2024, we had approximately $95.5 million of unreco gnized income tax benefits related to
 uncertain tax positions. We cannot reasonably estimate when all of these unrecognized income tax benefits may be settled. We
 do not expect reductions to unrecognized income tax benefits within the next 12 months as a result of projected resolutions of
 income tax uncertainties.

 Critical Accounting Estimates
 In applying the accounting policies that we use to prepare our consolidated financial statements, we necessarily make
 accounting estimates that affect our reported amounts of assets, liabilities, revenue and expenses. Some of these estimates
 require us to make assumptions about matters that are highly uncertain at the time we make the accounting estimates. We base
 these assumptions and the resulting estimates on historical information and other factors that we believe to be reasonable under
 the circumstances, and we evaluate these assumptions and estimates on an ongoing basis. In many instances, however, we
 reasonably could have used different accounting estimates and, in other instances, changes in our accounting estimates could
 occur from period to period, with the result in each case being a material change in the financial statement presentation of our
 financial condition or results of operations. We refer to estimates of this type as critical accounting estimates. The critical

 accounting estimates that we discuss below are those that we believe are most important to an understanding of our
 consolidated financial statements.
 For a discussion of our Summary of Significant Accounting Policies, see Note 2 to our Consolidated Financial Statements
 within this Form 10-K for further information.
 Financial Instruments-Credit Losses. Our current expected credit loss methodology for measurement of credit losses on
 financial assets measured at amortized cost basis, replaces the previous incurred loss impairment methodology. Our financial
 assets subject to credit losses are primarily trade receivables. We utilize a combination of aging and loss-rate methods to
 develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool,
 based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk
 characteristics, historical payment experience and the age of outstanding receivables, adjusted for forward-looking economic
 conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying
 financial condition, credit history and current and forward-looking economic conditions. The estimation process for expected
 credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances,
 expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers,
 geographic risk, economic trends and relevant environmental factors. See Note 2 to our Consolidated Financial Statements
 within this Form 10-K for further information.
 Impairment of goodwill and indefinite-lived assets. We complete an impairment test of goodwill at least annually or more
 frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting
 unit level. When we believe it is appropriate, we may elect to first perform the optional qualitative assessment for certain of our
 reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and
 market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the
 composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price and other relevant
 entity-specific events. If we elect to bypass the optional qualitative assessment or if we determine, on the basis of qualitative
 factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be
 required. We then perform the quantitative goodwill impairment test for the applicable reporting units by comparing the
 reporting unit's carrying amount, including goodwill, to its fair value, which is measured based upon, among other factors, a
 discounted cash flow analysis and, to a lesser extent, market multiples for comparable companies. If the carrying amount of the
 reporting unit is greater than its fair value, a goodwill impairment loss is recognized.
 We also evaluate indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. We test for
 impairment at an interim date if events and circumstances indicate that it is more likely than not that the fair value of an
 indefinite-lived intangible asset is below its carrying amount. An impairment loss is recorded if the carrying amount of an
 indefinite-lived intangible asset exceeds the estimated fair value on the measurement date.
 Globally we face uncertainties and risks related to economic factors in the countries we have operations. As a result, we make
 assumptions that involve significant judgment about future uncertainties when performing impairment tests of goodwill and
 indefinite-lived intangible assets. Both of these impairment tests involve the use of critical accounting estimates. Depending on
 the test/model, factors and estimates used to estimate the fair value include: i) earnings before interest, taxes, depreciation and
 amortization (EBITDA) margin and growth, and ii) the discount rates for the goodwill impairment test; and i) the discount rates
 and ii) royalty rates used for indefinite-lived intangible assets test. The variability of these estimates and assumptions depends
 on a number of conditions which could change our conclusion at each reporting period. As these factors are often
 interdependent and may not change in isolation, we do not believe it is meaningful to estimate and disclose the impact of
 changing a single factor. If our assumptions and estimates change between a current period impairment test and a prior period
 impairment test, impairment losses could result. If we were to use different assumptions or consider different trends in future
 periods, impairment losses may also result. The total future impairment losses, if required, may be material.
 As of October 1, 2024, as a result of our annual evaluation, we determined the goodwill within the Payroll card reporting unit, a
 component of our "Other" category, was partially impaired. Accordingly, we recognized a goodwill impairment loss of $90
 million within goodwill impairment in the Consolidated Statements of Income during the year ended December 31, 2024.
 Factors that led to this conclusion included i) decreased use of the card and its core component for our target customers, ii) the
 impact of historic and sustained increases in inflation and interest rates on the reporting unit's weighted average costs of capital
 which was beyond our control, and iii) inability to achieve forecasted operating results at historical underwritten values, all of
 which resulted in revised mid to long-term projections during the fourth quarter of 2024, including reevaluation of the
 Company's anticipated capital investment in the reporting unit and which negatively impacted the reporting unit's fair value. We
 engaged the assistance of a third-party valuation firm to assist us with the performance of our goodwill quantitative impairment
 test. The estimation of the net present value of future cash flows is based upon varying economic assumptions, including
 assumptions such as revenue, net growth rates, operating costs, EBITDA margins, capital expenditures, tax rates, long-term
 growth rates and discount rates. As it relates to the Payroll card reporting unit, of these assumptions, EBITDA margins and
 discount rates are the most sensitive, subjective and/or complex. These assumptions are based on risk-adjusted discount factors
 accommodating viewpoints that consider the full range of variability contemplated in the current and potential future economic
 situations. There is approximately $57 million of goodwill remaining related to the Payroll card reporting unit following this
 impairment. The results of our 2024 impairment test for our reporting units other than Payroll card indicated that the estimated
 fair value of each of our reporting units was in excess of the corresponding carrying amount as of October 1, and no impairment
 of goodwill existed.

 In September 2023, we acquired PayByPhone Technologies, Inc., a global parking payment application, for approximately
 $301.9 million, net of cash. Results from PayByPhone are reported in our Vehicle Payments segment. We allocated
 approximately $11 million to the PayByPhone trade name with a residual value of approximately $207 million allocated to
 goodwill for the PayByPhone reporting unit. If the near-term operating results do not meet or exceed our current financial
 projections, or if conditions change causing, for example, the discount rate to increase without an offsetting increase in the
 results of the PayByPhone business, it is possible that we would be required to recognize an impairment loss as the fair value of
 the reporting unit currently exceeds the carrying value by less than 20%, due to the standalone nature of the business and recent
 timing of the acquisition. We will continue to monitor the operating results and the fair value of this reporting in future periods.
 See Note 2 and Note 8 to our Consolidated Financial Statements within this Form 10-K for further information.
 Income taxes. Our annual effective tax rate is based on our income and the tax laws in the various jurisdictions in which we
 operate. Significant judgment is required in estimating our annual income tax expense and annual effective rate through the
 realizability of our deferred tax assets, our income tax positions and related reserves and the recording of certain deferred tax
 liabilities related to foreign investments.
 The ultimate realization of a deferred tax asset is dependent upon the existence and timing of reversal of temporary differences,
 the ability to carryback income to open years and where allowed, the implementation of tax planning strategies and the
 generation of future taxable income during the periods in which the associated temporary differences become deductible.
 Determining future taxable income requires us to estimate the amount of income subject to tax in future periods which includes:
 i) estimating revenue, revenue growth rates, Earnings and Interest Before Income Taxes and expenses by tax jurisdiction by
 examining historical results and considering current/future trends as well as scheduling out the timing of temporary items, ii)
 factoring in adjustments for any known future changes in tax law/regulations, iii) the potential impact of any reasonable tax
 planning strategies, and iv) estimating the future impact of complex material deductions. We record a valuation allowance
 where we determine that it is not more likely than not that we will ultimately realize the entire tax benefit associated with the
 related deferred tax asset.
 We estimate income tax-related reserves to reduce tax benefits from any income tax positions where we believe the benefit
 from the tax position once taken on the tax return is uncertain such that it is more likely than not to be upheld by the tax
 regulatory body but for an amount less than the benefit taken. When determining whether the full amount of the income tax
 position will be upheld/sustained, we consider whether the technical merits of the position are supported by regulations, court
 ruling, current legislation and other relevant authoritative guidance.
 We include any estimated interest and penalties on tax related matters in income tax expense. See Note 13 to our Consolidated
 Financial Statements within this Form 10-K for further information.
 Business combinations (valuation of intangible assets). Acquired assets and liabilities assumed, including contingencies,
 through a business combination are recorded at fair value determined as of the acquisition date. The estimates we use to
 determine the fair value of intangible assets can be complex and require significant judgments. We use information available to
 us to make fair value determinations and engage independent valuation specialists, when necessary, to assist in the fair value
 determination of significant acquired assets. The estimated fair values of customer-related and contract-based intangible assets
 are generally determined using the income approach, which is based on projected cash flows discounted to their present value
 using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented a risk
 adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair
 value also require considerable judgments about future events, including forecasted customer attrition rates. Acquired
 technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an
 asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical
 deterioration and functional and economic obsolescence.
 While we use our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed,
 our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up
 to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed. Upon the conclusion
 of the measurement period, any subsequent adjustments are recorded in our Consolidated Statements of Income. We also
 estimate the useful lives of intangible assets to determine the period over which to recognize the amount of acquisition-related
 intangible assets as an expense. Certain assets may be considered to have indefinite useful lives. We periodically review the
 estimated useful lives assigned to our intangible assets to determine whether such estimated useful lives continue to be
 appropriate. Refer to Note 8 to our Consolidated Financial Statements within this Form 10-K for further information.

 Management 's Use of Non-GAAP Financial Measures
 We have included in the discussion below certain financial measures that were not prepared in accordance with GAAP. Any
 analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP.
 Below, we define the non-GAAP financial measures, provide a reconciliation of each non-GAAP financial measure to the most
 directly comparable financial measure calculated in accordance with GAAP and discuss the reasons that we believe this
 information is useful to management and may be useful to investors. Because our non-GAAP financial measures are not
 standardized measures, they may not be directly comparable with the non-GAAP financial measures of other companies using

 the same or similar non-GAAP financial measures. Although management uses these non-GAAP measures to set goals and
 measure performance, they have no standardized meaning prescribed by GAAP. These non-GAAP measures are presented
 solely to permit investors to more fully understand how our management assesses underlying performance. These non-GAAP
 measures are not, and should not be viewed as, a substitute for GAAP measures, and should be viewed in conjunction with our
 GAAP financial statements and financial measures. As a result, such non-GAAP measures have limits in their usefulness to
 investors.
 We have defined the non-GAAP measure adjusted net income attributable to Corpay as net income attributable to Corpay, as
 reflected in our statement of income, 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. We have defined the non-GAAP measure adjusted net income per diluted share attributable to Corpay as the
 calculation previously noted divided by the weighted average diluted shares outstanding as reflected in our statement of income.
 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 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, certain
 discrete tax items, gains on business dispositions, 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
 using the effective income tax rate during the period, exclusive of certain 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 and consistent
 acquisition/divestiture/non-recurring item bases 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, goodwill impairment, loss on extinguishment of debt, investment loss/gain and other operating, net. Adjusted
 EBITDA is defined as EBITDA further adjusted for a material modification impacting stock-based compensation expense and a
 deal related termination expense. 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.
 Reconciliation of Non-GAAP Revenue and Key Performance Metric by Segment to GAAP. Set forth below is a reconciliation of
 organic growth by segment, calculated using pro forma and macro adjusted revenue and transactions to the most directly
 comparable GAAP measure, revenue, net and transactions (in millions):

 Key Performance Metric

 Year Ended December 31,*

 Year Ended December 31,*

 2024

 2023

 2024

 2023

 VEHICLE PAYMENTS - TRANSACTIONS

 $ 2,075

 $ 1,969

 —

 —

 (119)

 Impact of fuel prices/spread

 (24)

 —

 —

 —

 Impact of foreign exchange rates

 (43)

 —

 —

 —

 $ 2,009

 $ 2,006

 CORPORATE PAYMENTS - SPEND

 $ 1,220

 $ 1,017

 $ 170,432

 $ 148,759

 —

 (36)

 —

 (3,188)

 Impact of fuel prices/spread

 —

 —

 —

 —

 Impact of foreign exchange rates

 —

 —

 —

 $ 1,222

 $ 981

 $ 170,432

 $ 145,571

 LODGING PAYMENTS - ROOM NIGHTS

 $ 488

 $ 520

 —

 —

 —

 —

 Impact of fuel prices/spread

 —

 —

 —

 —

 Impact of foreign exchange rates

 —

 —

 —

 —

 $ 489

 $ 520

 OTHER 1 - TRANSACTIONS

 $ 255

 $ 251

 1,574

 1,418

 —

 —

 —

 —

 Impact of fuel prices/spread

 —

 —

 —

 —

 Impact of foreign exchange rates

 —

 —

 —

 —

 $ 255

 $ 251

 1,574

 1,418

 CORPAY CONSOLIDATED REVENUES

 $ 4,039

 $ 3,757

 Intentionally Left Blank

 —

 Impact of fuel prices/spread 2

 (24)

 —

 Impact of foreign exchange rates 2

 (41)

 —

 $ 3,975

 $ 3,758

 * Columns may not calculate due to rounding.

 1 Other includes Gift and Payroll Card operating segments.

 2 Revenues reflect an estimated $14 million negative impact from fuel prices, approximately $10 million negative impact from
 fuel price spreads and $41 million negative impact due to movements in foreign exchange rates.

 Reconciliation of Non-GAAP Measures. Se t forth below is a reconciliation of adjusted net income attributable to Corpay and
 adjusted net income per diluted share attributable to Corpay to the most directly comparable GAAP measure, net income attributable
 to Corpay and net income per diluted share attributable to Corpay (in millions, except per share amounts)*:

 2024

 2023

 $ 1,003.7

 $ 981.9

 Net income per diluted share attributable to Corpay

 $ 13.97

 $ 13.20

 116.7

 116.1

 Amortization 1

 239.0

 233.9

 5.0

 —

 Integration and deal related costs

 33.7

 30.7

 Restructuring and related costs 2

 9.3

 4.6

 Other 2,3

 19.1

 2.0

 90.0

 —

 (121.3)

 (13.7)

 Total adjustments

 391.5

 373.5

 Income tax impact of pre-tax adjustments at the effective tax rate 4

 (98.7)

 (96.8)

 Discrete tax items 5

 67.5

 —

 Adjusted net income attributable to Corpay

 $ 1,364.1

 $ 1,258.6

 Adjusted net income per diluted share attributable to Corpay

 $ 19.01

 $ 16.92

 Diluted shares

 71.8

 74.4

 1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.

 2 Certain prior period amounts have been reclassified to conform with current period presentation.

 3 Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to
 the Company's noncontrolling interest and taxes associated with stock-based compensation programs.

 4 Represents provision for income taxes of pre-tax adjustments, excluding the impact of our gain on disposition and
 discrete tax item referenced.

 5 Represents discrete non-cash tax provision recognized in the fourth quarter of 2024 related to a prior tax planning
 strategy and taxes on net gain realized upon disposition of our U.S. merchant solutions business within Vehicle
 Payments segment of $47.8 million.

 * Columns may not calculate due to rounding.

 EBITDA, Adjusted EBITDA Measures. EBITDA is defined as earnings before interest, income taxes, interest expense, net,
 other loss (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain,
 gain on disposition of business and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for a
 material modification impacting stock-based compensation expense and a deal related termination expense. EBITDA and
 adjusted EBITDA margin is defined as EBITDA and adjusted EBITDA as a percentage of revenue.
 The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to net income from operations (in
 millions, except percentages)*:

 2024

 2023

 $ 1,003.7

 $ 981.9

 Provision for income taxes

 381.4

 343.1

 383.0

 348.6

 Other loss (income), net

 13.7

 (2.9)

 Investment loss (gain)

 0.2

 (0.1)

 Depreciation and amortization

 351.1

 336.6

 90.0

 —

 (121.3)

 (13.7)

 5.0

 —

 0.8

 0.8

 EBITDA

 $ 2,107.7

 $ 1,994.2

 Other one-time items 1

 $ 21.3

 $ —

 Adjusted EBITDA

 $ 2,129.0

 $ 1,994.2

 Adjusted EBITDA margin

 53.6 %

 53.1 %

 1 2024 EBITDA and EBITDA margin are adjusted for a material modification impacting stock-based
 compensation expense and a deal related termination expense.

 * Columns may not calculate due to rounding.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Foreign currency risk
 Foreign Earnings
 Our international businesses expose us to foreign currency exchange rate changes that can impact translations of foreign-
 denominated assets and liabilities into U.S. dollars and future earnings and cash flows from transactions denominated in
 different currencies. Revenues from our international businesses wer e 47.7% and 45.6% of t otal revenues for the years ended
 December 31, 2024 and 2023, respectively. We measure foreign currency exchange risk based on changes in foreign currency
 exchange rates using a sensitivity analysis. The sensitivity analysis measures the potential change in earnings based on a
 hypothetical 10% change in currency exchange rates. Such analysis indicated that a hypothetical 10% change in foreign
 currency exchange rates would have increased or decreased consolidated operating income during the year ended December 31,
 2024 by approximately $97.8 million had the U.S. dollar exchange rate increased or decreased relative to the currencies to
 which we had exposure. Similarly, the analysis for the prior year indicated that a hypothetical 10% change in currency
 exchange rates would have increased or decreased consolidated operating income for the years ended December 31, 2023 by
 approximately $86.0 million had the U.S. dollar exchange rate increased or decreased relative to the currencies to which we had
 exposure.
 Unhedged Cross-Currency Risk
 With our cross-border payment solutions, we have additional foreign exchange risk and associated foreign exchange risk
 management requirements due to the nature of our cross-border payments provider business. The majority of cross-border
 payments revenue is from exchanges of currency at spot rates, which enable customers to make cross-currency payments. In our
 cross-border payment solutions, we also write foreign currency forward and option contracts for customers to facilitate future
 payments. The duration of these derivative contracts at inception is generally less than one year. We aggregate foreign
 exchange exposures arising from customer contracts, including the derivative contracts described above, and hedge (economic
 hedge) the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties.
 Interest rate risk
 We are exposed to the risk of changing interest rates on our cash investments and on the unhedged portion of our variable rate
 debt. As of December 31, 2024 and 2023, we had $6.7 billion and $5.4 billion, respectively, of variable rate debt outstanding
 under our Credit Agreement. See Note 11 to our Consolidated Financial Statements within this Form 10-K for further
 information. We use derivative financial instruments to reduce our exposure related to changes in interest rates. As of
 December 31, 2024, we had a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a
 cumulative notional U.S. dollar value of $4.5 billion. The objective of these contracts is to reduce the variability of cash flows
 in the previously unhedged interest payments associated with variable rate debt, the sole source of which is due to changes in
 SOFR benchmark interest rate. While these agreements are intended to lessen the impact of rising interest rates on us, they also
 expose us to the risk that the other parties to the agreements will not perform, we could incur significant costs associated with
 the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as
 highly-effective cash flow hedges under GAAP. See Note 16 to our Consolidated Financial Statements within this Form 10-K
 for further information.
 Based on the amounts and mix of our fixed and floating rate debt (exclusive of our Securitization Facility but inclusive of the
 aforementioned interest rate swaps) at December 31, 2024 and 2023, if market interest rates had increased or decreased an
 average of 100 basis points, our interest expense for the years ended December 31, 2024 and 2023 would have changed by
 approximately $ 22 million and $14 mi lli on, respectively. We determined these amounts by considering the impact of the
 hypothetical interest rates on our borrowing costs. These analyses do not consider the effects of changes in the level of overall
 economic activity that could exist in such an environment.
 Fuel price risk
 A majority of our Vehicle Payments customers use our products and services in connection with the purchase of fuel.
 Accordingly, our revenue is affected by fuel prices, which are subject to significant volatility. A decline in retail fuel prices
 could cause a change in our revenue from several sources, including fees paid to us based on a percentage of each customer's
 total purchase. Changes in the absolute price of fuel may also impact unpaid account balances and the late fees and charges
 based on these amounts. The impact of changes in fuel price is somewhat mitigated by our agreements with certain merchants,
 where the price paid to the merchant is equal to the lesser of the merchant's cost plus a markup or a percentage of the
 transaction purchase price. We do not enter into any fuel price derivative instruments.
 Fuel price spread risk
 From our merchant and network relationships, we derive revenue from the difference between the price charged to a fleet
 customer for a transaction and the price paid to the merchant or network for the same transaction. For certain of our payment
 products, the price paid to a merchant or network is calculated as the merchant's wholesale cost of fuel plus a markup. The
 merchant's wholesale cost of fuel is dependent on several factors including, among others, the factors described above affecting
 fuel prices. The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price

 paid to the fuel merchant, posted retail fuel prices and competitive fuel prices. We experience fuel price spread contraction
 when the merchant's wholesale cost of fuel increases at a faster rate than the fuel price we charge to our customers, or the fuel
 price we charge to our customers decreases at a faster rate than the merchant's wholesale cost of fuel. Accordingly, if fuel price
 spreads contract, we may generate less revenue, which could adversely affect our operating results. The impact of volatility in
 fuel spreads is somewhat mitigated by our agreements with certain merchants, where the price paid to the merchant is equal to
 cost plus a markup or a percentage of the transaction purchase price.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)

 Consolidated Balance Sheets at December 31, 2024 and 2023

 Consolidated Statements of Income for the Years Ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022

 Notes to Consolidated Financial Statements

 Report of Independent Registered Public Accounting Firm
 To the Stockholders and the Board of Directors of Corpay, Inc. and Subsidiaries
 Opinion on the Financial Statements
 We have audited the accompanying consolidated balance sheets of Corpay, Inc. and subsidiaries (the Company) as of December 31,
 2024 and 2023, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three
 years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial
 statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the
 Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the
 period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
 (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal
 Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013
 framework) and our report dated February 27, 2025 expressed an adverse opinion thereon.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the
 Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required
 to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
 regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error
 or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether
 due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
 evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
 principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
 statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matters
 The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were
 communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material
 to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of
 critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
 not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
 or disclosures to which they relate.

 Valuation of goodwill

 Description of
 the Matter

 At December 31, 2024, the Company's goodwill was $6.0 billion. As discussed in Note 2 to the consolidated
 financial statements, the Company completes an impairment test of goodwill at the reporting unit level at least
 annually or more frequently if facts and circumstances indicate that goodwill might be impaired. The
 Company's quantitative impairment test involves estimating the fair value of each reporting unit using a
 discounted cash flow analysis and to a lesser extent, market multiples for comparable companies. During the
 year ended December 31, 2024, the Company recognized a goodwill impairment loss of $90 million related to
 the Payroll Card reporting unit.
 Auditing the Company's estimate of fair value for the Payroll Card reporting unit was complex and subjective
 due to a high degree of subjectivity of certain assumptions underlying the determination of the reporting unit's
 fair value using the discounted cash flow model. These assumptions included forecasts for Earnings before
 Interest Taxes Depreciation and Amortization (EBITDA) margin as well as the discount rate, which are
 affected by expectations about future market or economic conditions.

 How We
 Addressed the
 Matter in Our
 Audit

 To test the estimated fair value of the Payroll Card reporting unit, our audit procedures included, among others,
 assessing the methodologies used by the Company and testing the significant assumptions discussed above,
 inclusive of the underlying data used by the Company in its development of these assumptions. We involved
 our valuation specialists to assist us in evaluating the Company's estimated discount rate methodology and
 developing an independent range of reasonable discount rates. We also compared EBITDA margin forecasts to
 historical results and current industry and economic trends, and we performed sensitivity analyses on the
 significant assumptions to evaluate the changes in the fair value of the reporting unit that would result from
 changes in the significant assumptions.

 Valuation of acquired customer relationship intangible assets

 Description of
 the Matter

 As discussed in Notes 2 and 7 to the consolidated financial statements, the Company completed the
 acquisitions of Paymerang and GPS Capital Markets, LLC (GPS) for total estimated purchase consideration of
 $179.2 million and $576.2 million, respectively. The acquisitions were accounted for as business combinations.
 The Company recorded intangible assets from these acquisitions, including customer and vendor relationships
 of $542.3 million. The Company used the excess earnings method to estimate the preliminary fair values of the
 customer relationships, which were based on management's estimates and assumptions.
 Auditing the preliminary fair values of the Paymerang and GPS customer relationships was complex and
 subjective due to the estimation uncertainty in determining customer attrition rates which had a significant
 impact on the estimated fair values. The customer attrition rates are forward-looking and could be affected by
 future economic and market conditions.

 How We
 Addressed the
 Matter in Our
 Audit

 We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the
 valuation of customer relationships, including controls over models to estimate the fair values of the above
 identified intangible assets and management's review of the significant assumptions discussed above.
 To test the estimated fair values of the customer relationships, our audit procedures included, among others,
 evaluating the Company's selection of the valuation methodologies, testing the significant assumptions, and
 testing the completeness and accuracy of underlying data. With the assistance of our valuation specialists, we
 assessed the methodologies used by the Company and evaluated the customer attrition rates used within the
 valuation models. This included understanding and validating the source information underlying the
 determination of the attrition rates and testing the mathematical accuracy of the calculations. We also
 performed sensitivity analyses to evaluate the changes in the fair value of the intangible assets that would result
 from changes in customer attrition rates, and we compared the preliminary fair values of customer relationships
 relative to the purchase price to publicly available comparable transactions.

 /s/ Ernst & Young LLP
 We have served as the Company's auditor since 2002.
 Atlanta, Georgia
 February 27, 2025

 Consolidated Balance Sheets
 (In Thousands, Except Share and Par Value Amounts)

 2024

 2023

 Current assets:

 Cash and cash equivalents

 $ 1,553,642

 $ 1,389,648

 Restricted cash

 2,902,703

 1,751,887

 Accounts and other receivables (less allowance for credit losses of $ 133,757
 at December 31, 2024 and $ 180,163 at December 31, 2023)

 2,090,500

 2,161,586

 Securitized accounts receivable—restricted for securitization investors

 1,323,000

 1,307,000

 806,024

 474,144

 Total current assets

 8,675,869

 7,084,265

 Property and equipment, net

 377,705

 343,154

 Goodwill

 5,984,667

 5,644,958

 Other intangibles, net

 2,410,442

 2,085,663

 Investments

 60,088

 69,521

 448,260

 248,691

 Total assets

 $ 17,957,031

 $ 15,476,252

 Liabilities and equity

 Current liabilities:

 Accounts payable

 $ 1,570,426

 $ 1,624,995

 Accrued expenses

 444,938

 356,118

 Customer deposits

 3,266,126

 2,397,279

 Securitization facility

 1,323,000

 1,307,000

 Current portion of notes payable and lines of credit

 1,446,974

 819,749

 656,417

 320,612

 Total current liabilities

 8,707,881

 6,825,753

 Notes payable and other obligations, less current portion

 5,226,106

 4,596,156

 Deferred income taxes

 439,176

 470,232

 437,879

 301,752

 Total noncurrent liabilities

 6,103,161

 5,368,140

 Commitments and contingencies (Note 15)

 Stockholders' equity:

 Common stock, $ 0.001 par value; 475,000,000 shares authorize d;
 131,425,669 s hares issued a nd 70,170,016 s hares outstanding at
 December 31, 2024; and 128,759,639 shares issued and 71,715,804 shares
 outstanding at December 31, 2023

 Additional paid-in capital

 3,811,131

 3,266,185

 Retained earnings

 9,196,405

 8,192,659

 Accumulated other comprehensive loss

 ( 1,713,996)

 ( 1,289,099)

 Less treasury s tock ( 61,255,653 shares and 57,043,835 shares at
 December 31, 2024 and 2023, respectively)

 ( 8,171,329)

 ( 6,887,515)

 Total Corpay stockholders' equity

 3,122,342

 3,282,359

 Noncontrolling interest

 23,647

 —

 Total equity

 3,145,989

 3,282,359

 Total liabilities and equity

 $ 17,957,031

 $ 15,476,252

 Consolidated Statements of Income
 (In Thousands, Except Per Share Amounts)

 2024

 2023

 2022

 $ 3,974,589

 $ 3,757,719

 $ 3,427,129

 Expenses:

 869,085

 819,908

 764,707

 380,906

 340,157

 309,082

 616,874

 603,424

 584,135

 Depreciation and amortization

 351,088

 336,604

 322,282

 90,000

 —

 —

 ( 121,310)

 —

 —

 Operating income

 1,787,157

 1,656,873

 1,446,641

 Investment loss (gain), net

 ( 116)

 1,382

 Other expense (income), net

 13,722

 ( 16,623)

 3,003

 383,043

 348,607

 164,662

 5,040

 —

 1,934

 Total other expense, net

 402,044

 331,868

 170,981

 Income before income taxes

 1,385,113

 1,325,005

 1,275,660

 Provision for income taxes

 381,381

 343,115

 321,333

 1,003,732

 981,890

 954,327

 Less: Net loss attributable to noncontrolling interest

 ( 14)

 —

 —

 $ 1,003,746

 $ 981,890

 $ 954,327

 Earnings per share:

 Basic earnings per share attributable to Corpay

 $ 14.27

 $ 13.42

 $ 12.62

 Diluted earnings per share attributable to Corpay

 $ 13.97

 $ 13.20

 $ 12.42

 Weighted average shares outstanding:

 Basic shares

 70,331

 73,155

 75,598

 Diluted shares

 71,848

 74,387

 76,862

 Consolidated Statements of Comprehensive Income
 (In Thousands)

 2024

 2023

 2022

 $ 1,003,732

 $ 981,890

 $ 954,327

 Other comprehensive (loss) income:

 Foreign currency translation (losses) gains, net of tax

 ( 496,534)

 140,089

 ( 77,135)

 Reclassification of accumulated foreign currency translation
 losses to net income as a result of the sale of a foreign entity
 (Note 19)

 —

 120,269

 —

 Net change in derivative contracts, net of tax

 65,861

 ( 39,807)

 32,101

 Total other comprehensive (loss) income, net of tax

 ( 430,673)

 Total comprehensive income

 573,059

 1,202,441

 909,293

 Comprehensive (loss) attributable to noncontrolling interest

 ( 5,790)

 —

 —

 Comprehensive income attributable to Corpay

 $ 578,849

 $ 1,202,441

 $ 909,293

 Consolidated Statements of Equity
 (In Thousands)

 Common
 Stock

 Additional
 Paid-In
 Capital

 Retained
 Earnings

 Accumulated
 Other
 Comprehensive
 Loss

 Treasury
 stock

 Total Corpay
 Stockholders'
 Equity

 Noncontrolling
 Interest

 Total Equity

 Balance at
 December 31, 2021

 $ 127

 $ 2,878,751

 $ 6,256,442

 $ ( 1,464,616)

 $ ( 4,804,124)

 $ 2,866,580

 $ —

 $ 2,866,580

 —

 —

 954,327

 —

 —

 954,327

 —

 954,327

 Other
 comprehensive
 loss, net of tax

 —

 —

 —

 —

 —

 Acquisition of

 —

 —

 —

 —

 ( 1,405,200)

 ( 1,405,200)

 —

 ( 1,405,200)

 Stock-based
 compensation

 —

 121,416

 —

 —

 —

 121,416

 —

 121,416

 Issuance of

 49,403

 —

 —

 —

 49,404

 —

 49,404

 Balance at
 December 31, 2022

 3,049,570

 7,210,769

 ( 1,509,650)

 ( 6,209,324)

 2,541,493

 —

 2,541,493

 —

 —

 981,890

 —

 —

 981,890

 —

 981,890

 Other
 comprehensive
 income, net of tax

 —

 —

 —

 —

 —

 Acquisition of

 —

 ( 13,212)

 —

 —

 ( 678,191)

 ( 691,403)

 —

 ( 691,403)

 Stock-based
 compensation

 —

 116,086

 —

 —

 116,086

 —

 116,086

 Issuance of

 113,741

 —

 —

 113,742

 —

 113,742

 Balance at

 3,266,185

 8,192,659

 ( 1,289,099)

 ( 6,887,515)

 3,282,359

 —

 3,282,359

 —

 —

 1,003,746

 —

 —

 1,003,746

 ( 14)

 1,003,732

 Other
 comprehensive
 loss, net of tax

 —

 —

 —

 ( 424,897)

 —

 ( 424,897)

 ( 5,776)

 ( 430,673)

 Acquisition of
 noncontrolling
 interest

 —

 —

 —

 —

 —

 —

 29,437

 29,437

 Acquisition of

 —

 —

 —

 —

 ( 1,283,814)

 ( 1,283,814)

 —

 ( 1,283,814)

 Stock-based
 compensation

 —

 116,724

 —

 —

 —

 116,724

 —

 116,724

 Issuance of

 428,222

 —

 —

 —

 428,224

 —

 428,224

 Balance at

 $ 131

 $ 3,811,131

 $ 9,196,405

 $ ( 1,713,996)

 $ ( 8,171,329)

 $ 3,122,342

 $ 23,647

 $ 3,145,989

 Consolidated Statements of Cash Flows
 (In Thousands)

 2024

 2023

 2022

 Operating activities

 $ 1,003,732

 $ 981,890

 $ 954,327

 Adjustments to reconcile net income to net cash provided by operating activities:

 Depreciation

 120,106

 109,983

 92,010

 116,724

 116,086

 121,416

 Provision for credit losses on accounts and other receivables

 103,133

 125,152

 131,096

 Amortization of deferred financing costs and discounts

 7,994

 7,249

 7,748

 Amortization of intangible assets and premium on receivables

 230,982

 226,621

 230,272

 Deferred income taxes

 ( 64,718)

 ( 46,678)

 ( 33,174)

 5,040

 —

 1,934

 90,000

 —

 —

 Gain on disposition of business, net

 ( 121,310)

 ( 13,712)

 —

 Other non-cash operating expense, net

 1,028

 1,664

 Changes in operating assets and liabilities (net of acquisitions/disposition):

 Accounts and other receivables

 ( 176,931)

 ( 210,261)

 ( 598,674)

 9,166

 69,287

 ( 17,543)

 Derivative assets and liabilities, net

 ( 15,414)

 ( 33,278)

 ( 11,260)

 ( 32,189)

 54,180

 ( 41,068)

 Accounts payable, accrued expenses and customer deposits

 663,222

 713,976

 ( 83,951)

 Net cash provided by operating activities

 1,940,565

 2,101,132

 754,797

 Investing activities

 Acquisitions, net of cash acquired

 ( 821,924)

 ( 428,327)

 ( 216,917)

 Purchases of property and equipment

 ( 175,176)

 ( 153,822)

 ( 151,428)

 Proceeds from disposition of a business, net of cash disposed

 185,506

 197,025

 —

 Other

 4,117

 4,401

 —

 Net cash used in investing activities

 ( 807,477)

 ( 380,723)

 ( 368,345)

 Financing activities

 Proceeds from issuance of common stock

 428,224

 113,742

 49,404

 Repurchase of common stock

 ( 1,287,998)

 ( 686,859)

 ( 1,405,200)

 Borrowings on securitization facility, net

 16,000

 20,000

 169,000

 Deferred financing costs

 ( 8,493)

 ( 376)

 ( 10,355)

 Proceeds from notes payable

 825,000

 —

 3,000,000

 Principal payments on notes payable

 ( 140,050)

 ( 94,000)

 ( 2,824,000)

 Borrowings from revolver

 9,989,000

 8,734,960

 7,236,000

 Payments on revolver

 ( 9,278,000)

 ( 9,118,960)

 ( 6,526,000)

 (Payments on) borrowings from swing line of credit, net

 ( 140,713)

 135,568

 Other

 2,019

 ( 2,286)

 ( 271)

 Net cash provided by (used in) financing activities

 404,989

 ( 898,211)

 ( 311,228)

 Effect of foreign currency exchange rates on cash

 ( 223,267)

 30,157

 ( 36,739)

 Net increase in cash and cash equivalents and restricted cash

 1,314,810

 852,355

 38,485

 Cash and cash equivalents and restricted cash, beginning of year

 3,141,535

 2,289,180

 2,250,695

 Cash and cash equivalents and restricted cash, end of year

 $ 4,456,345

 $ 3,141,535

 $ 2,289,180

 Supplemental cash flow information

 Cash paid for interest

 $ 496,098

 $ 448,384

 $ 229,641

 Cash paid for income taxes

 $ 374,039

 $ 408,340

 $ 358,231

 Notes to Consolidated Financial Statements

 1. Description of Business
 Effective March 25, 2024, FLEETCOR Technologies, Inc. ("FLEETCOR") changed its corporate name to Corpay, Inc. At that
 time, the Company ceased trading under the ticker symbol "FLT" and began trading under its new ticker symbol, "CPAY," on
 the New York Stock Exchange (NYSE) and has been a member of the S&P 500 since 2018. Corpay is a global corporate
 payments company that helps businesses and consumers better manage and pay their expenses. Corpay's suite of modern
 payment solutions help customers better manage vehicle-related expenses (e.g., fueling, tolls, car registrations and parking),
 lodging expenses (e.g., hotel and extended stay bookings) and corporate payments (e.g., domestic and international accounts
 payable and point of sale purchases). This results in the Company's customers saving time and ultimately spending less. Since
 its incorporation in 2000, Corpay has delivered payment and spend solutions with customized controls and robust capabilities
 that offer its customers a better way to pay.
 Corpay's vision is that every payment is digital, every purchase is controlled and every related decision is informed. Digital
 payments are faster and more secure than paper-based methods such as checks, provide timely and detailed data that can be
 utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting and eliminate reimbursement
 processes. Combining this payment data with analytical tools delivers insights, which managers can use to better run their
 businesses. The Company's wide range of modern, digitized solutions generally provides control, reporting and automation
 benefits superior to many of the payment methods businesses often use, such as cash, paper checks, general purpose credit
 cards, as well as employee pay and reclaim processes.
 The Company has the following reportable segments: Vehicle Payments, Corporate Payments, Lodging Payments and Other.
 The Company reports these segments to reflect how it organizes and manages its global employee base, manages operating
 performance and executes on strategic initiatives.
 The Company's Vehicle Payments solutions are purpose-built to enable its business and consumer customers to pay for vehicle
 related expenses, while providing greater control and visibility of employee spending when compared with less specialized
 payment methods, such as cash or general-purpose credit cards. The Company's Vehicle Payments solutions include fuel card
 offerings, tolls and other complementary products. The Company's Corporate Payments solutions simplify and automate vendor
 payments and are designed to help businesses streamline the back-office operations associated with making outgoing payments.
 Companies save time, cut costs and manage business-to-business (B2B) payment processing more efficiently with the
 Company's suite of corporate payment solutions, including AP automation, virtual cards, cross-border payments and purchasing
 and travel and entertainment cards. The Company's Lodging Payments solutions help businesses manage their travel-related
 lodging expenses while in the field, as well as lodging expenses of their customers, such as disrupted passengers in the airline
 industry. Corpay provides other payments solutions, including gift and payroll cards.
 The Company's solutions provide customers with control capabilities including customizable user-level controls, programmable
 alerts and detailed transaction reporting, among others. The Company's customers can use the data, controls and tools to combat
 employee misuse and fraud, streamline expense administration and potentially lower their operating costs.
 The Company utilizes both proprietary and third-party payment acceptance networks to deliver its solutions. In the Company's
 proprietary networks, which tend to be geographically distinct, transactions are processed on applications and operating systems
 owned and operated by the Company and only at select participating merchants with whom it has contracted directly for
 acceptance. Third-party networks are operated by independent parties and tend to be more broadly accepted, which is the
 primary benefit compared with the Company's proprietary networks. Mastercard and VISA are the Company's primary third-
 party network partners in North America and Europe, respectively.
 The Company actively markets and sells its solutions to current and prospective customers using a multi-channel approach.
 This go-to-market strategy includes comprehensive digital channels, direct sales forces and strategic partner relationships. The
 Company sells stand-alone products and services and is currently deploying platforms where a single customer can use multiple
 products from one user interface. The Company's capabilities are also offered through indirect sales channels (e.g., such as
 major oil companies and retail establishments for certain of our products in Vehicle Payments) and on a branded or "white
 label" basis, indirectly through a broad range of resellers and partners across Vehicle Payments, Lodging Payments and
 Corporate Payments. In doing so, the Company leverages their sales networks to expand its reach into new customer segments,
 new industry verticals and new geographies faster and at a significantly lower cost.

 2. Basis of Presentation and Summary of Significant Accounting Policie s
 Use of Estimates
 The preparation of financial statements in conformity with accounting principles generally accepted in the United States
 (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and
 expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly,
 accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company's
 consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is
 obtained and as the Company's operating environment changes. Actual results may differ from those estimates.
 Principles of Consolidation
 The accompanying consolidated financial statements include the accounts of Corpay, Inc. and all of its wholly owned
 subsidiaries. All significant intercompany balances and transactions have been eliminated.
 The Company's fiscal year ends on December 31. In certain of the Company's U.K. businesses, the Company records the
 operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding
 December 31. Fiscal years 2024, 2023 and 2022 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle.
 Financial Instruments-Credit Losses
 The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification
 (ASC) 326, "Financial Instruments - Credit Losses". The Company's financial assets subject to credit losses are primarily trade
 receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected
 credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and
 historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment
 experience and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for
 remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history
 and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration
 of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms
 and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant
 environmental factors. The Company's provision for credit losses is recorded within processing expenses in the Consolidated
 Statements of Income. At December 31, 2024 and 2023, app roximately 87 % and 82 %, respectively, of outstanding accounts
 receivable were less than 30 days past due. Accounts receivable deemed uncollectible are removed from accounts receivable
 and the allowance for credit losses when internal collection efforts have been exhausted and accounts have been turned over to
 a third-party collection agency. Recoveries from the third-party collection agency are not significant.
 Business Combinations
 Business combinations completed by us have been accounted for under the acquisition method of accounting, which requires
 that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date.
 The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed
 represents goodwill. Amounts assigned to goodwill are primarily attributable to buyer-specific synergies expected to arise after
 the acquisition (e.g., enhanced reach of the combined organization and other synergies) and the assembled work force of the
 acquiree. The results of the acquired businesses are included in our results of operations beginning from the completion date of
 the transaction.
 The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and
 require significant judgments. The Company uses information available to us to make fair value determinations and engages
 independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived
 assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the
 income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the
 timing and risk of the forecasted cash flow s (excess earnings method). The discount rates used represent a risk-adjusted market
 participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require
 considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates and
 technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to
 estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with
 adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are
 generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to
 the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method
 requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-
 average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would
 be willing to pay in order to achieve the benefits associated with the trade name. Non-compete arrangements are measured at
 fair value separately from the business combination using a cash flow method based on the Company's best estimate of the
 probability of competition and its business effect absent the non-compete arrangement.

 While the Company uses its best estimates and assumptions to determine the fair values of the assets acquired and the liabilities
 assumed, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which
 may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities
 assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company's
 Consolidated Statements of Income. The Company also estimates the useful lives of intangible assets to determine the period
 over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to
 have indefinite useful lives. The Company periodically reviews the indefinite nature of these assets. The Company also
 periodically reviews the estimated useful lives assigned to its intangible assets to determine whether such estimated useful lives
 continue to be appropriate.
 Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments
 The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of
 property and equipment and intangible assets with finite lives may not be recoverable. When factors indicate that these long-
 lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining
 whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected
 from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a
 write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analyses
 as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives
 of property and equipment and intangible assets with finite lives may warrant revision.
 The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate
 that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. When the Company believes it is
 appropriate, the Company may elect to first perform the optional qualitative assessment for certain of its reporting units. Factors
 considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost
 factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of
 the net assets of our reporting units, sustained decrease in our share price and other relevant entity-specific events. If the
 Company elects to bypass the optional qualitative assessment or if it determines, on the basis of qualitative factors, that the fair
 value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The
 Company then performs the quantitative goodwill impairment test for the applicable reporting units by comparing the reporting
 unit's carrying amount, including goodwill, to its fair value, which is measured based upon, among other factors, a discounted
 cash flow analysis and, to a lesser extent, market multiples for comparable companies. If the carrying amount of the reporting
 unit is greater than its fair value, goodwill is considered impaired.
 As of October 1, 2024, as a result of the annual evaluation, the Company determined the goodwill within the Payroll card
 reporting unit, a component of its "Other" category, was partially impaired. Accordingly, the Company recognized a goodwill
 impairment loss of $ 90 million within goodwill impairment in the Consolidated Statements of Income during the year ended
 December 31, 2024. Factors that led to this conclusion included i) decreased use of the card and its core component for the
 Company's target customers, ii) the impact of historic and sustained increases in inflation and interest rates on the reporting
 unit's weighted average costs of capital, which was beyond the Company's control and iii) inability to achieve forecasted
 operating results at historical underwritten values, all of which resulted in revised mid to long-term projections during the
 fourth quarter of 2024, including reevaluation of the Company's anticipated capital investment in the reporting unit and which
 negatively impacted the reporting unit's fair value. The Company engaged the assistance of a third-party valuation firm to assist
 with the performance of its goodwill quantitative impairment test. The estimation of the net present value of future cash flows is
 based upon varying economic assumptions, including assumptions such as revenue, net growth rates, operating costs, EBITDA
 margins, capital expenditures, tax rates, long-term growth rates and discount rates. Of these assumptions, EBITDA margins and
 discount rates are the most sensitive, subjective and/or complex. These assumptions are based on risk-adjusted discount factors
 accommodating viewpoints that consider the full range of variability contemplated in the current and potential future economic
 situations. There is approximately $ 57 million of goodwill remaining related to the Payroll card reporting unit following this
 impairment.
 The results of the 2024 impairment test for t he Comp a ny's reporting units other than Payroll card indicated that the estimated
 fair value of each of the Company's reporting units was in excess of the corresponding carrying amount as of October 1, 2024
 and no impairment of goodwill existed. No events or changes in circumstances have occurred since the date of this most recent
 annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
 The Company also evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually.
 The Company also tests for impairment at an interim date if events and circumstances indicate that it is more likely than not that
 the fair value of an indefinite-lived intangible asset is below its carrying amount. An impairment loss is recognized if the
 carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date.
 Estimates critical to the Company's evaluation of indefinite-lived intangible assets for impairment include the discount rate,
 royalty rates used in its evaluation of trade names and projected revenue growth. Based on the indefinite-lived intangible asset
 impairment analyses performed as of October 1, 2024, the Company determined the fair value of each of its indefinite-lived
 intangible assets was in excess of its carrying amount. No events or changes in circumstances have occurred since the date of
 this most recent annual impairment analysis that would more likely than not reduce the fair value of an indefinite-lived
 intangible asset below its carrying amount.

 The Company has elected the alternative to measure certain investments in equity instruments that do not have readily
 determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for
 similar investments of the issuer. The Company reassesses these investments each reporting period to evaluate whether these
 investments continue to qualify for the alternative measurement at cost minus impairment, rather than requiring measurement at
 fair value on a recurring basis. The Company evaluates for impairment these equity investments without readily determinable
 fair values based on qualitative indicators (e.g., significant deterioration in investee's financial performance, adverse regulation,
 etc.). Investments classified as trading securities are carried at fair value with any unrealized gain or loss recorded within
 investment (gain) loss in the Consolidated Statements of Income. During 2021, the Company made an investment of
 $ 37.4 million in a 20 -year joint venture with a third-party Brazilian bank. The Company determined that it exercises significant
 influence, but does not control, the joint venture and/or intermediary and records its allocable share of the joint ventures
 earnings/losses as an equity method investment under ASC 323. The Company monitors its equity method investments
 qualitatively for other than temporary impairment. The Company recorded no impairment charges on its investments for the
 years ended December 31, 2024, 2023 and 2022.
 Property and Equipment and Definite-Lived Intangible Assets
 Property and equipment are stated at cost and depreciated on the straight-line basis. Intangible assets with finite lives, consisting
 primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives.
 Customer and merchant relationship useful lives are estimated using historical attrition rates.
 The Company develops internal-use software that is used in providing processing and information management services to
 customers. A significant portion of the Company's capital expenditures are devoted to the development of such internal-use
 computer software. Software development costs are capitalized once application development stage of the software has been
 established. Costs incurred during preliminary project stage prior to the application development stage are expensed as incurred.
 Application development stage is established when the Company has completed all planning, designing, coding and testing
 activities that are necessary to determine that the software can be produced to meet its design specifications, including
 functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its
 intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the
 software. The Company capitalized software cos ts of $ 136.3 million, $ 128.0 million and $ 120.5 million in 2024, 2023 and
 2022, respectively. Amortization expense for softwa re totaled $ 78.8 million, $ 77.5 million and $ 61.3 million in 2024, 2023 and
 2022, respectively.
 Income Taxes
 The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized
 for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
 and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to
 apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on
 deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The
 Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense.
 The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in
 which the associated temporary differences become deductible. The Company evaluates on a quarterly basis whether it is more
 likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be
 established.
 The Company recognizes the impact of an uncertain income tax position on the income tax return at the largest amount that is
 more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be
 recognized if it has less than a 50 % likelihood of being sustained. The Company includes any estimated interest and penalties
 on tax related matters in income tax expense. S ee Note 13 for f urther information.
 Cash and Cash Equivalents and Restricted Cash
 Cash and cash equivalents primarily consist of a) cash on hand, b) highly liquid investments with original maturities of three
 months or less, such as certificates of deposit, treasury bills and money market fun ds, and c) c ustomer deposits repayable on
 demand without legal restrictions. Restricted cash represents a) customer deposits repayable on demand held in certain
 geographies with legal restrictions contractually set aside to fulfill payment obligations on a customer's behalf, b) collateral
 received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use
 other than to repay customer deposits and secure and settle cross-currency tran sactions, and c) collater al posted with banks for
 hedging positions in our cross-border payments business.
 The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated
 Balance Sheets to amounts within the Consolidated Statements of Cash Flows (in thousands).

 December 31, 2022

 Cash and cash equivalents

 $ 1,553,642

 $ 1,389,648

 $ 1,435,163

 Restricted cash

 2,902,703

 1,751,887

 854,017

 Total cash and cash equivalents
 and restricted cash

 $ 4,456,345

 $ 3,141,535

 $ 2,289,180

 Foreign Currency Translation
 Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign-currency and designated for
 long-term investment are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation
 adjustments are recorded to accumulated other comprehensive loss. Income and expenses a re translated at the average monthly
 rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are
 included in net income. The Company recognized net foreign exchange losses, which are recorded within other expense
 (income), net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):

 2024

 2023

 2022

 Foreign exchange losses

 $ 9.2

 $ 4.8

 $ 1.7

 The Company recorded foreign currency losses and gains on long-term intra-entity transactions included as a component of
 foreign currency translation losses (gains), net of tax, in the Consolidated Statements of Comprehensive Income for the years
 ended December 31 as follows (in millions):

 2024

 2023

 2022

 Foreign currency losses (gains) on long-term intra-entity
 transactions

 $ 132.0

 $ ( 29.0)

 $ 205.7

 Derivatives
 The Company uses derivatives to minimize its exposures related to changes in interest rates and economic changes in the value
 of certain foreign-denominated net assets. The Company also uses derivatives to facilitate cross-currency corporate payments
 by writing derivatives to customers and enters into cross currency derivative contracts with banking partners to mitigate foreign
 exchange risk associated with customer derivative contracts.
 The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In
 order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow
 hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments
 over the life of the agreements without exchange of the underlying notional amount. The Company hedges interest payments on
 an unspecified portion of its variable rate debt utilizing derivatives designated as cash flow hedges.
 Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/
 liabilities and offset against accumulated other comprehensive loss. Derivative fair value changes that are recorded in
 accumulated other comprehensive loss are reclassified to earnings in the same period or periods that the hedged item affects
 earnings, to the extent the derivative is highly effective in offsetting the change in cash flows attributable to the hedged risk.
 In the Company's cross-border payments business, the Company uses derivatives to facilitate cross-currency corporate
 payments by writing derivatives, primarily foreign currency forward contracts, option contracts and swaps, for its customers.
 The Company derives a currency spread from this activity. The Company recognizes current cross-border payments derivatives
 in prepaid expenses and other current assets and recognizes other current liabilities and derivatives greater than one year in
 other assets and other noncurrent liabilities in the accompanying Consolidated Balance Sheets at their fair value. Any gains/
 losses associated with these derivatives are recorded through earnings.
 The Company also utilizes cross-currency interest rate swaps designated as net investment hedges of its investments in foreign-
 denominated operations, which effectively converts a specified U.S. dollar notional equivalent to an obligation denominated in
 foreig n currency and partially offs ets the impact of changes in currency rates on the Company's foreign-denominated net
 investments. Such contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap,
 resulting in interest rate savings on the USD notional.
 All cash flows associated with the Company's foreign currency and interest rate swap derivatives are included in cash flows
 from operating activities in the Consolidated Statements of Cash Flows. Upon settlement of derivatives designated as net
 investment hedges, the associated cash flows will be classified as investing activities in the Consolidated Statements of Cash
 Flows. See Note 16 for further information.

 Spot Trade Offsetting
 The Company uses spot trades to facilitate cross-currency corporate payments. The Company applies offsetting to spot trade
 assets and liabilities associated with contracts that include master netting agreements with the same counterparty, as a right of
 offset exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot
 trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all
 spot trade liabilities, net in accounts payable, each net at the counterparty level, in its Consolidated Balance Sheets at their fair
 value. The following table presents the Company's spot trade assets and liabilities at their fair value for the years ended
 December 31, 2024 and 2023 (in millions):

 Gross

 Offset on the
 Balance Sheet

 Net

 Gross

 Offset on the
 Balance Sheet

 Net

 Accounts Receivable

 $ 2,305.6

 $ ( 2,131.8)

 $ 173.8

 $ 2,499.9

 $ ( 2,373.8)

 $ 126.1

 Accounts Payable

 $ 2,218.3

 $ ( 2,131.8)

 $ 86.5

 $ 2,457.3

 $ ( 2,373.8)

 $ 83.5

 Stock-Based Compensation
 The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation
 plans. Stock options are granted with an exercise price equal to the fair market value of the underlying Company share on the
 date of grant. Options granted have vesting provisions ranging from one to four years, and vesting of the options is generally
 based on the passage of time, performance or market conditions, or a combination of these. Stock option grants are subject to
 forfeiture if employment terminates prior to vesting. The Company has selected the Black-Scholes option pricing model for
 estimating the grant date fair value of stock option awards. The Company has considered the retirement and forfeiture
 provisions of the options and utilized its historical experience to estimate the expected term of the options. Option forfeitures
 are accounted for upon occurrence. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury
 security with a maturity equal to the expected term of the option from the date of the grant. Expected volatility is based on the
 Company's historical volatility.
 Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if
 employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or
 market conditions, or a combination of these. Shares generally have graded vesting provisions of one to four years. The fair
 value of restricted stock where the shares vest based on the passage of time or performance is based on the grant date fair value
 of the Company's stock.
 The fair value of stock options and restricted stock units granted with market-based vesting conditions is estimated using the
 Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo
 simulation valuation model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in
 determining the fair value of the market-based stock option awards.
 For performance-based restricted stock awards/units and performance-based stock option awards, the Company must also make
 assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates,
 stock-based compensation expense and the Company's results of operations could be materially affected.
 Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over
 the requisite service period based on the number of years over which the requisite service is expected to be rendered.
 Deferred Financing Costs/Debt Discounts
 Costs incurred to obtain financing are amortiz ed over the term of the related debt using the effective interest method and are
 included within interest expense, net. The Company capitalized additional debt issuance costs of $ 8.5 million associated with
 refinancing its Credit Facility and Securitization Facility in 2024 and $ 0.4 million in 2023. At December 31, 2024 and 2023, the
 Company had deferred financing costs of $ 4.2 million and $ 5.7 million, respectively, related to the revolver under the Credit
 Facility and the Securitization Facility, each recorded within pre paid expenses and other current assets, on the Consolidated
 Balance Sheets. The Company had deferred financing costs and debt discounts of $ 16.6 million and $ 19.0 million at
 December 31, 2024 and 2023, respectively, related to the term notes under the Credit Facility, which were recorded as a
 discount to the term debt outstanding within the current portion of notes payable and lines of credit and within notes payable
 and other obligations, less current portion on the Consolidated Balance Sheets.

 Comprehensive Income (Loss)
 Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions
 and other economic events of a reporting period other than transactions with owners.
 Accounts Receivable
 The Company main tains a $ 1.7 billion revo lving trade accounts receivable securitization facility (as amended from time to time,
 the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade
 receivables resulting primarily from charge card activity and other customer receivables in the U.S. Pursuant to the terms of the
 Securitization Facility, the Company transfers in the form of a legal sale certain of its domestic receivables, on a revolving
 basis, to FLEETCOR Funding LLC ("Funding"), a wholly-owned bankruptcy remote consolidated subsidiary. In turn, Funding
 transfers in the form of a legal sale, without recourse, on a revolving basis, an undivided ownership interest in this pool of
 accounts receivable to unrelated transferees (i.e., multi-seller banks and asset-backed commercial paper conduits). Funding
 retains a residual, subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees
 an incremental pledge of unsold receivables as a form of over-collateralization to enhance the credit of the transferred
 receivables. Purchases by the banks and conduits are generally financed with the sale of highly-rated commercial paper.
 The Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce its overall
 borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates,
 which approximates the Company's cost of servicing. Funding determines the level of funding achieved by the sale of trade
 accounts receivable, subject to a maximum amount. As the Company maintains certain continuing involvement in the
 transferred/sold receivables, it does not derecognize the receivables from its Consolidated Balance Sheets. Instead, the
 Company records cash proceeds and any residual interest received as a Securitization Facility liability.
 The Company's Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts
 receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for
 losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the
 securitized debt are presented as cash flows from financing activities.
 The Company's accounts receivable and securitized accounts receivable include the following at December 31 (in thousands):

 2024

 2023

 Gross domestic unsecuritized accounts receivable

 $ 945,714

 $ 921,206

 Gross domestic securitized accounts receivable

 1,323,000

 1,307,000

 Gross foreign receivables

 1,278,543

 1,420,543

 Total gross receivables

 3,547,257

 3,648,749

 Less allowance for credit losses

 ( 133,757)

 ( 180,163)

 Net accounts and securitized accounts receivable

 $ 3,413,500

 $ 3,468,586

 A rollforward of the Company's allowance for credit losses related to accounts receivable for the years ended December 31 is
 as follows (in thousands):

 2024

 2023

 2022

 Allowance for credit losses beginning of year

 $ 180,163

 $ 149,846

 $ 98,719

 Provision for credit losses

 103,133

 125,152

 131,096

 Write-offs

 ( 139,110)

 ( 115,631)

 ( 90,540)

 Recoveries

 11,380

 13,596

 10,320

 Impact of foreign currency

 ( 21,809)

 7,200

 Allowance for credit losses end of year

 $ 133,757

 $ 180,163

 $ 149,846

 The provision for credit losses decreased during the year ended December 31, 2024 versus the comparable prior periods
 primarily due to improved customer loss rates in the Company's U.S. Vehicle Payments business. Write-offs include fully
 reserved receivables against the allowance.
 Advertising
 The Company expenses advertising costs as incurred. Ad vertising expense was $ 75.0 million, $ 64.6 million and $ 65.5 million
 for the years ended December 31, 2024, 2023 and 2022, respectively.

 Earnings Per Share
 The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of
 common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution and net income attributable
 to common shareholders.
 Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less
 weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of
 common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units.
 Adoption of New Accounting S tandards
 Segment Reporting
 In November 2023, the Financial Accounting Standards Board ( FASB) issued ASU No. 2023-07, "Segment Reporting (Topic
 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). The amendments are intended to increase
 reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The
 ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023 and interim periods within fiscal
 years beginning after December 15, 2024, with early adoption permitted. Upon transition, the segment expense categories and
 amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in
 the period of adoption. The Company adopted this ASU during the year ended December 31, 2024 and applied the amendments
 retrospectively to all periods presented in our consolidated financial statements. See Note 18 for further information.
 Recent Accounting Pronouncements Not Yet Adopted
 Income Taxes
 In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax
 Disclosures" ("ASU 2023-09"). The amendments require disclosure of specific categories in the rate reconciliation and provide
 additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid
 for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early
 adoption permitted. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are
 currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements.
 Disaggregation of Income Statement Expenses
 In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses". The ASU, among
 other items, requires additional financial statement disclosures in tabular format disaggregating information about prescribed
 categories (including employee compensation, depreciation and amortization) underlying any relevant income statement
 expense captions. The ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026 and interim
 periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. We
 are currently evaluating the impact this guidance will have on the disclosures within our consolidated financial statements.

 3. Revenue
 The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment
 solutions are primarily focused on specific spend categories, including Vehicle Payments, Corporate Payments, Lodging
 Payments and Other. The Company provides solutions that help businesses of all sizes control, simplify and secure payment of
 various domestic and cross-border payables using specialized payment products. The Company also provides other payment
 solutions for fleet maintenance, employee benefits and long-haul transportation-related services.
 Payment Services
 The Company's primary performance obligation for the majority of its payment solutions (Vehicle Payments, Corporate
 Payments, Lodging Payments and Other) is to stand-ready to provide authorization and processing services (payment services)
 for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer's use
 (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price
 is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of
 transfer to the customer. As a result, the Company directly allocates and recognizes variable consideration in the period it has
 the contractual right to invoice the customer. Similarly, for the toll product within Vehicle Payments, the Company's primary
 performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each
 period of access is determined to be distinct and substantially the same as the customer benefits over the period of access.
 The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii)
 assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii)

 customer rebates and other discounts; and (iv) taxes assessed (e.g., VAT and VAT-like taxes) by a government, imposed
 concurrent with a revenue-producing transaction. Variability arising from rebates is generally resolved and/or reset within the
 reporting period to which the variable consideration is allocated. As such, the Company is able to directly allocate net
 adjustments against revenue in the reporting period in which they are invoiced and does not materially constrain revenue
 recognition as a significant reversal of revenue is not probable at invoicing.
 The majority of the transaction price the Company receives for fulfilling the p ayment services performance obligation are
 comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees
 earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a
 percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll, lodging and transportation cards
 and vouchers); and 5) monthly access fees.
 The Company recognizes revenue when the underlying transactions are complete and as its performance obligations are
 satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company
 has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company's
 records.
 In the Company's cross-border payments business, a portion of revenue is from exchanges of currency at spot rates, which
 enables customers to make cross-currency payments. The Company's performance obligation for its foreign exchange payment
 services is providing a foreign currency payment to a customer's designated recipient and therefore, the Company recognizes
 revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange
 payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and
 the rate available in the wholesale foreign exchange market.
 Gift Card Products and Services
 The Company's Gift solutions deliver both stored value cards and e-cards (cards) and card-based services p rimarily in the form
 of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for
 stored value cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses within the
 Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally
 upon shipment.
 Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes
 revenue based on the passage of time as it stands ready to process an unknown or unspecified quantity of transactions. As a
 result, the Company directly allocates and recognizes variable consideration over the estimated period of time over which the
 performance obligation is satisfied.
 Other
 The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations,
 primarily in the U.S., Canada and Brazil, in accordance with ASC 310, "Receivables." Such fees are recognized net of a
 provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided
 and represent approximat e ly 4 % and 5 % of total consolidated revenues, net for the years ended December 31, 2024 and 2023,
 respectively. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the
 customer's balance becomes delinquent.
 In addition, in its cross-border payments business, the Company writes foreign currency forwards, option contracts and swaps
 for its customers primarily to facilitate future payments in foreign currencies. The duration of these derivative contracts at
 inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer
 contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency
 risks by entering into offsetting derivatives with established financial institution counterparties. The Company accounts for the
 derivatives in its cross-border payments business in accordance with ASC 815, "Derivatives and Hedging." Revenues earned on
 the currency spread inherent in the instruments on date of execution, as well as changes in fair value related to these instruments
 prior to settlement, represented approximately 8 % of consolidated revenues, net, for the years ended December 31, 2024 and
 2023.
 Revenue is also derived from the sale of equipment and cards in certain of the Company's businesses, which is recognized at
 the time the device or card is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales
 related to the equipment and cards in revenues, net within the Consolidated Statements of Income. T he Company has recorded
 $ 74.8 million, $ 76.3 million and $ 83.1 million of expenses related to sales of equipment and cards in processing expenses
 within the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022, respectively.
 Revenues from contracts with customers, within the scope of Topic 606, represent approximately 85 % of consolidated
 revenues, net, for the years ended December 31, 2024 and 2023.
 The Company's remaining revenue primarily represents float revenue earned on invested customer funds in jurisdictions where
 permitted. Such revenue represented approximately 3 % and 2 % of consolidated revenues, net for the years ended December 31,
 2024 and 2023, respectively, and was not significant for the year ended December 31, 2022.

 Disaggregation of Revenues
 The Company provides its services to customers across different payment solutions and geographies. Revenues, net by solution
 for the years ended December 31 (in millions) are as follows:

 Revenues by Segment

 2024

 2023

 2022

 $ 2,008.8

 $ 2,005.5

 $ 1,950.0

 1,221.9

 981.1

 769.6

 488.6

 520.2

 456.5

 Other

 255.3

 250.9

 251.0

 $ 3,427.1

 Revenues, net by geography for the years ended December 31 (in millions) are as follows:

 Revenues by Geography*

 2024

 2023

 2022

 United States (country of domicile)

 $ 2,078.6

 $ 2,045.2

 $ 2,020.7

 Brazil

 594.3

 526.1

 442.9

 United Kingdom

 542.0

 478.5

 390.9

 Other

 759.7

 707.9

 572.7

 $ 3,427.1

 *Columns may not calculate due to rounding. Disclosure of revenues by geography has been conformed in all periods to align
 with current presentation.
 Contract Liabilities
 Deferred revenue contract liabilities for customers subject to ASC 606 were $ 39.0 million and $ 45.7 million as of
 December 31, 2024 and 2023, respectively. We expect to recognize approximately $ 29.1 million of these amounts in revenues
 within 12 months and the remaining $ 9.9 million over the next five years as of December 31, 2024. The amount and timing of
 revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the
 estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue
 recognized for the year ended December 31, 2024, that was included in the deferred revenue contract liability as of January 1,
 2024, was approximately $ 29.4 million.
 Costs to Obtain or Fulfill a Contract and/or Customer Incentives
 In accordance with ASC 606, the Company capitalizes the incremental costs of obtaining a contract with a customer if the
 Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to
 obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales
 commission).
 Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria:
 a. The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify.
 b. The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy)
 performance obligations in the future.
 c. The costs are expected to be recovered.
 In order to determine the appropriate amortization period for contract costs, the Company considers a combination of factors,
 including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the
 Company to provide products and services to its customers, whether further contract renewals are expected and if there is any
 incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the
 straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an
 expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract
 acquisition costs associated with sales commissions that qualify for capitalization is recorded as selling expense in the
 Company's Consolidated Statements of Income.
 Amortization of capitalized contract costs recorded in selling expense was $ 18.9 million, $ 16.7 million and $ 15.4 million for
 the years ended December 31, 2024, 2023 and 2022, respectively.
 Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and
 other assets in the Company's Consolidated Balance Sheets. The Company had capitalized contract costs of $ 19.7 million and

 $ 19.2 million within prepaid expenses and other current assets and $ 43.8 million and $ 44.9 million within other assets in the
 Company's Consolidated Balance Sheets, as of December 31, 2024 and 2023, respectively.
 Further, the Company on occasion may make a cash payment to a customer as a contract incentive. We defer these costs as
 payments to a customer if recoverable and amortize them over the benefit period, including anticipated customer renewals. The
 amortization of costs associated with cash payments for client incentives is included as a reduction of revenues in the
 Company's Consolidated Statements of Income. The Company had de ferred customer incentives of $ 5.5 million and
 $ 10.0 million as of December 31, 2024 and 2023, respectively. Amortization of deferred customer incentives was immaterial
 for the years ended December 31, 2024, 2023 and 2022.
 Practical Expedients
 ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations;
 however, as allowed by ASC 606, the Company elected to exclude this disclosure for contracts with performance obligations of
 one year or less and contracts with variable consideration that is directly allocated to a single performance obligation such as a
 stand-ready series. As described above, the Company's most significant single performance obligations consist of variable
 consideration directly allocated under a stand-ready series of distinct days of service. Such direct allocation of variable
 consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of
 transaction price that is allocated to unsatisfied performance obligations is variable consideration that is not required for this
 disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one
 year is not material.
 The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company
 presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is
 acting as an agent or a principal in each taxing jurisdiction.
 In certain arrangements with customers, the Company has determined that certain promised services and products are
 immaterial in the context of the contract, both quantitatively and qualitatively.
 As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a
 significant financing component if the Company expects, at contract inception, that the period between when the Company
 transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or
 less. As of December 31, 2024, the Company's contracts with customers contain standard pricing where the timing on control
 transfer is dependent upon the customer in a stand-ready environment and therefore did not contain a significant financing
 component.

 4. Fair Value Measurements
 Fair value is a market-based measurement that reflects assumptions that market participants would use in pricing an asset or
 liability. GAAP discusses valuation techniques, such as the market approach (comparable market prices), the income approach
 (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or
 replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect
 market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions.
 As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as
 follows:
 • Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets.
 • Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability,
 including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or
 liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose
 significant value drivers are observable.
 • Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop
 its own assumptions. The fair value hierarchy also requires an entity to maximize the use of observable inputs and
 minimize the use of unobservable inputs when measuring fair value.

 The following table presents the Company's financial assets and liabilities which are measured at fair values on a recurring
 basis as of December 31, 2024 and 2023, (in thousands):

 Fair Value

 Level 1

 Level 2

 Level 3

 Assets:

 Overnight deposits

 $ 140,359

 $ —

 $ 140,359

 $ —

 Money market

 320,289

 —

 320,289

 —

 Certificates of deposit

 273,082

 —

 273,082

 —

 Treasury bills

 550,514

 —

 550,514

 —

 Interest rate swaps

 19,765

 —

 19,765

 —

 Cross-currency interest rate swap

 30,530

 —

 30,530

 —

 833,695

 —

 833,695

 —

 Total assets

 $ 2,168,234

 $ —

 $ 2,168,234

 $ —

 Cash collateral for foreign exchange contracts

 $ 34,994

 Liabilities:

 Interest rate swaps

 $ 9,861

 $ —

 $ 9,861

 $ —

 Cross-currency interest rate swap

 5,220

 —

 5,220

 —

 724,296

 —

 724,296

 —

 Total liabilities

 $ 739,377

 $ —

 $ 739,377

 $ —

 Cash collateral obligation for foreign exchange contracts

 $ 718,143

 Assets:

 Overnight deposits

 $ 256,466

 $ —

 $ 256,466

 $ —

 Money market

 376,465

 —

 376,465

 —

 Certificates of deposit

 266,316

 —

 266,316

 —

 Treasury bills

 236,505

 —

 236,505

 —

 Interest rate swaps

 23,485

 —

 23,485

 —

 320,216

 —

 320,216

 —

 Total assets

 $ 1,479,453

 $ —

 $ 1,479,453

 $ —

 Cash collateral for foreign exchange contracts

 $ 39,219

 Liabilities:

 Interest rate swaps

 $ 55,796

 —

 $ 55,796

 —

 Cross-currency interest rate swap

 14,522

 —

 14,522

 —

 244,745

 —

 244,745

 —

 Total liabilities

 $ 315,063

 $ —

 $ 315,063

 $ —

 Cash collateral obligation for foreign exchange contracts

 $ 180,168

 The Company has highly-liquid investments classified as cash equivalents, with ori ginal maturities of three months or less,
 included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or
 indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company
 has certain cash and cash equivalents that are invested in highly liquid investments, such as, overnight deposits, money markets,
 certificates of deposit and Treasury bills, with purchased maturities ranging from overnight to three months or less. The value
 of overnight deposits is determined based upon the quoted market prices for the treasury securities associated with the deposit.
 The value of money market instruments is determined based upon the financial institutions' month-end statement, as these
 instruments are not tradable and must be settled directly by us with the respective financial institution. Certificates of deposit
 and certain U.S. Treasury bills are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the
 carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair
 value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with
 reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these
 instruments. Interest rate swap derivative contracts are carried at fair value, with changes in fair value recognized in
 accumulated other comprehensive loss to the extent designated as highly effective cash flow hedges for accounting purposes.

 The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for
 foreign exchange derivatives is recorded within customer deposits in our Consolidated Balance Sheets. Cash collateral
 deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheets.
 The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are
 deemed to have occurred at the end of the quarter. There were no transfers between fair value levels during the periods
 presented for 2024 and 2023.
 The Company's assets that are measured at fair value on a nonrecurring basis and are evaluated with periodic testing for
 impairment include property and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of
 assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as
 management's projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, management's
 projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the
 fair value hierarchy.
 The Company's derivatives are over-the-counter instruments with liquid markets. The Company determines the fair values of its
 derivatives based on quoted market prices for similar assets or liabilities or pricing models using current market
 rates. Accordingly, these fair value measurements are in Level 2 of the fair value hierarchy. The amounts exchanged are
 calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency
 exchange rates, commodity rates or other financial indices. See Note 16 for further information.
 The Company regularly evaluates the carrying value of its investments. The carrying value of investments without readily
 determinable fair values was $ 60.1 million and $ 69.5 million at December 31, 2024 and 2023, respectively.
 The fair value of the Company's cash, accounts receivable, securitized accounts receivable and related facility, prepaid
 expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings
 approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the
 Company's debt obligations approximates fair value as the interest rates on the debt are variable market-based interest rates that
 reset on a monthly basis. These are each Level 2 fair value measurements, except for cash, which is a Level 1 fair value
 measurement.

 5. Stockholders' Equity
 The Company's Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the
 "Program") authorizing the Company to repurchase its common stock from time to time until February 4, 2026. On January 25,
 2024, the Board authorized an increase to the aggregate size of the Program by $ 1.0 billion to $ 8.1 billion and o n November 5,
 2024, the Board authorized an increase to the aggregate size of the Program by another $ 1.0 billion to $ 9.1 billion. Since the
 beginning of the Program through December 31, 2024, 33,090,680 shares have been repurchased for an aggregate purchase
 price of $ 7.8 billion, leaving the Company up to $ 1.3 billion of remaining authorization available under the Program for future
 repurchases in shares of its common stock. There were 4,211,818 common shares totaling $ 1.3 billion in 2024; 2,597,954
 common shares totaling $ 0.7 billion in 2023 and 6,212,410 common shares totaling $ 1.4 billion in 2022; repurchased under the
 Program. Repurchased shares are held as treasury stock on the Company's Consolidated Balance Sheets.
 On August 18, 2023, as part of the Program, the Company entered an accelerated share repurchase (ASR) agreement ("2023
 ASR Agreement") with a third-party financial institution to repurchase $ 450 million of its common stock. Pursuant to the 2023
 ASR Agreement, the Company delivered $ 450 million in cash and received 1,372,841 shares based on a stock price of $ 262.23
 on August 18, 2023. The 2023 ASR Agreement was completed on September 26, 2023, at which time the Company received
 293,588 additional shares based on a final weighted average per share purchase price during the repurchase period of $ 270.04.
 The Company accounted for the 2023 ASR Agreement as two separate transactions: (i) as shares of reacquired common stock
 for the shares delivered to the Company upon execution of the ASR Agreement and (ii) as a forward contract indexed to the
 Company's common stock for the undelivered shares. The initial delivery of shares was included in treasury stock at cost and
 resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding
 for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock met the criteria
 for equity classification, and these amounts were initially recorded in additional paid-in capital and reclassified to treasury stock
 upon settlement based on the final weighted average per share price.

 6. Stock-Based Compensation
 The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement
 of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated
 forfeitures, over the requisite service period for awards expected to vest.
 The Company has a Stock Incentive Plan (the "Plan"), pursuant to which the Company's Board is permitted to grant equity to
 employees and directors. Under the Plan, a maximum of 20.65 million shares of the Company's common stock is approved to
 be issued for grants of restricted stock and stock options.

 The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements
 of Income related to stock-based compensation for the years ended December 31 (in thousands):

 2024

 2023

 2022

 Stock options

 $ 30,822

 $ 24,342

 $ 61,993

 Restricted stock

 85,902

 91,744

 59,423

 $ 116,724

 $ 116,086

 $ 121,416

 The tax benefits related to stock-based compensation, inclusive of the tax benefits upon the exercises of options a nd vesting of
 restricted stock were $ 60.7 million, $ 22.1 million and $ 25.5 million for the years ended December 31, 2024, 2023 and 2022,
 respectively.
 The following table summarizes the Company's total unrecognized compensation cost related to outstanding stock awards as of
 December 31, 2024 (cost in thousands):

 Unrecognized
 Compensation
 Cost

 Weighted Average
 Period of Expense
 Recognition Remaining
 (in Years)

 Stock options

 $ 34,979

 1.91

 Restricted stock

 37,903

 0.58

 Total

 $ 72,882

 Stock Options
 The following summarizes the changes in the number of shares of stock options outstanding for the following periods (shares
 and aggregate intrinsic value in thousands):

 Shares

 Weighted
 Average
 Exercise
 Price

 Exercisable
 at End of
 Year

 Weighted
 Average
 Exercise
 Price of
 Exercisable

 Weighted
 Average Fair
 Value of
 Granted During
 the Year

 Aggregate
 Intrinsic
 Value

 Outstanding at December 31, 2021

 5,447

 $ 176.52

 3,798

 $ 145.18

 $ 257,707

 223.66

 $ 65.23

 Exercised

 ( 544)

 94.79

 64,783

 Forfeited

 ( 251)

 230.60

 Outstanding at December 31, 2022

 5,301

 188.12

 3,512

 159.46

 113,681

 222.51

 $ 66.28

 Exercised

 ( 648)

 172.01

 40,983

 Forfeited

 ( 81)

 241.78

 Outstanding at December 31, 2023

 4,983

 192.18

 3,182

 163.54

 451,039

 285.11

 $ 97.38

 Exercised

 ( 2,271)

 188.61

 324,577

 Forfeited

 ( 397)

 253.49

 Outstanding at December 31, 2024

 2,484

 $ 191.97

 1,760

 $ 171.95

 $ 364,092

 Expected to vest at December 31, 2024

 $ 240.62

 The following table summarizes infor mation about stock options outstanding at December 31, 2024 (shares in thousands):

 Exercise Price

 Outstanding

 Weighted Average
 Remaining Vesting
 Life in Years

 Exercisable

 $ 114.90 – $ 224.99

 1,544

 0.09

 1,415

 $ 225.45 – $ 238.32

 1.05

 $ 248.28 – $ 283.86

 0.60

 $ 288.37 – $ 373.15

 1.57

 2,484

 1,760

 The aggregate intrinsic value of stock options exercisable at December 31, 2024 was $ 292.9 million. The weight ed average
 remaining contractual term of options exercisable at December 31, 2024 w as 3.1 years.
 The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following
 weighted-average assumptions for grants or modifications during the years ended December 31 as follows:

 2024

 2023

 2022

 Risk-free interest rate

 4.28 %

 4.39 %

 1.65 %

 Dividend yield

 —

 —

 —

 Expected volatility

 35.68 %

 33.73 %

 34.62 %

 Expected term (in years)

 3.8

 3.4

 3.9

 The weighted-average remaining contractual term for options outstanding was 4.6 years at December 31, 2024.
 On September 30, 2021, the Company granted 850,000 performance stock options to an officer of the Company ("Performance
 Option Grant"), which are exercisable upon the achievement of certain time-based vesting and market conditions. On October
 23, 2024, the Company modified the Performance Option Grant and recorded approximately $ 10.3 million in incremental
 stock-based compensation expense.
 Restricted Stock
 The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units
 outstanding for the following periods (shares in thousands):

 Shares

 Weighted
 Average
 Grant Date
 Fair Value

 Outstanding at December 31, 2021

 $ 278.57

 229.22

 Cancelled

 ( 83)

 267.53

 Issued

 ( 146)

 283.60

 Outstanding at December 31, 2022

 237.68

 213.36

 Cancelled

 ( 24)

 230.11

 Issued

 ( 310)

 235.25

 Outstanding at December 31, 2023

 219.61

 277.87

 Cancelled

 ( 55)

 229.11

 Issued

 ( 394)

 225.22

 Outstanding at December 31, 2024

 $ 260.23

 The total fair value of restricted stock awards and restricted stock units vest ed was $ 112.3 million, $ 66.6 million and $ 34.4
 million for the years ended December 31, 2024, 2023 and 2022, respectively.

 7. Acquisitions
 2024 Acquisitions
 In March 2024, the Company a cquired 70 % of the outstanding stock of Zapay, a Brazil-based digital consumer mobility
 solution for paying vehicle-related taxes and compliance fees, for approximately $ 59.5 million, net of cash. As part of the
 agreement, the Company has the right to acquire the remainder of Zapay in four years from the acquisition date. The majority
 investment in Zapay further scales the Company's Vehicle Payments business in Brazil. The Company preliminarily recorded
 goodwill of approximately $ 73.2 million representing the strategic benefits of the majority investment in Zapay, which further
 scales the Company's Vehicle Payments business in Brazil. None of the goodwill attributable to the acquisition of Zapay is
 expected to be deductible for tax purposes.
 I n July 2024, the Company acquired 100 % of the stock of Paymerang, a U.S.-based leader in accounts payables automation
 solutions, for approximately $ 179.2 million, net of cash and cash equivalents and restricted cash acquired of $ 309 million. The
 Company preliminarily recorded goodwill of approximately $ 308.1 million representing the strategic benefits of the acquisition,
 which expands Corpay's presence in several markets, including education, healthcare, hospitality and manufacturing. None of
 the goodwill attributable to the acquisition of Paymerang is expected to be deductible for tax purposes.
 In December 2024, the Company acquired 100 % of GPS Capital Markets, LLC ("GPS") for approximately $ 576.2 million, net
 of cash and cash equivalents and restricted cash acquired of $ 190.7 million. As the Company acquired a single member LLC,
 the acquisition allowed for all U.S. assets to be stepped-up to fair value at the acquisition date and goodwill to be deductible for
 federal income tax purposes. GPS provides business-to-business cross-border and treasury management solutions to upper
 middle market companies, pri marily in the U.S. The Company preliminarily recorded goodwill of approximately $ 329.2 million
 representing the strategic benefits of the acquisition of GPS, which further scales the Company's cross-border solution. All of
 the goodwill attributable to the acquisition of GPS is expected to be deductible for tax purposes.
 The aggregate consideration paid for these acquisitions was approximately $ 814.9 million, net of cash and cash equivalents and
 restricted cash of $ 509.0 million. The Company financed the acquisitions using a combination of available cash and borrowings
 under its existing credit facility. Results from these acquisitions have been included in the Company's consolidated results from
 the respective date of each acquisition. Results from the Zapay acquisition have been included in the Company's Vehicle
 Payments segment and the results of both Paymerang and GPS have been included in the Company's Corporate Payments
 segment. In connection with certain of the 2024 acquisitions, the Company signed noncompete agreements valued at
 approximately $ 26.6 million, which were accounted for separately from the business acquisition and recorded within other
 intangibles, net in the Company's Consolidated Balance Sheets.
 All of the 2024 acquisitions are accounted for as business combinations. The primary areas of the preliminary acquisition
 accounting that are not yet finalized relate to the following: (i) finalizing the review and valuation of intangible assets, including
 key assumptions, inputs and estimates, and certain useful life assumptions, (ii) compiling and reviewing customer deposits
 records, (iii) finalizing the Company's estimate of the impact of acquisition accounting on deferred income taxes or liabilities,
 (iv) finalizing the Company's review of certain working capital accounts acquired, (v) finalizing the evaluation and valuation of
 certain legal matters and/or other loss contingencies, including those that the Company may not yet be aware of but meet the
 requirement to qualify as a pre-acquisition contingency, and (vi) finalizing the Company's estimate of the fair value of the non-
 controlling interest for Zapay. The provisional estimated noncontrolling interest of Zapay was recorded at fair value.
 The following table summarizes the preliminary acquisition accounting for the business acquisitions noted above (in

 Trade and other receivables

 $ 22,898

 72,394

 Other long term assets

 40,909

 Goodwill

 710,549

 Intangibles

 591,902

 Accounts payable

 ( 55,446)

 ( 463,627)

 ( 101,815)

 Total fair value of net assets acquired

 817,764

 Less: Noncontrolling interest

 ( 29,437)

 Total consideration paid

 $ 788,327

 The preliminary estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the
 following (in thousands):

 Useful Lives (in Years)

 Value

 Trade names and trademarks - indefinite lived

 N/A

 $ 13,938

 Trade names and trademarks - other

 2 to 5

 12,200

 Proprietary technology

 4 to 5

 23,485

 Customer and vendor relationships

 2 to 20

 542,279

 $ 591,902

 During the year ended December 31, 2024, the Company also completed multiple asset acquisitions for approximately $ 6.7
 million.
 2023 Acquisitions
 In January 2023, the Company acquired 100 % of the membership interests of Global Reach, a U.K.-based cross-border
 payments provider, for approximately $ 102.9 million, net of cash. In February 2023, the Company acquired the remainder of its
 investment in Mina Digital Limited ("Mina"), a cloud-based electric vehicle (EV) charging software platform. In February
 2023, the Company also acquired 100 % of the membership interests of Business Gateway AG, a European-based service,
 maintenance and repair technology provider. In September 2023, the Company acquired 100 % of the membership interests of
 PayByPhone Technologies, Inc., the world's second largest mobile parking operator, for approximately $ 301.9 million, net of
 cash. Each of these 2023 acquisitions provide incremental geographic expansion of our products, with PayByPhone specifically
 intended to progress the Company's broader strategy to transform our vehicle payments business. Results from these
 acquisitions have been included in the Company's consolidated results from the respective date of each acquisition. Results
 from Global Reach are included in the Company's Corporate Payments segment and the results for Mina Digital Limited,
 Business Gateway AG and PayByPhone are included in the Company's Vehicle Payments segment.
 The aggregate consideration paid for these acquisitions was approximately $ 437.0 million (inclusive of the $ 8.5 million
 previously-held equity method investment in Mina), net of cash of $ 117 million. The Company financed the acquisitions using
 a combination of available cash and borrowings under its existing credit facility. Any noncompete agreements signed in
 conjunction with these acquisitions were accounted for separately from the business acquisition.
 Acq uisition accounting for the 2023 acquisitions was finalized during the first quarter of 2024 (for Global Reach, Mina and
 Business Gateway AG) and during the third quarter of 2024 (for PaybyPhone) as the measurement periods closed. There were
 no material measurement period adjustments recorded during 2024 related to the 2023 acquisitions.
 The following table summarizes the acquisition accounting, in aggregate, for the 2023 business acquisitions noted above (in

 Trade and other receivables

 $ 9,299

 46,425

 Other long term assets

 13,302

 Goodwill

 383,851

 Intangibles

 158,689

 Accounts payable

 ( 25,238)

 ( 132,132)

 ( 18,923)

 Total consideration paid

 $ 435,273

 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in

 Useful Lives (in Years)

 Value

 Trade names and trademarks - indefinite lived

 N/A

 $ 11,169

 Trade names and trademarks - other

 2 to 5

 1,290

 Proprietary technology

 5 to 7

 11,885

 Customer relationships

 6 to 20

 134,345

 $ 158,689

 8. Goodwill and Other Intangible Assets
 A summary of changes in the Company's goodwill by reportable segment is as follows (in thousands):

 2023

 Acquisitions 1

 Dispositions 2

 Impairments 3

 Acquisition
 Accounting
 Adjustments

 Currency

 2024

 Segment

 $ 2,803,990

 $ 73,217

 $ —

 $ —

 $ —

 $ ( 192,932)

 $ 2,684,275

 2,074,736

 637,332

 ( 58,220)

 —

 1,058

 ( 25,772)

 2,629,134

 416,952

 —

 —

 —

 —

 ( 3,514)

 413,438

 Other

 349,280

 —

 —

 ( 90,000)

 —

 ( 1,460)

 257,820

 $ 5,644,958

 $ 710,549

 $ ( 58,220)

 $ ( 90,000)

 $ 1,058

 $ ( 223,678)

 $ 5,984,667

 1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the year ended
 December 31, 2024.

 2 Reflects goodwill derecognized in connection with the disposition of the Company's merchant solutions business in the U.S.
 See Note 19 for further information.

 3 Represents the partial impairment of the goodwill within the Company's Payroll Card reporting unit during the year ended
 December 31, 2024. See Note 2 for further information.

 2022

 Acquisitions

 Dispositions

 Impairments

 Acquisition
 Accounting
 Adjustments

 Currency

 2023

 Segment

 $ 2,530,391

 $ 233,240

 $ ( 40,857)

 $ —

 $ 4,389

 $ 76,827

 $ 2,803,990

 1,906,070

 149,553

 —

 —

 ( 105)

 19,218

 2,074,736

 416,044

 —

 —

 —

 ( 764)

 1,672

 416,952

 Other

 348,930

 —

 —

 —

 —

 349,280

 $ 5,201,435

 $ 382,793

 $ ( 40,857)

 $ —

 $ 3,520

 $ 98,067

 $ 5,644,958

 At December 31, 2024 and 2023, approximately $ 1.1 billion and $ 985.9 million of the Company's goodwill is deductible for
 tax purposes, respectively. Acquisition accounting adjustments recorded in 2024 and 2023 are a result of the Company
 completing its acquisition accounting and working capital adjustments for certain prior year acquisitions. At December 31,
 2024, goodwill is presented net of accumulated impairment losses of $ 90.0 million, all of which were recorded during the year
 ended December 31, 2024 and are included in our Other category as described above. There were no accumulated impairment
 losses as of December 31, 2023.

 Other intangible assets consisted of the following at December 31 (in thousands):

 2024

 2023

 Weighted-
 Avg Useful
 Life
 (Years) 1

 Gross
 Carrying
 Amounts

 Accumulated

 Net
 Carrying
 Amount

 Gross
 Carrying
 Amounts

 Accumulated

 Net
 Carrying
 Amount

 Customer and vendor
 relationships

 16.8

 $ 3,476,642

 $ ( 1,624,079)

 $ 1,852,563

 $ 3,044,522

 $ ( 1,511,173)

 $ 1,533,349

 Trade names and
 trademarks—indefinite
 lived

 N/A

 410,391

 —

 410,391

 440,900

 —

 440,900

 Trade names and
 trademarks—other

 7.8

 66,047

 ( 13,055)

 52,992

 51,510

 ( 15,334)

 36,176

 Technology

 6.1

 306,296

 ( 245,038)

 61,258

 299,780

 ( 238,819)

 60,961

 Non-compete
 agreements

 3.7

 52,412

 ( 19,174)

 33,238

 85,111

 ( 70,834)

 14,277

 Total other intangibles

 $ 4,311,788

 $ ( 1,901,346)

 $ 2,410,442

 $ 3,921,823

 $ ( 1,836,160)

 $ 2,085,663

 N/A = Not Applicable

 1 The weighted-average useful life calculation excludes fully amortized intangible assets.

 Changes in foreign exchange rates resulted in $ 69.6 million and $ 32.4 million decreases to the carrying values of other
 intangible assets in the years ended December 31, 2024 and 2023, respectively. Amortization expense related to intangible
 assets for the years ended December 31, 2024, 2023 and 2022 was $ 230.8 million, $ 225.4 million and $ 227.2 million,
 respectively. During the year ended December 31, 2024, the Company wrote-off the gross carrying amounts and the related
 accumulated amortization of fully amortized intangible assets of approximately $ 70.3 million which were no longer being used.
 Due to rebranding activity during the year ended December 31, 2024, the Company reassessed the useful lives of certain
 trademarks. This resulted in a reclassification of $ 13.3 million from indefinite to finite-lived assets as of December 31, 2024. At
 the time of change in estimate, which was applied prospectively, the Company tested these trademarks for impairment, which
 resulted in no impairment charge.
 The future estimated amortization of intangible assets at December 31, 2024 is as follows (in thousands):

 2025

 $ 235,277

 2026

 217,005

 2027

 205,855

 2028

 195,480

 2029

 179,637

 Thereafter

 966,797

 9. Property and Equipment
 Property and equipment, net consisted of the following at December 31 (in thousands):

 Estimated
 Useful Lives
 (in Years)

 2024

 2023

 Computer hardware and software

 3 to 5

 $ 839,250

 $ 734,759

 Card-reading equipment

 4 to 6

 53,820

 61,216

 Furniture, fixtures and vehicles

 2 to 10

 20,696

 20,614

 Buildings and improvements

 5 to 50

 40,242

 41,508

 Property and equipment, gross

 954,008

 858,097

 Less: accumulated depreciation

 ( 576,303)

 ( 514,943)

 Property and equipment, net

 $ 377,705

 $ 343,154

 Deprec iation expense related to property and equipment for the years ended December 31, 2024, 2023 and 2022 was $ 120.1
 million, $ 110.0 million and $ 92.0 million, respectively. Amortization expense includes $ 78.8 million, $ 77.5 million and $ 61.3
 million for capitalized computer software costs for the years ended December 31, 2024, 2023 and 2022, respectively. At

 December 31, 2024 and 2023, the Company had unamortized computer software costs of $ 315.7 million and $ 268.9 million,
 respectively.
 Write-offs of property and equipment were immaterial for each of the years ended December 31, 2024, 2023 and 2022.

 1 0. Accrued Expenses
 A ccrued expenses consisted of the following at December 31 (in thousands):

 2024

 2023

 Accrued bonuses

 $ 21,581

 $ 12,696

 Accrued payroll and severance

 54,493

 53,303

 Accrued taxes

 129,314

 109,323

 Accrued commissions/rebates

 126,932

 74,519

 Other 1

 112,618

 106,277

 $ 444,938

 $ 356,118

 1 Other accrued expenses include several types of amounts due to our merchants, vendors and other third parties.

 11. Debt
 The Company's debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization
 Facility as follows (in thousands):

 2024

 2023

 Term Loan A note payable (a), net of discounts

 $ 3,083,037

 $ 2,882,595

 Term Loan B note payable (a), net of discounts

 2,327,174

 1,840,244

 Revolving line of credit facilities (a)

 1,262,000

 692,318

 Other obligations (c)

 Total notes payable, credit agreements and other obligations

 6,673,080

 5,415,905

 Securitization Facility (b)

 1,323,000

 1,307,000

 Total debt

 $ 7,996,080

 $ 6,722,905

 Current portion

 $ 2,769,974

 $ 2,126,749

 Long-term portion

 5,226,106

 4,596,156

 Total debt

 $ 7,996,080

 $ 6,722,905

 _____________________
 (a) The Company is party to a $ 7.5 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as
 administrative agent, swing line lender and letter of credit issuer and a syndicate of financial institutions (the
 "Lenders"), which has been amended multiple times. The Credit Agreement provides for senior secured credit facilities
 (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $ 1.8 billion, a Term Loan A
 facility in the amount of $ 3.3 billion and a Term Loan B facility in the amount of $ 2.4 billion as of December 31, 2024.
 The revolving credit facility consists of (a) a revolving A credit facility in the amount of $ 1.3 billion with sublimits for
 letters of credit and swing line loans and (b) a revolving B facility in the amount of $ 500 million with borrowings in
 U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance and sublimits for swing line
 loans. The Credit Agreement also includes an accordion feature for borrowing an additional $ 750 million in Term Loan
 A, Term Loan B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-
 forma basis is less than 3.75 to 1.00. Proceeds from the credit facilities may be used for working capital purposes,
 acquisitions and other general corporate purposes. The maturity date for the Term Loan A and revolving credit facilities
 A and B is June 24, 2027. The Term Loan B has a maturity date of April 30, 2028.
 On May 3, 2023, the Company entered into the thirteenth amendment to the Credit Facility. The amendment replaced
 LIBOR on the Term Loan B with the Secured Overnight Financing Rate (SOFR), plus a SOFR adjustment of 0.10 %.

 On January 31, 2024, the Company entered into the fourteenth amendment to its Credit Agreement. The amendment a)
 increased the capacity on the revolving credit facility by $ 275 million and b) increased the Term Loan A commitments
 by $ 325 million. The Company used the Term Loan A proceeds to pay down existing borrowings under the revolving
 credit facility. As a result, the transaction was leverage neutral and resulted in a $ 600 million increase in the Company's
 availability under the revolving credit facility. The interest rates and maturity terms remained consistent with the
 existing credit facilities.
 On September 26, 2024, the Company entered into the fifteenth amendment to the Credit Agreement. The amendment
 a) increased the Term Loan B commitments by $ 500 million, and b) removed the SOFR adjustment margin of 0.10 %
 from the calculation of interest on Term Loan B borrowings. The Company used the Term Loan B proceeds to pay
 down existing borrowings under the revolving credit facility. The maturity dates and the interest rates for the revolving
 credit facility and Term Loan A commitments were unchanged by this amendment.
 Interest on amounts outstanding under the Credit Agreement accrues as follows: For all loans denominated in U.S.
 dollars with the exception of Term Loan B borrowings, based on SOFR plus a SOFR adjustment of 0.10 %; for Term
 Loan B borrowings, based on SOFR; for all loans denominated in British pounds, based on the SONIA plus a SONIA
 adjustment of 0.0326 %; for all loans denominated in euros, based on the Euro Interbank Offered Rate (EURIBOR); or
 for all loans denominated in Japanese yen, at the Tokyo Interbank Offer Rate (TIBOR) plus a margin based on a
 leverage ratio (as defined in the agreement); or our option (for U.S. dollar borrowings only), the Base Rate (defined as
 the rate equal to the highest of (a) the Federal Funds Rate plus 0.50 %, (b) the prime rate announced by Bank of
 America, N.A., or (c) SOFR plus 1.00 % plus a margin based on a leverage ratio). In addition, the Company pays a
 quarterly commitment fee at a rate per annum ranging from 0.25 % to 0.30 % of the daily unused portion of the credit
 facility.
 The interest rates at December 31, 2024 and 2023 are as follows:

 2024

 2023

 Term loan A

 5.83 %

 6.83 %

 Term loan B

 6.11 %

 7.21 %

 Revolving line of credit A & B (USD)

 5.83 %

 6.83 %

 Revolving line of credit B (GBP)

 6.11 %

 6.59 %

 Unused credit facility fee

 0.25 %

 0.25 %

 The term loans are payable in quarterly installments due on the last business day of each March, June, September and
 December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of
 credit are repayable at the maturity of the facility. Borrowings on the domestic swing line of credit are due on demand,
 and borrowings on the foreign swing lines of credit are due no later than twenty business days after such loan is made.
 The Company has unamortized debt discounts and debt issuance costs of $ 16.6 million and $ 19.0 million relat ed to the
 term loans as of December 31, 2024 and December 31, 2023, respectively, recorded in notes payable and other
 obligations, net of current portion within the Consolidated Balance Sheets.
 The Company has unamortized debt issuance c osts of $ 3.4 million and $ 3.6 million related to the revolving credit
 facility as of December 31, 2024 and December 31, 2023, respectively, recorded in other assets within the Consolidated
 Balance Sheets.
 As a result of the amortization of debt discounts and debt issuance costs, the effective interest rate incurred on the term
 loans was 6.87 % during 2024. Principal payments of $ 140.1 million were made on the term loans during 2024.
 (b) The Company is party to a $ 1.7 billion receivables purchase agreement as of December 31, 2024. There is a program
 fee equal to SOFR plus 0.10 % adjustment plus 0.95 % or the Commercial Paper Rate plus 0.85 % as of December 31,
 2024 and December 31, 2023. The program fee w as 4.42 % plus 0.94 % as o f December 31, 2024 and 5.49 % plus 0.94 %
 as of December 31, 2023. The unused facility fee is payable at a rate of between 0.30 % and 0.40 % based on utilization
 as of December 31, 2024 and December 31, 2023. The Company has unamortized debt issuance cos ts of $ 0.8 million
 and $ 2.1 million related to the revolving Securitization Facility as of December 31, 2024 and December 31, 2023,
 respectively, recorded in other assets within the Consolidated Balance Sheets.
 The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of
 which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement
 rights with respect to the receivables and may appoint a successor servicer, among other things.

 (c) Other obligations includes a credit facility assumed as part of a business acquisition in 2022.
 The Company was in compliance with all financial and non-financial covenants at December 31, 2024. The Company has
 entered into interest rate swap cash flow contracts with U.S. dollar notional amounts in order to reduce the variability of cash
 flows in the previously unhedged interest payments associated with $ 4.5 billion of unspecified variable rate debt. See Note 16
 for further information.
 The contractual maturities of the Company's total notes payable, credit agreements and other obligations at December 31, 2024
 were as follows (in thousands):

 2025

 $ 1,452,579

 2026

 189,699

 2027

 2,778,761

 2028

 2,268,666

 2029

 —

 Thereafter

 —

 Total principal payments

 6,689,705

 Less: debt discounts and issuance costs included in debt

 ( 16,625)

 Total debt

 $ 6,673,080

 12. Accumulated Other Comprehensive Loss (AOCL)
 The changes in the components of AOCL, net of tax and noncontrolling interest, for the years ended December 31, 2024, 2023
 and 2022 are as follows (in thousands):

 Cumulative
 Currency
 Translation

 Unrealized
 (Losses) Gains
 on Derivative
 Instruments

 Total Accumulated
 Other
 Comprehensive
 (Loss) Income
 Attributable to
 Corpay

 Balance at December 31, 2021

 $ ( 1,441,505)

 $ ( 23,111)

 $ ( 1,464,616)

 Other comprehensive (loss) income before reclassifications

 ( 77,135)

 31,853

 ( 45,282)

 Amounts reclassified from AOCL

 —

 10,835

 10,835

 Tax effect

 —

 ( 10,587)

 ( 10,587)

 Other comprehensive (loss) income, net of tax

 ( 77,135)

 32,101

 Balance at December 31, 2022

 ( 1,518,640)

 8,990

 ( 1,509,650)

 Other comprehensive income (loss) before reclassifications

 140,089

 ( 14,984)

 125,105

 Amounts reclassified from AOCL

 120,269

 ( 39,401)

 80,868

 Tax effect

 —

 14,578

 14,578

 Other comprehensive income (loss), net of tax

 260,358

 ( 39,807)

 Balance at December 31, 2023

 ( 1,258,282)

 ( 30,817)

 ( 1,289,099)

 Other comprehensive (loss) income before reclassifications

 ( 490,758)

 132,440

 ( 358,318)

 Amounts reclassified from AOCL

 —

 ( 46,276)

 ( 46,276)

 Tax effect

 —

 ( 20,303)

 ( 20,303)

 Other comprehensive (loss) income, net of tax

 ( 490,758)

 65,861

 ( 424,897)

 Balance at December 31, 2024

 $ ( 1,749,040)

 $ 35,044

 $ ( 1,713,996)

 Amounts reclassified from AOCL that relate to foreign currency translation during the year ended December 31, 2023 are
 related to the Company's Russia business disposed of during the third quarter of 2023. See Note 19 for further information.
 Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an
 individual item basis as those items are reclassified into income.

 Other comprehensive loss attributable to the Company's noncontrolling interest, which are not included in the table above, for
 the year ended December 31, 2024 consisted of foreign currency translation losses of $ 5.8 million.

 13. Inco me Tax es
 Income before the p rovision for income taxes is attributable to the following jurisdictions for years ended December 31 (in

 2024

 2023

 2022

 United States

 $ 278,330

 $ 322,856

 $ 506,214

 1,106,783

 1,002,149

 769,446

 Total

 $ 1,385,113

 $ 1,325,005

 $ 1,275,660

 The provision for income taxes for the years ended December 31 consists of the following (in thousands):

 2024

 2023

 2022

 Current:

 Federal

 $ 168,982

 $ 155,647

 $ 166,172

 State

 7,528

 25,614

 34,947

 269,588

 208,532

 153,388

 Total current

 446,098

 389,793

 354,507

 Deferred:

 Federal

 ( 62,190)

 ( 46,676)

 ( 36,613)

 State

 ( 19,080)

 ( 8,088)

 ( 6,066)

 16,553

 8,086

 9,505

 Total deferred

 ( 64,717)

 ( 46,678)

 ( 33,174)

 Total provision

 $ 381,381

 $ 343,115

 $ 321,333

 The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2024, 2023 and
 2022, respectively, to income before income taxes for the years ended December 31, 2024, 2023 and 2022 due to the following
 (in thousands, except percentages):

 2024

 2023

 2022

 Computed "expected" tax expense

 $ 290,877

 21.0 %

 $ 278,251

 21.0 %

 $ 267,889

 21.0 %

 Changes resulting from:

 Change in valuation allowance

 ( 64,289)

 ( 4.6)

 22,447

 1.7

 22,399

 1.8

 Foreign tax credits

 1,309

 0.1

 ( 98,641)

 ( 7.4)

 ( 73,974)

 ( 5.8)

 Foreign income tax differential

 31,743

 2.3

 14,949

 1.1

 —

 State taxes net of federal benefits

 ( 9,047)

 ( 0.7)

 13,857

 1.0

 12,745

 1.0

 Increase in tax expense due to
 uncertain tax positions

 38,395

 2.8

 14,146

 1.1

 8,257

 0.6

 Foreign withholding tax

 30,785

 2.2

 24,331

 1.8

 13,547

 1.1

 ( 29,582)

 ( 2.1)

 7,980

 0.6

 ( 1,881)

 ( 0.1)

 Sub-part F Income/GILTI

 87,252

 6.3

 94,594

 7.1

 79,420

 6.2

 Brazil tourism tax benefit

 —

 —

 ( 16,311)

 ( 1.2)

 ( 13,810)

 ( 1.1)

 Interest on net equity deduction

 ( 20,757)

 ( 1.5)

 ( 15,051)

 ( 1.1)

 —

 —

 Impairment of goodwill

 18,900

 1.4

 —

 —

 —

 —

 Other

 5,795

 0.4

 2,563

 0.2

 6,175

 0.5

 Provision for income taxes

 $ 381,381

 27.5 %

 $ 343,115

 25.9 %

 $ 321,333

 25.2 %

 1 The valuation allowance decrease was primarily due to the release of a deferred tax asset of $ 84.5 million and a
 corresponding valuation allowance reduction of $ 84.5 million related to income tax credits in a non-U.S. jurisdiction.

 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at
 December 31 are as follows (in thousands):

 2024

 2023

 Deferred tax assets:

 Accounts receivable, principally due to the allowance for credit losses

 $ 16,756

 $ 20,110

 Accrued expenses not currently deductible for tax

 13,263

 12,922

 Lease deferral

 15,423

 15,767

 Interest rate swap

 —

 11,994

 29,425

 47,537

 Income tax credits

 —

 84,505

 Net operating loss carry forwards

 159,603

 134,911

 Accrued escheat

 3,897

 3,456

 Other

 110,804

 55,466

 Deferred tax assets before valuation allowance

 349,171

 386,668

 Valuation allowance

 ( 113,223)

 ( 165,982)

 Deferred tax assets, net

 235,948

 220,686

 Deferred tax liabilities:

 Intangibles—including goodwill

 ( 548,802)

 ( 536,561)

 Basis difference in investment in subsidiaries

 ( 42,206)

 ( 43,821)

 Interest rate swap

 ( 8,695)

 —

 Lease deferral

 ( 13,536)

 ( 13,589)

 Accrued expense liability

 ( 722)

 ( 718)

 Prepaid expenses

 ( 1,172)

 ( 1,805)

 Withholding taxes

 ( 18,472)

 ( 26,407)

 Property and equipment and other

 ( 38,646)

 ( 66,617)

 Deferred tax liabilities

 ( 672,251)

 ( 689,518)

 Net deferred tax liabilities

 $ ( 436,303)

 $ ( 468,832)

 The Company's deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands):

 2024

 2023

 Long term deferred tax assets and liabilities:

 Long term deferred tax assets

 $ 2,873

 $ 1,400

 Long term deferred tax liabilities

 ( 439,176)

 ( 470,232)

 Net deferred tax liabilities

 $ ( 436,303)

 $ ( 468,832)

 The valuation allowances relate to foreign net operating loss carryforwards, state net operating loss carryforwards and state
 163(j) limitation on business interest carryforward. The net change in the total valuation allowance for the year ended
 December 31, 2024 was a decrease of $ 52.8 million. The valuation allowance decrease was primarily due to the release of a
 foreign tax credit deferred tax asset where a valuation allowance was previously recorded as well as an increase in foreign net
 operating losses where significant negative evidence on future utilization was considered.
 As of December 31, 2024, the Company had a net operating loss carryforward for state income tax purposes of approximately
 $ 55.7 million that is available to offset future state tax expense, either indefinitely or in some cases subject to expiration in 15
 or 20 years. Additionally, the Company had $ 103.9 million net operating loss carryforwards for foreign income tax purposes
 that are available to offset future foreign tax expense. Most foreign net operating loss carryforwards will not expire in future
 years. The Company has provided a valuation allowance against $ 101.3 million of its deferred tax asset related to the net
 operating losses as it does not anticipate utilizing the losses in the foreseeable future.
 During 2024 and 2023, the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of
 $ 6.1 million and $ 8.1 million, respectively. Accumulated interest and penalties were $ 36.8 million and $ 30.7 million on the

 Consolidated Balance Sheets at December 31, 2024 and 2023, respectively. In accordance with the Company's accounting
 policy, interest and penalties related to unrecognized tax benefits are included as a component of income tax expense.
 A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest
 and penalties for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):

 Unrecognized tax benefits at December 31, 2021

 $ 47,021

 Additions based on tax positions related to the current year

 7,752

 Additions based on tax positions related to the prior year

 Deductions based on settlement of prior year tax positions

 ( 1,550)

 Addition for cumulative federal benefit of state tax deductions

 7,281

 Change due to OCI

 ( 35)

 Unrecognized tax benefits at December 31, 2022

 60,669

 Additions based on tax provisions related to the current year

 8,821

 Deductions based on tax positions related to the prior year

 ( 1,913)

 Deductions based on settlements of prior year tax positions

 ( 104)

 Deductions based on expiration of prior year tax positions

 ( 4,235)

 Change due to OCI

 ( 132)

 Unrecognized tax benefits at December 31, 2023

 63,106

 Additions based on tax provisions related to the current year

 21,689

 Additions and deductions based on tax positions related to the prior year

 14,206

 Deductions based on settlements of prior year tax positions

 ( 178)

 Deductions based on expiration of prior year tax positions

 ( 3,362)

 Change due to OCI

 ( 1)

 Unrecognized tax benefits at December 31, 2024

 $ 95,460

 In prior years, the Company included federal benefits of state tax deductions related to unrecognized tax benefits in its tabular
 reconciliation above. A cumulative adjustment was made in 2022 to remove these amounts from the above tabular disclosure.
 As of December 31, 2024, the Company had total unrecognized tax benefit s of $ 95.5 million all of whic h, if recognized, would
 affect its effective tax rate. It is not anticipated that there are any unrecognized tax benefits that will significantly increase or
 decrease within the next twelve months.
 The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and
 foreign jurisdictions. The statute of limitations for the Company's U.S. federal income tax returns has expired for years prior to
 2015. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax
 examinations by tax authorities for years before 2015.
 The Organization for Economic Co-operation and Development (OECD), continues to put forth various initiatives, including
 Pillar Two rules which introduce a global minimum tax at a rate of 15%. European Union member states agreed to implement
 the OECD's Pillar Two rules with effective dates of January 1, 2024 and January 1, 2025 for different aspects of the directive,
 and most have already enacted legislation. A number of other countries are also implementing similar legislation. As of
 December 31, 2024, based on the countries in which we do business that have enacted legislation effective January 1, 2024, the
 impact of these rules to our financial statements was not material. This may change as other countries enact similar legislation
 and further guidance is released. We are currently evaluating the impact of the enacted legislation effective January 1, 2025 to
 our financial statements and continue to closely monitor regulatory developments to assess potential impacts.

 14. Leases
 The Company primarily leases office space, data centers, vehicles and equipment. Some of the Company's leases contain
 variable lease payments, typically payments based on an index. The Company's leases have remaining lease terms of one year
 to thirty years, some of which include options to extend from one to five years or more. The exercise of lease renewal options is
 typically at the Company's sole discretion; therefore, the majority of renewals to extend the lease terms are not reasonably
 certain to exercise and are not included in Right of Use (ROU) assets and lease liabilities. Variable lease payments based on an
 index or rate are initially measured using the index or rate in effect at lease commencement. Additional payments based on the
 change in an index or rate are recorded as a period expense when incurred. Lease modifications result in remeasurement of the
 lease liability as of the modification date.

 Other assets include ROU assets, other current liabilities include short-term operating lease liabilities and other non-current
 liabilities include long-term lease liabilities at December 31, 2024 and 2023 as follows (in thousands):

 2024

 2023

 ROU assets

 $ 77,998

 $ 86,579

 Short term lease liabilities

 $ 24,340

 $ 23,476

 Long term lease liabilities

 $ 64,718

 $ 75,796

 The Company does not recognize ROU assets and lease liabilities for short-term leases that have a term of twelve months or
 less. The effect of short-term leases were not material to the ROU assets and lease liabilities.
 Under ASC 842, the Company discounts future lease obligations by the rate implicit in the contract, unless the rate cannot be
 readily determined. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate
 based on the information available at the lease commencement date in determining the present value of the lease payments. In
 determining the borrowing rate, the Company considers the applicable lease terms, the Company's cost of borrowing and for
 leases denominated in a foreign currency, the collateralized borrowing rate that the Company would obtain to borrow in the
 same currency in which the lease is denominated.
 Total lease costs for the years ended December 31, 2024, 2023 and 2022 w ere $ 26.9 million, $ 29.7 million and $ 24.1 million,
 respectively. Variable lease costs and short-term lease costs were immaterial for all periods presented.
 The supplementary cash and non-cash disclosures for the years ended December 31, 2024, 2023 and 2022 are as follows (in

 2024

 2023

 2022

 Cash paid for operating lease liabilities

 $ 29,913

 $ 31,388

 $ 25,403

 ROU assets obtained in exchange for new operating lease obligations

 $ 10,505

 $ 22,764

 $ 31,204

 Weighted-average remaining lease term (years)

 5.33

 5.62

 6.09

 Weighted-average discount rate

 5.17 %

 5.19 %

 3.64 %

 Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):

 2025

 $ 27,012

 2026

 22,683

 2027

 14,341

 2028

 10,659

 2029

 7,994

 Thereafter

 17,392

 Total lease payments

 100,081

 Less imputed interest

 11,023

 Present value of lease liabilities

 $ 89,058

 15. Commitments and Contingencies
 In the ordinary course of business, the Company is involved in various pending or threatened legal actions, arbitration
 proceedings, claims, subpoenas and matters relating to compliance with laws and regulations (collectively, "legal
 proceedings"). Based on our current knowledge, management presently does not believe that the liabilities arising from these
 legal proceedings will have a material adverse effect on our consolidated financial condition, results of operations or cash
 flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material adverse effect on our
 results of operations and financial condition for any particular period.
 Derivative Lawsuits
 On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company's directors
 and officers in the United States District Court for the Northern District of Georgia ("Federal Derivative Action") seeking
 recovery from the Company. The District Court dismissed the Federal Derivative Action on October 21, 2020, and the United
 States Court of Appeals for the Eleventh Circuit affirmed the dismissal on July 27, 2022, ending the lawsuit. A similar

 derivative lawsuit that had been filed on January 9, 2019 in the Superior Court of Gwinnett County, Georgia ("State Derivative
 Action") was likewise dismissed on October 31, 2022.
 On January 20, 2023, the previous State Derivative Action plaintiffs filed a new derivative lawsuit in the Superior Court of
 Gwinnett County, Georgia. The new lawsuit, City of Aventura Police Officers' Retirement Fund, derivatively on behalf of
 FleetCor Technologies, Inc. v. Ronald F. Clarke and Eric R. Dey, alleges that the defendants breached their fiduciary duties by
 causing or permitting the Company to engage in unfair or deceptive marketing and billing practices, making false and
 misleading public statements concerning the Company's fee charges and financial and business prospects and making improper
 sales of stock. The complaint seeks approximately $ 118 million in monetary damages on behalf of the Company, including
 contribution by defendants as joint tortfeasors with the Company in unfair and deceptive practices and disgorgement of
 incentive pay and stock compensation. On January 24, 2023, the previous Federal Derivative Action plaintiffs filed a similar
 new derivative lawsuit, Jerrell Whitten, derivatively on behalf of FleetCor Technologies, Inc. v. Ronald F. Clarke and Eric R.
 Dey, against Mr. Clarke and Mr. Dey in Gwinnett County, Georgia. On May 1, 2024, both pending derivative cases were
 transferred to the Fulton County Metro Atlanta Business Case Division and consolidated as In re Corpay, Inc. Shareholder
 Derivative Litigation, CAFN 2023CV383303 (consolidated with CAFN 2023CV381421). On July 10, 2024, the defendants
 filed a motion to dismiss the consolidated lawsuit. The defendants dispute the allegations in the consolidated derivative action
 and intend to vigorously defend against the claims.
 On July 10, 2024, the defendants filed a motion to dismiss the consolidated lawsuit. The defendants dispute the allegations in
 the consolidated derivative action and intend to vigorously defend against the claims.
 FTC Matter
 In October 2017, the Federal Trade Commission (FTC) issued a Notice of Civil Investigative Demand to the Company for the
 production of documentation and a request for responses to written interrogatories. After discussions with the Company, the
 FTC proposed in October 2019 to resolve potential claims relating to the Company's advertising and marketing practices,
 principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse
 primarily related to what the Company believes are unreasonable demands for redress made by the FTC.
 On December 20, 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See
 FTC v. FleetCor and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Clarke violated
 the FTC Act's prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief,
 consumer redress and costs of suit. The Company continues to believe that the FTC's claims are without merit. On April 17,
 2021, the FTC filed a motion for summary judgment. On April 22, 2021, the United States Supreme Court held unanimously in
 AMG Capital Management v. FTC that the FTC does not have authority under current law to seek monetary redress by means
 of Section 13(b) of the FTC Act, which is the means by which the FTC has sought such redress in this case. The Company
 cross-moved for summary judgment regarding the FTC's ability to seek monetary or injunctive relief on May 17, 2021. On
 August 13, 2021, the FTC filed a motion to stay or to voluntarily dismiss without prejudice the case pending in the Northern
 District of Georgia in favor of a parallel administrative action under Section 5 of the FTC Act that it filed on August 11, 2021 in
 the FTC's administrative process. Apart from the jurisdiction and statutory change, the FTC's administrative complaint makes
 the same factual allegations as the FTC's original complaint filed in December 2019. The FTC's administrative action was
 stayed pending resolution of the case in federal court. On August 9, 2022, the District Court for the Northern District of Georgia
 granted the FTC's motion for summary judgment as to liability for the Company and Ron Clarke, but granted the Company's
 motion for summary judgment as to the FTC's claim for monetary relief as to both the Company and Ron Clarke.
 On June 8, 2023, the Court issued an Order for Permanent Injunction and Other Relief. The Company filed its notice of appeal
 to the United States Court of Appeals for the Eleventh Circuit on August 3, 2023. On August 17, 2023, the FTC Commission
 ordered that the stay of the parallel Section 5 administrative action will remain in place during the pendency of the Eleventh
 Circuit appeal. Oral argument in the Eleventh Circuit appeal was held on January 21, 2025. The Company has incurred and
 continues to incur legal and other fees related to this FTC complaint. Any settlement of this matter, or defense against the
 lawsuit, could involve costs to the Company, including legal fees, redress, penalties and remediation expenses.
 Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an
 extensive degree of judgment, particularly where, as here, the matters involve indeterminate claims for monetary damages and
 are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company
 is currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible
 losses resulting from, the matters described above.

 16. Derivative Financial Instruments and Hedging Activities
 Foreign Currency Derivatives
 The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers within its
 cross-border solution. The Company writes derivatives, primarily foreign currency forward contracts, option contracts and
 swaps, mostly with small and medium size enterprises that are customers and derives a currency spread from this activity.
 Derivative transactions associated with the Company's cross-border solution include:
 • Forward contracts, which are commitments to buy or sell at a future date a currency at a contract price and will be
 settled in cash.
 • Option contracts, which gives the purchaser the right, but not the obligation, to buy or sell within a specified time a
 currency at a contracted price that may be settled in cash.
 • Swap contracts, which are commitments to settlement in cash at a future date or dates, usually on an overnight basis.
 The credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a
 counterparty to the agreements. Concentrations of credit and performance risk may exist with counterparties, which includes
 customers and banking partners, as we are engaged in similar activities with similar economic characteristics related to
 fluctuations in foreign currency rates. The Company performs a review of the credit risk of these counterparties at the inception
 of the contract and on an ongoing basis. The Company also monitors the concentration of its contracts with any individual
 counterparty against limits at the individual counterparty level. The Company anticipates that the counterparties will be able to
 fully satisfy their obligations under the agreements, but takes action when doubt arises about the counterparties' ability to
 perform. These actions may include requiring customers to post or increase collateral, and for all counterparties, if the
 counterparty does not perform under the term of the contract, the contract may be terminated. The Company does not designate
 any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815, "Derivatives and Hedging".
 The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company
 was $ 93.0 billion and $ 56.6 billion as of December 31, 2024 and December 31, 2023, respectively. The majority of customer
 foreign exchange contracts are written in currencies such as the U.S. dollar, Canadian dollar, British pound, euro and Australian
 dollar.
 The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31,
 2024 and 2023 (in millions):

 Fair Value, Gross

 Fair Value, Net

 Derivatives - undesignated:

 $ 1,406.7

 $ 1,297.3

 $ 833.7

 $ 724.3

 Fair Value, Gross

 Fair Value, Net

 Derivatives - undesignated:

 $ 594.9

 $ 519.4

 $ 320.2

 $ 244.7

 The fair values of derivative assets and liabilities associated with contracts, which include netting terms that the Company
 believes to be enforceable, have been recorded net within prepaid expenses and other current assets, other assets, other current
 liabilities and other noncurrent liabilities in the Consolidated Balance Sheets. The Company receives cash from customers as
 collateral for trade exposures, which is recorded within cash and cash equivalents, restricted cash and customer deposits liability
 in the Consolidated Balance Sheets. At December 31, 2024 and December 31, 2023, the Company had received collateral of
 $ 35.0 million and $ 39.2 million, respectively. The customer has the right to recall their collateral in the event exposures move
 in their favor or below the collateral posting thresholds, they perform on all outstanding contracts and have no outstanding
 amounts due to the Company, or they cease to do business with the Company. The Company has trading lines with several
 banks, most of which require collateral to be posted if certain mark-to-market (MTM) thresholds are exceeded. Cash collateral
 posted with banks is recorded within restricted cash and can be recalled in the event that exposures move in the Company's
 favor or move below the collateral posting thresholds. The Company does not offset fair value amounts recognized for the right

 to reclaim cash collateral or the obligation to return cash collateral. At December 31, 2024 and December 31, 2023, the
 Company had posted collateral of $ 718.1 million and $ 180.2 million, respectively, which was not offset against the fair value of
 its derivatives. Cash flows from the Company's foreign currency derivatives are classified as operating activities within the
 Consolidated Statements of Cash Flows. The following table presents the fair value of the Company's derivative assets and
 liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2024 and
 December 31, 2023 (in millions):

 2024

 2023

 Balance Sheet Classification

 Fair Value

 Derivative Assets

 $ 630.2

 $ 254.2

 Derivative Assets

 $ 203.5

 $ 66.0

 Derivative Liabilities

 $ 538.6

 $ 190.4

 Derivative Liabilities

 $ 185.7

 $ 54.3

 Cash Flow Hedges
 As of December 31, 2024, the Company had the following outstanding interest rate swap derivatives that qualify as hedging
 instruments within designated cash flow hedges of variable interest rate risk (in millions):

 Notional Amount

 Weighted Average
 Fixed Rate

 Maturity Date

 $ 500

 4.01 %

 7/31/2025

 $ 500

 3.80 %

 1/31/2026

 $ 1,500

 4.15 %

 7/31/2026

 $ 750

 4.14 %

 1/31/2027

 $ 500

 4.19 %

 7/31/2027

 $ 250

 4.00 %

 1/31/2028

 $ 500

 3.19 %

 7/31/2028

 The purpose of these contracts is to reduce the variability of cash flows in interest payments associated with the Company's
 unspecified variable rate debt, the sole source of which is due to changes in the SOFR benchmark interest rate. The Company
 has designated these derivative instruments as cash flow hedging instruments, which are expected to be highly effective at
 offsetting changes in cash flows of the related underlying exposure. As a result, changes in fair value of the interest rate swaps
 are recorded in accumulated other comprehensive loss. For each of these swap contracts, the Company pays a fixed monthly
 rate and receives one month SOFR. The Company reclassified $ 46.3 million and $ 39.4 million from accumulated other
 comprehensive loss resulting in a benefit to interest expense, net for the years ended December 31, 2024 and 2023, respectively,
 related to these interest rate swap contracts. Cash flows related to the Company's interest rate swap derivatives are classified as
 operating activities within the Consolidated Statements of Cash Flows, as such cash flows relate to hedged interest payments
 are recorded in operating activities.
 For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the
 financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for
 undertaking the hedge transaction. The Company formally assesses, both at the inception and at least quarterly thereafter,
 whether the financial instruments used in hedging transactions are highly effective at offsetting changes in cash flows of the
 related underlying exposures.
 The table below presents the fair value of the Company's interest rate swap contracts, as well as their classification on the
 Consolidated Balance Sheets, as of December 31, 2024 and 2023 (in millions). See Note 4 for further information.

 Balance Sheet Classification

 2024

 2023

 Derivatives designated as
 cash flow hedges:

 Swap contracts

 $ 9.7

 $ 23.5

 Swap contracts

 $ 10.0

 $ —

 Swap contracts

 $ 3.9

 $ —

 Swap contracts

 $ 6.0

 $ 55.8

 As of December 31, 2024, the estimated net amount of the existing gains related to the Company's interest rate swap contracts
 that are expected to be reclassified into earnings within the next 12 months is approximately $ 6.0 million.
 Net Investment Hedges
 The Company enters into cross-currency interest rate swaps that are designated as net investment hedges of our investments in
 foreign-denominated operations. Such contracts effectively convert the U.S. dollar equivalent notional amounts to obligations
 denominated in the respective foreign currency and partially offset the impact of changes in currency rates on such foreign-
 denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion
 of the swaps, resulting in interest rate savings on the USD notional.
 At December 31, 2024, the Company had the following cross-currency interest rate swaps designated as net investment hedges
 of our investments in foreign-denominated operations:

 U.S. dollar equivalent
 notional (in millions)

 Fixed Rates

 Maturity Date

 Euro (EUR)

 $ 500

 2.15 %

 5/26/2026

 Canadian Dollar (CAD)

 $ 800

 1.14 %

 5/20/2026

 British Pound (GBP)

 $ 750

 0.317 %

 5/8/2028

 Hedge effectiveness is tested based on changes in the fair value of the cross-currency swaps due to changes in the USD/foreign
 currency spot rates. The Company anticipates perfect effectiveness of the designated hedging relationships and records changes
 in the fair value of the cross-currency interest rate swaps associated with changes in the spot rate through accumulated other
 comprehensive loss. Excluded components associated with the forward differential are recognized directly in earnings as
 interest expense, net. The Company recognized a benefit of $ 13.9 million and $ 9.0 million in interest expense, net for the years
 ended December 31, 2024 and 2023, respectively, related to these excluded components. Upon settlement, cash flows
 attributable to derivatives designated as net investment hedges are classified as investing activities in the Co ns o l idated
 Statements of Cash Flows.
 The following table presents the fair value of the Compa ny's cross-currency interest rate swaps designated as net investment
 hedges, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2024 and
 December 31, 2023 (in millions).

 2024

 2023

 Balance Sheet Classification

 Fair Value

 Cross-currency interest rate
 swaps designated as net
 investment hedges:

 Net investment hedge

 $ 22.6

 $ —

 Net investment hedge

 $ 8.0

 $ —

 Net investment hedge

 $ —

 $ 14.5

 Net investment hedge

 $ 5.2

 $ —

 As of December 31, 2024, the estimated net amount of the existing gains related to the Company's cross-currency interest rate
 swaps designed as net investment hedges that are expected to be reclassified into earnings within the next 12 months is
 approximately $ 22.6 million.

 17. Earnings Per Share
 The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income
 attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported
 period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock
 method.
 The calculation and reconciliation of basic and diluted earnings per share for the years ended December 31 (in thousands,
 except per share data) follows:

 2024

 2023

 2022

 $ 1,003,746

 $ 981,890

 $ 954,327

 Denominator for basic earnings per share

 70,331

 73,155

 75,598

 Dilutive securities

 1,517

 1,232

 1,264

 Denominator for diluted earnings per share

 71,848

 74,387

 76,862

 Basic earnings per share attributable to Corpay

 $ 14.27

 $ 13.42

 $ 12.62

 Diluted earnings per share attributable to Corpay

 $ 13.97

 $ 13.20

 $ 12.42

 Diluted earnings per share for the years ended December 31, 2024, 2023 and 2022 excludes t he e ffect of 0.1 million, 2.0 million
 and 2.3 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because
 such effect would be antidilutive. Diluted earnings per share also excludes the effect of performance-based restricted stock for
 which the performance criteria have not yet been achieved, which was immaterial for 2024, 2023 and 2022.

 18. Segments
 T he Company reports infor mation about its operating segments in accordance with the authoritative guidance related to
 segments. We manage and report our operating results through three reportable segments: Vehicle Payments, Corporate
 Payments (includes aggregation with Cross-Border operating segment), Lodging Payments and an Other category (which
 combines Gift and Payroll card operating segments). These reportable segments align with how the Company's Chief Executive
 Officer, who is the Chief Operating Decision Maker ( CODM), allocates resources, assesses performance and reviews financial
 information. T he COD M uses segment operating income to make decisions regarding the allocation of resources (including
 financial resources and capital spending) to each segment primarily in the annual budget and forecasting process and reviews
 budget to actual variances for segment operating income on a monthly, quarterly and annual basis to assess the performance of
 each segment.
 The Company's segment results, inc luding sig nificant segment expenses regularly provided to the CODM, are as follows for the
 years ended December 31, 2024, 2023 and 2022 (in thousands)*:

 Year Ended December 31, 2024 1

 Payments 2

 Other

 Total

 $ 2,008,799

 $ 1,221,915

 $ 488,589

 $ 255,286

 $ 3,974,589

 Expenses:

 365,457

 264,298

 119,645

 119,685

 869,085

 175,750

 172,365

 24,317

 8,474

 380,906

 311,784

 192,853

 72,526

 39,711

 616,874

 Depreciation

 70,178

 29,949

 13,205

 6,774

 120,106

 129,988

 63,367

 35,494

 2,133

 230,982

 —

 —

 —

 90,000

 90,000

 ( 121,310)

 —

 —

 —

 ( 121,310)

 Operating income (loss)

 $ 1,076,870

 $ 498,397

 $ 223,388

 $ ( 11,498)

 1,787,157

 Other expenses:

 Investment gain, net

 Other income, net

 13,722

 383,043

 5,040

 Total other expenses

 402,044

 Income before income taxes

 $ 1,385,113

 Year ended December 31, 2024

 Other

 Total

 Other segment disclosures:

 Capital expenditures

 $ 117,410

 $ 32,587

 $ 19,622

 $ 5,557

 $ 175,176

 Long-lived assets (excluding
 goodwill and investments)

 $ 258,942

 $ 67,379

 $ 35,105

 $ 16,279

 $ 377,705

 Year Ended December 31, 2023 3

 Payments 2

 Other

 Total

 $ 2,005,510

 $ 981,127

 $ 520,216

 $ 250,866

 $ 3,757,719

 Expenses:

 377,603

 212,144

 117,203

 112,958

 819,908

 167,614

 137,512

 24,597

 10,435

 340,157

 314,892

 170,075

 77,219

 41,237

 603,424

 Depreciation

 69,886

 22,356

 11,070

 6,671

 109,983

 132,019

 56,323

 35,833

 2,446

 226,621

 Operating income

 $ 943,399

 $ 382,085

 $ 254,270

 $ 77,119

 1,656,873

 Other expenses (income):

 Investment gain, net

 ( 116)

 Other income, net

 ( 16,623)

 348,607

 —

 Total other expenses

 331,868

 Income before income taxes

 $ 1,325,005

 Year ended December 31, 2023

 Other

 Total

 Other segment disclosures:

 Capital expenditures

 $ 108,592

 $ 25,387

 $ 13,705

 $ 6,138

 $ 153,822

 Long-lived assets (excluding
 goodwill and investments)

 $ 252,499

 $ 48,822

 $ 24,697

 $ 17,136

 $ 343,154

 Year Ended December 31, 2022 3

 Payments 2

 Other

 Total

 $ 1,950,038

 $ 769,571

 $ 456,511

 $ 251,009

 $ 3,427,129

 Expenses:

 361,695

 179,339

 103,615

 120,058

 764,707

 174,230

 104,359

 19,711

 10,782

 309,082

 330,899

 139,690

 72,180

 41,366

 584,135

 Depreciation

 62,930

 14,987

 7,968

 6,125

 92,010

 135,565

 57,599

 34,398

 2,710

 230,272

 Operating income

 $ 884,493

 $ 273,562

 $ 218,637

 $ 69,949

 1,446,641

 Other expenses:

 Investment loss, net

 1,382

 Other expense, net

 3,003

 164,662

 1,934

 Total other expenses

 170,981

 Income before income taxes

 $ 1,275,660

 Year ended December 31, 2022

 Other

 Total

 Other segment disclosures:

 Capital expenditures

 $ 111,661

 $ 20,777

 $ 10,570

 $ 8,420

 $ 151,428

 Long-lived assets (excluding
 goodwill and investments)

 $ 218,680

 $ 39,240

 $ 17,884

 $ 18,888

 $ 294,692

 *Columns may not calculate due to rounding. Other includes our Gift and Payroll card operating segments.
 1 Results from Zapay acquired in the first quarter of 2024 are reported in the Vehicle Payments segment from the date of
 acquisition. Results from Paymerang acquired in the third quarter of 2024 are reported in the Corporate Payments segment from
 the date of acquisition. Results from GPS Capital Markets acquired in the fourth quarter of 2024 are included in the Corporate
 Payments segment from the date of acquisition.
 2 Results of our merchant solutions business disposed of in December 2024 are included in the Vehicle Payments segment for
 all periods prior to disposition.
 3 Results of the Company's Russian business disposed of in August 2023 are included in the Vehicle Payments segment for all
 periods prior to disposition.
 Total assets for each reportable segment are not presented as the CODM does not evaluate performance or allocate resources
 based on segment assets. The following table presents the Company's long-lived assets by major geography (excluding
 goodwill, other intangible assets and investments) at December 31 (in thousands):

 2024

 2023

 Long-lived assets (excluding goodwill, other
 intangible assets and investments):

 United States (country of domicile)

 $ 228,233

 $ 200,918

 Brazil

 $ 64,912

 $ 74,789

 United Kingdom

 $ 46,174

 $ 34,242

 More than 10 % of ou r consolidated rev enues in 2024, 2023 and 2022 were derived through our relationship with our open-loop
 network partner in our Vehicle Payments and Corporate Payments segments.

 19. Dispositions
 Comdata Merchant Solutions Disposition
 In May 2024, the Company signed a definitive agreement to sell its merchant solutions business, a business within the U.S.
 division of its Vehicle Payments segment (the "disposal group") to a third party. The transaction was completed during
 December 2024. The Company determined that the disposal group met all of the required criteria to be classified as held for
 sale during the second quarter of 2024.
 The disposal group's fair value, based upon the estimated sales price less anticipated costs to sell, exceeded its carrying value.
 As such, the related assets and liabilities were recorded at their carrying value and classified as held for sale prior to the
 completion of the transaction. In determining the carrying value of the disposal group, which represents a portion of one of the
 Company's reporting units, goodwill of approximately $ 58.2 million was allocated to the disposal group based on a relative fair
 value analysis. The Company received total proceeds of $ 185.5 million, which have been recorded within investing activities in
 the accompanying Consolidated Statements of Cash Flows. In connection with the sale, the Company recorded a pre-tax net
 gain on disposal of $ 121.3 million during the year ended December 31, 2024, which primarily represents the proceeds received
 less the derecognition of the related net assets. The pre-tax net gain is included within the gain on disposition of business
 financial statement line in the accompanying Consolidated Statements of Income.
 Russia Disposition
 During the second quarter of 2023, the Company signed definitive documents to sell its Russia business to a third party. At June
 30, 2023, the Company concluded that the sale was not considered probable due to continued uncertainty regarding regulatory
 approvals and ongoing discussions regarding the nature and timing of deal completion. As such, the assets and liabilities
 associated with the Company's Russian business were not classified as held for sale prior to the completion of the transaction.
 The Russia business was historically reported within the Company's Vehicle Payments segment and did not meet the criteria to
 be presented as discontinued operations. The Company completed the sale of its Russia business on August 15, 2023.
 The sale included the entirety of the Company's operations in Russia and resulted in a complete exit from the Russia market.
 The Company received total proceeds, net of cash disposed and net of a $ 5.6 million foreign exchange loss upon conversion of
 the ruble-denominated proceeds to U.S. dollars, of $ 197.0 million, which have been recorded within investing activities in the
 accompanying Consolidated Statements of Cash Flows. In connection with the sale, the Company recorded a net gain on
 disposal of $ 13.7 million during the year ended December 31, 2023, which represents the proceeds received less the
 derecognition of the related net assets, the reclassification of accumulated foreign currency translation losses and the foreign
 exchange loss upon conversion of the ruble-denominated proceeds to U.S. dollars. The net gain is included within other
 expense (income), net in the accompanying Consolidated Statements of Income.
 Exclusive of the impact of disposition, the business in Russia accounted for approximately $ 62.0 million of the Company's
 consolidated income before income taxes for the year ended December 31, 2023.

 20. Subsequent Events
 Acquisition
 I n February 2025, the Company announced a definitive agreement to acquire 100 % of Gringo, a leading Brazil-based vehicle
 registration and compliance payment company, for approximately $ 147 million, net of cash of approximately $ 22 million.
 Gringo's digital app and national network help drivers in Brazil pay for vehicle taxes, registration and fines. The transaction is
 expected to close in the first quarter of 2025, subject to regulatory approval and standard closing conditions and will be
 reflected in the Company's Vehicle Payments segment.
 Net Investment Hedges
 In January 2025, the Company terminated its existing CAD cross-currency interest rate swaps designated as net investment
 hedges and subsequently entered into four new cross-currency interest rate swaps designated as net investment hedges of its
 investments in CAD-denominated operations. These contracts effectively convert an aggregate $ 800 million of U.S. dollar
 equivalent to an obligation denominated in CAD and partially offset the impact of changes in currency rates on the Company's
 CAD-denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated
 portion of the swap, resulting in a weighted average interest rate savings of 1.35 % on the USD notional.
 Debt Arrangements
 On January 24, 2025, the Company entered into an omnibus amendment to its Securitization Facility. The amendment increased
 the Securitization Facility commitment from $ 1.7 billion to $ 1.8 billion and extended the maturity of the Securitization Facility
 to January 24, 2028. The omnibus amendment also reduced the program fee by 5 bps to SOFR plus 0.10 % adjustment plus
 0.90 % or the Commercial Paper Rate plus 0.80 % and decreased the unused facility fee by 5 for two of the purchasers.
 On February 20, 2025, the Company entered into the sixteenth amendment to the Credit Agreement. The amendment increased
 the Term Loan B commitments by an incremental $ 750 million. The Company used the Term Loan B proceeds to pay down
 existing borrowings under the revolving credit facility and other general corporate purposes. The maturity dates and the interest
 rates for the Company's Credit Agreement were unchanged by this amendment.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
 DISCLOSURE
 Not applicable.

 ITEM 9A. CONTROLS AND PROCEDURES
 Management Report on Internal Control over Financial Reporting
 Our management is responsible for establishing and maintaining an adequate system of internal control over financial reporting
 (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act), pursuant to Rule 13a-15(c) of the Exchange Act. Our
 internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
 reporting and the preparation of financial statements for external purposes in accordance with GAAP.
 A company's internal control over financial reporting includes policies and procedures that: (i) pertain to the maintenance of
 records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company, (ii)
 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
 accordance with GA AP, and tha t receipts and expenditures of the company are being made only in accordance with
 authorizations of management and directors of the compa ny, and (iii) provide reasonable assurance regarding prevention or
 timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the
 financial statements.
 Under the supervision and with the participation of our management, we assessed the effectiveness of our internal control over
 financial reporting as of December 31, 2024, using the criteria set forth by the Committee of Sponsoring Organizations of the
 Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). A material weakness is a deficiency, or a
 combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
 misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. As of
 December 31, 2024, we identified the following material weakness in internal controls:
 (1) A material weakness in internal control related to ineffective information technology general controls (ITGCs) in
 the area of user access management over certain information technology systems used in the execution of controls that
 support the Company's financial reporting processes. Our business process application and manual controls that are
 dependent on the affected ITGCs were also deemed ineffective because they could have been adversely impacted. We
 believe that these control deficiencies were the result of challenges in the prior year implementation of technology
 aimed to automate the user access review process. Specifically, these deficiencies pertained to the completeness and
 accuracy of data used in the automated solution and in existing manual user access control processes that lacked
 sufficient documentation and formality, as well as insufficient training of information technology personnel
 responsible for the execution and documentation of ITGCs. The material weakness did not result in any identified
 misstatements to the financial statements, and there were no changes to previously released financial results.
 Based on this material weakness, the Company's management concluded that at December 31, 2024, the Company's internal
 control over financial reporting was not effective.
 The Company's independent registered public accounting firm, Ernst & Young LLP has issued an adverse audit report on the
 effectiveness of the Company's internal control over financial reporting as of December 31, 2024, which appears in Item 9A of
 this Annual Report.
 As a result of the identification of the material weakness, and prior to filing this Annual Report, we performed further analysis
 and completed additional procedures intended to ensure our consolidated financial statements for the year ended December 31,
 2024 were prepared in accordance with GAAP. Based on these procedures and analysis, and notwithstanding the material
 weakness in our internal control over financial reporting, our management has concluded that our consolidated financial
 statements and related notes thereto included in this Annual Report have been prepared in accordance with GAAP. Our Chief
 Executive Officer and Chief Financial Officer have certified that, based on each such officer's knowledge, the financial
 statements, as well as the other financial information included in this Annual Report, fairly present in all material respects the
 financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Annual
 Report. In addition, Ernst & Young LLP has issued an unqualified opinion on our financial statements, which is included in
 Item 8 of this Annual Report, and we have developed a remediation plan for the material weakness, which is described below.
 In connection with management's evaluation, our management team excluded from its assessment of the effectiveness of our
 internal control over financial reporting as of December 31, 2024, the internal controls related to three subsidiaries that we
 acquired during the year ended December 31, 2024, and for which financial results are included in our consolidated financial
 statements.

 During 2024, the Company acquired 70% of Zapay, a Brazil-based digital consumer mobility solution for paying vehicle-
 related taxes and compliance fees; Paymerang, a U.S.-based leader in accounts payables automation solutions; and GPS Capital
 Markets, a U.S.-based provider of business-to-business cross-border and treasury management solutions to upper middle market
 companies. Collectively, we refer to these transactions as the 2024 Acquisitions. In the evaluation of internal control over
 financial reporting, management excluded the operations of acquired entities in the 2024 Acquisitions from the assessment of
 internal control over financial reporting as of December 31, 2024. These operations were excluded in accordance with the
 SEC's general guidance because they and the related entities were acquired in purchase business combinations in 2024. These
 2024 Acquisitions constituted 10.9% of total assets at December 31, 2024, and 1.5% of revenues, net for the year then ended.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
 Projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate
 because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 Remediation
 (1) Our management has been implementing and continues to implement measures designed to ensure that control deficiencies
 contributing to the material weakness are remediated, such that these controls are designed, implemented and operating
 effectively. The remediation actions include: (i) enhancing the information technology compliance oversight function; (ii)
 developing a training program addressing ITGCs and policies, including educating control owners concerning the principles
 and requirements of internal controls, with a focus on those related to user access over information technology systems
 impacting financial reporting; (iii) developing and maintaining documentation underlying ITGCs to enhance the information
 evidencing the performance of ITGCs; (iv) developing enhanced integration functionality and controls related to the ongoing
 implementation of user access information technology system; (v) enhancing the information technology management review
 and testing plan to monitor ITGCs with a specific focus on systems supporting our financial reporting processes; and (vi)
 enhancing quarterly reporting on the remediation measures to the Audit Committee of the Board.
 We believe that these actions will remediate the material weakness. The material weakness will not be considered remediated,
 however, until the applicable controls operate for a sufficient period of time and our management has concluded, through
 testing, that these controls are operating effectively.
 Changes in Internal Control over Financial Reporting
 Except for the remediation described above, there have been no other changes in our internal control over financial reporting (as
 defined in Rules 13a-15(f) or 15d-15(f) of the Exchange Act) during our fourth quarter ended December 31, 2024 that have
 materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 Report of Independent Registered Public Accounting Firm
 To the Stockholders and the Board of Directors of Corpay, Inc. and Subsidiaries
 Opinion on Internal Control over Financial Reporting
 We have audited Corpay, Inc. and subsidiaries' internal control over financial reporting as of December 31, 2024, based on
 criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the
 Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weakness
 described below on the achievement of the objectives of the control criteria, Corpay, Inc. and subsidiaries (the Company) has
 not maintained effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.
 A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there
 is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be
 prevented or detected on a timely basis. The following material weakness has been identified and included in management's
 assessment.
 A material weakness in internal controls related to ineffective information technology general controls (ITGCs) in the area of
 user access management over certain information technol ogy systems used in the execution of controls that support the
 Company's financial reporting processes. As a result, business process application and manual controls that are dependent on
 the affected ITGCs were also deemed ineffective because they could have been adversely impacted.
 As indicated in the accompanying Management Report on Internal Control over Financial Reporting, management's assessment
 of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of the
 Zapay, Paymerang, and GPS Capital Markets (the 2024 Acquisitions), which are included in the 2024 consolidated financial
 statements of the Company and constituted 10.9% of total assets as of December 31, 2024 and 1.5% of revenues, net for the
 year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the
 internal control over financial reporting of the 2024 Acquisitions.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
 (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated
 statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December
 31, 2024, and the related notes. This material weakness was considered in determining the nature, timing and extent of audit
 tests applied in our audit of the 2024 consolidated financial statements, and this report does not affect our report dated February
 27, 2025 which expressed an unqualified opinion thereon.
 Basis for Opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its
 assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report
 on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control
 over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be
 independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
 regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
 audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
 material respects.
 Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
 weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk and
 performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a
 reasonable basis for our opinion.
 Definition and Limitations of Internal Control Over Financial Reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the
 reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
 accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures
 that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
 dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
 preparation of financial statements in accordance with generally accepted accounting principles and that receipts and
 expenditures of the company are being made only in accordance with authorizations of management and directors of the

 company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
 disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
 projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
 because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 /s/ Ernst & Young LLP
 Atlanta, Georgia
 February 27, 2025

 ITEM 9B. OTHER INFORMATION
 Rule 10b5-1 Trading Plans
 During the three months ended December 31, 2024, no director or executive officer of the Company adopted, modified or
 terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy
 the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION
 None.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 A list of our executive officers and biographical information appears in Part I of this Form 10-K. Information about our
 directors may be found under the caption "Director Nominees" and "Continuing Directors" in our Proxy Statement for the
 Annual Meeting of Shareholders to be held June 11, 2025 (the "Proxy Statement"). Information about our Audit Committee
 may be found under the caption "Board Meetings and Committees" in the Proxy Statement. The foregoing information is
 incorporated herein by reference.
 The information in the Proxy Statement set forth under the caption "Delinquent Section 16(a) Reports" is incorporated herein
 by reference.
 We have ado pted the Corpay Code of Business Conduct and Ethics (the "code of ethics"), which applies to our Chief Executive
 Officer, Chief Financial Officer, Chief Accounting Officer, C orporate Controller and other finance organization employees.
 The code of ethics is publicly available on our website at www.corpay.com under Investor Relations. If we make any
 substantive amendments to the code of ethics or grant any waiver, including any implicit waiver, from a provision of the code
 to our Chief Executive Officer, Chief Financial Officer, or Chief Accounting Officer, we will disclose the nature of the
 amendment or waiver on that website or in a report on Form 8-K.
 We have adopted an Insider Trading Policy governing the purchase, sale and other dispositions of its securities by the
 Company, directors, officers, managers and employees that is reasonably designed to promote compliance with insider trading
 laws, rules and regulations and NYSE listing standards. The Insider Trading Policy is filed with this Form 10-K as Exhibit 19.1.

 ITEM 11. EXECUTIVE COMPENSATION
 The information in the Proxy Statement set forth under the captions "Director Compensation," " 2024 Named Executive Officer
 Compensation," "Compensation Committee Report," and "Compensation Committee Interlocks and Insider Participation" is
 incorporated herein by reference.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
 AND RELATED STOCKHOLDER MATTERS
 The information in the Proxy Statement set forth under the captions "Information Regarding Beneficial Ownership of Principal
 Shareholders, Direc tors, and Mana gement" and "Equity Compensation Plan Information" is incorporated herein by reference.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
 INDEPENDENCE
 The information set forth in the Proxy Statement under the captions "Director Independence" and "Certain Relationships and
 Related-Party Transactions" is incorporated herein by reference.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 Information concerning principal accountant fees and services appears in the Proxy Statement under the headings "Fees Billed
 by Ernst & Young LLP" and "Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of
 Independent Auditor" and is incorporated herein by reference.

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 (a) Financial Statements and Schedules
 The financial statements are set forth under Item 8 of this Form 10-K, as indexed below. Financial statement schedules have
 been omitted since they either are not required, not applicable, or the information is otherwise included.
 Index to Financial
 Statements

 Page

 Report of Independent Registered Public Accounting Firm

 Consolidated Balance Sheets at December 31, 2024 and 2023

 Consolidated Statements of Income for the Years Ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022

 Notes to Consolidated Financial Statements

 (b) Exhibit Listing

 Exhibit
 no.

 3.1

 Amended and Restated Certificate of Incorporation of Corpay (incorporated by reference to Exhibit 3.1 to the
 registrant's Current Report on Form 8-K, File No. 001-35004, filed with the SEC on June 14, 2022)

 3.2

 Certificate of Ownership and Merger, dated March 7, 2024 (incorporated by reference to Exhibit 3.1 to the
 registrant's Current Report on Form 8-K, File No. 001-35004, filed with the SEC on March 12, 2024)

 3.3

 Amended and Restated Bylaws of Corpay, effective as of March 24, 2024 (incorporated by reference to Exhibit
 3.2 to the registrant's Form 8-K, File No. 001-35004, filed with the SEC on March 12, 2024)

 4.1

 Form of Stock Certificate for Common Stock (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on June 29, 2010)

 4.2

 Description of FLEETCOR Technologies, Inc. Common Stock Registered under Section 12 of the Securities
 Exchange Act (incorporated by reference to Exhibit 4.2 to the registrant's Form 10-K, File No. 001-35004, filed
 with the SEC on March 2, 2020)

 10.1*

 Form of Indemnity Agreement entered into between Corpay and its directors and executive officers (incorporated
 by reference to Exhibit 10.1 to Amendment No. 3 to the registrant's Registration Statement on Form S-1, File No.
 333-166092, filed with the SEC on June 29, 2010)

 10.2*

 Form of Incentive Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc. Amended and
 Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.7 to Amendment No. 1 to the registrant's
 Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on May 20, 2010)

 10.3*

 Form of Non-Qualified Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc. Amended
 and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.8 to Amendment No. 1 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on May 20, 2010)

 10.4*

 Form of Performance Share Restricted Stock Agreement pursuant to the FLEETCOR Technologies, Inc. Amended
 and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.9 to Amendment No. 1 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on May 20, 2010)

 10.5*

 FLEETCOR Technologies, Inc. Annual Executive Bonus Program (incorporated by reference to Exhibit 10.11 to
 Amendment No. 2 to the registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the
 SEC on June 8, 2010)

 10.6*

 Employee Noncompetition, Nondisclosure and Developments Agreement, dated September 25, 2000, between
 Fleetman, Inc. and Ronald F. Clarke (incorporated by reference to Exhibit 10.12 to Amendment No. 2 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on June 8, 2010)

 10.7

 Sixth Amended and Restated Registration Rights Agreement, dated April 1, 2009, between FLEETCOR
 Technologies, Inc. and each of the stockholders party thereto (incorporated by reference to Exhibit 10.17 to
 Amendment No. 2 to the registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the
 SEC on June 8, 2010)

 10.8

 First Amendment to Sixth Amended and Restated Registration Rights Agreement (incorporated by reference to
 Exhibit No. 10.17 to the registrant's form 10-K, File No. 001-35004. with the SEC on March 25, 2011)

 10.9

 Form of Indemnity Agreement to be entered into between Corpay and representatives of its major stockholders
 (incorporated by reference to Exhibit 10.37 to Amendment No. 3 to the registrant's Registration Statement on
 Form S-1, File No. 333-166092, filed with the SEC on June 29, 2010)

 10.10 *

 Form of Director Restricted Stock Grant Agreement pursuant to the FLEETCOR Technologies, Inc. 2010 Equity
 Compensation Plan (incorporated by reference to Exhibit 10.38 to Amendment No. 6 to the registrant's
 Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on November 30, 2010)

 10.11*

 Form of Employee Performance Share Restricted Stock Agreement pursuant to the FLEETCOR Technologies,
 Inc. 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.39 to Amendment No. 6 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on November 30, 2010)

 10.12*

 Form of Employee Incentive Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc.
 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.40 to Amendment No. 6 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on November 30, 2010)

 10.13*

 Form of Employee Non-Qualified Stock Option Award Agreement pursuant to the FLEETCOR Technologies,
 Inc. 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.41 to Amendment No. 6 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on November 30, 2010)

 10.14 *

 Form of Director Non-Qualified Stock Option Award Agreement pursuant to the FLEETCOR Technologies, Inc.
 2010 Equity Compensation Plan (incorporated by reference to Exhibit 10.42 to Amendment No. 6 to the
 registrant's Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on November 30, 2010)

 10.15*

 Amended and Restated Employee Noncompetition, Nondisclosure and Developments Agreement, dated
 November 29, 2010, between FLEETCOR Technologies, Inc. and Ronald F. Clarke (incorporated by reference to
 Exhibit No. 10.43 to Amendment No. 6 to the registrant's Registration Statement on Form S-1, File No.
 333-166092, filed with the SEC on November 30, 2010)

 10.16

 Arrangement Agreement Among FLEETCOR Luxembourg Holdings2 S..R.L, FLEETCOR Technologies, Inc.
 and CTF Technologies, Inc. (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q, File No.
 001-35004, filed with the SEC on May 10, 2012)

 10.17 *

 Corpay 2010 Equity Compensation Plan, as amended and restated effective April 13, 2022 (incorporated by
 reference to Exhibit No. 10.17 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC on February
 28, 2023)

 10.18 *

 FLEETCOR Technologies, Inc. Section 162(M) Performance—Based Program (incorporated by reference to
 Annex A to the registrant's Proxy Statement, File No. 001-35004, filed with the SEC on April 18, 2014)

 10.19*

 FLEETCOR Technologies, Inc. Amended and Restated 2010 Equity Compensation Plan, Key Employee
 Performance-Based Stock Option Certification to Ronald F. Clarke, dated September 30, 2021(incorporated by
 reference to Exhibit 10.4 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on November 9,
 2021)

 10.20

 Credit Agreement, dated October 24, 2014, among FLEETCOR Technologies Operating Company, LLC, as
 Borrower, FLEETCOR Technologies, Inc., as Parent, FLEETCOR Technologies Operating Company, LLC, as a
 borrower and guarantor, certain of the our foreign subsidiaries as borrowers, Bank of America, N.A., as
 administrative agent, swing line lender and L/C issuer and a syndicate of financial institutions (incorporated by
 reference to Exhibit No. 10.4 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on
 November 10, 2014)

 10.21

 Fifth Amended and Restated Receivables Purchase Agreement, dated November 14, 2014, by and among
 FLEETCOR Technologies, Inc. and PNC Bank, National Association, as administrator for a group of purchasers
 and purchaser agents, and certain other parties (incorporated by reference to Exhibit No. 10.1 to the registrant's
 Form 8-K, File No. 001-35004, filed with the SEC on November 17, 2014)

 10.22

 Amended and Restated Performance Guaranty dated as of November 14, 2014 made by FLEETCOR
 Technologies, Inc. and FLEETCOR Technologies Operating Company, LLC, in favor of PNC Bank, National
 Association, as administrator under the Fifth Amended and Restated Receivables Purchase Agreement
 (incorporated by reference to Exhibit 10.32 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC
 on March 2, 2015)

 10.23

 Amended and Restated Purchase and Sale Agreement dated as of November 14, 2014, among various entities
 listed on Schedule I thereto, as originators, and FLEETCOR Funding LLC (incorporated by reference to Exhibit
 10.33 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC on March 2, 2015)

 10.24

 Receivables Purchase and Sale Agreement dated as of November 14, 2014, among Comdata TN, Inc. and
 Comdata Network, Inc. of California, as the sellers, and Comdata Inc., as the buyer (incorporated by reference to
 Exhibit 10.34 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC on March 2, 2015)

 10.25

 Investor Rights Agreement, dated November 14, 2014, between FLEETCOR Technologies, Inc. and Ceridian
 LLC (incorporated by reference to Exhibit 10.35 to the registrant's Form 10-K, File No. 001-35004, filed with the
 SEC on March 2, 2015)

 10.26*

 Offer Letter, dated July 29, 2014, between FLEETCOR Technologies, Inc. and Armando Lins Netto (incorporated
 by reference to Exhibit 10.1 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on May 11,
 2015)

 10.27

 First Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated as of November 5,
 2015, by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC and PNC
 Bank, National Association, as administrator for a group of purchasers and purchaser agents, and certain other
 parties (incorporated by reference to Exhibit 10.2 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on November 9, 2015)

 10.28*

 Employee agreement on confidentiality, work product, non-competition, and non-solicitation (incorporated by
 reference to Exhibit 10.38 to the registrant's Form 10-K, File No. 001-35004, filed with the SEC on February 29,
 2016)

 10.29

 Second Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated as of December
 1, 2015, by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC and
 PNC Bank, National Association, as administrator for a group of purchasers and purchaser agents, and certain
 other parties (incorporated by reference to Exhibit 10.39 to the registrant's Form 10-K, File No. 001-35004, filed
 with the SEC on February 29, 2016)

 10.30

 First Amendment to Credit Agreement and Lender Joinder Agreement, dated as of August 22, 2016, by and
 among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC and PNC Bank, National
 Association, as administrator for a group of purchasers and purchaser agents, and certain other parties
 (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC
 on November 9, 2016)

 10.31

 Second Amendment to Credit Agreement, dated as of January 2017, among FLEETCOR Technologies Operating
 Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party
 hereto, the other guarantors party hereto, Bank of America, N.A., as administrative agent, swing line lender and l/c
 issuer, and the other lenders party hereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead
 arranger and sole bookrunner (incorporated by reference to Exhibit 10.41 to the registrant's Form 10-K, File No.
 001-35004, filed with the SEC on March 1, 2017)

 10.32

 Third Amendment to Credit Agreement, dated as of August 2, 2017, among FLEETCOR Technologies Operating
 Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party
 hereto, the other guarantors party hereto, Bank of America, N.A., as administrative agent, swing line lender and l/c
 issuer, and the other lenders party hereto, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead
 arranger and sole bookrunner (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q, File No.
 001-35004, filed with the SEC on August 8, 2017)

 10.33

 Third Amendment to Fifth Amended and Restated Receivables Purchase Agreement, dated as of November 14,
 2017, by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC
 Bank, National Association, as administrator for a group of purchasers and purchase agents, and certain other
 parties (incorporated by reference to Exhibit 10.43 to the registrant's Form 10-K, File No. 001-35004, filed with
 the SEC on March 1, 2018)

 10.35

 Fourth Amendment to Credit Agreement, dated August 30, 2018, among FLEETCOR Technologies Operating
 Company, LLC, FLEETCOR Technologies Operating Company, LLC, FleetCor Technologies, Inc., the
 designated borrowers party thereto, Cambridge Mercantile Corp. (U.S.A.), the other guarantors party thereto,
 Bank of America, N.A., as administrative agent, swing line lender and l/c issuer, and the other lenders party
 thereto (incorporated by reference to Exhibit 10.2 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on November 8, 2018)

 10.36

 Fourth Amendment to Fifth Amended and Restated Receivables Purchase Agreement, dated August 30, 2018, by
 and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC Bank,
 National Association as administrator for a group of purchasers and purchaser agents, and certain other parties
 thereto (incorporated by reference to exhibit 10.3 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on November 8, 2018)

 10.37

 Fifth Amendment to Credit Agreement, dated as of December 19, 2018, among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated
 borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the
 other lenders party hereto Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole
 bookrunner (incorporated by reference to exhibit 10.47 to the registrant's Form 10-K, File No. 001-35004, filed
 with the SEC on March 1, 2019)

 10.38

 Fifth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated December 19, 2018
 by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC Bank,
 National Association as administrator for a group of purchasers and purchaser agents, and certain other parties
 thereto (incorporated by reference to exhibit 10.3 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on May 10, 2019)

 10.39

 Sixth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated February 8, 2019
 by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC Bank,
 National Association as administrator for a group of purchasers and purchaser agents, and certain other parties
 thereto (incorporated by reference to exhibit 10.4 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on May 10, 2019)

 10.40

 Sixth Amendment to Credit Agreement, dated as of August 2, 2019, among FLEETCOR Technologies Operating
 Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party
 hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other lenders
 party hereto Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole bookrunner
 (incorporated by reference to Exhibit 10.5 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC
 on August 9, 2019)

 10.41

 Seventh Amendment to Credit Agreement, dated as of November 14, 2019, among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated
 borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the
 other lenders party hereto Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole
 bookrunner (incorporated by reference to Exhibit 10.53 to the registrant's Form 10-k, File No. 001-35004, filed
 with the SEC on March 2, 2020)

 10.42

 Eighth Amendment to Credit Agreement, dated as of April 24, 2020, among FLEETCOR Technologies Operating
 Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party
 hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other borrowers
 hereto Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole lead arranger and sole bookrunner
 (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC
 on May 11, 2020)

 10.44

 Seventh Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated November 13,
 2020 by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC Bank,
 National Association as administrator for a group of purchasers and purchaser agents, and certain other parties
 thereto (incorporated by reference to Exhibit 10.50 to the registrant's Form 10-k, File No. 001-35004, filed with
 the SEC on March 2, 2020)

 10.45

 Eighth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated March 29, 2021
 by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC Bank,
 National Association as administrator for a group of purchasers and purchaser agents, and certain other parties
 thereto (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on May 10, 2021)

 10.52

 Ninth Amendment to Credit Agreement, dated as of April 30, 2021 among FLEETCOR Technologies Operating
 Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party
 hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other borrowers
 hereto (incorporated by reference to Exhibit 10.2 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on May 10, 2021)

 10.53

 Ninth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated September 15,
 2021 by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC Bank,
 National Association as administrator for a group of purchasers and purchaser agents, and certain other parties
 thereto (incorporated by reference to Exhibit 10.3 to the registrant's Form 10-Q, File No. 001-35004, filed with the
 SEC on November 9, 2021)

 10.54

 Tenth Amendment to Credit Agreement, dated as of November 16, 2021 among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated
 borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the
 other borrowers hereto (incorporated by reference to Exhibit 10.54 to the registrant's on Form 10-K, File No.
 001-35004, filed with the SEC on March 1, 2022)

 10.55

 Eleventh Amendment to Credit Agreement, dated as of December 22, 2021 among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated
 borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the
 other borrowers hereto (incorporated by reference to Exhibit 10.55 to the registrant's Form 10-K, File No.
 001-35004, filed with the SEC on March 1, 2022)

 10.56

 Tenth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated March 23, 2022 by
 and among by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company, LLC, PNC
 Bank, National Association as administrator for a group of purchasers and purchaser agents, and certain other
 parties thereto (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q, File No. 001-35004, filed
 with the SEC on May 9, 2022)

 10.57

 Twelfth Amendment to the Credit Agreement, dated as of June 24, 2022 among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, Cambridge Mercantile
 Corp. (USA) as the additional borrower, Bank of America, N.A., as administrative agent, a domestic swing line
 lender, the foreign swing line lender and the L/C issuer, and the other lenders party hereto (incorporated by
 reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q, File No. 001-35004, filed with the
 SEC on August 9, 2022)

 10.58

 Thirteenth Amendment to the Credit Agreement, dated as of May 3, 2023 among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, Cambridge Mercantile
 Corp. (USA) as the additional borrower, Bank of America, N.A., as administrative agent, a domestic swing line
 lender, the foreign swing line lender and the L/C issuer, and the other lenders party hereto (incorporated by
 reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q, File No. 001-35004, filed with the
 SEC on November 9, 2023)

 10.59

 Fourteenth Amendment to the Credit Agreement, dated as of January 31, 2024 among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, Cambridge Mercantile
 Corp. (USA) as the additional borrower, Bank of America, N.A., as administrative agent, a domestic swing line
 lender, the foreign swing line lender and the L/C issuer, and the other lenders party hereto (incorporated by
 reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q, File No. 001-35004, filed with the
 SEC on May 9, 2024)

 10.60

 Fifteenth Amendment to the Credit Agreement, dated as of September 26, 2024 among FLEETCOR Technologies
 Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, Cambridge Mercantile
 Corp. (USA) as the additional borrower, Bank of America, N.A., as administrative agent, a domestic swing line
 lender, the foreign swing line lender and the L/C issuer, and the other lenders party hereto (incorporated by
 reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q, File No. 001-35004, filed with the
 SEC on November 8, 2024)

 10.61 *

 Offer letter, dated May 23, 2022, between FLEETCOR Technologies, Inc. and Alan King (incorporated by
 reference to Exhibit 10.3 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on August 9,
 2022)

 10.62

 Eleventh Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated August 18,
 2022 by and among by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company,
 LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and
 certain other parties thereto (incorporated by reference to Exhibit 10.4 to the registrant's Form 10-Q, File No.
 001-35004, filed with the SEC on November 8, 2022)

 10.63

 Cooperation Agreement, dated as of March 15, 2023, by and among FLEETCOR Technologies, Inc., D.E. Shaw
 Oculus Portfolios, L.L.C. and D.E. Shaw Valence Portfolios, L.L.C. (incorporated by reference to Exhibit 10.1 to
 the Registrant's Current Report on Form 8-K, File No. 001-35004, filed with the SEC on March 20, 2023)

 10.64 *

 Offer letter, dated February 24, 2023, between FLEETCOR Technologies, Inc. and Tom Panther (incorporated by
 reference to Exhibit 10.2 to the registrant's Form 10-Q, File No. 001-35004, filed with the SEC on May 10, 2023)

 10.65

 Twelfth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated December 20,
 2023 by and among by and among FLEETCOR Funding LLC, FLEETCOR Technologies Operating Company,
 LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and
 certain other parties hereto (incorporated by reference to Exhibit 10.63 to the Registrant's Form 10-K, File No.
 001-35004, filed with the SEC on February 29, 2024)

 10.66 *

 Corpay, Inc. Amended and Restated 2010 Equity Compensation Plan, Key Employee Performance-Based Stock
 Option Amended Certification to Ronald F. Clarke, dated October 23, 2024 (incorporated by reference to Exhibit
 10.2 to the Registrant's Form 10-Q, File No. 001-35004, filed with the SEC on November 8, 2024)

 10.67 **

 Thirteenth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated January 24,
 2025 by and among by and among FleetCor Funding LLC, Corpay Technologies Operating Company, LLC,
 Corpay, Inc., PNC Bank, National Association as administrator for a group of purchasers and purchaser agents,
 and certain other parties hereto

 10.68 **

 Sixteenth Amendment to the Credit Agreement, dated as of February 20, 2025 among Corpay Technologies
 Operating Company, LLC, as the Company, Corpay, Inc., as the Parent, Cambridge Mercantile Corp. (U.S.A.) as
 the additional borrower, Bank of America, N.A., as administrative agent and the foreign swing line lender, and the
 other lenders party hereto

 19.1 **

 Insider Trading Policy

 21.1 **

 List of subsidiaries of Corpay, Inc.

 23.1 **

 Consent of Independent Registered Public Accounting Firm

 31.1 **

 Certification of Chief Executive Officer Pursuant to Section 302

 31.2 **

 Certification of Chief Financial Officer Pursuant to Section 302

 32.1 **

 Certification of Chief Executive Officer Pursuant to Section 906

 32.2 **

 Certification of Chief Financial Officer Pursuant to Section 906

 97.1 *

 FLEETCOR Technologies, Inc. Compensation Recoupment Policy, effective as of October 23, 2023 (incorporated
 by reference to Exhibit 97.1 to the Registrant's Form 10-K, File No. 001-35004, filed with the SEC on February
 29, 2024)

 Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated
 Statements of Comprehensive Income; (iv) the Consolidated Statements of Equity; (v) the Consolidated
 Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements

 *

 Identifies management contract or compensatory plan or arrangement.

 **

 Filed herewith

 ITEM 16. FORM 10-K SUMMARY
 None.

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
 report to be signed on its behalf by the undersigned; thereunto duly authorized, in the City of Atlanta, State of Georgia, on
 February 27, 2025.

 Corpay, Inc.

 By:

 /s/ RONALD F. CLARKE

 Ronald F. Clarke

 President and Chief Executive Officer

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
 persons on behalf of registrant and in the capacities indicated on February 27, 2025.

 Signature

 Title

 /s/ RONALD F. CLARKE

 President, Chief Executive Officer and Chairman of the Board of Directors
 (Principal Executive Officer)

 Ronald F. Clarke

 /s/ TOM PANTHER

 Chief Financial Officer
 (Principal Financial Officer)

 Tom Panther

 /s/ ALISSA B. VICKERY

 Chief Accounting Officer
 (Principal Accounting Officer)

 Alissa B. Vickery

 /s/ ANNABELLE G. BEXIGA

 Annabelle G. Bexiga

 /s/ JOSEPH W. FARRELLY

 Joseph W. Farrelly

 /s/ THOMAS M. HAGERTY

 Thomas M. Hagerty

 /s/ RAHUL GUPTA

 Rahul Gupta

 /s/ ARCHIE L. JONES, JR.

 Archie L. Jones, Jr.

 /s/ RICHARD MACCHIA

 Richard Macchia

 /s/ HALA G. MODDELMOG

 Hala G. Moddelmog

 /s/ JEFFREY S. SLOAN

 Jeffrey S. Sloan

 /s/ STEVEN T. STULL

 Steven T. Stull

 /s/ GERALD C. THROOP

 Gerald C. Throop