Corpay acquired 70% of Zapay, a Brazil-based digital consumer mobility solution, for $56.3 million. This acquisition is expected to scale the Company's Vehicle Payments business in Brazil.

The company shifted away from micro-SMB clients and towards higher credit quality customers in the U.S, resulting in lower bad debt expenses.

Corpay continues to invest in cross-currency solutions, as evidenced by the use of spot trades and the entry into foreign currency forwards, option derivative contracts and swaps for customers.

Disciplined expense management contributed to the increase in net income and improved EBITDA margin. However, selling expenses increased due to higher sales volume.

Management is implementing a remediation plan to address material weaknesses in IT general controls and the application of U.S. GAAP guidance pertaining to customer funds held for the benefit of others. The remediation is expected to be completed by the end of 2024.

The Company actively manages interest rate risk through a portfolio of interest rate swaps, including cash flow hedges and net investment hedges, to mitigate the impact of rising interest rates.

The current military conflicts between Russia and Ukraine, as well as within the Middle East continue to create substantial uncertainty about the global economy in the future.

The company's 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.

The company's 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.

Vehicle Payments revenues were $494.1 million in the three months ended March 31, 2024, a decrease of 0.3% from the prior period. The decrease in revenue was primarily driven by the disposition of our Russia business in August 2023.

Corporate Payments revenues were $265.4 million in the three months ended March 31, 2024, an increase of 17.3%, from the prior period. Corporate Payments revenues increased primarily due to organic revenue growth of 17%, driven by strong new sales in our AP and cross-border solutions.

Lodging Payments revenues were $111.3 million in the three months ended March 31, 2024, a decrease of 9.0% from the prior period. In 2023, Lodging Payments benefited from high weather-driven distressed passenger volume and insurance claims.

Processing expenses were $207.4 million in the three months ended March 31, 2024, an increase of 1.2% compared to the prior period.

General and administrative expenses were $151.3 million in the three months ended March 31, 2024, a decrease of 2.2% from the prior period.

Lower bad debt of $15 million due to our shift away from micro-SMB (small-medium business) clients in the U.S. and the impact of the disposition of our Russia business of approximately $1 million

Corpay continues to invest in technology to support its growth and enhance its product offerings, as evidenced by the increase in capital expenditures.

In May 2024, the Company signed definitive agreements to acquire 100% of Paymerang, a U.S.-based leader in accounts payables automation solutions, for approximately $475 million.

Corpay's vision is that every payment is digital, every purchase is controlled, and every related decision is informed.

The company continues to repurchase shares under its existing program, demonstrating a commitment to returning capital to shareholders.

The company continues to allocate capital towards strategic acquisitions, such as Zapay and Paymerang, to expand its market presence and product offerings.

The company actively manages its debt and interest rate risk through a combination of debt repayments, interest rate swaps, and cross-currency swaps.

The provided 10-Q filing does not contain any specific information regarding ESG initiatives.

The company acknowledges the impact of macroeconomic conditions, including fuel prices, foreign exchange rates, and interest rates, on its business performance.

The company identifies the ongoing military conflicts between Russia and Ukraine, as well as within the Middle East as creating substantial uncertainty about the global economy.

The company continues to be involved in a lawsuit with the Federal Trade Commission (FTC) regarding its advertising and marketing practices.