Acquisitions completed in 2023 and 2024 contributed to revenue growth, but the disposition of the Russia business negatively impacted consolidated revenues by approximately $32 million. The filing mentions the acquisition of Zapay in March 2024 and Paymerang in July 2024.

Corpay signed a definitive agreement to acquire 100% of GPS Capital Markets, LLC for approximately $725 million. This acquisition is expected to close in early 2025 and will be reflected in the Corporate Payments segment.

Corpay signed a definitive agreement to sell certain non-core assets within the U.S. division of its Vehicle Payments segment to a third-party and anticipates the transaction will close during the fourth quarter of 2024.

The decrease in general and administrative expenses was primarily due to lower overhead expense due to disciplined expense management. This indicates effective cost control measures by management.

The company is implementing measures to address the ITGC material weakness, including enhancing the information technology compliance oversight function and developing a training program addressing ITGCs and policies. This shows management is actively working to improve internal controls.

The company successfully manages credit risks and the sufficiency of our allowance for expected credit losses.

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. Any such disruptions may also magnify the impact of other risks described herein and in our Annual Report on Form 10-K.

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 Russian business), relative to the U.S. dollar.

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.

Vehicle Payments revenues were negatively impacted by the disposition of our Russia business in August 2023, which lowered revenue by approximately $32 million and the negative impact of the macroeconomic environment of approximately $8 million.

Corporate Payments revenues increased primarily due to organic revenue growth of 18%, driven by 19% growth in spend volume and strong new sales in our payables and cross-border solutions.

Lodging Payments revenues were primarily due to a 6% decline in room nights as compared to the prior year, as well as insurance commissions recognized in the prior year that did not recur in 2024.

Increases in processing expenses were primarily due to approximately $7 million of expenses related to acquisitions completed in 2023 and 2024, higher variable expenses driven by increased transaction volumes and investments to drive future growth.

The decrease in general and administrative expenses was primarily due to lower overhead expense due to disciplined expense management, lower stock-based compensation expense of approximately $6 million, the impact of the disposition of our Russia business of approximately $2 million and the slightly favorable impact of foreign exchange rates.

The increase in operating income was primarily due to the reasons discussed above, resulting in EBITDA margin expansion of 63 basis points over the prior period.

Depreciation and amortization expenses increased due to incremental investments in capital expenditures and acquisitions completed in 2023 and 2024. These increases were offset by the impact of the disposition of our Russia business.

In July 2024, we acquired 100% of Paymerang, a U.S. based leader in accounts payables automation solutions, for approximately $469 million, net of cash.

In February 2023, we acquired the remainder of Mina Digital Limited, a cloud-based electric vehicle ("EV") charging software platform

Since the beginning of the Program through June 30, 2024, 32,129,909 shares have been repurchased for an aggregate purchase price of $7.5 billion, leaving the Company up to $0.6 billion of remaining authorization available under the Program for future repurchases of shares of its common stock.

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 Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce its overall borrowing costs.

There are no explicit ESG initiatives mentioned in the filing.

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.

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.

The Organization for Economic Co-operation and Development (“OECD”), continues to put forth various initiatives, including Pillar Two rules which include the introduction of a global minimum tax at a rate of 15%.