Corpay completed several acquisitions in 2024, including Paymerang and GPS Capital Markets, expanding its presence in corporate payments. The company also acquired Zapay, further scaling its Vehicle Payments business in Brazil.

The company divested its merchant solutions business and its Russian business, allowing for a sharper focus on core strategic areas and improved operational efficiency.

Corpay continues its stock repurchase program, indicating management's belief that the company's stock is undervalued and demonstrating a commitment to returning value to shareholders. $1.3B of shares were repurchased in 2024.

Management demonstrates strategic capital allocation decisions by acquiring businesses that complement existing operations and divesting non-core assets to streamline operations and focus on high-growth areas.

The company has successfully integrated multiple acquisitions, indicating effective management of complex business integrations and realization of synergies.

The adjusted EBITDA margin improved from 53.1% to 53.6%, reflecting management's focus on operational efficiency and cost management.

The company acknowledges the ongoing threat of cybersecurity incidents and the potential for these incidents to disrupt operations, compromise data, and damage reputation.

The company acknowledges the potential impact of geopolitical events, such as the military conflicts in Ukraine and the Middle East, on its business operations and financial condition.

The company acknowledges that changes in laws and regulations could materially and adversely affect its capital expenditures, earnings, and competitive position.

The company has a strong market position across four continents, which enables it 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.

The company's specialized proprietary networks allow for unique data capture at the point of sale, providing an incremental value proposition to its customers. These proprietary networks also provide the company with advantageous economics by providing attractive, captive spend to the merchant base.

The company's easy-to-use platforms provide control and functionality for its customers, and it can onboard incremental customer volume with very limited need for additional infrastructure. It owns and controls all the critical components to its offering, creating improved speed to market and proprietary feature functionality in the marketplace.

Processing expenses increased by 6.0% in 2024, driven by higher transaction volumes and investments to drive future growth.

General and administrative expenses increased by 2.2% in 2024, driven by acquisitions and higher stock-based compensation expense.

The dispositions of the Russia and merchant solutions businesses contributed to improved efficiency by reducing overhead expenses.

The company spent approximately $380 million in capital and operating expenses to operate, protect and enhance its technology.

The company is investing in modernizing its core transactional systems to make them more resilient, secure, and scalable.

The company is increasingly using cloud services to modernize its platforms with no disruption to customers, providing increased flexibility and agility.

The company's capital allocation strategy is focused on acquisitions to drive expansion and share repurchases to return value to shareholders.

The company continues its stock repurchase program, indicating management's belief that the company's stock is undervalued and demonstrating a commitment to returning value to shareholders.

The company's acquisitions are aimed at expanding its presence in key markets and verticals, enhancing its growth prospects.

The company emphasizes fostering a welcoming environment and an engaged employee base, with councils and ERGs dedicated to building positivity and engagement.

The company's benefits programs are designed to meet the evolving needs of its workforce, with a focus on physical and mental well-being.

The company publishes a Corporate Responsibility & Sustainability Report (CRS Report) that provides detailed information about its views and approaches regarding environmental, social and governance issues.

The company acknowledges that macroeconomic conditions, including recessions, inflation, and rising interest rates, can directly impact the demand for fuel, business-related products and services, or payment card services in general.

The company acknowledges the potential impact of geopolitical events, such as the military conflicts in Ukraine and the Middle East, on its business operations and financial condition.

The company acknowledges that increasing scrutiny and changing expectations from investors, customers and employees with respect to its environmental, social and governance (ESG) practices may impose additional costs on it or expose it to new or additional risks.