As of September 30, 2024, Corpay, Inc. (formerly FLEETCOR Technologies, Inc.) reported significant financial growth, with consolidated revenues reaching $1,029.2 million for the third quarter, a 6% increase from $970.9 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $2,940.2 million, up 4.2% from $2,820.4 million in the prior year. This growth was driven by organic revenue increases of 6%, attributed to higher transaction volumes and new business initiatives, alongside a 3% contribution from recent acquisitions.

Net income for the third quarter was $276.4 million, reflecting a 1.8% increase from $271.5 million in Q3 2023. For the nine-month period, net income rose to $757.8 million, a 4.4% increase compared to $726.0 million in the previous year. Basic earnings per share for the third quarter improved to $3.98 from $3.71, while for the nine months, it increased to $10.75 from $9.87.

The company’s operating income for the third quarter was $468.1 million, a 5.2% increase from $444.9 million in Q3 2023. The Corporate Payments segment saw a notable 30.5% rise in operating income, reaching $136.9 million, while the Vehicle Payments segment's operating income remained stable at $244.3 million despite the impact of the divestiture of the Russian business.

Corpay's total assets increased to $17.6 billion as of September 30, 2024, up from $15.5 billion at the end of 2023. Current assets also rose significantly to $8.8 billion, compared to $7.1 billion previously. However, stockholders' equity decreased to $3.1 billion from $3.3 billion, influenced by increased liabilities, which rose to $8.3 billion from $6.8 billion.

Strategically, Corpay has been active in acquisitions, including the purchase of 70% of Brazil-based Zapay for approximately $59.5 million and 100% of Paymerang for $179.2 million, enhancing its presence in various sectors. The company also signed an agreement to acquire GPS Capital Markets, LLC for $725 million, expected to close in early 2025.

In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $1.3 billion, down from $1.4 billion in the prior year. The company’s liquidity position remains strong, with approximately $2.1 billion available, including $1.3 billion in unrestricted cash.

Corpay's stock repurchase program was increased to $9.1 billion as of November 5, 2024, with $1.5 billion remaining for future repurchases. The company continues to navigate legal challenges, including ongoing litigation related to FTC allegations, while implementing measures to enhance its internal controls and compliance.