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Corpay Inc. (CPAY-0.87%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports consolidated revenues of $1,029.2 million for the quarter, an increase of 6.0% from the prior year period. This growth was driven by organic growth and acquisitions, partially offset by the sale of the Russia business and macroeconomic factors.
Vehicle Payments segment revenues were $506.8 million, showing a slight increase of 1.2% from the prior year. The segment's growth was impacted by the sale of the Russia business, foreign exchange rates, and fuel prices.
Corporate Payments segment revenues increased by 24.8% to $321.9 million. The growth was attributed to organic growth and the acquisition of Paymerang.
Lodging Payments segment revenues decreased by 5.2% to $134.0 million due to non-recurring insurance commissions and a decline in room nights.
Other revenues, including Gift and Payroll Card businesses, were $66.5 million, a decrease of 6.3% from the prior year.
Net income attributable to Corpay was $276.4 million, or $3.90 per diluted share, compared to $271.5 million, or $3.64 per diluted share, in the prior year period.
Cash provided by operating activities was $1,291.9 million for the nine months ended September 30, 2024, compared to $1,384.6 million in the prior year period.
The company reported a total debt of $7,762.7 million as of September 30, 2024, with a current portion of $2,491.1 million.
Corpay announced a stock repurchase program with a remaining authorization of $1.5 billion as of September 30, 2024.
The company continues to address material weaknesses in its internal controls over financial reporting related to IT general controls and GAAP guidance application.
Corpay is involved in ongoing legal proceedings, including a shareholder derivative lawsuit and an FTC matter, with potential impacts on the company's financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Corpay Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.