CORPAY, INC. (CPAY)

Corpay, Inc. (formerly FLEETCOR Technologies, Inc., renamed effective March 25, 2024 and now trading as "CPAY" on the NYSE, a member of the S&P 500 since 2018) is a global corporate payments company, incorporated in 2000, that helps businesses and consumers manage and pay expenses through digital payment and spend management solutions targeting a market where businesses spend an estimated $145 trillion annually on B2B transactions. The company organizes its operations into four reportable segments: Vehicle Payments, Corporate Payments, Lodging Payments and Other. Vehicle Payments solutions address vehicle-related expenses through fuel cards (fuel-agnostic, covering fossil fuels and EV charging) via proprietary and third-party networks including partnerships with major oil companies (BP, Arco, Speedway, Casey's) and vehicle OEMs (Renault, NIO, Polestar, Jaguar-Land Rover); electronic tolls in Brazil via the proprietary Sem Parar network serving over 7.5 million tagholders; mobile parking payment apps across the U.S., Canada, Europe, U.K. and Brazil; vehicle compliance apps in Brazil for taxes, registration and fines; SaaS-based fleet maintenance solutions in the U.K. and other European markets, including tire repair/management services; and prepaid benefits (food and transportation vouchers) in Mexico and Brazil.

Corporate Payments solutions streamline B2B payment processing through accounts payable (AP) automation for businesses of all sizes, Virtual Card solutions built on a proprietary merchant acceptance network integrated with major ERP systems and operating on the Mastercard network, along with cross-border payments and purchasing/T&E card products. Lodging Payments solutions help businesses manage hotel and short/long-term housing costs while providing traveler support. The company's business model emphasizes recurring revenue from business customers, proprietary technology platforms and payment networks that create competitive barriers to entry, and high EBITDA margins with strong cash flow conversion given limited infrastructure investment needs.

Corpay markets through a multi-channel go-to-market strategy including digital channels, direct sales forces and strategic partnerships, competing primarily against legacy payment methods such as cash and checks, and supplements organic growth with strategic acquisitions to strengthen market positions.