Corpay (CPAY) 47th Annual Raymond James Institutional Investor Conference summary

Company evolution and market positioning

• Transitioned from fleet card niche to comprehensive corporate payments provider since 2000.

• Operates in a $150 trillion total addressable market, with banks as primary competitors.

• Corporate payments segment grew from 21% of revenue in 2021 to a projected 40% in 2026, with a 30% CAGR.

• Maintains EBITDA margins in the mid-fifties and CapEx at 4% of revenue, with 90% free cash flow conversion.

• Serves over 800,000 business clients and 4 million merchants globally, with 51% of revenue international.

Product innovation and growth initiatives

• Launched global and multi-currency bank accounts, including the Alpha acquisition for cross-border business.

• Focused on digitizing AP processes, reducing paper checks, and introducing monetizable products like debit cards and instant payments.

• Investing in stablecoin and digital wallets to enable 24/7 deal closings and future-proof payment infrastructure.

• AI deployed in the UK, EU, and Brazil to drive product innovation and productivity gains.

Business segments and performance

• Corporate payments include spend management, AP automation, cross-border payments, and bank accounts.

• Projected $4.5 billion revenue in 2025, growing to $5.3 billion in 2026, with 10% organic growth.

• Vehicle payments segment operates globally, with proprietary fuel and EV networks, and strong growth in Brazil.

• Revenue retention at 92%, with consistent 10% organic growth and cash EPS compounding at 14%.