Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segments

SegmentsThe Company reports information about its operating segments in accordance with the authoritative guidance related to segments. In the second quarter of 2022, in order to align with recent changes in the organizational structure and management reporting, the Company updated its segments structure into Fleet, Corporate Payments, Lodging, Brazil and Other, which includes our Gift and Payroll Card businesses. We manage and report our operating results through these four reportable segments which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior period to align with this segment presentation for the three months ended March 31, 2023.

The Company’s segment results are as follows for the three month periods ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31,
	20231		2022
Revenues, net:
Fleet	$	372,712	$	351,592
Corporate Payments	227,206		183,769
Lodging	122,334		94,576
Brazil	121,744		102,538
Other2	57,337		56,766
	$	901,333	$	789,241
Operating income:
Fleet	$	173,532	$	167,845
Corporate Payments	75,513		58,207
Lodging	54,563		39,779
Brazil	54,817		37,328
Other2	16,770		14,562
	$	375,195	$	317,721
Depreciation and amortization:
Fleet	$	35,086	$	34,706
Corporate Payments	20,871		16,349
Lodging	11,398		10,534
Brazil	14,553		13,121
Other2	2,324		2,092
	$	84,232	$	76,802

1Results from Global Reach Group acquired in the first quarter of 2023 are reported in the Corporate Payments segment.

2Other includes Gift and Payroll Card operating segments.