Accounts Receivable, Net

3 Months Ended

Mar. 31, 2026


5.			Accounts Receivable, Net

Accounts receivable consists of amounts billed to and due from customers across a wide range of industries and other third parties. The Company often extends short-term credit to cardholders by paying the merchant for the purchase price less the fees it retains and records as revenue, then subsequently collecting the total purchase price from the cardholder. The Company also extends revolving credit to certain small fleets. The Company had approximately $117.6 million and

$104.8 million in gross receivables with revolving credit balances as of March 31, 2026 and December 31, 2025, respectively.

The allowance for accounts receivable consists of reserves for both credit and fraud losses, reflecting management’s current estimate of uncollectible balances on its accounts receivable. The following tables present changes in the accounts receivable allowances by portfolio segment:


	Three Months Ended March 31, 2026
(in millions)	Mobility		Benefits		Corporate Payments		Total


Balance, beginning of period	$	58.1	$	2.0	$	24.2	$	84.3
Provision for credit losses(1)	25.6		(0.6)		4.3		29.3
Other(2)	4.6		—		—		4.6
Charge-offs	(27.3)		(0.1)		(5.4)		(32.8)
Recoveries of amounts previously charged-off	2.7		—		0.1		2.7

Currency translation	(0.1)		—		(0.2)		(0.3)
Balance, end of period	$	63.6	$	1.3	$	22.9	$	87.8


	Three Months Ended March 31, 2025
(in millions)	Mobility		Benefits		Corporate Payments		Total


Balance, beginning of period	$	56.6	$	7.7	$	13.2	$	77.6
Provision for credit losses(1)	13.9		(1.0)		3.0		15.9
Other(2)	4.6		—		—		4.6
Charge-offs	(24.0)		—		(1.6)		(25.7)
Recoveries of amounts previously charged-off	2.5		—		—		2.5
Currency translation	0.2		—		0.3		0.5
Balance, end of period	$	53.9	$	6.7	$	14.9	$	75.5

(1)The provision is comprised of estimated credit losses based on the Company’s loss-rate experience and includes adjustments required for forecasted credit loss information. The provision for credit losses reported within this table also includes the provision for fraud losses.

(2)Consists primarily of charges to other accounts. The Company earns revenue by assessing monthly finance fees on accounts with overdue balances. These fees are recognized as revenue at the time the fees are assessed. The finance fee is calculated using the greater of a minimum charge or a stated late fee rate multiplied by the outstanding balance that is subject to a late fee charge. On occasion, these fees are waived to maintain relationship goodwill. Charges to other accounts substantially represent the offset against the late fee revenue recognized when the Company establishes a reserve for such waived amounts.

The following table presents the outstanding balance of trade accounts receivable that are less than 30 and 60 days past due, shown in each case as a percentage of total trade accounts receivable:


Delinquency Status	March 31, 2026		December 31, 2025
Less than 30 days past due	99	%	98	%
Less than 60 days past due	99	%	99	%

Concentration of Credit Risk

The receivables portfolio primarily consists of a large group of homogeneous balances across a wide range of industries, which are collectively evaluated for impairment. No individual customer had a receivable balance representing 10 percent or more of the outstanding receivables balance at March 31, 2026 or December 31, 2025.