Risk Factors Update Summary

• The risk of cyber-attacks has increased due to geopolitical events, which may disrupt our business operations and result in data compromise. The U.S. Cybersecurity and Infrastructure Security Agency issued a warning for American organizations noting the potential for Russia's cyber-attacks on Ukrainian government and critical infrastructure organizations to impact organizations both within and beyond the U.S. This change might result in supply chain disruptions and increased risk of cyber incidents.
• The company is subject to additional regulatory requirements associated with trading non-centrally cleared OTC derivatives with any counterparty that has $8 billion or more in total derivatives within its portfolio. This change might result in transitory periods of elevated liquidity risk.
• Adverse macroeconomic conditions, including recessions, inflation, rising interest rates, high unemployment, currency fluctuations, and reduced consumer, small business, government, and corporate spending, have a direct impact on the demand for fuel, business-related products and services, or payment card services in general. This change might result in a decrease in our receipt of fees and adversely impact our revenues and operating results.
• The company's Cross-Border solution would like to preserve the ability to continue trading non-centrally cleared OTC derivatives when possible. This change might result in the company being able to better meet a client's risk management objectives.
• Our business in foreign countries may be adversely impacted by geopolitical events, including the current conflict between Russia and Ukraine, which is creating disruptions in the global economy. This change might result in volatile commodity markets, supply chain disruptions, increased risk of cyber incidents, and heightened risks to employee safety.
• The company's debt outstanding under its Credit Facility increased from approximately $6 billion to $7.1 billion. This change might result in increased interest rates and affect the company's financial performance.
• The ongoing conflict between Russia and Ukraine could lead to significant market and financial disruptions. Depending on the actions we take or are required to take, the ongoing conflict could also result in loss of assets or impairment charges. This change might result in volatile commodity markets, supply chain disruptions, and increased operating costs.
• The company transitioned from LIBOR to the Secured Overnight Financing Rate (SOFR) plus a SOFR adjustment of 0.10% for USD borrowings under the Securitization Facility, revolving credit facility and the term loan A. This change might result in changes to the company's interest rates.
• Our divestiture activities may present financial, managerial, and operational risks. Those risks include diversion of management attention from existing businesses, difficulties separating personnel and financial and other systems, and possible need for providing transition services to buyers. This change might result in gains or losses on the sales of, or lost operating income from, those businesses that may affect our profitability and margins.
• The company's assets consist primarily of goodwill and intangible assets that represent approximately 52% of its total assets at December 31, 2022. This change might result in changes to the carrying value of goodwill and indefinite-lived intangible assets.
• Approximately 13% of our consolidated revenue was directly influenced by the absolute price of fuel, and approximately 6% of our consolidated revenue during the year ended December 31
• The company's derivative transactions and delayed settlements may expose it to unexpected risk and potential losses. This change might result in heightened credit and operational risk and in the event of a default.
• The company's EV strategy may be adversely affected if laws or regulations reduce demand for fuel.