Corpay Announces Preliminary Third Quarter 2024 Financial Results
Corpay (NYSE: CPAY) has released preliminary Q3 2024 financial results, with expected revenue of $1.029 billion. The company reported stable same-store sales and segment results aligned with expectations. Expected earnings per diluted share is $3.90, with adjusted earnings per diluted share at $5.00. The company reiterates its full-year adjusted EPS guidance of $19.00 and projects low double-digit organic revenue growth for Q4, with an annualized Cash EPS exit run-rate above $21.00.
Corpay (NYSE: CPAY) ha pubblicato i risultati finanziari preliminari per il terzo trimestre 2024, con un fatturato atteso di 1,029 miliardi di dollari. L'azienda ha riportato vendite stabili negli stessi punti vendita e risultati di segmento in linea con le aspettative. L'utile per azione diluito previsto è di 3,90 dollari, con un utile rettificato per azione diluito a 5,00 dollari. L'azienda ribadisce le previsioni per l'intero anno riguardo l'utile per azione rettificato di 19,00 dollari e prevede una crescita organica del fatturato a cifra bassa a due cifre per il quarto trimestre, con un tasso di uscita annualizzato dell'EPS in contante superiore a 21,00 dollari.
Corpay (NYSE: CPAY) ha publicado los resultados financieros preliminares del tercer trimestre de 2024, con ingresos esperados de 1,029 mil millones de dólares. La empresa reportó ventas estables en las mismas tiendas y resultados por segmentos alineados con las expectativas. Se espera que las ganancias por acción diluida sean de 3.90 dólares, con ganancias ajustadas por acción diluida en 5.00 dólares. La empresa reitera su guía de ganancias por acción ajustadas para todo el año de 19.00 dólares y proyecta un crecimiento orgánico en ingresos de dos dígitos bajo para el cuarto trimestre, con una tasa de salida de ganancias por acción en efectivo anualizada superior a 21.00 dólares.
Corpay (NYSE: CPAY)는 2024년 3분기 예비 재무 결과를 발표했으며, 예상 매출이 10억 2900만 달러입니다. 이 회사는 동일 매장 판매와 세그먼트 결과가 예상에 부합한다고 보고했습니다. 예상 희석 주당 이익은 3.90 달러이며, 조정된 희석 주당 이익은 5.00 달러입니다. 이 회사는 연간 조정 주당 이익 가이드를 19.00 달러로 재확인하고 있으며, 4분기에는 유기적 매출 성장률이 두 자릿수 저조를 예상하고, 연간화된 현금 주당 이익 종료 실행 속도가 21.00 달러를 초과할 것으로 보입니다.
Corpay (NYSE: CPAY) a publié les résultats financiers préliminaires du troisième trimestre 2024, avec des revenus attendus de 1,029 milliard de dollars. L'entreprise a rapporté des ventes en magasin stables et des résultats de segment conformes aux attentes. Les bénéfices par action diluée attendus s'élèvent à 3,90 dollars, avec un bénéfice ajusté par action diluée à 5,00 dollars. L'entreprise réaffirme ses prévisions de bénéfice par action ajusté de 19,00 dollars pour l'année entière et prévoit une croissance organique à deux chiffres inférieure au quatrième trimestre, avec un taux de sortie annuel de bénéfice par action en espèces supérieur à 21,00 dollars.
Corpay (NYSE: CPAY) hat die vorläufigen Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem erwarteten Umsatz von 1,029 Milliarden Dollar. Das Unternehmen berichtete von stabilen Same-Store-Umsätzen und Segmentergebnissen, die den Erwartungen entsprachen. Der erwartete Gewinn pro verwässerter Aktie liegt bei 3,90 Dollar, während der bereinigte Gewinn pro verwässerter Aktie bei 5,00 Dollar liegt. Das Unternehmen bekräftigt seine Gesamtjahresprognose für den bereinigten Gewinn pro Aktie von 19,00 Dollar und rechnet im vierten Quartal mit einem organischen Umsatzwachstum im niedrigen zweistelligen Bereich, wobei die annualisierte Cash EPS-Austrittsgeschwindigkeit über 21,00 Dollar liegen soll.
- Revenue reached $1.029 billion in Q3 2024
- Earnings per diluted share of $3.90
- Adjusted earnings per diluted share of $5.00
- Projected low double-digit organic revenue growth for Q4
- Expected annualized Cash EPS exit run-rate above $21.00
- Same-store sales remained flat in Q3
- Results are preliminary and subject to potential material adjustments
Insights
The preliminary Q3 results demonstrate solid performance with revenue reaching
The reiteration of full-year adjusted EPS guidance at
Preliminary Financial Results for Third Quarter of 2024:
-
Revenue is expected to be
$1.02 9 billion- Same store sales remained stable sequentially in the third quarter, and were essentially flat
- Segment results in line with our expectations
-
Earnings per diluted share is expected to be
$3.90 -
Adjusted earnings per diluted share is expected to be
1$5.00 -
Reiterating full year adjusted earnings per share guidance of
1, at the mid-point provided on August 7, 2024$19.00
“We’re pleased that our third quarter results finished at the higher end of our revenue and earnings guidance ranges. Our confidence in our fourth quarter outlook is higher today than in August, and calls for low double digit organic revenue growth, and an annualized Cash EPS exit run-rate above
The Company will hold its regularly scheduled earnings call at 5:00 pm on November 7, 2024.
The Company also filed today a Form 8-K related to a modification to the CEO 2021 performance option grant.
Preliminary Results:
The preliminary estimated financial results for the quarter ended September 30, 2024 included in this press release are preliminary, unaudited and subject to completion, and may change as a result of management’s continued review. Such preliminary results are subject to the finalization of quarter-end financial and accounting procedures. While carrying out such procedures, Corpay may identify items that would require it to make adjustments to the preliminary estimates of financial results set forth herein. As a result, Corpay’s actual financial results could differ than the information set forth herein and such differences could be material.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, and retail lodging price trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of our information security controls or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the international operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between
About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock based compensation expense related to stock based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables, and amortization attributable to the Company's noncontrolling interest (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, the impact of discrete tax items, the impact of business dispositions, impairment charges, asset write-offs, restructuring costs, loss on extinguishment of debt, and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by
Management uses adjusted net income per diluted share attributable to Corpay:
- as a measurement of operating performance because they assist us in comparing our operating performance on a consistent basis;
- for planning purposes, including the preparation of our internal annual operating budget;
- to allocate resources to enhance the financial performance of our business; and
- to evaluate the performance and effectiveness of our operational strategies.
About Corpay
Corpay (NYSE: CPAY) is a global S&P 500 corporate payments company that helps businesses and consumers manage and pay expenses in a simple, controlled manner. Corpay’s suite of modern payment solutions help its customers better manage vehicle-related expenses (e.g. fueling and parking), travel expenses (e.g. hotel bookings) and accounts payable (e.g. paying vendors). This results in our customers saving time and ultimately spending less. Corpay – Payments made easy. For more information, please visit www.corpay.com.
1 Reconciliation of expected GAAP results to non-GAAP results is provided in Exhibit 1. A reconciliation of GAAP guidance to non-GAAP guidance was previously provided on Form 8-K, as filed with the SEC on August 7, 2024.
Exhibit 1 |
||||
|
||||
RECONCILIATION OF NON-GAAP MEASURES |
||||
(In millions, except shares and per share amounts) |
||||
(Unaudited) |
||||
|
||||
The following table reconciles net income attributable to Corpay and net income attributable to Corpay per diluted share to adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay:* |
||||
|
|
Three Months Ended
|
||
|
|
|
2024 |
|
Net income attributable to Corpay |
|
$ |
276 |
|
Net income per diluted share attributable to Corpay |
|
$ |
3.90 |
|
|
|
|
||
Stock based compensation |
|
|
29 |
|
Amortization1 |
|
|
61 |
|
Other2 |
|
|
12 |
|
Total pre-tax adjustments |
|
$ |
102 |
|
|
|
|
||
Income taxes3 |
|
|
(23 |
) |
Adjusted net income attributable to Corpay |
|
$ |
355 |
|
Adjusted net income per diluted share attributable to Corpay |
|
$ |
5.00 |
|
|
|
|
||
Diluted shares |
|
|
71 |
|
|
|
|
1 Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. |
2 Includes losses and gains on foreign currency transactions, legal expenses, and removes the amortization attributable to the Company's noncontrolling interest. |
3 Represents provision for income taxes of pre-tax adjustments. |
* Columns may not calculate due to rounding. |
Exhibit 2 |
||||||
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES |
||||||
(In millions, except per share amounts) |
||||||
(Unaudited) |
||||||
The following table reconciles full year 2024 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range: |
||||||
|
2024 GUIDANCE |
|||||
Low* |
High* |
|||||
Net income |
$ |
1,056 |
|
$ |
1,086 |
|
Net income per diluted share |
$ |
14.77 |
|
$ |
15.07 |
|
|
|
|
||||
Stock based compensation |
|
108 |
|
|
108 |
|
Amortization |
|
235 |
|
|
235 |
|
Other |
$ |
42 |
|
$ |
42 |
|
Total pre-tax adjustments |
$ |
385 |
|
$ |
385 |
|
|
|
|
||||
Income taxes |
|
(91 |
) |
|
(91 |
) |
Adjusted net income |
$ |
1,350 |
|
$ |
1,380 |
|
Adjusted net income per diluted share |
$ |
18.85 |
|
$ |
19.15 |
|
|
|
|
||||
Diluted shares |
|
72 |
|
|
72 |
|
|
|
|
||||
* Columns may not calculate due to rounding. |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028357855/en/
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Media Relations
Chad Corley, 770-729-5021
Chad.Corley@corpay.com
Source: Corpay, Inc.
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