Corpay Reports Second Quarter 2024 Financial Results
Corpay (NYSE: CPAY) announced its financial results for Q2 2024, showing slight improvements over expectations. Revenue increased by 3% to $975.7 million compared to Q2 2023, which had included $32 million from their sold Russia business. Net income rose by 5% to $251.6 million, with a 10% rise in net income per diluted share to $3.52. EBITDA increased by 4% to $517.7 million. The company highlighted the closure of its Paymerang acquisition on July 1, a 14% rise in adjusted net income per diluted share ex-Russia, and share repurchases totaling 3.3 million in 2024. The updated 2024 outlook includes revenues between $3,975 million and $4,025 million, and net income per diluted share between $14.85 and $15.15.
For Q3 2024, Corpay expects revenues between $1,015 million and $1,035 million, and adjusted net income per diluted share between $4.90 and $5.00. The company also anticipates revenue growth acceleration driven by sales and retention improvements in the second half of 2024.
Corpay (NYSE: CPAY) ha annunciato i risultati finanziari per il secondo trimestre del 2024, mostrando lievi miglioramenti rispetto alle aspettative. I ricavi sono aumentati del 3% a $975,7 milioni rispetto al secondo trimestre del 2023, che includeva $32 milioni provenienti dalla loro attività venduta in Russia. Il reddito netto è aumentato del 5% a $251,6 milioni, con un incremento del 10% del reddito netto per azione diluita a $3,52. EBITDA è aumentato del 4% a $517,7 milioni. L'azienda ha evidenziato la chiusura dell'acquisizione di Paymerang il 1 luglio, un aumento del 14% del reddito netto rettificato per azione diluita escludendo la Russia, e riacquisti di azioni per un totale di 3,3 milioni nel 2024. Le previsioni aggiornate per il 2024 prevedono ricavi compresi tra $3.975 milioni e $4.025 milioni, e un reddito netto per azione diluita compreso tra $14,85 e $15,15.
Per il terzo trimestre del 2024, Corpay prevede ricavi compresi tra $1.015 milioni e $1.035 milioni, e un reddito netto rettificato per azione diluita compreso tra $4,90 e $5,00. L'azienda si aspetta anche un'accelerazione della crescita dei ricavi, sostenuta da miglioramenti nelle vendite e nella retention nella seconda metà del 2024.
Corpay (NYSE: CPAY) anunció sus resultados financieros para el segundo trimestre de 2024, mostrando ligeras mejoras respecto a las expectativas. Los ingresos aumentaron un 3% hasta $975.7 millones en comparación con el segundo trimestre de 2023, que incluía $32 millones de su negocio vendido en Rusia. El ingreso neto creció un 5% hasta $251.6 millones, con un aumento del 10% en el ingreso neto por acción diluida hasta $3.52. EBITDA aumentó un 4% hasta $517.7 millones. La compañía destacó el cierre de su adquisición de Paymerang el 1 de julio, un incremento del 14% en el ingreso neto ajustado por acción diluida excluyendo Rusia, y recompra de acciones totalizando 3.3 millones en 2024. El pronóstico actualizado para 2024 incluye ingresos entre $3,975 millones y $4,025 millones, y un ingreso neto por acción diluida entre $14.85 y $15.15.
Para el tercer trimestre de 2024, Corpay espera ingresos entre $1,015 millones y $1,035 millones, y un ingreso neto ajustado por acción diluida entre $4.90 y $5.00. La compañía también anticipa una aceleración en el crecimiento de los ingresos impulsada por mejoras en ventas y retención en la segunda mitad de 2024.
Corpay (NYSE: CPAY)은 2024년 2분기 재무 결과를 발표하며 기대에 비해 약간의 개선을 보여주었습니다. 수익은 2023년 2분기와 비교하여 $975.7 백만으로 3% 증가했으며, 이에는 판매된 러시아 사업에서 발생한 $32 백만이 포함되어 있습니다. 순이익은 $251.6 백만으로 5% 증가했으며, 희석 주당 순이익은 $3.52로 10% 상승했습니다. EBITDA는 $517.7 백만으로 4% 증가했습니다. 회사는 7월 1일 Paymerang 인수 완료, 러시아를 제외한 조정된 순이익 주당 14% 증가, 2024년 3.3 백만 주식 재매입을 강조했습니다. 2024년 업데이트된 전망은 수익을 $3,975 백만에서 $4,025 백만 사이로, 희석 주당 순이익을 $14.85에서 $15.15 사이로 포함합니다.
2024년 3분기에는 Corpay가 $1,015 백만에서 $1,035 백만 사이의 수익과 조정된 희석 주당 순이익을 $4.90에서 $5.00 사이로 예상하고 있습니다. 또한, 2024년 하반기에는 판매 및 유지 개선에 기인한 수익 성장 가속화를 계획하고 있습니다.
Corpay (NYSE: CPAY) a annoncé ses résultats financiers pour le deuxième trimestre 2024, montrant de légères améliorations par rapport aux attentes. Les revenus ont augmenté de 3 % pour atteindre 975,7 millions de dollars par rapport au deuxième trimestre 2023, qui comprenait 32 millions de dollars provenant de son activité vendue en Russie. Le revenu net a augmenté de 5 % pour atteindre 251,6 millions de dollars, avec une hausse de 10 % du revenu net par action diluée à 3,52 dollars. EBITDA a augmenté de 4 % pour atteindre 517,7 millions de dollars. L'entreprise a souligné la clôture de son acquisition de Paymerang le 1er juillet, une augmentation de 14 % du revenu net ajusté par action diluée hors Russie, et des rachats d'actions totalisant 3,3 millions en 2024. Les prévisions mises à jour pour 2024 incluent des revenus compris entre 3 975 millions et 4 025 millions de dollars, et un revenu net par action diluée compris entre 14,85 et 15,15 dollars.
Pour le troisième trimestre 2024, Corpay s'attend à des revenus compris entre 1 015 millions et 1 035 millions de dollars, et un revenu net ajusté par action diluée compris entre 4,90 et 5,00 dollars. L'entreprise prévoit également une accélération de la croissance des revenus, soutenue par des améliorations des ventes et de la rétention dans la seconde moitié de 2024.
Corpay (NYSE: CPAY) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, die leichte Verbesserungen gegenüber den Erwartungen zeigen. Der Umsatz stieg um 3 % auf 975,7 Millionen US-Dollar im Vergleich zum zweiten Quartal 2023, das 32 Millionen US-Dollar aus dem verkauften Russlandgeschäft enthielt. Der Nettoertrag stieg um 5 % auf 251,6 Millionen US-Dollar, während der Nettoertrag je verwässerter Aktie um 10 % auf 3,52 US-Dollar anstieg. EBITDA stieg um 4 % auf 517,7 Millionen US-Dollar. Das Unternehmen hob den Abschluss der Übernahme von Paymerang am 1. Juli hervor, einen Anstieg des bereinigten Nettoertrags je verwässerter Aktie ohne Russland um 14 % und Aktienrückkäufe in Höhe von 3,3 Millionen US-Dollar im Jahr 2024. Die aktualisierte Prognose für 2024 umfasst Umsätze zwischen 3.975 Millionen USD und 4.025 Millionen USD sowie einen Nettoertrag je verwässerter Aktie zwischen 14,85 und 15,15 USD.
Für das dritte Quartal 2024 erwartet Corpay Umsätze zwischen 1.015 Millionen USD und 1.035 Millionen USD sowie einen bereinigten Nettoertrag je verwässerter Aktie zwischen 4,90 und 5,00 USD. Das Unternehmen rechnet auch mit einer Beschleunigung des Umsatzwachstums, die in der zweiten Hälfte von 2024 durch Verbesserungen bei Verkäufen und Kundenbindung vorangetrieben wird.
- Revenue increased by 3% to $975.7 million in Q2 2024.
- Net income rose by 5% to $251.6 million in Q2 2024.
- Net income per diluted share increased by 10% to $3.52.
- EBITDA increased by 4% to $517.7 million.
- Adjusted net income per diluted share rose by 14% ex-Russia.
- Completion of Paymerang acquisition on July 1, 2024.
- Share repurchases totaling 3.3 million shares in 2024.
- Revenue contribution from Russia business was $32 million in Q2 2023, affecting year-over-year comparisons.
- Slightly unfavorable foreign exchange rates and fuel prices impacting 2024 outlook.
- Slower lodging recovery mentioned in the updated outlook.
Insights
Corpay's Q2 2024 results demonstrate solid financial performance with some notable highlights:
- Revenue increased
3% to$975.7 million , despite the sale of the Russia business. - GAAP net income rose
5% to$251.6 million , with EPS up10% to$3.52 . - Adjusted EBITDA grew
4% (10% ex-Russia) to$517.7 million , indicating improved operational efficiency.
The company's focus on Corporate Payments is paying off, with high-teens growth and strategic acquisitions positioning this segment to comprise
Corpay's Q2 results reveal interesting market dynamics:
- Improved business trends in same-store sales, new sales and customer retention indicate a strengthening market position.
- High-teens growth in Corporate Payments suggests a shift in corporate spending patterns and increased adoption of digital payment solutions.
- The acquisition of Paymerang and pending GPS Capital Markets deal highlight consolidation trends in the payments industry.
The company's guidance for flat fuel price spreads and cautious approach to lodging recovery reflect ongoing market uncertainties. The projected
Corpay's Q2 results and forward-looking statements reveal a clear strategic direction:
- Focus on high-growth Corporate Payments segment, aiming for
40% of business by 2025. - Strategic acquisitions (Paymerang, GPS Capital Markets) to bolster market position and service offerings.
- Emphasis on operational efficiency, evidenced by the
60 bps improvement in EBITDA margin. - Continued share repurchases (2.2 million in Q2, 3.3 million YTD) demonstrating confidence in long-term value.
The company's strategy appears well-aligned with market trends towards digital corporate payments solutions. However, the success of this strategy will depend on seamless integration of acquisitions and the ability to cross-sell services across segments. Investors should monitor the execution of this strategy and its impact on long-term growth and profitability.
Paymerang acquisition closed on July 1, 2024
“Our results were slightly ahead of our expectations. Our most recent business trends, including same store sales, new sales and customer retention, all meaningfully improved in the second quarter, which bodes well for our 2024 exit,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “Our Corporate Payments revenue continued to grow in the high teens and with the addition of Paymerang on July 1st and GPS Capital Markets expected in early 2025, that business is well on its way to becoming
Financial Results for Second Quarter of 2024:
GAAP Results
-
Revenues increased
3% to$975.7 million $948.2 million $32 million Russia business. -
Net income attributable to Corpay increased
5% to$251.6 million $239.7 million -
Net income per diluted share attributable to Corpay increased
10% to$3.52 $3.20
Non-GAAP Results1
-
EBITDA1 increased
4% to$517.7 million $497.1 million 10% ex-Russia . -
Adjusted net income attributable to Corpay1 increased
3% to$325.0 million $314.3 million -
Adjusted net income per diluted share attributable to Corpay1 increased
8% to$4.55 $4.19 14% ex-Russia .
“Our Corporate Payments and Vehicle Payments segments delivered solid performance driven by implementations and ramping of new sales. Our
Updated Fiscal Year 2024 Outlook:
“Our outlook for the remainder of the year includes
For fiscal year 2024, Corpay, Inc. updated financial guidance1 is as follows:
-
Total revenues between
$3,975 million $4,025 million -
Net income between
$1,058 million $1,088 million -
Net income per diluted share between
$14.85 $15.15 -
Adjusted net income between
$1,345 million $1,375 million -
Adjusted net income per diluted share between
$18.85 $19.15
Corpay’s guidance assumptions are as follows:
For the balance of the year:
-
Weighted average
U.S. fuel prices equal to$3.55 - Fuel price spreads flat with the 2023 average; and
- Foreign exchange rates equal to the July 2024 monthly average.
For the full year:
-
Interest expense between
$370 million $390 million - Approximately 72 million fully diluted shares outstanding;
-
A tax rate of approximately
24% to25% ; and - No impact related to material acquisitions not already closed.
Third Quarter of 2024 Outlook:
"Third quarter revenues are expected to be between
Conference Call:
The Company will host a conference call to discuss second quarter 2024 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Tom Panther, chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing (800) 225-9448 or (203) 518-9708; the Conference ID is “CORPAY”. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the replay access ID is 11156469. The replay will be available through Thursday, August 15, 2024. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
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, and amortization of the premium recognized on the purchase of receivables, (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
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.
EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, investment loss/gain and other operating, net. EBITDA margin is defined as EBITDA as a percentage of revenue.
Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth and EBITDA:
- as measurements 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 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.
Corpay, Inc. and Subsidiaries |
||||||||||||||||||||||
Unaudited Consolidated Statements of Income |
||||||||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
%
|
|
|
2024 |
|
|
|
2023 |
|
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues, net |
|
$ |
975,710 |
|
|
$ |
948,174 |
|
|
3 |
% |
|
$ |
1,910,961 |
|
|
$ |
1,849,507 |
|
|
3 |
% |
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Processing |
|
|
209,199 |
|
|
|
205,265 |
|
|
2 |
% |
|
|
416,610 |
|
|
|
410,232 |
|
|
2 |
% |
Selling |
|
|
95,044 |
|
|
|
86,412 |
|
|
10 |
% |
|
|
189,232 |
|
|
|
168,004 |
|
|
13 |
% |
General and administrative |
|
|
153,777 |
|
|
|
159,356 |
|
|
(4 |
)% |
|
|
305,039 |
|
|
|
314,040 |
|
|
(3 |
)% |
Depreciation and amortization |
|
|
84,342 |
|
|
|
83,676 |
|
|
1 |
% |
|
|
169,102 |
|
|
|
167,908 |
|
|
1 |
% |
Other operating, net |
|
|
9 |
|
|
|
815 |
|
|
NM |
|
|
|
301 |
|
|
|
1,478 |
|
|
NM |
|
Total operating expense |
|
|
542,371 |
|
|
|
535,524 |
|
|
1 |
% |
|
|
1,080,284 |
|
|
|
1,061,662 |
|
|
2 |
% |
Operating income |
|
|
433,339 |
|
|
|
412,650 |
|
|
5 |
% |
|
|
830,677 |
|
|
|
787,845 |
|
|
5 |
% |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment (gain) loss |
|
|
(36 |
) |
|
|
18 |
|
|
NM |
|
|
|
(203 |
) |
|
|
(172 |
) |
|
18 |
% |
Other expense (income), net |
|
|
4,496 |
|
|
|
(2,424 |
) |
|
NM |
|
|
|
7,623 |
|
|
|
(1,678 |
) |
|
NM |
|
Interest expense, net |
|
|
94,677 |
|
|
|
88,486 |
|
|
7 |
% |
|
|
183,765 |
|
|
|
168,281 |
|
|
9 |
% |
Total other expense |
|
|
99,137 |
|
|
|
86,080 |
|
|
15 |
% |
|
|
191,185 |
|
|
|
166,431 |
|
|
15 |
% |
Income before income taxes |
|
|
334,202 |
|
|
|
326,570 |
|
|
2 |
% |
|
|
639,492 |
|
|
|
621,414 |
|
|
3 |
% |
Provision for income taxes |
|
|
82,539 |
|
|
|
86,868 |
|
|
(5 |
)% |
|
|
158,026 |
|
|
|
166,877 |
|
|
(5 |
)% |
Net income |
|
|
251,663 |
|
|
|
239,702 |
|
|
5 |
% |
|
$ |
481,466 |
|
|
$ |
454,537 |
|
|
6 |
% |
Less: Net income attributable to noncontrolling interest |
|
|
38 |
|
|
|
— |
|
|
NM |
|
|
|
72 |
|
|
|
— |
|
|
NM |
|
Net income attributable to Corpay |
|
$ |
251,625 |
|
|
$ |
239,702 |
|
|
5 |
% |
|
$ |
481,394 |
|
|
$ |
454,537 |
|
|
6 |
% |
Basic earnings per share |
|
$ |
3.59 |
|
|
$ |
3.24 |
|
|
11 |
% |
|
$ |
6.79 |
|
|
$ |
6.17 |
|
|
10 |
% |
Diluted earnings per share |
|
$ |
3.52 |
|
|
$ |
3.20 |
|
|
10 |
% |
|
$ |
6.64 |
|
|
$ |
6.08 |
|
|
9 |
% |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic shares |
|
|
70,107 |
|
|
|
73,887 |
|
|
|
|
|
70,934 |
|
|
|
73,705 |
|
|
|
||
Diluted shares |
|
|
71,497 |
|
|
|
75,001 |
|
|
|
|
|
72,516 |
|
|
|
74,763 |
|
|
|
||
Corpay, Inc. and Subsidiaries |
||||||||
Consolidated Balance Sheets |
||||||||
(In thousands, except share and par value amounts) |
||||||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
|
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,357,567 |
|
|
$ |
1,389,648 |
|
Restricted cash |
|
|
2,189,729 |
|
|
|
1,751,887 |
|
Accounts and other receivables (less allowance) |
|
|
2,412,011 |
|
|
|
2,161,586 |
|
Securitized accounts receivable — restricted for securitization investors |
|
|
1,409,000 |
|
|
|
1,307,000 |
|
Assets held for sale |
|
|
78,592 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
528,798 |
|
|
|
474,144 |
|
Total current assets |
|
|
7,975,697 |
|
|
|
7,084,265 |
|
Property and equipment, net |
|
|
357,759 |
|
|
|
343,154 |
|
Goodwill |
|
|
5,545,966 |
|
|
|
5,644,958 |
|
Other intangibles, net |
|
|
1,956,855 |
|
|
|
2,085,663 |
|
Investments |
|
|
64,039 |
|
|
|
69,521 |
|
Other assets |
|
|
296,219 |
|
|
|
248,691 |
|
Total assets |
|
$ |
16,196,535 |
|
|
$ |
15,476,252 |
|
Liabilities and Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
1,902,909 |
|
|
$ |
1,624,995 |
|
Accrued expenses |
|
|
367,753 |
|
|
|
356,118 |
|
Customer deposits |
|
|
2,763,554 |
|
|
|
2,397,279 |
|
Securitization facility |
|
|
1,409,000 |
|
|
|
1,307,000 |
|
Current portion of notes payable and lines of credit |
|
|
1,106,744 |
|
|
|
819,749 |
|
Liabilities held for sale |
|
|
9,504 |
|
|
|
— |
|
Other current liabilities |
|
|
283,083 |
|
|
|
320,612 |
|
Total current liabilities |
|
|
7,842,547 |
|
|
|
6,825,753 |
|
Notes payable and other obligations, less current portion |
|
|
4,817,634 |
|
|
|
4,596,156 |
|
Deferred income taxes |
|
|
445,207 |
|
|
|
470,232 |
|
Other noncurrent liabilities |
|
|
315,554 |
|
|
|
301,752 |
|
Total noncurrent liabilities |
|
|
5,578,395 |
|
|
|
5,368,140 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock |
|
|
130 |
|
|
|
129 |
|
Additional paid-in capital |
|
|
3,418,512 |
|
|
|
3,266,185 |
|
Retained earnings |
|
|
8,674,053 |
|
|
|
8,192,659 |
|
Accumulated other comprehensive loss |
|
|
(1,498,985 |
) |
|
|
(1,289,099 |
) |
Treasury stock |
|
|
(7,843,005 |
) |
|
|
(6,887,515 |
) |
Total Corpay stockholders’ equity |
|
|
2,750,705 |
|
|
|
3,282,359 |
|
Noncontrolling interest |
|
|
24,888 |
|
|
|
— |
|
Total equity |
|
|
2,775,593 |
|
|
|
3,282,359 |
|
Total liabilities and equity |
|
$ |
16,196,535 |
|
|
$ |
15,476,252 |
|
Corpay, Inc. and Subsidiaries |
||||||||
Unaudited Consolidated Statements of Cash Flows |
||||||||
(In thousands) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
|
||||
Net income |
|
$ |
481,466 |
|
|
$ |
454,537 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation |
|
|
58,443 |
|
|
|
53,739 |
|
Stock-based compensation |
|
|
52,087 |
|
|
|
60,844 |
|
Provision for credit losses on accounts and other receivables |
|
|
53,485 |
|
|
|
74,418 |
|
Amortization of deferred financing costs and discounts |
|
|
4,080 |
|
|
|
3,574 |
|
Amortization of intangible assets and premium on receivables |
|
|
110,659 |
|
|
|
114,169 |
|
Deferred income taxes |
|
|
(9,675 |
) |
|
|
(11,799 |
) |
Investment gain |
|
|
(203 |
) |
|
|
(172 |
) |
Other non-cash operating expense, net |
|
|
301 |
|
|
|
1,478 |
|
Changes in operating assets and liabilities (net of acquisitions/disposition) |
|
|
140,462 |
|
|
|
348,172 |
|
Net cash provided by operating activities |
|
|
891,105 |
|
|
|
1,098,960 |
|
Investing activities |
|
|
|
|
||||
Acquisitions, net of cash acquired |
|
|
(59,871 |
) |
|
|
(126,694 |
) |
Purchases of property and equipment |
|
|
(85,289 |
) |
|
|
(78,922 |
) |
Other |
|
|
(1,453 |
) |
|
|
4,401 |
|
Net cash used in investing activities |
|
|
(146,613 |
) |
|
|
(201,215 |
) |
Financing activities |
|
|
|
|
||||
Proceeds from issuance of common stock |
|
|
100,241 |
|
|
|
66,148 |
|
Repurchase of common stock |
|
|
(947,074 |
) |
|
|
(11,973 |
) |
Borrowings on securitization facility, net |
|
|
102,000 |
|
|
|
(39,000 |
) |
Deferred financing costs |
|
|
(3,176 |
) |
|
|
— |
|
Proceeds from notes payable |
|
|
325,000 |
|
|
|
— |
|
Principal payments on notes payable |
|
|
(51,063 |
) |
|
|
(47,000 |
) |
Borrowings from revolver |
|
|
4,153,000 |
|
|
|
4,351,000 |
|
Payments on revolver |
|
|
(3,811,000 |
) |
|
|
(4,817,000 |
) |
(Payments) borrowings on swing line of credit, net |
|
|
(109,247 |
) |
|
|
255,750 |
|
Other |
|
|
2,081 |
|
|
|
264 |
|
Net cash used in financing activities |
|
|
(239,238 |
) |
|
|
(241,811 |
) |
Effect of foreign currency exchange rates on cash |
|
|
(99,493 |
) |
|
|
38,401 |
|
Net increase in cash and cash equivalents and restricted cash |
|
|
405,761 |
|
|
|
694,335 |
|
Cash and cash equivalents and restricted cash, beginning of year |
|
|
3,141,535 |
|
|
|
2,289,180 |
|
Cash and cash equivalents and restricted cash, end of year |
|
$ |
3,547,296 |
|
|
$ |
2,983,515 |
|
Supplemental cash flow information |
|
|
|
|
||||
Cash paid for interest, net |
|
$ |
237,912 |
|
|
$ |
215,850 |
|
Cash paid for income taxes, net |
|
$ |
185,333 |
|
|
$ |
238,769 |
|
Exhibit 1 |
|||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||||||
(In thousands, except shares and per share amounts) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
| The following table reconciles net income attributable to Corpay to adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay:* | |||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|||
Net income attributable to Corpay |
|
$ |
251,625 |
|
|
$ |
239,702 |
|
|
$ |
481,394 |
|
|
$ |
454,537 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||||||
Stock based compensation |
|
|
27,108 |
|
|
|
34,748 |
|
|
|
52,087 |
|
|
|
60,844 |
|
|||
Amortization1 |
|
|
56,881 |
|
|
|
57,704 |
|
|
|
114,739 |
|
|
|
117,743 |
|
|||
Integration and deal related costs |
|
|
7,128 |
|
|
|
9,580 |
|
|
|
11,363 |
|
|
|
15,465 |
|
|||
Restructuring and related costs2 |
|
|
1,872 |
|
|
|
960 |
|
|
|
6,254 |
|
|
|
1,579 |
|
|||
Other2,3 |
|
|
4,433 |
|
|
|
(1,415 |
) |
|
|
8,045 |
|
|
|
(392 |
) |
|||
Total pre-tax adjustments |
|
|
97,422 |
|
|
|
101,577 |
|
|
|
192,488 |
|
|
|
195,239 |
|
|||
Income taxes4 |
|
|
(24,064 |
) |
|
|
(27,020 |
) |
|
|
(47,579 |
) |
|
|
(52,436 |
) |
|||
Adjusted net income |
|
$ |
324,983 |
|
|
$ |
314,259 |
|
|
$ |
626,303 |
|
|
$ |
597,340 |
|
|||
Adjusted net income per diluted share attributable to Corpay |
|
$ |
4.55 |
|
|
$ |
4.19 |
|
|
$ |
8.64 |
|
|
$ |
7.99 |
|
|||
Diluted shares |
|
|
71,497 |
|
|
|
75,001 |
|
|
|
72,516 |
|
|
|
74,763 |
|
|||
1 Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. |
2 Certain prior period amounts have been reclassified to conform with current period presentation. |
3 Includes losses and gains on foreign currency transactions, legal expenses, and removes the amortization attributable to the Company's noncontrolling interest. |
4 Represents provision for income taxes of pre-tax adjustments. |
* Columns may not calculate due to rounding. |
Exhibit 2 |
|||||||||||||||||||||||||||||
Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted |
|||||||||||||||||||||||||||||
(In millions except revenues, net per key performance metric) |
|||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||
The following table presents revenue and revenue per key performance metric by segment.* |
|||||||||||||||||||||||||||||
|
As Reported |
|
Pro Forma and Macro Adjusted2 |
||||||||||||||||||||||||||
|
Three Months Ended June 30, |
|
Three Months Ended June 30, |
||||||||||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
||||||
VEHICLE PAYMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
- Revenues, net |
$ |
510.3 |
|
|
$ |
509.6 |
|
|
$ |
0.7 |
|
|
— |
% |
|
$ |
518.3 |
|
|
$ |
492.0 |
|
|
$ |
26.3 |
|
|
5 |
% |
- Transactions |
|
207.3 |
|
|
|
153.9 |
|
|
|
53.4 |
|
|
35 |
% |
|
|
207.3 |
|
|
|
193.7 |
|
|
|
13.6 |
|
|
7 |
% |
- Revenues, net per transaction |
$ |
2.46 |
|
|
$ |
3.31 |
|
|
$ |
(0.85 |
) |
|
(26 |
)% |
|
$ |
2.50 |
|
|
$ |
2.54 |
|
|
$ |
(0.04 |
) |
|
(2 |
)% |
- Tag transactions3 |
|
21.4 |
|
|
|
19.7 |
|
|
|
1.7 |
|
|
9 |
% |
|
|
21.4 |
|
|
|
19.7 |
|
|
|
1.7 |
|
|
9 |
% |
- Parking transactions |
|
63.0 |
|
|
|
— |
|
|
|
63.0 |
|
|
NM |
|
|
|
63.0 |
|
|
|
56.8 |
|
|
|
6.2 |
|
|
11 |
% |
- Fleet transactions |
|
112.9 |
|
|
|
128.4 |
|
|
|
(15.6 |
) |
|
(12 |
)% |
|
|
112.9 |
|
|
|
111.4 |
|
|
|
1.4 |
|
|
1 |
% |
- Other transactions |
|
10.0 |
|
|
|
5.7 |
|
|
|
4.3 |
|
|
75 |
% |
|
|
10.0 |
|
|
|
5.7 |
|
|
|
4.3 |
|
|
75 |
% |
CORPORATE PAYMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
- Revenues, net |
$ |
288.5 |
|
|
$ |
246.0 |
|
|
$ |
42.5 |
|
|
17 |
% |
|
$ |
289.6 |
|
|
$ |
246.0 |
|
|
$ |
43.6 |
|
|
18 |
% |
- Spend volume |
$ |
42,879 |
|
|
$ |
36,033 |
|
|
$ |
6,845 |
|
|
19 |
% |
|
$ |
42,879 |
|
|
$ |
36,033 |
|
|
$ |
6,845 |
|
|
19 |
% |
- Revenues, net per spend $ |
|
0.67 |
% |
|
|
0.68 |
% |
|
|
(0.01 |
)% |
|
(1 |
)% |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
— |
% |
|
— |
% |
LODGING PAYMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
- Revenues, net |
$ |
122.4 |
|
|
$ |
136.6 |
|
|
$ |
(14.2 |
) |
|
(10 |
)% |
|
$ |
122.5 |
|
|
$ |
136.6 |
|
|
$ |
(14.1 |
) |
|
(10 |
)% |
- Room nights |
|
8.7 |
|
|
|
9.3 |
|
|
|
(0.6 |
) |
|
(6 |
)% |
|
|
8.7 |
|
|
|
9.3 |
|
|
|
(0.6 |
) |
|
(6 |
)% |
- Revenues, net per room night |
$ |
13.99 |
|
|
$ |
14.65 |
|
|
$ |
(0.66 |
) |
|
(5 |
)% |
|
$ |
14.00 |
|
|
$ |
14.65 |
|
|
$ |
(0.65 |
) |
|
(4 |
)% |
OTHER1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
- Revenues, net |
$ |
54.6 |
|
|
$ |
56.0 |
|
|
$ |
(1.4 |
) |
|
(2 |
)% |
|
$ |
54.7 |
|
|
$ |
56.0 |
|
|
$ |
(1.3 |
) |
|
(2 |
)% |
- Transactions |
|
349.3 |
|
|
|
296.5 |
|
|
|
52.8 |
|
|
18 |
% |
|
|
349.3 |
|
|
|
296.5 |
|
|
|
52.8 |
|
|
18 |
% |
- Revenues, net per transaction |
$ |
0.16 |
|
|
$ |
0.19 |
|
|
$ |
(0.03 |
) |
|
(17 |
)% |
|
$ |
0.16 |
|
|
$ |
0.19 |
|
|
$ |
(0.03 |
) |
|
(17 |
)% |
CORPAY CONSOLIDATED REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
- Revenues, net |
$ |
975.7 |
|
|
$ |
948.2 |
|
|
$ |
27.5 |
|
|
3 |
% |
|
$ |
985.1 |
|
|
$ |
930.6 |
|
|
$ |
54.5 |
|
|
6 |
% |
1 Other includes Gift and Payroll Card operating segments. |
2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent. |
3 Represents total tag subscription transactions in the quarter. Average monthly tag subscriptions for the second quarter of 2024 is 7.1 million. |
* Columns may not calculate due to rounding. |
NM = Not Meaningful |
Exhibit 3 |
|||||||||||||||||||||||
Revenues by Geography and Segment |
|||||||||||||||||||||||
(In millions) |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
| Revenues, net by Geography* | Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||||
|
|
2024 |
|
% |
|
|
2023 |
|
% |
|
|
2024 |
|
% |
|
|
2023 |
|
% |
||||
US |
$ |
529 |
|
54 |
% |
|
$ |
535 |
|
56 |
% |
|
$ |
1,033 |
|
54 |
% |
|
$ |
1,048 |
|
57 |
% |
|
|
149 |
|
15 |
% |
|
|
126 |
|
13 |
% |
|
|
298 |
|
16 |
% |
|
|
248 |
|
13 |
% |
|
|
124 |
|
13 |
% |
|
|
111 |
|
12 |
% |
|
|
246 |
|
13 |
% |
|
|
219 |
|
12 |
% |
Other |
|
174 |
|
18 |
% |
|
|
176 |
|
19 |
% |
|
|
334 |
|
17 |
% |
|
|
334 |
|
18 |
% |
Consolidated Revenues, net |
$ |
976 |
|
100 |
% |
|
$ |
948 |
|
100 |
% |
|
$ |
1,911 |
|
100 |
% |
|
$ |
1,850 |
|
100 |
% |
*Columns may not calculate due to rounding.
| Revenues, net by Segment* | Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||||
|
|
2024 |
|
% |
|
|
2023 |
|
% |
|
|
2024 |
|
% |
|
|
2023 |
|
% |
||||
Vehicle Payments |
$ |
510 |
|
52 |
% |
|
$ |
510 |
|
54 |
% |
|
$ |
1,004 |
|
53 |
% |
|
$ |
1,005 |
|
54 |
% |
Corporate Payments |
|
288 |
|
30 |
% |
|
|
246 |
|
26 |
% |
|
|
554 |
|
29 |
% |
|
|
472 |
|
26 |
% |
Lodging Payments |
|
122 |
|
13 |
% |
|
|
137 |
|
14 |
% |
|
|
234 |
|
12 |
% |
|
|
259 |
|
14 |
% |
Other |
|
55 |
|
6 |
% |
|
|
56 |
|
6 |
% |
|
|
119 |
|
6 |
% |
|
|
113 |
|
6 |
% |
Consolidated Revenues, net |
$ |
976 |
|
100 |
% |
|
$ |
948 |
|
100 |
% |
|
$ |
1,911 |
|
100 |
% |
|
$ |
1,850 |
|
100 |
% |
*Columns may not calculate due to rounding.
| Exhibit 4 | ||||||||||||||||||
Segment Results* |
||||||||||||||||||
(In thousands) |
||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||
|
|
|
20241 |
|
|
20232 |
|
%
|
|
|
20241 |
|
|
2023 |
|
%
|
||
Revenues, net: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vehicle Payments |
|
$ |
510,278 |
|
$ |
509,630 |
|
— |
% |
|
$ |
1,004,339 |
|
$ |
1,005,120 |
|
— |
% |
Corporate Payments |
|
|
288,479 |
|
|
246,012 |
|
17 |
% |
|
|
553,875 |
|
|
472,184 |
|
17 |
% |
Lodging Payments |
|
|
122,377 |
|
|
136,564 |
|
(10 |
)% |
|
|
233,672 |
|
|
258,898 |
|
(10 |
)% |
Other3 |
|
|
54,576 |
|
|
55,968 |
|
(2 |
)% |
|
|
119,075 |
|
|
113,305 |
|
5 |
% |
|
|
$ |
975,710 |
|
$ |
948,174 |
|
3 |
% |
|
$ |
1,910,961 |
|
$ |
1,849,507 |
|
3 |
% |
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vehicle Payments |
|
$ |
242,025 |
|
$ |
232,506 |
|
4 |
% |
|
$ |
467,720 |
|
$ |
455,986 |
|
3 |
% |
Corporate Payments |
|
|
120,556 |
|
|
95,708 |
|
26 |
% |
|
|
225,267 |
|
|
176,090 |
|
28 |
% |
Lodging Payments |
|
|
56,391 |
|
|
68,246 |
|
(17 |
)% |
|
|
103,668 |
|
|
122,809 |
|
(16 |
)% |
Other3 |
|
|
14,367 |
|
|
16,190 |
|
(11 |
)% |
|
|
34,022 |
|
|
32,960 |
|
3 |
% |
|
|
$ |
433,339 |
|
$ |
412,650 |
|
5 |
% |
|
$ |
830,677 |
|
$ |
787,845 |
|
5 |
% |
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vehicle Payments |
|
$ |
49,765 |
|
$ |
51,926 |
|
(4 |
)% |
|
$ |
100,087 |
|
$ |
102,276 |
|
(2 |
)% |
Corporate Payments |
|
|
20,698 |
|
|
17,779 |
|
16 |
% |
|
|
41,501 |
|
|
37,939 |
|
9 |
% |
Lodging Payments |
|
|
11,965 |
|
|
11,661 |
|
3 |
% |
|
|
23,595 |
|
|
23,059 |
|
2 |
% |
Other3 |
|
|
1,914 |
|
|
2,310 |
|
(17 |
)% |
|
|
3,919 |
|
|
4,634 |
|
(15 |
)% |
|
|
$ |
84,342 |
|
$ |
83,676 |
|
1 |
% |
|
$ |
169,102 |
|
$ |
167,908 |
|
1 |
% |
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vehicle Payments |
|
$ |
30,254 |
|
$ |
29,014 |
|
4 |
% |
|
$ |
58,448 |
|
$ |
53,986 |
|
8 |
% |
Corporate Payments |
|
|
7,581 |
|
|
7,832 |
|
(3 |
)% |
|
|
14,857 |
|
|
14,676 |
|
1 |
% |
Lodging Payments |
|
|
4,589 |
|
|
3,496 |
|
31 |
% |
|
|
9,415 |
|
|
6,873 |
|
37 |
% |
Other3 |
|
|
1,673 |
|
|
1,842 |
|
(9 |
)% |
|
|
2,569 |
|
|
3,388 |
|
(24 |
)% |
|
|
$ |
44,097 |
|
$ |
42,184 |
|
5 |
% |
|
$ |
85,289 |
|
$ |
78,923 |
|
8 |
% |
1 Results from Zapay acquired in the first quarter of 2024 are reported in the Vehicle Payments segment from the date of acquisition. |
2 The results of our Russian business disposed of in August 2023 are included in our Vehicle Payments segment for all periods prior to disposition. |
3 Other includes Gift and Payroll Card operating segments. |
*Columns may not calculate due to rounding. |
| Exhibit 5 | |||||||||||||||
Reconciliation of Non-GAAP Revenue and Key Performance Metric |
|||||||||||||||
by Segment to GAAP |
|||||||||||||||
(In millions) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
Revenues, net |
|
|
Key Performance Metric |
||||||||||
|
|
Three Months Ended June 30, |
|
|
Three Months Ended June 30, |
||||||||||
|
|
2024* |
|
2023* |
|
|
2024* |
|
2023* |
||||||
VEHICLE PAYMENTS - TRANSACTIONS |
|
|
|
|
|
|
|
|
|
||||||
Pro forma and macro adjusted |
|
$ |
518.3 |
|
|
$ |
492.0 |
|
|
|
207.3 |
|
|
193.7 |
|
Impact of acquisitions/dispositions |
|
|
— |
|
|
|
17.6 |
|
|
|
— |
|
|
(39.8 |
) |
Impact of fuel prices/spread |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
Impact of foreign exchange rates |
|
|
(7.9 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
As reported |
|
$ |
510.3 |
|
|
$ |
509.6 |
|
|
|
207.3 |
|
|
153.9 |
|
CORPORATE PAYMENTS - SPEND |
|
|
|
|
|
|
|
|
|
||||||
Pro forma and macro adjusted |
|
$ |
289.6 |
|
|
$ |
246.0 |
|
|
$ |
42,879 |
|
$ |
36,033 |
|
Impact of acquisitions/dispositions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Impact of fuel prices/spread |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Impact of foreign exchange rates |
|
|
(1.2 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
As reported |
|
$ |
288.5 |
|
|
$ |
246.0 |
|
|
$ |
42,879 |
|
$ |
36,033 |
|
LODGING PAYMENTS - ROOM NIGHTS |
|
|
|
|
|
|
|
|
|
||||||
Pro forma and macro adjusted |
|
$ |
122.5 |
|
|
$ |
136.6 |
|
|
|
8.7 |
|
|
9.3 |
|
Impact of acquisitions/dispositions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Impact of fuel prices/spread |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Impact of foreign exchange rates |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
As reported |
|
$ |
122.4 |
|
|
$ |
136.6 |
|
|
|
8.7 |
|
|
9.3 |
|
OTHER1- TRANSACTIONS |
|
|
|
|
|
|
|
|
|
||||||
Pro forma and macro adjusted |
|
$ |
54.7 |
|
|
$ |
56.0 |
|
|
|
349.3 |
|
|
296.5 |
|
Impact of acquisitions/dispositions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Impact of fuel prices/spread |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Impact of foreign exchange rates |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
As reported |
|
$ |
54.6 |
|
|
$ |
56.0 |
|
|
|
349.3 |
|
|
296.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
CORPAY CONSOLIDATED REVENUES |
|
|
|
|
|
|
|
|
|
||||||
Pro forma and macro adjusted |
|
$ |
985.1 |
|
|
$ |
930.6 |
|
|
Intentionally Left Blank |
|||||
Impact of acquisitions/dispositions |
|
|
— |
|
|
|
17.6 |
|
|
||||||
Impact of fuel prices/spread |
|
|
(0.1 |
) |
|
|
— |
|
|
||||||
Impact of foreign exchange rates2 |
|
|
(9.3 |
) |
|
|
— |
|
|
||||||
As reported |
|
$ |
975.7 |
|
|
$ |
948.2 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
1 Other includes Gift and Payroll Card operating segments. |
|
|
|||||||||||||
2 Revenues reflect an estimated |
|||||||||||||||
* Columns may not calculate due to rounding. |
|
|
|||||||||||||
Exhibit 6 |
|||||||||||||||||||
RECONCILIATION OF NON-GAAP EBITDA MEASURES |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
| The following table reconciles EBITDA and EBITDA margin to net income from operations.* | |||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|||
Net income from operations |
|
$ |
251.7 |
|
|
$ |
239.7 |
|
|
$ |
481.5 |
|
|
$ |
454.5 |
|
|||
Provision for income taxes |
|
|
82.5 |
|
|
|
86.9 |
|
|
|
158.0 |
|
|
|
166.9 |
|
|||
Interest expense, net |
|
|
94.7 |
|
|
|
88.5 |
|
|
|
183.8 |
|
|
|
168.3 |
|
|||
Other expense (income), net |
|
|
4.5 |
|
|
|
(2.4 |
) |
|
|
7.6 |
|
|
|
(1.7 |
) |
|||
Investment gain |
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|||
Depreciation and amortization |
|
|
84.3 |
|
|
|
83.7 |
|
|
|
169.1 |
|
|
|
167.9 |
|
|||
Other operating, net |
|
|
— |
|
|
|
0.8 |
|
|
|
0.3 |
|
|
|
1.5 |
|
|||
EBITDA |
|
$ |
517.7 |
|
|
$ |
497.1 |
|
|
$ |
1,000.1 |
|
|
$ |
957.2 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||||||
Revenues, net |
|
$ |
975.7 |
|
|
$ |
948.2 |
|
|
$ |
1,911.0 |
|
|
$ |
1,849.5 |
|
|||
EBITDA margin |
|
|
53.1 |
% |
|
|
52.4 |
% |
|
|
52.3 |
% |
|
|
51.8 |
% |
|||
|
|
|
|
|
|
|
|
|
|||||||||||
* Columns may not calculate due to rounding. |
|
||||||||||||||||||
Exhibit 7 |
||||||||
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES |
||||||||
(In millions, except per share amounts) |
||||||||
(Unaudited) |
||||||||
| The following table reconciles third quarter 2024 and 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 |
|
$ |
1,058 |
|
|
$ |
1,088 |
|
Net income per diluted share |
|
$ |
14.85 |
|
|
$ |
15.15 |
|
|
|
|
|
|
||||
Stock based compensation |
|
|
107 |
|
|
|
107 |
|
Amortization |
|
|
233 |
|
|
|
233 |
|
Other |
|
|
38 |
|
|
|
38 |
|
Total pre-tax adjustments |
|
|
378 |
|
|
|
378 |
|
|
|
|
|
|
||||
Income taxes |
|
|
(91 |
) |
|
|
(91 |
) |
Adjusted net income |
|
$ |
1,345 |
|
|
$ |
1,375 |
|
Adjusted net income per diluted share |
|
$ |
18.85 |
|
|
$ |
19.15 |
|
|
|
|
|
|
||||
Diluted shares |
|
|
72 |
|
|
|
72 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Q3 2024 GUIDANCE |
||||||
|
|
Low* |
|
High* |
||||
Net income |
|
$ |
273 |
|
|
$ |
283 |
|
Net income per diluted share |
|
$ |
3.88 |
|
|
$ |
3.98 |
|
|
|
|
|
|
||||
Stock based compensation |
|
|
28 |
|
|
|
28 |
|
Amortization |
|
|
59 |
|
|
|
59 |
|
Other |
|
|
7 |
|
|
|
7 |
|
Total pre-tax adjustments |
|
|
94 |
|
|
|
94 |
|
|
|
|
|
|
||||
Income taxes |
|
|
(22 |
) |
|
|
(22 |
) |
Adjusted net income |
|
$ |
345 |
|
|
$ |
355 |
|
Adjusted net income per diluted share |
|
$ |
4.90 |
|
|
$ |
5.00 |
|
|
|
|
|
|
||||
Diluted shares |
|
|
71 |
|
|
|
71 |
|
|
|
|
|
|
||||
* Columns may not calculate due to rounding. |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807038916/en/
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Source: Corpay, Inc.
FAQ
What were Corpay's Q2 2024 revenues?
What was Corpay's net income for Q2 2024?
How did Corpay's net income per diluted share change in Q2 2024?
What is Corpay's revenue outlook for fiscal year 2024?
What are Corpay's revenue expectations for Q3 2024?
How has Corpay's adjusted net income per diluted share performed excluding the Russia business?
What were the key acquisitions influencing Corpay's Q2 2024 results?
