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Corpay, Inc., a FLEETCOR Technologies company (NYSE: FLT), is a leading global provider of business payment solutions dedicated to helping companies of all sizes better manage, track, and pay their expenses. Corpay offers a comprehensive suite of online payment solutions, including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs. As the #1 B2B commercial Mastercard® issuer in North America, Corpay processes over a billion transactions each year, ensuring businesses gain complete control and visibility of all transactions while simultaneously reducing costs and maximizing efficiency.
With its recent partnership with Reveel, Corpay has expanded its capabilities by integrating advanced parcel spend management tools into its payment automation platform. This collaboration empowers businesses to streamline their financial operations, optimize costs, and make informed decisions with real-time data. The joint solution also offers cash rebates on most AP transactions, providing additional revenue opportunities for businesses.
Headquartered in Irvine, California, Corpay serves over 500,000 commercial accounts with millions of cardholders across the United States, Canada, Mexico, Europe, Africa, and Asia. The company has experienced significant growth, driven by its core principles of determination, outstanding value, industry-leading products, and a commitment to quality. Over the last decade, Corpay has grown more than 40%, maintaining its position as the world’s largest provider of commercial fleet card programs.
Corpay’s financial technology solutions are designed to consolidate card programs, manage expenses on-the-go, and automate payment workflows. This ensures businesses can mitigate the risk of payment fraud, manage their payment remittance information securely, and achieve compliance with a robust security infrastructure. Corpay’s innovative products and strategic partnerships continue to revolutionize the financial management landscape, providing businesses with the tools they need to succeed in a competitive market.
FLEETCOR Technologies reported strong Q3 2022 results, with revenues up 18% to $893.0 million and adjusted net income per share rising 21% to $4.24.
Organic revenue growth was 13%, driven by growth in corporate payments and lodging over 20%. The company completed three acquisitions, enhancing its capabilities.
For FY 2022, FLEETCOR updated revenue guidance to $3.4-$3.42 billion while maintaining net income projections, despite challenges from exchange rates and expenses.
Fullsteam Holdings has appointed Charles Freund as its new Chief Financial Officer. Freund brings nearly 20 years of experience in corporate finance, having previously served as CFO of FLEETCOR Technologies (NYSE: FLT). His role at Fullsteam involves enhancing financial management, aiding in acquisitions, and leading capital financing efforts. Michael Lawler, Fullsteam's CEO, expressed enthusiasm for Freund's expertise, emphasizing its importance for the company's growth strategy and partnerships. Fullsteam is actively pursuing acquisitions in various software verticals.
FLEETCOR Technologies (NYSE: FLT) will host a conference call on
FLEETCOR Technologies, Inc. (NYSE: FLT) has announced the acquisition of Roomex, a workforce lodging provider in the UK and Germany, aimed at expanding its European presence. The deal will enhance FLEETCOR's existing workforce lodging business, which books millions of hotel nights annually across 45,000 U.S. properties. Roomex’s established network and customer base of 600 clients and 50,000 hotels are expected to fuel growth and improve service offerings. The transaction is anticipated to close in November 2023.
Corpay, part of FLEETCOR (NYSE: FLT), has partnered with Greenbackers Investment Capital to provide cross-border payments and currency risk management solutions to clean technology companies. This collaboration grants Greenbackers' network access to Corpay's services, streamlining payments and mitigating foreign exchange exposure. Corpay’s EMEA Managing Director, Nathan Cheema, expressed confidence in this partnership benefiting innovative enterprises, while Greenbackers' Managing Partner, Robert Hokin, highlighted Corpay’s expertise in time-sensitive payments as a key advantage.
FLEETCOR Technologies (NYSE: FLT) has announced the departure of its Global CFO, Charles Freund, after nearly 22 years with the company. Alissa Vickery, currently Chief Accounting Officer, has been appointed as interim CFO. The company has commenced a formal search for a permanent CFO. FLEETCOR expects its Q3 2022 results to meet previous earnings guidance provided on August 3, 2022. The actual results are scheduled for release in November 2022. This transition comes as the company continues to navigate a challenging business environment influenced by external factors, including economic uncertainties.
FLEETCOR Technologies, Inc. (NYSE: FLT) has acquired Plugsurfing, a prominent European electric vehicle (EV) software and network provider. This acquisition enhances FLEETCOR's commitment to offering advanced EV solutions for commercial fleets, enabling access to European EV roaming and software applications for drivers and fleet managers. Plugsurfing operates a network of over 300,000 charge points across Europe, facilitating payment and tariff information for EV drivers. The acquisition aims to expand customer segments, optimize charging infrastructure for CPOs, and deliver a white-label EV solution for vehicle OEMs.
FLEETCOR Technologies (NYSE: FLT) announced the acquisition of Plugsurfing, a leading European EV software and network provider, enhancing its EV asset portfolio. With over 300,000 charge points, Plugsurfing offers extensive support for fleet clients and new customer segments. Additionally, FLEETCOR has invested in Zap-Map, the UK's top EV mapping service with 350,000 users. This strategic move aims to bolster FLEETCOR's presence in the EV sector, catering to growing demands for charging solutions. An EV strategy update call for investors is scheduled for September 14, 2022.
FLEETCOR Technologies (NYSE: FLT) will host a fireside chat at the Deutsche Bank 2022 Technology Conference on Wednesday, August 31, 2022, at 7:30 am PT. Interested investors can access the presentation via the company's investor relations website at http://investor.fleetcor.com/.
FLEETCOR is a global leader in business payments, offering innovative solutions that enhance expense management for businesses across more than 100 countries.
FLEETCOR Technologies (NYSE: FLT) announced its decision to appeal the August 9, 2022 ruling from the Northern District of Georgia regarding the FTC lawsuit tied to its fuel card business. The court ruled in favor of the FTC on liability, but denied monetary relief to the agency. FLEETCOR, believing the liability ruling was premature, stated that it has cooperated with the FTC and made necessary changes since 2017, reporting no significant impact on business or customer behavior. The Board maintains confidence in the company's legal actions and governance.
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