Surpasses $1 Billion in quarterly revenue
Corpay, Inc. (NYSE: CPAY), a corporate payments company, today
reported financial results for its third quarter ended September
30, 2024.
“We surpassed $1 billion in quarterly revenue for the first
time, led by Corporate Payments organic growth of 18%. Business
fundamentals were quite good with same store sales and retention
improving and sales remaining strong,” said Ron Clarke, chairman
and chief executive officer, Corpay, Inc. “We're confident that our
revenue growth will accelerate in the fourth quarter, which
positions us well heading into 2025.”
Financial Results for Third Quarter of 2024:
GAAP Results
- Revenues increased 6% to $1,029.2 million in the third quarter
of 2024, compared with $970.9 million in the third quarter of 2023,
which included $13 million of revenue from our sold Russia
business.
- Net income attributable to Corpay increased 2% to $276.4
million in the third quarter of 2024, compared with $271.5 million
in the third quarter of 2023.
- Net income per diluted share attributable to Corpay increased
7% to $3.90 in the third quarter of 2024, compared with $3.64 per
diluted share in the third quarter of 2023.
Non-GAAP Results1
- Organic revenue growth was 6% in the third quarter of
2024.
- EBITDA1 increased 5% to $557.7 million in the third quarter of
2024, compared to $528.9 million in the third quarter of 2023, up
8% ex-Russia.
- Adjusted net income attributable to Corpay1 increased 6% to
$354.5 million in the third quarter of 2024, compared with $335.1
million in the third quarter of 2023.
- Adjusted net income per diluted share attributable to Corpay1
increased 11% to $5.00 in the third quarter of 2024, compared with
$4.49 per diluted share in the third quarter of 2023, up 14%
ex-Russia.
“Our revenue performance and strong expense control were on
display this quarter as revenue increased $53 million sequentially,
and we delivered $355 million of adjusted net income,” said Tom
Panther, chief financial officer, Corpay, Inc. “We closed the
Paymerang acquisition on July 1st, and we are on track to closing
the GPS Capital Markets acquisition in the coming months. We are
well on our way to realizing our synergy targets and integrating
both companies.”
Updated 2024 Outlook:
“For the full year, we are maintaining our cash EPS guide of
$19.00 per share and slightly lowering our revenue guide to $3,995
million at the mid-point due to slightly unfavorable fuel prices
and fx rates. We are out-looking 13% revenue growth and 21%
earnings growth at the mid-point for the fourth quarter. For the
fourth quarter, we expect revenue growth acceleration across each
of our segments and the realization of synergies from the Paymerang
acquisition,” concluded Panther.
For 2024, Corpay, Inc.'s updated financial guidance1 is as
follows:
- Total revenues between $3,980 million and $4,010 million;
- Net income between $1,061 million and $1,081 million;
- Net income per diluted share between $14.82 and $15.02;
- Adjusted net income between $1,355 million and $1,375 million;
and
- Adjusted net income per diluted share between $18.90 and
$19.10.
For fourth quarter 2024, Corpay, Inc.’s updated financial
guidance1 is as follows:
- Total revenues between $1,040 million and $1,070 million;
- Net income per diluted share between $4.28 and $4.48; and
- Adjusted net income per diluted share between $5.25 and
$5.45.
Corpay’s guidance assumptions are as follows:
For the balance of the year:
- Weighted average U.S. fuel prices of $3.26 per gallon;
- Fuel price spreads relatively flat with the 2024 average;
and
- Foreign exchange rates equal to the October 2024 average.
For the full year:
- Interest expense between $380 million and $390 million;
- Approximately 72 million fully diluted shares outstanding;
- An effective tax rate of approximately 23% to 24%; and
- No impact related to material acquisitions not closed.
Increase of Term Loan B Credit Facility and Increase in Share
Repurchase Authorization:
On September 26, 2024, the Company completed a $500 million
upsizing to the Term Loan B credit facility, at substantially
similar terms to the existing debt. The proceeds were used to pay
down the revolver; consequently, the incremental debt had a minimal
impact on the Company’s leverage position at quarter end. The Board
is also announcing today an increase in the share repurchase
authorization by $1 billion, as authorized on November 5, 2024.
Conference Call:
The Company will host a conference call to discuss third quarter
2024 financial results today at 5:00 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)
445-7795 or (203) 518-9856; 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 11157076. The replay will be available
through Thursday, November 14, 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 Russia and Ukraine, as well as within the Middle East, on
the global economy or our business and operations; our ability to
develop and implement new technology, products, and services; any
alleged infringement of intellectual property rights of others and
our ability to protect our intellectual property; the regulation,
supervision, and examination of our business by foreign and
domestic governmental authorities, as well as litigation and
regulatory actions, including the lawsuit filed by the Federal
Trade Commission (FTC); the impact of regulations and related
requirements relating to privacy, information security and data
protection; derivative and hedging activities; use of third-party
vendors and ongoing third-party business relationships; and failure
to comply with anti-money laundering (AML) and anti-terrorism
financing laws; changes in our senior management team and our
ability to attract, motivate and retain qualified personnel
consistent with our strategic plan; tax legislation initiatives or
challenges to our tax positions and/or interpretations, and state
sales tax rules and regulations; the risks of mergers, acquisitions
and divestitures, including, without limitation, the related time
and costs of implementing such transactions, integrating operations
as part of these transactions and possible failures to achieve
expected gains, revenue growth and/or expense savings from such
transactions; our ability to remediate material weaknesses and the
ongoing effectiveness of internal control over financial reporting;
our restatement of prior quarterly financial statements discussed
in our Annual Report of Form 10-K for the year ended December 31,
2024 (the "2023 Form 10-K") may affect investor confidence and
raise reputational issues and may subject us to additional risks
and uncertainties, including increased professional costs and the
increased possibility or legal proceedings and regulatory
inquiries, as well as the other risks and uncertainties identified
under the caption "Risk Factors" in the 2023 Form 10-K filed with
the Securities and Exchange Commission (“SEC”) on February 29, 2024
and subsequent filings with the SEC made by us. These factors could
cause our actual results and experience to differ materially from
any forward-looking statement made herein. The forward-looking
statements included in this press release are made only as of the
date hereof and we do not undertake, and specifically disclaim, any
obligation to update any such statements as a result of new
information, future events or developments, except as specifically
stated or to the extent required by law. You may access Corpay’s
SEC filings for free by visiting the SEC web site at
www.sec.gov.
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, certain 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 certain 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 U.S.
generally accepted accounting principles, or U.S. GAAP. We believe
it is useful to exclude non-cash share based compensation expense
from adjusted net income because non-cash equity grants made at a
certain price and point in time do not necessarily reflect how our
business is performing at any particular time and share based
compensation expense is not a key measure of our core operating
performance. We also believe that amortization expense can vary
substantially from company to company and from period to period
depending upon their financing and accounting methods, the fair
value and average expected life of their acquired intangible
assets, their capital structures and the method by which their
assets were acquired; therefore, we have excluded amortization
expense from our adjusted net income. Integration and deal related
costs represent business acquisition transaction costs,
professional services fees, short-term retention bonuses and system
migration costs, etc., that are not indicative of the performance
of the underlying business. We also believe that certain expenses,
discrete tax items, gains on business disposition, recoveries (e.g.
legal settlements, write-off of customer receivable, etc.), gains
and losses on investments, and impairment charges do not
necessarily reflect how our investments and business are
performing. We adjust net income for the tax effect of each of
these adjustments items using the effective tax rate during the
period, exclusive of discrete tax items.
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 September
30,
Nine Months Ended September
30,
2024
2023
% Change
2024
2023
% Change
Revenues, net
$
1,029,197
$
970,892
6
%
$
2,940,158
$
2,820,399
4
%
Expenses:
Processing
223,695
208,217
7
%
640,305
618,449
4
%
Selling
94,160
85,954
10
%
283,392
253,958
12
%
General and administrative
153,659
147,839
4
%
458,698
461,879
(1
)%
Depreciation and amortization
89,546
84,750
6
%
258,648
252,658
2
%
Other operating, net
5
(845
)
NM
306
633
NM
Total operating expense
561,065
525,915
7
%
1,641,349
1,587,577
3
%
Operating income
468,132
444,977
5
%
1,298,809
1,232,822
5
%
Other expenses:
Investment loss (gain)
469
30
NM
266
(142
)
NM
Other (income) expense, net
(101
)
(13,432
)
NM
7,522
(15,110
)
NM
Interest expense, net
104,441
88,285
18
%
288,206
256,566
12
%
Loss on extinguishment of debt
5,040
—
NM
5,040
—
NM
Total other expense
109,849
74,883
47
%
301,034
241,314
25
%
Income before income taxes
358,283
370,094
(3
)%
997,775
991,508
1
%
Provision for income taxes
82,021
98,598
(17
)%
240,047
265,475
(10
)%
Net income
276,262
271,496
2
%
$
757,728
$
726,033
4
%
Less: Net income attributable to
noncontrolling interest
(135
)
—
NM
(63
)
—
NM
Net income attributable to Corpay
$
276,397
$
271,496
2
%
$
757,791
$
726,033
4
%
Basic earnings per share
$
3.98
$
3.71
7
%
$
10.75
$
9.87
9
%
Diluted earnings per share
$
3.90
$
3.64
7
%
$
10.53
$
9.72
8
%
Weighted average shares outstanding:
Basic shares
69,518
73,165
70,460
73,523
Diluted shares
70,901
74,604
71,976
74,733
Corpay, Inc. and
Subsidiaries
Consolidated Balance
Sheets
(In thousands, except share
and par value amounts)
September 30, 2024
December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
1,303,464
$
1,389,648
Restricted cash
2,851,547
1,751,887
Accounts and other receivables (less
allowance)
2,639,473
2,161,586
Securitized accounts receivable —
restricted for securitization investors
1,314,000
1,307,000
Assets held for sale
66,265
—
Prepaid expenses and other current
assets
606,199
474,144
Total current assets
8,780,948
7,084,265
Property and equipment, net
378,424
343,154
Goodwill
5,927,838
5,644,958
Other intangibles, net
2,152,599
2,085,663
Investments
64,606
69,521
Other assets
333,996
248,691
Total assets
$
17,638,411
$
15,476,252
Liabilities and Equity
Current liabilities:
Accounts payable
$
1,825,725
$
1,624,995
Accrued expenses
434,571
356,118
Customer deposits
3,204,612
2,397,279
Securitization facility
1,314,000
1,307,000
Current portion of notes payable and lines
of credit
1,177,148
819,749
Liabilities held for sale
8,034
—
Other current liabilities
385,582
320,612
Total current liabilities
8,349,672
6,825,753
Notes payable and other obligations, less
current portion
5,271,596
4,596,156
Deferred income taxes
462,418
470,232
Other noncurrent liabilities
440,587
301,752
Total noncurrent liabilities
6,174,601
5,368,140
Commitments and contingencies
Stockholders’ equity:
Common stock
130
129
Additional paid-in capital
3,531,445
3,266,185
Retained earnings
8,950,450
8,192,659
Accumulated other comprehensive loss
(1,461,974
)
(1,289,099
)
Treasury stock
(7,932,768
)
(6,887,515
)
Total Corpay stockholders’ equity
3,087,283
3,282,359
Noncontrolling interest
26,855
—
Total equity
3,114,138
3,282,359
Total liabilities and equity
$
17,638,411
$
15,476,252
Corpay, Inc. and
Subsidiaries
Unaudited Consolidated
Statements of Cash Flows
(In thousands)
Nine Months Ended September
30,
2024
2023
Operating activities
Net income
$
757,728
$
726,033
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
88,902
82,028
Stock-based compensation
80,593
89,917
Provision for credit losses on accounts
and other receivables
81,561
103,495
Amortization of deferred financing costs
and discounts
5,876
5,417
Amortization of intangible assets and
premium on receivables
169,746
170,630
Loss on extinguishment of debt
5,040
—
Deferred income taxes
(18,985
)
(18,911
)
Gain on disposition of business, net
—
(13,712
)
Investment loss (gain)
266
(142
)
Other non-cash operating expense, net
306
633
Changes in operating assets and
liabilities (net of acquisitions/disposition)
120,860
239,242
Net cash provided by operating
activities
1,291,893
1,384,630
Investing activities
Acquisitions, net of cash acquired
(245,719
)
(429,914
)
Purchases of property and equipment
(131,067
)
(117,158
)
Proceeds from disposal of a business, net
of cash disposed
—
197,025
Other
(1,453
)
4,401
Net cash used in investing activities
(378,239
)
(345,646
)
Financing activities
Proceeds from issuance of common stock
184,668
101,202
Repurchase of common stock
(1,039,248
)
(546,910
)
Borrowings on securitization facility,
net
7,000
109,000
Deferred financing costs
(8,493
)
(238
)
Proceeds from notes payable
825,000
—
Principal payments on notes payable
(92,625
)
(70,500
)
Borrowings from revolver
7,167,000
6,495,000
Payments on revolver
(6,743,000
)
(6,770,000
)
(Payments) borrowings on swing line of
credit, net
(140,713
)
180,723
Other
16,647
264
Net cash provided by (used in) financing
activities
176,236
(501,459
)
Effect of foreign currency exchange rates
on cash
(76,414
)
(30,431
)
Net increase in cash and cash equivalents
and restricted cash
1,013,476
507,094
Cash and cash equivalents and restricted
cash, beginning of period
3,141,535
2,289,180
Cash and cash equivalents and restricted
cash, end of period
$
4,155,011
$
2,796,274
Supplemental cash flow
information
Cash paid for interest, net
$
369,804
$
327,099
Cash paid for income taxes, net
$
264,559
$
319,764
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 September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net income attributable to Corpay
$
276,397
$
271,496
$
757,791
$
726,033
Stock based compensation
28,506
29,073
80,593
89,917
Amortization1
60,883
58,304
175,622
176,047
Loss on extinguishment of debt
5,040
—
5,040
—
Integration and deal related costs
5,071
9,269
16,434
24,734
Restructuring and related costs2
2,190
873
8,444
2,452
Other2,3
(399
)
2,914
7,646
2,522
Gain on disposition of business
—
(13,712
)
—
(13,712
)
Total pre-tax adjustments
101,291
86,721
293,779
281,960
Income taxes4
(23,179
)
(23,104
)
(70,682
)
(75,540
)
Adjusted net income attributable to
Corpay
$
354,509
$
335,113
$
980,888
$
932,453
Adjusted net income per diluted share
attributable to Corpay
$
5.00
$
4.49
$
13.63
$
12.48
Diluted shares
70,901
74,604
71,976
74,733
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 September
30,
Three Months Ended September
30,
2024
2023
Change
%
Change
2024
2023
Change
%
Change
VEHICLE PAYMENTS
- Revenues, net
$506.8
$500.6
$6.2
1%
$522.1
$501.3
$20.8
4%
- Transactions
206.7
152.8
53.9
35%
206.7
193.7
13.0
7%
- Revenues, net per transaction
$2.45
$3.28
$(0.83)
(25)%
$2.53
$2.59
$(0.06)
(2)%
- Tag transactions3
21.6
20.0
1.7
8%
21.6
20.0
1.7
8%
- Parking transactions
61.7
9.3
52.4
NM
61.7
56.1
5.6
10%
- Fleet transactions
113.3
117.6
(4.3)
(4)%
113.3
111.7
1.6
1%
- Other transactions
10.0
5.9
4.1
69%
10.0
5.9
4.1
69%
CORPORATE PAYMENTS
- Revenues, net
$321.9
$257.8
$64.0
25%
$320.3
$271.2
$49.1
18%
- Spend volume
$42,808
$39,437
$3,371
9%
$42,808
$40,079
$2,729
7%
- Revenues, net per spend $
0.75%
0.65%
0.10%
15%
0.75%
0.68%
0.07%
11%
LODGING PAYMENTS
- Revenues, net
$134.0
$141.4
$(7.4)
(5)%
$133.9
$141.4
$(7.5)
(5)%
- Room nights
10.1
9.2
0.9
10%
10.1
9.2
0.9
10%
- Revenues, net per room night
$13.28
$15.41
$(2.12)
(14)%
$13.27
$15.41
$(2.14)
(14)%
OTHER1
- Revenues, net
$66.5
$71.0
$(4.5)
(6)%
$66.5
$71.0
$(4.6)
(6)%
- Transactions
353.3
324.0
29.3
9%
353.3
324.0
29.3
9%
- Revenues, net per transaction
$0.19
$0.22
$(0.03)
(14)%
$0.19
$0.22
$(0.03)
(14)%
CORPAY
CONSOLIDATED REVENUES
- Revenues, net
$1,029.2
$970.9
$58.3
6%
$1,042.8
$984.9
$57.9
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 third quarter of 2024 is 7.2 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 September
30,
Nine Months Ended September
30,
2024
%
2023
%
2024
%
2023
%
US
$
573
56
%
$
561
58
%
$
1,606
55
%
$
1,610
57
%
Brazil
145
14
%
134
14
%
442
15
%
382
14
%
UK
131
13
%
115
12
%
377
13
%
333
12
%
Other
180
17
%
161
17
%
515
18
%
495
18
%
Consolidated Revenues, net
$
1,029
100
%
$
971
100
%
$
2,940
100
%
$
2,820
100
%
*Columns may not calculate due to
rounding.
Revenues, net by Segment*
Three Months Ended September
30,
Nine Months Ended September
30,
2024
%
2023
%
2024
%
2023
%
Vehicle Payments
$
507
49
%
$
501
52
%
$
1,511
51
%
$
1,506
53
%
Corporate Payments
322
31
%
258
27
%
876
30
%
730
26
%
Lodging Payments
134
13
%
141
15
%
368
13
%
400
14
%
Other
67
6
%
71
7
%
186
6
%
184
7
%
Consolidated Revenues, net
$
1,029
100
%
$
971
100
%
$
2,940
100
%
$
2,820
100
%
*Columns may not calculate due to
rounding.
Exhibit 4
Segment Results*
(In thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
20241
20232
% Change
20241
20232
% Change
Revenues, net:
Vehicle Payments
$
506,803
$
500,632
1
%
$
1,511,142
$
1,505,752
—
%
Corporate Payments
321,850
257,842
25
%
875,725
730,026
20
%
Lodging Payments
134,023
141,389
(5
)%
367,695
400,287
(8
)%
Other3
66,521
71,029
(6
)%
185,596
184,334
1
%
$
1,029,197
$
970,892
6
%
$
2,940,158
$
2,820,399
4
%
Operating income:
Vehicle Payments
$
244,308
$
244,908
—
%
$
712,028
$
700,894
2
%
Corporate Payments
136,876
104,903
30
%
362,143
280,993
29
%
Lodging Payments
65,501
74,023
(12
)%
169,169
196,832
(14
)%
Other3
21,447
21,143
1
%
55,469
54,103
3
%
$
468,132
$
444,977
5
%
$
1,298,809
$
1,232,822
5
%
Depreciation and amortization:
Vehicle Payments
$
50,635
$
49,905
1
%
$
150,722
$
152,181
(1
)%
Corporate Payments
23,845
20,417
17
%
65,346
58,356
12
%
Lodging Payments
12,328
12,189
1
%
35,923
35,248
2
%
Other3
2,738
2,239
22
%
6,657
6,873
(3
)%
$
89,546
$
84,750
6
%
$
258,648
$
252,658
2
%
Capital expenditures:
Vehicle Payments
$
29,711
$
28,346
5
%
$
88,159
$
82,332
7
%
Corporate Payments
9,167
4,740
93
%
24,024
19,416
24
%
Lodging Payments
5,012
3,661
37
%
14,427
10,534
37
%
Other3
1,746
1,489
17
%
4,315
4,877
(12
)%
$
45,636
$
38,236
19
%
$
130,925
$
117,159
12
%
1 Results from Zapay acquired in the first
quarter of 2024 are reported in the Vehicle Payments segment from
the date of acquisition. Results from Paymerang acquired in the
third quarter of 2024 are reported in the Corporate 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 September
30,
Three Months Ended September
30,
2024*
2023*
2024*
2023*
VEHICLE PAYMENTS - TRANSACTIONS
Pro forma and macro adjusted
$
522.1
$
501.3
206.7
193.7
Impact of acquisitions/dispositions
—
(0.7
)
—
(40.9
)
Impact of fuel prices/spread
3.6
—
—
—
Impact of foreign exchange rates
(18.9
)
—
—
—
As reported
$
506.8
$
500.6
206.7
152.8
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted
$
320.3
$
271.2
$
42,808
$
40,079
Impact of acquisitions/dispositions
—
(13.4
)
—
(642
)
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
1.5
—
—
—
As reported
$
321.9
$
257.8
$
42,808
$
39,437
LODGING PAYMENTS - ROOM NIGHTS
Pro forma and macro adjusted
$
133.9
$
141.4
10.1
9.2
Impact of acquisitions/dispositions
—
—
—
—
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
0.2
—
—
—
As reported
$
134.0
$
141.4
10.1
9.2
OTHER1- TRANSACTIONS
Pro forma and macro adjusted
$
66.5
$
71.0
353.3
324.0
Impact of acquisitions/dispositions
—
—
—
—
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
0.1
—
—
—
As reported
$
66.5
$
71.0
353.3
324.0
CORPAY CONSOLIDATED REVENUES
Pro forma and macro adjusted
$
1,042.8
$
984.9
Intentionally Left Blank
Impact of acquisitions/dispositions
—
(14.0
)
Impact of fuel prices/spread2
3.6
—
Impact of foreign exchange rates2
(17.1
)
—
As reported
$
1,029.2
$
970.9
1 Other includes Gift and Payroll Card
operating segments.
2 Revenues reflect the negative impact of
movements in foreign exchange rates of approximately $17 million
and negative fuel prices of approximately $5 million, partially
offset by approximately $8 million of positive impact from fuel
price spreads.
* 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 September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net income from operations
$
276.3
$
271.5
$
757.7
$
726.0
Provision for income taxes
82.0
98.6
240.0
265.5
Interest expense, net
104.4
88.3
288.2
256.6
Other (income) expense, net
(0.1
)
(13.4
)
7.5
(15.1
)
Investment loss (gain)
0.5
—
0.3
(0.1
)
Depreciation and amortization
89.5
84.8
258.6
252.7
Loss on extinguishment of debt
5.0
—
5.0
—
Other operating, net
—
(0.8
)
0.3
0.6
EBITDA
$
557.7
$
528.9
$
1,557.8
$
1,486.1
Revenues, net
$
1,029.2
$
970.9
$
2,940.2
$
2,820.4
EBITDA margin
54.2
%
54.5
%
53.0
%
52.7
%
* 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 full year
2024 and fourth quarter 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
$
1,061
$
1,081
Net income per diluted share
$
14.82
$
15.02
Stock based compensation
108
108
Amortization
235
235
Other
42
42
Total pre-tax adjustments
385
385
Income taxes
(91
)
(91
)
Adjusted net income
$
1,355
$
1,375
Adjusted net income per diluted share
$
18.90
$
19.10
Diluted shares
72
72
Q4 2024 GUIDANCE
Low*
High*
Net income
$
303
$
323
Net income per diluted share
$
4.28
$
4.48
Stock based compensation
28
28
Amortization
59
59
Other
4
4
Total pre-tax adjustments
91
91
Income taxes
(20
)
(20
)
Adjusted net income
$
374
$
394
Adjusted net income per diluted share
$
5.25
$
5.45
Diluted shares
72
72
* Columns may not calculate due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107191614/en/
Investor Relations Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Corpay (NYSE:CPAY)
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