Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

Corpay Reports First Quarter 2024 Financial Results


Corpay, Inc. (NYSE: CPAY), a leader in corporate payments, today reported financial results for its first quarter ended March 31, 2024.

"Our results were in-line with our expectations. Overall organic revenue growth was 6% and our Corporate Payments segment grew 17%," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "Also, today we announced a definitive agreement to acquire Paymerang, an accounts payable automation company, which enhances our position in several new verticals with meaningful revenue and profit synergies. This deal is right in our wheelhouse."

Financial Results for First Quarter of 2024:

GAAP Results

Non-GAAP Results1

"Our Corporate Payments and Vehicle Payments segments delivered solid performance driven by implementations and ramping of new sales," said Tom Panther, chief financial officer, Corpay, Inc. "Our Lodging segment experienced continued softness in the quarter, but the workforce business showed initial signs of stability in April."

Updated Fiscal Year 2024 Outlook:

"Our outlook for the remainder of the year reflects unfavorable foreign exchange and higher interest rates, which significantly worsened in April. We expect revenue growth acceleration over the coming quarters driven by sales, improving retention and business initiatives. We are taking actions to manage expenses to neutralize the softness we are experiencing in Lodging," concluded Panther.

For fiscal year 2024, Corpay, Inc. updated financial guidance1 is as follows:

Corpay's guidance assumptions are as follows:

For the balance of the year:

For the full year:

Second Quarter of 2024 Outlook:

"Second quarter revenues are expected to be between $960 million and $980 million, and adjusted net income per diluted share between $4.45 and $4.55. Second quarter adjusted net income per diluted share growth, excluding the sale of our Russia business, is expected to be 13% at the mid-point," concluded Panther.

Conference Call:

The Company will host a conference call to discuss first 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) 579-2543 or (785) 424-1789; 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 1155726. The replay will be available through Wednesday, May 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 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 successfully execute our strategic plan, manage our growth and achieve our performance targets; 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 relating to privacy, information security and data protection; 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 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 Corpay's Annual Report on Form 10-K for the year ended December 31, 2023 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, 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 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:

About Corpay

Corpay (NYSE: CPAY) is a global S&P500 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 March 31,

 

 

2024

 

2023

 

% Change

 

 

 

 

 

 

 

Revenues, net

 

$

935,251

 

 

$

901,333

 

 

4

%

Expenses:

 

 

 

 

 

 

Processing

 

 

207,411

 

 

 

204,967

 

 

1

%

Selling

 

 

94,188

 

 

 

81,592

 

 

15

%

General and administrative

 

 

151,262

 

 

 

154,684

 

 

(2

)%

Depreciation and amortization

 

 

84,760

 

 

 

84,232

 

 

1

%

Other operating, net

 

 

292

 

 

 

663

 

 

(56

)%

Total operating expense

 

 

537,913

 

 

 

526,138

 

 

2

%

Operating income

 

 

397,338

 

 

 

375,195

 

 

6

%

Other expenses:

 

 

 

 

 

 

Investment gain

 

 

(167

)

 

 

(190

)

 

(12

)%

Other expense, net

 

 

3,127

 

 

 

746

 

 

NM

 

Interest expense, net

 

 

89,088

 

 

 

79,795

 

 

12

%

Total other expense

 

 

92,048

 

 

 

80,351

 

 

15

%

Income before income taxes

 

 

305,290

 

 

 

294,844

 

 

4

%

Provision for income taxes

 

 

75,487

 

 

 

80,009

 

 

(6

)%

Net income

 

 

229,803

 

 

 

214,835

 

 

7

%

Less: Net income attributable to noncontrolling interest

 

 

34

 

 

 

?

 

 

NM

 

Net income attributable to Corpay

 

$

229,769

 

 

$

214,835

 

 

7

%

Basic earnings per share

 

$

3.20

 

 

$

2.92

 

 

10

%

Diluted earnings per share

 

$

3.12

 

 

$

2.88

 

 

8

%

Weighted average shares outstanding:

 

 

 

 

 

 

Basic shares

 

 

71,769

 

 

 

73,521

 

 

 

Diluted shares

 

 

73,545

 

 

 

74,483

 

 

 

Corpay, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and par value amounts)

 

 

 

March 31, 2024

 

December 31, 2023

 

 

(Unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,311,949

 

 

$

1,389,648

 

Restricted cash

 

 

1,890,727

 

 

 

1,751,887

 

Accounts and other receivables (less allowance)

 

 

2,376,003

 

 

 

2,161,586

 

Securitized accounts receivable ? restricted for securitization investors

 

 

1,421,000

 

 

 

1,307,000

 

Prepaid expenses and other current assets

 

 

437,687

 

 

 

474,144

 

Total current assets

 

 

7,437,366

 

 

 

7,084,265

 

Property and equipment, net

 

 

351,831

 

 

 

343,154

 

Goodwill

 

 

5,673,732

 

 

 

5,644,958

 

Other intangibles, net

 

 

2,033,106

 

 

 

2,085,663

 

Investments

 

 

68,299

 

 

 

69,521

 

Other assets

 

 

265,797

 

 

 

248,691

 

Total assets

 

$

15,830,131

 

 

$

15,476,252

 

Liabilities and Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

1,849,958

 

 

$

1,624,995

 

Accrued expenses

 

 

408,661

 

 

 

356,118

 

Customer deposits

 

 

2,534,349

 

 

 

2,397,279

 

Securitization facility

 

 

1,421,000

 

 

 

1,307,000

 

Current portion of notes payable and lines of credit

 

 

480,433

 

 

 

819,749

 

Other current liabilities

 

 

256,527

 

 

 

320,612

 

Total current liabilities

 

 

6,950,928

 

 

 

6,825,753

 

Notes payable and other obligations, less current portion

 

 

4,862,621

 

 

 

4,596,156

 

Deferred income taxes

 

 

473,250

 

 

 

470,232

 

Other noncurrent liabilities

 

 

261,062

 

 

 

301,752

 

Total noncurrent liabilities

 

 

5,596,933

 

 

 

5,368,140

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock

 

 

130

 

 

 

129

 

Additional paid-in capital

 

 

3,382,001

 

 

 

3,266,185

 

Retained earnings

 

 

8,422,428

 

 

 

8,192,659

 

Accumulated other comprehensive loss

 

 

(1,340,847

)

 

 

(1,289,099

)

Treasury stock

 

 

(7,209,291

)

 

 

(6,887,515

)

Total Corpay stockholders' equity

 

 

3,254,421

 

 

 

3,282,359

 

Noncontrolling interest

 

 

27,849

 

 

 

?

 

Total equity

 

 

3,282,270

 

 

 

3,282,359

 

Total liabilities and equity

 

$

15,830,131

 

 

$

15,476,252

 

Corpay, Inc. and Subsidiaries

Unaudited Consolidated Statements of Cash Flows

(In thousands)

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Operating activities

 

 

 

 

Net income

 

$

229,803

 

 

$

214,835

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation

 

 

28,931

 

 

 

25,980

 

Stock-based compensation

 

 

24,979

 

 

 

26,096

 

Provision for credit losses on accounts and other receivables

 

 

25,342

 

 

 

39,270

 

Amortization of deferred financing costs and discounts

 

 

2,029

 

 

 

1,787

 

Amortization of intangible assets and premium on receivables

 

 

55,829

 

 

 

58,252

 

Deferred income taxes

 

 

647

 

 

 

(499

)

Investment gain

 

 

(167

)

 

 

(190

)

Other non-cash operating expense, net

 

 

292

 

 

 

663

 

Changes in operating assets and liabilities (net of acquisitions/disposition):

 

 

 

 

Accounts and other receivables

 

 

(382,889

)

 

 

372,342

 

Prepaid expenses and other current assets

 

 

(12,587

)

 

 

40,099

 

Derivative assets and liabilities, net

 

 

1,452

 

 

 

(28,223

)

Other assets

 

 

(22,021

)

 

 

25,141

 

Accounts payable, accrued expenses and customer deposits

 

 

398,544

 

 

 

102,112

 

Net cash provided by operating activities

 

 

350,184

 

 

 

877,665

 

Investing activities

 

 

 

 

Acquisitions, net of cash acquired

 

 

(56,325

)

 

 

(126,691

)

Purchases of property and equipment

 

 

(41,193

)

 

 

(36,737

)

Other

 

 

(4,826

)

 

 

4,401

 

Net cash used in investing activities

 

 

(102,344

)

 

 

(159,027

)

Financing activities

 

 

 

 

Proceeds from issuance of common stock

 

 

90,838

 

 

 

33,399

 

Repurchase of common stock

 

 

(288,833

)

 

 

(9,597

)

Borrowings on securitization facility, net

 

 

114,000

 

 

 

(3,000

)

Deferred financing costs

 

 

(3,176

)

 

 

?

 

Proceeds from notes payable

 

 

325,000

 

 

 

?

 

Principal payments on notes payable

 

 

(25,531

)

 

 

(23,500

)

Borrowings from revolver

 

 

1,570,000

 

 

 

1,964,000

 

Payments on revolver

 

 

(1,866,000

)

 

 

(2,490,000

)

(Payments) borrowings on swing line of credit, net

 

 

(75,429

)

 

 

310,719

 

Other

 

 

580

 

 

 

264

 

Net cash used in financing activities

 

 

(158,551

)

 

 

(217,715

)

Effect of foreign currency exchange rates on cash

 

 

(28,148

)

 

 

29,298

 

Net increase in cash and cash equivalents and restricted cash

 

 

61,141

 

 

 

530,221

 

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

 

$

3,202,676

 

 

$

2,819,401

 

Supplemental cash flow information

 

 

 

 

Cash paid for interest, net

 

$

115,773

 

 

$

104,650

 

Cash paid for income taxes, net

 

$

38,925

 

 

$

35,442

 

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 March 31,

 

 

2024

 

2023

Net income attributable to Corpay

 

$

229,769

 

 

$

214,835

 

 

 

 

 

 

Stock based compensation

 

 

24,979

 

 

 

26,096

 

Amortization1

 

 

57,858

 

 

 

60,039

 

Integration and deal related costs

 

 

4,235

 

 

 

5,885

 

Restructuring and related costs2

 

 

4,382

 

 

 

619

 

Other2,3

 

 

3,612

 

 

 

1,023

 

Total pre-tax adjustments

 

 

95,066

 

 

 

93,662

 

Income taxes4

 

 

(23,515

)

 

 

(25,416

)

Adjusted net income

 

$

301,320

 

 

$

283,081

 

Adjusted net income per diluted share attributable to Corpay

 

$

4.10

 

 

$

3.80

 

Diluted shares

 

 

73,545

 

 

 

74,483

 

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 March 31,

 

Three Months Ended March 31,

 

 

2024

 

2023

 

Change

 

%

Change

 

2024

 

2023

 

Change

 

%

Change

VEHICLE PAYMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Revenues, net

 

$494.1

 

$495.5

 

$(1.4)

 

?%

 

$492.1

 

$475.0

 

$17.2

 

4%

- Transactions

 

199.7

 

148.1

 

51.6

 

35%

 

199.7

 

186.5

 

13.2

 

7%

- Revenues, net per transaction

 

$2.47

 

$3.35

 

$(0.87)

 

(26)%

 

$2.46

 

$2.55

 

$(0.08)

 

(3)%

- Tag transactions3

 

21.3

 

19.6

 

1.7

 

9%

 

21.3

 

19.6

 

1.7

 

9%

- Parking transactions

 

60.9

 

?

 

60.9

 

100%

 

60.9

 

54.3

 

6.6

 

12%

- Fleet transactions

 

107.9

 

122.8

 

(14.9)

 

(12)%

 

107.9

 

106.9

 

1.0

 

1%

- Other transactions

 

9.6

 

5.7

 

3.8

 

67%

 

9.6

 

5.7

 

3.8

 

67%

CORPORATE PAYMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Revenues, net

 

$265.4

 

$226.2

 

$39.2

 

17%

 

$264.3

 

$226.2

 

$38.1

 

17%

- Spend volume

 

$36,804

 

$36,518

 

$286

 

1%

 

$36,804

 

$36,518

 

$286

 

1%

- Revenues, net per spend $

 

0.72%

 

0.62%

 

0.10%

 

16%

 

0.72%

 

0.62%

 

0.10%

 

16%

LODGING PAYMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Revenues, net

 

$111.3

 

$122.3

 

$(11.0)

 

(9)%

 

$111.2

 

$122.3

 

$(11.2)

 

(9)%

- Room nights

 

8.2

 

9.4

 

(1.1)

 

(12)%

 

8.2

 

9.4

 

(1.1)

 

(12)%

- Revenues, net per room night

 

$13.52

 

$13.07

 

$0.45

 

3%

 

$13.51

 

$13.07

 

$0.44

 

3%

OTHER1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Revenues, net

 

$64.5

 

$57.3

 

$7.2

 

12%

 

$64.3

 

$57.3

 

$6.9

 

12%

- Transactions

 

367.3

 

325.7

 

41.6

 

13%

 

367.3

 

325.7

 

41.6

 

13%

- Revenues, net per transaction

 

$0.18

 

$0.18

 

$?

 

?%

 

$0.17

 

$0.18

 

$?

 

(1)%

CORPAY

CONSOLIDATED REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Revenues, net

 

$935.3

 

$901.3

 

$34.0

 

4%

 

$931.8

 

$880.8

 

$51.0

 

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 first quarter of 2024 is 7.1 million.

* Columns may not calculate due to rounding.

Exhibit 3

Revenues by Geography and Segment

(In millions)

(Unaudited)

   
Revenues, net by Geography*  

Three Months Ended March 31,

 

 

2024

 

%

 

2023

 

%

US

 

$

505

 

54

%

 

$

514

 

57

%

Brazil

 

 

148

 

16

%

 

 

122

 

14

%

UK

 

 

121

 

13

%

 

 

108

 

12

%

Other

 

 

161

 

17

%

 

 

158

 

18

%

Consolidated Revenues, net

 

$

935

 

100

%

 

$

901

 

100

%

 

*Columns may not calculate due to rounding.

 
Revenues, net by Segment*  

Three Months Ended March 31,

 

 

2024

 

%

 

2023

 

%

Vehicle Payments

 

$

494

 

53

%

 

$

495

 

55

%

Corporate Payments

 

 

265

 

28

%

 

 

226

 

25

%

Lodging Payments

 

 

111

 

12

%

 

 

122

 

14

%

Other

 

 

64

 

7

%

 

 

57

 

6

%

Consolidated Revenues, net

 

$

935

 

100

%

 

$

901

 

100

%

 

*Columns may not calculate due to rounding.

 

Exhibit 4

Segment Results*

(In thousands)

 
 

 

Three Months Ended March 31,

 

 

20241

 

20232

 

% Change

Revenues, net:

 

 

 

 

 

 

Vehicle Payments

 

$

494,061

 

$

495,490

 

?

%

Corporate Payments

 

 

265,396

 

 

226,172

 

17

%

Lodging Payments

 

 

111,295

 

 

122,334

 

(9

)%

Other3

 

 

64,499

 

 

57,337

 

12

%

 

 

$

935,251

 

$

901,333

 

4

%

Operating income:

 

 

 

 

 

 

Vehicle Payments

 

$

225,695

 

$

223,480

 

1

%

Corporate Payments

 

 

104,711

 

 

80,382

 

30

%

Lodging Payments

 

 

47,276

 

 

54,563

 

(13

)%

Other3

 

 

19,656

 

 

16,770

 

17

%

 

 

$

397,338

 

$

375,195

 

6

%

Depreciation and amortization:

 

 

 

 

 

 

Vehicle Payments

 

$

50,321

 

$

50,350

 

?

%

Corporate Payments

 

 

20,803

 

 

20,160

 

3

%

Lodging Payments

 

 

11,630

 

 

11,398

 

2

%

Other3

 

 

2,006

 

 

2,324

 

(14

)%

 

 

$

84,760

 

$

84,232

 

1

%

Capital expenditures:

 

 

 

 

 

 

Vehicle Payments

 

$

28,195

 

$

24,972

 

13

%

Corporate Payments

 

 

7,276

 

 

6,843

 

6

%

Lodging Payments

 

 

4,826

 

 

3,377

 

43

%

Other3

 

 

896

 

 

1,546

 

(42

)%

 

 

$

41,193

 

$

36,737

 

12

%

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 March 31,

 

 

Three Months Ended March 31,

 

 

2024*

 

2023*

 

 

2024*

 

2023*

VEHICLE PAYMENTS - TRANSACTIONS

 

 

 

 

 

 

 

 

 

Pro forma and macro adjusted

 

$

492.1

 

 

$

475.0

 

 

 

199.7

 

 

186.5

 

Impact of acquisitions/dispositions

 

 

?

 

 

 

20.5

 

 

 

?

 

 

(38.4

)

Impact of fuel prices/spread

 

 

(10.1

)

 

 

?

 

 

 

?

 

 

?

 

Impact of foreign exchange rates

 

 

12.0

 

 

 

?

 

 

 

?

 

 

?

 

As reported

 

$

494.1

 

 

$

495.5

 

 

 

199.7

 

 

148.1

 

CORPORATE PAYMENTS - SPEND

 

 

 

 

 

 

 

 

 

Pro forma and macro adjusted

 

$

264.3

 

 

$

226.2

 

 

$

36,804

 

$

36,518

 

Impact of acquisitions/dispositions

 

 

?

 

 

 

?

 

 

 

?

 

 

?

 

Impact of fuel prices/spread

 

 

?

 

 

 

?

 

 

 

?

 

 

?

 

Impact of foreign exchange rates

 

 

1.1

 

 

 

?

 

 

 

?

 

 

?

 

As reported

 

$

265.4

 

 

$

226.2

 

 

$

36,804

 

$

36,518

 

LODGING PAYMENTS - ROOM NIGHTS

 

 

 

 

 

 

 

 

 

Pro forma and macro adjusted

 

$

111.2

 

 

$

122.3

 

 

 

8.2

 

 

9.4

 

Impact of acquisitions/dispositions

 

 

?

 

 

 

?

 

 

 

?

 

 

?

 

Impact of fuel prices/spread

 

 

?

 

 

 

?

 

 

 

?

 

 

?

 

Impact of foreign exchange rates

 

 

0.1

 

 

 

?

 

 

 

?

 

 

?

 

As reported

 

$

111.3

 

 

$

122.3

 

 

 

8.2

 

 

9.4

 

OTHER1- TRANSACTIONS

 

 

 

 

 

 

 

 

 

Pro forma and macro adjusted

 

$

64.3

 

 

$

57.3

 

 

 

367.3

 

 

325.7

 

Impact of acquisitions/dispositions

 

 

?

 

 

 

?

 

 

 

?

 

 

?

 

Impact of fuel prices/spread

 

 

?

 

 

 

?

 

 

 

?

 

 

?

 

Impact of foreign exchange rates

 

 

0.2

 

 

 

?

 

 

 

?

 

 

?

 

As reported

 

$

64.5

 

 

$

57.3

 

 

 

367.3

 

 

325.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORPAY CONSOLIDATED REVENUES

 

 

 

 

 

 

 

 

 

Pro forma and macro adjusted

 

$

931.8

 

 

$

880.8

 

 

Intentionally Left Blank

Impact of acquisitions/dispositions

 

 

?

 

 

 

20.5

 

 

Impact of fuel prices/spread2

 

 

(10.1

)

 

 

?

 

 

Impact of foreign exchange rates2

 

 

13.5

 

 

 

?

 

 

As reported

 

$

935.3

 

 

$

901.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Other includes Gift and Payroll Card operating segments.

 

 

2 Revenues reflect an estimated $4 million negative impact from fuel prices and approximately $6 million negative impact from fuel price spreads, as well as the positive impact of movements in foreign exchange rates of approximately $14 million.

* 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 March 31,

 

 

2024

 

2023

Net income from operations

 

$

229.8

 

 

$

214.8

 

Provision for income taxes

 

 

75.5

 

 

 

80.0

 

Interest expense, net

 

 

89.1

 

 

 

79.8

 

Other expense, net

 

 

3.1

 

 

 

0.7

 

Investment gain

 

 

(0.2

)

 

 

(0.2

)

Depreciation and amortization

 

 

84.8

 

 

 

84.2

 

Other operating, net

 

 

0.3

 

 

 

0.7

 

EBITDA

 

$

482.4

 

 

$

460.1

 

 

 

 

 

 

Revenues, net

 

$

935.3

 

 

$

901.3

 

EBITDA margin

 

 

51.6

%

 

 

51.0

%

 

 

 

 

 

* 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 second 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

 

$

1,075

 

 

$

1,115

 

Net income per diluted share

 

$

15.00

 

 

$

15.40

 

 

 

 

 

 

Stock based compensation

 

 

107

 

 

 

107

 

Amortization

 

 

229

 

 

 

229

 

Other

 

 

25

 

 

 

25

 

Total pre-tax adjustments

 

 

361

 

 

 

361

 

 

 

 

 

 

Income taxes

 

 

(88

)

 

 

(88

)

Adjusted net income

 

$

1,348

 

 

$

1,388

 

Adjusted net income per diluted share

 

$

18.80

 

 

$

19.20

 

 

 

 

 

 

Diluted shares

 

 

72

 

 

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2 2024 GUIDANCE

 

 

Low*

 

High*

Net income

 

$

248

 

 

$

258

 

Net income per diluted share

 

$

3.47

 

 

$

3.57

 

 

 

 

 

 

Stock based compensation

 

 

31

 

 

 

31

 

Amortization

 

 

58

 

 

 

58

 

Other

 

 

5

 

 

 

5

 

Total pre-tax adjustments

 

 

94

 

 

 

94

 

 

 

 

 

 

Income taxes

 

 

(23

)

 

 

(23

)

Adjusted net income

 

$

319

 

 

$

329

 

Adjusted net income per diluted share

 

$

4.45

 

 

$

4.55

 

 

 

 

 

 

Diluted shares

 

 

72

 

 

 

72

 

 

 

 

 

 

* Columns may not calculate due to rounding.

 

 


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