All-time record revenues and adjusted net
income
Corpay, Inc. (NYSE: CPAY), a corporate payments company, today
reported financial results for its fourth quarter and year ended
December 31, 2024.
“We had a great finish to 2024, delivering fourth quarter
organic revenue growth of 12% and adjusted EPS growth of 21%, which
are both above our mid-term growth targets,” said Ron Clarke,
chairman and chief executive officer, Corpay, Inc. “We delivered
Corporate Payments growth of 20% for the full year, and we made
meaningful advances to scale our Corporate Payments business, with
two significant acquisitions during the year.”
Financial Results for Fourth Quarter of 2024:
GAAP Results
- Revenues increased 10% to $1,034.4 million in the fourth
quarter of 2024, compared with $937.3 million in the fourth quarter
of 2023.
- Net income attributable to Corpay decreased 4% to $246.0
million in the fourth quarter of 2024, compared with $255.9 million
in the fourth quarter of 2023.
- Net income per diluted share attributable to Corpay decreased
1% to $3.44 in the fourth quarter of 2024, compared with $3.48 per
diluted share in the fourth quarter of 2023.
- Fourth quarter net income and net income per diluted share
attributable to Corpay include a gain on sale of business, goodwill
impairment charge and a discrete non-cash tax provision that on a
net basis reduced net income by approximately $37 million, or $0.52
of earnings per share.
Non-GAAP Results1
- Organic revenue growth was 12% in the fourth quarter of
2024.
- Adjusted EBITDA1 increased 12% to $571.2 million in the fourth
quarter of 2024, compared to $508.1 million in the fourth quarter
of 2023.
- Adjusted net income attributable to Corpay1 increased 18% to
$383.2 million in the fourth quarter of 2024, compared with $326.1
million in the fourth quarter of 2023.
- Adjusted net income per diluted share attributable to Corpay1
increased 21% to $5.36 in the fourth quarter of 2024, compared with
$4.44 per diluted share in the fourth quarter of 2023.
“Each business segment delivered accelerating revenue growth
with fourth quarter organic revenue growth hitting its high water
mark over the past 5 quarters. Our strong core business performance
enabled record adjusted earnings per diluted share of $5.36 for the
quarter,” said Tom Panther, chief financial officer, Corpay, Inc.
“Improving sales, retention and same store sales trends during the
quarter positions us very well for continued growth in 2025.”
Financial Results for Full Year 2024:
GAAP Results
- Revenues increased 6% to $3,974.6 million in 2024, compared
with $3,757.7 million in 2023.
- Net income attributable to Corpay increased 2% to $1,003.7
million in 2024, compared with $981.9 million in 2023.
- Net income per diluted share attributable to Corpay increased
6% to $13.97 in 2024, compared with $13.20 per diluted share in
2023.
- 2024 net income and net income per diluted share attributable
to Corpay include a gain on sale of business, goodwill impairment
charge and a discrete non-cash tax provision that on a net basis
reduced net income by approximately $37 million, or $0.52 of
earnings per share.
Non-GAAP Results1
- Adjusted EBITDA1 increased 7% to $2,129.0 million in 2024,
compared with $1,994.2 million in 2023.
- Adjusted net income attributable to Corpay1 increased 8% to
$1,364.1 million in 2024, compared with $1,258.6 million in
2023.
- Adjusted net income per diluted share attributable to Corpay1
increased 12% to $19.01 in 2024, compared with $16.92 in 2023.
“2024 was a very successful year for Corpay. We rebranded and
simplified the Company, and grew sales/bookings over 20%, better
positioning the Company for the mid-term,” said Ron Clarke. “We
also deployed over $2.5 billion in capital, acquiring two Corporate
Payments companies and repurchasing $1.3 billion of Corpay stock
while maintaining a leverage ratio of 2.75x as of year end.”
Fiscal Year 2025 Outlook:
“Our 2025 outlook is to deliver sales growth of approximately
20%, with revenue and adjusted earnings per diluted share growth of
10% to 12%. Our earnings growth outlook is adversely impacted due
to a worsening foreign exchange rates, fuel price, and interest
rate outlook since our November earnings call. Looking beyond the
macro, leading the way is our Corporate Payments segment where
we’re projecting organic revenue to grow in the high teens,” said
Tom Panther. “Additionally, we expect to generate approximately
$1.5 billion in free cash flow in 2025 that provides us meaningful
fire power to execute our capital allocation plans.”
For fiscal year 2025, Corpay, Inc.'s updated financial guidance1
is as follows:
- Total revenues between $4,350 million and $4,450 million;
- Net income between $1,174 million and $1,224 million;
- Net income per diluted share between $16.50 and $17.00;
- Adjusted net income between $1,482 million and $1,532 million;
and
- Adjusted net income per diluted share between $20.75 and
$21.25.
Corpay’s guidance assumptions for the full year are as
follows:
- Weighted average U.S. fuel prices equal to $3.24 per
gallon;
- Fuel price spreads flat with the 2024 average;
- Foreign exchange rates equal to the January 2025 forward
consensus;
- Interest expense between $350 million and $380 million;
- Approximately 72 million fully diluted shares outstanding;
- An effective tax rate of approximately 25.5% to 26.5%; and
- No impact related to material acquisitions not closed.
First Quarter of 2025 Outlook:
“First quarter organic revenue growth is expected to be 8% to
10% and adjusted EPS is expected to grow 9% to 11%. Our earnings
growth outlook for the first quarter is adversely impacted
approximately 7% compared to the prior year due to unfavorable
movements in foreign exchange rates, fuel prices and tax rate.
Revenue growth is expected to build over the remaining quarters as
we execute our business plans and lap the higher foreign currency
exchange rates from the first half of last year,” said Tom
Panther.
Conference Call:
The Company will host a conference call to discuss fourth
quarter and full year 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 (877)-423-9813 or (201)-689-8573; the Conference ID is
13751017. 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 conference ID is 13751017. The
replay will be available through Wednesday, February 12, 2025.
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 or economic downturn 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, retail lodging price, foreign exchange
rates and interest rates 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; our ability to
successfully manage the derivative financial instruments that we
use in our Cross-Border solution to reduce our exposure to various
market risks, including changes in foreign exchange rates; 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,
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 losses, asset
write-offs, restructuring costs, loss on extinguishment of debt,
taxes associated with stock-based compensation programs, losses and
gains on foreign currency transactions 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, taxes related to stock-based
compensation programs and impairment losses 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, goodwill impairment,
investment loss/gain and other operating, net. Adjusted EBITDA is
defined as EBITDA further adjusted for a one-time stock based
compensation expense and a deal related termination expense. EBITDA
and adjusted EBITDA margin are defined as EBITDA and adjusted
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, EBITDA and adjusted 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 Condensed
Consolidated Statements of Income
(In thousands, except per
share amounts and percentages)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
% Change
2024
2023
% Change
Revenues, net
$
1,034,431
$
937,320
10
%
$
3,974,589
$
3,757,719
6
%
Expenses:
Processing
228,780
201,459
14
%
869,085
819,908
6
%
Selling
97,514
86,199
13
%
380,906
340,157
12
%
General and administrative
158,176
141,545
12
%
616,874
603,424
2
%
Depreciation and amortization
92,440
83,946
10
%
351,088
336,604
4
%
Goodwill impairment
90,000
—
NM
90,000
—
NM
Gain on disposition of business
(121,310
)
—
NM
(121,310
)
—
NM
Other operating, net
483
120
NM
789
753
NM
Total operating expense
546,083
513,269
6
%
2,187,432
2,100,846
4
%
Operating income
488,348
424,051
15
%
1,787,157
1,656,873
8
%
Other expenses:
Investment (gain) loss
(27
)
26
NM
239
(116
)
NM
Other expense (income), net
6,200
(1,513
)
NM
13,722
(16,623
)
NM
Interest expense, net
94,837
92,041
3
%
383,043
348,607
10
%
Loss on extinguishment of debt
—
—
NM
5,040
—
NM
Total other expense
101,010
90,554
12
%
402,044
331,868
21
%
Income before income taxes
387,338
333,497
16
%
1,385,113
1,325,005
5
%
Provision for income taxes
141,334
77,640
82
%
381,381
343,115
11
%
Net income
246,004
255,857
(4
)%
1,003,732
981,890
2
%
Less: Net income (loss) attributable to
noncontrolling interest
49
—
NM
(14
)
—
NM
Net income attributable to Corpay
$
245,955
$
255,857
(4
)%
$
1,003,746
$
981,890
2
%
Basic earnings per share
$
3.52
$
3.55
(1
)%
$
14.27
$
13.42
6
%
Diluted earnings per share
$
3.44
$
3.48
(1
)%
$
13.97
$
13.20
6
%
Weighted average shares outstanding:
Basic shares
69,946
72,065
70,331
73,155
Diluted shares
71,463
73,475
71,848
74,387
NM - Not Meaningful
Corpay, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(In thousands)
December 31, 2024
December 31, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
1,553,642
$
1,389,648
Restricted cash
2,902,703
1,751,887
Accounts and other receivables (less
allowance)
2,085,306
2,161,586
Securitized accounts receivable —
restricted for securitization investors
1,323,000
1,307,000
Prepaid expenses and other current
assets
806,024
474,144
Total current assets
8,670,675
7,084,265
Property and equipment, net
377,705
343,154
Goodwill and other intangibles, net
8,395,109
7,730,621
Other assets
508,348
318,212
Total assets
$
17,951,837
$
15,476,252
Liabilities and Equity
Current liabilities:
Customer deposits
3,266,126
2,397,279
Accounts payable, accrued expenses and
other current liabilities
2,657,541
2,301,725
Securitization facility
1,323,000
1,307,000
Current portion of notes payable and lines
of credit
1,446,974
819,749
Total current liabilities
8,693,641
6,825,753
Notes payable and other obligations, less
current portion
5,226,106
4,596,156
Deferred income taxes
448,223
470,232
Other noncurrent liabilities
437,878
301,752
Total noncurrent liabilities
6,112,207
5,368,140
Commitments and contingencies
Stockholders’ equity:
Common stock
131
129
Additional paid-in capital
3,811,131
3,266,185
Retained earnings
9,196,405
8,192,659
Accumulated other comprehensive loss
(1,713,996
)
(1,289,099
)
Treasury stock
(8,171,329
)
(6,887,515
)
Total Corpay stockholders’ equity
3,122,342
3,282,359
Noncontrolling interest
23,647
—
Total equity
3,145,989
3,282,359
Total liabilities and equity
$
17,951,837
$
15,476,252
Corpay, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(In thousands)
Year Ended December
31,
2024
2023
(Unaudited)
Operating activities
Net income
$
1,003,732
$
981,890
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
120,106
109,983
Stock-based compensation
116,724
116,086
Provision for credit losses on accounts
and other receivables
103,133
125,152
Amortization of deferred financing costs
and discounts
7,994
7,249
Amortization of intangible assets and
premium on receivables
230,982
226,621
Loss on extinguishment of debt
5,040
—
Deferred income taxes
(55,671
)
(46,678
)
Goodwill impairment
90,000
—
Gain on disposition of business
(121,310
)
(13,712
)
Other non-cash operating expense, net
1,028
637
Changes in operating assets and
liabilities (net of acquisitions/disposition)
438,807
593,904
Net cash provided by operating
activities
1,940,565
2,101,132
Investing activities
Acquisitions, net of cash acquired
(821,924
)
(428,327
)
Purchases of property and equipment
(175,176
)
(153,822
)
Proceeds from disposal of a business, net
of cash disposed
185,506
197,025
Other
4,117
4,401
Net cash used in investing activities
(807,477
)
(380,723
)
Financing activities
Proceeds from issuance of common stock
428,224
113,742
Repurchase of common stock
(1,287,998
)
(686,859
)
Borrowings on securitization facility,
net
16,000
20,000
Deferred financing costs
(8,493
)
(376
)
Proceeds from notes payable
825,000
—
Principal payments on notes payable
(140,050
)
(94,000
)
Borrowings from revolver
9,989,000
8,734,960
Payments on revolver
(9,278,000
)
(9,118,960
)
(Payments) borrowings on swing line of
credit, net
(140,713
)
135,568
Other
2,019
(2,286
)
Net cash provided by (used in) financing
activities
404,989
(898,211
)
Effect of foreign currency exchange rates
on cash
(223,267
)
30,157
Net increase in cash and cash equivalents
and restricted cash
1,314,810
852,355
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
$
4,456,345
$
3,141,535
Supplemental cash flow
information
Cash paid for interest, net
$
496,098
$
448,384
Cash paid for income taxes, net
$
374,039
$
408,340
Exhibit 1
RECONCILIATION OF NON-GAAP
MEASURES
(In thousands, except per
share amounts; shares in millions)
(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 December
31,
Year Ended December
31,
2024
2023
2024
2023
Net income attributable to Corpay
$
245,955
$
255,857
$
1,003,746
$
981,890
Stock-based compensation
36,131
26,169
116,724
116,086
Amortization1
63,354
57,823
238,976
233,870
Loss on extinguishment of debt
—
—
5,040
—
Integration and deal related costs
17,262
5,926
33,696
30,660
Restructuring and related costs2
874
2,173
9,318
4,625
Other2,3
11,425
(572
)
19,071
1,950
Goodwill impairment
90,000
—
90,000
—
Gain on disposition of business
(121,310
)
—
(121,310
)
(13,712
)
Total adjustments
97,736
91,519
391,515
373,479
Income tax impact of pre-tax adjustments
at the effective tax rate4
(27,985
)
(21,241
)
(98,667
)
(96,781
)
Discrete tax items5
67,518
—
67,518
—
Adjusted net income attributable to
Corpay
$
383,224
$
326,135
$
1,364,112
$
1,258,588
Adjusted net income per diluted share
attributable to Corpay
$
5.36
$
4.44
$
19.01
$
16.92
Diluted shares
71.5
73.5
71.8
74.4
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, certain legal expenses, amortization expense
attributable to the Company's noncontrolling interest and taxes
associated with stock-based compensation programs.
4 Represents provision for income taxes of
pre-tax adjustments, excluding the impact of our gain on
disposition and discrete tax item referenced.
5 Represents discrete non-cash tax
provision recognized in the fourth quarter of 2024 related to a
prior tax planning strategy and taxes on net gain realized upon
disposition of our merchant solutions business within US Vehicle
Payments of $47.8 million.
* 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 and percentages)
(Unaudited)
The following table presents
revenues, net and revenues, net per key performance metric by
segment.*
As Reported
Pro Forma and Macro
Adjusted2
Three Months Ended December
31,
Three Months Ended December
31,
2024
2023
Change
%
Change
2024
2023
Change
%
Change
VEHICLE
PAYMENTS
- Revenues, net
$
497.7
$
499.8
$
(2.1
)
—%
$
542.7
$
500.3
$
42.5
8%
- Transactions
207.0
193.9
13.1
7%
207.0
194.2
12.8
7%
- Revenues, net per transaction
$
2.40
$
2.58
$
(0.17
)
(7)%
$
2.62
$
2.58
$
0.05
2%
- Tag transactions3
22.1
20.3
1.8
9%
22.1
20.3
1.8
9%
- Parking transactions
63.3
58.7
4.6
8%
63.3
58.7
4.6
8%
- Fleet transactions
110.7
108.5
2.1
2%
110.7
108.8
1.9
2%
- Other transactions
11.0
6.3
4.7
74%
11.0
6.3
4.7
74%
CORPORATE
PAYMENTS
- Revenues, net
$
346.2
$
251.1
$
95.1
38%
$
346.0
$
273.7
$
72.4
26%
- Spend volume
$
47,942
$
33,583
$
14,359
43%
$
47,942
$
36,129
$
11,813
33%
- Revenues, net per spend $
0.72
%
0.75
%
(0.03
)%
(3)%
0.72
%
0.76
%
(0.04
)%
(5)%
LODGING
PAYMENTS
- Revenues, net
$
120.9
$
119.9
$
1.0
1%
$
120.9
$
119.9
$
1.0
1%
- Room nights
10.6
8.7
2.0
23%
10.6
8.7
2.0
23%
- Revenues, net per room night
$
11.39
$
13.86
$
(2.47
)
(18)%
$
11.40
$
13.86
$
(2.46
)
(18)%
OTHER1
- Revenues, net
$
69.7
$
66.5
$
3.2
5%
$
69.9
$
66.5
$
3.3
5%
- Transactions
488.9
471.5
17.3
4%
488.9
471.5
17.3
4%
- Revenues, net per transaction
$
0.14
$
0.14
$
—
1%
$
0.14
$
0.14
$
—
1%
CORPAY
CONSOLIDATED
REVENUES
- Revenues, net
$
1,034.4
$
937.3
$
97.1
10%
$
1,079.5
$
960.4
$
119.1
12%
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 fourth quarter of 2024 is 7.4 million.
* Columns may not calculate due to
rounding.
Exhibit 3
Revenues by Geography and
Segment
(In millions, except
percentages)
(Unaudited)
Revenues, net by
Geography*
Three Months Ended December
31,
Year Ended December
31,
2024
%
2023
%
2024
%
2023
%
US
$
547
53
%
$
500
53
%
$
2,079
52
%
$
2,045
54
%
Brazil
151
15
%
143
15
%
594
15
%
526
14
%
UK
137
13
%
120
13
%
542
14
%
479
13
%
Other
199
19
%
174
19
%
760
19
%
708
19
%
Consolidated Revenues, net
$
1,034
100
%
$
937
100
%
$
3,975
100
%
$
3,758
100
%
*Columns may not calculate due to
rounding. Disclosure has been conformed in all periods to align
with current presentation.
Revenues, net by
Segment*
Three Months Ended December
31,
Year Ended December
31,
2024
%
2023
%
2024
%
2023
%
Vehicle Payments
$
498
48
%
$
500
53
%
$
2,009
51
%
$
2,006
53
%
Corporate Payments
346
33
%
251
27
%
1,222
31
%
981
26
%
Lodging Payments
121
12
%
120
13
%
489
12
%
520
14
%
Other
70
7
%
67
7
%
255
6
%
251
7
%
Consolidated Revenues, net
$
1,034
100
%
$
937
100
%
$
3,975
100
%
$
3,758
100
%
*Columns may not calculate due to
rounding.
Exhibit 4
Segment Results*
(In thousands, except
percentages)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
20241
20232
% Change
20241
20232
% Change
Revenues, net:
Vehicle Payments3
$
497,657
$
499,758
—
%
$
2,008,799
$
2,005,510
—
%
Corporate Payments
346,189
251,101
38
%
1,221,915
981,127
25
%
Lodging Payments
120,894
119,929
1
%
488,589
520,216
(6
)%
Other4
69,691
66,532
5
%
255,286
250,866
2
%
$
1,034,431
$
937,320
10
%
$
3,974,589
$
3,757,719
6
%
Operating income (loss):
Vehicle Payments3
$
364,840
$
242,505
50
%
$
1,076,870
$
943,399
14
%
Corporate Payments
136,256
101,092
35
%
498,397
382,085
30
%
Lodging Payments
54,219
57,438
(6
)%
223,388
254,270
(12
)%
Other4
(66,967
)
23,016
NM
(11,498
)
77,119
NM
$
488,348
$
424,051
15
%
$
1,787,157
$
1,656,873
8
%
Depreciation and amortization:
Vehicle Payments3
$
49,444
$
49,724
(1
)%
$
200,167
$
201,905
(1
)%
Corporate Payments
27,969
20,323
38
%
93,316
78,679
19
%
Lodging Payments
12,775
11,655
10
%
48,698
46,903
4
%
Other4
2,252
2,244
—
%
8,907
9,117
(2
)%
$
92,440
$
83,946
10
%
$
351,088
$
336,604
4
%
Capital expenditures:
Vehicle Payments3
$
29,252
$
26,261
11
%
$
117,410
$
108,592
8
%
Corporate Payments
8,563
5,972
43
%
32,587
25,387
28
%
Lodging Payments
5,195
3,171
64
%
19,622
13,705
43
%
Other4
1,242
1,260
(1
)%
5,557
6,138
(9
)%
$
44,252
$
36,664
21
%
$
175,176
$
153,822
14
%
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. Results from GPS Capital
Markets acquired in the fourth 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 The results of our merchant solutions
business disposed of in December 2024 are included in our Vehicle
Payments segment for all periods prior to disposition.
4 Other includes Gift and Payroll Card
operating segments.
NM - Not Meaningful
*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 December
31,
Three Months Ended December
31,
2024*
2023*
2024*
2023*
VEHICLE PAYMENTS - TRANSACTIONS
Pro forma and macro adjusted
$
542.7
$
500.3
207.0
194.2
Impact of acquisitions/dispositions
—
(0.5
)
—
(0.3
)
Impact of fuel prices/spread
(17.1
)
—
—
—
Impact of foreign exchange rates
(28.0
)
—
—
—
As reported
$
497.7
$
499.8
207.0
193.9
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted
$
346.0
$
273.7
$
47,942
$
36,129
Impact of acquisitions/dispositions
—
(22.6
)
—
(2,547
)
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
0.1
—
—
—
As reported
$
346.2
$
251.1
$
47,942
$
33,583
LODGING PAYMENTS - ROOM NIGHTS
Pro forma and macro adjusted
$
120.9
$
119.9
10.6
8.7
Impact of acquisitions/dispositions
—
—
—
—
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
—
—
—
—
As reported
$
120.9
$
119.9
10.6
8.7
OTHER1- TRANSACTIONS
Pro forma and macro adjusted
$
69.9
$
66.5
488.9
471.5
Impact of acquisitions/dispositions
—
—
—
—
Impact of fuel prices/spread
—
—
—
—
Impact of foreign exchange rates
(0.2
)
—
—
—
As reported
$
69.7
$
66.5
488.9
471.5
CORPAY CONSOLIDATED REVENUES
Pro forma and macro adjusted
$
1,079.5
$
960.4
Intentionally Left Blank
Impact of acquisitions/dispositions
—
(23.1
)
Impact of fuel prices/spread2
(17.1
)
—
Impact of foreign exchange rates2
(28.0
)
—
As reported
$
1,034.4
$
937.3
1 Other includes Gift and Payroll Card
operating segments.
2 Revenues reflect the negative impact of
movements in foreign exchange rates of approximately $28 million,
negative fuel prices of approximately $7 million, and approximately
$11 million negative impact from fuel price spreads.
* Columns may not calculate due to
rounding.
Exhibit 6
RECONCILIATION OF NON-GAAP
EBITDA AND ADJUSTED EBITDA MEASURES
(In millions, except
percentages)
(Unaudited)
The following table reconciles EBITDA,
Adjusted EBITDA and Adjusted EBITDA margin to net income from
operations.*
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net income from operations
$
246.0
$
255.9
$
1,003.7
$
981.9
Provision for income taxes
141.3
77.6
381.4
343.1
Interest expense, net
94.8
92.0
383.0
348.6
Other loss (income), net
6.2
(1.5
)
13.7
(2.9
)
Investment loss (gain)
—
—
0.2
(0.1
)
Depreciation and amortization
92.4
83.9
351.1
336.6
Goodwill impairment
90.0
—
90.0
—
Gain on disposition of business
(121.3
)
—
(121.3
)
(13.7
)
Loss on extinguishment of debt
—
—
5.0
—
Other operating, net
0.5
0.1
0.8
0.8
EBITDA
$
550.0
$
508.1
$
2,107.7
$
1,994.2
Other one-time items1
$
21.3
$
—
$
21.3
$
—
Adjusted EBITDA
$
571.2
$
508.1
$
2,129.0
$
1,994.2
Revenues, net
$
1,034.4
$
937.3
$
3,974.6
$
3,757.7
Adjusted EBITDA margin
55.2
%
54.2
%
53.6
%
53.1
%
1 2024 EBITDA and EBITDA margin are
adjusted for a one-time stock based compensation expense and a deal
related termination expense.
* 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
2025 and first quarter 2025 financial guidance for net income to
adjusted net income and adjusted net income per diluted share, at
both ends of the range.
2025 GUIDANCE
Low*
High*
Net income
$
1,174
$
1,224
Net income per diluted share
$
16.50
$
17.00
Stock based compensation
117
117
Amortization
249
249
Other
52
52
Total pre-tax adjustments
418
418
Income taxes
(110
)
(110
)
Adjusted net income
$
1,482
$
1,532
Adjusted net income per diluted share
$
20.75
$
21.25
Diluted shares
72
72
Q1 2025 GUIDANCE
Low*
High*
Net income
$
240
$
250
Net income per diluted share
$
3.38
$
3.48
Stock based compensation
25
25
Amortization
67
67
Other
14
14
Total pre-tax adjustments
106
106
Income taxes
(29
)
(29
)
Adjusted net income
$
317
$
327
Adjusted net income per diluted share
$
4.45
$
4.55
Diluted shares
72
72
* Columns may not calculate due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250205258044/en/
Investor Relations Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Grafico Azioni Corpay (NYSE:CPAY)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Corpay (NYSE:CPAY)
Storico
Da Feb 2024 a Feb 2025
