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Mar 31, 2022
Corpay Q1 2022 Earnings Report
FLEETCOR reported strong Q1 2022 results, driven by core trends and broad-based strength.
Key Takeaways
FLEETCOR Technologies reported an outstanding first quarter with a 30% increase in total revenues to $789.2 million and a 29% increase in adjusted net income per share. Strong organic revenue growth of 15% was driven by new sales and customer retention.
Total revenues increased 30% to $789.2 million.
Net income increased 18% to $218.0 million.
Adjusted net income increased 20% to $289.7 million.
Organic revenue growth remained strong at 15%.
Corpay
Corpay
Corpay Revenue by Segment
Corpay Revenue by Geographic Location
Forward Guidance
The company updated its fiscal year 2022 financial guidance with total revenues between $3,335 million and $3,385 million and adjusted net income per diluted share between $15.45 and $15.75.
Positive Outlook
- Expect fundamental trends from the first quarter to continue.
- Expect the macro environment, specifically fuel prices and foreign exchange rates, to be a meaningful tailwind.
- Total revenues between $3,335 million and $3,385 million.
- Net income between $950 million and $980 million.
- Adjusted net income between $1,225 million and $1,255 million.
Challenges Ahead
- Higher interest expense.
- A higher tax rate.
- Weighted average U.S. fuel prices equal to $3.90 per gallon for the balance of the year.
- Tax rate of 26% to 27%.
- Includes revenue and adjusted EPS from our fuel business in Russia, of $67 million and $0.63 for the year, respectively.
Revenue & Expenses
Visualization of income flow from segment revenue to net income