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Mar 31, 2023
Corpay Q1 2023 Earnings Report
FLEETCOR's Q1 2023 financial results were reported, showing revenue growth and stable customer retention.
Key Takeaways
FLEETCOR Technologies reported a strong first quarter with a 14% increase in revenue to $901.3 million and organic revenue growth of 12%. New sales increased by 31%, and customer retention remained stable at 91%. The company raised its full-year guidance due to this overperformance.
Reported and organic revenue grew by 14% and 12%, respectively.
New sales increased by 31%, and customer retention was stable at 91%.
EBITDA margins increased by 100 bps due to tighter expense control.
The company raised its full-year guidance as a result of the overperformance in Q1.
Corpay
Corpay
Corpay Revenue by Segment
Revenue by Segment
Corporate Payments Revenue
CapyFin.comLodging Payments Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
FLEETCOR provided updated financial guidance for fiscal year 2023, with total revenues expected to be between $3,820 million and $3,860 million, and adjusted net income per diluted share between $16.95 and $17.35. Second quarter total revenues are expected to be between $930 million and $950 million, and adjusted net income per diluted share between $4.02 and $4.22.
Positive Outlook
- Total revenues between $3,820 million and $3,860 million.
- Net income between $993 million and $1,033 million.
- Net income per diluted share between $13.35 and $13.75.
- Adjusted net income between $1,263 million and $1,303 million.
- Adjusted net income per diluted share between $16.95 and $17.35.
Challenges Ahead
- Weighted average U.S. fuel prices of $3.99 per gallon.
- Market fuel spreads slightly lower than the 2022 average.
- Foreign exchange rates equal to the month to date average of April 26, 2023.
- Interest expense between $310 million and $330 million.
- A tax rate of 26% to 27%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income