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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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