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Jun 30, 2020
Corpay Q2 2020 Earnings Report
FLEETCOR's financial results were reported for the second quarter of 2020, revealing the impact of the COVID-19 pandemic.
Key Takeaways
FLEETCOR Technologies, Inc. reported a 19% decrease in total revenues to $525.1 million and a 39% decrease in net income to $158.5 million for Q2 2020, due to the impact of the COVID-19 pandemic. The company focused on managing operating expenses and generated approximately $200 million in free cash flow during the quarter.
Total revenues decreased by 19% to $525.1 million compared to Q2 2019.
Net income decreased by 39% to $158.5 million compared to Q2 2019.
Adjusted net income decreased by 23% to $197.4 million compared to Q2 2019.
Client retention remained stable at 91%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Due to the uncertain pace of recoveries across FLEETCOR's markets as a result of the COVID-19 pandemic, the company has not reinstated its full-year 2020 outlook. The company expects second-half revenues to recover more slowly than volume, because larger enterprise accounts with lower rates will recover faster than our SMB portfolio. The macro will continue to be a drag on revenue due to lower expected fuel prices and foreign exchange rates compared with last year.
Challenges Ahead
- Uncertain pace of recoveries across markets due to COVID-19.
- Second-half revenues expected to recover more slowly than volume.
- Larger enterprise accounts with lower rates will recover faster than the SMB portfolio.
- Macroeconomic factors will continue to negatively impact revenue.
- Lower expected fuel prices and foreign exchange rates compared with last year.
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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