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Corpay
🇺🇸 NYSE:CPAY
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Dec 31, 2020

Corpay Q4 2020 Earnings Report

FLEETCOR's Q4 2020 financial results were reported, showing a decrease in revenue and net income compared to the previous year, but finishing better than expected with improving trends.

Key Takeaways

FLEETCOR Technologies reported a decrease in revenues by 12% to $617.3 million and a decrease in net income by 11% to $209.9 million for Q4 2020, compared to Q4 2019. The company's adjusted net income also decreased by 10% to $258.4 million. Despite the declines, FLEETCOR's Q4 finished better than expected, with improving trends across the board.

Revenues decreased by 12% to $617.3 million compared to the same period last year.

Net income decreased by 11% to $209.9 million compared to the same period last year.

Adjusted net income decreased by 10% to $258.4 million compared to the same period last year.

The company is optimistic about 2021, anticipating high-teens revenue and profit growth from Q2 onwards.

Total Revenue
$617M
Previous year: $699M
-11.7%
EPS
$3.01
Previous year: $3.17
-5.0%
Corporate Payments Spend
$17.6B
Previous year: $17.9B
-1.6%
Corp. Payment Rev / Spend $
0.65%
Previous year: 0.01%
+8233.3%
Fuel Transactions
110.4M
Previous year: 126.4M
-12.7%
Gross Profit
$496M
Previous year: $553M
-10.3%
Cash and Equivalents
$935M
Previous year: $1.27B
-26.5%
Free Cash Flow
$234M
Previous year: $344M
-31.9%
Total Assets
$11.2B
Previous year: $12.2B
-8.3%

Corpay

Corpay

Corpay Revenue by Segment

Corpay Revenue by Geographic Location

Forward Guidance

FLEETCOR anticipates organic revenue growth between 9% and 13% for fiscal year 2021. The company expects GAAP net income to be between $810 million and $890 million, with a GAAP net income per diluted share between $9.40 and $10.20. Adjusted net income is projected to be between $1,020 million and $1,110 million, with an adjusted net income per diluted share between $11.90 and $12.70.

Positive Outlook

  • Organic revenue growth expected to be in the 9% to 13% range.
  • Adjusted net income expected to increase by a corresponding amount, excluding acquisitions.
  • Activity is expected to improve throughout the year.
  • Expenses will be managed in line with revenue growth.
  • Expects GAAP net income per diluted share to be between $9.40 and $10.20.

Challenges Ahead

  • Tremendous uncertainty remains on the path and pace of recovery for 2021.
  • The soft, COVID-driven operating environment will continue for most of the first half of 2021.
  • Expenses will be higher than 2020 levels.
  • Market spreads significantly unfavorable compared to the 2020 average.
  • Weighted fuel prices equal to $2.43 per gallon average in the U.S.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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