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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.
Revenue by Segment
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.
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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