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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.
Corpay
Corpay
Corpay Revenue by Segment
Corpay Revenue by Geographic Location
Revenue by Segment
Corporate Payments Revenue
CapyFin.comLodging Payments Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
US Revenue
CapyFin.comBrazil Revenue
CapyFin.comUK Revenue
CapyFin.comOther Revenue
CapyFin.com 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