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Dec 31, 2021
Corpay Q4 2021 Earnings Report
FLEETCOR reported record revenues and adjusted net income per share, driven by organic revenue growth and strategic capital allocation.
Key Takeaways
FLEETCOR Technologies reported a strong fourth quarter and fiscal year 2021, with record revenues and adjusted net income per share. The company's performance exceeded expectations, driven by momentum across its businesses and strategic capital allocation through share repurchases.
Revenues increased by 30% to $802.3 million compared to Q4 2020.
Net income increased by 7% to $225.0 million compared to Q4 2020.
Adjusted net income increased by 18% to $304.9 million compared to Q4 2020.
The company repurchased approximately 2.3 million shares in Q4 2021.
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 expects to return to its normal growth cadence in fiscal year 2022, with sales growth of 20%, organic growth of 9% to 11%, and adjusted EPS growth in the mid-teens. Volumes and revenue are expected to build throughout the year, benefiting from growth investments and acquisitions. Expenses are expected to be higher than in 2021, but will be managed in line with the revenue growth outlook.
Positive Outlook
- Total revenues between $3,190 million and $3,250 million.
- GAAP net income between $935 million and $975 million.
- GAAP net income per diluted share between $11.65 and $12.15.
- Adjusted net income between $1,200 million and $1,240 million.
- Adjusted net income per diluted share between $15.00 and $15.50.
Challenges Ahead
- Weighted average U.S. fuel prices equal to $3.40 per gallon.
- Market spreads slightly favorable to the 2021 average.
- Foreign exchange rates equal to the month average of January 2022.
- Interest expense between $90 million and $100 million, with three 25bp rate increases.
- A tax rate of 24% to 26%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income