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Dec 31, 2023
Corpay Q4 2023 Earnings Report
FLEETCOR's Q4 2023 financial results were reported, showing revenue growth and increased net income.
Key Takeaways
FLEETCOR Technologies, Inc. reported a 6% increase in revenues to $937.3 million and a 14% increase in net income to $255.9 million for the fourth quarter of 2023. The company's adjusted net income per diluted share increased by 10% to $4.44. They are planning to repurchase $800 million of shares in 2024.
Revenues increased by 6% to $937.3 million compared to Q4 2022.
Net income increased by 14% to $255.9 million compared to Q4 2022.
Adjusted net income per diluted share increased by 10% to $4.44 compared to Q4 2022.
The company plans to repurchase $800 million of shares in 2024.
Corpay
Corpay
Corpay Revenue by Segment
Corpay Revenue by Geographic Location
Revenue by Segment
Vehicle Payments Revenue
CapyFin.comCorporate 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's 2024 outlook includes 20% sales growth, 8-10% organic revenue growth, and mid-teens adjusted net income growth. Volumes and revenue are expected to increase throughout the year.
Positive Outlook
- 20% sales growth
- Organic revenue growth of 8% to 10%
- Adjusted net income growth in the mid-teens
- Volumes and revenue should build throughout the year
- Balance sheet is in great shape with low leverage and significant liquidity
Challenges Ahead
- First quarter is impacted by negative impact from higher interest rates
- Decline in late fees from tightened credit creating headwinds to revenue and net income
- Seasonality in the first quarter, causing it to be the lowest in terms of both revenues and net income for the year
- Vehicle payments and lodging tend to have lighter first quarters due to weather and holidays
- Prior year quarter includes the results from the Russia business sold in August 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income