01—Abstract
Summary
Summary of the 10-K filed March 25, 2011. Cited figures are marked; the original filing is the authoritative source.
FleetCor Technologies, Inc. (now known as Corpay, Inc.) filed its 2010 10-K report, detailing its operations as a leading global provider of specialized payment products and services.
The company primarily serves businesses and commercial fleets, offering solutions that help manage and control employee spending. FleetCor operates through proprietary networks and third-party networks in 18 countries across North America, Europe, Africa, and Asia. For the fiscal year ended December 31, 2010, FleetCor reported strong revenue growth of 22.5% to $433.8 milliona, driven by acquisitions and an increase in fuel prices.
Net income also saw a significant increase of 21.1% to $107.9 millionb. The company experienced growth in both its North American and International segments. Notably, 2010 marked FleetCor's transition to a publicly traded company, with its common stock beginning trading on the New York Stock Exchange in December 2010.
02—Key points
Key Highlights
- FleetCor Technologies, Inc. reported a 22.5% increase in total revenue for the year ended December 31, 2010, reaching $433.8 million.
- Net income grew by 21.1% to $107.9 million in 2010, indicating strong profitability.
- The company's North American segment revenue increased by 26.6%, while the International segment revenue grew by 15.2%, demonstrating broad geographic expansion.
- FleetCor experienced a significant increase in general and administrative expenses due to a one-time compensation charge related to its initial public offering.
- In December 2010, FleetCor completed its initial public offering (IPO) on the New York Stock Exchange under the symbol "FLT", raising $335 million.
- The company's primary competitors in the fleet card space include Wright Express Corporation, Comdata Corporation, and U.S. Bank Voyager Fleet Systems Inc.
- FleetCor made significant investments in technology, spending over $18 million in 2010 to operate, protect, and enhance its systems.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2010filed March 25, 2011Financial Statements
FY2010 against FY2009
| Line item | FY2010FY2009 | Change |
|---|---|---|
| Revenue | $433.84M$354.07M | +22.5% |
| Operating Income | $170.49M$146.04M | +16.7% |
| Interest Expense | $20.53M$7.00M | +193.3% |
| Net Income | $107.90M$89.05M | +21.2% |
| EPS (Basic) | $3.00$2.17 | +38.2% |
| EPS (Diluted) | $1.34$1.13 | +18.6% |
| Shares Outstanding (Basic) | 35K34K | +4.8% |
| Shares Outstanding (Diluted) | 81K79K | +2.4% |
05—Questions
Frequently Asked Questions
What is FleetCor's primary business and how does it generate revenue?
FleetCor is a global provider of specialized payment products and services, primarily for businesses and commercial fleets. It generates revenue through transaction fees, card fees, network fees, and late payment charges, as well as from the spread between the price charged to customers and the price paid to merchants for fuel and other services.
What were the key financial highlights for FleetCor in 2010?
In 2010, FleetCor saw a 22.5% increase in revenue to $433.8 million and a 21.1% increase in net income to $107.9 million. This growth was supported by acquisitions and favorable market conditions. A significant event was the company's successful initial public offering in December 2010.
What are the main risks faced by FleetCor, as highlighted in the filing?
Key risks include potential declines in retail fuel prices affecting revenue, contraction in fuel-price spreads, credit risk from small to mid-sized business customers, intense competition, dependence on strategic relationships with major oil companies, and regulatory changes. The company also highlighted risks related to its significant debt obligations and currency exchange rate fluctuations for its international operations.
06—Continue