10-KPeriod: FY2010

CORPAY, INC. Annual Report, Year Ended Dec 31, 2010

Filed March 25, 2011For Securities:CPAY

Summary

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 million, driven by acquisitions and an increase in fuel prices. Net income also saw a significant increase of 21.1% to $107.9 million. 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.

Financial Highlights

48 data points
Beta

Revenue

$433.84M

Net Income

$107.90M

24.9% Net Margin

EPS (Diluted)

$1.34

Total Assets

$1.48B

Cash & Equivalents

$114.80M

Free Cash Flow

$128.56M

Financial Statements
Beta
Revenue$433.84M
Operating Income$170.49M
Interest Expense$20.53M
Net Income$107.90M
EPS (Basic)$3.00
EPS (Diluted)$1.34
Shares Outstanding (Basic)35K
Shares Outstanding (Diluted)81K

Key Highlights

  • 1FleetCor Technologies, Inc. reported a 22.5% increase in total revenue for the year ended December 31, 2010, reaching $433.8 million.
  • 2Net income grew by 21.1% to $107.9 million in 2010, indicating strong profitability.
  • 3The company's North American segment revenue increased by 26.6%, while the International segment revenue grew by 15.2%, demonstrating broad geographic expansion.
  • 4FleetCor experienced a significant increase in general and administrative expenses due to a one-time compensation charge related to its initial public offering.
  • 5In December 2010, FleetCor completed its initial public offering (IPO) on the New York Stock Exchange under the symbol "FLT", raising $335 million.
  • 6The company's primary competitors in the fleet card space include Wright Express Corporation, Comdata Corporation, and U.S. Bank Voyager Fleet Systems Inc.
  • 7FleetCor made significant investments in technology, spending over $18 million in 2010 to operate, protect, and enhance its systems.

Frequently Asked Questions

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.

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.

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.