01—Abstract
Summary
Summary of the 10-K filed March 3, 2014. Cited figures are marked; the original filing is the authoritative source.
FleetCor Technologies, Inc. (CPAY) reported strong revenue growth for the fiscal year ended December 31, 2013, with total revenues increasing by 26.5% to $895.2 milliona.
This growth was driven by a combination of organic expansion and strategic acquisitions, particularly in its International segment, which saw a revenue increase of 41.3%. The company processed approximately 328 million transactions, highlighting its significant scale and operational capacity. Despite a slightly negative impact from the macroeconomic environment, such as lower fuel prices, FleetCor demonstrated robust operating income growth of 29.5%, reaching $420.6 millionb, with an improved operating margin of 47.0%.
The company's strategic focus on expanding its product and service offerings and its strong market position across various geographies were key contributors to its financial performance. Financially, FleetCor maintained a healthy balance sheet, with total assets growing to $3.93 billionc. The company managed its debt effectively, increasing borrowings primarily to fund its significant acquisition activities throughout 2013, which amounted to $848.2 million.
This acquisition strategy has expanded its geographical reach and service capabilities. The company's commitment to technology investments, with over $53 milliond spent in 2013, supports its operational efficiency and competitive positioning. Looking ahead, FleetCor appears well-positioned for continued growth, leveraging its established networks and expanding service portfolio.
02—Key points
Key Highlights
- Total revenues grew by 26.5% to $895.2 million in 2013, driven by organic growth and acquisitions.
- International segment revenue saw a substantial increase of 41.3%, demonstrating geographic expansion and market penetration.
- Operating income increased by 29.5% to $420.6 million, with an improved operating margin of 47.0%.
- The company processed approximately 328 million transactions, indicating significant operational scale.
- FleetCor completed $848.2 million in acquisitions during 2013, expanding its service offerings and market reach.
- Investments in technology exceeded $53 million in 2013, supporting operational efficiency and future growth.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2013, Corpay, Inc. kept $0.32.
- Revenue$895.2M100.0%
- Cost of revenue−$7.1M0.8%
- Gross profit$888.1M99.2%
- Operating costs−$467.4M52.2%
- Operating income$420.6M47.0%
- Interest, other & tax−$136.1M15.2%
- Net income$284.5M31.8%
Where FY2013 revenue went
$895.2M- Operating costs: $467.4M, 52% of revenue
- Net income: $284.5M, 32% of revenue
- Interest, other & tax: $136.1M, 15% of revenue
- Cost of revenue: $7.1M, 0.8% of revenue
Kept 32% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2013filed March 3, 2014Financial Statements
FY2013 against FY2012
| Line item | FY2013FY2012 | Change |
|---|---|---|
| Revenue | $895.17M$707.53M | +26.5% |
| Cost of Revenue | $7.10M$4.70M | +51.1% |
| Gross Profit | $888.07M$702.83M | +26.4% |
| Operating Income | $420.63M$324.93M | +29.5% |
| Net Income | $284.50M$216.20M | +31.6% |
| EPS (Basic) | $3.48$2.59 | +34.4% |
| EPS (Diluted) | $3.36$2.52 | +33.3% |
| Shares Outstanding (Basic) | 81.79M83.33M | −1.8% |
| Shares Outstanding (Diluted) | 84.66M85.74M | −1.3% |
05—Questions
Frequently Asked Questions
What were the primary drivers of FleetCor's revenue growth in 2013?
FleetCor's revenue growth in 2013 was driven by a combination of factors, including organic growth in existing payment programs, the full-year impact of acquisitions completed in 2012, and acquisitions made during 2013. Despite a slightly negative macroeconomic environment, strategic acquisitions and increasing transaction volumes and revenue per transaction contributed to the 26.5% increase in total revenues.
How did the company's international operations perform in 2013?
The International segment was a significant growth driver, with revenue increasing by 41.3% to $434.5 million. This growth was fueled by organic expansion and the impact of recent acquisitions in regions such as Australia, New Zealand, Brazil, and the UK, which expanded the company's global footprint and product offerings.
What is the company's financial position and outlook based on this filing?
FleetCor demonstrated strong financial performance in 2013, with significant growth in revenues and operating income. The company effectively managed its debt to fund strategic acquisitions, indicating a growth-oriented strategy. Investments in technology and a diverse geographic presence position the company well for continued expansion and market leadership in the workforce payment solutions sector.
What were the key expenses for FleetCor in 2013?
Key expenses for FleetCor in 2013 included merchant commissions, processing costs, selling expenses, and general and administrative expenses. The increase in these expenses was largely attributable to the impact of acquisitions, increased sales and marketing efforts, and stock-based compensation, although operating income still grew significantly due to strong revenue increases.
06—Continue