10-KPeriod: FY2024

CORPAY, INC. Annual Report, Year Ended Dec 31, 2024

Filed February 27, 2025For Securities:CPAY

Summary

Corpay, Inc. (formerly FLEETCOR Technologies, Inc.) is a global corporate payments company that provides solutions for managing and paying expenses across vehicle, corporate, and lodging categories. The company has experienced revenue growth driven by acquisitions and organic expansion, particularly in its Corporate Payments segment, which saw a significant 24.5% increase in revenue year-over-year. While the Vehicle Payments segment remained relatively flat, the company noted positive organic growth and benefits from recent acquisitions. Financially, Corpay reported a 5.8% increase in consolidated revenues to $3.97 billion for the year ended December 31, 2024. Net income attributable to Corpay grew 2.2% to $1.00 billion. The company also highlighted a substantial stock repurchase program, having repurchased $7.8 billion in shares since its inception. However, Corpay did identify a material weakness in its internal control over financial reporting related to IT general controls, specifically user access management, though it expects to remediate this issue.

Financial Highlights

50 data points
Beta

Revenue

$3.97B

Net Income

$1.00B

25.3% Net Margin

EPS (Diluted)

$13.97

Total Assets

$17.96B

Cash & Equivalents

$1.55B

Free Cash Flow

$1.77B

Financial Statements
Beta
Revenue$3.97B
Operating Income$1.79B
Net Income$1.00B
EPS (Basic)$14.27
EPS (Diluted)$13.97
Shares Outstanding (Basic)70.33M
Shares Outstanding (Diluted)71.85M

Key Highlights

  • 1Corpay, Inc. officially changed its name from FLEETCOR Technologies, Inc. on March 25, 2024, and began trading under the ticker CPAY.
  • 2Consolidated revenues increased by 5.8% to $3.97 billion for the year ended December 31, 2024, compared to the prior year.
  • 3Net income attributable to Corpay grew 2.2% to $1.00 billion for the year ended December 31, 2024.
  • 4The Corporate Payments segment demonstrated strong growth, with revenues increasing by 24.5% to $1.22 billion, driven by organic growth and acquisitions.
  • 5The company completed several key acquisitions in 2024, including Paymerang and GPS Capital Markets, bolstering its Corporate Payments segment.
  • 6Corpay has an active stock repurchase program, having repurchased $7.8 billion in shares since its inception, with $1.3 billion remaining authorization.
  • 7A material weakness in internal control over financial reporting related to IT general controls (user access management) was identified as of December 31, 2024, with remediation plans in place.

Frequently Asked Questions

Corpay's consolidated revenues grew by 5.8% to $3.97 billion for the year ended December 31, 2024. The growth was primarily attributed to organic growth of 8%, driven by increases in spend and transaction volumes, coupled with contributions from acquisitions completed in 2023 and 2024. The Corporate Payments segment was a notable contributor, with revenues increasing by 24.5%.

Yes, in 2024, Corpay completed several key acquisitions to expand its capabilities and market reach. Notable acquisitions include Zapay (70% stake), a Brazil-based digital mobility solution; Paymerang, a U.S.-based leader in accounts payable automation; and GPS Capital Markets, LLC, a U.S.-based cross-border and treasury management solutions provider. These acquisitions primarily bolster the Corporate Payments and Vehicle Payments segments.

Corpay has an active stock repurchase program. As of December 31, 2024, the company had repurchased approximately $7.8 billion of its common stock since the program's inception, with $1.3 billion remaining authorization. The company currently expects to retain all future earnings for business operations and expansion and does not anticipate paying cash dividends in the foreseeable future.

Corpay identified a material weakness in its internal control over financial reporting concerning information technology general controls (ITGCs) related to user access management. While the company has remediation plans in place and believes its financial statements are presented fairly, this weakness means that there's a reasonable possibility that a material misstatement might not be prevented or detected in a timely manner. The company's independent auditor also issued an adverse opinion on the effectiveness of internal control over financial reporting as of December 31, 2024.