01—Abstract
Summary
Summary of the 10-K filed February 27, 2025. Cited figures are marked; the original filing is the authoritative source.
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 billiona for the year ended December 31, 2024.
Net income attributable to Corpay grew 2.2% to $1.00 billionb. 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.
02—Key points
Key Highlights
- Corpay, Inc. officially changed its name from FLEETCOR Technologies, Inc. on March 25, 2024, and began trading under the ticker CPAY.
- Consolidated revenues increased by 5.8% to $3.97 billion for the year ended December 31, 2024, compared to the prior year.
- Net income attributable to Corpay grew 2.2% to $1.00 billion for the year ended December 31, 2024.
- The Corporate Payments segment demonstrated strong growth, with revenues increasing by 24.5% to $1.22 billion, driven by organic growth and acquisitions.
- The company completed several key acquisitions in 2024, including Paymerang and GPS Capital Markets, bolstering its Corporate Payments segment.
- Corpay has an active stock repurchase program, having repurchased $7.8 billion in shares since its inception, with $1.3 billion remaining authorization.
- A 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.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 27, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $3.97B$3.76B | +5.8% |
| Operating Income | $1.79B$1.66B | +7.9% |
| Net Income | $1.00B$982.00M | +2.2% |
| EPS (Basic) | $14.27$13.42 | +6.3% |
| EPS (Diluted) | $13.97$13.20 | +5.8% |
| Shares Outstanding (Basic) | 70.33M73.16M | −3.9% |
| Shares Outstanding (Diluted) | 71.85M74.39M | −3.4% |
05—Questions
Frequently Asked Questions
What was the primary driver of revenue growth for Corpay in the most recent fiscal year?
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%.
Has Corpay made any significant acquisitions recently?
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.
What is the company's approach to returning capital to shareholders?
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.
Are there any significant risks or control issues highlighted in the filing?
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.
06—Continue