LOS ANGELES, March 14, 2024 (GLOBE NEWSWIRE) -- FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that Corpay, a global leader in business payments, has been selected as winner of the "Spend Management Innovation Award" in the 8th annual FinTech Breakthrough Awards program, recognizing the breakthrough innovation of the Corpay Complete all-in-one spend management platform. Tailored ...

ATLANTA--(BUSINESS WIRE)--FLEETCOR Technologies, Inc. (NYSE: FLT) (“the Company”) a leading global payments company, announced today its plans to rebrand the Company to Corpay. The name change better reflects the Company’s current portfolio of corporate payment solutions. This name change will take effect on March 25, 2024 when the Company’s stock begins trading on the New York Stock Exchange under the new ticker symbol CPAY. “The Corpay name better represents what we do now, which is provide corporate p ...

ATLANTA--(BUSINESS WIRE)--FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced the closing of a majority investment in Zapay. The investment further scales FLEETCOR’s Vehicle Payments business in Brazil and provides access to two million drivers who use Zapay’s mobile app and website each month. Zapay is Brazil’s first digital mobility solution for paying vehicle taxes, registration, and tickets, and is the only company integrated to the National Traffic De ...

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In executing our strategy, we are advantaged by leveraging our competitive strengths: • Global Scale – We have strong market positions across four continents. This enables us to provide new offerings with better cost economics, sell complementary products, acquire attractive assets that can leverage existing infrastructure and cost synergies, and introduce successful products and practices from other markets. • Compounding Growth Model – Our growth model historically benefits from strong revenue retention, ...

JulPo FLEETCOR (NYSE:FLT) is an overlooked quality company and, given the current share prices, is looking attractive. We explored various valuation methods including a quantitative DCF model and relative valuation and found FLT to be significantly undervalued. It has underperformed the S&P500 over the past five years while clocking in revenue and EPS growth of over 50%. The Company FLEETCOR enables its clients to manage their expense-related purchasing and vendor payments. The company categorizes its o ...

ATLANTA--(BUSINESS WIRE)--FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced that the Company will participate in the following investor conferences: On, Wednesday February 21, 2024, the Company will host a fireside chat at the Bank of America Financial Services Conference. The discussion will begin at 12:10 PM ET. On, Wednesday February 28, 2024, the Company will host a fireside chat at the Citi 13th Annual FinTech Conference. The discussion will begin ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.Zacks Premium also includes the Zacks Style Scores.What are t ...

FLEETCOR Technologies, Inc. (FLT)  reported unimpressive fourth-quarter 2023 results as both earnings and revenues lagged the respective Zacks Consensus Estimate.   Adjusted earnings (excluding 96 cents from non-recurring items) of $4.44 per share missed the consensus estimate by a slight margin but grew 9.9% year over year.  Revenues of $937.3 million missed the consensus mark by 3.2% but increased 6.1% year over year on a reported basis.Let’s check out the numbers in detail.Revenues in DetailThe company h ...

Financial Data and Key Metrics Changes - The company reported Q4 2023 revenue of $937 million, up 6% year-over-year, with cash EPS of $4.44 million, up 10%, and EBITDA of approximately $500 million, up 11% [13][14] - For the full year 2023, revenue reached $3.8 billion, up 10%, with EBITDA of approximately $2 billion, up 13%, and cash EPS of $16.92, up 5% [14][17] - Organic revenue growth for the full year was 10%, marking three consecutive years of 10% plus organic revenue growth [14] Business Line Data and Key Metrics Changes - Corporate payments revenue grew 15% in Q4 and 19% for the full year, with direct business growing 19% and full suite payment solutions sales up 27% [33] - Vehicle payments organic revenue increased 5% during the quarter, with strong performance in Brazil and international fuel markets [18] - Lodging revenue was flat in Q4 2023 but grew 12% for the year, affected by softness in workforce customers and fluctuations in airline and insurance verticals [19] Market Data and Key Metrics Changes - The company ended Q4 with $1.4 billion in unrestricted cash, up $300 million from the previous quarter, and had over $800 million available on its revolver [20] - The leverage ratio was 2.4 times trailing 12 months EBITDA, at the lower end of the target range [20] - The company expects US fuel prices to average $3.65 per gallon in 2024, which may present a headwind in Q1 [36] Company Strategy and Development Direction - The company is focusing on deepening its position in corporate payments and building out its vehicle payments business through successful cross-selling initiatives [29] - A formal strategic review concluded that keeping the fleet and corporate payments businesses together is the best way forward, with a focus on repositioning the vehicle payments business [16] - The company plans to rebrand from FLEETCOR to Corpay in March 2024, marking a new chapter [30] Management's Comments on Operating Environment and Future Outlook - Management characterized the macro environment as neutral, with slight benefits from FX and interest rates expected to improve [2] - For 2024, the company projects revenue growth of 8% to 10% and EBITDA growth of 10% to 12%, with cash EPS growth between 14% and 16% [36] - Management expressed confidence in the vehicle payments segment, anticipating mid-single-digit growth driven by new products and consumer initiatives [49] Other Important Information - The company launched four new products aimed at enhancing its service offerings, including a comprehensive business card and fuel card solution [31] - The company repurchased approximately 600,000 shares in Q4 2023 and plans to repurchase $800 million of shares throughout 2024 [60] Q&A Session Summary Question: How is the company thinking about extended credit in 2024? - Management indicated a cautious approach to extending credit, focusing on larger prospects with better credit profiles [22] Question: Can you provide more color on the Q4 headwinds? - Management noted that Q4 headwinds were primarily timing and weather-related, with expectations for improvement as the year progresses [28] Question: What are the expectations for revenue growth in 2024? - Management expects sales growth to remain strong, with a target of 20% growth in corporate payments, supported by improved retention and new product initiatives [44]