FleetCor(FLT) - 2025 Q1 - Quarterly Results

Financial Performance - Corpay reported first quarter 2025 revenues of $1,005.7 million, an increase of 8% compared to$ 935.3 million in the first quarter of 2024[5]. - Net income attributable to Corpay rose 6% to $243.2 million in the first quarter of 2025, up from$ 229.8 million in the same period last year[5]. - Organic revenue growth for the first quarter of 2025 was 9%, with the Corporate Payments segment growing by 19%[2]. - Adjusted EBITDA increased 8% to $555.4 million in the first quarter of 2025, compared to$ 516.5 million in the first quarter of 2024[5]. - Basic earnings per share increased by 8% to $3.46 in Q1 2025, up from$ 3.20 in Q1 2024[20]. - Adjusted net income attributable to Corpay for Q1 2025 was $322,926, up from$ 301,320 in Q1 2024, indicating a growth of 7.2%[26]. - Consolidated net revenues reached $1,005.7 million, representing an 8% increase compared to$ 935.3 million in the same quarter last year[34]. Revenue Guidance - For fiscal year 2025, Corpay expects total revenues between $4,380 million and$ 4,460 million[6]. - Net income guidance for fiscal year 2025 is projected to be between $1,167 million and$ 1,207 million[6]. - Adjusted net income for fiscal year 2025 is anticipated to be between $1,485 million and$ 1,525 million[6]. - Q2 2025 net income guidance is estimated between $272 million and$ 282 million[38]. - Q2 2025 adjusted net income is projected to be between $359 million and$ 369 million[38]. - Q2 2025 adjusted net income per diluted share is expected to range from $5.05 to$ 5.15[38]. - Adjusted net income per diluted share for 2025 is forecasted to range from $20.80 to$ 21.20[38]. Investment and Acquisitions - The company plans to invest $500 million to acquire AvidXchange alongside TPG, enhancing its market position[2]. - The company maintains its original 2025 outlook while incorporating the recent Gringo acquisition, expecting revenue growth acceleration[4]. Assets and Liabilities - Total current assets rose to$ 9,077,561 as of March 31, 2025, compared to $8,675,869 at the end of 2024, marking a 5% increase[22]. - Total assets increased to$ 18,547,780 as of March 31, 2025, up from $17,957,031 at the end of 2024, representing a growth of 3.3%[22]. - Total liabilities increased to$ 15,053,698 as of March 31, 2025, compared to $14,811,042 at the end of 2024, reflecting a rise of 1.6%[22]. - Cash and cash equivalents and restricted cash at the end of Q1 2025 totaled$ 4,383,423, compared to $3,202,676 at the end of Q1 2024[24]. - The company reported a net cash used in operating activities of$ (74,151) for Q1 2025, a significant decrease from $350,184 in Q1 2024[24]. Segment Performance - Vehicle Payments segment reported net revenues of$ 487.1 million for Q1 2025, a decrease of 1% from $494.1 million in Q1 2024[29]. - Corporate Payments segment saw a significant increase in net revenues to$ 352.7 million, up 33% from $265.4 million year-over-year[32]. - The Lodging Payments segment reported net revenues of$ 110.2 million, a slight decrease of 1% from $111.3 million in Q1 2024[32]. - Other segment revenues decreased by 14% to$ 55.7 million, with transactions increasing by 12% to 422 million[32]. - Operating income for the Vehicle Payments segment increased by 2% to $230.2 million, while Corporate Payments saw a 30% rise to$ 135.9 million[32]. - The Corporate Payments segment's spend volume increased by 38% to $50.7 billion compared to$ 36.8 billion in the previous year[32]. - The average monthly tag subscriptions for Q1 2025 were 7.6 million, with tag transactions increasing by 8% to 22.9 million[29]. Tax and Adjustments - Corpay's effective tax rate is estimated to be approximately 25.5% to 26.5% for the year[10]. - Total pre-tax adjustments for 2025 are consistent at $428 million[38]. - Total pre-tax adjustments for Q2 2025 are also consistent at$ 118 million[38]. - Stock-based compensation for 2025 is estimated at $108 million[38]. - Diluted shares remain constant at 72 million for both 2025 and Q2 2025[38].