Workflow
Corpay, Inc.(CPAY) - 2025 Q1 - Quarterly Results
CPAYCorpay, Inc.(CPAY)2025-05-06 21:02
Transcript

Financial Performance - Corpay reported first quarter 2025 revenues of 1,005.7million,anincreaseof81,005.7 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 243.2millioninthefirstquarterof2025,upfrom243.2 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 555.4millioninthefirstquarterof2025,comparedto555.4 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 3.46inQ12025,upfrom3.46 in Q1 2025, up from 3.20 in Q1 2024[20]. - Adjusted net income attributable to Corpay for Q1 2025 was 322,926,upfrom322,926, up from 301,320 in Q1 2024, indicating a growth of 7%[26]. - The company reported an operating income of 427.1million,up7427.1 million, up 7% from 397.3 million in Q1 2024[32]. - Adjusted EBITDA for Q1 2025 was 555.4million,reflectingamarginof55.2555.4 million, reflecting a margin of 55.2%, consistent with the previous year[35]. Revenue Guidance - For fiscal year 2025, Corpay expects total revenues between 4,380 million and 4,460million[6].−Netincomeguidanceforfiscalyear2025isprojectedtobebetween4,460 million[6]. - Net income guidance for fiscal year 2025 is projected to be between 1,167 million and 1,207million[6].−Adjustednetincomeperdilutedshareisexpectedtobebetween1,207 million[6]. - Adjusted net income per diluted share is expected to be between 20.80 and 21.20forfiscalyear2025[6].−Q22025netincomeguidanceissetbetween21.20 for fiscal year 2025[6]. - Q2 2025 net income guidance is set between 272 million and 282million[38].−Q22025adjustednetincomeisanticipatedtobebetween282 million[38]. - Q2 2025 adjusted net income is anticipated to be between 359 million and 369million[38].−Q22025adjustednetincomeperdilutedshareisprojectedtorangefrom369 million[38]. - Q2 2025 adjusted net income per diluted share is projected to range from 5.05 to 5.15[38].−Adjustednetincomefor2025isexpectedtobebetween5.15[38]. - Adjusted net income for 2025 is expected to be between 1,485 million and 1,525million[38].AssetandLiabilityChanges−Totalcurrentassetsroseto1,525 million[38]. Asset and Liability Changes - Total current assets rose to 9,077,561 as of March 31, 2025, compared to 8,675,869attheendof2024,markinga58,675,869 at the end of 2024, marking a 5% increase[22]. - Total assets increased to 18,547,780 as of March 31, 2025, up from 17,957,031attheendof2024,representingagrowthof317,957,031 at the end of 2024, representing a growth of 3%[22]. - Total liabilities increased to 15,053,698 as of March 31, 2025, compared to 14,811,042attheendof2024,reflectingariseof214,811,042 at the end of 2024, reflecting a rise of 2%[22]. - Cash and cash equivalents and restricted cash at the end of Q1 2025 totaled 4,383,423, compared to 3,202,676attheendofQ12024[24].−Thecompanyreportedanetcashusedinoperatingactivitiesof3,202,676 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 350,184inQ12024[24].SegmentPerformance−VehiclePaymentssegmentgeneratedrevenuesof350,184 in Q1 2024[24]. Segment Performance - Vehicle Payments segment generated revenues of 487.1 million, down 1% from 494.1millioninthesameperiodlastyear[32].−CorporatePaymentssegmentsawasignificantrevenueincreaseof33494.1 million in the same period last year[32]. - Corporate Payments segment saw a significant revenue increase of 33%, reaching 352.7 million compared to 265.4millioninQ12024[32].−LodgingPaymentssegmentreportedrevenuesof265.4 million in Q1 2024[32]. - Lodging Payments segment reported revenues of 110.2 million, a slight decrease of 1% from 111.3millioninQ12024[32].−RevenuesfromOthersegmentdecreasedby14111.3 million in Q1 2024[32]. - Revenues from Other segment decreased by 14% to 55.7 million, down from 64.5millioninQ12024[32].−TheaveragemonthlytagsubscriptionsforQ12025were7.6million,withtotaltagtransactionsreaching22.9million,an864.5 million in Q1 2024[32]. - The average monthly tag subscriptions for Q1 2025 were 7.6 million, with total tag transactions reaching 22.9 million, an 8% increase year-over-year[32]. - The US market contributed 507 million, accounting for 50% of total revenues, while Brazil and the UK contributed 163million(16163 million (16%) and 146 million (15%) respectively[30]. Investment and Acquisitions - The company plans to invest 500milliontoacquireAvidXchange,alongsideTPG[2].−Thecompanymaintainsitsoriginal2025outlookwhileincorporatingtherecentGringoacquisition[4].OperatingExpenses−TotaloperatingexpensesforQ12025were500 million to acquire AvidXchange, alongside TPG[2]. - The company maintains its original 2025 outlook while incorporating the recent Gringo acquisition[4]. Operating Expenses - Total operating expenses for Q1 2025 were 578,543, an increase of 8% from 537,913inQ12024[20].−Capitalexpendituresincreasedby9537,913 in Q1 2024[20]. - Capital expenditures increased by 9% to 44.8 million, compared to 41.2millioninQ12024[32].Pre−TaxAdjustments−Totalpre−taxadjustmentsfor2025areestimatedat41.2 million in Q1 2024[32]. Pre-Tax Adjustments - Total pre-tax adjustments for 2025 are estimated at 428 million[38]. - Total pre-tax adjustments for Q2 2025 are expected to be 118million[38].Stock−BasedCompensation−Stock−basedcompensationforboth2025andQ22025ismaintainedat118 million[38]. Stock-Based Compensation - Stock-based compensation for both 2025 and Q2 2025 is maintained at 108 million and $33 million respectively[38]. Share Information - Diluted shares for both 2025 and Q2 2025 are consistent at 72 million[38].