Corpay Reports First Quarter Financial Results
Solid start to the year with over $1 billion in revenues
Announced deals with Mastercard and AvidXchange
ATLANTA--(BUSINESS WIRE)--May 06, 2025--
Corpay, Inc. $(CPAY)$, a corporate payments company, today reported financial results for its first quarter ended March 31, 2025.
"Our first quarter results were right in-line with our expectations. First quarter 2025 organic revenue growth was 9% and within that, our Corporate Payments segment grew 19%," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "Our fundamental trends: retention, same store sales and sales/new bookings, were very strong. Also, last week we announced an exciting investment and strategic partnership with Mastercard, and today we announced our plan to invest $500 million, alongside TPG, to acquire AvidXchange."
Financial Results for First Quarter of 2025:
GAAP Results
-- Revenues increased 8% to $1,005.7 million in the first quarter of 2025,
compared with $935.3 million in the first quarter of 2024.
-- Net income attributable to Corpay increased 6% to $243.2 million in the
first quarter of 2025, compared with $229.8 million in the first quarter
of 2024.
-- Net income per diluted share attributable to Corpay increased 9% to $3.40
in the first quarter of 2025, compared with $3.12 per diluted share in
the first quarter of 2024.
Non-GAAP Results(1)
-- Organic revenue growth1 was 9% in the first quarter of 2025.
-- Adjusted EBITDA1 increased 8% to $555.4 million in the first quarter of
2025, compared to $516.5 million in the first quarter of 2024.
-- Adjusted net income attributable to Corpay1 increased 7% to $322.9
million in the first quarter of 2025, compared with $301.3 million in the
first quarter of 2024.
-- Adjusted net income per diluted share attributable to Corpay1 increased
10% to $4.51 in the first quarter of 2025, compared with $4.10 per
diluted share in the first quarter of 2024.
"Our Corporate Payments and Vehicle Payments segments delivered solid performance driven by implementations and ramping of new sales," said Alissa Vickery, interim chief financial officer, Corpay, Inc. "Our cross border business performed quite well given the volatility experienced in the currency markets and activity levels remain robust in April."
Updated Fiscal Year 2025 Outlook:
"We are maintaining our original 2025 outlook, while incorporating our recent Gringo acquisition. We currently expect revenue growth acceleration over the coming quarters driven by new sale implementations and business initiatives. While there is uncertainty around the rest of year macro outlook, our businesses are quite durable, and we're ready to adjust to any changes in the demand environment," concluded Vickery.
For fiscal year 2025, Corpay, Inc.'s updated financial guidance(1) is as follows:
-- Total revenues between $4,380 million and $4,460 million; -- Net income between $1,167 million and $1,207 million; -- Net income per diluted share between $16.37 and $16.77; -- Adjusted net income between $1,485 million and $1,525 million; and -- Adjusted net income per diluted share between $20.80 and $21.20.
Corpay's guidance assumptions for the balance of the year are as follows:
-- Weighted average U.S. fuel prices equal to $2.96 per gallon; -- Fuel price spreads flat with the 2024 average; -- Foreign exchange rates equal to the April 2025 forward consensus; -- Interest expense between $350 million and $380 million; -- Approximately 72 million fully diluted shares outstanding; -- An effective tax rate of approximately 25.5% to 26.5%; and -- No impact related to material acquisitions not closed.
Conference Call:
The Company will host a conference call to discuss first quarter 2025 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Alissa Vickery, interim chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing (800)-445-7795 or (785)-424-1699; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11158788. The replay will be available through Tuesday, May 13, 2025. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay's beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to the completion of the acquisition of AvidXchange and our investment therein alongside TPG, including the satisfaction of any conditions thereto; our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, retail lodging price, foreign exchange rates and interest rates trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solution to reduce our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers' credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of our information security controls or cybersecurity-related incidents that may compromise our systems or customers' information; any disruptions in the operations of our computer systems and data centers; the international operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission $(FTC.UK)$; the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering $(AML.AU)$ and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; the risks of mergers, acquisitions and divestitures, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 27, 2025 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements
as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access Corpay's SEC filings for free by visiting the SEC web site at www.sec.gov.
About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company's definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock based compensation expense related to stock based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables, and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments items using the effective tax rate during the period, exclusive of discrete tax items.
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.
EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue.
Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA:
-- as measurements of operating performance because they assist us in
comparing our operating performance on a consistent basis;
-- for planning purposes, including the preparation of our internal annual
operating budget;
-- to allocate resources to enhance the financial performance of our
business; and
-- to evaluate the performance and effectiveness of our operational
strategies.
About Corpay
Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions "keep business moving" and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit www.corpay.com.
__________________________________________________________________________________
(1) Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1,
5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A
reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.
Corpay, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share amounts and percentages)
Three Months Ended March 31,
-----------------------------------------
%
2025 2024 Change
----------- -------- ---------
Revenues, net $ 1,005,667 $ 935,251 8%
Expenses:
Processing 221,844 207,411 7%
Selling 107,557 94,188 14%
General and
administrative 156,959 151,262 4%
Depreciation and
amortization 92,188 84,760 9%
Other operating, net (5) 292 NM
----------- --------
Total operating expense 578,543 537,913 8%
----------- --------
Operating income 427,124 397,338 7%
----------- --------
Other expenses:
Other expense, net 4,095 2,960 38%
Interest expense, net 93,922 89,088 5%
Loss on extinguishment
of debt 1,596 -- NM
----------- --------
Total other expense 99,613 92,048 8%
----------- --------
Income before income taxes 327,511 305,290 7%
Provision for income taxes 83,636 75,487 11%
----------- --------
Net income 243,875 229,803 6%
----------- --------
Less: Net income
attributable to
noncontrolling interest 642 34 NM
----------- --------
Net income attributable to
Corpay $ 243,233 $ 229,769 6%
=========== ========
Basic earnings per share $ 3.46 $ 3.20 8%
Diluted earnings per
share $ 3.40 $ 3.12 9%
Weighted average shares
outstanding:
Basic shares 70,316 71,769
Diluted shares 71,558 73,545
NM - Not Meaningful
Corpay, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2025 December 31, 2024
---------------- ---------------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,554,835 $ 1,553,642
Restricted cash 2,828,588 2,902,703
Accounts and other
receivables (less
allowance) 2,546,819 2,090,500
Securitized accounts
receivable -- restricted
for securitization
investors 1,469,000 1,323,000
Prepaid expenses and other
current assets 678,319 806,024
----------- --------------
Total current assets 9,077,561 8,675,869
----------- --------------
Property and equipment, net 401,523 377,705
Goodwill and other intangibles,
net 8,599,243 8,395,109
Other assets 469,453 508,348
----------- --------------
Total assets $ 18,547,780 $ 17,957,031
=========== ==============
Liabilities and Equity
Current liabilities:
Customer deposits 3,228,068 3,266,126
Accounts payable, accrued
expenses and other current
liabilities 2,753,684 2,671,781
Securitization facility 1,469,000 1,323,000
Current portion of notes
payable and lines of
credit 785,918 1,446,974
----------- --------------
Total current liabilities 8,236,670 8,707,881
----------- --------------
Notes payable and other
obligations, less current
portion 5,916,485 5,226,106
Deferred income taxes 431,022 439,176
Other noncurrent liabilities 469,521 437,879
----------- --------------
Total noncurrent liabilities 6,817,028 6,103,161
----------- --------------
Commitments and contingencies
Stockholders' equity:
Common stock 132 131
Additional paid-in capital 3,850,115 3,811,131
Retained earnings 9,439,638 9,196,405
Accumulated other
comprehensive loss (1,606,002) (1,713,996)
Treasury stock (8,230,047) (8,171,329)
----------- --------------
Total Corpay stockholders'
equity 3,453,836 3,122,342
Noncontrolling interest 40,246 23,647
----------- --------------
Total equity 3,494,082 3,145,989
----------- --------------
Total liabilities and equity $ 18,547,780 $ 17,957,031
=========== ==============
Corpay, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended March 31,
----------------------------
2025 2024
---------- ----------
Operating activities
Net income $ 243,875 $ 229,803
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 28,396 28,931
Stock-based compensation 18,366 24,979
Provision for credit losses on
accounts and other receivables 30,661 25,342
Amortization of deferred financing
costs and discounts 2,274 2,029
Amortization of intangible assets
and premium on receivables 63,792 55,829
Loss on extinguishment of debt 1,596 --
Deferred income taxes (7,983) 647
Other non-cash operating income,
net (46) 125
Changes in operating assets and
liabilities (net of
acquisitions/disposition) (455,082) (17,501)
---------- ----------
Net cash (used in) provided by
operating activities (74,151) 350,184
---------- ----------
Investing activities
Acquisitions, net of cash acquired (153,719) (56,325)
Purchases of property and equipment (44,771) (41,193)
Other 14,572 (4,826)
---------- ----------
Net cash used in investing activities (183,918) (102,344)
---------- ----------
Financing activities
Proceeds from issuance of common stock 32,079 90,838
Repurchase of common stock (58,718) (288,833)
Borrowings on securitization facility,
net 146,000 114,000
Deferred financing costs (10,827) (3,176)
Proceeds from notes payable 750,000 325,000
Principal payments on notes payable (49,285) (25,531)
Borrowings from revolver 2,454,000 1,570,000
Payments on revolver (3,120,000) (1,866,000)
Payments on swing line of credit, net -- (75,429)
Other (952) 580
---------- ----------
Net cash provided by (used in)
financing activities 142,297 (158,551)
---------- ----------
Effect of foreign currency exchange
rates on cash 42,850 (28,148)
---------- ----------
Net (decrease) increase in cash and
cash equivalents and restricted cash (72,922) 61,141
Cash and cash equivalents and
restricted cash, beginning of period 4,456,345 3,141,535
---------- ----------
Cash and cash equivalents and
restricted cash, end of period $ 4,383,423 $ 3,202,676
========== ==========
Supplemental cash flow information
Cash paid for interest, net $ 119,022 $ 115,773
========== ==========
Cash paid for income taxes, net $ 114,745 $ 38,925
========== ==========
Exhibit 1
RECONCILIATION OF NON-GAAP MEASURES
(In thousands, except per share amounts; shares in millions)
(Unaudited)
--------------------------------------------------------------------------
The following table reconciles net income attributable to Corpay to
adjusted net income attributable to Corpay and adjusted net income per
diluted share attributable to Corpay.*
Three Months Ended March 31,
--------------------------------------
2025 2024
----------- ----------
Net income attributable to Corpay $ 243,233 $ 229,769
Stock-based compensation 18,366 24,979
Amortization(1) 66,066 57,858
Loss on extinguishment of debt 1,596 --
Integration and deal related costs 11,389 4,235
Restructuring and related costs 2,800 4,382
Other(2) 7,092 3,612
----------- ----------
Total adjustments 107,309 95,066
Income tax impact of pre-tax
adjustments at the effective tax
rate(3) (27,616) (23,515)
----------- ----------
Adjusted net income attributable
to Corpay $ 322,926 $ 301,320
=========== ==========
Adjusted net income per diluted
share attributable to Corpay $ 4.51 $ 4.10
Diluted shares 71.6 73.5
(1) Includes consolidated amortization related to intangible assets, premium
on receivables, deferred financing costs and debt discounts.
(2) Includes losses and gains on foreign currency transactions, certain legal
expenses, amortization expense attributable to the Company's noncontrolling
interest, taxes associated with stock-based compensation programs and a loss
on an economic hedge of a foreign-denominated purchase price of an
acquisition.
(3) Represents provision for income taxes of pre-tax adjustments.
* Columns may not calculate due to rounding.
Exhibit 2 Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma
and Macro Adjusted (In millions except revenues, net per key performance metric and percentages) (Unaudited)
------------------------------------------------------------------------------------------------------------------
The following table presents revenues, net and revenues, net per key performance metric by segment.*
As Reported Pro Forma and Macro Adjusted(2)
----------------------------------------------- ----------------------------------------------
Three Months Ended March 31, Three Months Ended March 31,
----------------------------------------------- ----------------------------------------------
% %
2025 2024 Change Change 2025 2024 Change Change
------- ------ ----------- ------- ------- ------ ---------- -------
VEHICLE PAYMENTS
-----------------
- Revenues, net $ 487.1 $ 494.1 $ (7.0) (1)% $ 532.0 $ 493.5 $ 38.5 8%
- Transactions 213.0 199.7 13.3 7% 213.0 201.0 12.0 6%
- Revenues, net
per
transaction $ 2.29 $ 2.47 $ (0.19) (8)% $ 2.50 $ 2.46 $ 0.04 2%
- Tag
transactions(3) 22.9 21.3 1.6 8% 22.9 21.3 1.6 8%
- Parking
transactions 65.1 60.9 4.2 7% 65.1 60.9 4.2 7%
- Fleet
transactions 109.7 107.6 2.2 2% 109.7 107.6 2.2 2%
- Other
transactions 15.3 9.9 5.4 54% 15.3 11.2 4.1 36%
CORPORATE
PAYMENTS
-----------------
- Revenues, net $ 352.7 $ 265.4 $ 87.3 33% $ 358.0 $ 301.7 $ 56.4 19%
- Spend volume $ 50,688 $36,819 $13,869 38% $ 50,688 $42,757 $7,931 19%
- Revenues, net
per spend $ 0.70% 0.72% (0.03)% (3)% 0.71% 0.71% --% --%
LODGING PAYMENTS
-----------------
- Revenues, net $ 110.2 $ 111.3 $ (1.1) (1)% $ 110.6 $ 111.3 $ (0.7) (1)%
- Room nights 9.8 8.2 1.5 19% 9.8 8.2 1.5 19%
- Revenues, net
per room night $ 11.26 $ 13.51 $ (2.25) (17)% $ 11.30 $ 13.51 $(2.20) (16)%
OTHER(1)
-----------------
- Revenues, net $ 55.7 $ 64.5 $ (8.8) (14)% $ 56.2 $ 64.5 $ (8.3) (13)%
- Transactions 422.0 375.2 46.8 12% 422.0 375.2 46.8 12%
- Revenues, net
per
transaction $ 0.13 $ 0.17 $ (0.04) (23)% $ 0.13 $ 0.17 $(0.04) (23)%
----------------- ------- ------ ------ ------- ------- ------ ----- -------
CORPAY
CONSOLIDATED
REVENUES
-----------------
- Revenues, net $1,005.7 $ 935.3 $ 70.4 8% $1,056.8 $ 970.9 $ 85.8 9%
----------------- ------- ------ ------ ------- ------- ------ ----- -------
(1) Other includes Gift and Payroll Card operating segments.
(2) See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue
by segment and metrics, non-GAAP measures, to the GAAP equivalent.
(3) Represents total tag subscription transactions in the quarter. Average
monthly tag subscriptions for the first quarter of 2025 is 7.6 million.
* Columns may not calculate due to rounding.
Exhibit 3
Revenues by Geography and Segment
(In millions, except percentages)
(Unaudited)
----------------------------------------------------------------------
Revenues, net by Geography* Three Months Ended March 31,
---------------------------- ----------------------------------------
2025 % 2024 %
------------ --------- ----- --------
US $ 507 50% $ 482 52%
Brazil 163 16% 149 16%
UK 146 15% 129 14%
Other 190 19% 176 19%
-------- ----- ---- ----
Consolidated Revenues, net $ 1,006 100% $ 935 100%
======== ===== ==== ====
*Columns may not calculate due to rounding.
Revenues, net by Segment* Three Months Ended March 31,
--------------------------- ----------------------------------------
2025 % 2024 %
------------ --------- ----- --------
Vehicle Payments $ 487 48% $ 494 53%
Corporate Payments 353 35% 265 28%
Lodging Payments 110 11% 111 12%
Other 56 6% 64 7%
-------- ----- ---- ----
Consolidated Revenues, net $ 1,006 100% $ 935 100%
======== ===== ==== ====
*Columns may not calculate due to rounding.
Exhibit 4
Segment Results*
(In thousands, except percentages)
(Unaudited)
------------------------------------------------------------------------
Three Months Ended March 31,
----------------------------------------
%
2025(1) 2024 Change
----------- -------- ---------
Revenues, net:
Vehicle Payments(2) $ 487,110 $ 494,061 (1)%
Corporate Payments 352,659 265,396 33%
Lodging Payments 110,224 111,295 (1)%
Other(3) 55,674 64,499 (14)%
----------- --------
$ 1,005,667 $ 935,251 8%
=========== ========
Operating income:
Vehicle Payments(2) $ 230,226 $ 225,695 2%
Corporate Payments 135,906 104,711 30%
Lodging Payments 43,295 47,276 (8)%
Other(3) 17,697 19,656 (10)%
----------- --------
$ 427,124 $ 397,338 7%
=========== ========
Depreciation and
amortization:
Vehicle Payments(2) $ 47,275 $ 50,321 (6)%
Corporate Payments 30,159 20,803 45%
Lodging Payments 12,824 11,630 10%
Other(3) 1,930 2,006 (4)%
----------- --------
$ 92,188 $ 84,760 9%
=========== ========
Capital expenditures:
Vehicle Payments(2) $ 30,678 $ 28,195 9%
Corporate Payments 7,580 7,276 4%
Lodging Payments 4,729 896 428%
Other(3) 1,784 4,826 (63)%
----------- --------
$ 44,771 $ 41,193 9%
=========== ========
(1) Results from Gringo acquired in the first quarter of 2025 are reported in
the Vehicle Payments segment from the date of acquisition.
(2) The results of our merchant solutions business disposed of in December
2024 are included in our Vehicle Payments segment for all periods prior to
disposition.
(3) Other includes Gift and Payroll Card operating segments.
NM - Not Meaningful
*Columns may not calculate due to rounding.
Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric
by Segment to GAAP
(In millions)
(Unaudited)
-----------------------------------------------------------------------
Key Performance
Revenues, net Metric
--------------------- -------------------
Three Months Ended Three Months Ended
March 31, March 31,
--------------------- -------------------
2025* 2024* 2025* 2024*
------------ ------- ------- ----------
VEHICLE PAYMENTS -
TRANSACTIONS
--------------------------
Pro forma and macro
adjusted $ 532.0 $493.5 213.0 201.0
Impact of
acquisitions/dispositions -- 0.6 -- (1.3)
Impact of fuel
prices/spread (8.7) -- -- --
Impact of foreign exchange
rates (36.2) -- -- --
------- ----- ------ ------
As reported $ 487.1 $494.1 213.0 199.7
======= ===== ====== ======
CORPORATE PAYMENTS - SPEND
--------------------------
Pro forma and macro
adjusted $ 358.0 $301.7 $50,688 $42,757
Impact of
acquisitions/dispositions -- (36.3) -- (5,938)
Impact of fuel
prices/spread -- -- -- --
Impact of foreign exchange
rates (5.3) -- -- --
------- ----- ------ ------
As reported $ 352.7 $265.4 $50,688 $36,819
======= ===== ====== ======
LODGING PAYMENTS - ROOM
NIGHTS
--------------------------
Pro forma and macro
adjusted $ 110.6 $111.3 9.8 8.2
Impact of
acquisitions/dispositions -- -- -- --
Impact of fuel
prices/spread -- -- -- --
Impact of foreign exchange
rates (0.4) -- -- --
------- ----- ------ ------
As reported $ 110.2 $111.3 9.8 8.2
======= ===== ====== ======
OTHER(1) - TRANSACTIONS
--------------------------
Pro forma and macro
adjusted $ 56.2 $ 64.5 422.0 375.2
Impact of
acquisitions/dispositions -- -- -- --
Impact of fuel
prices/spread -- -- -- --
Impact of foreign exchange
rates (0.5) -- -- --
------- ----- ------ ------
As reported $ 55.7 $ 64.5 422.0 375.2
======= ===== ====== ======
CORPAY CONSOLIDATED
REVENUES
-------------------------- ------- ----------
Pro forma and macro Intentionally Left
adjusted $1,056.8 $970.9 Blank
-------------------
Impact of
acquisitions/dispositions -- (35.7)
------ ------
Impact of fuel
prices/spread(2) (8.7) --
Impact of foreign exchange
rates(2) (42.4) --
------- -----
As reported $1,005.7 $935.3
======= ===== ------ ------
(1) Other includes Gift and Payroll Card operating segments.
(2) Revenues reflect the negative impact of movements in foreign
exchange rates of approximately $42 million, negative fuel price
spreads of approximately $6 million, and approximately $3 million
negative impact from fuel prices.
* Columns may not calculate due to rounding.
Exhibit 6
RECONCILIATION OF NON-GAAP EBITDA AND ADJUSTED EBITDA MEASURES
(In millions, except percentages)
(Unaudited)
------------------------------------------------------------------------
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted
EBITDA margin to net income from operations.*
Three Months Ended March 31,
-------------------------------------
2025 2024
------------ --- -------- ---
Net income from operations $ 243.9 $ 229.8
Provision for income taxes 83.6 75.5
Interest expense, net 93.9 89.1
Other expense, net 4.1 3.0
Depreciation and amortization 92.2 84.8
Loss on extinguishment of debt 1.6 --
Other operating, net -- 0.3
------------ --- -------- ---
EBITDA $ 519.3 $ 482.4
============ === ======== ===
Stock-based compensation 18.4 25.0
Other addbacks(1) 17.7 9.2
------------ --- -------- ---
Adjusted EBITDA $ 555.4 $ 516.5
============ === ======== ===
Revenues, net $ 1,005.7 $ 935.3
Adjusted EBITDA margin 55.2% 55.2%
(1) Includes certain legal expenses, restructuring costs and integration
and deal related costs
* Columns may not calculate due to rounding.
Exhibit 7
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
------------------------------------------------------------------------
The following table reconciles full year 2025 and second quarter 2025
financial guidance for net income to adjusted net income and adjusted
net income per diluted share, at both ends of the range.
2025 GUIDANCE
-----------------------------
Low* High*
---------------- -----------
Net income $ 1,167 $ 1,207
Net income per diluted share $ 16.37 $ 16.77
Stock based compensation 108 108
Amortization 256 256
Other 64 64
-------- -------
Total pre-tax adjustments 428 428
Income taxes (110) (110)
-------- -------
Adjusted net income $ 1,485 $ 1,525
======== =======
Adjusted net income per diluted share $ 20.80 $ 21.20
Diluted shares 72 72
Q2 2025 GUIDANCE
-----------------------------
Low* High*
---------------- -----------
Net income $ 272 $ 282
Net income per diluted share $ 3.82 $ 3.92
Stock based compensation 33 33
Amortization 64 64
Other 21 21
-------- -------
Total pre-tax adjustments 118 118
Income taxes (31) (31)
-------- -------
Adjusted net income $ 359 $ 369
======== =======
Adjusted net income per diluted share $ 5.05 $ 5.15
Diluted shares 72 72
* Columns may not calculate due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250506059602/en/
CONTACT: Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
(END) Dow Jones Newswires
May 06, 2025 17:00 ET (21:00 GMT)
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