CORPAY, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CORPAY, INC. (CPAY) has filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

CORPAY, INC. (CPAY) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. CORPAY, INC. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company was formerly known as FLEETCOR TECHNOLOGIES INC. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components like Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for these periods.

Why It Matters

For investors and stakeholders tracking CORPAY, INC., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for CORPAY, INC., crucial for assessing the company's current health and future prospects. The detailed financial data, including balance sheet items and revenue segments, allows for a comparative analysis against previous periods, highlighting trends and potential areas of growth or concern.

Risk Assessment

Risk Level: low — CORPAY, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and segment data within the 10-Q to understand CORPAY's Q1 2024 performance and compare it to prior periods.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period for the 10-Q.)
• 2024-05-09 — Filing Date (Date the 10-Q was filed with the SEC.)
• 2023-03-31 — Prior Year Period End (Comparative period end date.)
• 2022-12-31 — Prior Year Quarter End (Comparative period end date.)

Key Players & Entities

• CORPAY, INC. (company) — Filer of the 10-Q report.
• FLEETCOR TECHNOLOGIES INC (company) — Former name of CORPAY, INC.
• 2024-03-31 (date) — Period of report for the 10-Q filing.
• 2024-05-09 (date) — Filing date of the 10-Q.
• 30305 (location) — ZIP code for CORPAY's business and mailing address.
• 800-877-9019 (phone_number) — Business phone number for CORPAY.

FAQ

Industry Context

CORPAY, INC. operates in the business services sector, providing payment solutions and fleet management services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information to the SEC.

What Investors Should Do

1. Analyze the balance sheet details for March 31, 2024, and compare with prior periods.
2. Examine any disclosures related to revenue segments if available in the full filing.
3. Note the company's former name and incorporation details for historical context.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-Q filing provides the latest quarterly financial data for CORPAY, INC., following its previous filings which would include annual reports and prior quarterly statements.

Key Financial Figures

• $0.001 — tstanding at May 2, 2024 Common Stock, $0.001 par value 70,268,506 Table of Content

Filing Documents

• cpay-20240331.htm (10-Q) — 1596KB
• ex311q12024.htm (EX-31.1) — 7KB
• ex312q12024.htm (EX-31.2) — 8KB
• ex321q12024.htm (EX-32.1) — 4KB
• ex322q12024.htm (EX-32.2) — 4KB
• 0001628280-24-021986.txt (&nbsp;) — 8725KB
• cpay-20240331.xsd (EX-101.SCH) — 54KB
• cpay-20240331_cal.xml (EX-101.CAL) — 88KB
• cpay-20240331_def.xml (EX-101.DEF) — 278KB
• cpay-20240331_lab.xml (EX-101.LAB) — 698KB
• cpay-20240331_pre.xml (EX-101.PRE) — 510KB
• cpay-20240331_htm.xml (XML) — 1344KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at March 31, 2024 (una udited) and December 31, 2023 1 Unaudited Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 4 Unaudited Statements of Cash Flow s for the Three Months Ended March 31, 2024 and 2023 5 Notes to Unaudited Consolidated Financial Statements 6

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES 42

—OTHER INFORMATION

PART II—OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 44

RISK FACTORS

Item 1A. RISK FACTORS 45

UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASE OF EQUITY SECURITIES

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASE OF EQUITY SECURITIES 45

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 45

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 45

OTHER INFORMATION

Item 5. OTHER INFORMATION 45

EXHIBITS

Item 6. EXHIBITS 46

SIGNATURES

SIGNATURES 47 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Corpay, Inc. and Subsidiaries Consolidated Balance Sheets (In Thousands, Except Share and Par Value Amounts) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 1,311,949 $ 1,389,648 Restricted cash 1,890,727 1,751,887 Accounts and other receivables (less allowance for credit losses of $ 184,887 at March 31, 2024 and $ 180,163 at December 31, 2023) 2,376,003 2,161,586 Securitized accounts receivable—restricted for securitization investors 1,421,000 1,307,000 Prepaid expenses and other current assets 437,687 474,144 Total current assets 7,437,366 7,084,265 Property and equipment, net 351,831 343,154 Goodwill 5,673,732 5,644,958 Other intangibles, net 2,033,106 2,085,663 Investments 68,299 69,521 Other assets 265,797 248,691 Total assets $ 15,830,131 $ 15,476,252 Liabilities and equity Current liabilities: Accounts payable $ 1,849,958 $ 1,624,995 Accrued expenses 408,661 356,118 Customer deposits 2,534,349 2,397,279 Securitization facility 1,421,000 1,307,000 Current portion of notes payable and lines of credit 480,433 819,749 Other current liabilities 256,527 320,612 Total current liabilities 6,950,928 6,825,753 Notes payable and other obligations, less current portion 4,862,621 4,596,156 Deferred income taxes 473,250 470,232 Other noncurrent liabilities 261,062 301,752 Total noncurrent liabilities 5,596,933 5,368,140 Commitments and contingencies (Note 12) Stockholders' equity: Common stock, $ 0.001 par value; 475,000,000 shares authorized; 129,604,492 shares issued and 71,463,894 shares outstanding at March 31, 2024; and 128,759,639 shares issued and 71,715,804 shares outstanding at December 31, 2023 130 129 Additional paid-in capital 3,382,001 3,266,185 Retained earnings 8,422,428 8,192,659 Accumulated other comprehensive loss ( 1,340,847 ) ( 1,289,099 ) Less tre asury stoc k, 58,140,598 sha res at March 31, 2024 and 57,043,835 shares at December 3

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View this 10-Q filing on SEC EDGAR