Corpay, Inc. Files Q2 2024 10-Q

TL;DR

Corpay's Q2 2024 10-Q is in, check the financials for the latest performance update.

AI Summary

Corpay, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance for the second quarter and the first half of the year, detailing changes in its balance sheet and income statement compared to prior periods. Specific financial figures and segment performance are outlined within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for Corpay, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance or risks.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 2024-06-30 — End of Fiscal Period (Date as of which financial statements are presented)
• 2023-12-31 — Prior Year End (Comparison point for financial data)

Key Players & Entities

• CORPAY, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• FLEETCOR TECHNOLOGIES INC (company) — Former company name

FAQ

Key Financial Figures

• $0.001 — nding at August 2, 2024 Common Stock, $0.001 par value 69,432,952 Table of Content

Filing Documents

• cpay-20240630.htm (10-Q) — 1911KB
• ex311q22024.htm (EX-31.1) — 7KB
• ex312q22024.htm (EX-31.2) — 8KB
• ex321q22024.htm (EX-32.1) — 4KB
• ex322q22024.htm (EX-32.2) — 4KB
• 0001628280-24-036429.txt ( ) — 9372KB
• cpay-20240630.xsd (EX-101.SCH) — 52KB
• cpay-20240630_cal.xml (EX-101.CAL) — 83KB
• cpay-20240630_def.xml (EX-101.DEF) — 263KB
• cpay-20240630_lab.xml (EX-101.LAB) — 700KB
• cpay-20240630_pre.xml (EX-101.PRE) — 504KB
• cpay-20240630_htm.xml (XML) — 1487KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Statements of Cash Flows for the Six Months Ended June 30, 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 22

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES 43

—OTHER INFORMATION

PART II—OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 45

RISK FACTORS

Item 1A. RISK FACTORS 46

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 46

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 46

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 46

OTHER INFORMATION

Item 5. OTHER INFORMATION 46

EXHIBITS

Item 6. EXHIBITS 47

SIGNATURES

SIGNATURES 48 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) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 1,357,567 $ 1,389,648 Restricted cash 2,189,729 1,751,887 Accounts and other receivables (less allowance for credit losses of $ 139,338 at June 30, 2024 and $ 180,163 at December 31, 2023) 2,412,011 2,161,586 Securitized accounts receivable—restricted for securitization investors 1,409,000 1,307,000 Assets held for sale 78,592 — Prepaid expenses and other current assets 528,798 474,144 Total current assets 7,975,697 7,084,265 Property and equipment, net 357,759 343,154 Goodwill 5,545,966 5,644,958 Other intangibles, net 1,956,855 2,085,663 Investments 64,039 69,521 Other assets 296,219 248,691 Total assets $ 16,196,535 $ 15,476,252 Liabilities and equity Current liabilities: Accounts payable $ 1,902,909 $ 1,624,995 Accrued expenses 367,753 356,118 Customer deposits 2,763,554 2,397,279 Securitization facility 1,409,000 1,307,000 Current portion of notes payable and lines of credit 1,106,744 819,749 Liabilities held for sale 9,504 — Other current liabilities 283,083 320,612 Total current liabilities 7,842,547 6,825,753 Notes payable and other obligations, less current portion 4,817,634 4,596,156 Deferred income taxes 445,207 470,232 Other noncurrent liabilities 315,554 301,752 Total noncurrent liabilities 5,578,395 5,368,140 Commitments and contingencies (Note 12) Stockholders' equity: Common stock, $ 0.001 par value; 475,000,000 shares authorized; 129,703,817 shares issued and 69,408,935 shares outstanding at June 30, 2024; and 128,759,639 shares issued and 71,715,804 shares outstanding at December 31, 2023 130 129 Additional paid-in capital 3,418,512 3,266,185 Retained earnings 8,674,053 8,192,659 Accumulated other comprehensive loss ( 1,498,985 ) ( 1,289,099 ) Less treasury stock, 60,294,

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View this 10-Q filing on SEC EDGAR