Corpay, Inc. Files Q3 2024 10-Q Report

TL;DR

Corpay's Q3 2024 10-Q is in: financials and business updates for the period ending Sept 30.

AI Summary

Corpay, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial data and business segment information are presented for the reporting period and comparative periods.

Why It Matters

This report provides investors and analysts with the latest financial results and operational details for Corpay, Inc., crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 2024-09-30 — Period End Date (The financial data is as of this date.)
• 2023-12-31 — Prior Year End Date (Used for comparative balance sheet figures.)

Key Players & Entities

• CORPAY, INC. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Date of filing
• FLEETCOR TECHNOLOGIES INC (company) — Former name of Corpay, Inc.

FAQ

Key Financial Figures

• $0.001 — ing at November 1, 2024 Common Stock, $0.001 par value 69,710,982 Table of Content

Filing Documents

• cpay-20240930.htm (10-Q) — 2002KB
• ex10115thamendmenttothecre.htm (EX-10.1) — 223KB
• ex102amendmenttooptionagre.htm (EX-10.2) — 17KB
• ex311q32024.htm (EX-31.1) — 7KB
• ex312q32024.htm (EX-31.2) — 8KB
• ex321q32024.htm (EX-32.1) — 4KB
• ex322q32024.htm (EX-32.2) — 4KB
• 0001628280-24-046515.txt ( ) — 10051KB
• cpay-20240930.xsd (EX-101.SCH) — 52KB
• cpay-20240930_cal.xml (EX-101.CAL) — 88KB
• cpay-20240930_def.xml (EX-101.DEF) — 280KB
• cpay-20240930_lab.xml (EX-101.LAB) — 724KB
• cpay-20240930_pre.xml (EX-101.PRE) — 529KB
• cpay-20240930_htm.xml (XML) — 1565KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Consolidated Balance Sheets at September 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 6 Notes to Unaudited Consolidated Financial Statements 7

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 25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 46

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES 46

—OTHER INFORMATION

PART II—OTHER INFORMATION

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 48

RISK FACTORS

Item 1A. RISK FACTORS 49

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 49

DEFAULTS UPON SENIOR SECURITIES

Item 3. DEFAULTS UPON SENIOR SECURITIES 49

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 49

OTHER INFORMATION

Item 5. OTHER INFORMATION 49

EXHIBITS

Item 6. EXHIBITS 50

SIGNATURES

SIGNATURES 51 Table of Content s

—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) September 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 1,303,464 $ 1,389,648 Restricted cash 2,851,547 1,751,887 Accounts and other receivables (less allowance for credit losses of $ 142,048 at September 30, 2024 and $ 180,163 at December 31, 2023) 2,639,473 2,161,586 Securitized accounts receivable—restricted for securitization investors 1,314,000 1,307,000 Assets held for sale 66,265 — Prepaid expenses and other current assets 606,199 474,144 Total current assets 8,780,948 7,084,265 Property and equipment, net 378,424 343,154 Goodwill 5,927,838 5,644,958 Other intangibles, net 2,152,599 2,085,663 Investments 64,606 69,521 Other assets 333,996 248,691 Total assets $ 17,638,411 $ 15,476,252 Liabilities and equity Current liabilities: Accounts payable $ 1,825,725 $ 1,624,995 Accrued expenses 434,571 356,118 Customer deposits 3,204,612 2,397,279 Securitization facility 1,314,000 1,307,000 Current portion of notes payable and lines of credit 1,177,148 819,749 Liabilities held for sale 8,034 — Other current liabilities 385,582 320,612 Total current liabilities 8,349,672 6,825,753 Notes payable and other obligations, less current portion 5,271,596 4,596,156 Deferred income taxes 462,418 470,232 Other noncurrent liabilities 440,587 301,752 Total noncurrent liabilities 6,174,601 5,368,140 Commitments and contingencies (Note 12) Stockholders' equity: Common stock, $ 0.001 par value; 475,000,000 shares authorized; 130,280,028 shares issued and 69,676,923 shares outstanding at September 30, 2024; and 128,759,639 shares issued and 71,715,804 shares outstanding at December 31, 2023 130 129 Additional paid-in capital 3,531,445 3,266,185 Retained earnings 8,950,450 8,192,659 Accumulated other comprehensive loss ( 1,461,974 ) ( 1,289,099 ) Less treasury

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View this 10-Q filing on SEC EDGAR