Corpay, Inc. Files Definitive Proxy Statement (DEF 14A)

Ticker: CPAY · Form: DEF 14A · Filed: Apr 26, 2024 · CIK: 1175454

Corpay, Inc. DEF 14A Filing Summary
FieldDetail
CompanyCorpay, Inc. (CPAY)
Form TypeDEF 14A
Filed DateApr 26, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$16, $2 b, $3.8 billion, $135, $0
Sentimentbullish

Sentiment: bullish

Topics: Corpay, DEF 14A, Proxy Statement, Financial Performance, Rebranding

TL;DR

<b>Corpay, Inc. announced record 2023 financial results and a company-wide rebranding to Corpay.</b>

AI Summary

CORPAY, INC. (CPAY) filed a Proxy Statement (DEF 14A) with the SEC on April 26, 2024. Corpay, Inc. reported record full-year 2023 financial performance. Adjusted earnings per share (EPS) increased by 5% to $16.92. EBITDA rose 13% to nearly $2 billion. Revenue grew 10% to $3.8 billion. The company rebranded to Corpay on March 25, 2024, to better reflect its expense management and corporate payment solutions.

Why It Matters

For investors and stakeholders tracking CORPAY, INC., this filing contains several important signals. The rebranding to Corpay aims to better align with the company's expanded offerings in expense management and corporate payments, potentially enhancing brand recognition and investor understanding. The company's strong 2023 performance, marked by record revenue, EBITDA, and EPS, suggests continued operational success and market traction, which could be attractive to investors.

Risk Assessment

Risk Level: low — CORPAY, INC. shows low risk based on this filing. The filing is a routine DEF 14A proxy statement, which typically contains information about upcoming shareholder meetings and executive compensation, rather than new material financial or operational risks.

Analyst Insight

Shareholders should review the proxy statement for details on executive compensation, board nominations, and any proposals to be voted on at the upcoming shareholder meeting.

Financial Highlights

revenue
3.8 billion
eps
16.92
revenue Growth
10%

Revenue Breakdown

SegmentRevenueGrowth
Vehicle Payments
Corporate Payments
Lodging Payments

Key Numbers

  • 2023 — Fiscal Year (Period for reported financial performance.)
  • 5% — Adjusted EPS Growth (Increase in adjusted earnings per share for full-year 2023.)
  • $16.92 — Adjusted EPS (Full-year 2023 adjusted earnings per share.)
  • 13% — EBITDA Growth (Increase in EBITDA for full-year 2023.)
  • $2 billion — EBITDA (Full-year 2023 EBITDA.)
  • 10% — Revenue Growth (Increase in revenue for full-year 2023.)
  • $3.8 billion — Revenue (Full-year 2023 revenue.)
  • March 25, 2024 — Rebranding Date (Date Corpay announced its company-wide rebranding.)

Key Players & Entities

  • Corpay, Inc. (company) — Filer of the DEF 14A filing.
  • Ronald F. Clarke (person) — Chairman & Chief Executive Officer of Corpay, Inc.
  • Corpay (company) — New company name reflecting expanded solutions.
  • Fleetcor Technologies Inc (company) — Former name of Corpay, Inc.

FAQ

When did CORPAY, INC. file this DEF 14A?

CORPAY, INC. filed this Proxy Statement (DEF 14A) with the SEC on April 26, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by CORPAY, INC. (CPAY).

Where can I read the original DEF 14A filing from CORPAY, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CORPAY, INC..

What are the key takeaways from CORPAY, INC.'s DEF 14A?

CORPAY, INC. filed this DEF 14A on April 26, 2024. Key takeaways: Corpay, Inc. reported record full-year 2023 financial performance.. Adjusted earnings per share (EPS) increased by 5% to $16.92.. EBITDA rose 13% to nearly $2 billion..

Is CORPAY, INC. a risky investment based on this filing?

Based on this DEF 14A, CORPAY, INC. presents a relatively low-risk profile. The filing is a routine DEF 14A proxy statement, which typically contains information about upcoming shareholder meetings and executive compensation, rather than new material financial or operational risks.

What should investors do after reading CORPAY, INC.'s DEF 14A?

Shareholders should review the proxy statement for details on executive compensation, board nominations, and any proposals to be voted on at the upcoming shareholder meeting. The overall sentiment from this filing is bullish.

Key Dates

  • 2024-04-26: Filing Date — Definitive Proxy Statement filed.
  • 2024-06-06: Report Date — Period for which the proxy statement is reporting.
  • 2024-03-25: Rebranding Announcement — Date Corpay announced its rebranding.

Filing Stats: 4,349 words · 17 min read · ~14 pages · Grade level 15.8 · Accepted 2024-04-26 13:30:33

Key Financial Figures

  • $16 — th adjusted earnings per share up 5% to $16.92, EBITDA up 13% at nearly $2 billion,
  • $2 b — p 5% to $16.92, EBITDA up 13% at nearly $2 billion, and revenue up 10% to $3.8 billi
  • $3.8 billion — early $2 billion, and revenue up 10% to $3.8 billion. All of these metrics set all-time reco
  • $135 — Pacific. Businesses spend an estimated $135 trillion of non-payroll spend each year
  • $0 — h payouts under the annual incentive to $0 considering the totality of 2023 perfor

Filing Documents

From the Filing

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the RegistrantFiled by a party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under Rule 14a-12 (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25 (b) per Exchange Act Rules 14a-6 (i) (1) and D-11. TABLE OF CONTENTS TABLE OF CONTENTS A LETTER FROM OUR CHIEF EXECUTIVE OFFICER Ronald F. Clarke Chairman & Chief Executive Officer My Fellow Shareholders, Thank you for your investment in Corpay. Performance & Positioning Our full year 2023 financial performance reached record levels, with adjusted earnings per share up 5% to $16.92, EBITDA up 13% at nearly $2 billion, and revenue up 10% to $3.8 billion. All of these metrics set all-time records, and are further proof of the strength of our Company. We also closed several acquisitions improving our go-forward positioning around the vehicle payments and corporate payments businesses. On March 25, 2024, we were excited to announce that we rebranded the entire Company to Corpay , which better reflects the breadth of expense management and corporate payment solutions we offer. Additionally, in 2023, we simplified the presentation of our businesses, and now report in 3 primary segments: Vehicle Payments, Corporate Payments and Lodging Payments. We believe that our new branding and reporting segments will provide better brand recognition and make it easier to evaluate our extraordinary growth and profitability. We also introduced a series of exciting new product offerings that align with our promise – Payments Made Easy : Corpay One . Our small and midsize business Vehicle Payments solution is an all-in-one solution that provides business cards for the owner, fuel cards for the field drivers, and virtual cards for the payment of accounts payable. Comdata Connect Card . Our Corporate Payments solution connects Comdata truck stop fuel discounts, reporting, and a location finder to the customer's existing business credit card. Trucking customers benefit both from the credit and rewards from their business card, and the fuel discounts and reporting of a truck stop card. Corpay Complete . Our middle market Corporate Payments solution combines everyday business cards and fuel cards, with an AP automation all-in-one platform. CLC Choice . Our newest Lodging Payments solution provides customers more employee-friendly travel options. Travelers can choose from virtually any hotel, any room type, and keep reward points from their favorite hotel brand. These new products enhance our ability to deliver our mid-term objectives to annually grow revenue 10% and adjusted earnings per share 15-20%. Governance & Board Oversight We've made meaningful progress in 2023, refreshing and diversifying our Board by welcoming Annabelle Bexiga, Rahul Gupta and Gerry Throop. The industry and subject-matter experience they bring will be quite additive to the Company as we continue to grow and improve our competitive position. Our Board of Directors have been deeply involved in our shareholder engagement efforts, and have helped drive responsive enhancements to our practices. We have an experienced Board of Directors with a diverse set of skills and experience, including leading large, global public companies within our industry. Our directors provide valuable oversight regarding audit, compensation, governance and company strategy. Your Support On behalf of our Board of Directors, we sincerely ask that you vote with our recommendations. We appreciate our shareholders' support and feedback, and we will continue to reach out on a regular basis to gain further perspective. Ronald F. Clarke Chairman & Chief Executive Officer 2024 Notice of Annual Meeting & Proxy Statement 1 TABLE OF CONTENTS Annual Meeting of Shareholders The Company's Annual Meeting of Shareholders will be held at 3280 Peachtree Road, Suite 2400 Atlanta, Georgia 30305 on June 6, 2024 at 10:00 a.m. 2 2024 Notice of Annual Meeting & Proxy Statement TABLE OF CONTENTS NOTICE OF 2024 ANNUAL MEETING OF SHAREHOLDERS Meeting Date and Time: June 6, 2024 10:00 a.m. Eastern Daylight Time Meeting Place: 3280 Peachtree Road, Suite 2400 Atlanta, Georgia 30305 Record Date: April 11, 2024 Agenda To elect the eleven directors To ratify the reappointment of Ernst & Young L

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