Financial Data and Key Metrics Changes - The company reported Q4 2023 revenue of $937 million, up 6% year-over-year, with cash EPS of $4.44 million, up 10%, and EBITDA of approximately $500 million, up 11% [13][14] - For the full year 2023, revenue reached $3.8 billion, up 10%, with EBITDA of approximately $2 billion, up 13%, and cash EPS of $16.92, up 5% [14][17] - Organic revenue growth for the full year was 10%, marking three consecutive years of 10% plus organic revenue growth [14] Business Line Data and Key Metrics Changes - Corporate payments revenue grew 15% in Q4 and 19% for the full year, with direct business growing 19% and full suite payment solutions sales up 27% [33] - Vehicle payments organic revenue increased 5% during the quarter, with strong performance in Brazil and international fuel markets [18] - Lodging revenue was flat in Q4 2023 but grew 12% for the year, affected by softness in workforce customers and fluctuations in airline and insurance verticals [19] Market Data and Key Metrics Changes - The company ended Q4 with $1.4 billion in unrestricted cash, up $300 million from the previous quarter, and had over $800 million available on its revolver [20] - The leverage ratio was 2.4 times trailing 12 months EBITDA, at the lower end of the target range [20] - The company expects US fuel prices to average $3.65 per gallon in 2024, which may present a headwind in Q1 [36] Company Strategy and Development Direction - The company is focusing on deepening its position in corporate payments and building out its vehicle payments business through successful cross-selling initiatives [29] - A formal strategic review concluded that keeping the fleet and corporate payments businesses together is the best way forward, with a focus on repositioning the vehicle payments business [16] - The company plans to rebrand from FLEETCOR to Corpay in March 2024, marking a new chapter [30] Management's Comments on Operating Environment and Future Outlook - Management characterized the macro environment as neutral, with slight benefits from FX and interest rates expected to improve [2] - For 2024, the company projects revenue growth of 8% to 10% and EBITDA growth of 10% to 12%, with cash EPS growth between 14% and 16% [36] - Management expressed confidence in the vehicle payments segment, anticipating mid-single-digit growth driven by new products and consumer initiatives [49] Other Important Information - The company launched four new products aimed at enhancing its service offerings, including a comprehensive business card and fuel card solution [31] - The company repurchased approximately 600,000 shares in Q4 2023 and plans to repurchase $800 million of shares throughout 2024 [60] Q&A Session Summary Question: How is the company thinking about extended credit in 2024? - Management indicated a cautious approach to extending credit, focusing on larger prospects with better credit profiles [22] Question: Can you provide more color on the Q4 headwinds? - Management noted that Q4 headwinds were primarily timing and weather-related, with expectations for improvement as the year progresses [28] Question: What are the expectations for revenue growth in 2024? - Management expects sales growth to remain strong, with a target of 20% growth in corporate payments, supported by improved retention and new product initiatives [44]

FleetCor Technologies (FLT) reported $937.32 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 6.1%. EPS of $4.44 for the same period compares to $4.04 a year ago.The reported revenue represents a surprise of -3.21% over the Zacks Consensus Estimate of $968.39 million. With the consensus EPS estimate being $4.47, the EPS surprise was -0.67%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations ...

FleetCor Technologies (FLT) came out with quarterly earnings of $4.44 per share, missing the Zacks Consensus Estimate of $4.47 per share. This compares to earnings of $4.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.67%. A quarter ago, it was expected that this provider of fuel card and payment products for businesses would post earnings of $4.49 per share when it actually produced earnings of $4.49, delivering no surp ...

ATLANTA--(BUSINESS WIRE)--FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced that it successfully closed on an amendment to its pro rata Term Loan A and Revolver A credit facilities. The transaction was leverage neutral and results in a $600 million increase in the Company’s capacity under its facilities. This amendment resulted in an increase to the Company’s revolver from $1.5 billion to $1.775 billion. In addition, the Company increased its borrowings und ...

FLEETCOR Technologies, Inc. (FLT) is scheduled to release its fourth-quarter 2023 results on Feb 7, after the closing bell.FLT has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the four trailing quarters, the average surprise being 1.64%.Q4 ExpectationsThe Zacks Consensus Estimate for the top line is currently pegged at $968.39 million, up 9.6% from the year-ago actual figure. Strategic acquisitions like PayByPhone and strong demand for EVs are likely to h ...

Wall Street analysts forecast that FleetCor Technologies (FLT) will report quarterly earnings of $4.47 per share in its upcoming release, pointing to a year-over-year increase of 10.6%. It is anticipated that revenues will amount to $968.39 million, exhibiting an increase of 9.6% compared to the year-ago quarter.The consensus EPS estimate for the quarter has undergone a downward revision of 0.6% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, hav ...

Wall Street expects a year-over-year increase in earnings on higher revenues when FleetCor Technologies (FLT) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on F ...

miniseries FLEETCOR Technologies (NYSE:FLT) has delivered strong results for shareholders since becoming a public company in December 2010. Since its IPO, FLT has delivered a total return of 979%. Comparably, the S&P 500 has delivered a total return of 404% during the same time period. FLT's strong performance for shareholders has been driven by strong performance in its underlying business as EPS has grown at a nearly 15% CAGR over the past 10 years. Despite having a market cap greater than $20 billion ...

Derivative Lawsuits settlement of this matter, or defense against the lawsuit, could involve costs to the Company, including legal fees, redress, penalties, and remediation expenses. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where, as here, the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have ...

Financial Data and Key Metrics - Q2 revenue was $948 million, with cash EPS of $4.19, both up sequentially [116] - Q2 EBITDA nearly touched $500 million, an all-time record [116] - Organic revenue growth was 10%, with fleet revenue up 6% and EV revenue up 45% year-over-year [116][123] - Full-year 2023 guidance: GAAP revenues between $3.836 billion and $3.86 billion, adjusted net income between $1.281 billion and $1.303 billion, and EBITDA growth of 17% [39] - Q3 revenue expected to be between $980 million and $1 billion, with adjusted net income per share between $4.44 and $4.64 [39] Business Line Performance - Fleet business organic revenue increased 6%, driven by higher revenue per transaction and strong international markets, particularly Mexico and Australia [116][126] - Corporate Payments revenue grew 22%, with direct payables business up over 30% and cross-border revenue up almost 30% [134][137] - Brazil revenue grew 15%, driven by 7% tag growth and strong sales in digital, field, and partner distribution channels [135][137] - Lodging revenue increased 14%, with sales success across industry verticals and revenue per room night up 19% [135] Market Performance - International markets, particularly Mexico and Australia, outperformed, with both markets up over 20% in Q2 [116] - North America fuel sales remained soft due to the pivot away from micro SMB accounts to control bad debt [117] - EV revenue grew 45% year-over-year, with the number of UK EV commercial accounts nearly tripling [123][132] Strategic Direction and Industry Competition - The company is aggressively repositioning its global fleet business, focusing on EV growth and broadening vehicle-related payment solutions [9] - Exploring the separation of one or more businesses, potentially combining with a pure-play company to unlock value [139] - EV vehicles are generating more revenue per vehicle than ICE vehicles, with the company leading in EV solutions in Europe [123][126] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the future, with strong sales growth and a solid pipeline across businesses [7][17] - The company expects to exit Q4 with revenue growth of 14% and cash EPS growth of 16% [17] - The strategic review is ongoing, with a focus on fleet reinvention and potential separation to unlock value [5][35] Other Important Information - The company is working on closing the sale of its Russian business, expected to reduce full-year revenues by $45 million to $55 million [39] - Bad debt expense was $35 million, stable with last year, and expected to improve by 20% in the second half of 2023 [120] - The company has $1.25 billion in unrestricted cash and $768 million available on its revolver, with ample liquidity for M&A and share repurchases [122] Q&A Session Summary Question: Trends in fleet segment organic revenue and international market drivers [46] - Answer: International markets, particularly Mexico and Australia, drove growth due to strong transaction activity and sticky fuel prices [46] Question: Impact of EV on fleet business growth [36] - Answer: EV is expected to accelerate growth in the fleet business, with EV revenue up 45% year-over-year and more revenue per vehicle compared to ICE vehicles [36][123] Question: Corporate Payments segment strength and sustainability [50] - Answer: Corporate Payments saw strong growth, with direct payables up over 30% and cross-border revenue up almost 30%, driven by strong sales and recurring business [134][137] Question: Capital allocation strategy and buybacks [66] - Answer: No change in capital allocation strategy, with M&A as the lead focus and potential share buybacks after closing the Russia sale [66] Question: Lodging segment performance and softness in managed accounts [58] - Answer: Lodging revenue grew 14%, but managed accounts showed softness, with diversification in airline and insurance helping to offset the impact [58][59] Question: Take rates and revenue per transaction in Corporate Payments and Fleet [108] - Answer: Take rates in Corporate Payments are improving due to a mix shift towards higher-margin direct business, while Fleet revenue per transaction is driven by international markets and EV growth [110][127] Question: Strategic review and potential separation of businesses [42] - Answer: The company is exploring the separation of one or more businesses, with a focus on fleet reinvention and potential combinations to unlock value [42][139]