Financial Performance - Corpay reported first quarter 2025 revenues of $1,005.7 million, an increase of 8% compared to $935.3 million in the first quarter of 2024[5]. - Net income attributable to Corpay rose 6% to $243.2 million in the first quarter of 2025, up from $229.8 million in the same period last year[5]. - Organic revenue growth for the first quarter of 2025 was 9%, with the Corporate Payments segment growing by 19%[2]. - Adjusted EBITDA increased 8% to $555.4 million in the first quarter of 2025, compared to $516.5 million in the first quarter of 2024[5]. - Basic earnings per share increased by 8% to $3.46 in Q1 2025, up from $3.20 in Q1 2024[20]. - Adjusted net income attributable to Corpay for Q1 2025 was $322,926, up from $301,320 in Q1 2024, indicating a growth of 7%[26]. - The company reported an operating income of $427.1 million, up 7% from $397.3 million in Q1 2024[32]. - Adjusted EBITDA for Q1 2025 was $555.4 million, reflecting a margin of 55.2%, consistent with the previous year[35]. Revenue Guidance - For fiscal year 2025, Corpay expects total revenues between $4,380 million and $4,460 million[6]. - Net income guidance for fiscal year 2025 is projected to be between $1,167 million and $1,207 million[6]. - Adjusted net income per diluted share is expected to be between $20.80 and $21.20 for fiscal year 2025[6]. - Q2 2025 net income guidance is set between $272 million and $282 million[38]. - Q2 2025 adjusted net income is anticipated to be between $359 million and $369 million[38]. - Q2 2025 adjusted net income per diluted share is projected to range from $5.05 to $5.15[38]. - Adjusted net income for 2025 is expected to be between $1,485 million and $1,525 million[38]. Asset and Liability Changes - Total current assets rose to $9,077,561 as of March 31, 2025, compared to $8,675,869 at the end of 2024, marking a 5% increase[22]. - Total assets increased to $18,547,780 as of March 31, 2025, up from $17,957,031 at the end of 2024, representing a growth of 3%[22]. - Total liabilities increased to $15,053,698 as of March 31, 2025, compared to $14,811,042 at the end of 2024, reflecting a rise of 2%[22]. - Cash and cash equivalents and restricted cash at the end of Q1 2025 totaled $4,383,423, compared to $3,202,676 at the end of Q1 2024[24]. - The company reported a net cash used in operating activities of $(74,151) for Q1 2025, a significant decrease from $350,184 in Q1 2024[24]. Segment Performance - Vehicle Payments segment generated revenues of $487.1 million, down 1% from $494.1 million in the same period last year[32]. - Corporate Payments segment saw a significant revenue increase of 33%, reaching $352.7 million compared to $265.4 million in Q1 2024[32]. - Lodging Payments segment reported revenues of $110.2 million, a slight decrease of 1% from $111.3 million in Q1 2024[32]. - Revenues from Other segment decreased by 14% to $55.7 million, down from $64.5 million in Q1 2024[32]. - The average monthly tag subscriptions for Q1 2025 were 7.6 million, with total tag transactions reaching 22.9 million, an 8% increase year-over-year[32]. - The US market contributed $507 million, accounting for 50% of total revenues, while Brazil and the UK contributed $163 million (16%) and $146 million (15%) respectively[30]. Investment and Acquisitions - The company plans to invest $500 million to acquire AvidXchange, alongside TPG[2]. - The company maintains its original 2025 outlook while incorporating the recent Gringo acquisition[4]. Operating Expenses - Total operating expenses for Q1 2025 were $578,543, an increase of 8% from $537,913 in Q1 2024[20]. - Capital expenditures increased by 9% to $44.8 million, compared to $41.2 million in Q1 2024[32]. Pre-Tax Adjustments - Total pre-tax adjustments for 2025 are estimated at $428 million[38]. - Total pre-tax adjustments for Q2 2025 are expected to be $118 million[38]. Stock-Based Compensation - Stock-based compensation for both 2025 and Q2 2025 is maintained at $108 million and $33 million respectively[38]. Share Information - Diluted shares for both 2025 and Q2 2025 are consistent at 72 million[38].
Corpay, Inc.(CPAY) - 2025 Q1 - Quarterly Results