10-Q Filing

CORPAY, INC. CIK: 1175454 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001175454-17-000014`
Period End Date	20170331
Filing Date	20170509
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	flt-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 38 Cash Flow Statement 72 Comprehensive Income 8

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$40.98M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$21.90M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$32.51M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$24.03M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$546.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$399.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$475.02M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	475.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	475.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$447.15M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$188.43M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	121.68M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$168.75M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	121.26M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	91.84M	shares	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $40,985 and $32,506 at March 31, 2017 and December 31, 2016, respectively)	`AccountsReceivableNetCurrent`	$1.36B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	92.26M	shares	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $40,985 and $32,506 at March 31, 2017 and December 31, 2016, respectively)	`AccountsReceivableNetCurrent`	$1.20B	USD	Point-in-time
Securitized accounts receivablerestricted for securitization investors	`AccountsReceivableFromSecuritization`	$676.00M	USD	Point-in-time
Securitized accounts receivablerestricted for securitization investors	`AccountsReceivableFromSecuritization`	$591.00M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	29.42M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	29.42M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$90.91M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$110.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.53B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.88B	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$271.53M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$253.36M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$110.86M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$122.50M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$142.50M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$149.04M	USD	Point-in-time
Goodwill	`Goodwill`	$4.23B	USD	Point-in-time
Goodwill	`Goodwill`	$4.20B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$2.65B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$2.63B	USD	Point-in-time
Investments	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$40.76M	USD	Point-in-time
Investments	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$36.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$76.94M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$71.95M	USD	Point-in-time
Total assets	`Assets`	$9.63B	USD	Point-in-time
Total assets	`Assets`	$10.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.15B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.25B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$214.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$238.81M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$589.39M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$530.79M	USD	Point-in-time
Securitization facility	`SecuredDebtCurrent`	$591.00M	USD	Point-in-time
Securitization facility	`SecuredDebtCurrent`	$676.00M	USD	Point-in-time
Current portion of notes payable and other obligations	`NotesAndLoansPayableCurrent`	$745.51M	USD	Point-in-time
Current portion of notes payable and other obligations	`NotesAndLoansPayableCurrent`	$731.71M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$43.39M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$38.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.50B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.30B	USD	Point-in-time
Notes payable and other obligations, less current portion	`LongTermNotesAndLoans`	$2.52B	USD	Point-in-time
Notes payable and other obligations, less current portion	`LongTermNotesAndLoans`	$2.46B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$666.57M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$668.58M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$40.28M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$56.07M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$3.25B	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$3.17B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 475,000,000 shares authorized; 121,680,903 shares issued and 92,257,881 shares outstanding at March 31, 2017; and 121,259,960 shares issued and 91,836,938 shares outstanding at December 31, 2016	`CommonStockValue`	$122.00K	USD	Point-in-time
Common stock, $0.001 par value; 475,000,000 shares authorized; 121,680,903 shares issued and 92,257,881 shares outstanding at March 31, 2017; and 121,259,960 shares issued and 91,836,938 shares outstanding at December 31, 2016	`CommonStockValue`	$121.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.07B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.11B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.22B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.34B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-572.79M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-666.40M	USD	Point-in-time
Less treasury stock 29,423,022 shares at March 31, 2017 and December 31, 2016, respectively	`TreasuryStockValue`	$542.50M	USD	Point-in-time
Less treasury stock 29,423,022 shares at March 31, 2017 and December 31, 2016, respectively	`TreasuryStockValue`	$542.50M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.34B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.08B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.01B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$9.63B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`SalesRevenueNet`	$414.26M	USD	1 Quarter
Revenues, net	`SalesRevenueNet`	$520.43M	USD	1 Quarter
Merchant commissions	`SalesCommissionsAndFees`	$24.38M	USD	1 Quarter
Merchant commissions	`SalesCommissionsAndFees`	$28.23M	USD	1 Quarter
Processing	`ProcessingExpenses`	$101.82M	USD	1 Quarter
Processing	`ProcessingExpenses`	$79.81M	USD	1 Quarter
Selling	`SellingExpense`	$26.55M	USD	1 Quarter
Selling	`SellingExpense`	$38.84M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$95.43M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$67.59M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$64.87M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$36.33M	USD	1 Quarter
Other operating, net	`OtherOperatingIncomeExpenseNet`	$215.00K	USD	1 Quarter
Other operating, net	`OtherOperatingIncomeExpenseNet`	$-20.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$175.96M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$195.07M	USD	1 Quarter
Equity method investment loss	`IncomeLossFromEquityMethodInvestments`	$-2.19M	USD	1 Quarter
Equity method investment loss	`IncomeLossFromEquityMethodInvestments`	$-2.38M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-659.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-2.20M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-23.13M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-16.19M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-19.04M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-27.70M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$156.91M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$167.37M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$45.82M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$43.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$111.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.69M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$1.34	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$1.20	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$1.17	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$1.31	USD	1 Quarter
Basic weighted average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	92.52M	shares	1 Quarter
Basic weighted average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	92.11M	shares	1 Quarter
Diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	94.56M	shares	1 Quarter
Diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.03M	shares	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$111.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.69M	USD	1 Quarter
Depreciation	`Depreciation`	$10.67M	USD	1 Quarter
Depreciation	`Depreciation`	$7.98M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$23.09M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$15.19M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$12.99M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$6.84M	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.91M	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.82M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$52.65M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$27.36M	USD	1 Quarter
Amortization of premium on receivables	`InvestmentIncomeAmortizationOfPremium`	$990.00K	USD	1 Quarter
Amortization of premium on receivables	`InvestmentIncomeAmortizationOfPremium`	$1.54M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-3.45M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-2.13M	USD	1 Quarter
Equity method investment loss	`IncomeLossFromEquityMethodInvestments`	$-2.19M	USD	1 Quarter
Equity method investment loss	`IncomeLossFromEquityMethodInvestments`	$-2.38M	USD	1 Quarter
Other non-cash operating income	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other non-cash operating income	`OtherNoncashIncomeExpense`	$215.00K	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	$19.28M	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	$-23.74M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$182.76M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$236.56M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.09M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$16.45M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$11.70M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.67M	USD	1 Quarter
Accounts payable, accrued expenses and customer deposits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$103.71M	USD	1 Quarter
Accounts payable, accrued expenses and customer deposits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$124.31M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$54.22M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$122.62M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$4.09M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.80M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.74M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$4.91M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$6.33M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.12M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.75M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$387.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$15.23M	USD	1 Quarter
Borrowings (payments) on securitization facility, net	`ProceedsFromRepaymentsOfSecuredDebt`	$85.00M	USD	1 Quarter
Borrowings (payments) on securitization facility, net	`ProceedsFromRepaymentsOfSecuredDebt`	$-63.00M	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$25.88M	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$33.36M	USD	1 Quarter
Borrowings from revolver A Facility	`ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths`	$90.00M	USD	1 Quarter
Borrowings from revolver A Facility	`ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths`	$40.00M	USD	1 Quarter
Payments on revolver A Facility	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$110.00M	USD	1 Quarter
Payments on revolver A Facility	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$159.95M	USD	1 Quarter
Borrowings on swing line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Borrowings on swing line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$21.64M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$537.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-19.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.09M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-158.51M	USD	1 Quarter
Effect of foreign currency exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$19.36M	USD	1 Quarter
Effect of foreign currency exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$8.79M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$71.54M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-47.83M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$546.56M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$399.32M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$475.02M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$447.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$546.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$399.32M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$475.02M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$447.15M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$33.19M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$15.31M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$88.50M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$11.82M	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$111.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.69M	USD	1 Quarter
Foreign currency translation gains, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$31.20M	USD	1 Quarter
Foreign currency translation gains, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$93.61M	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$93.61M	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$31.20M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$142.29M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$217.31M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.