10-Q Filing

CORPAY, INC. CIK: 1175454 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001175454-18-000023`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	flt-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 73 Comprehensive Income 8

Balance Sheet 76 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`	$48.99M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$32.51M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$46.03M	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`	$979.57M	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`	$913.60M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	122.08M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$242.93M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$217.28M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	122.36M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	89.64M	shares	Point-in-time
Accounts and other receivables (less allowance for doubtful accounts of $48,989 and $46,031 at March 31, 2018 and December 31, 2017, respectively)	`AccountsReceivableNetCurrent`	$1.42B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	89.80M	shares	Point-in-time
Accounts and other receivables (less allowance for doubtful accounts of $48,989 and $46,031 at March 31, 2018 and December 31, 2017, respectively)	`AccountsReceivableNetCurrent`	$1.69B	USD	Point-in-time
Securitized accounts receivablerestricted for securitization investors	`AccountsReceivableFromSecuritization`	$811.00M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	32.28M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	32.72M	shares	Point-in-time
Securitized accounts receivablerestricted for securitization investors	`AccountsReceivableFromSecuritization`	$829.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$187.82M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$163.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.55B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.91B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$184.03M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$180.06M	USD	Point-in-time
Goodwill	`Goodwill`	$4.72B	USD	Point-in-time
Goodwill	`Goodwill`	$4.74B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$2.72B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$2.68B	USD	Point-in-time
Investments	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$32.86M	USD	Point-in-time
Investments	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$32.86M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$141.70M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$114.96M	USD	Point-in-time
Total assets	`Assets`	$11.32B	USD	Point-in-time
Total assets	`Assets`	$11.69B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.61B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$238.47M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$261.31M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$746.33M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$732.17M	USD	Point-in-time
Securitization facility	`SecuredDebtCurrent`	$811.00M	USD	Point-in-time
Securitization facility	`SecuredDebtCurrent`	$829.00M	USD	Point-in-time
Current portion of notes payable and lines of credit	`NotesAndLoansPayableCurrent`	$792.91M	USD	Point-in-time
Current portion of notes payable and lines of credit	`NotesAndLoansPayableCurrent`	$805.51M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$71.03M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$68.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.10B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.31B	USD	Point-in-time
Notes payable and other obligations, less current portion	`LongTermNotesAndLoans`	$2.87B	USD	Point-in-time
Notes payable and other obligations, less current portion	`LongTermNotesAndLoans`	$2.90B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$505.15M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$518.91M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$125.32M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$124.06M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$3.50B	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$3.55B	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; 122,359,407 shares issued and 89,637,705 shares outstanding at March 31, 2018; and 122,083,059 shares issued and 89,803,982 shares outstanding at December 31, 2017	`CommonStockValue`	$122.00K	USD	Point-in-time
Common stock, $0.001 par value; 475,000,000 shares authorized; 122,359,407 shares issued and 89,637,705 shares outstanding at March 31, 2018; and 122,083,059 shares issued and 89,803,982 shares outstanding at December 31, 2017	`CommonStockValue`	$123.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.25B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.21B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.96B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.18B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-551.86M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-508.60M	USD	Point-in-time
Less treasury stock (32,721,702 shares at March 31, 2018 and 32,279,077 shares at December 31, 2017)	`TreasuryStockValue`	$1.03B	USD	Point-in-time
Less treasury stock (32,721,702 shares at March 31, 2018 and 32,279,077 shares at December 31, 2017)	`TreasuryStockValue`	$944.89M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.68B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.89B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.32B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.69B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	$585.50M	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	$520.43M	USD	1 Quarter
Merchant commissions	`SalesCommissionsAndFees`	-	USD	1 Quarter
Merchant commissions	`SalesCommissionsAndFees`	$24.38M	USD	1 Quarter
Processing	`ProcessingExpenses`	$116.48M	USD	1 Quarter
Processing	`ProcessingExpenses`	$101.82M	USD	1 Quarter
Selling	`SellingExpense`	$47.11M	USD	1 Quarter
Selling	`SellingExpense`	$38.84M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$90.31M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$95.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$64.87M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$71.50M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$195.07M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$260.09M	USD	1 Quarter
Investment loss	`IncomeLossFromEquityMethodInvestments`	$-2.38M	USD	1 Quarter
Investment loss	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-2.20M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$297.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-31.07M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-23.13M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-27.70M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-30.77M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$167.37M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$229.32M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$54.38M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$43.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$123.69M	USD	1 Quarter
Net income	`NetIncomeLoss`	$174.94M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$1.95	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$1.34	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$1.31	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$1.88	USD	1 Quarter
Basic weighted average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	89.77M	shares	1 Quarter
Basic weighted average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	92.11M	shares	1 Quarter
Diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	93.25M	shares	1 Quarter
Diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	94.56M	shares	1 Quarter

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$123.69M	USD	1 Quarter
Net income	`NetIncomeLoss`	$174.94M	USD	1 Quarter
Depreciation	`Depreciation`	$12.40M	USD	1 Quarter
Depreciation	`Depreciation`	$10.67M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$14.40M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$23.09M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$12.00M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$12.99M	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.91M	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.34M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$52.65M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$57.84M	USD	1 Quarter
Amortization of premium on receivables	`InvestmentIncomeAmortizationOfPremium`	$1.54M	USD	1 Quarter
Amortization of premium on receivables	`InvestmentIncomeAmortizationOfPremium`	$1.27M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-3.45M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-4.83M	USD	1 Quarter
Investment loss	`IncomeLossFromEquityMethodInvestments`	$-2.38M	USD	1 Quarter
Investment loss	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$57.00K	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$288.15M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$236.56M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-32.07M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$16.45M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.67M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$7.10M	USD	1 Quarter
Accounts payable, accrued expenses and customer deposits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$194.59M	USD	1 Quarter
Accounts payable, accrued expenses and customer deposits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$103.71M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$200.70M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$73.50M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$3.88M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.21M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.80M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$6.33M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$3.64M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$39.00M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.12M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.73M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$15.23M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$19.98M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$88.29M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Borrowings on securitization facility, net	`ProceedsFromRepaymentsOfSecuredDebt`	$85.00M	USD	1 Quarter
Borrowings on securitization facility, net	`ProceedsFromRepaymentsOfSecuredDebt`	$18.00M	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$33.36M	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$34.50M	USD	1 Quarter
Borrowings from revolver	`ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths`	$90.00M	USD	1 Quarter
Borrowings from revolver	`ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths`	$420.26M	USD	1 Quarter
Payments on revolver	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$439.35M	USD	1 Quarter
Payments on revolver	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$159.95M	USD	1 Quarter
Borrowings on swing line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$21.64M	USD	1 Quarter
Borrowings on swing line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$5.01M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$537.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-92.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-98.99M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.09M	USD	1 Quarter
Effect of foreign currency exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$19.75M	USD	1 Quarter
Effect of foreign currency exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$12.65M	USD	1 Quarter
Net increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$91.22M	USD	1 Quarter
Net increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$91.63M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$643.77M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13B	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$734.99M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.22B	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$643.77M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13B	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$734.99M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.22B	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$35.63M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$33.19M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$16.83M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$88.50M	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$123.69M	USD	1 Quarter
Net income	`NetIncomeLoss`	$174.94M	USD	1 Quarter
Foreign currency translation gains, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$93.61M	USD	1 Quarter
Foreign currency translation gains, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$43.25M	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$93.61M	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$43.25M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$218.19M	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.