10-Q Filing

CORPAY, INC. CIK: 1175454 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-195101`
Period End Date	20140331
Filing Date	20140512
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	flt-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 34 Cash Flow Statement 70 Comprehensive Income 10

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$19.58M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$22.42M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$19.46M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$21.76M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	475.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$338.11M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	475.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$224.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$283.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$283.65M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$48.24M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	118.21M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$46.84M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	118.67M	shares	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $21,763 and $22,416, respectively)	`AccountsReceivableNetCurrent`	$573.35M	USD	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $21,763 and $22,416, respectively)	`AccountsReceivableNetCurrent`	$682.75M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	82.47M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	82.94M	shares	Point-in-time
Securitized accounts receivable-restricted for securitization investors	`AccountsReceivableFromSecuritization`	$393.50M	USD	Point-in-time
Securitized accounts receivable-restricted for securitization investors	`AccountsReceivableFromSecuritization`	$349.00M	USD	Point-in-time
Treasury stock ,shares	`TreasuryStockShares`	35.73M	shares	Point-in-time
Treasury stock ,shares	`TreasuryStockShares`	35.73M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$40.06M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$60.68M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$4.26M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$4.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.47B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.35B	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$111.10M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$118.46M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$57.14M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$63.57M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$53.96M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$54.89M	USD	Point-in-time
Goodwill	`Goodwill`	$1.56B	USD	Point-in-time
Goodwill	`Goodwill`	$1.55B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$871.26M	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$860.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$100.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$87.99M	USD	Point-in-time
Total assets	`Assets`	$4.04B	USD	Point-in-time
Total assets	`Assets`	$3.93B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$578.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$467.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$114.87M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$111.28M	USD	Point-in-time
Customer deposits	`Deposits`	$182.54M	USD	Point-in-time
Customer deposits	`Deposits`	$174.68M	USD	Point-in-time
Securitization facility	`SecuredDebtCurrent`	$349.00M	USD	Point-in-time
Securitization facility	`SecuredDebtCurrent`	$393.50M	USD	Point-in-time
Current portion of notes payable and lines of credit	`NotesAndLoansPayableCurrent`	$662.44M	USD	Point-in-time
Current portion of notes payable and lines of credit	`NotesAndLoansPayableCurrent`	$532.87M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$119.26M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$132.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.91B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.91B	USD	Point-in-time
Notes payable and other obligations, less current portion	`LongTermNotesAndLoans`	$459.92M	USD	Point-in-time
Notes payable and other obligations, less current portion	`LongTermNotesAndLoans`	$474.94M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$248.07M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$249.50M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$52.46M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$55.00M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$779.44M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$760.44M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 475,000,000 shares authorized; 118,671,070 shares issued and 82,936,578 shares outstanding at March 31, 2014; and 118,206,262 shares issued and 82,471,770 shares outstanding at December 31, 2013	`CommonStockValue`	$117.00K	USD	Point-in-time
Common stock, $0.001 par value; 475,000,000 shares authorized; 118,671,070 shares issued and 82,936,578 shares outstanding at March 31, 2014; and 118,206,262 shares issued and 82,471,770 shares outstanding at December 31, 2013	`CommonStockValue`	$118.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$631.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$662.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.04B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.11B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-47.43M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.50M	USD	Point-in-time
Less treasury stock (35,734,492 shares at March 31, 2014 and December 31, 2013)	`TreasuryStockValue`	$375.66M	USD	Point-in-time
Less treasury stock (35,734,492 shares at March 31, 2014 and December 31, 2013)	`TreasuryStockValue`	$375.66M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.24B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.37B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.93B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.04B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`SalesRevenueNet`	$193.65M	USD	1 Quarter
Revenues, net	`SalesRevenueNet`	$253.91M	USD	1 Quarter
Merchant commissions	`MerchantCommissions`	$13.86M	USD	1 Quarter
Merchant commissions	`MerchantCommissions`	$17.62M	USD	1 Quarter
Processing	`ProcessingExpenses`	$29.94M	USD	1 Quarter
Processing	`ProcessingExpenses`	$36.86M	USD	1 Quarter
Selling	`SellingExpense`	$17.41M	USD	1 Quarter
Selling	`SellingExpense`	$11.70M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$43.46M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$29.26M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$14.63M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$24.42M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$114.14M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$94.25M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-292.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-544.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-5.46M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.45M	USD	1 Quarter
Total other expense	`InterestExpenseOther`	$6.00M	USD	1 Quarter
Total other expense	`InterestExpenseOther`	$3.74M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$90.51M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$108.13M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$33.02M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$25.85M	USD	1 Quarter
Net income	`NetIncomeLoss`	$75.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$64.66M	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.91	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.80	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.88	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.77	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	82.74M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	81.22M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	83.96M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	85.69M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$75.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$64.66M	USD	1 Quarter
Depreciation	`Depreciation`	$4.80M	USD	1 Quarter
Depreciation	`Depreciation`	$4.03M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.16M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.61M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$4.46M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$5.55M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$531.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$760.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$18.27M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.02M	USD	1 Quarter
Amortization of premium on receivables	`OtherDepreciationAndAmortization`	$814.00K	USD	1 Quarter
Amortization of premium on receivables	`OtherDepreciationAndAmortization`	$816.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$603.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.01M	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	$-4.33M	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	$-1.40M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$153.18M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$192.48M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.19M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.11M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-545.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-40.11M	USD	1 Quarter
Excess tax benefits related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$16.13M	USD	1 Quarter
Excess tax benefits related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$5.84M	USD	1 Quarter
Accounts payable, accrued expenses and customer deposits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$50.10M	USD	1 Quarter
Accounts payable, accrued expenses and customer deposits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$109.67M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-13.69M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$51.49M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$19.29M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$94.77M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.58M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.76M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-24.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-99.53M	USD	1 Quarter
Excess tax benefits related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$16.13M	USD	1 Quarter
Excess tax benefits related to stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$5.84M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$5.26M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$4.51M	USD	1 Quarter
Borrowings on securitization facility, net	`ProceedsFromRepaymentsOfDebt`	$87.00M	USD	1 Quarter
Borrowings on securitization facility, net	`ProceedsFromRepaymentsOfDebt`	$44.50M	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfFinancingCosts`	$521.00K	USD	1 Quarter
Deferred financing costs paid	`PaymentsOfFinancingCosts`	$1.83M	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$6.88M	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$7.50M	USD	1 Quarter
Payments on revolver - A Facility	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$25.00M	USD	1 Quarter
Payments on revolver - A Facility	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$134.80M	USD	1 Quarter
Payments on foreign revolver - B Facility	`RepaymentsOfLinesOfCredit`	$3.60M	USD	1 Quarter
Borrowings from swing line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$15.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-178.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-246.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$63.59M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-80.89M	USD	1 Quarter
Effect of foreign currency exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-456.00K	USD	1 Quarter
Effect of foreign currency exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-9.40M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-59.04M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-54.73M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$338.11M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$224.61M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$283.37M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$283.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$338.11M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$224.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$283.37M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$283.65M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$6.26M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$3.86M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$38.43M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$20.86M	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$75.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$64.66M	USD	1 Quarter
Foreign currency translation adjustment gain (loss), Tax	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Foreign currency translation adjustment gain (loss), Tax	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Foreign currency translation adjustment gain (loss), net of tax of $0 for each period	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-10.73M	USD	1 Quarter
Foreign currency translation adjustment gain (loss), net of tax of $0 for each period	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$15.93M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$15.93M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-10.73M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$53.93M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$91.04M	USD	1 Quarter

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