Corpay (CPAY) FY2014 results: revenue $1.2 billion, up 34.0% on the year
Corpay, Inc. (CPAY) reported revenue of $1.2 billion for fiscal 2014, the year ended 31 December 2014, up 34.0% on the year before. Net income was $369 million, up 29.6%, and diluted earnings per share $4.24. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$1.2 billion
+34.0% on the year
FY2009FY2014
Operating margin
47.1%
47.0% a year earlier
FY2009FY2014
Net income
$369 million
+29.6% on the year
FY2009FY2014
Diluted EPS
$4.24
+26.2% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,199
895
708
+34.0%
Cost of revenue
13.2
7.1
4.7
+85.9%
Gross profit
1,186
888
703
+33.6%
Gross margin
98.9%
99.2%
99.3%
Operating income
565
421
325
+34.4%
Operating margin
47.1%
47.0%
45.9%
Interest expense
n/a
n/a
13.0
Pre-tax income
513
404
311
+27.1%
Income tax
144
119
94.6
+21.1%
Effective tax rate
28.1%
29.5%
30.4%
Net income
369
285
216
+29.6%
Net margin
30.7%
31.8%
30.6%
Diluted EPS
$4.24
$3.36
$2.52
+26.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
608
376
135
+61.9%
Capital expenditure
27.1
20.8
19.1
+30.2%
Free cash flow
581
355
116
+63.8%
Free cash flow margin
48.5%
39.6%
16.4%
Cash from investing
-2,594
-749
-210
Cash from financing
2,162
436
62.0
+396.2%
Depreciation and amortisation
112
72.7
52.0
+54.5%
Share-based compensation
37.6
26.7
19.3
+41.1%
Buybacks
0.0
n/a
200
Diluted shares, weighted
87m
85m
86m
+2.7%
Shares outstanding at period end
92m
82m
81m
+11.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,619
1,224
914
+114.0%
Deposits
492
183
188
+169.7%
Debt
3,594
1,486
925
+141.8%
Other liabilities
1,820
1,040
695
+75.0%
Total liabilities and equity
8,525
3,932
2,722
+116.8%
Fixed assets
73.6
54.0
45.2
+36.3%
Goodwill
3,713
1,536
927
+141.8%
Intangible assets
2,386
871
464
+173.9%
Cash and equivalents
477
338
284
+41.1%
Receivables
674
573
525
+17.5%
Other assets
1,201
560
477
+114.5%
Total assets
8,525
3,932
2,722
+116.8%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.