Corpay (CPAY) FY2020 results: revenue $2.4 billion, down 9.8% on the year
Corpay, Inc. (CPAY) reported revenue of $2.4 billion for fiscal 2020, the year ended 31 December 2020, down 9.8% on the year before. Net income was $704 million, down 21.3%, and diluted earnings per share $8.12. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$2.4 billion
-9.8% on the year
FY2013FY2020
Operating margin
40.7%
46.5% a year earlier
FY2013FY2020
Net income
$704 million
-21.3% on the year
FY2013FY2020
Diluted EPS
$8.12
-18.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,389
2,649
2,433
-9.8%
Operating income
972
1,231
1,091
-21.0%
Operating margin
40.7%
46.5%
44.8%
Pre-tax income
883
1,078
1,095
-18.1%
Income tax
178
183
284
-2.4%
Effective tax rate
20.2%
17.0%
25.9%
Net income
704
895
811
-21.3%
Net margin
29.5%
33.8%
33.3%
Diluted EPS
$8.12
$9.94
$8.81
-18.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,473
1,162
903
+26.7%
Capital expenditure
78.4
75.2
81.4
+4.3%
Free cash flow
1,394
1,087
822
+28.3%
Free cash flow margin
58.4%
41.0%
33.8%
Cash from investing
-106
-524
-26.3
Cash from financing
-1,417
-310
-578
Depreciation and amortisation
255
274
275
-7.1%
Share-based compensation
43.4
61.0
69.9
-28.8%
Buybacks
850
695
959
+22.3%
Diluted shares, weighted
87m
90m
92m
-3.7%
Shares outstanding at period end
84m
85m
86m
-2.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,355
3,712
3,340
-9.6%
Debt
4,303
5,037
4,819
-14.6%
Operating lease liabilities
75.4
81.7
n/a
-7.7%
Other liabilities
3,460
3,418
3,043
+1.2%
Total liabilities and equity
11,195
12,249
11,202
-8.6%
Fixed assets
203
200
186
+1.3%
Goodwill
4,719
4,833
4,542
-2.4%
Intangible assets
2,116
2,342
2,408
-9.7%
Cash and equivalents
935
1,271
1,031
-26.5%
Receivables
1,367
1,569
1,426
-12.9%
Other assets
1,855
2,033
1,609
-8.8%
Total assets
11,195
12,249
11,202
-8.6%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.