Press release

FLEETCOR Reports First Quarter 2021 Financial Results

0
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FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its first quarter of 2021.

“2021 is off to a good start, with first quarter revenue results in line with our expectations and adjusted net income per share slightly better than our original outlook, mostly due to credit performance,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “Although revenue and adjusted EPS were down 8% and 6%, respectively, versus last year, this was mostly due to pandemic driven client softness of roughly 6%. We remain encouraged that new sales were up 7% over last year and retention continued to improve, which together will help drive our future growth.”

Financial Results for First Quarter of 2021:

GAAP Results

  • Total revenues decreased 8% to $608.6 million in the first quarter of 2021, compared to $661.1 million in the first quarter of 2020.
  • Net income increased 25% to $184.2 million in the first quarter of 2021, compared to $147.1 million in the first quarter of 2020. Included in the first quarter of 2020 was a one-time loss of $90.1 million related to a customer receivable in the Company’s cross-border payments business.
  • Net income per diluted share increased 29% to $2.15 in the first quarter of 2021, compared to $1.67 per diluted share in the first quarter of 2020. Included in the first quarter of 2020 was a $0.74 per diluted share one-time loss related to a customer receivable in the Company’s cross-border payments business.

Non-GAAP Results1

  • Adjusted net income1 decreased 8% to $242.1 million in the first quarter of 2021, compared to $264.5 million in the first quarter of 2020.
  • Adjusted net income per diluted share1 decreased 6% to $2.82 in the first quarter of 2021, compared to $3.00 per diluted share in the first quarter of 2020.

“Our first quarter results were again affected by softness due to the COVID-19 pandemic, as responses to virus variants and the state of vaccine rollouts differ by geography. The macroeconomic environment was effectively neutral for the quarter compared with our expectations, with higher fuel prices offset by compressed spreads and lower foreign exchange rates, particularly in Brazil. We’ve continued to manage expenses in line with revenue, with strong credit performance further buoyed by a $6 million recovery,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. “We also recently refinanced our Term loan B and securitization facilities, locking in low rates and longer durations, and giving us nearly $2 billion in liquidity after the anticipated Q2 closing of the AFEX acquisition.”

Fiscal-Year 2021 Outlook:

“We are maintaining our full year revenue guidance, and raising our adjusted net income per diluted share guidance $0.12 to $12.42 at the mid-point to reflect our first quarter results compared to our expectations. Volumes should continue to recover and build throughout the year as economies around the world reopen, and we expect to return to growth in both revenue and earnings per share next quarter,” concluded Freund.

For fiscal year 2021, FLEETCOR Technologies, Inc. updated financial guidance is as follows:

  • Total revenues between $2,600 million and $2,700 million;
  • GAAP net income between $835 million and $890 million;
  • GAAP net income per diluted share between $9.64 and $10.20;
  • Adjusted net income between $1,045 million and $1,110 million; and
  • Adjusted net income per diluted share between $12.14 and $12.70.

FLEETCOR’s guidance assumptions for 2021 are as follows:

For the balance of the year:

  • Weighted U.S. fuel prices equal to $2.94 per gallon;
  • Market spreads significantly unfavorable to the 2020 average; and
  • Foreign exchange rates equal to the seven-day average as of April 11, 2021.

For the full year:

  • Interest expense between $110 million and $120 million;
  • Approximately 86.5 million fully diluted shares outstanding;
  • An adjusted tax rate of 19.5% to 21.5%; and
  • No impact related to acquisitions or material new partnership agreements not already closed.

Second Quarter of 2021 Outlook:

For the second quarter, the Company is expecting adjusted net income per diluted share to be in the range of $2.80 to $3.00.

_______________________________________

1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1 attached. Additional supplemental data is provided in Exhibits 2-3 and 5, and segment information is provided in Exhibit 4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 6.

Conference Call:

The Company will host a conference call to discuss first quarter 2021 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Charles Freund, chief financial officer and Jim Eglseder, investor relations. The conference call can be accessed live via webcast from the Company’s investor relations website at http://investor.fleetcor.com. A replay will be available one hour after the call and can be accessed by dialing (877) 407-0784 or (201) 689-8560 for international callers; the conference ID is 13719026. The replay will be available until Tuesday, May 12, 2021. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology.

These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as regulatory measures, voluntary actions, or changes in consumer preferences, that impact our transaction volume, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to contain and mitigate the spread of the coronavirus (COVID-19); adverse changes or volatility in fuel prices and spreads; adverse changes in program fees or charges we may collect, whether through legal, regulatory or contractual changes; adverse outcomes with respect to current and future legal proceedings or investigations, including without limitation, the FTC lawsuit, or actions of governmental, regulatory or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; delays or failures associated with implication of, or adaption to, new technology, changes in credit risk of customers and associated losses; failure to maintain or renew key business relationships; failure to maintain competitive product offerings; failure to complete, or delays in completing, acquisitions, new partnerships or customer arrangements; and to successfully integrate or otherwise achieve anticipated benefits from such acquisitions, partnerships, and customer arrangements; failure to successfully expand and manage our business internationally; and other risks related to our international operations, including the potential impact to our business as a result of the United Kingdom’s referendum to leave the European Union; the impact of foreign exchange rates on operations, revenues and income; and the failure or compromise of our data centers and other information technology assets; as well as the other risks and uncertainties identified under the caption “Risk Factors” in FLEETCOR’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021 and subsequent filings made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access FLEETCOR’s SEC filings for free by visiting the SEC web site at www.sec.gov.

About Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate our overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash stock based compensation expense related to share based compensation awards, (b) amortization of deferred financing costs, discounts and intangible assets, and amortization of the premium recognized on the purchase of receivables, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses occurring largely due to COVID-19, the impact of discrete tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets and a business, loss on extinguishment of debt, and legal settlements. We calculate adjusted net income and adjusted net income per diluted share to eliminate the effect of items that we do not consider indicative of our core operating performance.

Adjusted net income and adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. We also believe that integration and deal related costs and one-time non-recurring expenses, gains, losses, and impairment charges do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these non-tax items.

Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of FLEETCOR.

Management uses adjusted net income, adjusted net income per diluted share and organic revenue growth:

  • as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis;
  • for planning purposes, including the preparation of our internal annual operating budget;
  • to allocate resources to enhance the financial performance of our business; and
  • to evaluate the performance and effectiveness of our operational strategies.

About FLEETCOR:

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of, their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In thousands, except per share amounts)
 
Three Months Ended March 31,

 

2021

 

 

2020

 

 
Revenues, net

$

608,623

 

$

661,093

 

 
Expenses:
Processing

 

116,428

 

 

233,703

 

Selling

 

52,082

 

 

55,859

 

General and administrative

 

108,362

 

 

106,110

 

Depreciation and amortization

 

65,729

 

 

64,476

 

Other operating, net

 

57

 

 

(38

)

Operating income

 

265,965

 

 

200,983

 

Investment (gain) loss

 

(9

)

 

2,371

 

Other expense (income), net

 

1,743

 

 

(9,366

)

Interest expense, net

 

28,551

 

 

35,679

 

Total other expense

 

30,285

 

 

28,684

 

Income before income taxes

 

235,680

 

 

172,299

 

Provision for income taxes

 

51,441

 

 

25,239

 

Net income

$

184,239

 

$

147,060

 

 
Basic earnings per share

$

2.21

 

$

1.73

 

Diluted earnings per share

$

2.15

 

$

1.67

 

 
Weighted average shares outstanding:
Basic shares

 

83,475

 

 

84,902

 

Diluted shares

 

85,764

 

 

88,205

 

FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and par value amounts)
March 31, 2021 December 31, 2020
(Unaudited)
Assets
 
Current assets:
Cash and cash equivalents

$

958,322

 

$

934,900

 

Restricted cash

 

473,200

 

 

541,719

 

Accounts and other receivables (less allowance)

 

1,590,624

 

 

1,366,775

 

Securitized accounts receivable – restricted for securitization investors

 

915,000

 

 

700,000

 

Prepaid expenses and other current assets

 

348,227

 

 

412,924

 

 
Total current assets

 

4,285,373

 

 

3,956,318

 

 
Property and equipment, net

 

200,161

 

 

202,509

 

Goodwill

 

4,693,469

 

 

4,719,181

 

Other intangibles, net

 

2,050,919

 

 

2,115,882

 

Investments

 

11,857

 

 

7,480

 

Other assets

 

185,695

 

 

193,209

 

 
Total assets

$

11,427,474

 

$

11,194,579

 

 
Liabilities and Stockholders’ Equity
 
Current liabilities:
Accounts payable

$

1,348,983

 

$

1,054,478

 

Accrued expenses

 

278,663

 

 

282,681

 

Customer deposits

 

1,118,965

 

 

1,175,322

 

Securitization facility

 

915,000

 

 

700,000

 

Current portion of notes payable and lines of credit

 

449,165

 

 

505,697

 

Other current liabilities

 

203,202

 

 

250,133

 

 
Total current liabilities

 

4,313,978

 

 

3,968,311

 

 
Notes payable and other obligations, less current portion

 

3,081,955

 

 

3,126,926

 

Deferred income taxes

 

501,302

 

 

498,154

 

Other noncurrent liabilities

 

233,740

 

 

245,777

 

 
Total noncurrent liabilities

 

3,816,997

 

 

3,870,857

 

 
Commitments and contingencies
 
Stockholders’ equity:
Common stock

 

127

 

 

126

 

Additional paid-in capital

 

2,794,991

 

 

2,749,900

 

Retained earnings

 

5,601,184

 

 

5,416,945

 

Accumulated other comprehensive loss

 

(1,481,019

)

 

(1,363,158

)

Treasury stock

 

(3,618,784

)

 

(3,448,402

)

 
Total stockholders’ equity

 

3,296,499

 

 

3,355,411

 

 
Total liabilities and stockholders’ equity

$

11,427,474

 

$

11,194,579

 

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended March 31,

 

2021

 

 

2020

 

 
Operating activities
Net income

$

184,239

 

$

147,060

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation

 

17,624

 

 

15,788

 

Stock-based compensation

 

17,747

 

 

14,175

 

Provision for losses on accounts and other receivables

 

2,477

 

 

117,746

 

Amortization of deferred financing costs and discounts

 

1,471

 

 

1,354

 

Amortization of intangible assets and premium on receivables

 

48,105

 

 

48,688

 

Deferred income taxes

 

7,992

 

 

(7,322

)

Investment (gain) loss

 

(9

)

 

2,371

 

Other

 

57

 

 

(38

)

Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables

 

(468,593

)

 

156,052

 

Prepaid expenses and other current assets

 

59,269

 

 

(45,149

)

Other assets

 

4,609

 

 

(3,046

)

Accounts payable, accrued expenses and customer deposits

 

202,862

 

 

(27,646

)

Net cash provided by operating activities

 

77,850

 

 

420,033

 

 
 
Investing activities
Acquisitions, net of cash acquired

 

(43,727

)

 

(467

)

Purchases of property and equipment

 

(19,526

)

 

(18,257

)

Other

 

9

 

 

 

Net cash used in investing activities

 

(63,244

)

 

(18,724

)

 
 
Financing activities
Proceeds from issuance of common stock

 

27,345

 

 

73,274

 

Repurchase of common stock

 

(162,041

)

 

(530,237

)

Borrowings (payments) on securitization facility, net

 

215,000

 

 

(151,973

)

Deferred financing costs paid and debt discount

 

1,758

 

 

 

Principal payments on notes payable

 

(41,188

)

 

(51,722

)

Borrowings from revolver

 

330,000

 

 

573,500

 

Payments on revolver

 

(353,851

)

 

(204,460

)

Payments on swing line of credit, net

 

(33,311

)

 

(22,741

)

Other

 

(291

)

 

(92

)

Net cash used in financing activities

 

(16,579

)

 

(314,451

)

 
Effect of foreign currency exchange rates on cash

 

(43,124

)

 

(209,859

)

 
Net decrease in cash and cash equivalents and restricted cash

 

(45,097

)

 

(123,001

)

Cash and cash equivalents and restricted cash, beginning of period

 

1,476,619

 

 

1,675,237

 

Cash and cash equivalents and restricted cash, end of period

$

1,431,522

 

$

1,552,236

 

 
Supplemental cash flow information
Cash paid for interest, net

$

27,732

 

$

40,394

 

 
Cash paid for income taxes, net

$

32,041

 

$

32,939

 

 
 
Exhibit 1
RECONCILIATION OF NON-GAAP MEASURES
(In thousands, except shares and per share amounts)
(Unaudited)
 
The following table reconciles net income to adjusted net income and adjusted net income per diluted share:*
 
Three Months Ended March 31,

 

2021

 

 

2020

 

Net income

$

184,239

 

$

147,060

 

 
Stock based compensation

 

17,747

 

 

14,175

 

Amortization of intangible assets, premium on receivables, deferred financing costs and discounts

 

49,576

 

 

50,042

 

Investment (gain) loss

 

(9

)

 

2,371

 

Integration and deal related costs1

 

3,670

 

 

3,365

 

Restructuring and related costs

 

(577

)

 

 

Legal settlements/litigation

 

3,670

 

 

(5,981

)

Write-off of customer receivable2

 

 

 

90,058

 

Total pre-tax adjustments

 

74,077

 

 

154,030

 

 
Income tax impact of pre-tax adjustments at the effective tax rate

 

(16,169

)

 

(36,595

)

 
Adjusted net income

$

242,148

 

$

264,495

 

Adjusted net income per diluted share

$

2.82

 

$

3.00

 

 
Diluted shares

 

85,764

 

 

88,205

 

 
 
1 Integration and deal related costs represent non-recurring expenses related to acquisitions incurred in the reporting period.
2 Represents a bad debt loss in the first quarter of 2020 from a large client in our cross-border payments business entering voluntary bankruptcy due to the extraordinary impact of the COVID-19 pandemic.
* Columns may not calculate due to rounding.
 
Exhibit 2
Key Performance Indicators, by Solution and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted
(In millions except revenues, net per key performance metric)
(Unaudited)
The following table presents revenue and revenue per key performance metric by solution.*
As Reported Pro Forma and Macro Adjusted2
Three Months Ended March 31, Three Months Ended March 31,

 

2021

 

 

2020

 

Change

% Change

 

2021

 

 

2020

 

Change

% Change

 
FUEL
– Revenues, net

$

261.9

 

$

292.1

 

$

(30.2

)

(10

%)

$

275.3

 

$

292.6

 

$

(17.3

)

(6

%)

– Transactions

 

110.3

 

 

118.4

 

 

(8.2

)

(7

%)

 

110.3

 

 

118.7

 

 

(8.5

)

(7

%)

– Revenues, net per transaction

$

2.38

 

$

2.47

 

$

(0.09

)

(4

%)

$

2.50

 

$

2.46

 

$

0.03

 

1

%

 
CORPORATE PAYMENTS
– Revenues, net

$

116.4

 

$

119.9

 

$

(3.5

)

(3

%)

$

114.1

 

$

120.1

 

$

(6.0

)

(5

%)

– Spend volume

$

18,034

 

$

17,916

 

$

118

 

1

%

$

18,032

 

$

17,916

 

$

115

 

1

%

– Revenues, net per spend $

 

0.65

%

 

0.67

%

 

(0.02

%)

(4

%)

 

0.63

%

 

0.67

%

 

(0.04

%)

(6

%)

 
TOLLS
– Revenues, net

$

69.0

 

$

83.0

 

$

(14.0

)

(17

%)

$

85.2

 

$

83.0

 

$

2.2

 

3

%

– Tags (average monthly)

 

5.8

 

 

5.4

 

 

0.4

 

7

%

 

5.8

 

 

5.4

 

 

0.4

 

7

%

– Revenues, net per tag

$

11.85

 

$

15.28

 

$

(3.43

)

(22

%)

$

14.63

 

$

15.28

 

$

(0.65

)

(4

%)

 
LODGING
– Revenues, net

$

59.0

 

$

57.0

 

$

2.0

 

4

%

$

59.0

 

$

68.5

 

$

(9.5

)

(14

%)

– Room nights

 

5.9

 

 

5.9

 

 

0.0

 

1

%

 

5.9

 

 

7.1

 

 

(1.2

)

(16

%)

– Revenues, net per room night

$

9.96

 

$

9.68

 

$

0.28

 

3

%

$

9.96

 

$

9.67

 

$

0.29

 

3

%

 
GIFT
– Revenues, net

$

43.4

 

$

42.4

 

$

1.0

 

2

%

$

43.4

 

$

42.4

 

$

1.0

 

2

%

– Transactions

 

291.1

 

 

281.9

 

 

9.2

 

3

%

 

291.1

 

 

281.9

 

 

9.2

 

3

%

– Revenues, net per transaction

$

0.15

 

$

0.15

 

$

(0.00

)

(1

%)

$

0.15

 

$

0.15

 

$

(0.00

)

(1

%)

 
OTHER1
– Revenues, net

$

58.9

 

$

66.7

 

$

(7.8

)

(12

%)

$

58.9

 

$

66.7

 

$

(7.8

)

(12

%)

– Transactions

 

9.5

 

 

12.0

 

 

(2.5

)

(21

%)

 

9.5

 

 

12.0

 

 

(2.5

)

(21

%)

– Revenues, net per transaction

$

6.23

 

$

5.58

 

$

0.65

 

12

%

$

6.23

 

$

5.58

 

$

0.65

 

12

%

 
 
FLEETCOR CONSOLIDATED REVENUES
– Revenues, net

$

608.6

 

$

661.1

 

$

(52.5

)

(8

%)

$

635.9

 

$

673.2

 

$

(37.3

)

(6

%)

 
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.
2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by solution and metrics, non GAAP measures, to the GAAP equivalent.
* Columns may not calculate due to rounding.
Exhibit 3
Revenues by Geography and Solution
(In millions)
(Unaudited)
 
Revenue by Geography* Three Months Ended March 31,

 

2021

%

 

2020

%

 
US

$

370

61

%

$

398

60

%

Brazil

 

82

13

%

 

99

15

%

UK

 

76

12

%

 

74

11

%

Other

 

81

13

%

 

91

14

%

 
Consolidated Revenues, net

$

609

100

%

$

661

100

%

* Columns may not calculate due to rounding.
 
Revenue by Solution* Three Months Ended March 31,

 

2021

%

 

2020

%

 
Fuel

$

262

43

%

$

292

44

%

Corporate Payments

 

116

19

%

 

120

18

%

Tolls

 

69

11

%

 

83

13

%

Lodging

 

59

10

%

 

57

9

%

Gift

 

43

7

%

 

42

6

%

Other

 

59

10

%

 

67

10

%

 
Consolidated Revenues, net

$

609

100

%

$

661

100

%

* Columns may not calculate due to rounding.
Exhibit 4
Segment Results
(In thousands)
(Unaudited)
 
Three Months Ended March 31,

 

20211

 

2020

 
Revenues, net:
North America

$

402,206

$

434,692

Brazil

 

81,923

 

98,978

International

 

124,494

 

127,423

$

608,623

$

661,093

 
Operating income:
North America

$

162,576

$

85,740

Brazil

 

32,225

 

39,442

International

 

71,164

 

75,801

$

265,965

$

200,983

 
Depreciation and amortization:
North America

$

40,533

$

37,976

Brazil

 

12,287

 

14,589

International

 

12,909

 

11,911

$

65,729

$

64,476

 
Capital expenditures:
North America

$

11,530

$

11,264

Brazil

 

3,350

 

3,331

International

 

4,646

 

3,662

$

19,526

$

18,257

 
1 The Company reports results from the 2021 acquisition of Roger in our North America segment.
Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric by Solution to GAAP
(In millions)
(Unaudited)
 
Revenues, net Key Performance Metric
Three Months Ended March 31, Three Months Ended March 31,

2021*

2020*

2021*

2020*

 
FUEL-TRANSACTIONS
Pro forma and macro adjusted

$

275.3

 

$

292.6

 

110.3

118.7

 

Impact of acquisitions/dispositions

 

 

 

(0.5

)

(0.3

)

Impact of fuel prices/spread

 

(15.8

)

 

 

 

Impact of foreign exchange rates

 

2.5

 

 

 

 

As reported

$

261.9

 

$

292.1

 

110.3

118.4

 

 
CORPORATE PAYMENTS- SPEND
Pro forma and macro adjusted

$

114.1

 

$

120.1

 

18,032

17,916

 

Impact of acquisitions/dispositions

 

 

 

(0.1

)

(0

)

Impact of fuel prices/spread

 

0

 

 

 

 

Impact of foreign exchange rates

 

2.2

 

 

 

2

 

As reported

$

116.4

 

$

119.9

 

18,034

17,916

 

 
TOLLS- TAGS
Pro forma and macro adjusted

$

85.2

 

$

83.0

 

5.8

5.4

 

Impact of acquisitions/dispositions

 

 

 

 

 

Impact of fuel prices/spread

 

 

 

 

 

Impact of foreign exchange rates

 

(16.2

)

 

 

 

As reported

$

69.0

 

$

83.0

 

5.8

5.4

 

 
LODGING- ROOM NIGHTS
Pro forma and macro adjusted

$

59.0

 

$

68.5

 

5.9

7.1

 

Impact of acquisitions/dispositions

 

 

$

(11.5

)

(1.2

)

Impact of fuel prices/spread

 

 

 

 

 

Impact of foreign exchange rates

 

 

 

 

 

As reported

$

59.0

 

$

57.0

 

5.9

5.9

 

 
GIFT- TRANSACTIONS
Pro forma and macro adjusted

$

43.4

 

$

42.4

 

291.1

281.9

 

Impact of acquisitions/dispositions

 

 

 

 

 

Impact of fuel prices/spread

 

 

 

 

 

Impact of foreign exchange rates

 

 

 

 

 

As reported

$

43.4

 

$

42.4

 

291.1

281.9

 

 
OTHER1– TRANSACTIONS
Pro forma and macro adjusted

$

58.9

 

$

66.7

 

9.5

12.0

 

Impact of acquisitions/dispositions

 

 

 

 

 

Impact of fuel prices/spread

 

 

 

 

 

Impact of foreign exchange rates

 

0.0

 

 

 

 

As reported

$

58.9

 

$

66.7

 

9.5

12.0

 

 
 
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted

$

635.9

 

$

673.2

 

Intentionally Left Blank
Impact of acquisitions/dispositions

 

 

 

(12.1

)

Impact of fuel prices/spread

 

(15.8

)

 

 

Impact of foreign exchange rates

 

(11.4

)

 

 

As reported

$

608.6

 

$

661.1

 

 
* Columns may not calculate due to rounding.
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.
Exhibit 6
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
 
The following tables reconcile second quarter and full year 2021 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
 
Q2 2021 GUIDANCE

Low*

High*

Net income

$

185

 

$

205

 

Net income per diluted share

$

2.15

 

$

2.35

 

 
Stock based compensation

 

19

 

 

19

 

Amortization of intangible assets, premium on receivables, deferred financing costs and discounts

 

48

 

 

48

 

Other

 

4

 

 

4

 

Total pre-tax adjustments

 

71

 

 

71

 

 
Income tax impact of pre-tax adjustments

 

(16

)

 

(16

)

Adjusted net income

$

240

 

$

260

 

Adjusted net income per diluted share

$

2.80

 

$

3.00

 

 
Diluted shares

 

87

 

 

87

 

 
2021 GUIDANCE
Low* High*
Net income

$

835

 

$

890

 

Net income per diluted share

$

9.64

 

$

10.20

 

 
Stock based compensation

 

74

 

 

74

 

Amortization of intangible assets, premium on receivables, deferred financing costs and discounts

 

190

 

 

190

 

Other

 

15

 

 

15

 

Total pre-tax adjustments

 

279

 

 

279

 

 
Income tax impact of pre-tax adjustments

 

(68

)

 

(59

)

Adjusted net income

$

1,045

 

$

1,110

 

Adjusted net income per diluted share

$

12.14

 

$

12.70

 

 
Diluted shares

 

87

 

 

87

 

 
* Columns may not calculate due to rounding.