FLEETCOR Reports Second Quarter 2021 Financial Results

Board increased share repurchase authorization by $1 billion

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

“Our second quarter profits (adjusted EPS) climbed 38%, and we posted record retention and record sales levels,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “Our outlook is improving, and we now expect the second half of the year results to once again reach new all-time highs in revenues and profits.”

Financial Results for Second Quarter of 2021:

GAAP Results

  • Total revenues increased 27% to $667.4 million in the second quarter of 2021, compared to $525.1 million in the second quarter of 2020.
  • Net income increased 24% to $196.2 million in the second quarter of 2021, compared to $158.5 million in the second quarter of 2020.
  • Net income per diluted share increased 26% to $2.30 in the second quarter of 2021, compared to $1.83 per diluted share in the second quarter of 2020.

Non-GAAP Results1

  • Adjusted net income1 increased 36% to $268.4 million in the second quarter of 2021, compared to $197.4 million in the second quarter of 2020.
  • Adjusted net income per diluted share1 increased 38% to $3.15 in the second quarter of 2021, compared to $2.28 per diluted share in the second quarter of 2020.

“Our second quarter results were excellent, with organic growth improving across the board, which was bolstered by the macroeconomic environment of higher fuel prices and favorable foreign exchange rates,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. “We’ve continued to manage expenses in line with revenues, and are experiencing strong credit performance. Our active share repurchase program was increased by $1 billion by the Board on July 27, 2021, and we now have $1.6 billion of repurchase capacity.”

Fiscal-Year 2021 Outlook:

“We are raising our full year revenues and our adjusted net income per diluted share guidance to $2,765 million and $12.90 at the mid-point respectively, to reflect our second quarter results, the benefit from the AFEX transaction, and the improved macro outlook. We currently expect continued recovery of volumes from COVID levels for the remainder of the year and the benefit of the acceleration of new sales to continue to drive momentum in the second half of 2021,” concluded Freund.

For fiscal year 2021, FLEETCOR Technologies, Inc. updated financial guidance1 is as follows:

  • Total revenues between $2,740 million and $2,790 million;
  • GAAP net income between $835 million and $865 million;
  • GAAP net income per diluted share between $9.80 and $10.00;
  • Adjusted net income between $1,085 million and $1,115 million; and
  • Adjusted net income per diluted share between $12.80 and $13.00.

FLEETCOR’s guidance assumptions for 2021 are as follows:

For the balance of the year:

  • Weighted U.S. fuel prices equal to $3.07 per gallon;
  • Market spreads slightly unfavorable to the 2020 average; and
  • Foreign exchange rates equal to the seven-day average as of July 11, 2021.

For the full year:

  • Interest expense between $120 million and $125 million;
  • Between 85 million and 86 million fully diluted shares outstanding;
  • A tax rate of 21.5% to 22.5%; and
  • No impact related to acquisitions not already closed.

Third Quarter of 2021 Outlook1:

For the third quarter, the Company is expecting adjusted net income per diluted share to be in the range of $3.35 to $3.55.

_______________________________________

[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 second quarter 2021 financial results today at 5:00 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 (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13722058. The replay will be available until Wednesday, August 11, 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 novel coronavirus (including any variants thereof, “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 its 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 its 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, 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, but not necessarily exclusively, due to COVID-19, the impact of discrete tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets/businesses, 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. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses and recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, 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 June 30,

 

Six Months Ended June 30,

 

2021

 

 

2020

 

 

 

2021

 

 

 

2020

 

 
Revenues, net

$

667,381

$

525,146

 

$

1,276,004

 

$

1,186,239

 

 
Expenses:
Processing

 

122,294

 

121,290

 

 

238,722

 

 

354,993

 

Selling

 

63,225

 

42,374

 

 

115,307

 

 

98,233

 

General and administrative

 

115,008

 

86,739

 

 

223,370

 

 

192,849

 

Depreciation and amortization

 

69,218

 

62,162

 

 

134,947

 

 

126,638

 

Other operating, net

 

24

 

(230

)

 

81

 

 

(268

)

Operating income

 

297,612

 

212,811

 

 

563,577

 

 

413,794

 

Investment gain

 

-

 

(33,709

)

 

(9

)

 

(31,338

)

Other expense (income), net

 

408

 

2,480

 

 

2,151

 

 

(6,886

)

Interest expense, net

 

34,685

 

32,412

 

 

63,236

 

 

68,091

 

Total other expense

 

35,093

 

1,183

 

 

65,378

 

 

29,867

 

Income before income taxes

 

262,519

 

211,628

 

 

498,199

 

 

383,927

 

Provision for income taxes

 

66,272

 

53,140

 

 

117,713

 

 

78,379

 

Net income

$

196,247

$

158,488

 

$

380,486

 

$

305,548

 

 
Basic earnings per share

$

2.36

$

1.89

 

$

4.57

 

$

3.62

 

Diluted earnings per share

$

2.30

$

1.83

 

$

4.45

 

$

3.50

 

 
Weighted average shares outstanding:
Basic shares

 

83,141

 

83,895

 

 

83,307

 

 

84,399

 

Diluted shares

 

85,295

 

86,570

 

 

85,528

 

 

87,380

 

FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and par value amounts)
June 30, 2021 December 31, 2020
(Unaudited)
Assets
 
Current assets:
Cash and cash equivalents

$

1,301,207

 

$

934,900

 

Restricted cash

 

758,096

 

 

541,719

 

Accounts and other receivables (less allowance)

 

1,787,155

 

 

1,366,775

 

Securitized accounts receivable - restricted for securitization investors

 

1,000,000

 

 

700,000

 

Prepaid expenses and other current assets

 

407,685

 

 

412,924

 

 
Total current assets

 

5,254,143

 

 

3,956,318

 

 
Property and equipment, net

 

216,681

 

 

202,509

 

Goodwill

 

5,058,174

 

 

4,719,181

 

Other intangibles, net

 

2,265,574

 

 

2,115,882

 

Investments

 

11,857

 

 

7,480

 

Other assets

 

220,454

 

 

193,209

 

 
Total assets

$

13,026,883

 

$

11,194,579

 

 
Liabilities and Stockholders’ Equity
 
Current liabilities:
Accounts payable

$

1,578,266

 

$

1,054,478

 

Accrued expenses

 

290,120

 

 

282,681

 

Customer deposits

 

1,570,190

 

 

1,175,322

 

Securitization facility

 

1,000,000

 

 

700,000

 

Current portion of notes payable and lines of credit

 

346,080

 

 

505,697

 

Other current liabilities

 

195,762

 

 

250,133

 

 
Total current liabilities

 

4,980,418

 

 

3,968,311

 

 
Notes payable and other obligations, less current portion

 

3,732,701

 

 

3,126,926

 

Deferred income taxes

 

565,856

 

 

498,154

 

Other noncurrent liabilities

 

259,061

 

 

245,777

 

 
Total noncurrent liabilities

 

4,557,618

 

 

3,870,857

 

 
Commitments and contingencies
 
Stockholders’ equity:
Common stock

 

127

 

 

126

 

Additional paid-in capital

 

2,821,453

 

 

2,749,900

 

Retained earnings

 

5,797,431

 

 

5,416,945

 

Accumulated other comprehensive loss

 

(1,265,177

)

 

(1,363,158

)

Treasury stock

 

(3,864,987

)

 

(3,448,402

)

 
Total stockholders’ equity

 

3,488,847

 

 

3,355,411

 

 
Total liabilities and stockholders’ equity

$

13,026,883

 

$

11,194,579

 

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In thousands)

Six Months Ended June 30,

 

2021

 

 

 

2020

 

 
Operating activities
Net income

$

380,486

 

$

305,548

 

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

 

36,094

 

 

31,607

 

Stock-based compensation

 

35,632

 

 

23,164

 

Provision for credit losses on accounts and other receivables

 

8,521

 

 

139,000

 

Amortization of deferred financing costs and discounts

 

3,248

 

 

2,886

 

Amortization of intangible assets and premium on receivables

 

98,853

 

 

95,031

 

Loss on extinguishment of debt

 

6,230

 

 

-

 

Deferred income taxes

 

12,897

 

 

(8,730

)

Investment gain

 

(9

)

 

(31,338

)

Other

 

81

 

 

(268

)

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

 

(706,574

)

 

359,685

 

Prepaid expenses and other current assets

 

115,239

 

 

46,216

 

Other assets

 

20,715

 

 

828

 

Accounts payable, accrued expenses and customer deposits

 

345,029

 

 

(161,461

)

Net cash provided by operating activities

 

356,442

 

 

802,168

 

 
Investing activities
Acquisitions, net of cash acquired

 

(114,994

)

 

(492

)

Purchases of property and equipment

 

(45,765

)

 

(36,870

)

Other

 

(2,281

)

 

-

 

Net cash used in investing activities

 

(163,040

)

 

(37,362

)

 
Financing activities
Proceeds from issuance of common stock

 

35,921

 

 

92,977

 

Repurchase of common stock

 

(416,585

)

 

(557,361

)

Borrowings (payments) on securitization facility, net

 

300,000

 

 

(316,973

)

Deferred financing costs paid and debt discount

 

(21,039

)

 

(974

)

Proceeds from issuance of notes payable

 

1,150,000

 

 

-

 

Principal payments on notes payable

 

(419,250

)

 

(92,910

)

Borrowings from revolver

 

405,000

 

 

573,500

 

Payments on revolver

 

(623,851

)

 

(726,644

)

Payments on swing line of credit, net

 

(51,157

)

 

(3,879

)

Other

 

(366

)

 

(169

)

Net cash provided by (used in) financing activities

 

358,673

 

 

(1,032,433

)

Effect of foreign currency exchange rates on cash

 

30,609

 

 

(216,264

)

 
Net increase (decrease) in cash and cash equivalents and restricted cash

 

582,684

 

 

(483,891

)

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

$

2,059,303

 

$

1,191,346

 

 
Supplemental cash flow information
Cash paid for interest, net

$

54,818

 

$

68,454

 

 
Cash paid for income taxes, net

$

113,969

 

$

56,790

 

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 June 30,

 

Six Months Ended June 30,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Net income

$

196,247

 

$

158,488

 

$

380,486

 

$

305,548

 

 
Stock based compensation

 

17,885

 

 

8,989

 

 

35,632

 

 

23,164

 

Amortization1

 

52,525

 

 

47,875

 

 

102,101

 

 

97,917

 

Investment gain

 

-

 

 

(33,709

)

 

(9

)

 

(31,338

)

Loss on extinguishment of debt

 

6,230

 

 

-

 

 

6,230

 

 

-

 

Integration and deal related costs

 

7,823

 

 

5,902

 

 

11,493

 

 

9,267

 

Restructuring and related (subsidies) costs

 

(777

)

 

4,727

 

 

(1,354

)

 

4,727

 

Legal settlements/litigation

 

1,388

 

 

944

 

 

5,058

 

 

(5,037

)

Write-off of customer receivable2

 

-

 

 

-

 

 

-

 

 

90,058

 

Total pre-tax adjustments

 

85,074

 

 

34,727

 

 

159,151

 

 

188,758

 

 
Income taxes3

 

(12,910

)

 

4,211

 

 

(29,079

)

 

(32,385

)

 
Adjusted net income

$

268,411

 

$

197,425

 

$

510,559

 

$

461,922

 

Adjusted net income per diluted share

$

3.15

 

$

2.28

 

$

5.97

 

$

5.29

 

 
Diluted shares

 

85,295

 

 

86,570

 

 

85,528

 

 

87,380

 

 

1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.
2 Represents a 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.
3 Represents provision for income taxes of pre-tax adjustments. 2021 includes remeasurement of deferreds due to the increase in UK corporate tax rate from 19% to 25% of $6.5 million. 2020 includes a tax reserve adjustment related to prior year tax positions of $9.8 million.

 

* 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 June 30,

 

Three Months Ended June 30,

 

2021

 

 

 

2020

 

 

Change

 

% Change

 

 

2021

 

 

 

2020

 

 

Change

 

% Change

 
FUEL
- Revenues, net

$

295.1

 

$

249.8

 

$

45.3

 

18

%

$

298.1

 

$

250.1

 

$

48.0

 

19

%

- Transactions

 

118.3

 

 

99.7

 

 

18.6

 

19

%

 

118.3

 

 

99.8

 

 

18.4

 

18

%

- Revenues, net per transaction

$

2.50

 

$

2.51

 

$

(0.01

)

(0

%)

$

2.52

 

$

2.51

 

$

0.02

 

1

%

 
CORPORATE PAYMENTS
- Revenues, net

$

140.4

 

$

92.6

 

$

47.8

 

52

%

$

135.8

 

$

102.7

 

$

33.1

 

32

%

- Spend volume

$

22,862

 

$

13,672

 

$

9,190

 

67

%

$

22,859

 

$

17,583

 

$

5,276

 

30

%

- Revenues, net per spend $

 

0.61

%

 

0.68

%

 

(0.06

%)

(9

%)

 

0.59

%

 

0.58

%

 

0.01

%

2

%

 
TOLLS
- Revenues, net

$

71.3

 

$

64.8

 

$

6.5

 

10

%

$

70.5

 

$

64.8

 

$

5.6

 

9

%

- Tags (average monthly)

 

5.8

 

 

5.3

 

 

0.5

 

10

%

 

5.8

 

 

5.3

 

 

0.5

 

10

%

- Revenues, net per tag

$

12.21

 

$

12.19

 

$

0.02

 

0

%

$

12.06

 

$

12.19

 

$

(0.13

)

(1

%)

 
LODGING
- Revenues, net

$

62.2

 

$

40.6

 

$

21.6

 

53

%

$

62.2

 

$

44.8

 

$

17.4

 

39

%

- Room nights

 

6.6

 

 

4.6

 

 

2.0

 

44

%

 

6.6

 

 

5.0

 

 

1.6

 

32

%

- Revenues, net per room night

$

9.41

 

$

8.82

 

$

0.58

 

7

%

$

9.40

 

$

8.96

 

$

0.44

 

5

%

 
GIFT
- Revenues, net

$

32.3

 

$

26.5

 

$

5.8

 

22

%

$

32.3

 

$

26.5

 

$

5.8

 

22

%

- Transactions

 

259.4

 

 

188.2

 

 

71.1

 

38

%

 

259.4

 

 

188.2

 

 

71.1

 

38

%

- Revenues, net per transaction

$

0.12

 

$

0.14

 

$

(0.02

)

(12

%)

$

0.12

 

$

0.14

 

$

(0.02

)

(12

%)

 
OTHER1
- Revenues, net

$

66.0

 

$

50.8

 

$

15.2

 

30

%

$

63.5

 

$

50.8

 

$

12.7

 

25

%

- Transactions

 

9.3

 

 

9.0

 

 

0.3

 

3

%

 

9.3

 

 

9.0

 

 

0.3

 

3

%

- Revenues, net per transaction

$

7.13

 

$

5.65

 

$

1.48

 

26

%

$

6.86

 

$

5.65

 

$

1.21

 

21

%

 
 
FLEETCOR CONSOLIDATED REVENUES
- Revenues, net

$

667.4

 

$

525.1

 

$

142.2

 

27

%

$

662.3

 

$

539.8

 

$

122.5

 

23

%

 
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 June 30,

 

Six Months Ended June 30,

 

2021

 

%

 

 

2020

 

%

 

 

2021

 

%

 

 

2020

 

%

 
US

$

413

62

%

$

335

64

%

$

783

61

%

$

733

62

%

Brazil

 

86

13

%

 

75

14

%

 

168

13

%

 

174

15

%

UK

 

84

13

%

 

49

9

%

 

159

12

%

 

123

10

%

Other

 

85

13

%

 

66

13

%

 

166

13

%

 

157

13

%

 
Consolidated Revenues, net

$

667

100

%

$

525

100

%

$

1,276

100

%

$

1,186

100

%

* Columns may not calculate due to rounding.
 
Revenue by Solution Category*

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

%

 

 

2020

 

%

 

 

2021

 

%

 

 

2020

 

%

 
Fuel

$

295

44

%

$

250

48

%

$

557

44

%

$

542

46

%

Corporate Payments

 

140

21

%

 

93

18

%

 

257

20

%

 

212

18

%

Tolls

 

71

11

%

 

65

12

%

 

140

11

%

 

148

12

%

Lodging

 

62

9

%

 

41

8

%

 

121

10

%

 

98

8

%

Gift

 

32

5

%

 

27

5

%

 

76

6

%

 

69

6

%

Other

 

66

10

%

 

51

10

%

 

125

10

%

 

118

10

%

 
Consolidated Revenues, net

$

667

100

%

$

525

100

%

$

1,276

100

%

$

1,186

100

%

* Columns may not calculate due to rounding.
Exhibit 4
Segment Results
(In thousands)
(Unaudited)
 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

20211

 

 

2020

 

 

20211

 

 

2020

 
Revenues, net:
North America

$

443,426

$

357,430

$

845,632

$

792,122

Brazil

 

85,670

 

75,148

 

167,593

 

174,126

International

 

138,285

 

92,568

 

262,779

 

219,991

$

667,381

$

525,146

$

1,276,004

$

1,186,239

 
Operating income:
North America

$

178,652

$

133,151

$

341,228

$

218,891

Brazil

 

33,331

 

29,420

 

65,556

 

68,862

International

 

85,629

 

50,240

 

156,793

 

126,041

$

297,612

$

212,811

$

563,577

$

413,794

 
Depreciation and amortization:
North America

$

43,882

$

38,548

$

84,415

$

76,524

Brazil

 

12,894

 

12,169

 

25,181

 

26,758

International

 

12,442

 

11,445

 

25,351

 

23,356

$

69,218

$

62,162

$

134,947

$

126,638

 
Capital expenditures:
North America

$

15,325

$

12,279

$

26,855

$

23,543

Brazil

 

5,775

 

3,477

 

9,126

 

6,808

International

 

5,138

 

2,857

 

9,784

 

6,519

$

26,238

$

18,613

$

45,765

$

36,870

 
1 Results from the 2021 acquisition of Roger and AFEX are reported 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 June 30,

 

 

Three Months Ended June 30,

2021*

 

2020*

 

 

2021*

 

2020*

 

 
FUEL-TRANSACTIONS
Pro forma and macro adjusted

$

298.1

 

$

250.1

 

118.3

99.8

 

Impact of acquisitions/dispositions

 

-

 

 

(0.3

)

-

(0.2

)

Impact of fuel prices/spread

 

(13.9

)

 

-

 

-

-

 

Impact of foreign exchange rates

 

10.9

 

 

-

 

-

-

 

As reported

$

295.1

 

$

249.8

 

118.3

99.7

 

 
CORPORATE PAYMENTS- SPEND
Pro forma and macro adjusted

$

135.8

 

$

102.7

 

22,859

17,583

 

Impact of acquisitions/dispositions

 

-

 

 

(10.2

)

-

(3,912

)

Impact of fuel prices/spread

 

0.2

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

4.4

 

 

-

 

4

-

 

As reported

$

140.4

 

$

92.6

 

22,862

13,672

 

 
TOLLS- TAGS
Pro forma and macro adjusted

$

70.5

 

$

64.8

 

5.8

5.3

 

Impact of acquisitions/dispositions

 

-

 

 

-

 

-

-

 

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

0.9

 

 

-

 

-

-

 

As reported

$

71.3

 

$

64.8

 

5.8

5.3

 

 
LODGING- ROOM NIGHTS
Pro forma and macro adjusted

$

62.2

 

$

44.8

 

6.6

5.0

 

Impact of acquisitions/dispositions

 

-

 

 

(4.2

)

-

(0.4

)

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

0.0

 

 

-

 

-

-

 

As reported

$

62.2

 

$

40.6

 

6.6

4.6

 

 
GIFT- TRANSACTIONS
Pro forma and macro adjusted

$

32.3

 

$

26.5

 

259.4

188.2

 

Impact of acquisitions/dispositions

 

-

 

 

-

 

-

-

 

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

-

 

 

-

 

-

-

 

As reported

$

32.3

 

$

26.5

 

259.4

188.2

 

 
OTHER1- TRANSACTIONS
Pro forma and macro adjusted

$

63.5

 

$

50.8

 

9.3

9.0

 

Impact of acquisitions/dispositions

 

-

 

 

-

 

-

-

 

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

2.5

 

 

-

 

-

-

 

As reported

$

66.0

 

$

50.8

 

9.3

9.0

 

 
 
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted

$

662.3

 

$

539.8

 

Intentionally Left Blank
Impact of acquisitions/dispositions

 

-

 

 

(14.6

)

Impact of fuel prices/spread2

 

(13.7

)

 

-

 

Impact of foreign exchange rates

 

18.7

 

 

-

 

As reported

$

667.4

 

$

525.1

 

* Columns may not calculate due to rounding.
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.
2 Revenues reflect an estimated $14 million net negative impact of fuel prices and fuel price spreads, with $16 million positive impact from fuel prices and $30 million negative impact from fuel spreads.
Exhibit 6
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
 
The following tables reconcile third 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.
 
Q3 2021 GUIDANCE
Low* High*
Net income

$

220

 

$

235

 

Net income per diluted share

$

2.60

 

$

2.80

 

 
Stock based compensation

 

18

 

 

18

 

Amortization

 

57

 

 

57

 

Other

 

4

 

 

4

 

Total pre-tax adjustments

 

79

 

 

79

 

 
Income taxes & impact of pre-tax adjustments

 

(17

)

 

(17

)

Adjusted net income

$

285

 

$

300

 

Adjusted net income per diluted share

$

3.35

 

$

3.55

 

 
Diluted shares

 

85

 

 

85

 

 
2021 GUIDANCE
Low* High*
Net income

$

835

 

$

865

 

Net income per diluted share

$

9.80

 

$

10.00

 

 
Stock based compensation

 

73

 

 

73

 

Amortization

 

215

 

 

215

 

Other

 

29

 

 

29

 

Total pre-tax adjustments

 

317

 

 

317

 

 
Income taxes & impact of pre-tax adjustments

 

(65

)

 

(65

)

Adjusted net income

$

1,085

 

$

1,115

 

Adjusted net income per diluted share

$

12.80

 

$

13.00

 

 
Diluted shares

 

85

 

 

86

 

 

* Columns may not calculate due to rounding.

 

 

Contacts

Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@fleetcor.com

Contacts

Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@fleetcor.com