FLEETCOR Reports Third Quarter 2021 Financial Results

Source:
FLEETCOR Technologies, Inc.

ATLANTA--(BUSINESS WIRE)--Nov. 3, 2021-- FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its third quarter of 2021.

“Our third quarter profits (adjusted EPS) and revenue were records for the company, growing 25% and 29% respectively,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “Overall organic revenue growth was 17%, and inside of that, our corporate payments business grew 22%. We are increasing the mid-point of our full-year guidance to $13.05, and are enthused about the setup into 2022 with our sales momentum, expected deal synergies and an improved macro environment.”

Financial Results for Third Quarter of 2021:

GAAP Results

  • Total revenues increased 29% to $755.5 million in the third quarter of 2021, compared to $585.3 million in the third quarter of 2020.
  • Net income increased 24% to $234.0 million in the third quarter of 2021, compared to $188.8 million in the third quarter of 2020. 
  • Net income per diluted share increased 28% to $2.80 in the third quarter of 2021, compared to $2.19 per diluted share in the third quarter of 2020.

Non-GAAP Results1

  • Adjusted net income1 increased 22% to $294.4 million in the third quarter of 2021, compared to $241.9 million in the third quarter of 2020.
  • Adjusted net income per diluted share1 increased 25% to $3.52 in the third quarter of 2021, compared to $2.80 per diluted share in the third quarter of 2020.

“Our third quarter results were again excellent, and beat the expectations we provided in August for both revenue and adjusted earnings per share,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. “Our expense management discipline, strong credit performance and effective capital allocation all contributed to the bottom line beat.”

Fiscal-Year 2021 Outlook:

“Our guidance increase reflects our third quarter results and the benefit from the ALE acquisition completed on September 1, 2021. With three quarters of strong results behind us, we currently expect fourth quarter revenue and adjusted EPS to grow both sequentially and year-over-year, which will contribute to full year growth rates of 17% and 18% at the mid-point, respectively,” concluded Freund.

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

  • Total revenues between $2,785 million and $2,805 million;
  • GAAP net income between $837 million and $847 million;
  • GAAP net income per diluted share between $9.90 and $10.00;
  • Adjusted net income between $1,100 million and $1,110 million;
  • and Adjusted net income per diluted share between $13.00 and $13.10.

FLEETCOR’s guidance assumptions for the fourth quarter of 2021 are as follows:

  • Weighted average U.S. fuel prices equal to $3.27 per gallon;
  • Market spreads slightly unfavorable to the 2020 average; and
  • Foreign exchange rates equal to the seven-day average as of October 17, 2021.

FLEETCOR’s guidance assumptions for the full year are as follows:

  • Interest expense between $120 million and $125 million;
  • Approximately 85 million fully diluted shares outstanding;
  • A tax rate of 22.5% to 23.5%; and
  • No impact related to acquisitions not already closed.

_______________________________________
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 third 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 13724667. The replay will be available until Wednesday, November 10, 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”); the impact of vaccine mandates on our workforce; 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 September 30,

 

Nine Months Ended September 30,

2021

 

2020

 

2021

 

2020

 
Revenues, net

$

755,477

$

585,283

$

2,031,481

$

1,771,522

 
Expenses:
Processing

 

149,564

 

119,856

 

388,286

 

474,849

Selling

 

71,204

 

46,762

 

186,511

 

144,995

General and administrative

 

121,785

 

90,868

 

345,155

 

283,717

Depreciation and amortization

 

74,237

 

63,479

 

209,184

 

190,117

Other operating, net

 

-

 

(214)

 

81

 

(482)

Operating income

 

338,687

 

264,532

 

902,264

 

678,326

Investment loss (gain)

 

-

 

1,330

 

(9)

 

(30,008)

Other expense (income), net

 

1,532

 

(3,591)

 

3,683

 

(10,477)

Interest expense, net

 

29,033

 

31,383

 

92,269

 

99,474

Total other expense

 

30,565

 

29,122

 

95,943

 

58,989

Income before income taxes

 

308,122

 

235,410

 

806,321

 

619,337

Provision for income taxes

 

74,115

 

46,593

 

191,828

 

124,972

Net income

$

234,007

$

188,817

$

614,493

$

494,365

 
Basic earnings per share

$

2.86

$

2.26

$

7.42

$

5.87

Diluted earnings per share

$

2.80

$

2.19

$

7.24

$

5.68

 
Weighted average shares outstanding:
Basic shares

 

81,836

 

83,719

 

82,811

 

84,170

Diluted shares

 

83,716

 

86,273

 

84,917

 

87,006

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

$

1,271,000

$

934,900

Restricted cash

 

737,937

 

541,719

Accounts and other receivables (less allowance)

 

2,071,523

 

1,366,775

Securitized accounts receivable - restricted for securitization investors

 

1,098,000

 

700,000

Prepaid expenses and other current assets

 

345,831

 

412,924

 
Total current assets

 

5,524,291

 

3,956,318

 
Property and equipment, net

 

220,643

 

202,509

Goodwill

 

5,102,263

 

4,719,181

Other intangibles, net

 

2,369,457

 

2,115,882

Investments

 

11,857

 

7,480

Other assets

 

225,872

 

193,209

 
Total assets

$

13,454,383

$

11,194,579

 
Liabilities and Stockholders’ Equity
 
Current liabilities:
Accounts payable

$

1,726,705

$

1,054,478

Accrued expenses

 

327,271

 

282,681

Customer deposits

 

1,533,145

 

1,175,322

Securitization facility

 

1,098,000

 

700,000

Current portion of notes payable and lines of credit

 

803,397

 

505,697

Other current liabilities

 

177,752

 

250,133

 
Total current liabilities

 

5,666,270

 

3,968,311

 
Notes payable and other obligations, less current portion

 

3,789,981

 

3,126,926

Deferred income taxes

 

564,445

 

498,154

Other noncurrent liabilities

 

258,702

 

245,777

 
Total noncurrent liabilities

 

4,613,128

 

3,870,857

 
Commitments and contingencies
 
Stockholders’ equity:
Common stock

 

127

 

126

Additional paid-in capital

 

2,850,143

 

2,749,900

Retained earnings

 

6,031,438

 

5,416,945

Accumulated other comprehensive loss

 

(1,436,044)

 

(1,363,158)

Treasury stock

 

(4,270,679)

 

(3,448,402)

 
Total stockholders’ equity

 

3,174,985

 

3,355,411

 
Total liabilities and stockholders’ equity

$

13,454,383

$

11,194,579

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

Nine Months Ended September 30,

2021

 

2020

 
Operating activities
Net income

$

614,493

$

494,365

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

 

55,605

 

48,150

Stock-based compensation

 

52,085

 

35,069

Provision for credit losses on accounts and other receivables

 

19,419

 

152,485

Amortization of deferred financing costs and discounts

 

4,903

 

5,028

Amortization of intangible assets and premium on receivables

 

153,579

 

141,967

Loss on extinguishment of debt

 

6,230

 

-

Deferred income taxes

 

16,246

 

(5,747)

Investment gain

 

(9)

 

(30,008)

Other

 

81

 

(482)

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

 

(1,020,900)

 

49,690

Prepaid expenses and other current assets

 

190,543

 

26,105

Other assets

 

28,370

 

6,129

Accounts payable, accrued expenses and customer deposits

 

478,896

 

291,945

Net cash provided by operating activities

 

599,541

 

1,214,696

 
 
Investing activities
Acquisitions, net of cash acquired

 

(545,052)

 

(72,557)

Purchases of property and equipment

 

(74,455)

 

(55,019)

Proceeds from disposal of investment

 

-

 

52,963

Other

 

(2,281)

 

-

Net cash used in investing activities

 

(621,788)

 

(74,613)

 
 
Financing activities
Proceeds from issuance of common stock

 

48,159

 

95,780

Repurchase of common stock

 

(822,277)

 

(788,409)

Borrowings (payments) on securitization facility, net

 

398,000

 

(282,973)

Deferred financing costs paid and debt discount

 

(21,508)

 

(2,474)

Proceeds from issuance of notes payable

 

1,150,000

 

-

Principal payments on notes payable

 

(462,438)

 

(134,097)

Borrowings from revolver

 

1,140,000

 

1,198,500

Payments on revolver

 

(798,851)

 

(1,287,899)

Payments on swing line of credit, net

 

(51,049)

 

(20,111)

Other

 

(811)

 

(244)

Net cash provided by (used in) financing activities

 

579,225

 

(1,221,927)

 
Effect of foreign currency exchange rates on cash

 

(24,660)

 

(222,533)

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

 

532,318

 

(304,377)

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

$

2,008,937

$

1,370,860

 
Supplemental cash flow information
Cash paid for interest, net

$

96,146

$

98,564

 
Cash paid for income taxes, net

$

147,028

$

119,089

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 September 30,

 

Nine Months Ended September 30,

2021

 

2020

 

2021

 

2020

Net income

$

234,007

$

188,817

$

614,493

$

494,365

 
Stock based compensation

 

16,453

 

11,905

 

52,085

 

35,069

Amortization1

 

56,381

 

49,078

 

158,482

 

146,995

Investment loss (gain)

 

-

 

1,330

 

(9)

 

(30,008)

Loss on extinguishment of debt

 

-

 

-

 

6,230

 

-

Integration and deal related costs

 

6,638

 

1,768

 

18,132

 

11,035

Restructuring and related (subsidies) costs

 

(568)

 

185

 

(1,922)

 

4,912

Legal settlements/litigation

 

561

 

2,048

 

5,619

 

(2,989)

Write-off of customer receivable2

 

-

 

-

 

-

 

90,058

Total pre-tax adjustments

 

79,465

 

66,313

 

238,617

 

255,072

 
Income taxes3

 

(19,114)

 

(13,196)

 

(48,193)

 

(45,581)

 
Adjusted net income

$

294,358

$

241,934

$

804,917

$

703,856

Adjusted net income per diluted share

$

3.52

$

2.80

$

9.48

$

8.09

 
Diluted shares

 

83,716

 

86,273

 

84,917

 

87,006

 
 
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 September 30,

 

Three Months Ended September 30,

 

2021

 

 

2020

 

Change

 

% Change

 

 

2021

 

 

2020

 

Change

 

% Change

 
FUEL
- Revenues, net

$

306.8

$

255.1

$

51.6

20%

$

288.7

$

255.6

$

33.1

13%

- Transactions

 

117.7

 

113.6

 

4.1

4%

 

117.7

 

113.9

 

3.8

3%

- Revenues, net per transaction

$

2.61

$

2.25

$

0.36

16%

$

2.45

$

2.24

$

0.21

9%

 
CORPORATE PAYMENTS
- Revenues, net

$

168.7

$

106.5

$

62.2

58%

$

165.6

$

135.9

$

29.7

22%

- Spend volume

$

25,666

$

15,567

$

10,099

65%

$

25,666

$

19,617

$

6,050

31%

- Revenues, net per spend $

 

0.66%

 

0.68%

 

(0.03%)

(4%)

 

0.65%

 

0.69%

 

(0.05%)

(7%)

 
TOLLS
- Revenues, net

$

79.0

$

67.6

$

11.4

17%

$

76.9

$

67.6

$

9.2

14%

- Tags (average monthly)

 

6.0

 

5.4

 

0.6

11%

 

6.0

 

5.4

 

0.6

11%

- Revenues, net per tag

$

13.25

$

12.60

$

0.65

5%

$

12.89

$

12.60

$

0.29

2%

 
LODGING
- Revenues, net

$

85.2

$

52.9

$

32.4

61%

$

85.2

$

60.7

$

24.5

40%

- Room nights

 

7.6

 

5.4

 

2.2

41%

 

7.6

 

6.1

 

1.5

25%

- Revenues, net per room night

$

11.14

$

9.77

$

1.37

14%

$

11.14

$

9.96

$

1.18

12%

 
GIFT
- Revenues, net

$

48.6

$

39.1

$

9.6

25%

$

48.6

$

39.1

$

9.6

25%

- Transactions

 

256.2

 

242.7

 

13.4

6%

 

256.2

 

242.7

 

13.4

6%

- Revenues, net per transaction

$

0.19

$

0.16

$

0.03

18%

$

0.19

$

0.16

$

0.03

18%

 
OTHER1
- Revenues, net

$

67.2

$

64.1

$

3.1

5%

$

65.4

$

64.1

$

1.3

2%

- Transactions

 

8.9

 

9.9

 

(1.0)

(10%)

 

8.9

 

9.9

 

(1.0)

(10%)

- Revenues, net per transaction

$

7.58

$

6.48

$

1.10

17%

$

7.39

$

6.48

$

0.91

14%

 
 
FLEETCOR CONSOLIDATED REVENUES
- Revenues, net

$

755.5

$

585.3

$

170.2

29%

$

730.3

$

623.0

$

107.3

17%

 
 
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)
 
Revenues by Geography*

Three Months Ended September 30,

 

Nine Months Ended September 30,

2021

 

%

 

2020

 

%

 

2021

 

%

 

2020

 

%

 
US

$

488

65%

$

357

61%

$

1,271

63%

$

1,090

62%

Brazil

 

95

13%

 

80

14%

 

262

13%

 

254

14%

UK

 

82

11%

 

70

12%

 

241

12%

 

193

11%

Other

 

91

12%

 

78

13%

 

256

13%

 

235

13%

 
Consolidated Revenues, net

$

755

100%

$

585

100%

$

2,031

100%

$

1,772

100%

* Columns may not calculate due to rounding.
 
Revenues by Solution*

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

%

 

 

2020

 

%

 

 

2021

 

%

 

 

2020

 

%

 
Fuel

$

307

41%

$

255

44%

$

864

43%

$

797

45%

Corporate Payments

 

169

22%

 

107

18%

 

425

21%

 

319

18%

Tolls

 

79

10%

 

68

12%

 

219

11%

 

215

12%

Lodging

 

85

11%

 

53

9%

 

206

10%

 

150

8%

Gift

 

49

6%

 

39

7%

 

124

6%

 

108

6%

Other

 

67

9%

 

64

11%

 

192

9%

 

182

10%

 
Consolidated Revenues, net

$

755

100%

$

585

100%

$

2,031

100%

$

1,772

100%

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

Three Months Ended September 30,

 

Nine Months Ended September 30,

20211

 

2020

 

20211

 

2020

 
Revenues, net:
North America

$

520,535

$

383,828

$

1,366,167

$

1,175,950

Brazil

 

94,888

 

79,596

 

262,481

 

253,722

International

 

140,054

 

121,859

 

402,833

 

341,850

$

755,477

$

585,283

$

2,031,481

$

1,771,522

 
Operating income:
North America

$

213,379

$

153,328

$

554,607

$

372,219

Brazil

 

39,868

 

35,600

 

105,424

 

104,462

International

 

85,440

 

75,604

 

242,233

 

201,645

$

338,687

$

264,532

$

902,264

$

678,326

 
Depreciation and amortization:
North America

$

49,005

$

39,390

$

133,420

$

115,913

Brazil

 

12,910

 

12,260

 

38,091

 

39,019

International

 

12,322

 

11,829

 

37,673

 

35,185

$

74,237

$

63,479

$

209,184

$

190,117

 
Capital expenditures:
North America

$

17,572

$

12,053

$

44,427

$

35,590

Brazil

 

5,795

 

3,501

 

15,580

 

10,309

International

 

5,323

 

2,595

 

14,448

 

9,120

$

28,690

$

18,149

$

74,455

$

55,019

 
1 Results from the 2021 acquisition of Roger, AFEX and ALE 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 September 30, Three Months Ended September 30,
2021* 2020* 2021* 2020*
 
FUEL-TRANSACTIONS
Pro forma and macro adjusted

$

288.7

$

255.6

117.7

113.9

Impact of acquisitions/dispositions

 

-

 

(0.5)

-

(0.3)

Impact of fuel prices/spread

 

12.7

 

-

-

-

Impact of foreign exchange rates

 

5.3

 

-

-

-

As reported

$

306.8

$

255.1

117.7

113.6

 
CORPORATE PAYMENTS- SPEND
Pro forma and macro adjusted

$

165.6

$

135.9

25,666

19,617

Impact of acquisitions/dispositions

 

-

 

(29.4)

-

(4,049)

Impact of fuel prices/spread

 

0.4

 

-

-

-

Impact of foreign exchange rates

 

2.8

 

-

-

-

As reported

$

168.7

$

106.5

25,666

15,567

 
TOLLS- TAGS
Pro forma and macro adjusted

$

76.9

$

67.6

6.0

5.4

Impact of acquisitions/dispositions

 

-

 

-

-

-

Impact of fuel prices/spread

 

-

 

-

-

-

Impact of foreign exchange rates

 

2.2

 

-

-

-

As reported

$

79.0

$

67.6

6.0

5.4

 
LODGING- ROOM NIGHTS
Pro forma and macro adjusted

$

85.2

$

60.7

7.6

6.1

Impact of acquisitions/dispositions

 

-

 

(7.9)

-

(0.7)

Impact of fuel prices/spread

 

-

 

-

-

-

Impact of foreign exchange rates

 

-

 

-

-

-

As reported

$

85.2

$

52.9

7.6

5.4

 
GIFT- TRANSACTIONS
Pro forma and macro adjusted

$

48.6

$

39.1

256.2

242.7

Impact of acquisitions/dispositions

 

-

 

-

-

-

Impact of fuel prices/spread

 

-

 

-

-

-

Impact of foreign exchange rates

 

-

 

-

-

-

As reported

$

48.6

$

39.1

256.2

242.7

 
OTHER1- TRANSACTIONS
Pro forma and macro adjusted

$

65.4

$

64.1

8.9

9.9

Impact of acquisitions/dispositions

 

-

 

-

-

-

Impact of fuel prices/spread

 

-

 

-

-

-

Impact of foreign exchange rates

 

1.8

 

-

-

-

As reported

$

67.2

$

64.1

8.9

9.9

 
 
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted

$

730.3

$

623.0

Intentionally Left Blank
Impact of acquisitions/dispositions

 

-

 

(37.7)

Impact of fuel prices/spread2

 

13.1

 

-

Impact of foreign exchange rates2

 

12.1

 

-

As reported

$

755.5

$

585.3

 
* Columns may not calculate due to rounding.
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.
2 Revenues reflect an estimated $17 million positive impact from fuel prices and approximately $12 million positive impact due to movements in foreign exchange rates, partially offset by $4 million negative impact from fuel price spreads.
Exhibit 6
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
 
The following table reconciles 2021 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
 
2021 GUIDANCE
Low* High*
Net income

$

837

$

847

Net income per diluted share

$

9.90

$

10.00

 
Stock based compensation

 

81

 

81

Amortization

 

218

 

218

Other

 

32

 

32

Total pre-tax adjustments

 

331

 

331

 
Income taxes

 

(69)

 

(69)

Adjusted net income

$

1,100

$

1,110

Adjusted net income per diluted share

$

13.00

$

13.10

 
Diluted shares

 

85

 

85

* Columns may not calculate due to rounding.
 

 

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

Source: FLEETCOR Technologies, Inc.


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