PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)--Dec. 17, 2018--
FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global provider of
commercial payment solutions, announced today that it has entered into
an Accelerated Share Repurchase (“ASR”) program with Bank of America,
N.A. to repurchase $220 million of common stock under its current share
repurchase authorization.
Prior to this repurchase program, FLEETCOR had repurchased 1,769,954
shares for $345.4 million in the fourth quarter of 2018. Including the
shares expected to be repurchased in the ASR program announced today,
FLEETCOR will have repurchased approximately 3 million shares in the
fourth quarter, and a total of approximately 4.9 million shares in 2018.
These repurchases represent a substantial return of capital to
shareholders by reducing outstanding shares by approximately 5.5%, or
$946 million, since December 31, 2017.
The Company expects to fund the repurchase with a combination of debt
and cash. Approximately 85 percent of the shares expected to be
repurchased under the transaction will be received by FLEETCOR on
December 18, 2018. The total number of shares ultimately repurchased
under the program will be determined upon final settlement and will be
based on a discount to the volume-weighted average price of FLEETCOR’s
common stock during the ASR period. FLEETCOR anticipates that all
repurchases under the ASR will be completed by the end of the first
quarter of 2019.
Subsequent to completion of this ASR, FLEETCOR is expected to have
approximately $64 million remaining under its current repurchase
authorization.
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,
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," "expect," "may," "will," "would," "could" or "should," the
negative of these terms or other comparable terminology. Examples of
forward-looking statements in this press release include statements
relating to the expected side and timeframe of FLEETCOR’s ASR program.
These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those contained in any forward-looking statement, such as delays or
failures associated with implementation of the share repurchase program;
the ability to complete the ASR program;fuel price and spread
volatility; the impact of foreign exchange rates on operations, revenue
and income; the effects of general economic conditions on fueling
patterns and the commercial activity of fleets; changes in credit risk
of customers and associated losses; the actions of regulators relating
to payment cards or resulting from investigations; failure to maintain
or renew key business relationships; failure to maintain competitive
offerings; failure to maintain or renew sources of financing; failure to
complete, or delays in completing, anticipated new customer arrangements
or acquisitions and the failure to successfully integrate or otherwise
achieve anticipated benefits from such customer arrangements or acquired
businesses; failure to successfully expand business internationally,
risks related to litigation: risks related to the unauthorized access to
systems and information; 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, 2017 and FLEETCOR’s
quarterly reports on Form 10-Q for the three months ended March 31,
2018, June 30, 2018 and September 30, 2018. FLEETCOR believes these
forward-looking statements are reasonable; however, forward-looking
statements are not a guarantee of performance, and undue reliance should
not be placed on such statements. The forward-looking statements
included in this press release are made only as of the date hereof, and
FLEETCOR does not undertake, and specifically disclaims, any obligation
to update any such statements or to publicly announce the results of any
revisions to any of such statements to reflect future events or
developments except as specifically stated in this press release or to
the extent required by law.
About FLEETCOR
FLEETCOR Technologies (NYSE:FLT) is a leading global provider of
commercial payment solutions. The Company helps businesses of all sizes
better control, simplify and secure payment of their fuel, toll, lodging
and other general payables. With its proprietary payment acceptance
networks, FLEETCOR provides affiliated merchants with incremental sales
and loyalty. FLEETCOR serves businesses, partners and merchants in North
America, Latin America, Europe, and Australasia. For more information,
please visit www.FLEETCOR.com.

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Source: FLEETCOR Technologies, Inc.
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@fleetcor.com