(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbols(s) | Name of each exchange on which registered | ||||||
(d) | Exhibits | ||||
FLEETCOR Technologies, Inc. press release dated November 2, 2022 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
FleetCor Technologies, Inc. | ||||||||||||||||||||
November 2, 2022 | By: /s/ Alissa B. Vickery | |||||||||||||||||||
Alissa B. Vickery | ||||||||||||||||||||
Chief Financial Officer |
Exhibit No. | Description | |||||||
Press release dated November 2, 2022 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||
Revenues, net | $ | 893,000 | $ | 755,477 | 18 | % | $ | 2,543,519 | $ | 2,031,481 | 25 | % | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Processing | 203,315 | 149,564 | 36 | % | 563,097 | 388,286 | 45 | % | ||||||||||||||||||||||||||||||
Selling | 74,005 | 71,204 | 4 | % | 230,218 | 186,511 | 23 | % | ||||||||||||||||||||||||||||||
General and administrative | 149,294 | 121,785 | 23 | % | 440,262 | 345,155 | 28 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 77,213 | 74,237 | 4 | % | 232,489 | 209,184 | 11 | % | ||||||||||||||||||||||||||||||
Other operating, net | 3 | — | 82 | 81 | 1 | % | ||||||||||||||||||||||||||||||||
Total operating expense | 503,830 | 416,790 | 21 | % | 1,466,148 | 1,129,217 | 30 | % | ||||||||||||||||||||||||||||||
Operating income | 389,170 | 338,687 | 15 | % | 1,077,371 | 902,264 | 19 | % | ||||||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||||||||||
Investment loss (gain) | 174 | — | NM | 519 | (9) | NM | ||||||||||||||||||||||||||||||||
Other expense (income), net | 3,688 | 1,532 | NM | 6,187 | (2,547) | NM | ||||||||||||||||||||||||||||||||
Interest expense, net | 45,410 | 29,033 | 56 | % | 90,510 | 92,269 | (2) | % | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | NM | 1,934 | 6,230 | NM | ||||||||||||||||||||||||||||||||
Total other expense | 49,272 | 30,565 | 61 | % | 99,150 | 95,943 | 3 | % | ||||||||||||||||||||||||||||||
Income before income taxes | 339,898 | 308,122 | 10 | % | 978,221 | 806,321 | 21 | % | ||||||||||||||||||||||||||||||
Provision for income taxes | 91,013 | 74,115 | 23 | % | 249,213 | 191,828 | 30 | % | ||||||||||||||||||||||||||||||
Net income | $ | 248,885 | $ | 234,007 | 6 | % | $ | 729,008 | $ | 614,493 | 19 | % | ||||||||||||||||||||||||||
Basic earnings per share | $ | 3.34 | $ | 2.86 | 17 | % | $ | 9.55 | $ | 7.42 | 29 | % | ||||||||||||||||||||||||||
Diluted earnings per share | $ | 3.29 | $ | 2.80 | 18 | % | $ | 9.38 | $ | 7.24 | 30 | % | ||||||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic shares | 74,461 | 81,836 | 76,311 | 82,811 | ||||||||||||||||||||||||||||||||||
Diluted shares | 75,558 | 83,716 | 77,687 | 84,917 |
September 30, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,317,544 | $ | 1,520,027 | ||||||||||
Restricted cash | 983,336 | 730,668 | ||||||||||||
Accounts and other receivables (less allowance) | 2,184,629 | 1,793,274 | ||||||||||||
Securitized accounts receivable — restricted for securitization investors | 1,482,000 | 1,118,000 | ||||||||||||
Prepaid expenses and other current assets | 618,559 | 326,079 | ||||||||||||
Total current assets | 6,586,068 | 5,488,048 | ||||||||||||
Property and equipment, net | 272,589 | 236,294 | ||||||||||||
Goodwill | 5,068,954 | 5,078,978 | ||||||||||||
Other intangibles, net | 2,169,232 | 2,335,385 | ||||||||||||
Investments | 74,349 | 52,016 | ||||||||||||
Other assets | 314,832 | 213,932 | ||||||||||||
Total assets | $ | 14,486,024 | $ | 13,404,653 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,693,988 | $ | 1,406,350 | ||||||||||
Accrued expenses | 389,953 | 369,054 | ||||||||||||
Customer deposits | 1,599,853 | 1,788,705 | ||||||||||||
Securitization facility | 1,482,000 | 1,118,000 | ||||||||||||
Current portion of notes payable and lines of credit | 994,088 | 399,628 | ||||||||||||
Other current liabilities | 478,283 | 208,614 | ||||||||||||
Total current liabilities | 6,638,165 | 5,290,351 | ||||||||||||
Notes payable and other obligations, less current portion | 4,745,122 | 4,460,039 | ||||||||||||
Deferred income taxes | 571,448 | 566,291 | ||||||||||||
Other noncurrent liabilities | 304,237 | 221,392 | ||||||||||||
Total noncurrent liabilities | 5,620,807 | 5,247,722 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 128 | 127 | ||||||||||||
Additional paid-in capital | 3,001,687 | 2,878,751 | ||||||||||||
Retained earnings | 6,985,450 | 6,256,442 | ||||||||||||
Accumulated other comprehensive loss | (1,660,445) | (1,464,616) | ||||||||||||
Treasury stock | (6,099,768) | (4,804,124) | ||||||||||||
Total stockholders’ equity | 2,227,052 | 2,866,580 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 14,486,024 | $ | 13,404,653 |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Operating activities | ||||||||||||||
Net income | $ | 729,008 | $ | 614,493 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 67,066 | 55,605 | ||||||||||||
Stock-based compensation | 100,828 | 52,085 | ||||||||||||
Provision for credit losses on accounts and other receivables | 89,976 | 19,419 | ||||||||||||
Amortization of deferred financing costs and discounts | 5,949 | 4,903 | ||||||||||||
Amortization of intangible assets and premium on receivables | 165,423 | 153,579 | ||||||||||||
Loss on extinguishment of debt | 1,934 | 6,230 | ||||||||||||
Deferred income taxes | (7,987) | 10,051 | ||||||||||||
Other | 601 | 72 | ||||||||||||
Changes in operating assets and liabilities (net of acquisitions): | ||||||||||||||
Accounts and other receivables | (950,237) | (1,020,900) | ||||||||||||
Prepaid expenses and other current assets | (300,600) | 190,543 | ||||||||||||
Other assets | (105,013) | 28,370 | ||||||||||||
Accounts payable, accrued expenses and customer deposits | 641,659 | 485,091 | ||||||||||||
Net cash provided by operating activities | 438,607 | 599,541 | ||||||||||||
Investing activities | ||||||||||||||
Acquisitions, net of cash acquired | (160,117) | (545,052) | ||||||||||||
Purchases of property and equipment | (107,631) | (74,455) | ||||||||||||
Other | — | (2,281) | ||||||||||||
Net cash used in investing activities | (267,748) | (621,788) | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from issuance of common stock | 22,109 | 48,159 | ||||||||||||
Repurchase of common stock | (1,295,644) | (822,277) | ||||||||||||
Borrowings on securitization facility, net | 364,000 | 398,000 | ||||||||||||
Deferred financing costs paid and debt discount | (10,282) | (21,508) | ||||||||||||
Proceeds from issuance of notes payable | 3,000,000 | 1,150,000 | ||||||||||||
Principal payments on notes payable | (2,800,500) | (462,438) | ||||||||||||
Borrowings from revolver | 4,338,000 | 1,140,000 | ||||||||||||
Payments on revolver | (3,658,000) | (798,851) | ||||||||||||
Borrowings (payments) on swing line of credit, net | 194 | (51,049) | ||||||||||||
Other | — | (811) | ||||||||||||
Net cash (used in) provided by financing activities | (40,123) | 579,225 | ||||||||||||
Effect of foreign currency exchange rates on cash | (80,551) | (24,660) | ||||||||||||
Net increase in cash and cash equivalents and restricted cash | 50,185 | 532,318 | ||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | 2,250,695 | 1,476,619 | ||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 2,300,880 | $ | 2,008,937 | ||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for interest, net | $ | 138,310 | $ | 96,146 | ||||||||||
Cash paid for income taxes, net | $ | 309,567 | $ | 147,028 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Net income | $ | 248,885 | $ | 234,007 | $ | 729,008 | $ | 614,493 | |||||||||||||||||||||
Stock based compensation | 34,180 | 16,453 | 100,828 | 52,085 | |||||||||||||||||||||||||
Amortization1 | 55,748 | 56,381 | 171,372 | 158,482 | |||||||||||||||||||||||||
Integration and deal related costs | 4,861 | 6,638 | 14,071 | 18,132 | |||||||||||||||||||||||||
Legal settlements/litigation | 2,783 | 561 | 4,685 | 5,619 | |||||||||||||||||||||||||
Restructuring and related costs | 507 | (568) | 1,270 | (1,931) | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 1,934 | 6,230 | |||||||||||||||||||||||||
Total pre-tax adjustments | 98,079 | 79,465 | 294,160 | 238,617 | |||||||||||||||||||||||||
Income taxes2 | (26,262) | (19,114) | (86,667) | (48,193) | |||||||||||||||||||||||||
Adjusted net income | $ | 320,702 | $ | 294,358 | $ | 936,501 | $ | 804,917 | |||||||||||||||||||||
Adjusted net income per diluted share | $ | 4.24 | $ | 3.52 | $ | 12.06 | $ | 9.48 | |||||||||||||||||||||
Diluted shares | 75,558 | 83,716 | 77,687 | 84,917 |
1Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. | ||
2Includes $9.0 million adjustment for tax benefit of certain income determined to be permanently invested in 2Q 2022. | ||
*Columns may not calculate due to rounding. |
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, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
FUEL | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $361.8 | $306.8 | $55.0 | 18% | $321.2 | $306.9 | $14.3 | 5% | ||||||||||||||||||||||||||||||||||||||||||
'- Transactions | 123.8 | 117.7 | 6.1 | 5% | 123.8 | 119.1 | 4.7 | 4% | ||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $2.92 | $2.61 | $0.31 | 12% | $2.59 | $2.57 | $0.02 | 1% | ||||||||||||||||||||||||||||||||||||||||||
CORPORATE PAYMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $196.9 | $168.7 | $28.3 | 17% | $205.0 | $169.0 | $36.0 | 21% | ||||||||||||||||||||||||||||||||||||||||||
'- Spend volume | $30,609 | $25,666 | $4,943 | 19% | $30,609 | $25,666 | $4,943 | 19% | ||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per spend $ | 0.64% | 0.66% | (0.01)% | (2)% | 0.67% | 0.66% | 0.01% | 2% | ||||||||||||||||||||||||||||||||||||||||||
TOLLS | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $88.6 | $79.0 | $9.6 | 12% | $88.8 | $79.0 | $9.7 | 12% | ||||||||||||||||||||||||||||||||||||||||||
'- Tags (average monthly) | 6.2 | 6.0 | 0.3 | 4% | 6.2 | 6.0 | 0.3 | 4% | ||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per tag | $14.26 | $13.25 | $1.01 | 8% | $14.29 | $13.25 | $1.03 | 8% | ||||||||||||||||||||||||||||||||||||||||||
LODGING | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $126.0 | $85.2 | $40.7 | 48% | $126.6 | $99.1 | $27.6 | 28% | ||||||||||||||||||||||||||||||||||||||||||
'- Room nights | 9.9 | 7.6 | 2.2 | 29% | 9.9 | 8.7 | 1.2 | 14% | ||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per room night | $12.78 | $11.14 | $1.64 | 15% | $12.85 | $11.41 | $1.44 | 13% | ||||||||||||||||||||||||||||||||||||||||||
GIFT | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $52.0 | $48.6 | $3.3 | 7% | $53.2 | $48.6 | $4.6 | 9% | ||||||||||||||||||||||||||||||||||||||||||
'- Transactions | 249.4 | 256.2 | (6.7) | (3)% | 249.4 | 256.2 | (6.7) | (3)% | ||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $0.21 | $0.19 | $0.02 | 10% | $0.21 | $0.19 | $0.02 | 12% | ||||||||||||||||||||||||||||||||||||||||||
OTHER1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $67.7 | $67.2 | $0.5 | 1% | $71.3 | $67.2 | $4.1 | 6% | ||||||||||||||||||||||||||||||||||||||||||
'- Transactions | 10.5 | 8.9 | 1.6 | 18% | 10.5 | 8.9 | 1.6 | 18% | ||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $6.46 | $7.58 | $(1.12) | (15)% | $6.80 | $7.58 | $(0.78) | (10)% | ||||||||||||||||||||||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $893.0 | $755.5 | $137.5 | 18% | $866.1 | $769.7 | $96.3 | 13% |
1 Other includes telematics, maintenance, food, payroll card and transportation 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. |
Revenues, net by Geography* | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | % | 2021 | % | 2022 | % | 2021 | % | ||||||||||||||||||||||||||||||||||||||||
US | $ | 558 | 63 | % | $ | 488 | 65 | % | $ | 1,558 | 61 | % | $ | 1,271 | 63 | % | |||||||||||||||||||||||||||||||
Brazil | 109 | 12 | % | 95 | 13 | % | 323 | 13 | % | 262 | 13 | % | |||||||||||||||||||||||||||||||||||
UK | 90 | 10 | % | 82 | 11 | % | 278 | 11 | % | 241 | 12 | % | |||||||||||||||||||||||||||||||||||
Other | 136 | 15 | % | 91 | 12 | % | 384 | 15 | % | 256 | 13 | % | |||||||||||||||||||||||||||||||||||
Consolidated Revenues, net | $ | 893 | 100 | % | $ | 755 | 100 | % | $ | 2,544 | 100 | % | $ | 2,031 | 100 | % |
Revenues, net by Solution* | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | % | 2021 | % | 2022 | % | 2021 | % | ||||||||||||||||||||||||||||||||||||||||
Fuel | $ | 362 | 41 | % | $ | 307 | 41 | % | $ | 1,027 | 40 | % | $ | 864 | 43 | % | |||||||||||||||||||||||||||||||
Corporate Payments | 197 | 22 | % | 169 | 22 | % | 570 | 22 | % | 425 | 21 | % | |||||||||||||||||||||||||||||||||||
Tolls | 89 | 10 | % | 79 | 10 | % | 265 | 10 | % | 219 | 11 | % | |||||||||||||||||||||||||||||||||||
Lodging | 126 | 14 | % | 85 | 11 | % | 337 | 13 | % | 206 | 10 | % | |||||||||||||||||||||||||||||||||||
Gift | 52 | 6 | % | 49 | 6 | % | 147 | 6 | % | 124 | 6 | % | |||||||||||||||||||||||||||||||||||
Other | 68 | 8 | % | 67 | 9 | % | 197 | 8 | % | 192 | 9 | % | |||||||||||||||||||||||||||||||||||
Consolidated Revenues, net | $ | 893 | 100 | % | $ | 755 | 100 | % | $ | 2,544 | 100 | % | $ | 2,031 | 100 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
20221 | 2021 | % Change | 20221 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Revenues, net: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 395,203 | $ | 343,194 | 15 | % | $ | 1,124,157 | $ | 971,258 | 16 | % | |||||||||||||||||||||||||||||
Corporate Payments | 196,941 | 168,684 | 17 | % | 570,408 | 425,466 | 34 | % | |||||||||||||||||||||||||||||||||
Lodging | 125,961 | 85,214 | 48 | % | 337,438 | 206,498 | 63 | % | |||||||||||||||||||||||||||||||||
Brazil | 108,583 | 94,888 | 14 | % | 322,945 | 262,481 | 23 | % | |||||||||||||||||||||||||||||||||
Other2 | 66,312 | 63,497 | 4 | % | 188,571 | 165,778 | 14 | % | |||||||||||||||||||||||||||||||||
$ | 893,000 | $ | 755,477 | 18 | % | $ | 2,543,519 | $ | 2,031,481 | 25 | % | ||||||||||||||||||||||||||||||
Operating income: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 192,598 | $ | 181,787 | 6 | % | $ | 547,233 | $ | 501,406 | 9 | % | |||||||||||||||||||||||||||||
Corporate Payments | 69,669 | 53,512 | 30 | % | 193,735 | 146,526 | 32 | % | |||||||||||||||||||||||||||||||||
Lodging | 63,463 | 44,027 | 44 | % | 161,802 | 98,801 | 64 | % | |||||||||||||||||||||||||||||||||
Brazil | 44,646 | 39,943 | 12 | % | 123,591 | 105,499 | 17 | % | |||||||||||||||||||||||||||||||||
Other2 | 18,794 | 19,418 | (3) | % | 51,010 | 50,032 | 2 | % | |||||||||||||||||||||||||||||||||
$ | 389,170 | $ | 338,687 | 15 | % | $ | 1,077,371 | $ | 902,264 | 19 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 34,897 | $ | 36,378 | (4) | % | $ | 104,531 | $ | 109,417 | (4) | % | |||||||||||||||||||||||||||||
Corporate Payments | 15,864 | 15,526 | 2 | % | 48,936 | 37,079 | 32 | % | |||||||||||||||||||||||||||||||||
Lodging | 10,474 | 7,301 | 43 | % | 31,329 | 17,685 | 77 | % | |||||||||||||||||||||||||||||||||
Brazil | 13,756 | 12,910 | 7 | % | 41,164 | 38,091 | 8 | % | |||||||||||||||||||||||||||||||||
Other2 | 2,222 | 2,122 | 5 | % | 6,529 | 6,912 | (6) | % | |||||||||||||||||||||||||||||||||
$ | 77,213 | $ | 74,237 | 4 | % | $ | 232,489 | $ | 209,184 | 11 | % | ||||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 20,960 | $ | 15,107 | 39 | % | $ | 55,197 | $ | 41,825 | 32 | % | |||||||||||||||||||||||||||||
Corporate Payments | 5,952 | 3,799 | 57 | % | 15,598 | 9,154 | 70 | % | |||||||||||||||||||||||||||||||||
Lodging | 3,309 | 1,555 | 113 | % | 7,068 | 3,419 | 107 | % | |||||||||||||||||||||||||||||||||
Brazil | 9,273 | 6,455 | 44 | % | 22,871 | 15,580 | 47 | % | |||||||||||||||||||||||||||||||||
Other2 | 9,273 | 1,774 | 423 | % | 6,897 | 4,477 | 54 | % | |||||||||||||||||||||||||||||||||
$ | 48,767 | $ | 28,690 | 70 | % | $ | 107,631 | $ | 74,455 | 45 | % |
1Results from Levarti acquired in the first quarter of 2022 are reported in our Lodging segment. Results from Accrualify and Plugsurfing acquired in the third quarter of 2022 are reported in our Corporate Payments and Fleet segments, respectively. | ||
2Other includes gift and payroll card components. | ||
* In the second quarter of 2022, in order to align with recent changes in the organizational structure and management reporting, the Company has recast its segments into Fleet, Corporate Payments, Lodging, Brazil and Other. The presentation of segment information has been recast for the prior periods to align with segment presentation for the three and nine months ended September 30, 2022. |
Revenues, net | Key Performance Metric | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||
2022* | 2021* | 2022* | 2021* | ||||||||||||||||||||||||||
FUEL - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 321.2 | $ | 306.9 | 123.8 | 119.1 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (0.1) | — | (1.4) | |||||||||||||||||||||||||
Impact of fuel prices/spread | 47.2 | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (6.6) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 361.8 | $ | 306.8 | 123.8 | 117.7 | |||||||||||||||||||||||
CORPORATE PAYMENTS - SPEND | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 205.0 | $ | 169.0 | $ | 30,609 | $ | 25,666 | |||||||||||||||||||||
Impact of acquisitions/dispositions | — | (0.3) | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | 0.5 | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (8.5) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 196.9 | $ | 168.7 | $ | 30,609 | $ | 25,666 | |||||||||||||||||||||
TOLLS - TAGS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 88.8 | $ | 79.0 | 6.2 | 6.0 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (0.2) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 88.6 | $ | 79.0 | 6.2 | 6.0 | |||||||||||||||||||||||
LODGING - ROOM NIGHTS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 126.6 | $ | 99.1 | 9.9 | 8.7 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (13.8) | — | (1.0) | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (0.7) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 126.0 | $ | 85.2 | 9.9 | 7.6 | |||||||||||||||||||||||
GIFT - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 53.2 | $ | 48.6 | 249.4 | 256.2 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (1.2) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 52.0 | $ | 48.6 | 249.4 | 256.2 | |||||||||||||||||||||||
OTHER1 - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 71.3 | $ | 67.2 | 10.5 | 8.9 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (3.6) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 67.7 | $ | 67.2 | 10.5 | 8.9 | |||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 866.1 | $ | 769.7 | Intentionally Left Blank | ||||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (14.3) | |||||||||||||||||||||||||||
Impact of fuel prices/spread2 | 47.7 | — | |||||||||||||||||||||||||||
Impact of foreign exchange rates2 | (20.8) | — | |||||||||||||||||||||||||||
As reported | $ | 893.0 | $ | 755.5 | |||||||||||||||||||||||||
* Columns may not calculate due to rounding. | |||||||||||||||||||||||||||||
1Other includes telematics, maintenance, food, payroll card and transportation related businesses. | |||||||||||||||||||||||||||||
2 Revenues reflect an estimated $26 million positive impact from fuel prices and approximately $21 million positive impact from fuel price spreads, partially offset by the negative impact of movements in foreign exchange rates of approximately $21 million. |
2022 GUIDANCE | ||||||||||||||
Low* | High* | |||||||||||||
Net income | $ | 939 | $ | 959 | ||||||||||
Net income per diluted share | $ | 12.24 | $ | 12.44 | ||||||||||
Stock based compensation | 131 | 131 | ||||||||||||
Amortization | 228 | 228 | ||||||||||||
Other | 32 | 32 | ||||||||||||
Total pre-tax adjustments | 391 | 391 | ||||||||||||
Income taxes | (104) | (104) | ||||||||||||
Discrete taxes | (9) | (9) | ||||||||||||
Adjusted net income | $ | 1,216 | $ | 1,236 | ||||||||||
Adjusted net income per diluted share | $ | 15.85 | $ | 16.05 | ||||||||||
Diluted shares | 77 | 77 | ||||||||||||
*Columns may not calculate due to rounding. | ||||||||||||||
Document and Entity Information Document |
Nov. 02, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 02, 2022 |
Entity Registrant Name | FLEETCOR Technologies, Inc. |
Entity Central Index Key | 0001175454 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35004 |
Entity Tax Identification Number | 72-1074903 |
Entity Address, Address Line One | 3280 Peachtree Road, Suite 2400 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30305 |
City Area Code | 770 |
Local Phone Number | 449-0479 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | FLT |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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