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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________________________________
FORM 10-Q
 _________________________________________________________________________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-35004
 __________________________________________________________
FLEETCOR Technologies, Inc.
(Exact name of registrant as specified in its charter)
 __________________________________________________________
Delaware 72-1074903
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
3280 Peachtree Road, Suite 2400
AtlantaGeorgia30305
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (770) 449-0479
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockFLTNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at May 2, 2023
Common Stock, $0.001 par value 73,834,200

Table of Contents

FLEETCOR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
For the Three Months Ended March 31, 2023
INDEX
 
  Page
PART I—FINANCIAL INFORMATION
Item 1.
Unaudited Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

i
Table of Contents

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share and Par Value Amounts)
March 31, 2023December 31, 2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$1,272,456 $1,435,163 
Restricted cash996,945 854,017 
Accounts and other receivables (less allowance for credit losses of $160,588 at March 31, 2023 and $149,846 at December 31, 2022)
2,369,235 2,064,745 
Securitized accounts receivable—restricted for securitization investors1,284,000 1,287,000 
Prepaid expenses and other current assets436,336 465,227 
Total current assets6,358,972 6,106,152 
Property and equipment, net310,390 294,692 
Goodwill5,380,050 5,201,435 
Other intangibles, net2,197,587 2,130,974 
Investments67,587 74,281 
Other assets273,337 281,726 
Total assets$14,587,923 $14,089,260 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$1,907,841 $1,568,942 
Accrued expenses404,942 351,936 
Customer deposits1,481,004 1,505,004 
Securitization facility1,284,000 1,287,000 
Current portion of notes payable and lines of credit813,066 1,027,056 
Other current liabilities312,692 303,517 
Total current liabilities6,203,545 6,043,455 
Notes payable and other obligations, less current portion4,700,550 4,722,838 
Deferred income taxes544,682 527,465 
Other noncurrent liabilities257,286 254,009 
Total noncurrent liabilities5,502,518 5,504,312 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 128,312,636 shares issued and 73,819,827 shares outstanding at March 31, 2023; and 127,802,590 shares issued and 73,356,709 shares outstanding at December 31, 2022
128 128 
Additional paid-in capital3,109,065 3,049,570 
Retained earnings7,425,604 7,210,769 
Accumulated other comprehensive loss(1,434,016)(1,509,650)
Less treasury stock, 54,492,809 shares at March 31, 2023 and 54,445,881 shares at December 31, 2022
(6,218,921)(6,209,324)
Total stockholders’ equity2,881,860 2,541,493 
Total liabilities and stockholders’ equity$14,587,923 $14,089,260 
See accompanying notes to unaudited consolidated financial statements.

1

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Amounts)
 
 Three Months Ended
March 31,
 20232022
Revenues, net$901,333 $789,241 
Expenses:
Processing204,967 174,194 
Selling81,592 76,889 
General and administrative154,684 143,522 
Depreciation and amortization84,232 76,802 
Other operating, net663 113 
Operating income375,195 317,721 
Other expenses:
Investment (gain) loss(190)152 
Other expense, net746 869 
Interest expense, net79,795 22,030 
Total other expense 80,351 23,051 
Income before income taxes294,844 294,670 
Provision for income taxes80,009 76,718 
Net income$214,835 $217,952 
Basic earnings per share$2.92 $2.80 
Diluted earnings per share$2.88 $2.75 
Weighted average shares outstanding:
Basic shares73,521 77,737 
Diluted shares74,483 79,286 

See accompanying notes to unaudited consolidated financial statements.



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Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
(In Thousands)
 
 Three Months Ended
March 31,
 20232022
Net income$214,835 $217,952 
Other comprehensive income:
Foreign currency translation gains, net of tax81,107 182,949 
Net change in derivative contracts, net of tax(5,473)18,230 
Total other comprehensive income75,634 201,179 
Total comprehensive income $290,469 $419,131 
See accompanying notes to unaudited consolidated financial statements.

3

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Stockholders’ Equity
(In Thousands)
 

Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Balance at December 31, 2022$128 $3,049,570 $7,210,769 $(1,509,650)$(6,209,324)$2,541,493 
Net income— — 214,835 — — 214,835 
Other comprehensive income, net of tax— — — 75,634 — 75,634 
Acquisition of common stock— — — — (9,597)(9,597)
Share-based compensation — 26,096 — — — 26,096 
Issuance of common stock— 33,399 — — — 33,399 
Balance at March 31, 2023$128 $3,109,065 $7,425,604 $(1,434,016)$(6,218,921)$2,881,860 


Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Balance at December 31, 2021$127 $2,878,751 $6,256,442 $(1,464,616)$(4,804,124)$2,866,580 
Net income— — 217,952 — — 217,952 
Other comprehensive income, net of tax— — — 201,179 — 201,179 
Acquisition of common stock— — — — (422,736)(422,736)
Share-based compensation— 32,631 — — — 32,631 
Issuance of common stock— 8,810 — — — 8,810 
Balance at March 31, 2022$127 $2,920,192 $6,474,394 $(1,263,437)$(5,226,860)$2,904,416 

See accompanying notes to unaudited consolidated financial statements.

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Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In Thousands)
 Three Months Ended
March 31,
 20232022
Operating activities
Net income$214,835 $217,952 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation25,980 21,140 
Stock-based compensation26,096 32,631 
Provision for credit losses on accounts and other receivables39,270 25,478 
Amortization of deferred financing costs and discounts1,787 1,968 
Amortization of intangible assets and premium on receivables58,252 55,662 
Deferred income taxes(499)1,900 
Investment (gain) loss(190)152 
Other non-cash operating expense, net663 113 
Changes in operating assets and liabilities (net of acquisitions):
Accounts and other receivables370,962 (818,969)
Prepaid expenses and other current assets40,099 20,921 
Derivative assets and liabilities, net(28,223)6,677 
Other assets25,141 (1,146)
Accounts payable, accrued expenses and customer deposits(446,508)323,268 
Net cash provided by (used in) operating activities327,665 (112,253)
Investing activities
Acquisitions, net of cash acquired(126,691)(35,864)
Purchases of property and equipment(36,737)(31,387)
Other
4,401 — 
Net cash used in investing activities(159,027)(67,251)
Financing activities
Proceeds from issuance of common stock33,399 8,810 
Repurchase of common stock(9,597)(422,736)
Borrowings on securitization facility, net(3,000)318,000 
Deferred financing costs— (337)
Principal payments on notes payable(23,500)(45,063)
Borrowings from revolver1,964,000 490,000 
Payments on revolver(2,490,000)(400,000)
Borrowings on swing line of credit, net310,719 1,505 
Other264 — 
Net cash used in financing activities(217,715)(49,821)
Effect of foreign currency exchange rates on cash29,298 68,068 
Net decrease in cash and cash equivalents and restricted cash(19,779)(161,257)
Cash and cash equivalents and restricted cash, beginning of period2,289,180 2,250,695 
Cash and cash equivalents and restricted cash, end of period$2,269,401 $2,089,438 
Supplemental cash flow information
Cash paid for interest$104,650 $33,967 
Cash paid for income taxes$35,442 $72,296 
See accompanying notes to unaudited consolidated financial statements.
5

FLEETCOR Technologies, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
March 31, 2023
1. Summary of Significant Accounting Policies
Basis of Presentation
Throughout this Quarterly Report on Form 10-Q, the terms "our," "we," "us," and the "Company" refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, the unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates.
The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available to us as of March 31, 2023 and through the date of this Quarterly Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the impact of changes to monetary policy, as well as other factors.
Foreign Currency Translation        
Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three months ended March 31, 2023 and 2022 as follows (in millions):
Three Months Ended March 31,
20232022
Foreign exchange losses$0.7 $0.4 
The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation gains, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 as follows (in millions):
Three Months Ended March 31,
20232022
Foreign currency gains on long-term intra-entity transactions$4.9 $146.0 
Cash, Cash Equivalents, and Restricted Cash
Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash primarily represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions, and collateral posted with banks for hedging positions in our cross-border payments business. Based on our assessment of the current capital market conditions and related impact on our access to cash, we have reclassified all cash held at our Russian businesses of $224.4 million to restricted cash as of March 31, 2023.

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Table of Contents

Revenue
The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Fuel, Corporate Payments, Tolls, Lodging, as well as Gift solutions (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 88% of total consolidated revenues, net, for the three months ended March 31, 2023. The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided and represent approximately 5% of total consolidated revenues, net for the three months ended March 31, 2023. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. Revenues related to these contracts represent approximately 7% of total consolidated revenues, net for the three months ended March 31, 2023. Our revenue is generally reported net of the cost for underlying products and services purchased through our payment solutions. In this report, we refer to this net revenue as "revenue".
Disaggregation of Revenues
The Company provides its services to customers across different payment solutions and geographies. The Company's solutions have been merged to align with its segments. Revenue by solution (in millions) for the three months ended March 31, was as follows:
Revenues, net by Solution*Three Months Ended March 31,
2023%2022%
Fleet$372.7 41 %$351.6 45 %
Corporate Payments227.2 25 %183.8 23 %
Lodging122.3 14 %94.6 12 %
Brazil121.7 14 %102.5 13 %
Other57.3 6 %56.8 7 %
Consolidated revenues, net$901.3 100 %$789.2 100 %
*Columns may not calculate due to rounding.
Revenue by geography (in millions) for the three months ended March 31, was as follows:
Revenues, net by Geography*Three Months Ended March 31,
2023%2022%
United States$513.6 57 %$471.8 60 %
Brazil121.7 14 %102.5 13 %
United Kingdom107.7 12 %94.6 12 %
Other158.2 18 %120.3 15 %
Consolidated revenues, net$901.3 100 %$789.2 100 %
*Columns may not calculate due to rounding.
Contract Liabilities
Deferred revenue contract liabilities for customers subject to ASC 606 were $54.2 million and $57.7 million as of March 31, 2023 and December 31, 2022, respectively. We expect to recognize approximately $35.8 million of these amounts in revenues within 12 months and the remaining $18.4 million over the next five years as of March 31, 2023. Revenue recognized in the three months ended March 31, 2023 that was included in the deferred revenue contract liability as of December 31, 2022 was approximately $16.9 million.
7

Spot Trade Offsetting
The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to our spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2023 and December 31, 2022 (in millions):
March 31, 2023December 31, 2022
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$4,116.9 $(3,974.7)$142.2 $2,409.8 $(2,266.0)$143.8 
Liabilities
Accounts Payable$4,114.2 $(3,974.7)$139.5 $2,332.5 $(2,266.0)$66.5 
Reclassifications and Adjustments
Certain disclosures for prior periods have been reclassified to conform with current year presentation, including the breakout of derivatives assets and liabilities, net within the Consolidated Statements of Cash Flows, and the presentation of disaggregated revenues by solution to align with our revenues by segment presentation.
2. Accounts and Other Receivables
The Company's accounts and securitized accounts receivable include the following at March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023December 31, 2022
Gross domestic accounts receivable$1,121,954 $985,873 
Gross domestic securitized accounts receivable1,284,000 1,287,000 
Gross foreign receivables1,407,869 1,228,718 
Total gross receivables3,813,823 3,501,591 
Less allowance for credit losses(160,588)(149,846)
Net accounts and securitized accounts receivable$3,653,235 $3,351,745 
The Company maintains a $1.7 billion revolving trade accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.
The Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.
The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities.
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Table of Contents

A rollforward of the Company’s allowance for credit losses related to accounts receivable for the three months ended March 31, 2023 and 2022 is as follows (in thousands):
20232022
Allowance for credit losses beginning of period$149,846 $98,719 
Provision for credit losses39,270 25,478 
Write-offs(34,128)(15,417)
Recoveries2,444 2,847 
Impact of foreign currency3,156 7,284 
Allowance for credit losses end of period$160,588 $118,911 
3. Fair Value Measurements
A three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: 
•Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets.
•Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
•Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
9

The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):
Fair ValueLevel 1Level 2Level 3
March 31, 2023
Assets:
Repurchase agreements$521,253 $— $521,253 $— 
Money market37,427 — 37,427 — 
Certificates of deposit172 — 172 — 
Interest rate swaps12,773 — 12,773 — 
       Foreign exchange contracts 273,327 — 273,327 — 
Total assets$844,952 $— $844,952 $— 
Cash collateral for foreign exchange contracts$53,882 
Liabilities:
Interest rate swaps $8,847 $— $8,847 — 
Cross-currency interest rate swap5,104 — 5,104 — 
       Foreign exchange contracts 202,912 — 202,912 — 
Total liabilities$216,863 $— $216,863 $— 
Cash collateral obligation for foreign exchange contracts$198,431 
 
December 31, 2022
Assets:
Repurchase agreements$444,216 $— $444,216 $— 
Money market37,821 — 37,821 — 
Certificates of deposit181 — 181 — 
Interest rate swaps11,953 — 11,953 — 
Foreign exchange contracts 266,917 — 266,917 — 
Total assets$761,088 $— $761,088 $— 
Cash collateral for foreign exchange contracts$56,103 
Liabilities:
 Foreign exchange contracts 224,725 — 224,725 — 
Total liabilities$224,725 $— $224,725 $— 
Cash collateral obligation for foreign exchange contracts$148,167 
The Company has highly-liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested in highly liquid investments, such as, repurchase agreements, money markets and certificates of deposit, with maturities ranging from overnight to 90 days or less. The value of overnight repurchase agreements is determined based upon the quoted market prices for the securities associated with the repurchase agreements. The value of money market instruments is determined based upon the financial institutions' month-end statement, as these instruments are not tradable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments. The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in our Consolidated Balance Sheet at March 31, 2023 and December 31, 2022. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet at March 31, 2023 and December 31, 2022.
The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are deemed to have occurred at the end of the quarter. There were no transfers between fair value levels during the periods presented for March 31, 2023 and December 31, 2022.
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The Company’s assets that are measured at fair value on a nonrecurring basis or are evaluated with periodic testing for impairment include property, plant and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the fair value hierarchy.
The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets.
The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $67.6 million at March 31, 2023.
The fair value of the Company’s cash, accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis. These are each Level 2 fair value measurements, except for cash, which is a Level 1 fair value measurement.
4. Stockholders' Equity
The Company announced on February 4, 2016 that its Board of Directors (the "Board") approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 1, 2024. On October 25, 2022, the Company announced the Board increased the aggregate size of the Program by $1.0 billion to $7.1 billion. Since the beginning of the Program through March 31, 2023, 26,327,835 shares have been repurchased for an aggregate purchase price of $5.9 billion, leaving the Company up to $1.2 billion of remaining authorization available under the Program for future repurchases in shares of its common stock.
5. Stock-Based Compensation
The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three months ended March 31, 2023 and 2022 (in thousands):
 
 Three Months Ended
March 31,
 20232022
Stock options$8,950 $17,837 
Restricted stock17,146 14,794 
Stock-based compensation$26,096 $32,631 
The tax benefits recorded on stock-based compensation and upon the exercises of options were $4.4 million and $17.8 million for the three months ended March 31, 2023 and 2022, respectively.
The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of March 31, 2023 (cost in thousands):
Unrecognized
Compensation
Cost		Weighted Average
Period of Expense
Recognition
(in Years)
Stock options$43,979 2.41
Restricted stock90,216 1.14
Total$134,195 
11

Stock Options
The following summarizes the changes in the number of shares of common stock under option for the three months ended March 31, 2023 (shares/options and aggregate intrinsic value in thousands):
SharesWeighted
Average
Exercise
Price		Options
Exercisable
at End of
Period		Weighted
Average
Exercise
Price of
Exercisable
Options		Weighted
Average Fair
Value of
Options
Granted 
During the Period		Aggregate
Intrinsic
Value
Outstanding at December 31, 20225,301 $188.12 3,512 $159.46 $113,681 
Granted124 200.41 $67.32 
Exercised(297)146.69 $18,487 
Forfeited(52)244.23 
Outstanding at March 31, 20235,076 $190.27 3,402 $163.91 $178,730 
Expected to vest as of March 31, 2023824 $225.92 
The aggregate intrinsic value of stock options exercisable at March 31, 2023 was $176.0 million. The weighted average remaining contractual term of options exercisable at March 31, 2023 was 3.8 years.
Restricted Stock
The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units for the three months ended March 31, 2023 (shares in thousands):
 
SharesWeighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2022435 $237.68 
Granted324 212.36 
Issued(213)241.28 
Cancelled(7)189.90 
Outstanding at March 31, 2023539 $221.10 

6. Acquisitions
2023 Acquisitions
During the three months ended March 31, 2023, the Company acquired Global Reach Group, a UK-based global cross-border provider, Mina Digital Limited, a cloud-based electric vehicle charging software platform, and Business Gateway AG, a service, maintenance and repair technology provider. The aggregate purchase price of these acquisitions was approximately $135.1 million (inclusive of $8.5 million previously-held equity method investment in Mina), net of cash of $104 million. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. Any noncompete agreements signed in conjunction with these acquisitions were accounted for separately from the business acquisition.
Acquisition accounting is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies.
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The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):
Trade and other receivables$683,901 
Prepaid expenses and other current assets1,544 
Other long term assets5,084 
Goodwill132,774 
Intangibles109,298 
Accounts payable and accrued expenses(739,803)
Other current liabilities(37,249)
Other noncurrent liabilities(20,413)
Aggregate purchase price$135,136 

2022 Acquisitions
During 2022, the Company acquired Levarti, an airline software platform company reported in the Lodging segment; Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment; Plugsurfing, a European EV software and network provider reported in the Fleet segment; and Roomex, a European workforce lodging provider reported in the Lodging segment. The aggregate purchase price of these acquisitions was approximately $197.6 million, net of cash. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. In connection with one of these acquisitions, the Company signed noncompete agreements of $1.1 million with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition.
Acquisition accounting is preliminary (with the exception of Levarti) as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies.
The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):
Trade and other receivables$13,725 
Prepaid expenses and other current assets4,007 
Other long term assets1,192 
Goodwill161,343 
Intangibles50,145 
Accounts payable and accrued expenses(18,598)
Other current liabilities(4,960)
Other noncurrent liabilities(9,282)
Aggregate purchase price$197,572 
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
Useful Lives (in Years)Value
Trade Names and Trademarks
2 - Indefinite
$4,705 
Proprietary Technology
5 - 10
11,646 
Lodging / Supplier Network
10 - 20
1,402 
Customer Relationships
5 - 20
32,392 
$50,145 

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7. Goodwill and Other Intangibles
A summary of changes in the Company’s goodwill is as follows (in thousands):
 
December 31, 2022AcquisitionsAcquisition Accounting
Adjustments		Foreign
Currency		March 31, 2023
Goodwill$5,201,435 $132,774 $2,171 $43,670 $5,380,050 
As of March 31, 2023 and December 31, 2022, other intangibles consisted of the following (in thousands):
  March 31, 2023December 31, 2022
 Weighted-
Avg
Useful
Lives
(Years)		Gross
Carrying
Amounts		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amounts		Accumulated
Amortization		Net
Carrying
Amount
Customer and vendor relationships16.7$3,049,204 $(1,396,086)$1,653,118 $2,922,586 $(1,332,542)$1,590,044 
Trade names and trademarks—indefinite livedN/A424,684 — 424,684 419,270 — 419,270 
Trade names and trademarks—other2.049,370 (10,931)38,439 47,939 (9,111)38,828 
Software6.1285,447 (223,076)62,371 278,460 (216,858)61,602 
Non-compete agreements4.480,965 (61,990)18,975 80,098 (58,868)21,230 
Total other intangibles$3,889,670 $(1,692,083)$2,197,587 $3,748,353 $(1,617,379)$2,130,974 
Changes in foreign exchange rates resulted in a $15.8 million increase to the net carrying values of other intangibles in the three months ended March 31, 2023. Amortization expense related to intangible assets for the three months ended March 31, 2023 and 2022 was $57.7 million and $54.9 million, respectively.

8. Debt
The Company is party to a $6.4 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and a syndicate of financial institutions (the "Lenders"). The Credit Agreement includes term loan A, term loan B, and a revolving credit facility. As noted in footnote 2, the Company is also party to a Securitization Facility.
The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):
March 31, 2023December 31, 2022
Term Loan A note payable, net of discounts$2,937,692 $2,956,053 
Term Loan B note payable, net of discounts1,851,983 1,855,891 
Revolving line of credit facilities720,675 935,000 
Other obligations3,266 2,950 
Total notes payable and credit agreements5,513,616 5,749,894 
Securitization Facility1,284,000 1,287,000 
Total notes payable, credit agreements and Securitization Facility$6,797,616 $7,036,894 
Current portion$2,097,066 $2,314,056 
Long-term portion4,700,550 4,722,838 
Total notes payable, credit agreements and Securitization Facility$6,797,616 $7,036,894 
On May 3, 2023, the Company entered into the thirteenth amendment to the Credit Facility. The amendment replaced LIBOR on the term B loan with the Secured Overnight Financing Rate ("SOFR"), plus a SOFR adjustment of 0.10%.
The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at March 31, 2023.
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Table of Contents

9. Income Taxes
The Company's effective tax rate was 27.1% and 26.0% for the three months ended March 31, 2023 and 2022, respectively. Income tax expense is based on an estimated annual effective rate, which requires the Company to make its best estimate of annual pretax accounting income or loss before consideration of tax or benefit discretely recognized in the period in which such occur. Our effective income tax rate for the three months ended March 31, 2023 differs from the U.S. federal statutory rate due primarily to the unfavorable impact of state taxes net of federal benefits, additional taxes on undistributed foreign-sourced income, and foreign withholding taxes on interest income from intercompany notes. For the three months ended March 31, 2023, the effective tax rate was increased by discrete items of $1.6 million incurred from an uncertain tax position related to previous years and tax benefits arising from stock-based compensation previously recorded in pretax income.

10. Earnings Per Share
The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 is as follows (in thousands, except per share data):
 
 Three Months Ended
March 31,
 20232022
Net income$214,835 $217,952 
Denominator for basic earnings per share73,521 77,737 
Dilutive securities962 1,549 
Denominator for diluted earnings per share74,483 79,286 
Basic earnings per share$2.92