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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 September 30, 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 November 2, 2023
Common Stock, $0.001 par value 72,204,127

Table of Contents

FLEETCOR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
For the Three and Nine Months Ended September 30, 2023
INDEX
 
  Page
PART I—FINANCIAL INFORMATION
Item 1.
Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 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)
September 30, 2023December 31, 2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$1,094,234 $1,435,163 
Restricted cash1,221,279 854,017 
Accounts and other receivables (less allowance for credit losses of $170,914 at September 30, 2023 and $149,846 at December 31, 2022)
2,655,275 2,064,745 
Securitized accounts receivable—restricted for securitization investors1,396,000 1,287,000 
Prepaid expenses and other current assets493,470 465,227 
Total current assets6,860,258 6,106,152 
Property and equipment, net329,992 294,692 
Goodwill5,553,546 5,201,435 
Other intangibles, net2,164,999 2,130,974 
Investments67,964 74,281 
Other assets287,708 281,726 
Total assets$15,264,467 $14,089,260 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$1,895,280 $1,568,942 
Accrued expenses393,439 351,936 
Customer deposits1,783,311 1,505,004 
Securitization facility1,396,000 1,287,000 
Current portion of notes payable and lines of credit949,803 1,027,056 
Other current liabilities320,386 303,517 
Total current liabilities6,738,219 6,043,455 
Notes payable and other obligations, less current portion4,637,211 4,722,838 
Deferred income taxes548,943 527,465 
Other noncurrent liabilities280,643 254,009 
Total noncurrent liabilities5,466,797 5,504,312 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 128,682,799 shares issued and 72,203,006 shares outstanding at September 30, 2023; and 127,802,590 shares issued and 73,356,709 shares outstanding at December 31, 2022
129 128 
Additional paid-in capital3,227,476 3,049,570 
Retained earnings7,936,802 7,210,769 
Accumulated other comprehensive loss(1,361,934)(1,509,650)
Less treasury stock, 56,479,793 shares at September 30, 2023 and 54,445,881 shares at December 31, 2022
(6,743,022)(6,209,324)
Total stockholders’ equity3,059,451 2,541,493 
Total liabilities and stockholders’ equity$15,264,467 $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
September 30,		Nine Months Ended
September 30,
 2023202220232022
Revenues, net$970,892 $893,000 $2,820,399 $2,543,519 
Expenses:
Processing208,217 203,315 618,449 563,097 
Selling85,954 74,005 253,958 230,218 
General and administrative147,839 149,294 461,879 440,262 
Depreciation and amortization84,750 77,213 252,658 232,489 
Other operating, net(845)3 633 82 
Operating income444,977 389,170 1,232,822 1,077,371 
Other expenses:
Investment loss (gain)30 174 (142)519 
Other (income) expense, net(13,432)3,688 (15,110)6,187 
Interest expense, net88,285 45,410 256,566 90,510 
Loss on extinguishment of debt— — — 1,934 
Total other expense 74,883 49,272 241,314 99,150 
Income before income taxes370,094 339,898 991,508 978,221 
Provision for income taxes98,598 91,013 265,475 249,213 
Net income$271,496 $248,885 $726,033 $729,008 
Earnings per share:
Basic earnings per share$3.71 $3.34 $9.87 $9.55 
Diluted earnings per share$3.64 $3.29 $9.72 $9.38 
Weighted average shares outstanding:
Basic shares73,165 74,461 73,523 76,311 
Diluted shares74,604 75,558 74,733 77,687 

See accompanying notes to unaudited consolidated financial statements.



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FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
(In Thousands)
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Net income$271,496 $248,885 $726,033 $729,008 
Other comprehensive (loss) income:
Foreign currency translation losses, net of tax
(157,043)(252,719)(16,387)(228,666)
Reclassification of accumulated foreign currency translation losses to net income as a result of the sale of a foreign entity (see Note 15)
120,269 — 120,269 — 
Net change in derivative contracts, net of tax32,103 6,107 43,834 32,837 
Total other comprehensive (loss) income
(4,671)(246,612)147,716 (195,829)
Total comprehensive income $266,825 $2,273 $873,749 $533,179 
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)
Stock-based compensation — 26,096 — — — 26,096 
Issuance of common stock— 33,399 — — — 33,399 
Balance at March 31, 2023128 3,109,065 7,425,604 (1,434,016)(6,218,921)2,881,860 
Net income— — 239,702 — — 239,702 
Other comprehensive income, net of tax— — — 76,753 — 76,753 
Acquisition of common stock— — — — (2,376)(2,376)
Stock-based compensation— 34,748 — — — 34,748 
Issuance of common stock— 32,749 — — — 32,749 
Balance at June 30, 2023128 3,176,562 7,665,306 (1,357,263)(6,221,297)3,263,436 
Net income— — 271,496 — — 271,496 
Other comprehensive loss, net of tax— — — (4,671)— (4,671)
Acquisition of common stock— (13,212)— — (521,725)(534,937)
Stock-based compensation
— 29,073 — — — 29,073 
Issuance of common stock1 35,053 — — 35,054 
Balance at September 30, 2023
$129 $3,227,476 $7,936,802 $(1,361,934)$(6,743,022)$3,059,451 


























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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, 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)
Stock-based compensation— 32,631 — — — 32,631 
Issuance of common stock— 8,810 — — — 8,810 
Balance at March 31, 2022127 2,920,192 6,474,394 (1,263,437)(5,226,860)2,904,416 
Net income— — 262,171 — — 262,171 
Other comprehensive loss, net of tax— — — (150,396)— (150,396)
Acquisition of common stock— — — — (372,566)(372,566)
Stock-based compensation— 34,017 — — — 34,017 
Issuance of common stock1 10,026 — — — 10,027 
Balance at June 30, 2022128 2,964,235 6,736,565 (1,413,833)(5,599,426)2,687,669 
Net income— — 248,885 — — 248,885 
Other comprehensive loss, net of tax — — — (246,612)— (246,612)
Acquisition of common stock— — — — (500,342)(500,342)
Stock-based compensation
— 34,180 — — — 34,180 
Issuance of common stock— 3,272 — — — 3,272 
Balance at September 30, 2022$128 $3,001,687 $6,985,450 $(1,660,445)$(6,099,768)$2,227,052 

See accompanying notes to unaudited consolidated financial statements.

5

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In Thousands)
 Nine Months Ended September 30,
 20232022
Operating activities
Net income$726,033 $729,008 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation82,028 67,066 
Stock-based compensation89,917 100,828 
Provision for credit losses on accounts and other receivables103,495 89,976 
Amortization of deferred financing costs and discounts5,417 5,949 
Amortization of intangible assets and premium on receivables170,630 165,423 
Loss on extinguishment of debt— 1,934 
Deferred income taxes(18,911)(7,987)
Gain on disposition of business, net
(13,712)— 
Other non-cash operating expense, net491 601 
Changes in operating assets and liabilities (net of acquisitions/disposition):
Accounts and other receivables(809,487)(950,237)
Prepaid expenses and other current assets114,237 (25,570)
Derivative assets and liabilities, net(7,939)10,756 
Other assets33,090 (16,154)
Accounts payable, accrued expenses and customer deposits428,580 267,014 
Net cash provided by operating activities903,869 438,607 
Investing activities
Acquisitions, net of cash acquired(429,914)(160,117)
Purchases of property and equipment(117,158)(107,631)
Proceeds from disposal of a business, net of cash disposed
197,025 — 
Other
4,401 — 
Net cash used in investing activities(345,646)(267,748)
Financing activities
Proceeds from issuance of common stock101,202 22,109 
Repurchase of common stock(546,910)(1,295,644)
Borrowings on securitization facility, net109,000 364,000 
Deferred financing costs(238)(10,282)
Proceeds from notes payable— 3,000,000 
Principal payments on notes payable(70,500)(2,800,500)
Borrowings from revolver6,495,000 4,338,000 
Payments on revolver(6,770,000)(3,658,000)
Borrowings on swing line of credit, net180,723 194 
Other264 — 
Net cash used in financing activities(501,459)(40,123)
Effect of foreign currency exchange rates on cash(30,431)(80,551)
Net increase in cash and cash equivalents and restricted cash26,333 50,185 
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$2,315,513 $2,300,880 
Supplemental cash flow information
Cash paid for interest$327,099 $138,310 
Cash paid for income taxes$319,764 $309,567 
See accompanying notes to unaudited consolidated financial statements.
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FLEETCOR Technologies, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
September 30, 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 September 30, 2023 and through the date of this Quarterly Report. The accounting estimates used in the preparation of the Company’s interim 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 gains and losses, which are recorded within other (income) expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2023 and 2022 as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Foreign exchange losses
$(6.4)$(1.9)$(6.2)$(4.1)
Foreign exchange losses for the three and nine months ended September 30, 2023 include a $5.6 million exchange loss incurred in connection with the Company's disposition of its Russia business upon conversion of the ruble-denominated proceeds to U.S. dollars. See Note 15 for additional information.
The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Foreign currency gains on long-term intra-entity transactions$31.0 $27.8 $43.4 $184.1 
Cash, Cash Equivalents, and Restricted Cash
Cash equivalents primarily consist of a) cash on hand, b) highly liquid investments with original maturities of three months or less, such as certificates of deposit and treasury bills, and c) customer deposits repayable on demand without legal restrictions. Restricted cash primarily represents a) customer deposits repayable on demand held in certain geographies with legal restrictions, b) 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 and secure and settle cross-currency transactions, and c) collateral
7

posted with banks for hedging positions in our cross-border payments business. During the third quarter of 2023, the Company disposed of its Russian net assets, including its cash balances. See Note 15 for additional information. Based on our assessment of the capital market conditions and related impact on our access to cash prior to the Russia disposition, we had reclassified all cash held at our Russia business of $215.8 million at December 31, 2022 to restricted cash.
Financial Instruments - Credit Losses
The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.
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 or geographically defined categories, including Fleet, Corporate Payments, Lodging, Brazil and Other (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 84% and 85% of total consolidated revenues, net, for the three and nine months ended September 30, 2023. In its cross-border payments business, the Company writes foreign currency forward and option derivative contracts for its customers to facilitate future payments in foreign currencies. These contracts are accounted for in accordance with ASC 815, "Derivatives and Hedging" and represent approximately 9% and 8% of total consolidated revenues for the three and nine months ended September 30, 2023, respectively. Additionally, 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 4% and 5% of total consolidated revenues, net for the three and nine months ended September 30, 2023. The Company's remaining revenue represents float revenue earned on invested customer funds in jurisdictions where permitted. 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".
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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 and nine months ended September 30, was as follows:
Revenues, net by Solution*Three Months Ended September 30,Nine Months Ended September 30,
2023%2022%2023%2022%
Fleet$365.5 38 %$395.2 44 %$1,120.8 40 %$1,124.2 44 %
Corporate Payments258.8 27 %196.9 22 %733.0 26 %570.4 22 %
Lodging141.4 15 %126.0 14 %400.3 14 %337.4 13 %
Brazil134.2 14 %108.6 12 %382.0 14 %322.9 13 %
Other71.0 7 %66.3 7 %184.3 7 %188.6 7 %
Consolidated revenues, net$970.9 100 %$893.0 100 %$2,820.4 100 %$2,543.5 100 %
*Columns may not calculate due to rounding.
Revenue by geography (in millions) for the three and nine months ended September 30, was as follows:
Revenues, net by Geography*Three Months Ended September 30,Nine Months Ended September 30,
2023%2022%2023%2022%
United States$561.4 58 %$558.3 63 %$1,609.8 57 %$1,557.7 61 %
Brazil134.2 14 %108.6 12 %382.0 14 %322.9 13 %
United Kingdom114.5 12 %90.4 10 %333.4 12 %278.4 11 %
Other160.8 17 %135.8 15 %495.2 18 %384.5 15 %
Consolidated revenues, net$970.9 100 %$893.0 100 %$2,820.4 100 %$2,543.5 100 %
*Columns may not calculate due to rounding.
Contract Liabilities
Deferred revenue contract liabilities for customers subject to ASC 606 were $42.6 million and $57.7 million as of September 30, 2023 and December 31, 2022, respectively. We expect to recognize approximately $27.6 million of these amounts in revenues within 12 months and the remaining $15.0 million over the next five years as of September 30, 2023. Revenue recognized in the nine months ended September 30, 2023 that was included in the deferred revenue contract liability as of December 31, 2022 was approximately $31.9 million.
9

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 September 30, 2023 and December 31, 2022 (in millions):
September 30, 2023December 31, 2022
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$3,824.6 $(3,647.4)$177.2 $2,409.8 $(2,266.0)$143.8 
Liabilities
Accounts Payable$3,736.9 $(3,647.4)$89.5 $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 September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023December 31, 2022
Gross domestic accounts receivable $1,326,581 $985,873 
Gross domestic securitized accounts receivable1,396,000 1,287,000 
Gross foreign receivables 1,499,608 1,228,718 
Total gross receivables4,222,189 3,501,591 
Less allowance for credit losses(170,914)(149,846)
Net accounts and securitized accounts receivables$4,051,275 $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 in the form of a legal sale certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers in the form of a legal sale, without recourse, on a revolving basis, an undivided percentage ownership interest in this pool of accounts receivable to unrelated transferees i.e., multi-seller banks and asset-backed commercial paper conduits. Funding retains a residual, subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees an incremental pledge of unsold receivables as a form of over-collateralization to enhance the credit of the transferred receivables. Purchases by the banks and conduits are generally 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. 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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A roll forward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2023 and 2022 is as follows (in thousands):
20232022
Allowance for credit losses beginning of period$149,846 $98,719 
Provision for credit losses103,495 89,976 
Write-offs(92,406)(58,284)
Recoveries8,242 5,329 
Impact of foreign currency1,737 (1,713)
Allowance for credit losses end of period$170,914 $134,027 
The provision for credit losses and write-offs increased during the nine months ended September 30, 2023, as customer spend increased due to new sales and higher fuel prices. These new customers tend to have higher loss rates. Additionally, the Company experienced higher losses among micro-SMB (small-medium business) customers who were more severely impacted by negative economic conditions.
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.
11

The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):
Fair ValueLevel 1Level 2Level 3
September 30, 2023
Assets:
Repurchase agreements$207,458 $— $207,458 $— 
Money market mutual funds
154,886 — 154,886 — 
Certificates of deposit226,541 — 226,541 — 
Treasury bills184,625 — 184,625 — 
Interest rate swaps54,125 — 54,125 — 
Cross-currency interest rate swap6,850 — 6,850 — 
       Foreign exchange contracts 317,084 — 317,084 — 
Total assets$1,151,569 $— $1,151,569 $— 
Cash collateral for foreign exchange contracts$46,100 
Liabilities:
Interest rate swaps $6,526 $— 6,526 — 
       Foreign exchange contracts 266,967 — 266,967 — 
Total liabilities$273,493 $— $273,493 $— 
Cash collateral obligation for foreign exchange contracts$187,100 
 
December 31, 2022
Assets:
Repurchase agreements$444,216 $— $444,216 $— 
Money market mutual funds
37,821 — 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, certificates of deposit and Treasury bills, with purchased 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 and certain U.S. Treasury bills 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 liability in our Consolidated Balance Sheets at September 30, 2023 and December 31, 2022. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheets at September 30, 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 September 30, 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's derivatives are over-the-counter instruments with liquid markets. 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. See Note 13 for additional information on the fair value of the Company’s derivatives.
The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $68.0 million at September 30, 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 monthly 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 September 30, 2023, 28,314,820 shares have been repurchased for an aggregate purchase price of $6.4 billion, leaving the Company up to $0.7 billion of remaining authorization available under the Program for future repurchases in shares of its common stock.
On August 18, 2023, as part of the Program, the Company entered an accelerated share repurchase ("ASR") agreement ("2023 ASR Agreement") with a third-party financial institution to repurchase $450 million of its common stock. Pursuant to the 2023 ASR Agreement, the Company delivered $450 million in cash and received 1,372,841 shares based on a stock price of $262.23 on August 18, 2023. The 2023 ASR Agreement was completed on September 26, 2023, at which time the Company received 293,588 additional shares based on a final weighted average per share purchase price during the repurchase period of $270.04.
The Company accounted for the 2023 ASR Agreement as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to the Company upon execution of the ASR agreement and (ii) as a forward contract indexed to the Company's common stock for the undelivered shares. The initial delivery of shares was included in treasury stock at cost and resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock met the criteria for equity classification, and these amounts were initially recorded in additional paid-in capital and reclassified to treasury stock upon settlement based on the final weighted average per share price.
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 stock-based payments recognized in the three and nine months ended September 30, 2023 and 2022 (in thousands):
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Stock options$4,921 $17,434 $18,482 $53,558 
Restricted stock24,152 16,747 71,435 47,270 
Stock-based compensation$29,073 $34,181 $89,917 $100,828 
The tax benefits recorded on stock-based compensation and upon the exercises of options were $28.6 million and $23.9 million for the nine months ended September 30, 2023 and 2022, respectively.
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The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of September 30, 2023 (cost in thousands):
Unrecognized
Compensation
Cost		Weighted Average
Period of Expense
Recognition
(in Years)
Stock options$37,281 2.24
Restricted stock61,573 0.75
Total$98,854 
Stock Options
The following summarizes the changes in the number of shares of common stock under option for the nine months ended September 30, 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 
Granted186 203.36 $67.47 
Exercised(573)171.92 $33,922 
Forfeited(78)241.63 
Outstanding at September 30, 20234,836 $189.76 3,237 $163.45 $324,687 
Expected to vest as of September 30, 2023749 $222.31 
The aggregate intrinsic value of stock options exercisable at September 30, 2023 was $298.9 million. The weighted average remaining contractual term of options exercisable at September 30, 2023 was 3.3 years.
Restricted Stock
The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units for the nine months ended September 30, 2023 (shares in thousands):
 
SharesWeighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2022435 $237.68 
Granted441 213.36 
Issued(307)235.55 
Cancelled(21)232.16 
Outstanding at September 30, 2023548 $219.52 
6. Acquisitions
2023 Acquisitions
In January 2023, the Company acquired 100% of Global Reach, a U.K.-based cross-border payments provider, for approximately $102.9 million, net of cash. In February 2023, the Company acquired the remainder of Mina Digital Limited ("Mina"), a cloud-based electric vehicle ("EV") charging software platform. In February 2023, the Company also acquired 100% of Business Gateway AG, a European-based service, maintenance and repair technology provider. In September 2023, the Company acquired 100% of PayByPhone Technologies, Inc., the world's second largest mobile parking operator, for approximately $303.2 million, net of cash. Each of these 2023 acquisitions provide incremental geographic expansion of our products, with PayByPhone specifically intended to progress the Company's broader strategy to transform our vehicle payments business. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition.

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The aggregate purchase price of these acquisitions was approximately $438.3 million (inclusive of the $8.5 million previously-held equity method investment in Mina), net of cash of $115 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 for the 2023 acquisitions as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies. As the PayByPhone acquisition occurred near the end of the third quarter of 2023, the Company preliminarily allocated the excess of the purchase price of the acquisition over the estimated assets acquired and liabilities assumed to goodwill and intangibles on a provisional basis, based on historical valuation outcomes. Further, the provisional amounts assigned to such intangibles of $150.5 million were preliminarily assigned to the customer relationship intangible asset.
The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):
Trade and other receivables$20,312 
Prepaid expenses and other current assets120,346 
Other long term assets10,506 
Goodwill372,479 
Intangibles211,117 
Accounts payable and accrued expenses(95,180)
Other current liabilities(139,801)
Other noncurrent liabilities(61,442)
Aggregate purchase price$438,337 
Results from the Global Reach Group are included in the Company's Corporate Payments segment and the results for Mina Digital Limited, Business Gateway AG and PayByPhone are included in the Company's Fleet segment.
2022 Acquisitions
In March 2022, the Company completed the acquisition of Levarti, a U.S.-based airline software platform company reported in the Lodging segment, for $23.7 million, net of cash. In August 2022, the Company completed the acquisition of Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment, for $41.2 million, net of cash. In September 2022, the Company completed the acquisition of Plugsurfing, a European EV software and network provider reported in the Fleet segment, for $75.8 million, net of cash. In November 2022, the Company completed the acquisition of Roomex, a European workforce lodging provider serving the U.K. and German markets reported in the Lodging segment, for approximately $56.8 million, net of cash. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition.
The aggregate purchase price of these 2022 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 two of these acquisitions, the Company signed noncompete agreements of $1.1 million and $1.2 million with certain parties affiliated with the respective businesses. These noncompete agreements were accounted for separately from the business acquisitions.
Acquisition accounting is preliminary for Roomex (and has been completed for Levarti, Accrualify and Plugsurfing), 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$13,349 
Prepaid expenses and other current assets4,006 
Other long term assets463 
Goodwill164,123 
Intangibles50,145 
Accounts payable and accrued expenses(20,273)
Other current liabilities(4,960)
Other noncurrent liabilities(9,281)
Aggregate purchase price$197,572 
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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 Name 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 
7. Goodwill and Other Intangibles
A summary of changes in the Company’s goodwill is as follows (in thousands):
 
December 31, 2022
Acquisitions1
Dispositions2
Acquisition Accounting
Adjustments		Foreign
Currency		September 30, 2023
Goodwill$5,201,435 $372,479 $(40,857)$3,746 $16,743 $5,553,546 
1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the nine months ended September 30, 2023. Of this amount, $220.0 million was assigned to the Fleet segment and $152.5 million was assigned to the Corporate Payments segment.
2 Reflects goodwill derecognized in connection with the disposition of the Company's operations in Russia. See Note 15 for additional information.
As of September 30, 2023 and December 31, 2022, other intangibles consisted of the following (in thousands):
  September 30, 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 relationships17.1$3,073,277 $(1,438,677)$1,634,600 $2,922,586 $(1,332,542)$1,590,044 
Trade names and trademarks—indefinite livedN/A423,340 — 423,340 419,270 — 419,270 
Trade names and trademarks—other1.950,447 (13,873)36,574 47,939 (9,111)38,828 
Software6.0285,396 (231,227)54,169 278,460 (216,858)61,602 
Non-compete agreements4.283,822 (67,506)16,316 80,098 (58,868)21,230 
Total other intangibles$3,916,282 $(1,751,283)$2,164,999 $3,748,353 $(1,617,379)$2,130,974 
N/A = Not Applicable
Changes in foreign exchange rates resulted in a $5.7 million increase to the net carrying values of other intangibles in the nine months ended September 30, 2023. Amortization expense related to intangible assets for the nine months ended September 30, 2023 and 2022 was $169.5 million and $163.1 million, respectively.
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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 a term loan A, a term loan B, and a revolving credit facility. As noted in footnote 2, the Company is also party to the Securitization Facility.
The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):
September 30, 2023December 31, 2022
Term Loan A note payable, net of discounts$2,900,963 $2,956,053 
Term Loan B note payable, net of discounts1,844,159 1,855,891 
Revolving line of credit facilities840,011 935,000 
Other obligations1,881 2,950 
Total notes payable and credit agreements5,587,014 5,749,894 
Securitization Facility1,396,000 1,287,000 
Total notes payable, credit agreements and Securitization Facility$6,983,014 $7,036,894 
Current portion$2,345,803 $2,314,056 
Long-term portion4,637,211 4,722,838 
Total notes payable, credit agreements and Securitization Facility$6,983,014 $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 September 30, 2023.
9. Income Taxes
The Company's effective tax rate was 26.6% and 26.8% for the three months ended September 30, 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 September 30, 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.
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 and nine months ended September 30, 2023 and 2022 is as follows (in thousands, except per share data):
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Net income$271,496 $248,885 $726,033 $729,008 
Denominator for basic earnings per share73,165 74,461 73,523 76,311 
Dilutive securities1,439 1,097 1,210 1,376 
Denominator for diluted earnings per share74,604 75,558 74,733 77,687 
Basic earnings per share$3.71 $3.34 $9.87 $9.55 
Diluted earnings per share$3.64 $3.29 $9.72 $9.38 
Diluted earnings per share for the three months ended September 30, 2023 and 2022 excludes the effect of 0.7 million and 2.5 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive. Diluted earnings per share also excludes the effect of an immaterial amount of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended September 30, 2023 and 2022.
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11. Segments
The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. We manage and report our operating results through four reportable segments: Fleet, Corporate Payments, Lodging and Brazil. The remaining results are included within Other, which includes our Gift and Payroll Card businesses. These segments align with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information.
The Company’s segment results are as follows for the three and nine month periods ended September 30, 2023 and 2022 (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
20231
2022
20231
2022
Revenues, net:
Fleet$365,502 $395,203 $1,120,823 $1,124,157 
Corporate Payments258,800 196,941 732,958 570,408 
Lodging141,389 125,961 400,287 337,438