FLEETCOR Reports First Quarter 2020 Financial Results

Source:
FLEETCOR Technologies, Inc.

ATLANTA--(BUSINESS WIRE)--May 7, 2020-- FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global provider of commercial payment solutions, today reported financial results for its first quarter of 2020.

“We managed a pretty good Q1 result, particularly considering the current environment, with adjusted net income per diluted share finishing at $3.00, up 12%. January and February revenue started quite well, 8% and 8% growth respectively, prior to experiencing the mid-March shutdowns,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.

“Like many companies, we have reset our priorities to reflect the situation we are in. Initially, we responded with a series of safety, liquidity, business continuity, and credit actions at the start of the initial outbreak. And now we’re re-planning business expense levels, our go-to-market approach, and growth priorities to better fit what we are seeing now,” concluded Clarke.

Financial Results for First Quarter of 2020:

GAAP Results

  • Total revenues increased 6% to $661.1 million in the first quarter of 2020, compared to $621.8 million in the first quarter of 2019.
  • Net income decreased 15% to $147.1 million in the first quarter of 2020, compared to $172.1 million in the first quarter of 2019. Included in the first quarter of 2020 was a one-time loss of $90.1 million related to a customer receivable in our foreign currency trading business.
  • Net income per diluted share decreased 14% to $1.67 in the first quarter of 2020, compared to $1.93 per diluted share in the first quarter of 2019. Included in the first quarter of 2020 was a $0.74 per diluted share one-time loss related to a customer receivable in our foreign currency trading business.

Non-GAAP Results1

  • Adjusted net income1 increased 11% to $264.5 million in the first quarter of 2020, compared to $238.4 million in the first quarter of 2019.
  • Adjusted net income per diluted share1 increased 12% to $3.00 in the first quarter of 2020, compared to $2.67 per diluted share in the first quarter of 2019.

“The first quarter of 2020 was another good quarter for the Company driven primarily by solid performance in January and February, which then significantly softened in March due to the COVID-19 virus related shut downs around the world. The macro-economic environment came in worse than expected during the quarter, which negatively impacted revenue by approximately $6 million versus the first quarter of 2019. In addition, due to the extraordinary impact of the COVID-19 pandemic, our Cambridge business experienced a $90 million, bad debt loss in the first quarter, resulting from a large client entering voluntary bankruptcy. We view this as truly a one off event, as the business has experienced less than 1.5% bad debt as a percentage of revenue for as far back as we have data,” said Eric Dey, chief financial officer, FLEETCOR Technologies, Inc.”

2020 Outlook:

“We have been closely monitoring the impact that the COVID-19 outbreak has had on our global business. As a result of the unprecedented conditions across all of our markets, we have decided to suspend our full-year 2020 guidance, there is simply too much uncertainty regarding the resumption of business activity around the world to accurately predict what our volumes could be in the second quarter and rest of the year.

We expect that the second quarter will be the lowest in terms of volume and revenue, and as business activity starts to recover around the world, volumes should build throughout the year, resulting in higher revenue and earnings in the third and fourth quarters,” concluded Dey.

_______________________________________
[1] Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1 attached. Additional supplemental data is provided in Exhibits 2-3 and 5, and segment information is provided in Exhibit 4.

Conference Call

The Company will host a conference call to discuss first quarter 2020 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Eric Dey, chief financial officer and Jim Eglseder, investor relations. The conference call can be accessed live via webcast from the Company's investor relations website at http://investor.fleetcor.com. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 3908998. The replay will be available until Tuesday, May 14, 2020. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR's beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. Examples of forward-looking statements in this press release include statements relating to macro- economic conditions, including the effects of global, political, market, health and other conditions, including the impact of the coronavirus (COVID-19), expected growth opportunities and strategies, and estimated impact of these conditions on our operations and financial results, revenue and earnings guidance and assumptions underlying financial guidance. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement, such as the impact of global, political, market, health, and other conditions, including the impact of the coronavirus (COVID-19); regulatory measures or voluntary actions, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to combat the spread of the coronavirus (COVID-19); adverse outcomes with respect to current and future legal proceedings, including without limitation, the FTC lawsuit, or actions of governmental or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; fuel price and spread volatility; the impact of foreign exchange rates on operations, revenue and income; the effects of general economic conditions on fueling patterns and the commercial activity of fleets; changes in credit risk of customers and associated losses; the actions of regulators relating to payment cards or resulting from investigations; failure to maintain or renew key business relationships; failure to maintain competitive offerings; failure to maintain or renew sources of financing; failure to complete, or delays in completing, anticipated new customer arrangements or acquisitions and the failure to successfully integrate or otherwise achieve anticipated benefits from such customer arrangements or acquired businesses; failure to successfully expand business internationally, including the potential impact to our business as a result of the United Kingdom’s referendum to leave the European Union, risks related to litigation; as well as the other risks and uncertainties identified under the caption "Risk Factors" in FLEETCOR's Annual Report on Form 10-K for the year ended December 31, 2019 and Form 10-Q for the quarter ended March 31, 2020. FLEETCOR believes these forward-looking statements are reasonable; however, forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this press release are made only as of the date hereof, and FLEETCOR does not undertake, and specifically disclaims, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments except as specifically stated in this press release or to the extent required by law.

About Non-GAAP Financial Measures

Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash stock based compensation expense related to share based compensation awards, (b) amortization of deferred financing costs, discounts and intangible assets, amortization of the premium recognized on the purchase of receivables, and our proportionate share of amortization of intangible assets at our equity method investment, (c) integration and deal related costs, and (d) other non-recurring items, including unusual losses occurring due largely to COVID-19, the impact of the Tax Act, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets and a business, loss on extinguishment of debt, legal settlements/litigation, and the unauthorized access impact. We calculate adjusted net income to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP, and our calculation thereof may not be comparable to that reported by other companies. We believe it is useful to exclude non-cash stock based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. We also believe one-time non-recurring expenses, gains, losses, and impairment charges do not necessarily reflect how our investments and business are performing. Reconciliations of GAAP results to non-GAAP results are provided in the attached exhibit 1. A reconciliation of GAAP to non-GAAP product revenue organic growth calculation is provided in the attached exhibit 5.

Management uses adjusted net income:

  • as measurement of operating performance because it assists us in comparing our operating performance on a consistent basis;
  • for planning purposes, including the preparation of our internal annual operating budget;
  • to allocate resources to enhance the financial performance of our business; and
  • to evaluate the performance and effectiveness of our operational strategies.

We believe adjusted net income and adjusted net income per diluted share are key measures used by the Company and investors as supplemental measures to evaluate the overall operating performance of companies in our industry. By providing these non-GAAP financial measures, together with reconciliations, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives.

About FLEETCOR

FLEETCOR Technologies (NYSE: FLT) is a leading global provider of commercial payment solutions. The Company helps businesses of all sizes better control, simplify and secure payment of their fuel, toll, lodging and other general payables. With its proprietary payment acceptance networks, FLEETCOR provides affiliated merchants with incremental sales and loyalty. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

 
FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In thousands, except per share amounts)
 

Three Months Ended March 31,

2020

 

2019

 
Revenues, net

$

661,093

 

$

621,825

 

 
Expenses:
Processing

 

233,703

 

 

129,114

 

Selling

 

55,859

 

 

49,261

 

General and administrative

 

106,110

 

 

92,784

 

Depreciation and amortization

 

64,476

 

 

67,445

 

Other operating, net

 

(38

)

 

(955

)

Operating income

 

200,983

 

 

284,176

 

Investment loss

 

2,371

 

 

15,660

 

Other (income) expense, net

 

(9,366

)

 

220

 

Interest expense, net

 

35,679

 

 

39,055

 

Total other expense

 

28,684

 

 

54,935

 

Income before income taxes

 

172,299

 

 

229,241

 

Provision for income taxes

 

25,239

 

 

57,134

 

Net income

$

147,060

 

$

172,107

 

 
Basic earnings per share

$

1.73

 

$

2.00

 

Diluted earnings per share

$

1.67

 

$

1.93

 

 
Weighted average shares outstanding:
Basic shares

 

84,902

 

 

85,941

 

Diluted shares

 

88,205

 

 

89,244

 

FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and par value amounts)
 
March 31, 2020 December 31, 2019
(Unaudited)
Assets
 
Current assets:
Cash and cash equivalents

$

1,070,681

 

$

1,271,494

 

Restricted cash

 

481,555

 

 

403,743

 

Accounts and other receivables (less allowance for credit losses of $74,828 at March 31, 2020 and $70,890 at December 31, 2019, respectively)

 

1,338,056

 

 

1,568,961

 

Securitized accounts receivable - restricted for securitization investors

 

819,000

 

 

970,973

 

Prepaid expenses and other current assets

 

419,720

 

 

403,400

 

 
Total current assets

 

4,129,012

 

 

4,618,571

 

 
Property and equipment, net

 

183,229

 

 

199,825

 

Goodwill

 

4,583,881

 

 

4,833,047

 

Other intangibles, net

 

2,169,742

 

 

2,341,882

 

Investments

 

28,068

 

 

30,440

 

Other assets

 

216,218

 

 

224,776

 

 
Total assets

$

11,310,150

 

$

12,248,541

 

 
Liabilities and Stockholders’ Equity
 
Current liabilities:
Accounts payable

$

1,058,713

 

$

1,249,586

 

Accrued expenses

 

250,232

 

 

275,511

 

Customer deposits

 

906,065

 

 

1,007,631

 

Securitization facility

 

819,000

 

 

970,973

 

Current portion of notes payable and lines of credit

 

1,094,470

 

 

775,865

 

Other current liabilities

 

331,596

 

 

183,502

 

 
Total current liabilities

 

4,460,076

 

 

4,463,068

 

 
Notes payable and other obligations, less current portion

 

3,246,241

 

 

3,289,947

 

Deferred income taxes

 

486,551

 

 

519,980

 

Other noncurrent liabilities

 

321,053

 

 

263,930

 

 
Total noncurrent liabilities

 

4,053,845

 

 

4,073,857

 

 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 125,244,634 shares issued and 83,770,697 shares outstanding at March 31, 2020; and 124,626,786 shares issued and 85,342,156 shares outstanding at December 31, 2019

 

125

 

 

124

 

Additional paid-in capital

 

2,657,169

 

 

2,494,721

 

Retained earnings

 

4,859,789

 

 

4,712,729

 

Accumulated other comprehensive loss

 

(1,592,124

)

 

(972,465

)

Less treasury stock, 41,473,937 shares at March 31, 2020 and 39,284,630 shares at December 31, 2019

 

(3,128,730

)

 

(2,523,493

)

 
Total stockholders’ equity

 

2,796,229

 

 

3,711,616

 

 
Total liabilities and stockholders’ equity

$

11,310,150

 

$

12,248,541

 

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

Three Months Ended March 31,

2020

 

2019

 
Operating activities
Net income

$

147,060

 

$

172,107

 

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

 

15,788

 

 

15,132

 

Stock-based compensation

 

14,175

 

 

12,541

 

Provision for losses on accounts receivable

 

117,746

 

 

22,164

 

Amortization of deferred financing costs and discounts

 

1,354

 

 

1,205

 

Amortization of intangible assets and premium on receivables

 

48,688

 

 

52,313

 

Deferred income taxes

 

(7,322

)

 

(2,696

)

Investment loss

 

2,371

 

 

15,660

 

Other non-cash operating income

 

(38

)

 

(1,574

)

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

 

156,052

 

 

(302,395

)

Prepaid expenses and other current assets

 

(45,149

)

 

644

 

Other assets

 

(3,046

)

 

(14,517

)

Accounts payable, accrued expenses and customer deposits

 

(27,646

)

 

326,910

 

Net cash provided by operating activities

 

420,033

 

 

297,494

 

 
 
Investing activities
Acquisitions, net of cash acquired

 

(467

)

 

-

 

Purchases of property and equipment

 

(18,257

)

 

(14,506

)

Net cash used in investing activities

 

(18,724

)

 

(14,506

)

 
 
Financing activities
Proceeds from issuance of common stock

 

73,274

 

 

29,795

 

Repurchase of common stock

 

(530,237

)

 

(3,322

)

(Payments) borrowings on securitization facility, net

 

(151,973

)

 

56,000

 

Deferred financing costs paid and debt discount

 

-

 

 

(284

)

Principal payments on notes payable

 

(51,722

)

 

(32,438

)

Borrowings from revolver

 

573,500

 

 

-

 

Payments on revolver

 

(204,460

)

 

(353,638

)

(Payments) borrowings on swing line of credit, net

 

(22,741

)

 

31,032

 

Other

 

(92

)

 

(63

)

Net cash used in financing activities

 

(314,451

)

 

(272,918

)

 
Effect of foreign currency exchange rates on cash

 

(209,859

)

 

(2,392

)

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

 

(123,001

)

 

7,678

 

Cash and cash equivalents and restricted cash, beginning of period

 

1,675,237

 

 

1,364,893

 

Cash and cash equivalents and restricted cash, end of period

$

1,552,236

 

$

1,372,571

 

 
Supplemental cash flow information
Cash paid for interest

$

40,394

 

$

46,904

 

 
Cash paid for income taxes

$

32,939

 

$

17,894

 

Exhibit 1
RECONCILIATION OF NON-GAAP MEASURES
(In thousands, except shares and per share amounts)
(Unaudited)
 
The following table reconciles net income to adjusted net income and adjusted net income per diluted share:*
 

Three Months Ended March 31,

2020

 

2019

Net income

$

147,060

 

$

172,107

 

 
Stock based compensation

 

14,175

 

 

12,541

 

Amortization of intangible assets, premium on receivables, deferred financing costs and discounts

 

50,042

 

 

53,518

 

Investment loss

 

2,371

 

 

15,660

 

Integration and deal related costs2

 

3,365

 

 

-

 

Legal settlements/litigation

 

(5,981

)

 

-

 

Write-off of customer receivable

 

90,058

 

 

-

 

Total pre-tax adjustments

 

154,030

 

 

81,719

 

 
Income tax impact of pre-tax adjustments at the effective tax rate1

 

(36,595

)

 

(15,411

)

 
Adjusted net income

$

264,495

 

$

238,415

 

Adjusted net income per diluted share

$

3.00

 

$

2.67

 

 
Diluted shares

 

88,205

 

 

89,244

 

1 Excludes the results of the Company's investment in 2019 on our effective tax rate, as results from Masternaut investment are reported within the consolidated statements of income on a post-tax basis and there is no tax-over-book outside basis difference.
2 Beginning in the first quarter of 2020, the Company included integration and deal related costs in its definition to calculate adjusted net income and adjusted net income per diluted share. Prior period amounts were approximately $1.6 million, which we consider immaterial.
* Columns may not calculate due to rounding.
Exhibit 2
Key Performance Indicators, by Product Category and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted
(In millions except revenues, net per transaction)
(Unaudited)
The following table presents revenue and revenue per key performance metric by product category.*
 

As Reported

 

Pro Forma and Macro Adjusted3

Three Months Ended March 31,

 

Three Months Ended March 31,

2020

 

2019

 

Change

 

% Change

 

2020

 

2019

 

Change

 

% Change

 
FUEL
- Revenues, net

$

292.1

 

$

283.0

 

$

9.1

 

3

%

$

280.6

 

$

275.3

 

$

5.3

 

2

%

- Transactions

 

118.4

 

 

121.2

 

 

(2.8

)

(2

%)

 

118.4

 

 

118.7

 

 

(0.3

)

(0

%)

- Revenues, net per transaction

$

2.47

 

$

2.33

 

$

0.13

 

6

%

$

2.37

 

$

2.32

 

$

0.05

 

2

%

 
CORPORATE PAYMENTS
- Revenues, net1

$

119.9

 

$

96.4

 

$

23.6

 

24

%

$

120.9

 

$

100.7

 

$

20.2

 

20

%

- Spend volume

$

17,917

 

$

15,529

 

$

2,388

 

15

%

$

17,917

 

$

15,922

 

$

1,996

 

13

%

- Revenues, net per spend $

 

0.67

%

 

0.62

%

 

0.05

%

8

%

 

0.67

%

 

0.63

%

 

0.04

%

7

%

 
TOLLS
- Revenues, net

$

83.0

 

$

88.9

 

$

(5.9

)

(7

%)

$

97.4

 

$

88.9

 

$

8.5

 

10

%

- Tags (average monthly)

 

5.4

 

 

5.0

 

 

0.5

 

10

%

 

5.4

 

 

5.0

 

 

0.5

 

10

%

- Revenues, net per tag

$

15.28

 

$

17.94

 

$

(2.67

)

(15

%)

$

17.94

 

$

17.94

 

$

(0.00

)

(0

%)

 
LODGING
- Revenues, net

$

57.0

 

$

41.8

 

$

15.2

 

36

%

$

57.0

 

$

54.2

 

$

2.8

 

5

%

- Room nights

 

5.9

 

 

4.0

 

 

1.9

 

48

%

 

5.9

 

 

6.2

 

 

(0.3

)

(5

%)

- Revenues, net per room night

$

9.68

 

$

10.48

 

$

(0.80

)

(8

%)

$

9.68

 

$

8.76

 

$

0.92

 

10

%

 
GIFT
- Revenues, net

$

42.4

 

$

48.4

 

$

(6.0

)

(12

%)

$

42.4

 

$

48.4

 

$

(6.0

)

(12

%)

- Transactions

 

281.9

 

 

330.8

 

 

(48.9

)

(15

%)

 

281.9

 

 

330.8

 

 

(48.9

)

(15

%)

- Revenues, net per transaction

$

0.15

 

$

0.15

 

$

0.00

 

3

%

$

0.15

 

$

0.15

 

$

0.00

 

3

%

 
OTHER2
- Revenues, net1

$

66.7

 

$

63.4

 

$

3.3

 

5

%

$

68.4

 

$

68.7

 

$

(0.3

)

(0

%)

- Transactions1

 

12.0

 

 

12.4

 

 

(0.5

)

(4

%)

 

12.0

 

 

14.4

 

 

(2.4

)

(17

%)

- Revenues, net per transaction

$

5.58

 

$

5.10

 

$

0.48

 

9

%

$

5.72

 

$

4.77

 

$

0.95

 

20

%

 
 
FLEETCOR CONSOLIDATED REVENUES
- Revenues, net

$

661.1

 

$

621.8

 

$

39.3

 

6

%

$

666.8

 

$

636.2

 

$

30.6

 

5

%

 
1 Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard revenue from corporate payments to other.
2 Other includes telematics, maintenance, food, transportation and payroll card related businesses.
3 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by product and metrics, non GAAP measures, to the GAAP equivalent.
* Columns may not calculate due to rounding.
Exhibit 3
Revenues by Geography and Product
(In millions)
(Unaudited)
 
Revenue by Geography*

Three Months Ended March 31,

2020

 

%

 

2019

 

%

 
US

$ 398

60%

$ 371

60%

Brazil

99

15%

106

17%

UK

74

11%

68

11%

Other

91

14%

77

12%

 
Consolidated Revenues, net

$ 661

100%

$ 622

100%

* Columns may not calculate due to rounding.
 
Revenue by Product Category*1

Three Months Ended March 31,

202

 

%

 

2019

 

%

 
Fuel

$ 292

43%

$ 283

46%

Corporate Payments

120

18%

96

15%

Tolls

83

13%

89

14%

Lodging

57

9%

42

7%

Gift

42

6%

48

8%

Other

67

10%

63

10%

 
Consolidated Revenues, net

$ 661

100%

$ 622

100%

* Columns may not calculate due to rounding.
1 Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard revenue from corporate payments to other.
Exhibit 4
Segment Results
(In thousands)
(Unaudited)
 

Three Months Ended March 31,

2020

 

20191

 
Revenues, net:
North America

$

434,692

$

396,899

Brazil

 

98,978

 

105,699

International

 

127,423

 

119,227

$

661,093

$

621,825

 
Operating income:
North America

$

85,740

$

172,379

Brazil

 

39,442

 

42,154

International

 

75,801

 

69,643

$

200,983

$

284,176

 
Depreciation and amortization:
North America

$

37,976

$

38,292

Brazil

 

14,589

 

16,794

International

 

11,911

 

12,359

$

64,476

$

67,445

 
Capital expenditures:
North America

$

11,264

$

8,377

Brazil

 

3,331

 

4,154

International

 

3,662

 

1,975

$

18,257

$

14,506

1 The Company has historically had two reportable segments, North America and International. In the first quarter of 2020, in order to better align with changes in business models and management reporting, the Company has broken out Brazil as a third segment, which was previously reported in the International segment. The presentation of segment information has been recast for the prior quarter to align with segment presentation for the three months ended March 31, 2020.
Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric by Product to GAAP
(In millions)
(Unaudited)
 
Revenue Key Performance Metric
Three Months Ended March 31, Three Months Ended March 31,
2020* 2019* 2020* 2019*
 
FUEL-TRANSACTIONS
Pro forma and macro adjusted

$

280.6

 

$

275.3

 

118.4

118.7

 

Impact of acquisitions/dispositions

 

-

 

 

7.7

 

-

2.5

 

Impact of fuel prices/spread

 

15.4

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

(3.9

)

 

-

 

-

-

 

As reported

$

292.1

 

$

283.0

 

118.4

121.2

 

 
CORPORATE PAYMENTS- SPEND
Pro forma and macro adjusted

$

120.9

 

$

100.7

 

17,917

15,922

 

Impact of acquisitions/dispositions

 

-

 

 

(4.3

)

-

(392

)

Impact of fuel prices/spread

 

0.0

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

(1.0

)

 

-

 

-

-

 

As reported

$

119.9

 

$

96.4

 

17,917

15,529

 

 
TOLLS- TAGS
Pro forma and macro adjusted

$

97.4

 

$

88.9

 

5.4

5.0

 

Impact of acquisitions/dispositions

 

-

 

 

-

 

-

-

 

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

(14.5

)

 

-

 

-

-

 

As reported

$

83.0

 

$

88.9

 

5.4

5.0

 

 
LODGING- ROOM NIGHTS
Pro forma and macro adjusted

$

57.0

 

$

54.2

 

5.9

6.2

 

Impact of acquisitions/dispositions

 

-

 

 

(12.4

)

-

(2.2

)

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

-

 

 

-

 

-

-

 

As reported

$

57.0

 

$

41.8

 

5.9

4.0

 

 
GIFT- TRANSACTIONS
Pro forma and macro adjusted

$

42.4

 

$

48.4

 

281.9

330.8

 

Impact of acquisitions/dispositions

 

-

 

 

-

 

-

-

 

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

-

 

 

-

 

-

-

 

As reported

$

42.4

 

$

48.4

 

281.9

330.8

 

 
OTHER1- TRANSACTIONS
Pro forma and macro adjusted

$

68.4

 

$

68.7

 

12.0

14.4

 

Impact of acquisitions/dispositions

 

-

 

 

(5.3

)

-

(2.0

)

Impact of fuel prices/spread

 

-

 

 

-

 

-

-

 

Impact of foreign exchange rates

 

(1.7

)

 

-

 

-

-

 

As reported

$

66.7

 

$

63.4

 

12.0

12.4

 

 
 
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted

$

666.8

 

$

636.2

 

Intentionally Left Blank
Impact of acquisitions/dispositions

 

-

 

 

(14.4

)

Impact of fuel prices/spread

 

15.4

 

 

-

 

Impact of foreign exchange rates

 

(21.1

)

 

-

 

As reported

$

661.1

 

$

621.8

 

* Columns may not calculate due to rounding.
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.

 

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

Source: FLEETCOR Technologies, Inc.


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