Business Wire | Nov 3, 2021 04:06PM EDT

FLEETCOR Reports Third Quarter 2021 Financial Results

Nov. 03, 2021

ATLANTA--(BUSINESS WIRE)--Nov. 03, 2021--FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its third quarter of 2021.

"Our third quarter profits (adjusted EPS) and revenue were records for the company, growing 25% and 29% respectively," said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. "Overall organic revenue growth was 17%, and inside of that, our corporate payments business grew 22%. We are increasing the mid-point of our full-year guidance to $13.05, and are enthused about the setup into 2022 with our sales momentum, expected deal synergies and an improved macro environment."

Financial Results for Third Quarter of 2021:

GAAP Results

* Total revenues increased 29% to $755.5 million in the third quarter of 2021, compared to $585.3 million in the third quarter of 2020. * Net income increased 24% to $234.0 million in the third quarter of 2021, compared to $188.8 million in the third quarter of 2020. * Net income per diluted share increased 28% to $2.80 in the third quarter of 2021, compared to $2.19 per diluted share in the third quarter of 2020.

Non-GAAP Results1

* Adjusted net income1 increased 22% to $294.4 million in the third quarter of 2021, compared to $241.9 million in the third quarter of 2020. * Adjusted net income per diluted share1 increased 25% to $3.52 in the third quarter of 2021, compared to $2.80 per diluted share in the third quarter of 2020.

"Our third quarter results were again excellent, and beat the expectations we provided in August for both revenue and adjusted earnings per share," said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. "Our expense management discipline, strong credit performance and effective capital allocation all contributed to the bottom line beat."

Fiscal-Year 2021 Outlook:

"Our guidance increase reflects our third quarter results and the benefit from the ALE acquisition completed on September 1, 2021. With three quarters of strong results behind us, we currently expect fourth quarter revenue and adjusted EPS to grow both sequentially and year-over-year, which will contribute to full year growth rates of 17% and 18% at the mid-point, respectively," concluded Freund.

For fiscal year 2021, FLEETCOR Technologies, Inc. updated financial guidance1 is as follows:

* Total revenues between $2,785 million and $2,805 million; * GAAP net income between $837 million and $847 million; * GAAP net income per diluted share between $9.90 and $10.00; * Adjusted net income between $1,100 million and $1,110 million; * and Adjusted net income per diluted share between $13.00 and $13.10.

FLEETCOR's guidance assumptions for the fourth quarter of 2021 are as follows:

* Weighted average U.S. fuel prices equal to $3.27 per gallon; * Market spreads slightly unfavorable to the 2020 average; and * Foreign exchange rates equal to the seven-day average as of October 17, 2021.

FLEETCOR's guidance assumptions for the full year are as follows:

* Interest expense between $120 million and $125 million; * Approximately 85 million fully diluted shares outstanding; * A tax rate of 22.5% to 23.5%; and * No impact related to acquisitions not already closed.

_______________________________________ 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. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 6.

Conference Call:

The Company will host a conference call to discuss third quarter 2021 financial results today at 5:00 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Charles Freund, 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 13724667. The replay will be available until Wednesday, November 10, 2021. 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, assumptions, 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" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology.

These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as regulatory measures, voluntary actions, or changes in consumer preferences, that impact our transaction volume, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to contain and mitigate the spread of the novel coronavirus (including any variants thereof, "COVID-19"); the impact of vaccine mandates on our workforce; adverse changes or volatility in fuel prices and spreads; adverse changes in program fees or charges we may collect, whether through legal, regulatory or contractual changes; adverse outcomes with respect to current and future legal proceedings or investigations, including without limitation, the FTC lawsuit, or actions of governmental, regulatory or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; delays or failures associated with implication of, or adaption to, new technology, changes in credit risk of customers and associated losses; failure to maintain or renew key business relationships; failure to maintain competitive product offerings; failure to complete, or delays in completing, acquisitions, new partnerships or customer arrangements; and to successfully integrate or otherwise achieve anticipated benefits from such acquisitions, partnerships, and customer arrangements; failure to successfully expand and manage our business internationally; and other risks related to our international operations, including the potential impact to our business as a result of the United Kingdom's referendum to leave the European Union; the impact of foreign exchange rates on operations, revenues and income; and the failure or compromise of our data centers and other information technology assets; 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, 2020 filed with the Securities and Exchange Commission ("SEC") on February 26, 2021 and subsequent filings made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access FLEETCOR's SEC filings for free by visiting the SEC web site at www.sec.gov.

About Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company's definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within its industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, 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. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

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, intangible assets, and amortization of the premium recognized on the purchase of receivables, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses occurring largely, but not necessarily exclusively, due to COVID-19, the impact of discrete tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets/businesses, loss on extinguishment of debt, and legal settlements. We calculate adjusted net income and adjusted net income per diluted share to eliminate the effect of items that we do not consider indicative of our core operating performance.

Adjusted net income and adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share-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 share 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. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses and recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, and impairment charges do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these non-tax items.

Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of FLEETCOR.

Management uses adjusted net income, adjusted net income per diluted share and organic revenue growth:

* as measurements of operating performance because they assist 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.

About FLEETCOR:

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of, their employees and suppliers. 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 SubsidiariesUnaudited Consolidated Statements of Income(In thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30,

2021 2020 2021 2020

Revenues, net $ 755,477 $ 585,283 $ 2,031,481 $ 1,771,522

Expenses:Processing 149,564 119,856 388,286 474,849

Selling 71,204 46,762 186,511 144,995

General and administrative 121,785 90,868 345,155 283,717

Depreciation and 74,237 63,479 209,184 190,117amortizationOther operating, net - (214) 81 (482)

Operating income 338,687 264,532 902,264 678,326

Investment loss (gain) - 1,330 (9) (30,008)

Other expense (income), 1,532 (3,591) 3,683 (10,477)netInterest expense, net 29,033 31,383 92,269 99,474

Total other expense 30,565 29,122 95,943 58,989

Income before income taxes 308,122 235,410 806,321 619,337

Provision for income taxes 74,115 46,593 191,828 124,972

Net income $ 234,007 $ 188,817 $ 614,493 $ 494,365

Basic earnings per share $ 2.86 $ 2.26 $ 7.42 $ 5.87

Diluted earnings per share $ 2.80 $ 2.19 $ 7.24 $ 5.68

Weighted average sharesoutstanding:Basic shares 81,836 83,719 82,811 84,170

Diluted shares 83,716 86,273 84,917 87,006

FLEETCOR Technologies, Inc. and SubsidiariesConsolidated Balance Sheets(In thousands, except share and par value amounts)September 30, 2021December 31, 2020(Unaudited)AssetsCurrent assets:Cash and cash equivalents$

1,271,000

$

934,900

Restricted cash737,937

541,719

Accounts and other receivables (less allowance)2,071,523

1,366,775

Securitized accounts receivable - restricted for securitization investors1,098,000

700,000

Prepaid expenses and other current assets345,831

412,924

Total current assets5,524,291

3,956,318

Property and equipment, net220,643

202,509

Goodwill5,102,263

4,719,181

Other intangibles, net2,369,457

2,115,882

Investments11,857

7,480

Other assets225,872

193,209

Total assets$

13,454,383

$

11,194,579

Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable$

1,726,705

$

1,054,478

Accrued expenses327,271

282,681

Customer deposits1,533,145

1,175,322

Securitization facility1,098,000

700,000

Current portion of notes payable and lines of credit803,397

505,697

Other current liabilities177,752

250,133

Total current liabilities5,666,270

3,968,311

Notes payable and other obligations, less current portion3,789,981

3,126,926

Deferred income taxes564,445

498,154

Other noncurrent liabilities258,702

245,777

Total noncurrent liabilities4,613,128

3,870,857

Commitments and contingenciesStockholders' equity:Common stock127

126

Additional paid-in capital2,850,143

2,749,900

Retained earnings6,031,438

5,416,945

Accumulated other comprehensive loss(1,436,044)

(1,363,158)

Treasury stock(4,270,679)

(3,448,402)

Total stockholders' equity3,174,985

3,355,411

Total liabilities and stockholders' equity$

13,454,383

$

11,194,579

FLEETCOR Technologies, Inc. and SubsidiariesConsolidated Balance Sheets(In thousands, except share and par value amounts) September 30, December 31, 2021 2020 (Unaudited)Assets Current assets:Cash and cash equivalents $ 1,271,000 $ 934,900

Restricted cash 737,937 541,719

Accounts and other receivables (less allowance) 2,071,523 1,366,775

Securitized accounts receivable - restricted for 1,098,000 700,000securitization investorsPrepaid expenses and other current assets 345,831 412,924

Total current assets 5,524,291 3,956,318

Property and equipment, net 220,643 202,509

Goodwill 5,102,263 4,719,181

Other intangibles, net 2,369,457 2,115,882

Investments 11,857 7,480

Other assets 225,872 193,209

Total assets $ 13,454,383 $ 11,194,579

Liabilities and Stockholders' Equity Current liabilities:Accounts payable $ 1,726,705 $ 1,054,478

Accrued expenses 327,271 282,681

Customer deposits 1,533,145 1,175,322

Securitization facility 1,098,000 700,000

Current portion of notes payable and lines of 803,397 505,697creditOther current liabilities 177,752 250,133

Total current liabilities 5,666,270 3,968,311

Notes payable and other obligations, less current 3,789,981 3,126,926portionDeferred income taxes 564,445 498,154

Other noncurrent liabilities 258,702 245,777

Total noncurrent liabilities 4,613,128 3,870,857

Commitments and contingencies Stockholders' equity:Common stock 127 126

Additional paid-in capital 2,850,143 2,749,900

Retained earnings 6,031,438 5,416,945

Accumulated other comprehensive loss (1,436,044) (1,363,158)

Treasury stock (4,270,679) (3,448,402)

Total stockholders' equity 3,174,985 3,355,411

Total liabilities and stockholders' equity $ 13,454,383 $ 11,194,579

FLEETCOR Technologies, Inc. and SubsidiariesUnaudited Consolidated Statements of Cash Flows(In thousands)Nine Months Ended September 30,

2021

2020

Operating activitiesNet income$

614,493

$

494,365

Adjustments to reconcile net income to net cash provided by operating activities:Depreciation55,605

48,150

Stock-based compensation52,085

35,069

Provision for credit losses on accounts and other receivables19,419

152,485

Amortization of deferred financing costs and discounts4,903

5,028

Amortization of intangible assets and premium on receivables153,579

141,967

Loss on extinguishment of debt6,230

-

Deferred income taxes16,246

(5,747)

Investment gain(9)

(30,008)

Other81

(482)

Changes in operating assets and liabilities (net of acquisitions/dispositions):Accounts and other receivables(1,020,900)

49,690

Prepaid expenses and other current assets190,543

26,105

Other assets28,370

6,129

Accounts payable, accrued expenses and customer deposits478,896

291,945

Net cash provided by operating activities599,541

1,214,696

Investing activitiesAcquisitions, net of cash acquired(545,052)

(72,557)

Purchases of property and equipment(74,455)

(55,019)

Proceeds from disposal of investment-

52,963

Other(2,281)

-

Net cash used in investing activities(621,788)

(74,613)

Financing activitiesProceeds from issuance of common stock48,159

95,780

Repurchase of common stock(822,277)

(788,409)

Borrowings (payments) on securitization facility, net398,000

(282,973)

Deferred financing costs paid and debt discount(21,508)

(2,474)

Proceeds from issuance of notes payable1,150,000

-

Principal payments on notes payable(462,438)

(134,097)

Borrowings from revolver1,140,000

1,198,500

Payments on revolver(798,851)

(1,287,899)

Payments on swing line of credit, net(51,049)

(20,111)

Other(811)

(244)

Net cash provided by (used in) financing activities579,225

(1,221,927)

Effect of foreign currency exchange rates on cash(24,660)

(222,533)

Net increase (decrease) in cash and cash equivalents and restricted cash532,318

(304,377)

Cash and cash equivalents and restricted cash, beginning of period1,476,619

1,675,237

Cash and cash equivalents and restricted cash, end of period$

2,008,937

$

1,370,860

Supplemental cash flow informationCash paid for interest, net$

96,146

$

98,564

Cash paid for income taxes, net$

147,028

$

119,089

FLEETCOR Technologies, Inc. and SubsidiariesUnaudited Consolidated Statements of Cash Flows(In thousands) Nine Months Ended September 30,

2021 2020

Operating activitiesNet income $ 614,493 $ 494,365

Adjustments to reconcile net income to net cashprovided by operating activities:Depreciation 55,605 48,150

Stock-based compensation 52,085 35,069

Provision for credit losses on accounts and 19,419 152,485other receivablesAmortization of deferred financing costs and 4,903 5,028discountsAmortization of intangible assets and premium on 153,579 141,967receivablesLoss on extinguishment of debt 6,230 -

Deferred income taxes 16,246 (5,747)

Investment gain (9) (30,008)

Other 81 (482)

Changes in operating assets and liabilities (netof acquisitions/dispositions):Accounts and other receivables (1,020,900) 49,690

Prepaid expenses and other current assets 190,543 26,105

Other assets 28,370 6,129

Accounts payable, accrued expenses and customer 478,896 291,945depositsNet cash provided by operating activities 599,541 1,214,696

Investing activitiesAcquisitions, net of cash acquired (545,052) (72,557)

Purchases of property and equipment (74,455) (55,019)

Proceeds from disposal of investment - 52,963

Other (2,281) -

Net cash used in investing activities (621,788) (74,613)

Financing activitiesProceeds from issuance of common stock 48,159 95,780

Repurchase of common stock (822,277) (788,409)

Borrowings (payments) on securitization 398,000 (282,973)facility, netDeferred financing costs paid and debt discount (21,508) (2,474)

Proceeds from issuance of notes payable 1,150,000 -

Principal payments on notes payable (462,438) (134,097)

Borrowings from revolver 1,140,000 1,198,500

Payments on revolver (798,851) (1,287,899)

Payments on swing line of credit, net (51,049) (20,111)

Other (811) (244)

Net cash provided by (used in) financing 579,225 (1,221,927)activities Effect of foreign currency exchange rates on (24,660) (222,533)cash Net increase (decrease) in cash and cash 532,318 (304,377)equivalents and restricted cashCash and cash equivalents and restricted cash, 1,476,619 1,675,237beginning of periodCash and cash equivalents and restricted cash, $ 2,008,937 $ 1,370,860end of period Supplemental cash flow informationCash paid for interest, net $ 96,146 $ 98,564

Cash paid for income taxes, net $ 147,028 $ 119,089

Exhibit 1RECONCILIATION 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 September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Net income$

234,007

$

188,817

$

614,493

$

494,365

Stock based compensation16,453

11,905

52,085

35,069

Amortization156,381

49,078

158,482

146,995

Investment loss (gain)-

1,330

(9)

(30,008)

Loss on extinguishment of debt-

-

6,230

-

Integration and deal related costs6,638

1,768

18,132

11,035

Restructuring and related (subsidies) costs(568)

185

(1,922)

4,912

Legal settlements/litigation561

2,048

5,619

(2,989)

Write-off of customer receivable2-

-

-

90,058

Total pre-tax adjustments79,465

66,313

238,617

255,072

Income taxes3(19,114)

(13,196)

(48,193)

(45,581)

Adjusted net income$

294,358

$

241,934

$

804,917

$

703,856

Adjusted net income per diluted share$

3.52

$

2.80

$

9.48

$

8.09

Diluted shares83,716

86,273

84,917

87,006

1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.2 Represents a loss in the first quarter of 2020 from a large client in our cross-border payments business entering voluntary bankruptcy due to the extraordinary impact of the COVID-19 pandemic.3 Represents provision for income taxes of pre-tax adjustments. 2021 includes remeasurement of deferreds due to the increase in UK corporate tax rate from 19% to 25% of $6.5 million. 2020 includes a tax reserve adjustment related to prior year tax positions of $9.8 million.* Columns may not calculate due to rounding.Exhibit 1RECONCILIATION OF NON-GAAP MEASURES(In thousands, except shares and per share amounts)(Unaudited) The following table reconciles net income to adjusted net income and adjustednet income per diluted share:* Three Months Ended Nine Months Ended September 30, September 30,

2021 2020 2021 2020

Net income $ 234,007 $ 188,817 $ 614,493 $ 494,365

Stock based compensation 16,453 11,905 52,085 35,069

Amortization^1 56,381 49,078 158,482 146,995

Investment loss (gain) - 1,330 (9) (30,008)

Loss on extinguishment of - - 6,230 -debtIntegration and deal related 6,638 1,768 18,132 11,035costsRestructuring and related (568) 185 (1,922) 4,912(subsidies) costsLegal settlements/litigation 561 2,048 5,619 (2,989)

Write-off of customer - - - 90,058receivable^2Total pre-tax adjustments 79,465 66,313 238,617 255,072

Income taxes^3 (19,114) (13,196) (48,193) (45,581)

Adjusted net income $ 294,358 $ 241,934 $ 804,917 $ 703,856

Adjusted net income per $ 3.52 $ 2.80 $ 9.48 $ 8.09diluted share Diluted shares 83,716 86,273 84,917 87,006

^1 Includes amortization related to intangible assets, premium on receivables,deferred financing costs and debt discounts.^2 Represents a loss in the first quarter of 2020 from a large client in ourcross-border payments business entering voluntary bankruptcy due to theextraordinary impact of the COVID-19 pandemic.^3 Represents provision for income taxes of pre-tax adjustments. 2021 includesremeasurement of deferreds due to the increase in UK corporate tax rate from19% to 25% of $6.5 million. 2020 includes a tax reserve adjustment related toprior year tax positions of $9.8 million.* Columns may not calculatedue to rounding.Exhibit 2

Key Performance Indicators, by Solution and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted

(In millions except revenues, net per key performance metric)

(Unaudited)

The following table presents revenue and revenue per key performance metric by solution.*As ReportedPro Forma and Macro Adjusted2Three Months Ended September 30,

Three Months Ended September 30,

2021

2020

Change

% Change

2021

2020

Change

% Change

FUEL- Revenues, net$

306.8

$

255.1

$

51.6

20%

$

288.7

$

255.6

$

33.1

13%

- Transactions117.7

113.6

4.1

4%

117.7

113.9

3.8

3%

- Revenues, net per transaction$

2.61

$

2.25

$

0.36

16%

$

2.45

$

2.24

$

0.21

9%

CORPORATE PAYMENTS- Revenues, net$

168.7

$

106.5

$

62.2

58%

$

165.6

$

135.9

$

29.7

22%

- Spend volume$

25,666

$

15,567

$

10,099

65%

$

25,666

$

19,617

$

6,050

31%

- Revenues, net per spend $0.66%

0.68%

(0.03%)

(4%)

0.65%

0.69%

(0.05%)

(7%)

TOLLS- Revenues, net$

79.0

$

67.6

$

11.4

17%

$

76.9

$

67.6

$

9.2

14%

- Tags (average monthly)6.0

5.4

0.6

11%

6.0

5.4

0.6

11%

- Revenues, net per tag$

13.25

$

12.60

$

0.65

5%

$

12.89

$

12.60

$

0.29

2%

LODGING- Revenues, net$

85.2

$

52.9

$

32.4

61%

$

85.2

$

60.7

$

24.5

40%

- Room nights7.6

5.4

2.2

41%

7.6

6.1

1.5

25%

- Revenues, net per room night$

11.14

$

9.77

$

1.37

14%

$

11.14

$

9.96

$

1.18

12%

GIFT- Revenues, net$

48.6

$

39.1

$

9.6

25%

$

48.6

$

39.1

$

9.6

25%

- Transactions256.2

242.7

13.4

6%

256.2

242.7

13.4

6%

- Revenues, net per transaction$

0.19

$

0.16

$

0.03

18%

$

0.19

$

0.16

$

0.03

18%

OTHER1- Revenues, net$

67.2

$

64.1

$

3.1

5%

$

65.4

$

64.1

$

1.3

2%

- Transactions8.9

9.9

(1.0)

(10%)

8.9

9.9

(1.0)

(10%)

- Revenues, net per transaction$

7.58

$

6.48

$

1.10

17%

$

7.39

$

6.48

$

0.91

14%

FLEETCOR CONSOLIDATED REVENUES- Revenues, net$

755.5

$

585.3

$

170.2

29%

$

730.3

$

623.0

$

107.3

17%

1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by solution and metrics, non GAAP measures, to the GAAP equivalent.* Columns may not calculate due to rounding.Exhibit 2

Key Performance Indicators, by Solution and Revenue Per Performance Metric on aGAAP Basis and Pro Forma and Macro Adjusted

(In millions except revenues, net per key performance metric)

(Unaudited)

The following table presents revenue and revenue per key performance metric bysolution.* As Reported Pro Forma and Macro Adjusted^2 Three Months Ended September 30, Three Months Ended September 30,

2021 2020 Change % 2021 2020 Change % Change Change

FUEL- Revenues, $ 306.8 $ 255.1 $ 51.6 20% $ 288.7 $ 255.6 $ 33.1 13%net- 117.7 113.6 4.1 4% 117.7 113.9 3.8 3%Transactions- Revenues, $ 2.61 $ 2.25 $ 0.36 16% $ 2.45 $ 2.24 $ 0.21 9%net pertransaction CORPORATEPAYMENTS- Revenues, $ 168.7 $ 106.5 $ 62.2 58% $ 165.6 $ 135.9 $ 29.7 22%net- Spend $ 25,666 $ 15,567 $ 10,099 65% $ 25,666 $ 19,617 $ 6,050 31%volume- Revenues, 0.66% 0.68% (0.03%) (4%) 0.65% 0.69% (0.05%) (7%)net perspend $ TOLLS- Revenues, $ 79.0 $ 67.6 $ 11.4 17% $ 76.9 $ 67.6 $ 9.2 14%net- Tags 6.0 5.4 0.6 11% 6.0 5.4 0.6 11%(averagemonthly)- Revenues, $ 13.25 $ 12.60 $ 0.65 5% $ 12.89 $ 12.60 $ 0.29 2%net per tag LODGING- Revenues, $ 85.2 $ 52.9 $ 32.4 61% $ 85.2 $ 60.7 $ 24.5 40%net- Room 7.6 5.4 2.2 41% 7.6 6.1 1.5 25%nights- Revenues, $ 11.14 $ 9.77 $ 1.37 14% $ 11.14 $ 9.96 $ 1.18 12%net per roomnight GIFT- Revenues, $ 48.6 $ 39.1 $ 9.6 25% $ 48.6 $ 39.1 $ 9.6 25%net- 256.2 242.7 13.4 6% 256.2 242.7 13.4 6%Transactions- Revenues, $ 0.19 $ 0.16 $ 0.03 18% $ 0.19 $ 0.16 $ 0.03 18%net pertransaction OTHER^1- Revenues, $ 67.2 $ 64.1 $ 3.1 5% $ 65.4 $ 64.1 $ 1.3 2%net- 8.9 9.9 (1.0) (10%) 8.9 9.9 (1.0) (10%)Transactions- Revenues, $ 7.58 $ 6.48 $ 1.10 17% $ 7.39 $ 6.48 $ 0.91 14%net pertransaction FLEETCORCONSOLIDATEDREVENUES- Revenues, $ 755.5 $ 585.3 $ 170.2 29% $ 730.3 $ 623.0 $ 107.3 17%net ^1 Other includes telematics, maintenance, food, transportation and payrollcard related businesses.^2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenueby solution and metrics, non GAAP measures, to the GAAP equivalent.^* Columns may not calculate due to rounding.Exhibit 3Revenues by Geography and Solution(In millions)(Unaudited)Revenues by Geography*Three Months Ended September 30,

Nine Months Ended September 30,

2021

%

2020

%

2021

%

2020

%

US$

488

65%

$

357

61%

$

1,271

63%

$

1,090

62%

Brazil95

13%

80

14%

262

13%

254

14%

UK82

11%

70

12%

241

12%

193

11%

Other91

12%

78

13%

256

13%

235

13%

Consolidated Revenues, net$

755

100%

$

585

100%

$

2,031

100%

$

1,772

100%

* Columns may not calculate due to rounding.Revenues by Solution*Three Months Ended September 30,

Nine Months Ended September 30,

2021

%

2020

%

2021

%

2020

%

Fuel$

307

41%

$

255

44%

$

864

43%

$

797

45%

Corporate Payments169

22%

107

18%

425

21%

319

18%

Tolls79

10%

68

12%

219

11%

215

12%

Lodging85

11%

53

9%

206

10%

150

8%

Gift49

6%

39

7%

124

6%

108

6%

Other67

9%

64

11%

192

9%

182

10%

Consolidated Revenues, net$

755

100%

$

585

100%

$

2,031

100%

$

1,772

100%

* Columns may not calculate due to rounding.Exhibit 3Revenues by Geography and Solution(In millions)(Unaudited) Revenues by Three Months Ended September Nine Months Ended September 30,Geography* 30,

2021 % 2020 % 2021 % 2020 %

US $ 488 65% $ 357 61% $ 1,271 63% $ 1,090 62%

Brazil 95 13% 80 14% 262 13% 254 14%

UK 82 11% 70 12% 241 12% 193 11%

Other 91 12% 78 13% 256 13% 235 13%

Consolidated $ 755 100% $ 585 100% $ 2,031 100% $ 1,772 100% Revenues, net* Columns may notcalculate due torounding. Revenues by Three Months Ended September Nine Months Ended September 30,Solution* 30,

2021 % 2020 % 2021 % 2020 %

Fuel $ 307 41% $ 255 44% $ 864 43% $ 797 45%

Corporate 169 22% 107 18% 425 21% 319 18% Payments Tolls 79 10% 68 12% 219 11% 215 12%

Lodging 85 11% 53 9% 206 10% 150 8%

Gift 49 6% 39 7% 124 6% 108 6%

Other 67 9% 64 11% 192 9% 182 10%

Consolidated $ 755 100% $ 585 100% $ 2,031 100% $ 1,772 100% Revenues, net* Columns may notcalculate due torounding.Exhibit 4Segment Results(In thousands)(Unaudited)Three Months Ended September 30,

Nine Months Ended September 30,

20211

2020

20211

2020

Revenues, net:North America$

520,535

$

383,828

$

1,366,167

$

1,175,950

Brazil94,888

79,596

262,481

253,722

International140,054

121,859

402,833

341,850

$

755,477

$

585,283

$

2,031,481

$

1,771,522

Operating income:North America$

213,379

$

153,328

$

554,607

$

372,219

Brazil39,868

35,600

105,424

104,462

International85,440

75,604

242,233

201,645

$

338,687

$

264,532

$

902,264

$

678,326

Depreciation and amortization:North America$

49,005

$

39,390

$

133,420

$

115,913

Brazil12,910

12,260

38,091

39,019

International12,322

11,829

37,673

35,185

$

74,237

$

63,479

$

209,184

$

190,117

Capital expenditures:North America$

17,572

$

12,053

$

44,427

$

35,590

Brazil5,795

3,501

15,580

10,309

International5,323

2,595

14,448

9,120

$

28,690

$

18,149

$

74,455

$

55,019

1 Results from the 2021 acquisition of Roger, AFEX and ALE are reported in our North America segment.Exhibit 4Segment Results(In thousands)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30,

2021^1 2020 2021^1 2020

Revenues, net:North America $ 520,535 $ 383,828 $ 1,366,167 $ 1,175,950

Brazil 94,888 79,596 262,481 253,722

International 140,054 121,859 402,833 341,850

$ 755,477 $ 585,283 $ 2,031,481 $ 1,771,522

Operating income:North America $ 213,379 $ 153,328 $ 554,607 $ 372,219

Brazil 39,868 35,600 105,424 104,462

International 85,440 75,604 242,233 201,645

$ 338,687 $ 264,532 $ 902,264 $ 678,326

Depreciation andamortization:North America $ 49,005 $ 39,390 $ 133,420 $ 115,913

Brazil 12,910 12,260 38,091 39,019

International 12,322 11,829 37,673 35,185

$ 74,237 $ 63,479 $ 209,184 $ 190,117

Capital expenditures:North America $ 17,572 $ 12,053 $ 44,427 $ 35,590

Brazil 5,795 3,501 15,580 10,309

International 5,323 2,595 14,448 9,120

$ 28,690 $ 18,149 $ 74,455 $ 55,019

^1 Results from the 2021 acquisition of Roger, AFEX and ALE are reported in ourNorth America segment.Exhibit 5Reconciliation of Non-GAAP Revenue and Key Performance Metric by Solution to GAAP(In millions)(Unaudited)Revenues, netKey Performance MetricThree Months Ended September 30,Three Months Ended September 30,2021*2020*2021*2020*FUEL-TRANSACTIONSPro forma and macro adjusted$

288.7

$

255.6

117.7

113.9

Impact of acquisitions/dispositions-

(0.5)

-

(0.3)

Impact of fuel prices/spread12.7

-

-

-

Impact of foreign exchange rates5.3

-

-

-

As reported$

306.8

$

255.1

117.7

113.6

CORPORATE PAYMENTS- SPENDPro forma and macro adjusted$

165.6

$

135.9

25,666

19,617

Impact of acquisitions/dispositions-

(29.4)

-

(4,049)

Impact of fuel prices/spread0.4

-

-

-

Impact of foreign exchange rates2.8

-

-

-

As reported$

168.7

$

106.5

25,666

15,567

TOLLS- TAGSPro forma and macro adjusted$

76.9

$

67.6

6.0

5.4

Impact of acquisitions/dispositions-

-

-

-

Impact of fuel prices/spread-

-

-

-

Impact of foreign exchange rates2.2

-

-

-

As reported$

79.0

$

67.6

6.0

5.4

LODGING- ROOM NIGHTSPro forma and macro adjusted$

85.2

$

60.7

7.6

6.1

Impact of acquisitions/dispositions-

(7.9)

-

(0.7)

Impact of fuel prices/spread-

-

-

-

Impact of foreign exchange rates-

-

-

-

As reported$

85.2

$

52.9

7.6

5.4

GIFT- TRANSACTIONSPro forma and macro adjusted$

48.6

$

39.1

256.2

242.7

Impact of acquisitions/dispositions-

-

-

-

Impact of fuel prices/spread-

-

-

-

Impact of foreign exchange rates-

-

-

-

As reported$

48.6

$

39.1

256.2

242.7

OTHER1- TRANSACTIONSPro forma and macro adjusted$

65.4

$

64.1

8.9

9.9

Impact of acquisitions/dispositions-

-

-

-

Impact of fuel prices/spread-

-

-

-

Impact of foreign exchange rates1.8

-

-

-

As reported$

67.2

$

64.1

8.9

9.9

FLEETCOR CONSOLIDATED REVENUESPro forma and macro adjusted$

730.3

$

623.0

Intentionally Left BlankImpact of acquisitions/dispositions-

(37.7)

Impact of fuel prices/spread213.1

-

Impact of foreign exchange rates212.1

-

As reported$

755.5

$

585.3

* Columns may not calculate due to rounding.1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.2 Revenues reflect an estimated $17 million positive impact from fuel prices and approximately $12 million positive impact due to movements in foreign exchange rates, partially offset by $4 million negative impact from fuel price spreads.Exhibit 5Reconciliation of Non-GAAP Revenue and Key Performance Metric by Solution toGAAP(In millions)(Unaudited) Revenues, net Key Performance Metric Three Months Ended Three Months September 30, Ended September 30, 2021* 2020* 2021* 2020* FUEL-TRANSACTIONS Pro forma and macro adjusted $ 288.7 $ 255.6 117.7 113.9

Impact of acquisitions/dispositions - (0.5) - (0.3)

Impact of fuel prices/spread 12.7 - - -

Impact of foreign exchange rates 5.3 - - -

As reported $ 306.8 $ 255.1 117.7 113.6

CORPORATE PAYMENTS- SPEND Pro forma and macro adjusted $ 165.6 $ 135.9 25,666 19,617

Impact of acquisitions/dispositions - (29.4) - (4,049)

Impact of fuel prices/spread 0.4 - - -

Impact of foreign exchange rates 2.8 - - -

As reported $ 168.7 $ 106.5 25,666 15,567

TOLLS- TAGS Pro forma and macro adjusted $ 76.9 $ 67.6 6.0 5.4

Impact of acquisitions/dispositions - - - -

Impact of fuel prices/spread - - - -

Impact of foreign exchange rates 2.2 - - -

As reported $ 79.0 $ 67.6 6.0 5.4

LODGING- ROOM NIGHTS Pro forma and macro adjusted $ 85.2 $ 60.7 7.6 6.1

Impact of acquisitions/dispositions - (7.9) - (0.7)

Impact of fuel prices/spread - - - -

Impact of foreign exchange rates - - - -

As reported $ 85.2 $ 52.9 7.6 5.4

GIFT- TRANSACTIONS Pro forma and macro adjusted $ 48.6 $ 39.1 256.2 242.7

Impact of acquisitions/dispositions - - - -

Impact of fuel prices/spread - - - -

Impact of foreign exchange rates - - - -

As reported $ 48.6 $ 39.1 256.2 242.7

OTHER^1- TRANSACTIONS Pro forma and macro adjusted $ 65.4 $ 64.1 8.9 9.9

Impact of acquisitions/dispositions - - - -

Impact of fuel prices/spread - - - -

Impact of foreign exchange rates 1.8 - - -

As reported $ 67.2 $ 64.1 8.9 9.9

FLEETCOR CONSOLIDATED REVENUES Pro forma and macro adjusted $ 730.3 $ 623.0

Impact of acquisitions/dispositions - (37.7)

Impact of fuel prices/spread^2 13.1 - Intentionally Left Blank Impact of foreign exchange rates^2 12.1 -

As reported $ 755.5 $ 585.3

* Columns may not calculate due torounding.^1 Other includes telematics, maintenance, food,transportation and payroll card related businesses.^2 Revenues reflect an estimated $17 million positiveimpact from fuel prices and approximately $12 millionpositive impact due to movements in foreign exchange rates,partially offset by $4 million negative impact from fuelprice spreads.Exhibit 6RECONCILIATION OF NON-GAAP GUIDANCE MEASURES(In millions, except per share amounts)(Unaudited)The following table reconciles 2021 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.2021 GUIDANCELow*High*Net income$

837

$

847

Net income per diluted share$

9.90

$

10.00

Stock based compensation81

81

Amortization218

218

Other32

32

Total pre-tax adjustments331

331

Income taxes(69)

(69)

Adjusted net income$

1,100

$

1,110

Adjusted net income per diluted share$

13.00

$

13.10

Diluted shares85

85

* Columns may not calculate due to rounding. View source version on businesswire.com: https://www.businesswire.com/news/home/20211103006182/en/

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