Business Wire | Aug 6, 2020 04:12PM EDT

FLEETCOR Reports Second Quarter 2020 Financial Results

Aug. 06, 2020

ATLANTA, Ga.--(BUSINESS WIRE)--Aug. 06, 2020--FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global provider of business payment solutions, today reported financial results for its second quarter of 2020.

"The COVID-19 pandemic had a significant impact on our results in the second quarter of 2020, but we are pleased with our ability to manage our operating expenses during the quarter to help cushion our profit decline. Other bright spots were that our client retention remained stable at 91%, credit losses finished on plan and we generated approximately $200 million of free cash flow in the quarter," said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.

"We believe the long term prospects for our essential services payments business remains sound, and we will continue to re-position our portfolio by creating bigger businesses with scale, and likely more adjacencies. We believe if we keep advancing our three priorities...our portfolio, our businesses, and our capabilities...that it will drive our long term 15%-20% profit growth targets," concluded Clarke.

Financial Results for Second Quarter of 2020:

GAAP Results

* Total revenues decreased 19% to $525.1 million in the second quarter of 2020, compared to $647.1 million in the second quarter of 2019. * Net income decreased 39% to $158.5 million in the second quarter of 2020, compared to $261.7 million in the second quarter of 2019. * Net income per diluted share decreased 37% to $1.83 in the second quarter of 2020, compared to $2.90 per diluted share in the second quarter of 2019.

Non-GAAP Results1

* Adjusted net income1 decreased 23% to $197.4 million in the second quarter of 2020, compared to $256.7 million in the second quarter of 2019. * Adjusted net income per diluted share1 decreased 20% to $2.28 in the second quarter of 2020, compared to $2.85 per diluted share in the second quarter of 2019.

"The second quarter of 2020 was significantly impacted by the COVID-19 pandemic related shut downs around the world. Volumes seem to have bottomed out early in the second quarter with most businesses volume starting to recover as the quarter progressed. The macro-economic environment during the quarter negatively impacted revenue by approximately $22 million versus the second quarter of 2019, driven mostly by unfavorable foreign exchange rates," said Eric Dey, chief financial officer, FLEETCOR Technologies, Inc."

2020 Outlook:

"We have continued to closely monitor the impact that the COVID-19 pandemic has had our on global businesses. As a result of the uncertain pace of recoveries across our markets, we have not reinstated our full-year 2020 outlook. We expect that the second half of the year volume will continue to improve as the economy improves. However, we expect second half revenues to recover more slowly than volume, because larger enterprise accounts with lower rates will recover faster than our SMB portfolio. We also expect that the macro will continue to be a drag on revenue due to lower expected fuel prices and foreign exchange rates compared with last year," concluded Dey.

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[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 second quarter 2020 financial results today at 5:00 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 9126928. The replay will be available until Thursday, August 13, 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 discrete Tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets and a business, loss on extinguishment of debt, legal settlements, 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 business 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 Australasia. 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 Six Months Ended June June 30, 30, 2020 2019 2020 2019

Revenues, net $ 525,146 $ 647,094 $ 1,186,239 $ 1,268,919

Expenses:Processing 121,290 120,458 354,993 249,572

Selling 42,374 51,856 98,233 101,117

General and administrative 86,739 106,784 192,849 199,568

Depreciation and amortization 62,162 70,908 126,638 138,353

Other operating, net (230) (229) (268) (1,184)

Operating income 212,811 297,317 413,794 581,493

Investment (gain) loss (33,709) - (31,338) 15,660

Other expense (income), net 2,480 528 (6,886) 748

Interest expense, net 32,412 39,529 68,091 78,584

Total other expense 1,183 40,057 29,867 94,992

Income before income taxes 211,628 257,260 383,927 486,501

Provision for (benefit from) 53,140 (4,391) 78,379 52,743income taxesNet income $ 158,488 $ 261,651 $ 305,548 $ 433,758

Basic earnings per share $ 1.89 $ 3.03 $ 3.62 $ 5.03

Diluted earnings per share $ 1.83 $ 2.90 $ 3.50 $ 4.84

Weighted average sharesoutstanding:Basic shares 83,895 86,360 84,399 86,159

Diluted shares 86,570 90,131 87,380 89,694

FLEETCOR Technologies, Inc. and SubsidiariesConsolidated Balance Sheets(In thousands, except share and par value amounts) June 30, 2020 December 31, 2019 (Unaudited)Assets Current assets:Cash and cash equivalents $ 765,789 $ 1,271,494

Restricted cash 425,557 403,743

Accounts and other receivables (less allowancefor credit losses of $88,364 at June 30, 2020 and 1,279,343 1,568,961$70,890at December 31, 2019, respectively)Securitized accounts receivable - restricted for 654,000 970,973securitization investorsPrepaid expenses and other current assets 339,380 403,400

Total current assets 3,464,069 4,618,571

Property and equipment, net 185,599 199,825

Goodwill 4,582,250 4,833,047

Other intangibles, net 2,121,304 2,341,882

Investments 61,773 30,440

Other assets 211,722 224,776

Total assets $ 10,626,717 $ 12,248,541

Liabilities and Stockholders' Equity Current liabilities:Accounts payable $ 1,096,303 $ 1,249,586

Accrued expenses 244,068 275,511

Customer deposits 887,601 1,007,631

Securitization facility 654,000 970,973

Current portion of notes payable and lines of 591,178 775,865creditOther current liabilities 153,818 183,502

Total current liabilities 3,626,968 4,463,068

Notes payable and other obligations, less current 3,202,463 3,289,947portionDeferred income taxes 501,231 519,980

Other noncurrent liabilities 329,621 263,930

Total noncurrent liabilities 4,033,315 4,073,857

Commitments and contingencies Stockholders' equity:Common stock, $0.001 par value; 475,000,000shares authorized; 125,650,513 shares issued and84,049,888 shares 126 124outstanding at June 30, 2020; and 124,626,786shares issued and 85,342,156 shares outstandingat December 31,2019Additional paid-in capital 2,690,966 2,494,721

Retained earnings 5,018,277 4,712,729

Accumulated other comprehensive loss (1,581,975) (972,465)

Less treasury stock, 41,600,625 shares at June (3,160,960) (2,523,493)30, 2020 and 39,284,630 shares at December 31,2019 Total stockholders' equity 2,966,434 3,711,616

Total liabilities and stockholders' equity $ 10,626,717 $ 12,248,541

FLEETCOR Technologies, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows (In thousands) Six Months Ended June 30, 2020 2019

Operatingactivities $ 305,548 $ Net income 433,758

Adjustments toreconcile netincome to netcash providedby operatingactivities: Depreciation 31,607 30,640

Stock-based compensation 23,164 30,847

Provision forlosses on accounts and 139,000 40,142otherreceivablesAmortizationof deferred financing 2,886 2,428costs anddiscountsAmortizationof intangible assets and 95,031 107,713premium onreceivablesDeferred ) )income taxes (8,730 (64,883

Investment ) (gain) loss (31,338 15,660

Other non-cash ) )operating (268 (1,579incomeChanges inoperatingassets andliabilities(net ofacquisitions/dispositions):Accounts and )other 359,685 (418,806receivables Prepaid expenses and 46,216 8,154 other currentassets )Other assets 828 (17,286

Accountspayable, accrued (161,461 ) 383,233 expenses andcustomerdeposits Net cash provided by 802,168 550,021 operatingactivities InvestingactivitiesAcquisitions, ) )net of cash (492 (250,926acquiredPurchases of ) )property and (36,870 (31,975equipment Net cash used ) )in investing (37,362 (282,901activities FinancingactivitiesProceeds from issuance of 92,977 56,950common stock Repurchase of ) )common stock (557,361 (4,024

(Payments) borrowings on (316,973 ) 88,000 securitizationfacility, net Deferred financing (974 ) (352 )costs paid anddebt discountPrincipal ) )payments on (92,910 (64,875notes payable Borrowings from revolver 573,500 765,709

Payments on ) )revolver (726,644 (1,027,468

(Payments) borrowings on (3,879 ) 34,639 swing line ofcredit, net ) )Other (169 (125

Net cash used ) )in financing (1,032,433 (151,546activities Effect offoreign (216,264 ) 8,159 currencyexchange rateson cash Net (decrease)increase in cash and cash (483,891 ) 123,733 equivalentsand restrictedcashCash and cashequivalents and restricted 1,675,237 1,364,893 cash,beginning ofperiodCash and cashequivalents $ 1,191,346 $ and restricted 1,488,626cash, end ofperiod Supplementalcash flowinformationCash paid for $ 68,454 $ interest 90,559

Cash paid for $ 56,790 $ income taxes 100,396

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 June 30, Six Months Ended June 30, 2020 2019 2020 2019

$ 158,488 $ 261,651 $ $ 433,758 Net income 305,548

Stock based 18,306 30,847 compensation 8,989 23,164

Amortizationof intangibleassets,premium on 47,875 56,623 110,141 receivables, 97,917deferredfinancingcosts anddiscountsInvestment (33,709 ) ) 15,660 (gain) loss - (31,338

Integration and deal 5,902 - 9,267 - related costs^1Restructuring and related 4,727 - 4,727 -costsLegal ) settlements/ 944 3,474 (5,037 3,474litigationWrite-off of customer - - 90,058 -receivableTotal pre-tax 34,727 78,403 160,122 adjustments 188,758

Income taximpact ofpre-tax ) (18,435 ) ) (33,846 )adjustments (5,638 (42,233at theeffective taxrate^2Impact of (64,880 ) (64,880 )discrete tax 9,848 9,848item^3 Adjusted net $ 197,425 $ 256,739 $ $ 495,154 income 461,922

Adjusted net $ 2.28 $ 2.85 $ $ 5.52 income per 5.29diluted share Diluted 86,570 90,131 89,694 shares 87,380

^1 Beginning in the first quarter of 2020, the Company included integration anddeal related costs in its definition to calculate adjusted net income andadjusted netincome per diluted share. Prior period amounts were approximately $1.3 millionand $2.8 million for the three and six months ended June 30, 2019,respectively,which we consider immaterial.^2 Excludes the results of the Company's investment in the six months endedJune 30, 2019, on our effective tax rate, as results from Masternaut investmentarereported within the consolidated Statements of Income on a post-tax basis andno tax-over-book outside basis difference prior to disposition. ^3 Represents impact of a discrete tax reserve adjustment related to prior yeartax positions in 2020 and tax reform in 2019.* Columns maynot calculate due torounding.

Exhibit 2

Key Performance Indicators, by Product Category and Revenue Per PerformanceMetric 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 byproduct category.* As Reported Pro Forma and Macro Adjusted^3 Three Months Ended June 30, Three Months Ended June 30, 2020 2019 Change % 2020 2019 Change % Change Change

FUEL- Revenues, $ 249.8 $ 295.1 $ (45.3 ) (15 %) $ 243.8 $ 291.3 $ (47.5 ) (16 %)net- ) (20 %) ) (20 %)Transactions 99.7 125.3 (25.6 99.7 124.5 (24.9

- Revenues, $ 2.51 $ 2.36 $ 6 % $ 2.45 $ $ 0.11 5 %net per 0.15 2.34transaction CORPORATEPAYMENTS- Revenues, $ 92.6 $ 112.2 $ (19.7 ) (18 %) $ 93.7 $ 112.2 $ (18.6 ) (17 %)net^1- Spend $ 13,671 $ 20,244 $ (6,573 ) (32 %) $ 13,670 $ 20,244 $ (6,574 ) (32 %)volume- Revenues, 0.68 % 0.55 % 0.12 % 22 % 0.69 % 0.55 % 0.13 % 24 %net per spend$ TOLLS- Revenues, $ 64.8 $ 86.2 $ (21.4 ) (25 %) $ 88.7 $ $ 3 %net 86.2 2.4

- Tags 5 % 5 %(average 5.3 5.0 0.3 5.3 5.0 0.3monthly)- Revenues, $ 12.19 $ 17.08 $ (4.89 ) (29 %) $ 16.68 $ 17.08 $ (0.40 ) (2 %)net per tag LODGING- Revenues, $ 40.6 $ 50.2 $ ) (19 %) $ 40.7 $ $ (24.2 ) (37 %)net (9.6 64.9

8 % ) (33 %)- Room nights 4.6 4.3 0.3 4.6 6.8 (2.2

- Revenues, $ 8.82 $ 11.75 $ (2.93 ) (25 %) $ 8.83 $ $ (0.68 ) (7 %)net per room 9.51night GIFT- Revenues, $ 26.5 $ 35.7 $ ) (26 %) $ 26.5 $ $ ) (26 %)net (9.2 35.7 (9.2

- ) (34 %) ) (34 %)Transactions 188.2 284.1 (95.9 188.2 284.1 (95.9

- Revenues, $ 0.14 $ 0.13 $ 12 % $ 0.14 $ $ 0.02 12 %net per 0.02 0.13transaction OTHER^2- Revenues, $ 50.8 $ 67.6 $ (16.8 ) (25 %) $ 53.7 $ $ (18.1 ) (25 %)net^1 71.8

- ) (37 %) ) (37 %)Transactions^ 9.0 14.3 (5.3 9.0 14.3 (5.31- Revenues, $ 5.65 $ 4.73 $ 19 % $ 5.97 $ $ 0.95 19 %net per 0.92 5.02transaction FLEETCORCONSOLIDATED REVENUES- Revenues, $ 525.1 $ 647.1 $ (121.9 ) (19 %) $ 547.1 $ 662.1 $ (115.1 ) (17 %)net ^1 Reflects certain reclassifications of revenue between product categories asthe Company realigned its corporate payments business, resulting inreclassification of payroll paycard revenue from corporate payments to other.^2 Other includes telematics, maintenance, food, transportation and payrollcard related businesses.^3 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenueby product and metrics, non GAAP measures, to the GAAP equivalent. ^* Columns may not calculate due to rounding.

Exhibit 3Revenues by Geography and Product(In millions)(Unaudited) Revenue by Three Months Ended June 30, Six Months Ended June 30, Geography* 2020 % 2019 % 2020 % 2019 %

$ 64% $ 60% $ 62% $ 60% US 335 389 733 760

14% 16% 15% 16% Brazil 75 104 174 209

9% 11% 10% 11% UK 49 70 123 137

13% 13% 13% 13% Other 66 85 157 163

Consolidated $ 100% $ 100% $ 100% $ 100% Revenues, 525 647 1,186 1,269 net* Columns maynot calculate due torounding. Revenue byProduct Three Months Ended June 30, Six Months Ended June 30, Category*^1 2020 % 2019 % 2020 % 2019 %

$ 47% $ 46% $ 46% $ 46% Fuel 250 295 542 578

Corporate 18% 17% 18% 16% Payments 93 112 212 209

12% 13% 12% 14% Tolls 65 86 148 175

8% 8% 8% 7% Lodging 41 50 98 92

5% 6% 6% 7% Gift 27 36 69 84

10% 10% 10% 10% Other 51 68 118 131

Consolidated $ 100% $ 100% $ 100% $ 100% Revenues, 525 647 1,186 1,269 net* Columns maynot calculate due torounding.

Exhibit 4Segment Results(In thousands)(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019^1 2020 2019^1

Revenues,net: $ $ $ $ North America 357,430 417,941 792,122 814,840

Brazil 75,148 103,581 174,126 209,280

International 92,568 125,572 219,991 244,799

$ $ $ $ 525,146 647,094 1,186,239 1,268,919

Operatingincome: $ $ $ $ North America 133,151 184,293 218,891 356,672

Brazil 29,420 42,261 68,862 84,415

International 50,240 70,763 126,041 140,406

$ $ $ $ 212,811 297,317 413,794 581,493

Depreciationandamortization: $ $ $ $ North America 38,548 41,875 76,524 80,167

Brazil 12,169 16,296 26,758 33,090

International 11,445 12,737 23,356 25,096

$ $ $ $ 62,162 70,908 126,638 138,353

Capitalexpenditures: $ $ $ $ North America 12,279 11,306 23,543 19,683

Brazil 3,477 3,823 6,808 7,977

International 2,857 2,341 6,519 4,315

$ $ $ $ 18,613 17,470 36,870 31,975

^1 The Company has historically had two reportable segments, North America andInternational. In the first quarter of 2020, in order to betteralign with changes in business models and management reporting, the Company hasbroken out Brazil as a third segment, which waspreviously reported in the International segment. The presentation of segmentinformation has been recast for the prior quarter to align withsegment presentation in 2020.

Exhibit 5Reconciliation of Non-GAAP Revenue and Key Performance Metric by Product toGAAP(In millions)(Unaudited) Revenue Key Performance Metric Three Months Ended June 30, Three Months Ended June 30, 2020* 2019* 2020* 2019* FUEL-TRANSACTIONS Pro forma and $ 243.8 $ 291.3 99.7 macro adjusted 124.5

Impact of acquisitions/ - 3.8 - 0.7 dispositions Impact of fuel prices/spread 13.1 - - -

Impact of foreign ) exchange rates (7.2 - - -

$ 249.8 $ 295.1 99.7 As reported 125.3

CORPORATE PAYMENTS- SPEND Pro forma and $ 93.7 $ 112.2 13,670 macro adjusted 20,244

Impact of acquisitions/ - - - - dispositions Impact of fuel ) prices/spread (0.2 - - -

Impact of foreign ) exchange rates (0.9 - 1 -

$ 92.6 $ 112.2 13,671 As reported 20,244

TOLLS- TAGS Pro forma and $ 88.7 $ 86.2 macro adjusted 5.3 5.0

Impact of acquisitions/ - - - - dispositions Impact of fuel prices/spread - - - -

Impact of foreign ) exchange rates (23.9 - - -

$ 64.8 $ 86.2 As reported 5.3 5.0

LODGING- ROOM NIGHTS Pro forma and $ 40.7 $ 64.9 macro adjusted 4.6 6.8

Impact of ) ) acquisitions/ - (14.6 - (2.5 dispositions Impact of fuel prices/spread - - - -

Impact of foreign ) exchange rates (0.0 - - -

$ 40.6 $ 50.2 As reported 4.6 4.3

GIFT- TRANSACTIONS Pro forma and $ 26.5 $ 35.7 188.2 macro adjusted 284.1

Impact of acquisitions/ - - - - dispositions Impact of fuel prices/spread - - - -

Impact of foreign exchange rates - - - -

$ 26.5 $ 35.7 188.2 As reported 284.1

OTHER^1- TRANSACTIONS Pro forma and $ 53.7 $ 71.8 macro adjusted 9.0 14.3

Impact of ) acquisitions/ - (4.2 - - dispositions Impact of fuel prices/spread - - - -

Impact of foreign ) exchange rates (2.9 - - -

$ 50.8 $ 67.6 As reported 9.0 14.3

FLEETCOR CONSOLIDATED REVENUES Pro forma and $ 547.1 $ 662.1 macro adjusted Impact of ) acquisitions/ - (15.0 dispositions Impact of fuel prices/spread 12.9 - Intentionally Left Blank

Impact of foreign ) exchange rates (34.9 -

As reported $ 525.1 $ 647.1

* Columns may notcalculate due to rounding.^1 Other includes telematics, maintenance, food, transportation and payroll card related businesses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200806006036/en/

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