10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    

Commission file number: 001-35004

FleetCor Technologies, Inc.

(Exact name of registrant as specified in its charter)

Delaware	72-1074903
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
5445 Triangle Parkway, Norcross, Georgia	30092
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (770) 449-0479

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at July 31, 2013
Common Stock, $0.001 par value	81,835,613

FLEETCOR TECHNOLOGIES, INC. AND SUBSIDIARIES

FORM 10-Q

For the Quarterly Period Ended June 30, 2013

INDEX

		Page
PART I- FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS
	Consolidated Balance Sheets at June 30, 2013 (unaudited) and December 31, 2012		3
	Unaudited Consolidated Statements of Income for the Three and Six Months Ended June 30, 2013 and 2012		4
	Unaudited Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2013 and 2012		5
	Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2013 and 2012		6
	Notes to Unaudited Consolidated Financial Statements		7
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		18
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		33
Item 4.	CONTROLS AND PROCEDURES		33
PART II- OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS		34
Item 1A.	RISK FACTORS		34
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES		34
Item 3.	DEFAULTS UPON SENIOR SECURITIES		34
Item 4.	MINE SAFETY DISCLOSURES		34
Item 5.	OTHER INFORMATION		34
Item 6.	EXHIBITS		35
SIGNATURES			36

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

FleetCor Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In Thousands, Except Share and Par Value Amounts)

	June 30, 2013			December 31, 2012
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	292,905		$	283,649
Restricted cash		48,474			53,674
Accounts receivable (less allowance for doubtful accounts of $20,240 and $19,463, respectively)		627,675			525,441
Securitized accounts receivable—restricted for securitization investors		402,000			298,000
Prepaid expenses and other current assets		27,122			28,126
Deferred income taxes		7,642			6,464
Total current assets		1,405,818			1,195,354
Property and equipment		101,373			93,902
Less accumulated depreciation and amortization		(54,719	)		(48,706	)
Net property and equipment		46,654			45,196
Goodwill		994,648			926,609
Other intangibles, net		515,702			463,864
Other assets		50,267			90,847
Total assets	$	3,013,089		$	2,721,870
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	528,161		$	418,609
Accrued expenses		65,865			75,812
Customer deposits		158,459			187,627
Securitization facility		402,000			298,000
Current portion of notes payable and other obligations		146,091			162,174
Total current liabilities		1,300,576			1,142,222
Notes payable and other obligations, less current portion		485,997			485,217
Deferred income taxes		176,502			180,609
Total noncurrent liabilities		662,499			665,826
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized, 117,444,296 shares issued and 81,709,804 shares outstanding at June 30, 2013; and 475,000,000 shares authorized, 116,772,324 shares issued and 81,037,832 shares outstanding at December 31, 2012		117			116
Additional paid-in capital		574,602			542,018
Retained earnings		888,458			750,697
Accumulated other comprehensive loss		(37,500	)		(3,346	)
Less treasury stock (35,734,492 shares at June 30, 2013 and December 31, 2012)		(375,663	)		(375,663	)
Total stockholders’ equity		1,050,014			913,822
Total liabilities and stockholders’ equity	$	3,013,089		$	2,721,870

See accompanying notes to unaudited consolidated financial statements.

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FleetCor Technologies, Inc. and Subsidiaries

Unaudited Consolidated Statements of Income

(In Thousands, Except Per Share Amounts)

	Three months ended June  30,						Six months ended June  30,
	2013			2012			2013		2012
Revenues, net	$	220,869		$	171,820		$	414,520	$	317,985
Expenses:
Merchant commissions		19,555			17,651			33,416		28,044
Processing		32,010			27,014			61,953		52,593
Selling		13,386			10,274			25,090		20,449
General and administrative		30,954			23,824			60,215		47,647
Depreciation and amortization		15,890			11,609			30,519		23,329
Operating income		109,074			81,448			203,327		145,923
Other (income) expense, net		(6	)		(66	)		286		522
Interest expense, net		3,756			2,818			7,204		6,381
Total other expense		3,750			2,752			7,490		6,903
Income before taxes		105,324			78,696			195,837		139,020
Provision for income taxes		32,225			24,295			58,076		42,540
Net income	$	73,099		$	54,401		$	137,761	$	96,480
Earnings per share:
Basic earnings per share	$	0.90		$	0.65		$	1.69	$	1.16
Diluted earnings per share	$	0.87		$	0.63		$	1.64	$	1.13
Weighted average shares outstanding:
Basic weighted average shares outstanding		81,573			83,294			81,398		82,929
Diluted weighted average shares outstanding		84,461			85,737			84,212		85,451

See accompanying notes to unaudited consolidated financial statements.

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FleetCor Technologies, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In Thousands)

	Three Months Ended June  30,						Six Months Ended June  30,
	2013			2012			2013			2012
Net income	$	73,099		$	54,401		$	137,761		$	96,480
Other comprehensive income:
Foreign currency translation adjustment loss, net of tax		(23,422	)		(9,197	)		(34,154	)		(125	)
Total other comprehensive loss		(23,422	)		(9,197	)		(34,154	)		(125	)
Total comprehensive income	$	49,677		$	45,204		$	103,607		$	96,355

See accompanying notes to unaudited consolidated financial statements.

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FleetCor Technologies, Inc. and Subsidiaries

Unaudited Consolidated Statements of Cash Flows

(In Thousands)

	Six months ended June 30,
	2013			2012
Operating activities
Net income	$	137,761		$	96,480
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		8,054			6,288
Stock-based compensation		8,059			7,793
Provision for losses on accounts receivable		9,199			10,953
Amortization of deferred financing costs		1,593			1,051
Amortization of intangible assets		19,239			14,357
Amortization of premium on receivables		1,632			1,633
Deferred income taxes		(2,598	)		(167	)
Changes in operating assets and liabilities (net of acquisitions):
Restricted cash		5,199			5,635
Accounts receivable		(190,998	)		(117,325	)
Prepaid expenses and other current assets		1,392			2,808
Other assets		39,322			(42,268	)
Excess tax benefits related to stock-based compensation		(12,016	)		(14,750	)
Accounts payable, accrued expenses and customer deposits		56,874			(9,286	)
Net cash provided by (used in) operating activities		82,712			(36,798	)
Investing activities
Acquisitions, net of cash acquired		(156,956	)		(35,490	)
Purchases of property and equipment		(10,108	)		(8,431	)
Net cash used in investing activities		(167,064	)		(43,921	)
Financing activities
Excess tax benefits related to stock-based compensation		12,016			14,750
Proceeds from issuance of common stock		12,511			11,584
Borrowings on securitization facility, net		104,000			45,000
Deferred financing costs paid		(1,967	)		(795	)
Principal payments on notes payable		(14,375	)		(7,500	)
Payments on US revolver		(70,000	)		(185,000	)
Borrowings from US revolver		55,000			145,000
Borrowings from swing line of credit, net		—			26,862
Borrowings from foreign revolver		26,895			—
Payments on foreign revolver, net		(13,821	)		—
Other		(175	)		—
Net cash provided by financing activities		110,084			49,901
Effect of foreign currency exchange rates on cash		(16,476	)		1,238
Net increase (decrease) in cash and cash equivalents		9,256			(29,580	)
Cash and cash equivalents, beginning of period		283,649			285,159
Cash and cash equivalents, end of period	$	292,905		$	255,579
Supplemental cash flow information
Cash paid for interest	$	8,262		$	7,209
Cash paid for income taxes	$	60,120		$	24,164

See accompanying notes to unaudited consolidated financial statements.

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FleetCor Technologies, Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

June 30, 2013

1. Summary of Significant Accounting Policies

Basis of Presentation

Throughout this report, the terms “our,” “we,” “us,” and the “Company” refers to FleetCor Technologies, Inc. and its subsidiaries. The Company prepared the accompanying interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. Operating results for the three month and six month periods ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

The unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are made directly to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains of $20,000 and $168,000 for the three months ended June 30, 2013 and 2012, respectively. The Company recognized foreign exchange losses of $125,000 and $6,000 for the six months ended June 30, 2013 and 2012, respectively, which are classified within other income, net in the Unaudited Consolidated Statements of Income.

Adoption of New Accounting Standards

Qualitative Impairment Test for Indefinite-Lived Intangibles

In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, “Intangibles—Goodwill and Other,” which gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite lived intangible asset is impaired. The proposed guidance is similar to ASU 2011-08 for goodwill. Companies would consider relevant events and circumstances that may affect the significant inputs used in determining the fair value of an indefinite-lived intangible asset. A company that concludes that it is more likely than not that the fair value of such an asset exceeds its carrying amount would not need to calculate the fair value of the asset in the current year. However, if a company concludes that it is more likely than not that the asset is impaired; it must calculate the fair value of the asset and compare that value with its carrying amount, as is required by current guidance. ASU 2012-02 will be applied prospectively for annual and interim impairment tests performed. ASU 2012-02 was effective for and adopted by the Company beginning January 1, 2013. The Company’s adoption of this ASU did not affect the Company’s results of operations, financial condition, or cash flows.

Accumulated Other Comprehensive Income

In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (AOCI)” (ASU 2013-02). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 was effective for and adopted by the Company beginning January 1, 2013. The Company has not reclassified any items out of AOCI to the income statement during the three and six months ended June 30, 2013.

Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued FASB ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities,” which requires entities to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on an entity’s financial position. The amendments require enhanced disclosures about financial instruments and derivative instruments that are either (i) offset in accordance with current literature or (ii) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with current literature. ASU 2011-11 is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. This standard will become effective for us beginning October 2013. In January 2013, the FASB issued Accounting Standards Update 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities, to limit the scope of the new balance sheet offsetting disclosure

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requirements to derivatives (including bifurcated embedded derivatives), repurchase agreements and reverse repurchase agreements, and securities borrowing and lending transactions. As we are not party to any derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and lending transactions we do not expect the adoption of these standards will have a material impact on the presentation of or disclosures within our financial statements.

Pending Adoption of Recently Issued Accounting Standards

Foreign Currency

In March 2013, the FASB issued ASU 2013-05 “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”, which indicates that the entire amount of a cumulative translation adjustment (“CTA”) related to an entity’s investment in a foreign entity should be released when there has been a sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity, loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated) or step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. This ASU is effective for the Company for fiscal years and interim periods within those fiscal years beginning on or after December 15, 2013. The Company’s adoption of this ASU is not expected to affect the Company’s results of operations, financial condition, or cash flows unless transactions within the scope of the ASU occur.

2. Accounts Receivable

The Company maintains a $500 million revolving trade accounts receivable Securitization Facility. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FleetCor Funding LLC (Funding) a wholly-owned bankruptcy remote subsidiary. In turn, Funding sells, without recourse, on a revolving basis, up to $500 million of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold to the Conduit. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.

The Company utilizes proceeds from the sale of its accounts receivable as an alternative to other forms of debt, effectively reducing its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the accounts receivable sold as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.

On February 4, 2013, the Company extended the term of its asset Securitization Facility to February 3, 2014. The Company capitalized $0.6 million in deferred financing fees in connection with this extension.

The Company’s accounts receivable and securitized accounts receivable include the following at June 30, 2013 and December 31, 2012 (in thousands):

	June 30, 2013			December 31, 2012
Gross domestic accounts receivable	$	142,452		$	96,964
Gross domestic securitized accounts receivable		402,000			298,000
Gross foreign receivables		505,463			447,940
Total gross receivables		1,049,915			842,904
Less allowance for doubtful accounts		(20,240	)		(19,463	)
Net accounts and securitized accounts receivable	$	1,029,675		$	823,441

All foreign receivables are Company owned receivables and are not included in the Company’s accounts receivable securitization program. At June 30, 2013 and December 31, 2012, there was $402 million and $298 million, respectively, of short-term debt outstanding under the Company’s accounts receivable Securitization Facility.

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A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for six months ended June 30 is as follows (in thousands):

	2013			2012
Allowance for doubtful accounts beginning of period	$	19,463		$	15,315
Add:
Provision for bad debts		9,199			10,953
Less:
Write-offs		(8,422	)		(8,309	)
Allowance for doubtful accounts end of period	$	20,240		$	17,959

3. Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis. The carrying value of the Company’s cash, accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis.

The Company’s nonfinancial assets which are measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. As necessary, the Company generally uses projected cash flows, discounted as appropriate under the relevant guidance, to estimate the fair values of the assets using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. These assets and certain liabilities are measured at fair value on a nonrecurring basis as part of the Company’s annual impairment assessments and if interim impairment indicators exist.

Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions.

As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows:

• Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets.

• Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Level 2 fair value determinations are derived from directly or indirectly observable (market based) information. The Company has certain cash and cash equivalents that are invested on an overnight basis in repurchase agreements. The value of overnight repurchase agreements is determined based upon the quoted market prices for the treasury securities associated with the repurchase agreements. Certificates of deposit are valued at cost, plus interest accrued. Given the short term nature of these instruments (less than 90 days), the carrying value approximates fair value.

Level 3 fair value determinations are derived from the Company’s estimate of recovery based on historical collection trends. There were no Level 3 assets or liabilities which required fair value determinations at June 30, 2013 and December 31, 2012.

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis and that are subject to the disclosure requirements as of June 30, 2013 and December 31, 2012 (in thousands).

	Fair Value		Level 1		Level 2		Level 3
June 30, 2013
Assets:
Overnight repurchase agreements	$	128,809	$	—	$	128,809	$	—
Certificates of deposit		3,202		—		3,202		—
Total	$	132,011	$	—	$	132,011	$	—
December 31, 2012
Assets:
Overnight repurchase agreements	$	128,269	$	—	$	128,269	$	—
Certificates of deposit		11,849		—		11,849		—
Total	$	140,118	$	—	$	140,118	$	—

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4. Share Based Compensation

The Company has Stock Incentive Plans (the Plans) pursuant to which the Company’s board of directors may grant stock options or restricted stock to employees. The Company is authorized to issue grants of restricted stock and stock options to purchase up to 26,963,150 shares as of June 30, 2013 and December 31, 2012. There were 771,714 additional shares remaining available for grant under the Plans at June 30, 2013.

The table below summarizes the expense recognized related to share-based payments recognized for the three and six month periods ended June 30 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Stock options	$	2,631	$	2,349	$	5,502	$	4,626
Restricted stock		1,266		1,611		2,557		3,167
Stock-based compensation	$	3,897	$	3,960	$	8,059	$	7,793

The tax benefits recorded on stock based compensation were $1.4 million and $1.2 million for the three month periods ended June 30, 2013 and 2012, respectively. The tax benefits recorded on stock based compensation were $2.7 million and $2.4 million for the six month periods ended June 30, 2013 and 2012, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of June 30, 2013 (in thousands):

	Unrecognized Compensation Cost		Weighted Average Period  of Expense Recognition (in Years)
Stock options	$	25,140		2.02
Restricted stock		4,947		0.94
Total	$	30,087

Stock Options

Stock options are granted with an exercise price estimated to be equal to the fair market value on the date of grant as authorized by the Company’s board of directors. Options granted have vesting provisions ranging from one to six years. Stock option grants are generally subject to forfeiture if employment terminates prior to vesting.

The following summarizes the changes in the number of shares of common stock under option for the six month period ended June 30, 2013 (shares and aggregate intrinsic value in thousands):

	Shares			Weighted Average Exercise Price		Options Exercisable at End of Period		Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2012		6,565		$	22.17		2,666	$	14.71			$	206,636
Granted		150			68.22					$	19.25
Exercised		(661	)		18.44								41,550
Forfeited		(79	)		23.00
Outstanding at June 30, 2013		5,975		$	23.74		2,459	$	16.07			$	343,967
Expected to vest as of June 30, 2013		5,975		$	23.74

The aggregate intrinsic value of stock options exercisable at June 30, 2013 was $160.4 million. The weighted average contractual term of options exercisable at June 30, 2013 was 5.9 years.

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The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model during the six months ended June 30, 2013, with the following weighted-average assumptions for grants during the period.

	Six Months Ended June 30,
	2013			2012
Risk-free interest rate		0.55	%		0.64	%
Dividend yield		—			—
Expected volatility		35.05	%		34.31	%
Expected life (in years)		4.0			4.0

The Company considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected life of the options.

Prior to June 30, 2012, the Company estimated the volatility of the share price of the Company’s common stock by considering the historical volatility of the stock of similar public entities. In determining the appropriateness of the public entities included in the volatility assumption the Company considered a number of factors, including the entity’s life cycle stage, size, financial leverage, and products offered. Beginning July 1, 2012, the Company began utilizing the volatility of the share price of the Company’s common stock to estimate the volatility assumption for the Black-Scholes option pricing model.

The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant.

The weighted-average remaining contractual life for options outstanding was 7.1 and 7.4 years at June 30, 2013 and December 31, 2012, respectively.

Restricted Stock

Awards of restricted stock and restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The vesting of the restricted stock and restricted stock units granted is generally based on the passage of time, performance or market conditions. Shares vesting based on the passage of time have vesting provisions ranging from one to four years.

The fair value of restricted stock granted based on market conditions was estimated using the Monte Carlo option pricing model at the grant date. The risk-free interest rate and volatility assumptions for restricted stock shares granted with market conditions were calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the stock option awards. No such awards were granted during the six months ended June 30, 2013.

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2013 (shares in thousands):

	Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2012		472		$	28.98
Granted		36			58.02
Vested		(21	)		30.02
Cancelled		(25	)		29.99
Unvested at June 30, 2013		462		$	33.39

5. Acquisition

2013 Acquisitions

During the six months ended June 30, 2013, the Company completed acquisitions with an aggregate purchase price of $159.6 million, net of cash acquired, which includes a deferred payment of $1.3 million and a contingent earn out payment of $1.4 million.

Fleet Card

On March 25, 2013, the Company acquired certain fuel card assets from GE Capital Australia’s Custom Fleet leasing business. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. GE Capital’s “Fleet Card” is a

11

multi-branded fuel card product with acceptance in over 6,000 fuel outlets and over 7,000 automotive service and repair centers across Australia. Through this transaction, the Company acquired the Fleet Card product, brand, acceptance network contracts, supplier contracts, and approximately one-third of the customer relationships with regards to fuel cards. The remaining customer relationships will be retained by Custom Fleet, and are comprised of companies which have commercial relationships with Custom Fleet beyond fueling, such as fleet management and leasing. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition. The purpose of this acquisition was to establish the Company’s presence in the Australian marketplace. This business acquisition was not material to the Company’s consolidated financial statements.

Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and the Australian fuel card company. The goodwill related to this acquisition is not deductible for tax purposes. The purchase price allocation related to this acquisition is preliminary.

CardLink

On April 29, 2013, the Company acquired all of the outstanding stock of CardLink. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. CardLink provides a proprietary fuel card program with acceptance at retail fueling stations across New Zealand. CardLink markets its fuel cards directly to mostly small-to-midsized businesses, and provides processing and outsourcing services to oil companies and other partners. With this transaction, the Company entered into a 12.0 million New Zealand dollar ($11.0 million) revolving line of credit, which will be used to fund the working capital needs of the CardLink business. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition. The purpose of this acquisition was to expand the Company’s growing presence in the Australia and Asian regions and follows the Company’s recent purchase of GE Capital’s Fleet Card business in Australia. This business acquisition was not material to the Company’s consolidated financial statements.

Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and CardLink. The goodwill related to this acquisition is not deductible for tax purposes. The purchase price allocation related to this acquisition is preliminary.

2013 Totals

The following table summarizes the preliminary allocation of the purchase price for all acquisitions during the six months ended June 30, 2013 (in thousands):

Trade and other receivables	$	24,434
Prepaid expenses and other		559
Property and equipment		321
Goodwill		77,944
Other intangible assets		79,661
Notes and other liabilities assumed		(15,191	)
Deferred tax liabilities		(8,092	)
Aggregate purchase price	$	159,636

Intangible assets allocated in connection with the purchase price allocations consisted of the following (in thousands):

	Weighted Average Useful Lives (in Years)		Value
Customer relationships		3 – 20	$	70,631
Trade names and trademarks—indefinite		N/A		2,900
Trade names and trademarks		15		200
Merchant network		10		4,900
Software		3 – 10		1,030
			$	79,661

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2012 Acquisitions

During 2012, the Company completed several foreign acquisitions with an aggregate purchase price of $207.4 million, net of cash acquired, which includes a deferred payment of $11.3 million and contingent earn-out payments of $4.9 million. The Company made a first payment of $1.3 million related to this earn-out in December 2012.

Russian Fuel Card Company

On June 15, 2012, the Company acquired all of the outstanding stock of a leading Russian fuel card company. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. The acquired company is a Russian leader in fuel card systems and serves major oil clients and hundreds of independent fuel card issuers. Its technology allows issuers to share their retail network, thereby expanding the reach of their networks. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition. The purpose of this acquisition was to further expand the Company’s presence in the Russian fuel card marketplace. This business acquisition was not material to the Company’s consolidated financial statements. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and the Russian fuel card company. The goodwill acquired with this business is not deductible for tax purposes.

CTF Technologies, Inc.

On July 3, 2012, the Company acquired all of the outstanding stock of CTF Technologies, Inc. (“CTF”), a British Columbia organization, for $156 million. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. CTF Technologies Do Brasil Ltda and certain of the Company’s other subsidiaries are wholly-owned entities of CTF. The acquisition was carried out pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) and was approved by final order of the Supreme Court of British Columbia. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition.The purpose of the transaction was to establish the Company’s presence in the Brazilian marketplace.

CTF provides fuel payment processing services for over-the-road fleets, ships, mining equipment, and railroads in Brazil. CTF’s payment platform links together fleet operators, banks, and oil companies. CTF earns revenue primarily from a recurring transaction fee paid by the oil companies who purchase services for their fleet customers under multi-year customer contracts. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and CTF. The goodwill acquired with this business is not deductible for tax purposes.

2012 Totals

The following table summarizes the preliminary allocation of the purchase price for all acquisitions during 2012, net of cash acquired (in thousands):

Trade and other receivables	$	13,196
Prepaid expenses and other		6,185
Property and equipment		6,701
Goodwill		165,398
Other intangible assets		109,758
Notes and other liabilities assumed		(42,912	)
Deferred tax liabilities		(50,936	)
Aggregate purchase prices	$	207,390

The purchase price is net of cash and cash equivalents acquired, totaling $1.9 million, and also includes a deferred payment of $11.3 million and contingent earn-out payments of $4.9 million.

Intangible assets allocated in connection with the preliminary purchase price allocations consisted of the following (in thousands):

	Weighted Average Useful Lives (in Years)		Value
Customer relationships		10–20	$	77,654
Trade names and trademarks—indefinite		N/A		16,900
Merchant network		10		4,604
Software		3-10		9,800
Non-compete		2-6		800
			$	109,758

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At June 30, 2013, approximately $243 million of the Company’s goodwill is deductible for tax purposes. The Company incurred acquisition related costs of $3.4 million and $1.0 million in the six months ended June 30, 2013 and 2012, which are included within general and administrative expenses in the Consolidated Statements of Income. These acquisitions did not materially affect revenues and earnings during 2012.

6. Goodwill and Other Intangible Assets

A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands):

	December 31, 2012		Acquisitions		Purchase Accounting Adjustments		Foreign Currency			June 30, 2013
Segment
North America	$	276,714	$	5,000	$	—	$	—		$	281,714
International		649,895		72,944		80		(9,985	)		712,934
	$	926,609		77,944		80	$	(9,985	)	$	994,648

As of June 30, 2013 and December 31, 2012 other intangible assets consisted of the following (in thousands):

		June 30, 2013							December 31, 2012
	Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount
Customer and vendor agreements	3 to 20	$	555,078	$	(108,662	)	$	446,416	$	487,718	$	(90,920	)	$	396,798
Trade names and trademarks—indefinite lived	N/A		56,532		—			56,532		53,926		—			53,926
Trade names and trademarks—other	3 to 15		3,340		(1,528	)		1,812		3,160		(1,420	)		1,740
Software	3 to 10		16,261		(6,271	)		9,990		15,330		(5,208	)		10,122
Non-compete agreements	2 to 6		3,271		(2,319	)		952		3,271		(1,993	)		1,278
Total other intangibles		$	634,482	$	(118,780	)		515,702	$	563,405	$	(99,541	)	$	463,864

Purchase accounting adjustments recorded during the six months ended June 30, 2013 relate to purchase price adjustments related to our Russian business acquisitions completed in 2012. Amortization expense related to intangible assets for the six month periods ended June 30, 2013 and 2012 was $19.2 million and $14.4 million, respectively. Changes in foreign currency exchange rates reduced intangible assets by $8.6 million in the six months ended June 30, 2013.

7. Debt

The Company’s debt instruments are as follows (in thousands):

	June 30, 2013		December 31, 2012
Term note payable—domestic(a)	$	510,625	$	525,000
Revolving line of credit A Facility—domestic(a)		85,000		100,000
Revolving line of credit B Facility – foreign (a)		12,347		—
Revolving line of credit—New Zealand (c)		—		—
Other debt (d)		24,116		22,391
Total notes payable and other obligations		632,088		647,391
Securitization Facility(b)		402,000		298,000
Total notes payable, credit agreements and Securitization Facility	$	1,034,088	$	945,391
Current portion	$	548,091	$	460,174
Long-term portion		485,997		485,217
Total notes payable, credit agreements and Securitization Facility	$	1,034,088	$	945,391

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(a) The Company entered into a Credit Agreement on June 22, 2011. On March 13, 2012, the Company entered into the first amendment to the Credit Agreement. This Amendment added two United Kingdom entities as designated borrowers and added a $110 million foreign currency swing line of credit sub facility under the existing revolver, which allows for alternate currency borrowing on the swing line. On November 6, 2012, the Company entered into a second amendment to the Credit Agreement to add an additional term loan of $250 million and increase the borrowing limit on the revolving line of credit from $600 million to $850 million. In addition, we increased the accordion feature from $150 million to $250 million. As amended, the Credit Agreement provides for a $550 million term loan facility and an $850 million revolving credit facility. On March 20, 2013, the Company entered into a third amendment to the Credit Agreement to extend the term of the facility for an additional five years from the amendment date, with a new maturity date of March 20, 2018, separated the revolver into two tranches (a $815 million Revolving A facility and a $35 million Revolving B facility), added a designated borrower in Australia and another in New Zealand with the ability to borrow in local currency and US Dollars under the Revolving B facility and removed a cap to allow for additional investments in certain business relationships. The revolving line of credit contains a $20 million sublimit for letters of credit, a $20 million sublimit for swing line loans and sublimits for multicurrency borrowings in Euros, Sterling, Japanese Yen, Australian Dollars and New Zealand Dollars.

Interest ranges from the sum of the Base Rate plus 0.25% to 1.25% or the Eurodollar Rate plus 1.25% to 2.25%. The term note is payable in quarterly installments and is due on the last business day of each March, June, September, and December with the final principal payment due in March 2018. Borrowings on the revolving line of credit are repayable at our option of one, two, three or six months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than ten business days after such loan is made. This facility is referred to as the Credit Facility. Principal payments of $14.4 million were made on the term loan during the six months ended June 30, 2013. This facility includes a foreign currency swing line of credit on which the Company borrowed funds during the periods presented. The Company did not have an outstanding unpaid balance on the foreign currency swing line of credit at June 30, 2013.

(b) The Company is party to a $500 million receivables purchase agreement (Securitization Facility). The Securitization Facility was amended for the eighth time on February 4, 2013 to extend the facility termination date to February 3, 2014. There is a program fee equal to the Commercial Paper Rate of 0.24% plus 0.75% and 0.21% plus 0.675% as of December 31, 2012 and June 30, 2013, respectively. The unused facility fee is payable at a rate of 0.35% per annum as of December 31, 2012 and 0.30% per annum as of June 30, 2013. The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things.

(c) In connection with the company’s acquisition in New Zealand, the Company entered into a $12 million New Zealand dollar ($11.0 million) facility that is used for local working capital needs. This facility is a one year facility that matures on April 30, 2014. A line of credit charge of 0.025% times the facility limit is charged each month plus interest on outstanding borrowings is charged at the Bank Bill Mid-Market (BKBM) settlement rate plus a margin of 1.0%. The Company did not have an outstanding unpaid balance on this facility at June 30, 2013.

(d) In connection with the purchase of two of our businesses, there are final payments of $11.3 million and $1.3 million due on December 15, 2013 and April 2, 2014, respectively. The Company also is party to two acquisition agreements that include remaining contingent earn-out payments totaling $4.9 million, which are payable in October 2013, November 2013, April 2015, May 2016 and September 2017. Other debt also includes deferred liabilities (other than taxes) associated with certain of our businesses.

The Company was in compliance with all financial and non-financial covenants at June 30, 2013.

The Company has deferred debt issuance costs associated with its new Credit Facility of $8.1 million as of June 30, 2013, which is classified in Other Assets within the Company’s unaudited Consolidated Balance Sheet.

8. Income Taxes

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 35% to income before income taxes for the three months ended June 30, 2013 and 2012 due to the following (in thousands):

	2013					2012
Income tax expense at federal statutory rate	$	36,863		35.0	%	$	27,544		35.0	%
Changes resulting from:
Foreign income tax differential		(4,082	)	(3.9	)		(2,155	)	(2.7	)
State taxes, net of federal benefit		1,337		1.3			653		0.8
Foreign-sourced nontaxable income		(2,785	)	(2.6	)		(2,729	)	(3.5	)
Other		892		0.8			982		1.3
Provision for income taxes	$	32,225		30.6	%	$	24,295		30.9	%

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At June 30, 2013 and December 31, 2012, notes payable and other obligations—noncurrent, included liabilities for unrecognized income tax benefits of $7.8 million and $7.1 million, respectively. During the six months ended June 30, 2013 and 2012 the Company recognized additional liabilities of $0.7 million and $0.7 million, respectively. During the six months ended June 30, 2013 and 2012, amounts recorded for accrued interest and penalties expense related to the unrecognized income tax benefits were not significant.

The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations has expired for years prior to 2009 for the Company’s U.S. federal income tax returns, 2011 for the Company’s U.K. income tax returns, 2009 for the Company’s Czech Republic income tax returns, 2010 for the Company’s Russian income tax returns, 2007 for the Company’s Mexican income tax returns, 2008 for the Company’s Brazilian income tax returns, 2008 for the Company’s Luxembourg income tax returns and 2009 for the Company’s New Zealand income tax returns.

9. Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the if-converted and treasury stock method.

The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Net income	$	73,099	$	54,401	$	137,761	$	96,480
Denominator for basic and diluted earnings per share:
Weighted-average shares outstanding		81,111		82,430		80,912		82,054
Share-based payment awards classified as participating securities		462		864		486		875
Denominator for basic earnings per share		81,573		83,294		81,398		82,929
Dilutive securities		2,888		2,443		2,814		2,522
Denominator for diluted earnings per share		84,461		85,737		84,212		85,451
Basic earnings per share	$	0.90	$	0.65	$	1.69	$	1.16
Diluted earnings per share	$	0.87	$	0.63	$	1.64	$	1.13

Diluted earnings per share for the three month periods ended June 30, 2012 excludes the effect of 0.2 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive. There were no antidilutive shares for the three months ended June 30, 2013.

10. Segments

The Company’s reportable segments represent components of the business for which separate financial information is evaluated regularly by the chief operating decision maker in determining how to allocate resources and in assessing performance. The Company operates in two reportable segments, North America and International. The Company has identified these segments due to commonality of the products in each of their business lines having similar economic characteristics, services, customers and processes. There were no significant inter-segment sales.

The results from the Company’s Russian fuel card business acquired during the second quarter of 2012, CTF Technologies, Inc. acquired during the third quarter of 2012, Fleet Card acquired during the first quarter of 2013 and CardLink acquired during the second quarter of 2013 are reported in the Company’s International segment.

16

The Company’s segment results are as follows as of and for the three and six month periods ended June 30 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Revenues, net:
North America	$	119,486	$	107,286	$	220,080	$	190,098
International		101,383		64,534		194,440		127,887
	$	220,869	$	171,820	$	414,520	$	317,985
Operating income:
North America	$	60,103	$	53,598	$	109,529	$	91,711
International		48,971		27,850		93,798		54,212
	$	109,074	$	81,448	$	203,327	$	145,923
Depreciation and amortization:
North America	$	5,267	$	5,024	$	10,439	$	10,018
International		10,623		6,585		20,080		13,311
	$	15,890	$	11,609	$	30,519	$	23,329
Capital expenditures:
North America	$	1,292	$	2,501	$	2,356	$	4,596
International		4,054		2,367		7,752		3,835
	$	5,346	$	4,868	$	10,108	$	8,431

11. Commitments and Contingencies

In the ordinary course of business, the Company is involved in various pending or threatened legal actions. The Company has recorded reserves for certain legal proceedings. The amounts recorded are estimated and as additional information becomes available, the Company will reassess the potential liability related to its pending litigation and revise its estimate in the period that information becomes known. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity.

Since 2010, the Company has been involved in an investigation by the Office of Fair Trading in the United Kingdom, relating to its Keyfuels product line. This product line consists of the Company’s proprietary payment card and associated site network in the United Kingdom. A competitor alleged the Company was dominant in a relevant market with its Keyfuels product. The Office of Fair trading has investigated the allegations and following an extensive enquiry process, the Company was advised in April 2013 that the Office of Fair Trading has reached the provisional conclusion to close the case on the basis that there are no grounds for action. The Company was further advised to expect a provisional reasoned closure decision in the summer of 2013. The provisional opinion will be open to interested third parties to make representations before any final decision is made. A final decision is expected in late 2013.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited consolidated financial statements and related notes appearing elsewhere in this report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences include, but are not limited to, those identified below and those described in Part I, Item 1A “Risk Factors” appearing in our Annual Report on Form 10-K for the year ended December 31, 2012. All foreign currency amounts that have been converted into U.S. dollars in this discussion are based on the exchange rate as reported by Oanda for the applicable periods.

This management’s discussion and analysis should also be read in conjunction with the management’s discussion and analysis and consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012.

Overview

FleetCor is a leading independent global provider of fuel cards and workforce payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. Our payment programs enable our customers to better manage and control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. In 2012, we processed approximately 304 million transactions on our proprietary networks and third-party networks. We believe that our size and scale, geographic reach, advanced technology and our expansive suite of products, services, brands and proprietary networks contribute to our leading industry position.

We provide our payment products and services in a variety of combinations to create customized payment solutions for our customers and partners. We sell these products and services directly and indirectly through partners with whom we have strategic relationships, such as major oil companies and petroleum marketers. We refer to these major oil companies and petroleum marketers as our “partners.” We provide our customers with various card products that typically function like a charge card to purchase fuel, lodging, food and related products and services at participating locations. Our payment programs enable businesses to better manage and control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty.

In order to deliver our payment programs and services and process transactions, we own and operate proprietary “closed-loop” networks through which we electronically connect to merchants and capture, analyze and report customized information. We also use third-party networks to deliver our payment programs and services in order to broaden our card acceptance and use. To support our payment products, we also provide a range of services, such as issuing and processing, as well as specialized information services that provide our customers with value-added functionality and data. Our customers can use this data to track important business productivity metrics, combat fraud and employee misuse, streamline expense administration and lower overall fleet operating costs.

Our segments, sources of revenue and expenses

Segments

We operate in two segments, which we refer to as our North America and International segments. The results from our Russian business acquired during the second quarter of 2012, CTF Technologies, Inc. acquired during the third quarter of 2012, our Australian Fleet Card business acquired during the first quarter of 2013 and New Zealand CardLink acquired during the second quarter of 2013 are reported in our International segment. Our revenue is reported net of the wholesale cost for underlying products and services. In this report, we refer to this net revenue as “revenue.” For the three and six months ended June 30, 2013 and 2012, our North America and International segments generated the following revenue:

	Three months ended June 30,										Six months ended June 30,
	2013					2012					2013					2012
(dollars in millions)	Revenue		% of total revenue			Revenue		% of total revenue			Revenue		% of total revenue			Revenue		% of total revenue
North America	$	119.5		54.1	%	$	107.3		62.4	%	$	220.1		53.1	%	$	190.1		59.8	%
International		101.4		45.9	%		64.5		37.6	%		194.4		46.9	%		127.9		40.2	%
	$	220.9		100.0	%	$	171.8		100.0	%	$	414.5		100.0	%	$	318.0		100.0	%

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Sources of Revenue

Transactions In both of our segments, we derive revenue from transactions and the related revenue per transaction. As illustrated in the diagram below, a transaction is defined as a purchase by a customer. Our customers include holders of our cards and payment products and those of our partners, for whom we manage card programs. Revenue from transactions is derived from our merchant and network relationships, as well as our customers and partners. Through our merchant and network relationships we primarily offer fuel, vehicle maintenance, products, food or lodging services to our customers. We also earn revenue from our customers and partners through program fees and charges, which can be fixed fees, cost plus a mark-up or based on a percentage discount from retail prices. The following diagram illustrates a typical transaction flow.

Illustrative Transaction Flow

From our merchant and network relationships, we mostly derive revenue from the difference between the price charged to a customer for a transaction and the price paid to the merchant or network for the same transaction. As illustrated in the table below, the price paid to a merchant or network may be calculated as (i) the merchant’s wholesale cost of fuel plus a markup; (ii) the transaction purchase price less a percentage discount; or (iii) the transaction purchase price less a fixed fee per unit. The difference between the price we pay to a merchant and the merchant’s wholesale cost for the underlying products and services is considered a “merchant commission” and is recognized as an expense. Approximately 49.1% and 61.5% of our revenue was derived from our merchant and network relationships during the three months ended June 30, 2013 and 2012, respectively. Approximately 48.9% and 56.6% of our revenue was derived from our merchant and network relationships during the six months ended June 30, 2013 and 2012, respectively.

The following table presents an illustrative revenue model for transactions with the merchant, which is primarily applicable to fuel based product transactions, but may also be applied to our vehicle maintenance, lodging and food products, substituting transactions for gallons. This representative model may not include all of our businesses.

Illustrative Revenue Model for Fuel Purchases

(unit of one gallon)

Illustrative Revenue Model				Merchant Payment Methods
Retail Price	$	3.00		i) Cost Plus Mark-up:			ii) Percentage Discount:				iii) Fixed Fee:
Wholesale Cost		(2.86	)	Wholesale Cost	$	2.86	Retail Price	$	3.00		Retail Price	$	3.00
				Mark-up		0.05	Discount (3%)		(0.09	)	Fixed Fee		(0.09	)
FleetCor Revenue	$	0.14
Merchant Commission	$	(0.05	)	Price Paid to Merchant	$	2.91	Price Paid to Merchant	$	2.91		Price Paid to Merchant	$	2.91
Price Paid to Merchant	$	2.91

From our customers and partners, we derive revenue from a variety of program fees such as transaction fees, card fees, network fees and report fees. Our payment programs include other fees and charges associated with late payments and based on customer credit risk. Approximately 50.9% and 38.5% of our revenue was derived from customer and partner program fees and charges during the three months ended June 30, 2013 and 2012, respectively. Approximately 51.1% and 43.4% of our revenue was derived from customer and partner program fees and charges during the six months ended June 30, 2013 and 2012, respectively.

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Key operating metrics

Transaction volume and revenue per transaction Set forth below is revenue per transaction information for the three and six months ended June 30, 2013 and 2012:

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Transactions (in millions)
North America		41.2		39.3		79.4		76.0
International		37.8		34.9		73.7		70.1
Total transactions		79.0		74.2		153.1		146.1
Revenue per transaction
North America	$	2.90	$	2.73	$	2.77	$	2.50
International		2.68		1.85		2.64		1.82
Consolidated revenue per transaction		2.80		2.31		2.71		2.18
Adjusted revenue per transaction
Consolidated adjusted revenue per transaction	$	2.55	$	2.08	$	2.49	$	1.98

Revenue per transaction is derived from the various revenue types as discussed above and can vary based on geography, the relevant merchant relationship, the payment product utilized and the types of products or services purchased, the mix of which would be influenced by our acquisitions, organic growth in our business and the overall macroeconomic environment, including fluctuations in foreign currency exchange rates. Revenue per transaction per customer changes as the level of services we provide to a customer increases or decreases, as macroeconomic factors change and as adjustments are made to merchant and customer rates.

Revenue per transaction can vary based on geography, the relevant merchant and customer relationship, the payment product utilized and the types of products or services purchased, a mix of which will be influenced by our acquisitions, organic growth in the business and fluctuations in the macroeconomic environment. When we talk about the macroeconomic environment, we are referring to the impact of market spread margins, fuel prices, foreign exchange rates and the economy in general can have on our business. In June and July 2012, we acquired a Russian business and CTF Technologies, Inc. (CTF), respectively, and in March and April 2013 we acquired FleetCard and CardLink, respectively, which each have higher revenue per transaction products in comparison to our other businesses.

Total transactions increased from 74.2 million in the three months ended June 30, 2012 to 79.0 million in the comparable period in 2013, an increase of 4.8 million transactions or 6.4%.Total transactions increased from 146.1 million in the six months ended June 30, 2012 to 153.1 million in the comparable period in 2013, an increase of 7.0 million transactions or 4.8%. We experienced an increase in transactions in our North American and International segments due to organic growth in certain of our payment programs and the impact of acquisitions completed in 2012 and 2013.

Sources of Revenue Set forth below is information on our sources of revenue for the three and six months ended June 30, 2013 and 2012 expressed as a percentage of consolidated revenues:

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Revenue from customers and partners		50.9	%		38.5	%		51.1	%		43.4	%
Revenue from merchants and networks		49.1	%		61.5	%		48.9	%		56.6	%
Revenue tied to fuel-price spreads		18.7	%		23.5	%		17.4	%		19.7	%
Revenue influenced by the absolute price of fuel		19.6	%		21.5	%		20.1	%		20.4	%
Revenue from program fees, late fees, interest and other		61.7	%		55.0	%		62.5	%		59.9	%

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Adjusted Revenues, EBITDA, Adjusted Net Income and Adjusted Net Income Per Diluted Share. Set forth below are adjusted revenues, EBITDA, adjusted net income and diluted adjusted net income per share for the three and six months ended June 30, 2013 and 2012.

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
(in thousands, except per share amounts)
Adjusted revenues	$	201,314	$	154,169	$	381,104	$	289,941
EBITDA	$	124,964	$	93,057	$	233,846	$	169,252
Adjusted net income	$	84,039	$	62,972	$	159,232	$	113,715
Adjusted net income per diluted share	$	1.00	$	0.73	$	1.89	$	1.33

We use adjusted revenues as a basis to evaluate our revenues, net of the commissions that are paid to merchants to participate in our card programs. The commissions paid to merchants can vary when market spreads fluctuate in much the same way as revenues are impacted when market spreads fluctuate. Thus, we believe this is a more effective way to evaluate our revenue performance on a consistent basis. We use EBITDA, calculated as earnings before interest, taxes, depreciation and amortization to eliminate the impact of certain non-core items during the period. We use 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 on a consistent basis. Adjusted revenues, EBITDA, adjusted net income and adjusted net income per diluted share are supplemental non-GAAP financial measures of operating performance. See the heading entitled “Management’s Use of Non-GAAP Financial Measures.”

Factors and trends impacting our business

We believe that the following factors and trends are important in understanding our financial performance:

• Fuel prices – Our fleet customers use our products and services primarily in connection with the purchase of fuel. Accordingly, our revenue is affected by fuel prices, which are subject to significant volatility. A change in retail fuel prices could cause a decrease or increase in our revenue from several sources, including fees paid to us based on a percentage of each customer’s total purchase. We believe that approximately 19.6% and 21.5% of our consolidated revenue during the three months ended June 30, 2013 and 2012, respectively, and 20.1% and 20.4% of our consolidated revenue during the six months ended June 30, 2013 and 2012, respectively, was directly influenced by the absolute price of fuel. Changes in the absolute price of fuel may also impact unpaid account balances and the late fees and charges based on these amounts.

• Fuel-price spread volatility – A portion of our revenue involves transactions where we derive revenue from fuel-price spreads, which is the difference between the price charged to a fleet customer for a transaction and the price paid to the merchant for the same transaction. In these transactions, the price paid to the merchant is based on the wholesale cost of fuel. The merchant’s wholesale cost of fuel is dependent on several factors including, among others, the factors described above affecting fuel prices. The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices. We experience fuel-price spread contraction when the merchant’s wholesale cost of fuel increases at a faster rate than the fuel price we charge to our customers, or the fuel price we charge to our customers decreases at a faster rate than the merchant’s wholesale cost of fuel. Approximately 18.7% and 23.5% of our consolidated revenue during the three months ended June 30, 2013 and 2012, respectively, and 17.4% and 19.7% of our consolidated revenue during the six months ended June 30, 2013 and 2012, respectively, was derived from transactions where our revenue is tied to fuel-price spreads.

• Acquisitions—Since 2002, we have completed over 55 acquisitions of companies and commercial account portfolios. Acquisitions have been an important part of our growth strategy, and it is our intention to continue to seek opportunities to increase our customer base and diversify our service offering through further strategic acquisitions. The impact of acquisitions has, and may continue to have, a significant impact on our results of operations and may make it difficult to compare our results between periods.

• Interest rates—Our results of operations are affected by interest rates. We are exposed to market risk changes in interest rates on our cash investments and debt.

• Global economic downturn—Our results of operations are materially affected by conditions in the economy generally, both in North America and internationally. Factors affected by the economy include our transaction volumes and the credit risk of our customers. These factors affected our businesses in both our North American and International segments.

• Foreign currency changes – Our results of operations are impacted by changes in foreign currency rates; namely, by movements of the British pound, Czech koruna, Russian ruble, Canadian dollar, Euro, Brazilian real, Mexican peso, Australian dollar and New Zealand dollar relative to the U.S. dollar. Approximately 54.0% and 62.4% of our revenue during the three months ended June 30, 2013 and 2012, respectively, and 53.0% and 59.7% of our revenue during the six months ended June 30, 2013 and 2012, respectively, was derived in U.S. dollars and was not affected by foreign currency exchange rates.

• Expenses – Over the long term, we expect that our general and administrative expense will decrease as a percentage of revenue as our revenue increases. To support our expected revenue growth, we plan to continue to incur additional sales and marketing expense by investing in our direct marketing, third-party agents, internet marketing, telemarketing and field sales force.

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Results of Operations

Three months ended June 30, 2013 compared to the three months ended June 30, 2012

The following table sets forth selected consolidated statement of income data for the three months ended June 30, 2013 and 2012 (in thousands).

	Three months ended June 30, 2013			% of total revenue			Three months ended June 30, 2012			% of total revenue			Increase (decrease)			% Change
Revenues, net:
North America	$	119,486			54.1	%	$	107,286			62.4	%	$	12,200			11.4	%
International		101,383			45.9	%		64,534			37.6	%		36,849			57.1	%
Total revenues, net		220,869			100.0	%		171,820			100.0	%		49,049			28.5	%
Consolidated operating expenses:
Merchant commissions		19,555			8.9	%		17,651			10.3	%		1,904			10.8	%
Processing		32,010			14.5	%		27,014			15.7	%		4,996			18.5	%
Selling		13,386			6.1	%		10,274			6.0	%		3,112			30.3	%
General and administrative		30,954			14.0	%		23,824			13.9	%		7,130			29.9	%
Depreciation and amortization		15,890			7.2	%		11,609			6.8	%		4,281			36.9	%
Operating income		109,074			49.4	%		81,448			47.4	%		27,626			33.9	%
Other income, net		(6	)		0.0	%		(66	)		0.0	%		60			(90.9	)%
Interest expense, net		3,756			1.7	%		2,818			1.6	%		938			33.3	%
Provision for income taxes		32,225			14.6	%		24,295			14.1	%		7,930			32.6	%
Net income	$	73,099			33.1	%	$	54,401			31.7	%	$	18,698			34.4	%
Operating income for segments:
North America	$	60,103					$	53,598					$	6,505			12.1	%
International		48,971						27,850						21,121			75.8	%
Operating income	$	109,074					$	81,448					$	27,626			33.9	%
Operating margin for segments:
North America		50.3	%					50.0	%					0.3	%
International		48.3	%					43.2	%					5.1	%
Total		49.4	%					47.4	%					2.0	%

Revenues and revenue per transaction

Our consolidated revenues increased from $171.8 million in the three months ended June 30, 2012 to $220.9 million in the three months ended June 30, 2013, an increase of $49.1 million, or 28.5%. The increase in our consolidated revenue was primarily due to:

• organic growth in certain of our payment programs driven primarily by increases in both volume and revenue per transaction; and

• the full period impact of acquisitions completed in 2012 as well as acquisitions completed in 2013, which contributed approximately $23 million in additional revenue in the three months ended June 30, 2013 over the comparable period in 2012.

• Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a slightly negative impact on our consolidated revenue for the three months ended June 30, 2013 over the comparable period in 2012. The macroeconomic environment was primarily impacted by lower fuel spread margins and lower fuel prices in the three months ended June 30, 2013 over the comparable period in 2012. Changes in foreign exchange rates were mixed and had a slightly unfavorable impact on our business of approximately $0.7 million during the three months ended June 30, 2013 over the comparable period in 2012.

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Consolidated revenue per transaction increased from $2.31 in the three months ended June 30, 2012 to $2.80 in the three months ended June 30, 2013, an increase of $0.49 or 21.2%. This increase is primarily due to organic growth in certain of our payment programs and the full period impact of acquisitions completed in 2012, as well as acquisitions completed in 2013, the majority of which have higher revenue per transaction products in comparison to our other businesses.

North America segment revenues and revenue per transaction

North America revenues increased from $107.3 million in the three months ended June 30, 2012 to $119.5 million in the three months ended June 30, 2013, an increase of $12.2 million, or 11.4%. The increase in our North America segment revenue was primarily due to:

• organic growth in certain of our payment programs driven primarily by increases in both volume and revenue per transaction; and

• the impact of an acquisition completed in 2013, which contributed approximately $3 million in additional revenue in the three months ended June 30, 2013 over the comparable period in 2012.

• Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a slightly negative impact on our North American segment revenue for the three months ended June 30, 2013 over the comparable period in 2012, primarily due to the impact of lower fuel spread margins and slightly lower fuel prices.

North America segment revenue per transaction increased from $2.73 in the three months ended June 30, 2012 to $2.90 in the three months ended June 30, 2013, an increase of $0.17 or 6.2%. North America revenue per transaction was impacted by the reasons discussed above.

International segment revenues and revenue per transaction

International segment revenues increased from $64.5 million in the three months ended June 30, 2012 to $101.4 million in the three months ended June 30, 2013, an increase of $36.9 million, or 57.1%. The increase in our International segment revenue was primarily due to:

• organic growth in certain of our payment programs driven primarily by increases in both volume and revenue per transaction; and

• the full period impact of acquisitions completed in 2012 as well as acquisitions completed in 2013, which contributed approximately $20 million in additional revenue in the three months ended June 30, 2013 over the comparable period in 2012.

• Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a slightly negative impact on our International segment revenue for the three months ended June 30, 2013 over the comparable period in 2012, due to the impact of lower fuel spread margins, lower fuel prices internationally and impact of changes in foreign exchange rates of approximately $0.7 million, each of which had a slightly unfavorable impact on our business during the three months ended June 30, 2013 over the comparable period in 2012.

International segment revenue per transaction increased from $1.85 in the three months ended June 30, 2012 to $2.68 in the three months ended June 30, 2013, an increase of $0.83 or 44.9%. This increase is primarily due to organic growth in certain of our payment programs and the full period impact of acquisitions completed in 2012, as well as acquisitions completed in 2013, the majority of which have higher revenue per transaction products in comparison to our other businesses.

Consolidated operating expenses

Merchant commissions Merchant commissions increased from $17.7 million in the three months ended June 30, 2012 to $19.6 million in the three months ended June 30, 2013, an increase of $1.9 million, or 10.8%. This increase was due primarily to the impact of higher volumes in revenue streams where merchant commissions are paid, primarily in the North American segment.

Processing Processing expenses increased from $27.0 million in the three months ended June 30, 2012 to $32.0 million in the three months ended June 30, 2013, an increase of $5.0 million, or 18.5%. Our processing expenses primarily increased due to the impact of acquisitions completed in 2012 and 2013.

Selling Selling expenses increased from $10.3 million in the three months ended June 30, 2012 to $13.4 million in the three months ended June 30, 2013, an increase of $3.1 million, or 30.3%. Our selling expenses primarily increased due to the impact of acquisitions completed in 2012 and 2013, as well as additional sales and marketing spending in certain markets.

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General and administrative General and administrative expenses increased from $23.8 million in the three months ended June 30, 2012 to $31.0 million in the three months ended June 30, 2013, an increase of $7.2 million, or 29.9%. Our general and administrative expenses increased primarily due to the impact of acquisitions completed in 2012 and 2013, as well as approximately $1.8 million of additional one-time deal related costs.

Depreciation and amortization Depreciation and amortization increased from $11.6 million in the three months ended June 30, 2012 to $15.9 million in the three months ended June 30, 2013, an increase of $4.3 million, or 36.9%. The increase in our depreciation and amortization expense is primarily due to acquisitions completed during 2012 and 2013, which resulted in an increase of $3.4 million related to the amortization of acquired intangible assets for customer and vendor relationships, trade names and trademarks, non-compete agreements and software, as well as acquired fixed assets and development related to our Global FleetNet (GFN) application.

Operating income and operating margin

Consolidated operating income

Operating income increased from $81.4 million in the three months ended June 30, 2012 to $109.1 million in the three months ended June 30, 2013, an increase of $27.7 million, or 33.9%. Our operating margin was 47.4% and 49.4% for the three months ended June 30, 2012 and 2013, respectively. The increase in operating income and operating margin is due primarily to the impact of acquisitions completed during 2012 and 2013, organic growth in the business driven by increases in volume and revenue per transaction, as well as synergies gained in certain of our acquired businesses. The macroeconomic environment had a slightly negative impact on consolidated operating income.

For the purpose of segment operating results, we calculate segment operating income by subtracting segment operating expenses from segment revenue. Similarly, segment operating margin is calculated by dividing segment operating income by segment revenue.

North America segment operating income

North America operating income increased from $53.6 million in the three months ended June 30, 2012 to $60.1 million in the three months ended June 30, 2013, an increase of $6.5 million, or 12.1%. North America operating margin was 50.0% and 50.3% for the three months ended June 30, 2012 and 2013, respectively. The increase in operating income and operating margin is due primarily to organic growth in the business driven by increases in volume and revenue per transaction. The macroeconomic environment had a slightly negative impact on North American operating income.

International segment operating income

International operating income increased from $27.9 million in the three months ended June 30, 2012 to $49.0 million in the three months ended June 30, 2013, an increase of $21.1 million, or 75.8%. International operating margin was 43.2% and 48.3% for the three months ended June 30, 2012 and 2013, respectively. The increase in operating income and operating margin is due primarily to the impact of acquisitions completed in 2012 and 2013, organic growth in the business driven by increases in volume and revenue per transaction, as well as synergies gained in certain of our acquired businesses. The macroeconomic environment had a slightly negative effect on International segment operating income.

Other income, net

Other income, net decreased from $0.1 million in the three months ended June 30, 2012 to $0.0 million in the three months ended June 30, 2013, a negligible change.

Interest expense, net

Interest expense increased from $2.8 million in the three months ended June 30, 2012 to $3.8 million in the three months ended June 30, 2013, an increase of $1.0 million, or 33.3%. The increase is due to increased borrowings and slightly higher interest rates in the three months ended June 30, 2013 over the comparable period in 2012. The average interest rate paid on borrowings on the term loan and domestic Revolver A under our Credit Facility (including the unused credit facility fee) was 2.09% and 1.99% in the three months ended June 30, 2013 and 2012, respectively. The average interest rate paid on borrowings on the foreign Revolver B under our Credit Facility (including the unused credit facility fee) was 4.81% in the three months ended June 30, 2013. The average interest rate paid on borrowings under our foreign swing line of credit was 2.05% in the three months ended June 30, 2012. There were no borrowings under this line of credit in the three months ended June 30, 2013.

Provision for income taxes

The provision for income taxes increased from $24.3 million in the three months ended June 30, 2012 to $32.2 million in the three months ended June 30, 2013, an increase of $7.9 million, or 32.6%. We provide for income taxes during interim periods based on an estimate of our effective tax rate for the year. Discrete items and changes in the estimate of the annual tax rate are recorded in the

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period they occur. Our effective tax rate decreased from 30.9% for three months ended June 30, 2012 to 30.6% for the three months ended June 30, 2013. The decrease in our effective tax rate is primarily due to a shift in the mix of earnings to foreign jurisdictions with lower tax rates.

We pay taxes in many different taxing jurisdictions, including the U.S., most U.S. states and many non-U.S. jurisdictions. The tax rates in certain non-U.S. taxing jurisdictions are lower than the U.S. tax rate. Consequently, as our earnings fluctuate between taxing jurisdictions, our effective tax rate fluctuates.

Net income

For the reasons discussed above, our net income increased from $54.4 million in the three months ended June 30, 2012 to $73.1 million in the three months ended June 30, 2013, an increase of $18.7 million, or 34.4%.

Six months ended June 30, 2013 compared to the six months ended June 30, 2012

The following table sets forth selected consolidated statement of income data for the six months ended June 30, 2013 and 2012 (in thousands).

	Six months ended June 30, 2013			% of total revenue			Six months ended June 30, 2012			% of total revenue			Increase (decrease)			% Change
Revenues, net:
North America	$	220,080			53.1	%	$	190,098			59.8	%	$	29,982			15.8	%
International		194,440			46.9	%		127,887			40.2	%		66,553			52.0	%
Total revenues, net		414,520			100.0	%		317,985			100.0	%		96,535			30.4	%
Consolidated operating expenses:
Merchant commissions		33,416			8.1	%		28,044			8.8	%		5,372			19.2	%
Processing		61,953			14.9	%		52,593			16.5	%		9,360			17.8	%
Selling		25,090			6.1	%		20,449			6.4	%		4,641			22.7	%
General and administrative		60,215			14.5	%		47,647			15.0	%		12,568			26.4	%
Depreciation and amortization		30,519			7.4	%		23,329			7.3	%		7,190			30.8	%
Operating income		203,327			49.1	%		145,923			45.9	%		57,404			39.3	%
Other expense, net		286			0.1	%		522			0.2	%		(236	)		(45.2	)%
Interest expense, net		7,204			1.7	%		6,381			2.0	%		823			12.9	%
Provision for income taxes		58,076			14.0	%		42,540			13.4	%		15,536			36.5	%
Net income	$	137,761			33.2	%	$	96,480			30.3	%	$	41,281			42.8	%
Operating income for segments:
North America	$	109,529					$	91,711					$	17,818			19.4	%
International		93,798						54,212						39,586			73.0	%
Operating income	$	203,327					$	145,923					$	57,404			39.3	%
Operating margin for segments:
North America		49.8	%					48.2	%					1.6	%
International		48.2	%					42.4	%					5.8	%
Total		49.1	%					45.9	%					3.2	%

Revenues and revenue per transaction

Our consolidated revenues increased from $318.0 million in the six months ended June 30, 2012 to $414.5 million in the six months ended June 30, 2013, an increase of $96.5 million, or 30.4%. The increase in our consolidated revenue was primarily due to:

• organic growth in certain of our payment programs driven primarily by increases in both volume and revenue per transaction; and

• the full period impact of acquisitions completed in 2012 as well as acquisitions completed in 2013, which contributed approximately $37 million in additional revenue in the six months ended June 30, 2013 over the comparable period in 2012.

• Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a slightly positive impact on our consolidated revenue for the six months ended June 30, 2013 over the comparable period in 2012.

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The macroeconomic environment was primarily impacted by higher fuel spread margins in the six months ended June 30, 2013 over the comparable period in 2012. The positive impact of higher fuel spread margins was partially offset by the unfavorable impact of foreign exchange rates of approximately $1.1 million and lower fuel prices, during the six months ended June 30, 2013 over the comparable period in 2012.

Consolidated revenue per transaction increased from $2.18 in the six months ended June 30, 2012 to $2.71 in the six months ended June 30, 2013, an increase of $0.53 or 24.3%. This increase is primarily due to organic growth in certain of our payment programs and the full period impact of acquisitions completed in 2012, as well as acquisitions completed in 2013, the majority of which have higher revenue per transaction products in comparison to our other businesses.

North America segment revenues and revenue per transaction

North America revenues increased from $190.1 million in the six months ended June 30, 2012 to $220.1 million in the six months ended June 30, 2013, an increase of $30.0 million, or 15.8%. The increase in our North America segment revenue was primarily due to:

• organic growth in certain of our payment programs driven primarily by increases in both volume and revenue per transaction.

• the impact of an acquisition completed in 2013, which contributed approximately $3 million in additional revenue in the six months ended June 30, 2013 over the comparable period in 2012.

• Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it positively impacted our North American segment revenue for the six months ended June 30, 2013 over the comparable period in 2012, primarily due to the impact of higher fuel spread margins, partially offset by the impact of lower fuel prices in the US.

North America segment revenue per transaction increased from $2.50 in the six months ended June 30, 2012 to $2.77 in the six months ended June 30, 2013, an increase of $0.27 or 10.8%. North America revenue per transaction was impacted by the reasons discussed above.

International segment revenues and revenue per transaction

International segment revenues increased from $127.9 million in the six months ended June 30, 2012 to $194.4 million in the six months ended June 30, 2013, an increase of $66.5 million, or 52.0%. The increase in our International segment revenue was primarily due to:

• organic growth in certain of our payment programs driven primarily by increases in both volume and revenue per transaction; and

• the full period impact of acquisitions completed in 2012, as well as acquisitions completed in 2013, which contributed approximately $34 million in additional revenue in the six months ended June 30, 2013 over the comparable period in 2012.

• Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a slightly negative impact on our International segment revenue for the six months ended June 30, 2013 over the comparable period in 2012, primarily due to lower fuel prices internationally and changes in foreign exchange rates. Changes in foreign exchange rates had a slightly unfavorable impact on revenues of approximately $1.1 million in the six months ended June 30, 2013 over the comparable period in 2012. We believe that fuel spread margins had a minimal impact on revenues.

International segment revenue per transaction increased from $1.82 in the six months ended June 30, 2012 to $2.64 in the six months ended June 30, 2013, an increase of $0.82 or 45.1%. This increase is primarily due to organic growth in certain of our payment programs and the full period impact of acquisitions completed in 2012, as well as acquisitions completed in 2013, the majority of which have higher revenue per transaction products in comparison to our other businesses.

Consolidated operating expenses

Merchant commissions Merchant commissions increased from $28.0 million in the six months ended June 30, 2012 to $33.4 million in the six months ended June 30, 2013, an increase of $5.4 million, or 19.2%. This increase was due primarily to the impact of higher volumes in revenue streams where merchant commissions are paid, primarily in the North American segment.

Processing Processing expenses increased from $52.6 million in the six months ended June 30, 2012 to $62.0 million in the six months ended June 30, 2013, an increase of $9.4 million, or 17.8%. Our processing expenses primarily increased due to acquisitions completed in 2012 and 2013, partially offset by efficiencies gained in certain of more recently acquired businesses.

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Selling Selling expenses increased from $20.4 million in the six months ended June 30, 2012 to $25.1 million in the six months ended June 30, 2013, an increase of $4.7 million, or 22.7%. Our selling expenses primarily increased due to acquisitions completed in 2012 and 2013, as well as additional sales and marketing spending in certain markets.

General and administrative General and administrative expenses increased from $47.6 million in the six months ended June 30, 2012 to $60.2 million in the six months ended June 30, 2013, an increase of $12.6 million, or 26.4%. Our general and administrative expenses primarily increased due to acquisitions completed in 2012 and 2013, as well as approximately $3.6 million in additional one-time deal related costs.

Depreciation and amortization Depreciation and amortization increased from $23.3 million in the six months ended June 30, 2012 to $30.5 million in the six months ended June 30, 2013, an increase of $7.2 million, or 30.8%. The increase in our depreciation and amortization expense is primarily due to acquisitions completed during 2012 and 2013, which resulted in an increase of $5.7 million related to the amortization of acquired intangible assets for customer and vendor relationships, trade names and trademarks, non-compete agreements and software, as well as acquired fixed assets and development related to our GFN application.

Operating income and operating margin

Consolidated operating income

Operating income increased from $145.9 million in the six months ended June 30, 2012 to $203.3 million in the six months ended June 30, 2013, an increase of $57.4 million, or 39.3%. Our operating margin was 45.9% and 49.1% for the six months ended June 30, 2012 and 2013, respectively. The increase in operating income and operating margin was due primarily to the impact of acquisitions completed during 2012 and 2013, organic growth in the business driven by increases in volume and revenue per transaction, the slightly positive effect of the macroeconomic environment, driven by the impact of higher fuel spreads, as well as synergies gained in certain of our acquired businesses. The impact of changes in foreign exchange rates and changes in fuel prices on consolidated operating income was slightly negative.

For the purpose of segment operating results, we calculate segment operating income by subtracting segment operating expenses from segment revenue. Similarly, segment operating margin is calculated by dividing segment operating income by segment revenue.

North America segment operating income

North America operating income increased from $91.7 million in the six months ended June 30, 2012 to $109.5 million in the six months ended June 30, 2013, an increase of $17.8 million, or 19.4%. North America operating margin was 48.2% and 49.8% for the six months ended June 30, 2012 and 2013, respectively. The increase in operating income and operating margin was due primarily to organic growth in the business driven by increases in volume and revenue per transaction, as well as the impact of the positive macroeconomic environment, driven by the impact of higher fuel spread margins. The impact of changes in fuel prices on North American segment operating income was mostly neutral.

International segment operating income

International operating income increased from $54.2 million in the six months ended June 30, 2012 to $93.8 million in the six months ended June 30, 2013, an increase of $39.6 million, or 73.0%. International operating margin was 42.4% and 48.2% for the six months ended June 30, 2012 and 2013, respectively. The increase in operating income and operating margin was due primarily to the impact of acquisitions completed in 2012 and 2013, organic growth in the business driven by increases in volume and revenue per transaction, as well as synergies gained in certain of our acquired businesses. The macroeconomic environment had a slightly negative effect on International segment operating income.

Other expense, net

Other expense, net decreased from $0.5 million in the six months ended June 30, 2012 to $0.3 million in the six months ended June 30, 2013, a decrease of $0.2 million, a negligible change.

Interest expense, net

Interest expense increased from $6.4 million in the six months ended June 30, 2012 to $7.2 million in the six months ended June 30, 2013, an increase of $0.8 million, or 12.9%. The increase is due to an increase in borrowings and slightly higher interest rates in the six months ended June 30, 2013 over the comparable period in 2012. The average interest rate paid on borrowings on the term loan and domestic Revolver A under our Credit Facility (including the unused credit facility fee) was 2.03% and 2.00% during the six months ended June 30, 2013 and 2012, respectively. The average interest rate paid on borrowings on the foreign Revolver B under our Credit Facility (including the unused credit facility fee) was 4.81% in the six months ended June 30, 2013. The average interest rate paid on borrowings under our foreign swing line of credit was 1.98% and 2.05% in the six months ended June 30, 2013 and 2012, respectively.

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Provision for income taxes

The provision for income taxes increased from $42.5 million in the six months ended June 30, 2012 to $58.1 million in the six months ended June 30, 2013, an increase of $15.6 million, or 36.5%. We provide for income taxes during interim periods based on an estimate of our effective tax rate for the year. Discrete items and changes in the estimate of the annual tax rate are recorded in the period they occur. Our effective tax rate decreased from 30.6% for six months ended June 30, 2012 to 29.7% for the six months ended June 30, 2013. The decrease in our effective tax rate was primarily due to the first quarter reversal of $1.9 million of tax booked in the fourth quarter of 2012 related to the controlled foreign corporation look-through exclusion expiring for us on December 1, 2012. The exclusion was retroactively extended in January 2013, resulting in the reversal of the additional taxes recorded in 2012 prior to extension. The decrease is also driven by a shift in the mix of earnings to foreign jurisdictions with lower tax rates.

We pay taxes in many different taxing jurisdictions, including the U.S., most U.S. states and many non-U.S. jurisdictions. The tax rates in certain non-U.S. taxing jurisdictions are lower than the U.S. tax rate. Consequently, as our earnings fluctuate between taxing jurisdictions, our effective tax rate fluctuates.

Net income

For the reasons discussed above, our net income increased from $96.5 million in the six months ended June 30, 2012 to $137.8 million in the six months ended June 30, 2013, an increase of $41.3 million, or 42.8%.

Liquidity and capital resources

Our principal liquidity requirements are to service and repay our indebtedness, make acquisitions of businesses and commercial account portfolios and meet working capital, tax and capital expenditure needs.

Sources of liquidity

At June 30, 2013, our unrestricted cash and cash equivalent balance totaled $292.9 million. Our restricted cash balance at June 30, 2013 totaled $48.5 million. Restricted cash primarily represents customer deposits in the Czech Republic, which we are restricted from using other than to repay customer deposits.

At June 30, 2013, cash and cash equivalents held in foreign subsidiaries where we have determined such cash and cash equivalents are permanently reinvested is $255.2 million. All of the cash and cash equivalents held by our foreign subsidiaries, excluding restricted cash, are available for general corporate purposes. Our current intent is to permanently reinvest these funds outside of the U.S. Our current expectation for funds held in our foreign subsidiaries is to use the funds to finance foreign organic growth, to pay for potential future foreign acquisitions and to repay any foreign borrowings that may arise from time to time. We currently believe that funds generated from our U.S. operations, along with potential borrowing capabilities in the U.S. will be sufficient to fund our U.S. operations for the foreseeable future, and therefore do not foresee a need to repatriate cash held by our foreign subsidiaries in a taxable transaction to fund our U.S. operations. However, if at a future date or time these funds are needed for our operations in the U.S. or we otherwise believe it is in the best interests of the Company to repatriate all or a portion of such funds, we may be required to accrue and pay U.S. taxes to repatriate these funds. No assurances can be provided as to the amount or timing thereof, the tax consequences related thereto or the ultimate impact any such action may have on our results of operations or financial condition.

We utilize an accounts receivable Securitization Facility to finance a majority of our domestic fuel card receivables, to lower our cost of funds and more efficiently use capital. We generate and record accounts receivable when a customer makes a purchase from a merchant using one of our card products and generally pay merchants within seven days of receiving the merchant billing. As a result, we utilize the asset Securitization Facility as a source of liquidity to provide the cash flow required to fund merchant payments prior to collecting customer balances. These balances are primarily composed of charge balances, which are typically billed to the customer on a weekly, semimonthly or monthly basis, and are generally required to be paid within 14 days of billing. We also consider the undrawn amounts under our Securitization Facility and Credit Facility as funds available for working capital purposes and acquisitions. At June 30, 2013, we had approximately $753 million available under our Credit Facility.

Based on our current forecasts and anticipated market conditions, we believe that our current cash balances, our available borrowing capacity and our ability to generate cash from operations, will be sufficient to fund our liquidity needs for at least the next twelve months, absent any major acquisition opportunities that might arise. However, we regularly evaluate our cash requirements for current operations, commitments, capital requirements and acquisitions, and we may elect to raise additional funds for these purposes in the future, either through the issuance of debt or equity securities. We may not be able to obtain additional financing on terms favorable to us, if at all.

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Cash flows

The following table summarizes our cash flows for the six months ended June 30, 2013 and 2012.

	Six months ended June 30,
(in millions)	2013			2012
Net cash provided by (used in) operating activities	$	82.7		$	(36.8	)
Net cash used in investing activities		(167.1	)		(43.9	)
Net cash provided by financing activities		110.1			49.9

Operating activities Net cash provided by operating activities increased from a cash usage of $36.8 million in the six months ended June 30, 2012 to cash provided by operating activities of $82.7 million in the six months ended June 30, 2013. The increase is primarily due to a liability acquired with the Allstar acquisition of $108 million and customer deposit of $43 million, each of which were paid during the first six months of 2012. The remaining fluctuation is due to changes in working capital, as well as additional net income during the six months ended June 30, 2013 over the comparable period in 2012.

Investing activities Net cash used in investing activities increased from $43.9 million in the six months ended June 30, 2012 to $167.1 million in the six months ended June 30, 2013. This increase is primarily due to the increase in cash paid for acquisitions in the six months ended June 30, 2013.

Financing activities Net cash provided by financing activities increased from $49.9 million in the six months ended June 30, 2012 to $110.1 million in the six months ended June 30, 2013. The increase is primarily due to increased net borrowings of $59 million on our Securitization Facility in the six months ended June 30, 2013 over the comparable period in 2012.

Capital spending summary

Our capital expenditures increased from $8.4 million in the six months ended June 30, 2012 to $10.1 million in the six months ended June 30, 2013, an increase of $1.7 million, or 19.9%. The increase was primarily related to additional investments to continue to enhance our existing processing systems and continued development of our European processing system GFN. We anticipate our capital expenditures for all of 2013 to be approximately $23 million as we continue to enhance our existing processing systems.

Credit Facility

We are party to a five-year, $1.4 billion Credit Agreement (the “Credit Agreement”) with a syndicate of banks, which we originally entered into on June 22, 2011 and have amended three times since. The Credit Agreement provides for a $550 million term loan facility and an $850 million revolving credit facility, with sublimits for letters of credit, swing line loans and multicurrency borrowings. Subject to certain conditions, including obtaining commitments of lenders, we have the option to increase the facility up to an additional $250 million via an accordion feature. The Credit Agreement contains representations, warranties and events of default, as well as certain affirmative and negative covenants, customary for financings of this nature. These covenants include limitations on our ability to pay dividends and make other restricted payments under certain circumstances and compliance with certain financial ratios. Proceeds from this new Credit Facility may also be used for working capital purposes, acquisitions, and other general corporate purposes.

On March 13, 2012, we entered into the first amendment to the Credit Agreement. This Amendment added two United Kingdom entities as designated borrowers and added a $110 million foreign currency swing line of credit sub facility under the existing revolver, which allows for alternate currency borrowing on the swing line. On November 6, 2012, we entered into a second amendment to the Credit Agreement to add an additional term loan of $250 million and increase the borrowing limit on the revolving line of credit from $600 million to $850 million. In addition, we increased the accordion feature from $150 million to $250 million. On March 20, 2013, we entered into a third amendment to the Credit Agreement to extend the term of the facility for an additional five years from the amendment date, with a new maturity date of March 20, 2018, separated the revolver into two tranches (a $815 million Revolving A facility and a $35 million Revolving B facility), added a designated borrower in Australia and another in New Zealand, with the ability to borrow in local currency and US Dollars under the Revolving B facility and removed a cap to allow for additional investments in certain business relationships. The revolving line of credit contains a $20 million sublimit for letters of credit, a $20 million sublimit for swing line loans and sublimits for multicurrency borrowings in Euros, Sterling, Japanese Yen, Australian Dollars and New Zealand Dollars.

At June 30, 2013, we had $510.6 million in outstanding term loans, $85.0 million in borrowings outstanding on the domestic revolving A facility and $12.3 million in borrowings outstanding on the foreign revolving B facility.

Interest on amounts outstanding under the Credit Agreement accrues based on the British Bankers Association LIBOR Rate (the Eurocurrency Rate), plus a margin based on a leverage ratio, or at our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest is payable quarterly in arrears. In addition, we have agreed to pay a quarterly commitment fee at a rate per annum ranging from 0.20% to 0.40% of the daily unused portion of the credit facility. At June 30, 2013, the interest rate on the term loan and domestic revolving A facility was 1.70% plus an unused credit facility fee of 0.25% and the interest rate on the foreign revolving B facility was 4.36% plus an unused credit facility fee of 0.25%.

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The stated maturity date for our term loan and revolving loans and letters of credit under the Credit Agreement is March 20, 2018. The term loan is payable in quarterly installments and are due on the last business day of each March, June, September, and December with the final principal payment due in March 2018. Borrowings on the revolving line of credit are repayable at our option of one, two, three or six months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than ten business days after such loan is made.

During the six months ended June 30, 2013, we made principal payments of $14.4 million on the term loan, $70.0 million on the domestic revolving A facility and $13.8 million on the foreign revolving B facility. As of June 30, 2013, we were in compliance with each of the covenants under the Credit Facility.

New Zealand Facility

On April 29, 2013, we entered into a 12 million New Zealand dollar ($11.0 million) facility with Westpac Bank in New Zealand (“New Zealand Facility”). This facility is for purposes of funding the working capital needs of our recently acquired business, CardLink, in New Zealand. This facility matures on April 30, 2014. A line of credit charge accrues at a rate of 0.025% times the facility limit each month. Interest accrues on outstanding borrowings at the Bank Bill Mid-Market (BKBM) settlement rate plus a margin of 1.0%. The New Zealand Facility contains representations, warranties and events of default, as well as certain affirmative and negative covenants, customary for financings of this nature. These covenants include compliance with certain financial ratios.

We did not have an outstanding unpaid balance on this facility at June 30, 2013. As of June 30, 2013, we were in compliance with each of the covenants under the New Zealand Facility.

Other Debt

In connection with the purchase of two of our businesses, there are final payments of $11.3 million and $1.3 million due on December 15, 2013 and April 2, 2014, respectively. We are also party to two acquisition agreements that include contingent earn-out payments of $4.9 million, which are payable in October 2013, November 2013, April 2015, May 2016 and September 2017. Other debt also includes deferred liabilities (other than taxes) associated with certain of our businesses.

Securitization Facility

We are a party to a receivables purchase agreement among FleetCor Funding LLC, as seller, PNC Bank, National Association as administrator, and the various purchaser agents, conduit purchasers and related committed purchasers parties thereto, with a purchase limit of $500 million. We refer to this arrangement as the Securitization Facility in this report. The facility was amended for the eighth time on February 4, 2013 to extend the facility termination date to February 3, 2014. There is a program fee equal to the commercial paper rate of 0.21%, plus 0.675% as of June 30, 2013. The unused facility fee is payable at a rate of 0.30% per annum as of June 30, 2013.

Under a related purchase and sale agreement, dated as of December 20, 2004, and most recently amended on July 7, 2008, between FleetCor Funding LLC, as purchaser, and certain of our subsidiaries, as originators, the receivables generated by the originators are deemed to be sold to FleetCor Funding LLC immediately and without further action upon creation of such receivables. At the request of FleetCor Funding LLC, as seller, undivided percentage ownership interests in the receivables are ratably purchased by the purchasers in amounts not to exceed their respective commitments under the facility. Collections on receivables are required to be made pursuant to a written credit and collection policy and may be reinvested in other receivables, may be held in trust for the purchasers, or may be distributed. Fees are paid to each purchaser agent for the benefit of the purchasers and liquidity providers in the related purchaser group in accordance with the Securitization Facility and certain fee letter agreements.

The Securitization Facility provides for certain termination events, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things. There are no financial covenant requirements related to our Securitization Facility.

Critical accounting policies and estimates

In applying the accounting policies that we use to prepare our consolidated financial statements, we necessarily make accounting estimates that affect our reported amounts of assets, liabilities, revenue and expenses. Some of these estimates require us to make assumptions about matters that are highly uncertain at the time we make the accounting estimates. We base these assumptions and the resulting estimates on historical information and other factors that we believe to be reasonable under the circumstances, and we evaluate these assumptions and estimates on an ongoing basis. In many instances, however, we reasonably could have used different accounting estimates and, in other instances, changes in our accounting estimates could occur from period to period, with the result in each case being a material change in the financial statement presentation of our financial condition or results of operations. We refer to estimates of this type as critical accounting estimates.

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Accounting estimates necessarily require subjective determinations about future events and conditions. During the six months ended June 30, 2013, we have not adopted any new critical accounting policies that had a significant impact upon our consolidated financial statements, have not changed any critical accounting policies and have not changed the application of any critical accounting policies from the year ended December 31, 2012. For critical accounting policies, refer to the Critical Accounting Estimates in Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2012 and our summary of significant accounting policies in Note 1 of our notes to the unaudited consolidated financial statements in this Form 10-Q.

Management’s Use of Non-GAAP Financial Measures

We have included in the discussion under the caption “Adjusted Revenues, EBITDA, Adjusted Net Income and Adjusted Net Income Per Diluted Share” above certain financial measures that were not prepared in accordance with GAAP. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Below, we define the non-GAAP financial measures, provide a reconciliation of the non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP, and discuss the reasons that we believe this information is useful to management and may be useful to investors.

Adjusted revenues

We have defined the non-GAAP measure adjusted revenues as revenues, net less merchant commissions as reflected in our income statement.

We use adjusted revenues as a basis to evaluate our revenues, net of the commissions that are paid to merchants to participate in our card programs. The commissions paid to merchants can vary when market spreads fluctuate in much the same way as revenues are impacted when market spreads fluctuate. We believe that adjusted revenue is an appropriate supplemental measure of financial performance and may be useful to investors to understanding our revenue performance on a consistent basis. Adjusted revenues are not intended to be a substitute for GAAP financial measures and should not be used as such.

Set forth below is a reconciliation of adjusted revenues to the most directly comparable GAAP measure, revenues, net (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Revenues, net	$	220,869	$	171,820	$	414,520	$	317,985
Merchant commissions		19,555		17,651		33,416		28,044
Total adjusted revenues	$	201,314	$	154,169	$	381,104	$	289,941

EBITDA

We have defined the non-GAAP measure EBITDA, as net income as reflected in our income statement, adjusted to eliminate (a) interest expense, (b) tax expense, (c) depreciation of long-lived assets, (d) amortization of intangible assets and (e) other (income) expense, net.

We use EBITDA as a basis to evaluate our operating performance net of the impact of certain non-core items during the period. We believe that EBITDA may be useful to investors to understanding our operating performance on a consistent basis. EBITDA is not intended to be a substitute for GAAP financial measures and should not be used as such.

Set forth below is a reconciliation of EBITDA to the most directly comparable GAAP measure, net income (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013		2012
Net income	$	73,099		$	54,401		$	137,761	$	96,480
Provision for income taxes		32,225			24,295			58,076		42,540
Interest expense, net		3,756			2,818			7,204		6,381
Depreciation and amortization		15,890			11,609			30,519		23,329
Other (income) expense, net		(6	)		(66	)		286		522
EBITDA	$	124,964		$	93,057		$	233,846	$	169,252

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Adjusted net income and adjusted net income per diluted share

We have defined the non-GAAP measure adjusted net income as net income as reflected in our income statement, adjusted to eliminate (a) non-cash stock based compensation expense related share-based compensation awards, (b) amortization of deferred financing costs and intangible assets and (c) amortization of the premium recognized on the purchase of receivable. We have defined the non-GAAP measure adjusted net income per diluted share as the calculation previously noted divided by the weighted average diluted shares outstanding as reflected in our income statement.

We use adjusted net income to eliminate the effect of items that we do not consider indicative of our core operating performance. 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 adjusted net income. We believe that adjusted net income and adjusted net income per diluted share are appropriate supplemental measures of financial performance and may be useful to investors to understanding our operating performance on a consistent basis. Adjusted net income and adjusted net income per diluted share are not intended to be a substitute for GAAP financial measures and should not be used as such.

Set forth below is a reconciliation of adjusted net income and adjusted net income per diluted share to the most directly comparable GAAP measure, net income and net income per diluted share (in thousands, except per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net income	$	73,099		$	54,401		$	137,761		$	96,480
Net income per diluted share	$	0.87		$	0.63		$	1.64		$	1.13
Stock based compensation		3,897			3,960			8,059			7,793
Amortization of intangible assets		10,217			7,081			19,239			14,357
Amortization of premium on receivables		816			817			1,632			1,633
Amortization of deferred financing costs		833			541			1,593			1,051
Total pre-tax adjustments		15,763			12,399			30,523			24,834
Income tax impact of pre-tax adjustments at the effective tax rate		(4,823	)		(3,828	)		(9,052	)		(7,599	)
Adjusted net income	$	84,039		$	62,972		$	159,232		$	113,715
Adjusted net income per diluted share	$	1.00		$	0.73		$	1.89		$	1.33
Diluted shares		84,461			85,737			84,212			85,451

Special Cautionary Notice Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our 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” 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 our current expectations and projections about future events. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as delays or failures associated with implementation; fuel price and spread volatility; changes in credit risk of customers and associated losses; the actions of regulators relating to payment cards or 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 partnership arrangements or acquisitions and the failure to successfully integrate or otherwise achieve anticipated benefits from such partnerships or acquired businesses; failure to successfully expand business internationally; 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, as well as the other risks and uncertainties identified under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012. These factors could cause our actual results and experience to differ materially from any forward-looking statement. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements.

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The forward-looking statements included in this report are made only as of the date hereof. We do not undertake, and specifically decline, 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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of June 30, 2013 there have been no material changes to our market risk from that disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012.

Item 4. Controls and Procedures

As of June 30, 2013, management carried out, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2013, our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and are designed to ensure that information required to be disclosed in those reports is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting during the quarter ended June 30, 2013, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

As of the date of this filing, we are not currently party to any legal proceedings or governmental inquiries or investigations that we consider to be material, except as described below, and we were not involved in any material legal proceedings that terminated during the fourth quarter. We are and may become, however, subject to lawsuits from time to time in the ordinary course of our business. Since 2010, we have been involved in an investigation by the Office of Fair Trading in the United Kingdom, relating to our Keyfuels product line. This product line consists of our proprietary payment card and associated site network in the United Kingdom. A competitor alleged we were dominant in a relevant market with our Keyfuels product. The Office of Fair trading has investigated the allegations and following an extensive enquiry process, we were advised in April 2013, that the Office of Fair Trading has reached the provisional conclusion to close the case on the basis that there are no grounds for action. We are further advised to expect a provisional reasoned closure decision in the summer of 2013. The provisional opinion will be open to interested third parties to make representations before any final decision is made. A final decision is expected in late 2013.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December  31, 2012, which could materially affect our business, financial condition or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

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Item 6. Exhibits

Exhibit No.
3.1	Amended and Restated Certificate of Incorporation of FleetCor Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K, File No. 001-35004, filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2011)
3.2	Amended and Restated Bylaws of FleetCor Technologies, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Annual Report on Form 10-K, File No. 001-35004, filed with the SEC on March 25, 2011)
4.1	Form of Stock Certificate for Common Stock (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the Registrant’s Registration Statement on Form S-1, File No. 333-166092, filed with the SEC on June 29, 2010)
10.1	FleetCor Technologies, Inc. 2010 Equity Compensation Plan, as amended and restated effective May 30, 2013 (incorporated by reference from Appendix A to the Proxy Statement filed on April 24, 2013)
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and rule 15d-14(a) of the Securities Exchange Act, as amended
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and rule 15d-14(a) of the Securities Exchange Act, as amended
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2001
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2001
101	The following financial information for the Registrant formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income; (iv) the Unaudited Consolidated Statements of Cash Flows and (v) the Notes to Unaudited Consolidated Financial Statements

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned; thereunto duly authorized, in their capacities indicated on August 7, 2013.

	FleetCor Technologies, Inc.
	(Registrant)
Signature	Title
/s/Ronald F. Clarke	President, Chief Executive Officer and Chairman of the Board of Directors
Ronald F. Clarke	(Duly Authorized Officer and Principal Executive Officer)
/s/ Eric R. Dey	Chief Financial Officer
Eric R. Dey	(Principal Financial Officer and Principal Accounting Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Ronald F. Clarke, certify that:

1. I have reviewed this quarterly report on Form 10-Q of FleetCor Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Ronald F. Clarke

Ronald F. Clarke

Chief Executive Officer

August 7, 2013

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Eric R. Dey, certify that:

1. I have reviewed this quarterly report on Form 10-Q of FleetCor Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Eric R. Dey

Eric R. Dey

Chief Financial Officer

August 7, 2013

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of FleetCor Technologies, Inc., a Delaware corporation (the “Company”), on Form 10-Q for the period ended June 30, 2013, as filed with the Securities and Exchange Commission (the “Report”), Ronald F. Clarke, Chief Executive Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Ronald F. Clarke

Ronald F. Clarke

Chief Executive Officer

August 7, 2013

[A signed original of this written statement required by Section 906 has been provided to FleetCor Technologies, Inc. and will be retained by FleetCor Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.]

EX-32.2

Exhibit 32.2

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of FleetCor Technologies, Inc., a Delaware corporation (the “Company”), on Form 10-Q for the period ended June 30, 2013, as filed with the Securities and Exchange Commission (the “Report”), Eric R. Dey, Chief Financial Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Eric R. Dey

Eric R. Dey

Chief Financial Officer

August 7, 2013

[A signed original of this written statement required by Section 906 has been provided to FleetCor Technologies, Inc. and will be retained by FleetCor Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.]

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

In the ordinary course of business, the Company is involved in various pending or threatened legal actions. The Company has recorded reserves for certain legal proceedings. The amounts recorded are estimated and as additional information becomes available, the Company will reassess the potential liability related to its pending litigation and revise its estimate in the period that information becomes known. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity.

Since 2010, the Company has been involved in an investigation by the Office of Fair Trading in the United Kingdom, relating to its Keyfuels product line. This product line consists of the Company’s proprietary payment card and associated site network in the United Kingdom. A competitor alleged the Company was dominant in a relevant market with its Keyfuels product. The Office of Fair trading has investigated the allegations and following an extensive enquiry process, the Company was advised in April 2013 that the Office of Fair Trading has reached the provisional conclusion to close the case on the basis that there are no grounds for action. The Company was further advised to expect a provisional reasoned closure decision in the summer of 2013. The provisional opinion will be open to interested third parties to make representations before any final decision is made. A final decision is expected in late 2013.

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Statement [Abstract]
Revenues, net	$ 220,869	$ 171,820	$ 414,520	$ 317,985
Expenses:
Merchant commissions	19,555	17,651	33,416	28,044
Processing	32,010	27,014	61,953	52,593
Selling	13,386	10,274	25,090	20,449
General and administrative	30,954	23,824	60,215	47,647
Depreciation and amortization	15,890	11,609	30,519	23,329
Operating income	109,074	81,448	203,327	145,923
Other (income) expense, net	(6)	(66)	286	522
Interest expense, net	3,756	2,818	7,204	6,381
Total other expense	3,750	2,752	7,490	6,903
Income before taxes	105,324	78,696	195,837	139,020
Provision for income taxes	32,225	24,295	58,076	42,540
Net income	$ 73,099	$ 54,401	$ 137,761	$ 96,480
Earnings per share:
Basic earnings per share	$ 0.90	$ 0.65	$ 1.69	$ 1.16
Diluted earnings per share	$ 0.87	$ 0.63	$ 1.64	$ 1.13
Weighted average shares outstanding:
Basic weighted average shares outstanding	81,573	83,294	81,398	82,929
Diluted weighted average shares outstanding	84,461	85,737	84,212	85,451

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Share Based Compensation

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share Based Compensation

4. Share Based Compensation

The Company has Stock Incentive Plans (the Plans) pursuant to which the Company’s board of directors may grant stock options or restricted stock to employees. The Company is authorized to issue grants of restricted stock and stock options to purchase up to 26,963,150 shares as of June 30, 2013 and December 31, 2012. There were 771,714 additional shares remaining available for grant under the Plans at June 30, 2013.

The table below summarizes the expense recognized related to share-based payments recognized for the three and six month periods ended June 30 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Stock options	$	2,631	$	2,349	$	5,502	$	4,626
Restricted stock		1,266		1,611		2,557		3,167
Stock-based compensation	$	3,897	$	3,960	$	8,059	$	7,793

The tax benefits recorded on stock based compensation were $1.4 million and $1.2 million for the three month periods ended June 30, 2013 and 2012, respectively. The tax benefits recorded on stock based compensation were $2.7 million and $2.4 million for the six month periods ended June 30, 2013 and 2012, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of June 30, 2013 (in thousands):

	Unrecognized Compensation Cost		Weighted Average Period  of Expense Recognition (in Years)
Stock options	$	25,140		2.02
Restricted stock		4,947		0.94
Total	$	30,087

Stock Options

Stock options are granted with an exercise price estimated to be equal to the fair market value on the date of grant as authorized by the Company’s board of directors. Options granted have vesting provisions ranging from one to six years. Stock option grants are generally subject to forfeiture if employment terminates prior to vesting.

The following summarizes the changes in the number of shares of common stock under option for the six month period ended June 30, 2013 (shares and aggregate intrinsic value in thousands):

	Shares			Weighted Average Exercise Price		Options Exercisable at End of Period		Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2012		6,565		$	22.17		2,666	$	14.71			$	206,636
Granted		150			68.22					$	19.25
Exercised		(661	)		18.44								41,550
Forfeited		(79	)		23.00
Outstanding at June 30, 2013		5,975		$	23.74		2,459	$	16.07			$	343,967
Expected to vest as of June 30, 2013		5,975		$	23.74

The aggregate intrinsic value of stock options exercisable at June 30, 2013 was $160.4 million. The weighted average contractual term of options exercisable at June 30, 2013 was 5.9 years.

The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model during the six months ended June 30, 2013, with the following weighted-average assumptions for grants during the period.

	Six Months Ended June 30,
	2013			2012
Risk-free interest rate		0.55	%		0.64	%
Dividend yield		—			—
Expected volatility		35.05	%		34.31	%
Expected life (in years)		4.0			4.0

The Company considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected life of the options.

Prior to June 30, 2012, the Company estimated the volatility of the share price of the Company’s common stock by considering the historical volatility of the stock of similar public entities. In determining the appropriateness of the public entities included in the volatility assumption the Company considered a number of factors, including the entity’s life cycle stage, size, financial leverage, and products offered. Beginning July 1, 2012, the Company began utilizing the volatility of the share price of the Company’s common stock to estimate the volatility assumption for the Black-Scholes option pricing model.

The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant.

The weighted-average remaining contractual life for options outstanding was 7.1 and 7.4 years at June 30, 2013 and December 31, 2012, respectively.

Restricted Stock

Awards of restricted stock and restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The vesting of the restricted stock and restricted stock units granted is generally based on the passage of time, performance or market conditions. Shares vesting based on the passage of time have vesting provisions ranging from one to four years.

The fair value of restricted stock granted based on market conditions was estimated using the Monte Carlo option pricing model at the grant date. The risk-free interest rate and volatility assumptions for restricted stock shares granted with market conditions were calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the stock option awards. No such awards were granted during the six months ended June 30, 2013.

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2013 (shares in thousands):

	Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2012		472		$	28.98
Granted		36			58.02
Vested		(21	)		30.02
Cancelled		(25	)		29.99
Unvested at June 30, 2013		462		$	33.39

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Debt (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Summary of Debt Instruments

The Company’s debt instruments are as follows (in thousands):

	June 30, 2013		December 31, 2012
Term note payable—domestic(a)	$	510,625	$	525,000
Revolving line of credit A Facility—domestic(a)		85,000		100,000
Revolving line of credit B Facility – foreign (a)		12,347		—
Revolving line of credit—New Zealand (c)		—		—
Other debt (d)		24,116		22,391
Total notes payable and other obligations		632,088		647,391
Securitization Facility(b)		402,000		298,000
Total notes payable, credit agreements and Securitization Facility	$	1,034,088	$	945,391
Current portion	$	548,091	$	460,174
Long-term portion		485,997		485,217
Total notes payable, credit agreements and Securitization Facility	$	1,034,088	$	945,391

(a) The Company entered into a Credit Agreement on June 22, 2011. On March 13, 2012, the Company entered into the first amendment to the Credit Agreement. This Amendment added two United Kingdom entities as designated borrowers and added a $110 million foreign currency swing line of credit sub facility under the existing revolver, which allows for alternate currency borrowing on the swing line. On November 6, 2012, the Company entered into a second amendment to the Credit Agreement to add an additional term loan of $250 million and increase the borrowing limit on the revolving line of credit from $600 million to $850 million. In addition, we increased the accordion feature from $150 million to $250 million. As amended, the Credit Agreement provides for a $550 million term loan facility and an $850 million revolving credit facility. On March 20, 2013, the Company entered into a third amendment to the Credit Agreement to extend the term of the facility for an additional five years from the amendment date, with a new maturity date of March 20, 2018, separated the revolver into two tranches (a $815 million Revolving A facility and a $35 million Revolving B facility), added a designated borrower in Australia and another in New Zealand with the ability to borrow in local currency and US Dollars under the Revolving B facility and removed a cap to allow for additional investments in certain business relationships. The revolving line of credit contains a $20 million sublimit for letters of credit, a $20 million sublimit for swing line loans and sublimits for multicurrency borrowings in Euros, Sterling, Japanese Yen, Australian Dollars and New Zealand Dollars.

Interest ranges from the sum of the Base Rate plus 0.25% to 1.25% or the Eurodollar Rate plus 1.25% to 2.25%. The term note is payable in quarterly installments and is due on the last business day of each March, June, September, and December with the final principal payment due in March 2018. Borrowings on the revolving line of credit are repayable at our option of one, two, three or six months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than ten business days after such loan is made. This facility is referred to as the Credit Facility. Principal payments of $14.4 million were made on the term loan during the six months ended June 30, 2013. This facility includes a foreign currency swing line of credit on which the Company borrowed funds during the periods presented. The Company did not have an outstanding unpaid balance on the foreign currency swing line of credit at June 30, 2013.

(b) The Company is party to a $500 million receivables purchase agreement (Securitization Facility). The Securitization Facility was amended for the eighth time on February 4, 2013 to extend the facility termination date to February 3, 2014. There is a program fee equal to the Commercial Paper Rate of 0.24% plus 0.75% and 0.21% plus 0.675% as of December 31, 2012 and June 30, 2013, respectively. The unused facility fee is payable at a rate of 0.35% per annum as of December 31, 2012 and 0.30% per annum as of June 30, 2013. The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things.

(c) In connection with the company’s acquisition in New Zealand, the Company entered into a $12 million New Zealand dollar ($11.0 million) facility that is used for local working capital needs. This facility is a one year facility that matures on April 30, 2014. A line of credit charge of 0.025% times the facility limit is charged each month plus interest on outstanding borrowings is charged at the Bank Bill Mid-Market (BKBM) settlement rate plus a margin of 1.0%. The Company did not have an outstanding unpaid balance on this facility at June 30, 2013.

(d) In connection with the purchase of two of our businesses, there are final payments of $11.3 million and $1.3 million due on December 15, 2013 and April 2, 2014, respectively. The Company also is party to two acquisition agreements that include remaining contingent earn-out payments totaling $4.9 million, which are payable in October 2013, November 2013, April 2015, May 2016 and September 2017. Other debt also includes deferred liabilities (other than taxes) associated with certain of our businesses.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Throughout this report, the terms “our,” “we,” “us,” and the “Company” refers to FleetCor Technologies, Inc. and its subsidiaries. The Company prepared the accompanying interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. Operating results for the three month and six month periods ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

The unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Foreign Currency Translation

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are made directly to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains of $20,000 and $168,000 for the three months ended June 30, 2013 and 2012, respectively. The Company recognized foreign exchange losses of $125,000 and $6,000 for the six months ended June 30, 2013 and 2012, respectively, which are classified within other income, net in the Unaudited Consolidated Statements of Income.

Adoption of New Accounting Standards

Adoption of New Accounting Standards

Qualitative Impairment Test for Indefinite-Lived Intangibles

In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, “Intangibles—Goodwill and Other,” which gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite lived intangible asset is impaired. The proposed guidance is similar to ASU 2011-08 for goodwill. Companies would consider relevant events and circumstances that may affect the significant inputs used in determining the fair value of an indefinite-lived intangible asset. A company that concludes that it is more likely than not that the fair value of such an asset exceeds its carrying amount would not need to calculate the fair value of the asset in the current year. However, if a company concludes that it is more likely than not that the asset is impaired; it must calculate the fair value of the asset and compare that value with its carrying amount, as is required by current guidance. ASU 2012-02 will be applied prospectively for annual and interim impairment tests performed. ASU 2012-02 was effective for and adopted by the Company beginning January 1, 2013. The Company’s adoption of this ASU did not affect the Company’s results of operations, financial condition, or cash flows.

Accumulated Other Comprehensive Income

In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (AOCI)” (ASU 2013-02). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 was effective for and adopted by the Company beginning January 1, 2013. The Company has not reclassified any items out of AOCI to the income statement during the three and six months ended June 30, 2013.

Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued FASB ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities,” which requires entities to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on an entity’s financial position. The amendments require enhanced disclosures about financial instruments and derivative instruments that are either (i) offset in accordance with current literature or (ii) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with current literature. ASU 2011-11 is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. This standard will become effective for us beginning October 2013. In January 2013, the FASB issued Accounting Standards Update 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities, to limit the scope of the new balance sheet offsetting disclosure requirements to derivatives (including bifurcated embedded derivatives), repurchase agreements and reverse repurchase agreements, and securities borrowing and lending transactions. As we are not party to any derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and lending transactions we do not expect the adoption of these standards will have a material impact on the presentation of or disclosures within our financial statements.

Pending Adoption of Recently Issued Accounting Standards

Pending Adoption of Recently Issued Accounting Standards

Foreign Currency

In March 2013, the FASB issued ASU 2013-05 “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”, which indicates that the entire amount of a cumulative translation adjustment (“CTA”) related to an entity’s investment in a foreign entity should be released when there has been a sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity, loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated) or step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. This ASU is effective for the Company for fiscal years and interim periods within those fiscal years beginning on or after December 15, 2013. The Company’s adoption of this ASU is not expected to affect the Company’s results of operations, financial condition, or cash flows unless transactions within the scope of the ASU occur.

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Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate, rate	35.00%	35.00%	35.00%	35.00%
Unrecognized income tax benefits	$ 7.8		$ 7.8		$ 7.1
Recognized additional liabilities			$ 0.7	$ 0.7

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Share Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares, Unvested, Beginning balance	472
Shares, Granted	36
Shares, Vested	(21)
Shares, Cancelled	(25)
Shares, Unvested, Ending balance	462
Weighted Average Grant Date Fair Value, Unvested, Beginning balance	$ 28.98
Weighted Average Grant Date Fair Value, Granted	$ 58.02
Weighted Average Grant Date Fair Value, Vested	$ 30.02
Weighted Average Grant Date Fair Value, Cancelled	$ 29.99
Weighted Average Grant Date Fair Value, Unvested, Ending balance	$ 33.39

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Segments (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The Company’s segment results are as follows as of and for the three and six month periods ended June 30 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Revenues, net:
North America	$	119,486	$	107,286	$	220,080	$	190,098
International		101,383		64,534		194,440		127,887
	$	220,869	$	171,820	$	414,520	$	317,985
Operating income:
North America	$	60,103	$	53,598	$	109,529	$	91,711
International		48,971		27,850		93,798		54,212
	$	109,074	$	81,448	$	203,327	$	145,923
Depreciation and amortization:
North America	$	5,267	$	5,024	$	10,439	$	10,018
International		10,623		6,585		20,080		13,311
	$	15,890	$	11,609	$	30,519	$	23,329
Capital expenditures:
North America	$	1,292	$	2,501	$	2,356	$	4,596
International		4,054		2,367		7,752		3,835
	$	5,346	$	4,868	$	10,108	$	8,431

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Net income	$	73,099	$	54,401	$	137,761	$	96,480
Denominator for basic and diluted earnings per share:
Weighted-average shares outstanding		81,111		82,430		80,912		82,054
Share-based payment awards classified as participating securities		462		864		486		875
Denominator for basic earnings per share		81,573		83,294		81,398		82,929
Dilutive securities		2,888		2,443		2,814		2,522
Denominator for diluted earnings per share		84,461		85,737		84,212		85,451
Basic earnings per share	$	0.90	$	0.65	$	1.69	$	1.16
Diluted earnings per share	$	0.87	$	0.63	$	1.64	$	1.13

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Debt - Summary of Debt Instruments (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended						6 Months Ended				1 Months Ended	6 Months Ended		1 Months Ended				1 Months Ended		1 Months Ended		1 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Apr. 02, 2014 Subsequent Event [Member]	Dec. 15, 2013 Subsequent Event [Member]	Oct. 31, 2013 Subsequent Event [Member]	Mar. 20, 2013 Revolving A Facility [Member]	Mar. 20, 2013 Revolving B Facility [Member]	Jun. 30, 2013 Foreign Line of Credit New Zealand [Member]	Jun. 30, 2013 Minimum [Member] Eurodollar Rate [Member]	Jun. 30, 2013 Maximum [Member] Eurodollar Rate [Member]	Jun. 30, 2013 Term Note Payable-Domestic, June 22, 2011 [Member]	Nov. 06, 2012 Term Note Payable-Domestic, June 22, 2011 [Member] Term Loan [Member]	Jun. 30, 2013 Term Note Payable-Domestic, June 22, 2011 [Member] Term Loan Facility [Member]	Nov. 06, 2012 Term Note Payable-Domestic, June 22, 2011 [Member] Term Loan Facility [Member]	Mar. 20, 2013 Term Note Payable-Domestic, June 22, 2011 [Member] Revolving Credit Facility [Member]	Nov. 06, 2012 Term Note Payable-Domestic, June 22, 2011 [Member] Revolving Credit Facility [Member]	Mar. 20, 2013 Term Note Payable-Domestic, June 22, 2011 [Member] Line of Credit [Member]	Mar. 20, 2013 Term Note Payable-Domestic, June 22, 2011 [Member] Swing Line Loans [Member]	Nov. 06, 2012 Term Note Payable-Domestic, June 22, 2011 [Member] Minimum [Member]	Jun. 30, 2013 Term Note Payable-Domestic, June 22, 2011 [Member] Minimum [Member]	Nov. 06, 2012 Term Note Payable-Domestic, June 22, 2011 [Member] Maximum [Member]	Jun. 30, 2013 Term Note Payable-Domestic, June 22, 2011 [Member] Maximum [Member]	Mar. 31, 2012 Amended And Restated [Member]	Mar. 20, 2013 Amended And Restated [Member] Swing Line Loans [Member]	Jun. 30, 2013 Commercial Paper [Member]	Dec. 31, 2012 Commercial Paper [Member]
Debt Instrument [Line Items]
Line of credit facility, increase additional borrowings												$ 250							$ 150		$ 250
Increase borrowing limit on revolving line of credit						815	35							550		850	20	20	600		850			110
Debt maturity date													Mar. 01, 2018		Mar. 20, 2018
United Kingdom entities as designated borrowers																							Two
Interest on the line of credit, sum of rate plus								1.00%	1.25%	2.25%										0.25%		1.25%
Principal payments on term loan											14.4
Current purchase limit under the securitization facility	500
line of credit charge								0.025%																	0.21%	0.24%
Program fee variable rate																									0.675%	0.75%
Unused facility fee payable rate	0.30%	0.35%
Acquisition	11							12
Facility, Maturity date								Apr. 30, 2014
Deferred payment	1.3	11.3	1.3	11.3
Contingent earn-out payment	$ 1.4	$ 4.9			$ 4.9

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Share Based Compensation - Summary of Expense Related to Share-Based Payments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	$ 3,897	$ 3,960	$ 8,059	$ 7,793
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	2,631	2,349	5,502	4,626
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	$ 1,266	$ 1,611	$ 2,557	$ 3,167

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Acquisitions - Summary of Purchase Price Allocation (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012 All 2012 Acquisitions [Member]	Jun. 30, 2013 All 2013 Acquisitions [Member]
Business Acquisition [Line Items]
Trade and other receivables	$ 13,196	$ 24,434
Prepaid expenses and other	6,185	559
Property and equipment	6,701	321
Goodwill	165,398	77,944
Other intangible assets	109,758	79,661
Notes and other liabilities assumed	(42,912)	(15,191)
Deferred tax liabilities	(50,936)	(8,092)
Aggregate purchase price	$ 207,390	$ 159,636

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Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate, amount	$ 36,863	$ 27,544
Foreign income tax differential, amount	(4,082)	(2,155)
State taxes, net of federal benefit, amount	1,337	653
Foreign-sourced nontaxable income, amount	(2,785)	(2,729)
Other, amount	892	982
Provision for income taxes, amount	$ 32,225	$ 24,295	$ 58,076	$ 42,540
Income tax expense at federal statutory rate, rate	35.00%	35.00%	35.00%	35.00%
Foreign income tax differential, rate	(3.90%)	(2.70%)
State taxes, net of federal benefit, rate	1.30%	0.80%
Foreign-sourced nontaxable income, rate	(2.60%)	(3.50%)
Other, rate	0.80%	1.30%
Provision for income taxes, rate	30.60%	30.90%

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Accounts Receivable - Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Receivables [Abstract]
Allowance for doubtful accounts beginning of period	$ 19,463	$ 15,315
Provision for bad debts	9,199	10,953
Write-offs	(8,422)	(8,309)
Allowance for doubtful accounts end of period	$ 20,240	$ 17,959

XML

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 634,482	$ 563,405
Accumulated Amortization	(118,780)	(99,541)
Net Carrying Amount	515,702	463,864
Customer and Vendor Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	555,078	487,718
Accumulated Amortization	(108,662)	(90,920)
Net Carrying Amount	446,416	396,798
Customer and Vendor Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Customer and Vendor Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	20 years	20 years
Trade Names and Trademarks-Indefinite Lived [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	56,532	53,926
Net Carrying Amount	56,532	53,926
Trade Names and Trademarks-Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	3,340	3,160
Accumulated Amortization	(1,528)	(1,420)
Net Carrying Amount	1,812	1,740
Trade Names and Trademarks-Other [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Trade Names and Trademarks-Other [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	15 years	15 years
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	16,261	15,330
Accumulated Amortization	(6,271)	(5,208)
Net Carrying Amount	9,990	10,122
Software [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Software [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	10 years	10 years
Non-compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	3,271	3,271
Accumulated Amortization	(2,319)	(1,993)
Net Carrying Amount	$ 952	$ 1,278
Non-compete Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	2 years	2 years
Non-compete Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Lives (Years)	6 years	6 years

XML

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes and U.S. Federal Tax Rate

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 35% to income before income taxes for the three months ended June 30, 2013 and 2012 due to the following (in thousands):

	2013					2012
Income tax expense at federal statutory rate	$	36,863		35.0	%	$	27,544		35.0	%
Changes resulting from:
Foreign income tax differential		(4,082	)	(3.9	)		(2,155	)	(2.7	)
State taxes, net of federal benefit		1,337		1.3			653		0.8
Foreign-sourced nontaxable income		(2,785	)	(2.6	)		(2,729	)	(3.5	)
Other		892		0.8			982		1.3
Provision for income taxes	$	32,225		30.6	%	$	24,295		30.9	%

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating activities
Net income	$ 137,761	$ 96,480
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	8,054	6,288
Stock-based compensation	8,059	7,793
Provision for losses on accounts receivable	9,199	10,953
Amortization of deferred financing costs	1,593	1,051
Amortization of intangible assets	19,239	14,357
Amortization of premium on receivables	1,632	1,633
Deferred income taxes	(2,598)	(167)
Changes in operating assets and liabilities (net of acquisitions):
Restricted cash	5,199	5,635
Accounts receivable	(190,998)	(117,325)
Prepaid expenses and other current assets	1,392	2,808
Other assets	39,322	(42,268)
Excess tax benefits related to stock-based compensation	(12,016)	(14,750)
Accounts payable, accrued expenses and customer deposits	56,874	(9,286)
Net cash provided by (used in) operating activities	82,712	(36,798)
Investing activities
Acquisitions, net of cash acquired	(156,956)	(35,490)
Purchases of property and equipment	(10,108)	(8,431)
Net cash used in investing activities	(167,064)	(43,921)
Financing activities
Excess tax benefits related to stock-based compensation	12,016	14,750
Proceeds from issuance of common stock	12,511	11,584
Borrowings on securitization facility, net	104,000	45,000
Deferred financing costs paid	(1,967)	(795)
Principal payments on notes payable	(14,375)	(7,500)
Payments on US revolver	(70,000)	(185,000)
Borrowings from US revolver	55,000	145,000
Borrowings from swing line of credit, net		26,862
Borrowings from foreign revolver	26,895
Payments on foreign revolver, net	(13,821)
Other	(175)
Net cash provided by financing activities	110,084	49,901
Effect of foreign currency exchange rates on cash	(16,476)	1,238
Net increase (decrease) in cash and cash equivalents	9,256	(29,580)
Cash and cash equivalents, beginning of period	283,649	285,159
Cash and cash equivalents, end of period	292,905	255,579
Supplemental cash flow information
Cash paid for interest	8,262	7,209
Cash paid for income taxes	$ 60,120	$ 24,164

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Accounts Receivable

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Accounts Receivable

2. Accounts Receivable

The Company maintains a $500 million revolving trade accounts receivable Securitization Facility. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FleetCor Funding LLC (Funding) a wholly-owned bankruptcy remote subsidiary. In turn, Funding sells, without recourse, on a revolving basis, up to $500 million of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold to the Conduit. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.

The Company utilizes proceeds from the sale of its accounts receivable as an alternative to other forms of debt, effectively reducing its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the accounts receivable sold as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.

On February 4, 2013, the Company extended the term of its asset Securitization Facility to February 3, 2014. The Company capitalized $0.6 million in deferred financing fees in connection with this extension.

The Company’s accounts receivable and securitized accounts receivable include the following at June 30, 2013 and December 31, 2012 (in thousands):

	June 30, 2013			December 31, 2012
Gross domestic accounts receivable	$	142,452		$	96,964
Gross domestic securitized accounts receivable		402,000			298,000
Gross foreign receivables		505,463			447,940
Total gross receivables		1,049,915			842,904
Less allowance for doubtful accounts		(20,240	)		(19,463	)
Net accounts and securitized accounts receivable	$	1,029,675		$	823,441

All foreign receivables are Company owned receivables and are not included in the Company’s accounts receivable securitization program. At June 30, 2013 and December 31, 2012, there was $402 million and $298 million, respectively, of short-term debt outstanding under the Company’s accounts receivable Securitization Facility.

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for six months ended June 30 is as follows (in thousands):

	2013			2012
Allowance for doubtful accounts beginning of period	$	19,463		$	15,315
Add:
Provision for bad debts		9,199			10,953
Less:
Write-offs		(8,422	)		(8,309	)
Allowance for doubtful accounts end of period	$	20,240		$	17,959

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Acquisition

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Acquisition

5. Acquisition

2013 Acquisitions

During the six months ended June 30, 2013, the Company completed acquisitions with an aggregate purchase price of $159.6 million, net of cash acquired, which includes a deferred payment of $1.3 million and a contingent earn out payment of $1.4 million.

Fleet Card

On March 25, 2013, the Company acquired certain fuel card assets from GE Capital Australia’s Custom Fleet leasing business. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. GE Capital’s “Fleet Card” is a multi-branded fuel card product with acceptance in over 6,000 fuel outlets and over 7,000 automotive service and repair centers across Australia. Through this transaction, the Company acquired the Fleet Card product, brand, acceptance network contracts, supplier contracts, and approximately one-third of the customer relationships with regards to fuel cards. The remaining customer relationships will be retained by Custom Fleet, and are comprised of companies which have commercial relationships with Custom Fleet beyond fueling, such as fleet management and leasing. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition. The purpose of this acquisition was to establish the Company’s presence in the Australian marketplace. This business acquisition was not material to the Company’s consolidated financial statements.

Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and the Australian fuel card company. The goodwill related to this acquisition is not deductible for tax purposes. The purchase price allocation related to this acquisition is preliminary.

CardLink

On April 29, 2013, the Company acquired all of the outstanding stock of CardLink. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. CardLink provides a proprietary fuel card program with acceptance at retail fueling stations across New Zealand. CardLink markets its fuel cards directly to mostly small-to-midsized businesses, and provides processing and outsourcing services to oil companies and other partners. With this transaction, the Company entered into a 12.0 million New Zealand dollar ($11.0 million) revolving line of credit, which will be used to fund the working capital needs of the CardLink business. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition. The purpose of this acquisition was to expand the Company’s growing presence in the Australia and Asian regions and follows the Company’s recent purchase of GE Capital’s Fleet Card business in Australia. This business acquisition was not material to the Company’s consolidated financial statements.

Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and CardLink. The goodwill related to this acquisition is not deductible for tax purposes. The purchase price allocation related to this acquisition is preliminary.

2013 Totals

The following table summarizes the preliminary allocation of the purchase price for all acquisitions during the six months ended June 30, 2013 (in thousands):

Trade and other receivables	$	24,434
Prepaid expenses and other		559
Property and equipment		321
Goodwill		77,944
Other intangible assets		79,661
Notes and other liabilities assumed		(15,191	)
Deferred tax liabilities		(8,092	)
Aggregate purchase price	$	159,636

Intangible assets allocated in connection with the purchase price allocations consisted of the following (in thousands):

	Weighted Average Useful Lives (in Years)		Value
Customer relationships		3 – 20	$	70,631
Trade names and trademarks—indefinite		N/A		2,900
Trade names and trademarks		15		200
Merchant network		10		4,900
Software		3 – 10		1,030
			$	79,661

2012 Acquisitions

During 2012, the Company completed several foreign acquisitions with an aggregate purchase price of $207.4 million, net of cash acquired, which includes a deferred payment of $11.3 million and contingent earn-out payments of $4.9 million. The Company made a first payment of $1.3 million related to this earn-out in December 2012.

Russian Fuel Card Company

On June 15, 2012, the Company acquired all of the outstanding stock of a leading Russian fuel card company. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. The acquired company is a Russian leader in fuel card systems and serves major oil clients and hundreds of independent fuel card issuers. Its technology allows issuers to share their retail network, thereby expanding the reach of their networks. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition. The purpose of this acquisition was to further expand the Company’s presence in the Russian fuel card marketplace. This business acquisition was not material to the Company’s consolidated financial statements. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and the Russian fuel card company. The goodwill acquired with this business is not deductible for tax purposes.

CTF Technologies, Inc.

On July 3, 2012, the Company acquired all of the outstanding stock of CTF Technologies, Inc. (“CTF”), a British Columbia organization, for $156 million. The consideration for the transaction was paid using the Company’s existing cash and credit facilities. CTF Technologies Do Brasil Ltda and certain of the Company’s other subsidiaries are wholly-owned entities of CTF. The acquisition was carried out pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) and was approved by final order of the Supreme Court of British Columbia. Results from the acquired business have been reported in the Company’s International segment since the date of acquisition.The purpose of the transaction was to establish the Company’s presence in the Brazilian marketplace.

CTF provides fuel payment processing services for over-the-road fleets, ships, mining equipment, and railroads in Brazil. CTF’s payment platform links together fleet operators, banks, and oil companies. CTF earns revenue primarily from a recurring transaction fee paid by the oil companies who purchase services for their fleet customers under multi-year customer contracts. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and CTF. The goodwill acquired with this business is not deductible for tax purposes.

2012 Totals

The following table summarizes the preliminary allocation of the purchase price for all acquisitions during 2012, net of cash acquired (in thousands):

Trade and other receivables	$	13,196
Prepaid expenses and other		6,185
Property and equipment		6,701
Goodwill		165,398
Other intangible assets		109,758
Notes and other liabilities assumed		(42,912	)
Deferred tax liabilities		(50,936	)
Aggregate purchase prices	$	207,390

The purchase price is net of cash and cash equivalents acquired, totaling $1.9 million, and also includes a deferred payment of $11.3 million and contingent earn-out payments of $4.9 million.

Intangible assets allocated in connection with the preliminary purchase price allocations consisted of the following (in thousands):

	Weighted Average Useful Lives (in Years)		Value
Customer relationships		10–20	$	77,654
Trade names and trademarks—indefinite		N/A		16,900
Merchant network		10		4,604
Software		3-10		9,800
Non-compete		2-6		800
			$	109,758

At June 30, 2013, approximately $243 million of the Company’s goodwill is deductible for tax purposes. The Company incurred acquisition related costs of $3.4 million and $1.0 million in the six months ended June 30, 2013 and 2012, which are included within general and administrative expenses in the Consolidated Statements of Income. These acquisitions did not materially affect revenues and earnings during 2012.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis. The carrying value of the Company’s cash, accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis.

The Company’s nonfinancial assets which are measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. As necessary, the Company generally uses projected cash flows, discounted as appropriate under the relevant guidance, to estimate the fair values of the assets using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. These assets and certain liabilities are measured at fair value on a nonrecurring basis as part of the Company’s annual impairment assessments and if interim impairment indicators exist.

Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions.

As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows:

• Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets.

• Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Level 2 fair value determinations are derived from directly or indirectly observable (market based) information. The Company has certain cash and cash equivalents that are invested on an overnight basis in repurchase agreements. The value of overnight repurchase agreements is determined based upon the quoted market prices for the treasury securities associated with the repurchase agreements. Certificates of deposit are valued at cost, plus interest accrued. Given the short term nature of these instruments (less than 90 days), the carrying value approximates fair value.

Level 3 fair value determinations are derived from the Company’s estimate of recovery based on historical collection trends. There were no Level 3 assets or liabilities which required fair value determinations at June 30, 2013 and December 31, 2012.

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis and that are subject to the disclosure requirements as of June 30, 2013 and December 31, 2012 (in thousands).

	Fair Value		Level 1		Level 2		Level 3
June 30, 2013
Assets:
Overnight repurchase agreements	$	128,809	$	—	$	128,809	$	—
Certificates of deposit		3,202		—		3,202		—
Total	$	132,011	$	—	$	132,011	$	—
December 31, 2012
Assets:
Overnight repurchase agreements	$	128,269	$	—	$	128,269	$	—
Certificates of deposit		11,849		—		11,849		—
Total	$	140,118	$	—	$	140,118	$	—

XML

Acquisitions - Purchase Price Allocation of Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
All 2013 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets	$ 79,661
All 2012 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets		109,758
Customer Relationships [Member] | All 2013 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets	70,631
Customer Relationships [Member] | All 2013 Acquisitions [Member] | Minimum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	3 years
Customer Relationships [Member] | All 2013 Acquisitions [Member] | Maximum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	20 years
Customer Relationships [Member] | All 2012 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets		77,654
Customer Relationships [Member] | All 2012 Acquisitions [Member] | Minimum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)		10 years
Customer Relationships [Member] | All 2012 Acquisitions [Member] | Maximum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)		20 years
Trade names and trademarks-indefinite [Member] | All 2013 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets	2,900
Trade names and trademarks-indefinite [Member] | All 2012 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets		16,900
Trade Names And Trademarks-Indefinite Lived [Member] | All 2013 Acquisitions [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	15 years
Intangible assets	200
Merchant Network [Member] | All 2013 Acquisitions [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	10 years
Intangible assets	4,900
Merchant Network [Member] | All 2012 Acquisitions [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)		10 years
Intangible assets		4,604
Software [Member] | All 2013 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets	1,030
Software [Member] | All 2013 Acquisitions [Member] | Minimum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	3 years
Software [Member] | All 2013 Acquisitions [Member] | Maximum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	10 years
Software [Member] | All 2012 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets		9,800
Software [Member] | All 2012 Acquisitions [Member] | Minimum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)		3 years
Software [Member] | All 2012 Acquisitions [Member] | Maximum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)		10 years
Non-compete Agreements [Member] | Minimum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	2 years	2 years
Non-compete Agreements [Member] | Maximum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)	6 years	6 years
Non-compete Agreements [Member] | All 2012 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets		$ 800
Non-compete Agreements [Member] | All 2012 Acquisitions [Member] | Minimum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)		2 years
Non-compete Agreements [Member] | All 2012 Acquisitions [Member] | Maximum [Member]
Business Acquisition [Line Items]
Weighted Average Useful Lives (in Years)		6 years

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Accounting Policies [Abstract]
Foreign exchange loss recognized	$ 20,000	$ 168,000	$ 125,000	$ 6,000

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Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 132,011	$ 140,118
Overnight Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	128,809	128,269
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	3,202	11,849
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Inputs, Level 1 [Member] | Overnight Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	132,011	140,118
Fair Value, Inputs, Level 2 [Member] | Overnight Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	128,809	128,269
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	3,202	11,849
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Inputs, Level 3 [Member] | Overnight Repurchase Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment

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Share Based Compensation - Schedule of Weighted-Average Assumptions (Detail) (Stock Options [Member])	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.55%	0.64%
Dividend yield
Expected volatility	35.05%	34.31%
Expected life (in years)	4 years	4 years

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Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Net income	$ 73,099	$ 54,401	$ 137,761	$ 96,480
Weighted-average shares outstanding	81,111	82,430	80,912	82,054
Share-based payment awards classified as participating securities	462	864	486	875
Denominator for basic earnings per share	81,573	83,294	81,398	82,929
Dilutive securities	2,888	2,443	2,814	2,522
Denominator for diluted earnings per share	84,461	85,737	84,212	85,451
Basic earnings per share	$ 0.90	$ 0.65	$ 1.69	$ 1.16
Diluted earnings per share	$ 0.87	$ 0.63	$ 1.64	$ 1.13

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Debt - Summary of Debt Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Term note payable-domestic	$ 510,625	$ 525,000
Other debt	24,116	22,391
Total notes payable and other obligations	632,088	647,391
Securitization facility	402,000	298,000
Total notes payable, credit agreements and Securitization Facility	1,034,088	945,391
Current portion	548,091	460,174
Long-term portion	485,997	485,217
Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Revolving line of credit	85,000	100,000
Foreign Line of Credit [Member]
Debt Instrument [Line Items]
Revolving line of credit	12,347
Foreign Line of Credit New Zealand [Member]
Debt Instrument [Line Items]
Revolving line of credit

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 20,240	$ 19,463
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	475,000,000	475,000,000
Common stock, shares issued	117,444,296	116,772,324
Common stock, shares outstanding	81,709,804	81,037,832
Treasury stock, shares	35,734,492	35,734,492

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Income Taxes

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 35% to income before income taxes for the three months ended June 30, 2013 and 2012 due to the following (in thousands):

	2013					2012
Income tax expense at federal statutory rate	$	36,863		35.0	%	$	27,544		35.0	%
Changes resulting from:
Foreign income tax differential		(4,082	)	(3.9	)		(2,155	)	(2.7	)
State taxes, net of federal benefit		1,337		1.3			653		0.8
Foreign-sourced nontaxable income		(2,785	)	(2.6	)		(2,729	)	(3.5	)
Other		892		0.8			982		1.3
Provision for income taxes	$	32,225		30.6	%	$	24,295		30.9	%

At June 30, 2013 and December 31, 2012, notes payable and other obligations—noncurrent, included liabilities for unrecognized income tax benefits of $7.8 million and $7.1 million, respectively. During the six months ended June 30, 2013 and 2012 the Company recognized additional liabilities of $0.7 million and $0.7 million, respectively. During the six months ended June 30, 2013 and 2012, amounts recorded for accrued interest and penalties expense related to the unrecognized income tax benefits were not significant.

The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations has expired for years prior to 2009 for the Company’s U.S. federal income tax returns, 2011 for the Company’s U.K. income tax returns, 2009 for the Company’s Czech Republic income tax returns, 2010 for the Company’s Russian income tax returns, 2007 for the Company’s Mexican income tax returns, 2008 for the Company’s Brazilian income tax returns, 2008 for the Company’s Luxembourg income tax returns and 2009 for the Company’s New Zealand income tax returns.

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 73,099	$ 54,401	$ 137,761	$ 96,480
Other comprehensive income:
Foreign currency translation adjustment loss, net of tax	(23,422)	(9,197)	(34,154)	(125)
Total other comprehensive loss	(23,422)	(9,197)	(34,154)	(125)
Total comprehensive income	$ 49,677	$ 45,204	$ 103,607	$ 96,355

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 292,905	$ 283,649
Restricted cash	48,474	53,674
Accounts receivable (less allowance for doubtful accounts of $20,240 and $19,463, respectively)	627,675	525,441
Securitized accounts receivable-restricted for securitization investors	402,000	298,000
Prepaid expenses and other current assets	27,122	28,126
Deferred income taxes	7,642	6,464
Total current assets	1,405,818	1,195,354
Property and equipment	101,373	93,902
Less accumulated depreciation and amortization	(54,719)	(48,706)
Net property and equipment	46,654	45,196
Goodwill	994,648	926,609
Other intangibles, net	515,702	463,864
Other assets	50,267	90,847
Total assets	3,013,089	2,721,870
Current liabilities:
Accounts payable	528,161	418,609
Accrued expenses	65,865	75,812
Customer deposits	158,459	187,627
Securitization facility	402,000	298,000
Current portion of notes payable and other obligations	146,091	162,174
Total current liabilities	1,300,576	1,142,222
Notes payable and other obligations, less current portion	485,997	485,217
Deferred income taxes	176,502	180,609
Total noncurrent liabilities	662,499	665,826
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.001 par value; 475,000,000 shares authorized, 117,444,296 shares issued and 81,709,804 shares outstanding at June 30, 2013; and 475,000,000 shares authorized, 116,772,324 shares issued and 81,037,832 shares outstanding at December 31, 2012	117	116
Additional paid-in capital	574,602	542,018
Retained earnings	888,458	750,697
Accumulated other comprehensive loss	(37,500)	(3,346)
Less treasury stock (35,734,492 shares at June 30, 2013 and December 31, 2012)	(375,663)	(375,663)
Total stockholders' equity	1,050,014	913,822
Total liabilities and stockholders' equity	$ 3,013,089	$ 2,721,870

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Earnings Per Share - Additional Information (Detail) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Diluted earnings per share excludes antidilutive effect	0	0.2

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Accounts Receivable - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Feb. 04, 2013	Dec. 31, 2012
Receivables [Abstract]
Trade accounts receivable securitization facility	$ 500,000,000
Maximum undivided ownership interest pooled accounts receivable amount sold	500,000,000
Deferred financing fees		600,000
Securitization facility	$ 402,000,000		$ 298,000,000

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill by Reportable Business Segment

A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands):

	December 31, 2012		Acquisitions		Purchase Accounting Adjustments		Foreign Currency			June 30, 2013
Segment
North America	$	276,714	$	5,000	$	—	$	—		$	281,714
International		649,895		72,944		80		(9,985	)		712,934
	$	926,609		77,944		80	$	(9,985	)	$	994,648

Schedule of Other Intangible Assets

As of June 30, 2013 and December 31, 2012 other intangible assets consisted of the following (in thousands):

		June 30, 2013							December 31, 2012
	Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount
Customer and vendor agreements	3 to 20	$	555,078	$	(108,662	)	$	446,416	$	487,718	$	(90,920	)	$	396,798
Trade names and trademarks—indefinite lived	N/A		56,532		—			56,532		53,926		—			53,926
Trade names and trademarks—other	3 to 15		3,340		(1,528	)		1,812		3,160		(1,420	)		1,740
Software	3 to 10		16,261		(6,271	)		9,990		15,330		(5,208	)		10,122
Non-compete agreements	2 to 6		3,271		(2,319	)		952		3,271		(1,993	)		1,278
Total other intangibles		$	634,482	$	(118,780	)		515,702	$	563,405	$	(99,541	)	$	463,864

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Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 19,239,000	$ 14,357,000
Impact of foreign exchange rates on intangible assets	$ 8,600,000

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Acquisitions - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended		1 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Jun. 30, 2013 Foreign Line of Credit New Zealand [Member]	Mar. 25, 2013 GE Capital's Fleet Card [Member] Fuel_Center Center	Jul. 03, 2012 All 2012 Acquisitions [Member]	Dec. 31, 2012 All 2012 Acquisitions [Member]	Jun. 30, 2013 Card Link [Member]	Jun. 30, 2013 Card Link [Member] Foreign Line of Credit New Zealand [Member]
Business Acquisition, Contingent Consideration [Line Items]
Aggregate purchase price	$ 159.6		$ 207.4			$ 156.0
Deferred payment	1.3		11.3				11.3
Contingent earn-out payment	1.4		4.9				4.9
Number of fuel outlets					6,000
Number of automotive service and repair centers					7,000
Customer relationships with regards to fuel cards					33.33%
Acquisition	11			12				11	12
First payment related earn-out			1.3
Cash and cash equivalents acquired in purchase							1.9
Goodwill deductible tax amount	243
Acquisition related costs	$ 3.4	$ 1.0

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Share Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 30,087
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	25,140
Weighted Average Period of Expense Recognition (in Years)	2 years 7 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 4,947
Weighted Average Period of Expense Recognition (in Years)	11 months 9 days

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Share Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares, Outstanding, Beginning Balance	6,565
Shares, Granted	150
Shares, Exercised	(661)
Shares, Forfeited	(79)
Shares, Outstanding, Ending Balance	5,975
Shares, Expected to vest	5,975
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 22.17
Weighted Average Exercise Price, Granted	$ 68.22
Weighted Average Exercise Price, Exercised	$ 18.44
Weighted Average Exercise Price, Forfeited	$ 23.00
Weighted Average Exercise Price, Outstanding, Ending balance	$ 23.74
Weighted Average Exercise Price, Expected to vest	$ 23.74
Options Exercisable at End of Period, Outstanding, Beginning Balance	2,666
Options Exercisable at End of Period, Outstanding, Ending Balance	2,459
Weighted Average Exercise Price of Exercisable Options, Outstanding, Beginning Balance	$ 14.71
Weighted Average Exercise Price of Exercisable Options, Outstanding, Ending Balance	$ 16.07
Weighted Average Fair Value of Options Granted During the Period, Granted	$ 19.25
Aggregate Intrinsic Value, Outstanding, Beginning Balance	$ 206,636
Aggregate Intrinsic Value, Exercised	41,550
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 343,967

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Debt

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Debt

7. Debt

The Company’s debt instruments are as follows (in thousands):

	June 30, 2013		December 31, 2012
Term note payable—domestic(a)	$	510,625	$	525,000
Revolving line of credit A Facility—domestic(a)		85,000		100,000
Revolving line of credit B Facility – foreign (a)		12,347		—
Revolving line of credit—New Zealand (c)		—		—
Other debt (d)		24,116		22,391
Total notes payable and other obligations		632,088		647,391
Securitization Facility(b)		402,000		298,000
Total notes payable, credit agreements and Securitization Facility	$	1,034,088	$	945,391
Current portion	$	548,091	$	460,174
Long-term portion		485,997		485,217
Total notes payable, credit agreements and Securitization Facility	$	1,034,088	$	945,391

(a) The Company entered into a Credit Agreement on June 22, 2011. On March 13, 2012, the Company entered into the first amendment to the Credit Agreement. This Amendment added two United Kingdom entities as designated borrowers and added a $110 million foreign currency swing line of credit sub facility under the existing revolver, which allows for alternate currency borrowing on the swing line. On November 6, 2012, the Company entered into a second amendment to the Credit Agreement to add an additional term loan of $250 million and increase the borrowing limit on the revolving line of credit from $600 million to $850 million. In addition, we increased the accordion feature from $150 million to $250 million. As amended, the Credit Agreement provides for a $550 million term loan facility and an $850 million revolving credit facility. On March 20, 2013, the Company entered into a third amendment to the Credit Agreement to extend the term of the facility for an additional five years from the amendment date, with a new maturity date of March 20, 2018, separated the revolver into two tranches (a $815 million Revolving A facility and a $35 million Revolving B facility), added a designated borrower in Australia and another in New Zealand with the ability to borrow in local currency and US Dollars under the Revolving B facility and removed a cap to allow for additional investments in certain business relationships. The revolving line of credit contains a $20 million sublimit for letters of credit, a $20 million sublimit for swing line loans and sublimits for multicurrency borrowings in Euros, Sterling, Japanese Yen, Australian Dollars and New Zealand Dollars.

Interest ranges from the sum of the Base Rate plus 0.25% to 1.25% or the Eurodollar Rate plus 1.25% to 2.25%. The term note is payable in quarterly installments and is due on the last business day of each March, June, September, and December with the final principal payment due in March 2018. Borrowings on the revolving line of credit are repayable at our option of one, two, three or six months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than ten business days after such loan is made. This facility is referred to as the Credit Facility. Principal payments of $14.4 million were made on the term loan during the six months ended June 30, 2013. This facility includes a foreign currency swing line of credit on which the Company borrowed funds during the periods presented. The Company did not have an outstanding unpaid balance on the foreign currency swing line of credit at June 30, 2013.

(b) The Company is party to a $500 million receivables purchase agreement (Securitization Facility). The Securitization Facility was amended for the eighth time on February 4, 2013 to extend the facility termination date to February 3, 2014. There is a program fee equal to the Commercial Paper Rate of 0.24% plus 0.75% and 0.21% plus 0.675% as of December 31, 2012 and June 30, 2013, respectively. The unused facility fee is payable at a rate of 0.35% per annum as of December 31, 2012 and 0.30% per annum as of June 30, 2013. The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things.

(c) In connection with the company’s acquisition in New Zealand, the Company entered into a $12 million New Zealand dollar ($11.0 million) facility that is used for local working capital needs. This facility is a one year facility that matures on April 30, 2014. A line of credit charge of 0.025% times the facility limit is charged each month plus interest on outstanding borrowings is charged at the Bank Bill Mid-Market (BKBM) settlement rate plus a margin of 1.0%. The Company did not have an outstanding unpaid balance on this facility at June 30, 2013.

(d) In connection with the purchase of two of our businesses, there are final payments of $11.3 million and $1.3 million due on December 15, 2013 and April 2, 2014, respectively. The Company also is party to two acquisition agreements that include remaining contingent earn-out payments totaling $4.9 million, which are payable in October 2013, November 2013, April 2015, May 2016 and September 2017. Other debt also includes deferred liabilities (other than taxes) associated with certain of our businesses.

The Company was in compliance with all financial and non-financial covenants at June 30, 2013.

The Company has deferred debt issuance costs associated with its new Credit Facility of $8.1 million as of June 30, 2013, which is classified in Other Assets within the Company’s unaudited Consolidated Balance Sheet.

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Accounts Receivable - Company's Accounts Receivable and Securitized Accounts Receivable (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross domestic securitized accounts receivable	$ 402,000	$ 298,000
Accounts Receivable, Gross	1,049,915	842,904
Less allowance for doubtful accounts	(20,240)	(19,463)	(17,959)	(15,315)
Net accounts and securitized accounts receivable	1,029,675	823,441
Accounts Receivable Domestic [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	142,452	96,964
Accounts Receivable Foreign [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 505,463	$ 447,940

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Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 926,609
Acquisitions	77,944
Purchase Accounting Adjustments	80
Foreign Currency	(9,985)
Goodwill, Ending Balance	994,648
North America [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	276,714
Acquisitions	5,000
Purchase Accounting Adjustments
Foreign Currency
Goodwill, Ending Balance	281,714
International [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	649,895
Acquisitions	72,944
Purchase Accounting Adjustments	80
Foreign Currency	(9,985)
Goodwill, Ending Balance	$ 712,934

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Segments

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segments

10. Segments

The Company’s reportable segments represent components of the business for which separate financial information is evaluated regularly by the chief operating decision maker in determining how to allocate resources and in assessing performance. The Company operates in two reportable segments, North America and International. The Company has identified these segments due to commonality of the products in each of their business lines having similar economic characteristics, services, customers and processes. There were no significant inter-segment sales.

The results from the Company’s Russian fuel card business acquired during the second quarter of 2012, CTF Technologies, Inc. acquired during the third quarter of 2012, Fleet Card acquired during the first quarter of 2013 and CardLink acquired during the second quarter of 2013 are reported in the Company’s International segment.

The Company’s segment results are as follows as of and for the three and six month periods ended June 30 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Revenues, net:
North America	$	119,486	$	107,286	$	220,080	$	190,098
International		101,383		64,534		194,440		127,887
	$	220,869	$	171,820	$	414,520	$	317,985
Operating income:
North America	$	60,103	$	53,598	$	109,529	$	91,711
International		48,971		27,850		93,798		54,212
	$	109,074	$	81,448	$	203,327	$	145,923
Depreciation and amortization:
North America	$	5,267	$	5,024	$	10,439	$	10,018
International		10,623		6,585		20,080		13,311
	$	15,890	$	11,609	$	30,519	$	23,329
Capital expenditures:
North America	$	1,292	$	2,501	$	2,356	$	4,596
International		4,054		2,367		7,752		3,835
	$	5,346	$	4,868	$	10,108	$	8,431

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

6. Goodwill and Other Intangible Assets

A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands):

	December 31, 2012		Acquisitions		Purchase Accounting Adjustments		Foreign Currency			June 30, 2013
Segment
North America	$	276,714	$	5,000	$	—	$	—		$	281,714
International		649,895		72,944		80		(9,985	)		712,934
	$	926,609		77,944		80	$	(9,985	)	$	994,648

As of June 30, 2013 and December 31, 2012 other intangible assets consisted of the following (in thousands):

		June 30, 2013							December 31, 2012
	Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount
Customer and vendor agreements	3 to 20	$	555,078	$	(108,662	)	$	446,416	$	487,718	$	(90,920	)	$	396,798
Trade names and trademarks—indefinite lived	N/A		56,532		—			56,532		53,926		—			53,926
Trade names and trademarks—other	3 to 15		3,340		(1,528	)		1,812		3,160		(1,420	)		1,740
Software	3 to 10		16,261		(6,271	)		9,990		15,330		(5,208	)		10,122
Non-compete agreements	2 to 6		3,271		(2,319	)		952		3,271		(1,993	)		1,278
Total other intangibles		$	634,482	$	(118,780	)		515,702	$	563,405	$	(99,541	)	$	463,864

Purchase accounting adjustments recorded during the six months ended June 30, 2013 relate to purchase price adjustments related to our Russian business acquisitions completed in 2012. Amortization expense related to intangible assets for the six month periods ended June 30, 2013 and 2012 was $19.2 million and $14.4 million, respectively. Changes in foreign currency exchange rates reduced intangible assets by $8.6 million in the six months ended June 30, 2013.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation

Throughout this report, the terms “our,” “we,” “us,” and the “Company” refers to FleetCor Technologies, Inc. and its subsidiaries. The Company prepared the accompanying interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. Operating results for the three month and six month periods ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

The unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are made directly to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains of $20,000 and $168,000 for the three months ended June 30, 2013 and 2012, respectively. The Company recognized foreign exchange losses of $125,000 and $6,000 for the six months ended June 30, 2013 and 2012, respectively, which are classified within other income, net in the Unaudited Consolidated Statements of Income.

Adoption of New Accounting Standards

Qualitative Impairment Test for Indefinite-Lived Intangibles

In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, “Intangibles—Goodwill and Other,” which gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite lived intangible asset is impaired. The proposed guidance is similar to ASU 2011-08 for goodwill. Companies would consider relevant events and circumstances that may affect the significant inputs used in determining the fair value of an indefinite-lived intangible asset. A company that concludes that it is more likely than not that the fair value of such an asset exceeds its carrying amount would not need to calculate the fair value of the asset in the current year. However, if a company concludes that it is more likely than not that the asset is impaired; it must calculate the fair value of the asset and compare that value with its carrying amount, as is required by current guidance. ASU 2012-02 will be applied prospectively for annual and interim impairment tests performed. ASU 2012-02 was effective for and adopted by the Company beginning January 1, 2013. The Company’s adoption of this ASU did not affect the Company’s results of operations, financial condition, or cash flows.

Accumulated Other Comprehensive Income

In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (AOCI)” (ASU 2013-02). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 was effective for and adopted by the Company beginning January 1, 2013. The Company has not reclassified any items out of AOCI to the income statement during the three and six months ended June 30, 2013.

Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued FASB ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities,” which requires entities to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on an entity’s financial position. The amendments require enhanced disclosures about financial instruments and derivative instruments that are either (i) offset in accordance with current literature or (ii) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with current literature. ASU 2011-11 is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. This standard will become effective for us beginning October 2013. In January 2013, the FASB issued Accounting Standards Update 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities, to limit the scope of the new balance sheet offsetting disclosure requirements to derivatives (including bifurcated embedded derivatives), repurchase agreements and reverse repurchase agreements, and securities borrowing and lending transactions. As we are not party to any derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and lending transactions we do not expect the adoption of these standards will have a material impact on the presentation of or disclosures within our financial statements.

Pending Adoption of Recently Issued Accounting Standards

Foreign Currency

In March 2013, the FASB issued ASU 2013-05 “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”, which indicates that the entire amount of a cumulative translation adjustment (“CTA”) related to an entity’s investment in a foreign entity should be released when there has been a sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity, loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated) or step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity). The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. This ASU is effective for the Company for fiscal years and interim periods within those fiscal years beginning on or after December 15, 2013. The Company’s adoption of this ASU is not expected to affect the Company’s results of operations, financial condition, or cash flows unless transactions within the scope of the ASU occur.

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Segments - Schedule of Company's Segment Results (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Segment Reporting Information [Line Items]
Revenues, net	$ 220,869	$ 171,820	$ 414,520	$ 317,985
Operating income	109,074	81,448	203,327	145,923
Depreciation and amortization	15,890	11,609	30,519	23,329
Capital expenditures	5,346	4,868	10,108	8,431
North America [Member]
Segment Reporting Information [Line Items]
Revenues, net	119,486	107,286	220,080	190,098
Operating income	60,103	53,598	109,529	91,711
Depreciation and amortization	5,267	5,024	10,439	10,018
Capital expenditures	1,292	2,501	2,356	4,596
International [Member]
Segment Reporting Information [Line Items]
Revenues, net	101,383	64,534	194,440	127,887
Operating income	48,971	27,850	93,798	54,212
Depreciation and amortization	10,623	6,585	20,080	13,311
Capital expenditures	$ 4,054	$ 2,367	$ 7,752	$ 3,835

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Debt - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Debt Disclosure [Abstract]
Deferred debt issuance costs	$ 8.1

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Share Based Compensation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to issue grants	26,963,150		26,963,150		26,963,150
Shares available for grant under the Plans	771,714		771,714
Tax benefits recorded on stock based compensation	$ 1.4	$ 1.2	$ 2.7	$ 2.4
Aggregate intrinsic value of options exercisable	$ 160.4		$ 160.4
Weighted average remaining contractual term of options exercisable (in years)			5 years 10 months 24 days
Weighted-average remaining contractual life for options outstanding (in years)			7 years 1 month 6 days		7 years 4 months 24 days
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)			1 year
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)			1 year
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)			6 years
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)			4 years

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Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company’s accounts receivable and securitized accounts receivable include the following at June 30, 2013 and December 31, 2012 (in thousands):

	June 30, 2013			December 31, 2012
Gross domestic accounts receivable	$	142,452		$	96,964
Gross domestic securitized accounts receivable		402,000			298,000
Gross foreign receivables		505,463			447,940
Total gross receivables		1,049,915			842,904
Less allowance for doubtful accounts		(20,240	)		(19,463	)
Net accounts and securitized accounts receivable	$	1,029,675		$	823,441

Allowance for Doubtful Accounts Related to Accounts Receivable

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for six months ended June 30 is as follows (in thousands):

	2013			2012
Allowance for doubtful accounts beginning of period	$	19,463		$	15,315
Add:
Provision for bad debts		9,199			10,953
Less:
Write-offs		(8,422	)		(8,309	)
Allowance for doubtful accounts end of period	$	20,240		$	17,959

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Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the if-converted and treasury stock method.

The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Net income	$	73,099	$	54,401	$	137,761	$	96,480
Denominator for basic and diluted earnings per share:
Weighted-average shares outstanding		81,111		82,430		80,912		82,054
Share-based payment awards classified as participating securities		462		864		486		875
Denominator for basic earnings per share		81,573		83,294		81,398		82,929
Dilutive securities		2,888		2,443		2,814		2,522
Denominator for diluted earnings per share		84,461		85,737		84,212		85,451
Basic earnings per share	$	0.90	$	0.65	$	1.69	$	1.16
Diluted earnings per share	$	0.87	$	0.63	$	1.64	$	1.13

Diluted earnings per share for the three month periods ended June 30, 2012 excludes the effect of 0.2 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive. There were no antidilutive shares for the three months ended June 30, 2013.

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Acquisition (Tables)

6 Months Ended

Jun. 30, 2013

All 2013 Acquisitions [Member]

Summary of Purchase Price Allocation

The following table summarizes the preliminary allocation of the purchase price for all acquisitions during the six months ended June 30, 2013 (in thousands):

Trade and other receivables	$	24,434
Prepaid expenses and other		559
Property and equipment		321
Goodwill		77,944
Other intangible assets		79,661
Notes and other liabilities assumed		(15,191	)
Deferred tax liabilities		(8,092	)
Aggregate purchase price	$	159,636

Purchase Price Allocations of Intangible Assets

Intangible assets allocated in connection with the purchase price allocations consisted of the following (in thousands):

	Weighted Average Useful Lives (in Years)		Value
Customer relationships		3 – 20	$	70,631
Trade names and trademarks—indefinite		N/A		2,900
Trade names and trademarks		15		200
Merchant network		10		4,900
Software		3 – 10		1,030
			$	79,661

All 2012 Acquisitions [Member]

Summary of Purchase Price Allocation

The following table summarizes the preliminary allocation of the purchase price for all acquisitions during 2012, net of cash acquired (in thousands):

Trade and other receivables	$	13,196
Prepaid expenses and other		6,185
Property and equipment		6,701
Goodwill		165,398
Other intangible assets		109,758
Notes and other liabilities assumed		(42,912	)
Deferred tax liabilities		(50,936	)
Aggregate purchase prices	$	207,390

Purchase Price Allocations of Intangible Assets

Intangible assets allocated in connection with the preliminary purchase price allocations consisted of the following (in thousands):

	Weighted Average Useful Lives (in Years)		Value
Customer relationships		10–20	$	77,654
Trade names and trademarks—indefinite		N/A		16,900
Merchant network		10		4,604
Software		3-10		9,800
Non-compete		2-6		800
			$	109,758

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis and that are subject to the disclosure requirements as of June 30, 2013 and December 31, 2012 (in thousands).

	Fair Value		Level 1		Level 2		Level 3
June 30, 2013
Assets:
Overnight repurchase agreements	$	128,809	$	—	$	128,809	$	—
Certificates of deposit		3,202		—		3,202		—
Total	$	132,011	$	—	$	132,011	$	—
December 31, 2012
Assets:
Overnight repurchase agreements	$	128,269	$	—	$	128,269	$	—
Certificates of deposit		11,849		—		11,849		—
Total	$	140,118	$	—	$	140,118	$	—

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Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Jul. 31, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Entity Registrant Name	FLEETCOR TECHNOLOGIES INC
Entity Central Index Key	0001175454
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		81,835,613

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Share Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Expense Related to Share-Based Payments

The table below summarizes the expense recognized related to share-based payments recognized for the three and six month periods ended June 30 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Stock options	$	2,631	$	2,349	$	5,502	$	4,626
Restricted stock		1,266		1,611		2,557		3,167
Stock-based compensation	$	3,897	$	3,960	$	8,059	$	7,793

Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of June 30, 2013 (in thousands):

	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	25,140		2.02
Restricted stock		4,947		0.94
Total	$	30,087

Summary of Changes in Number of Shares of Common Stock Under Option

The following summarizes the changes in the number of shares of common stock under option for the six month period ended June 30, 2013 (shares and aggregate intrinsic value in thousands):

	Shares			Weighted Average Exercise Price		Options Exercisable at End of Period		Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2012		6,565		$	22.17		2,666	$	14.71			$	206,636
Granted		150			68.22					$	19.25
Exercised		(661	)		18.44								41,550
Forfeited		(79	)		23.00
Outstanding at June 30, 2013		5,975		$	23.74		2,459	$	16.07			$	343,967
Expected to vest as of June 30, 2013		5,975		$	23.74

Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2013 (shares in thousands):

	Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2012		472		$	28.98
Granted		36			58.02
Vested		(21	)		30.02
Cancelled		(25	)		29.99
Unvested at June 30, 2013		462		$	33.39

Stock Option [Member]

Schedule of Weighted-Average Assumptions

The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model during the six months ended June 30, 2013, with the following weighted-average assumptions for grants during the period.

	Six Months Ended June 30,
	2013			2012
Risk-free interest rate		0.55	%		0.64	%
Dividend yield		—			—
Expected volatility		35.05	%		34.31	%
Expected life (in years)		4.0			4.0