8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________________________________ 

FORM 8-K

________________________________________________________ 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 8, 2022

________________________________________________________ 

FLEETCOR Technologies, Inc.

________________________________________________________ 

(Exact name of registrant as specified in its charter)

  _______________________________________________________

Delaware	001-35004	72-1074903
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
3280 Peachtree Road, Suite 2400	Atlanta	30305
(Address of principal executive offices)	GA	(Zip Code)

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

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols(s)	Name of each exchange on which registered
Common Stock	FLT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On February 8, 2022, FLEETCOR Technologies, Inc. (the "Company") issued a press release announcing its financial results for the three months and year ended December 31, 2021. A copy of the press release is attached as Exhibit 99.1, which is incorporated by reference in its entirety. The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by FLEETCOR Technologies, Inc. under the Securities Act of 1933, as amended, unless specifically identified as being incorporated into it by reference.

Item 7.01 Regulation FD Disclosure.

The Company has made available on its website in the investor relations section an earnings release supplement.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits
99.1	FLEETCOR Technologies, Inc. press release dated February 8, 2022
104	Cover Page Interactive Data File (formatted as Inline XBRL)

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 hereunto duly authorized.

	FleetCor Technologies, Inc.
February 8, 2022	By:   /s/ Charles R. Freund
		Charles R. Freund
		Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Press release dated February 8, 2022.
104	Cover Page Interactive Data File (formatted as Inline XBRL).

EX-99.1

Exhibit 99.1

FLEETCOR Reports Fourth Quarter and Fiscal Year 2021 Financial Results

All-time record revenues and adjusted net income

Atlanta, Ga., February 8, 2022 — FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its fourth quarter and year ended December 31, 2021.

“We reported record revenues and adjusted net income per share in the fourth quarter, with growth of 30% and 24%, respectively,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “Overall organic revenue growth was 17% for the quarter, consistent with the third quarter and against a tougher comp. We had a terrific finish to the year, delivering full-year earnings of $13.21, up 19%, and well ahead of our initial guidance.”

Financial Results for Fourth Quarter of 2021:

GAAP Results

•Revenues increased 30% to $802.3 million in the fourth quarter of 2021, compared with $617.3 million in the fourth quarter of 2020.

•Net incomeincreased 7% to $225.0 million in the fourth quarter of 2021, compared with $209.9 million in the fourth quarter of 2020.

•Net income per diluted share increased 12% to $2.74 in the fourth quarter of 2021, compared with $2.44 per diluted share in the fourth quarter of 2020.

Non-GAAP Results1

•Adjusted net income1 increased 18% to $304.9 million in the fourth quarter of 2021, compared with $258.4 million in the fourth quarter of 2020.

•Adjusted net income per diluted share1 increased 24% to $3.72 in the fourth quarter of 2021, compared with $3.01 per diluted sharein the fourth quarter of 2020.

Financial Results for Fiscal Year 2021:

GAAP Results

•Revenues increased 19% to $2,833.7 million in 2021, compared with $2,388.9 million in 2020.

•Net income increased 19% to $839.5 million in 2021, compared with $704.2 million in 2020.

•Net incomeper diluted share increased 23% to $9.99 in 2021, compared with $8.12 per diluted share in 2020.

Non-GAAP Results1

•Adjusted net income1 increased 15% to $1,109.8 million in 2021, compared with $962.2 million in 2020.

•Adjusted net income per diluted share1 increased 19% to $13.21 in 2021, compared with $11.09 in 2020.

“Our fourth quarter results came in ahead of our expectations we gave in November, for both revenue and adjusted earnings per share,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc. “Across the board our businesses showed momentum, and ended the year on a strong note. We also aggressively used capital to buy back shares, given the low stock price when compared with our growth outlook.”

Fiscal Year 2022 Outlook:

“Our current outlook is for the Company to return to its normal growth cadence, with sales growth of 20%, organic growth of 9% to 11%, and adjusted EPS growth in the mid-teens. Volumes and revenue are expected to build throughout the year, as we continue to benefit from our growth investments and acquisitions. We do expect expenses to be higher than in 2021, as we operate at more normalized levels, but we will continue to manage them in line with the revenue growth outlook,” said Charles Freund, chief financial officer, FLEETCOR Technologies, Inc.

For fiscal year 2022, FLEETCOR Technologies, Inc. updated financial guidance1 is as follows:

•Total revenues between $3,190 million and $3,250 million;

•GAAP net income between $935 million and $975 million;

•GAAP net income per diluted share between $11.65 and $12.15;

•Adjusted net income between $1,200 million and $1,240 million; and

•Adjusted net income per diluted share between $15.00 and $15.50.

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

•Weighted average U.S. fuel prices equal to $3.40 per gallon;

•Market spreads slightly favorable to the 2021 average;

•Foreign exchange rates equal to the month average of January 2022;

•Interest expense between $90 million and $100 million, with three 25bp rate increases;

•Approximately 80 million fully diluted shares outstanding;

•A tax rate of 24% to 26%; and

•No impact related to acquisitions not already closed.

First Quarter of 2022 Outlook:

The Company currently expects first quarter revenues between $740 million and $760 million, and adjusted net income per diluted share between $3.45 and $3.55. We have historically experienced seasonality in the first quarter, causing it to be the lowest in terms of both revenues and net income for the year, where certain businesses such as Gift and Tolls have strong fourth quarters, while Fuel and Lodging tend to have soft first quarters due to weather and holidays.

Increase of Term B Credit Facility and Share Repurchases:

On December 22, 2021, the Company completed a $750 million upsizing to the Term B credit facility, at a rate of LIBOR plus 175 bps, unchanged from the rate on existing debt. The incremental debt had a minimal impact on the Company’s leverage position at year end. Additionally, given the significant share price dislocation that occurred recently, the Company repurchased approximately 2.3 million shares in the fourth quarter of 2021, and an additional 1.1 million shares in January under a pre-existing 10b5-1 plan. In light of these repurchases, the Board is announcing today an increase in the share repurchase authorization by $1 billion.

_______________________________________

1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1 attached. Additional supplemental data is provided in Exhibits 2-3 and 5, and segment information is provided in Exhibit 4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 6.

Conference Call:

The Company will host a conference call to discuss fourth quarter and fiscal year 2021 financial results today at 5:00 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Charles Freund, chief financial officer and Jim Eglseder, investor relations. The conference call can be accessed live via webcast from the Company's investor relations website at http://investor.fleetcor.com. A replay will be available one hour after the call and can be accessed by dialing (877)407-0784 or (201) 689-8560 for international callers; the conference ID is 13726655. The replay will be available until Tuesday, February 15, 2022. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws.

Statements that are not historical facts, including statements about FLEETCOR’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology.

These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as regulatory measures, voluntary actions, or changes in consumer preferences, that impact our transaction volume, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to contain and mitigate the spread of the novel coronavirus (including any variants thereof, “COVID-19”); the impact of vaccine mandates on our workforce in certain jurisdictions; adverse changes or volatility in fuel prices and spreads; adverse changes in program fees or charges we may collect, whether through legal, regulatory or contractual changes; adverse outcomes with respect to current and future legal proceedings or investigations, including without limitation, the FTC lawsuit, or actions of governmental, regulatory or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; delays or failures associated with implication of, or adaption to, new technology, changes in credit risk of customers and associated losses; failure to maintain or renew key business relationships; failure to maintain competitive product offerings; failure to complete, or delays in completing, acquisitions, new partnerships or customer arrangements; and to successfully integrate or otherwise achieve anticipated benefits from such acquisitions, partnerships, and customer arrangements; failure to successfully expand and manage our business internationally; and other risks related to our international operations, including the potential impact to our business as a result of the United Kingdom’s referendum to leave the European Union; the impact of foreign exchange rates on operations, revenues and income; and the failure or compromise of our data centers and other information technology assets; as well as the other risks and uncertainties identified under the caption "Risk Factors" in FLEETCOR's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access FLEETCOR’s SEC filings for free by visiting the SEC web site at www.sec.gov.

About Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within its industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

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

Adjusted net income and adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses and recoveries (e.g. legal settlements, write-off of customer receivable,

etc.), gains and losses on investments, and impairment charges do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these non-tax items.

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

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

•as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis;

•for planning purposes, including the preparation of our internal annual operating budget;

•to allocate resources to enhance the financial performance of our business; and

•to evaluate the performance and effectiveness of our operational strategies.

About FLEETCOR:

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of, their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

Contact

Investor Relations

Jim Eglseder, 770-417-4697

Jim.Eglseder@fleetcor.com

FLEETCOR Technologies, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share amounts)

	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021			2020
	(Unaudited)		(Unaudited)		(Unaudited)
Revenues, net	$	802,255	$	617,333	$	2,833,736		$	2,388,855
Expenses:
Processing	171,533		121,514		559,819			596,363
Selling	75,607		47,737		262,118			192,732
General and administrative	140,675		90,961		485,830			374,678
Depreciation and amortization	75,013		64,685		284,197			254,802
Other operating, net	(865)		(1,503)		(784)			(1,985)
Operating income	340,292		293,939		1,242,556			972,265
Investment gain	—		—		(9)			(30,008)
Other expense (income), net	175		422		3,858			(10,055)
Interest expense, net	27,666		30,329		113,705		¹	129,803
Loss on extinguishment of debt	9,964		—		16,194		¹	—
Total other expense	37,805		30,751		133,748			89,740
Income before income taxes	302,487		263,188		1,108,808			882,525
Provision for income taxes	77,483		53,337		269,311			178,309
Net income	$	225,004	$	209,851	$	839,497		$	704,216
Basic earnings per share	$	2.80	$	2.51	$	10.23		$	8.38
Diluted earnings per share	$	2.74	$	2.44	$	9.99		$	8.12
Weighted average shares outstanding:
Basic shares	80,228		83,514		82,060			84,005
Diluted shares	81,981		85,846		84,061			86,719

1Recast to present loss on extinguishment of debt separately from interest expense, net, to conform to current presentation.

FLEETCOR Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and par value amounts)

	December 31, 2021		December 31, 2020
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	1,520,027	$	934,900
Restricted cash	730,668		541,719
Accounts and other receivables (less allowance)	1,731,574		1,366,775
Securitized accounts receivable — restricted for securitization investors	1,118,000		700,000
Prepaid expenses and other current assets	349,575		412,924
Total current assets	5,449,844		3,956,318
Property and equipment, net	236,294		202,509
Goodwill	5,107,878		4,719,181
Other intangibles, net	2,306,485		2,115,882
Investments	52,016		7,480
Other assets	213,932		193,209
Total assets	$	13,366,449	$	11,194,579
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,406,350	$	1,054,478
Accrued expenses	369,054		282,681
Customer deposits	1,788,705		1,175,322
Securitization facility	1,118,000		700,000
Current portion of notes payable and lines of credit	399,628		505,697
Other current liabilities	170,410		250,133
Total current liabilities	5,252,147		3,968,311
Notes payable and other obligations, less current portion	4,460,039		3,097,580		¹
Deferred income taxes	566,291		498,154
Other noncurrent liabilities	221,392		275,123		¹
Total noncurrent liabilities	5,247,722		3,870,857
Commitments and contingencies
Stockholders’ equity:
Common stock	127		126
Additional paid-in capital	2,878,751		2,749,900
Retained earnings	6,256,442		5,416,945
Accumulated other comprehensive loss	(1,464,616)		(1,363,158)
Treasury stock	(4,804,124)		(3,448,402)
Total stockholders’ equity	2,866,580		3,355,411
Total liabilities and stockholders’ equity	$	13,366,449	$	11,194,579

1Recast to reflect long term deferred revenue in other noncurrent liabilities, to conform to current year presentation.

FLEETCOR Technologies, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2021		2020
	(Unaudited)
Operating activities
Net income	$	839,497	$	704,216
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	75,571		65,181
Stock-based compensation	80,071		43,384
Provision for credit losses on accounts and other receivables	37,919		158,549
Amortization of deferred financing costs and discounts	6,831		6,486
Amortization of intangible assets and premium on receivables	208,625		189,620
Loss on extinguishment of debt	16,194		—
Deferred income taxes	24,970		(15,112)
Investment gain	(9)		(30,008)
Other	(784)		(1,985)
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables	(729,144)		264,140
Prepaid expenses and other current assets	184,462		(14,521)
Other assets	35,032		12,656
Accounts payable, accrued expenses and customer deposits	416,028		89,983
Net cash provided by operating activities	1,195,263		1,472,589
Investing activities
Acquisitions, net of cash acquired	(602,120)		(80,787)
Purchases of property and equipment	(111,530)		(78,425)
Proceeds from disposal of investment	—		52,963
Other	(2,281)		—
Net cash used in investing activities	(715,931)		(106,249)
Financing activities
Proceeds from issuance of common stock	48,781		136,797
Repurchase of common stock	(1,355,722)		(849,910)
Borrowings (payments) on securitization facility, net	418,000		(270,973)
Deferred financing costs paid and debt discount	(38,920)		(2,637)
Proceeds from issuance of notes payable	1,900,000		—
Principal payments on notes payable	(507,500)		(175,285)
Borrowings from revolver	1,910,000		1,243,500
Payments on revolver	(1,978,851)		(1,496,907)
Payments on swing line of credit, net	(51,049)		(1,042)
Other	(811)		(344)
Net cash provided by (used in) financing activities	343,928		(1,416,801)
Effect of foreign currency exchange rates on cash	(49,184)		(148,157)
Net increase (decrease) in cash and cash equivalents and restricted cash	774,076		(198,618)
Cash and cash equivalents and restricted cash, beginning of year	1,476,619		1,675,237
Cash and cash equivalents and restricted cash, end of year	$	2,250,695	$	1,476,619
Supplemental cash flow information
Cash paid for interest, net	$	132,504	$	126,460
Cash paid for income taxes, net	$	229,721	$	165,315

Exhibit 1

RECONCILIATION OF NON-GAAP MEASURES

(In thousands, except shares and per share amounts)

(Unaudited)

The following table reconciles net income to adjusted net income and adjusted net income per diluted share:*

	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Net income	$	225,004	$	209,851	$	839,497	$	704,216
Stock based compensation	27,986		8,315		80,071		43,384
Amortization1	56,974		49,111		215,456		196,106
Net loss on disposition of assets/business	—		294		—		294
Investment gain	—		—		(9)		(30,008)
Loss on extinguishment of debt	9,964		—		16,194		—
Integration and deal related costs	12,501		985		30,632		12,020
Restructuring and related (subsidies) costs	(181)		(697)		(2,103)		4,215
Legal settlements/litigation	152		2,845		5,772		(144)
Write-off of customer receivable2	—		—		—		90,058
Total pre-tax adjustments	107,396		60,853		346,013		315,926
Income taxes3	(27,510)		(12,332)		(75,703)		(57,914)
Adjusted net income	$	304,890	$	258,372	$	1,109,807	$	962,228
Adjusted net income per diluted share	$	3.72	$	3.01	$	13.21	$	11.09
Diluted shares	81,981		85,846		84,061		86,719

1Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.

2 Represents a loss in the first quarter of 2020 from a large client in our cross-border payments business entering voluntary bankruptcy due to the extraordinary impact of the COVID-19 pandemic.

3 Represents provision for income taxes of pre-tax adjustments. 2021 year includes remeasurement of deferreds due to the increase in UK corporate tax rate from 19% to 25% of $6.5 million. 2020 year includes a tax reserve adjustment related to prior year tax positions of $9.8 million.

* Columns may not calculate due to rounding.

Exhibit 2

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

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

(Unaudited)

The following table presents revenue and revenue per key performance metric by solution.*
	As Reported											Pro Forma and Macro Adjusted2
	Three Months Ended December 31,											Three Months Ended December 31,
	2021			2020			Change			%  Change		2021			2020			Change			%  Change
FUEL
'- Revenues, net	$	316.4		$	260.2		$	56.2		22	%	$	291.7		$	260.5		$	31.2		12	%
'- Transactions	116.4			110.4			5.9			5	%	116.4			110.7			5.7			5	%
'- Revenues, net per transaction	$	2.72		$	2.36		$	0.36		15	%	$	2.51		$	2.35		$	0.15		6	%
CORPORATE PAYMENTS
'- Revenues, net	$	174.5		$	115.0		$	59.6		52	%	$	173.3		$	146.3		$	27.0		18	%
'- Spend volume	$	25,665		$	17,585		$	8,080		46	%	$	25,665		$	22,265		$	3,400		15	%
'- Revenues, net per spend $	0.68		%	0.65		%	0.03		%	4	%	0.68		%	0.66		%	0.02		%	3	%
TOLLS
'- Revenues, net	$	86.7		$	76.5		$	10.1		13	%	$	89.8		$	76.5		$	13.2		17	%
- Tags (average monthly)	6.1			5.6			0.5			8	%	6.1			5.6			0.5			8	%
'- Revenues, net per tag	$	14.22		$	13.61		$	0.61		5	%	$	14.73		$	13.61		$	1.12		8	%
LODGING
'- Revenues, net	$	103.1		$	56.6		$	46.6		82	%	$	103.1		$	74.0		$	29.2		39	%
'- Room nights	8.9			5.8			3.2			55	%	8.9			7.1			1.8			26	%
'- Revenues, net per room night	$	11.53		$	9.78		$	1.74		18	%	$	11.53		$	10.42		$	1.11		11	%
GIFT
'- Revenues, net	$	55.1		$	46.4		$	8.7		19	%	$	55.1		$	46.4		$	8.7		19	%
'- Transactions	379.9			331.7			48.2			15	%	379.9			331.7			48.2			15	%
'- Revenues, net per transaction	$	0.15		$	0.14		$	0.01		4	%	$	0.15		$	0.14		$	0.01		4	%
OTHER1
'- Revenues, net	$	66.4		$	62.7		$	3.7		6	%	$	66.4		$	62.7		$	3.7		6	%
'- Transactions	9.0			9.9			(0.9)			(9)	%	9.0			9.9			(0.9)			(9)	%
'- Revenues, net per transaction	$	7.37		$	6.33		$	1.04		17	%	$	7.37		$	6.33		$	1.04		16	%
FLEETCOR CONSOLIDATED REVENUES
'- Revenues, net	$	802.3		$	617.3		$	184.9		30	%	$	779.4		$	666.4		$	113.0		17	%

1 Other includes telematics, maintenance, food, payroll card and transportation related businesses.

2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by solution and metrics, non-GAAP measures, to the GAAP equivalent.

* Columns may not calculate due to rounding.

Exhibit 3

Revenues by Geography and Solution

(In millions)

(Unaudited)

Revenue by Geography*	Three Months Ended December 31,								Year Ended December 31,
	2021		%		2020		%		2021		%		2020		%
US	$	514	64	%	$	378	61	%	$	1,785	63	%	$	1,468	61	%
Brazil	106		13	%	91		15	%	368		13	%	344		14	%
UK	81		10	%	70		11	%	322		11	%	263		11	%
Other	102		13	%	79		13	%	359		13	%	314		13	%
Consolidated Revenues, net	$	802	100	%	$	617	100	%	$	2,834	100	%	$	2,389	100	%

*Columns may not calculate due to rounding.

Revenue by Solution*	Three Months Ended December 31,								Year ended Ended December 31,
	2021		%		2020		%		2021		%		2020		%
Fuel	$	316	39	%	$	260	42	%	$	1,180	42	%	$	1,057	44	%
Corporate Payments	175		22	%	115		19	%	600		21	%	434		18	%
Tolls	87		11	%	77		12	%	306		11	%	292		12	%
Lodging	103		13	%	57		9	%	310		11	%	207		9	%
Gift	55		7	%	46		8	%	179		6	%	154		6	%
Other	66		8	%	63		10	%	259		9	%	244		10	%
Consolidated Revenues, net	$	802	100	%	$	617	100	%	$	2,834	100	%	$	2,389	100	%

*Columns may not calculate due to rounding.

Exhibit 4

Segment Results

(In thousands)

	Three Months Ended December 31,				Year Ended December 31,
	20211		2020		20211		2020
	(Unaudited)		(Unaudited)		(Unaudited)
Revenues, net:
North America	$	554,910	$	405,597	$	1,921,077	$	1,581,547
Brazil	105,599		90,526		368,080		344,248
International	141,746		121,210		544,579		463,060
	$	802,255	$	617,333	$	2,833,736	$	2,388,855
Operating income:
North America	$	208,465	$	175,693	$	762,620	$	547,912
Brazil	48,765		43,593		154,265		148,055
International	83,062		74,653		325,671		276,298
	$	340,292	$	293,939	$	1,242,556	$	972,265
Depreciation and amortization:
North America	$	51,456	$	40,504	$	184,876	$	156,417
Brazil	11,929		12,345		50,020		51,364
International	11,628		11,836		49,301		47,021
	$	75,013	$	64,685	$	284,197	$	254,802
Capital expenditures:
North America	$	23,106	$	12,836	$	67,533	$	48,426
Brazil	8,851		6,807		24,431		17,116
International	5,118		3,763		19,566		12,883
	$	37,075	$	23,406	$	111,530	$	78,425

1 Results from the 2021 acquisition of Roger, AFEX and ALE are reported in our North America segment.

Exhibit 5

Reconciliation of Non-GAAP Revenue and Key Performance Metric

by Solution to GAAP

(In millions)

(Unaudited)

	Revenues, net				Key Performance Metric
	Three Months Ended December 31,				Three Months Ended December 31,
	2021*		2020*		2021*	2020*
FUEL - TRANSACTIONS
Pro forma and macro adjusted	$	291.7	$	260.5	116.4	110.7
Impact of acquisitions/dispositions	—		(0.3)		—	(0.2)
Impact of fuel prices/spread	23.7		—		—	—
Impact of foreign exchange rates	1.0		—		—	—
As reported	$	316.4	$	260.2	116.4	110.4
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted	$	173.3	$	146.3	25,665	22,265
Impact of acquisitions/dispositions	—		(31.4)		—	(4,681)
Impact of fuel prices/spread	0.4		—		—	—
Impact of foreign exchange rates	0.8		—		—	—
As reported	$	174.5	$	115.0	25,665	17,585
TOLLS - TAGS
Pro forma and macro adjusted	$	89.8	$	76.5	6.1	5.6
Impact of acquisitions/dispositions	—		—		—	—
Impact of fuel prices/spread	—		—		—	—
Impact of foreign exchange rates	(3.1)		—		—	—
As reported	$	86.7	$	76.5	6.1	5.6
LODGING - ROOM NIGHTS
Pro forma and macro adjusted	$	103.1	$	74.0	8.9	7.1
Impact of acquisitions/dispositions	—		(17.4)		—	(1.3)
Impact of fuel prices/spread	—		—		—	—
Impact of foreign exchange rates	—		—		—	—
As reported	$	103.1	$	56.6	8.9	5.8
GIFT - TRANSACTIONS
Pro forma and macro adjusted	$	55.1	$	46.4	379.9	331.7
Impact of acquisitions/dispositions	—		—		—	—
Impact of fuel prices/spread	—		—		—	—
Impact of foreign exchange rates	—		—		—	—
As reported	$	55.1	$	46.4	379.9	331.7
OTHER1- TRANSACTIONS
Pro forma and macro adjusted	$	66.4	$	62.7	9.0	9.9
Impact of acquisitions/dispositions	—		—		—	—
Impact of fuel prices/spread	—		—		—	—
Impact of foreign exchange rates	0.1		—		—	—
As reported	$	66.4	$	62.7	9.0	9.9
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted	$	779.4	$	666.4	Intentionally Left Blank
Impact of acquisitions/dispositions	—		(49.1)
Impact of fuel prices/spread2	24.1		—
Impact of foreign exchange rates2	(1.3)		—
As reported	$	802.3	$	617.3
* Columns may not calculate due to rounding.
1Other includes telematics, maintenance, food, payroll card and transportation related businesses.
2 Revenues reflect an estimated $20 million positive impact from fuel prices and approximately $4 million positive impact from fuel price spreads, partially offset by the negative impact of movements in foreign exchange rates of approximately $1 million.

Exhibit 6

RECONCILIATION OF NON-GAAP GUIDANCE MEASURES

(In millions, except per share amounts)

(Unaudited)

The following table reconciles first quarter 2022 and full year 2022 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range:

	Q1 2022 GUIDANCE
	Low*		High*
Net income	205		213
Net income per diluted share	$	2.55	$	2.66
Stock based compensation	29		29
Amortization	57		57
Other	5		5
Total pre-tax adjustments	91		91
Income taxes	(22)		(22)
Adjusted net income	$	275	$	282
Adjusted net income per diluted share	$	3.45	$	3.55
Diluted shares	80		80
	2022 GUIDANCE
	Low*		High*
Net income	935		975
Net income per diluted share	$	11.65	$	12.15
Stock based compensation	109		109
Amortization	225		225
Other	22		22
Total pre-tax adjustments	356		356
Income taxes	(91)		(91)
Adjusted net income	$	1,200	$	1,240
Adjusted net income per diluted share	$	15.00	$	15.50
Diluted shares	80		80
* Columns may not calculate due to rounding.

XML

Document and Entity Information Document	Feb. 08, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 08, 2022
Entity Registrant Name	FLEETCOR Technologies, Inc.
Entity Central Index Key	0001175454
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35004
Entity Tax Identification Number	72-1074903
Entity Address, Address Line One	3280 Peachtree Road, Suite 2400
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	770
Local Phone Number	449-0479
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	FLT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false