Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

SegmentsThe Company reports information about its operating segments in accordance with the authoritative guidance related to segments. In the second quarter of 2022, in order to align with recent changes in the organizational structure and management reporting, the Company has updated its segments structure into Fleet, Corporate Payments, Lodging, Brazil and Other, which includes our Gift and Paycard businesses. The presentation of segment information has been recast for the prior periods to align with this segment presentation for the three and six months ended June 30, 2022. We manage and report our operating results through five reportable segments, which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The Company has aggregated its Corporate Payments and Cross-Border segments into the Corporate Payments reportable segment and allocated overhead expenses on a consistent basis in accordance with relevant guidance.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues, net:
Fleet	$	377,361	$	333,091	$	728,954	$	628,064
Corporate Payments	189,699		140,388		373,467		256,782
Lodging	116,900		62,248		211,476		121,284
Brazil	111,825		85,669		214,362		167,593
Other	65,493		45,985		122,260		102,281
	$	861,278	$	667,381	$	1,650,519	$	1,276,004
Operating income:
Fleet	$	186,790	$	172,588	$	354,635	$	319,619
Corporate Payments	65,859		48,611		124,066		93,014
Lodging	58,559		29,901		98,339		54,774
Brazil	41,617		33,331		78,945		65,556
Other	17,655		13,181		32,216		30,614
	$	370,480	$	297,612	$	688,201	$	563,577
Depreciation and amortization:
Fleet	$	34,927	$	36,384	$	69,634	$	73,039
Corporate Payments	16,724		12,320		33,072		21,553
Lodging	10,321		5,229		20,855		10,384
Brazil	14,288		12,894		27,409		25,181
Other	2,214		2,391		4,306		4,790
	$	78,474	$	69,218	$	155,276	$	134,947

The Company’s segment results are as follows for the quarterly periods in 2021 and 2020, as well as the first quarter of 2022 (in thousands):

	Quarter Ended March 31, 2022		Fiscal Quarters Year Ended December 31, 2021
(in thousands)	First		First		Second		Third		Fourth
Revenues, net:
Fleet	$	351,592	$	294,973	$	333,091	$	343,194	$	348,883
Corporate Payments	183,769		116,394		140,388		168,684		174,525
Lodging	94,576		59,036		62,248		85,214		103,121
Brazil	102,538		81,923		85,669		94,888		105,600
Other	56,766		56,297		45,985		63,497		70,126
	$	789,241	$	608,623	$	667,381	$	755,477	$	802,255
Operating income:
Fleet	$	167,845	$	147,031	$	172,588	$	181,787	$	168,859
Corporate Payments	58,207		44,403		48,611		53,512		51,056
Lodging	39,779		24,873		29,901		44,027		50,172
Brazil	37,328		32,225		33,331		39,943		48,766
Other	14,562		17,433		13,181		19,418		21,439
	$	317,721	$	265,965	$	297,612	$	338,687	$	340,292
Depreciation and amortization:
Fleet	$	34,706	$	36,655	$	36,384	$	36,378	$	35,557
Corporate Payments	16,349		9,233		12,320		15,526		16,579
Lodging	10,534		5,155		5,229		7,301		8,793
Brazil	13,121		12,287		12,894		12,910		11,929
Other	2,092		2,399		2,391		2,122		2,155
	$	76,802	$	65,729	$	69,218	$	74,237	$	75,013

	Fiscal Quarters Year Ended December 31, 2020
(in thousands)	First		Second		Third		Fourth
Revenues, net:
Fleet	$	327,062	$	277,707	$	293,388	$	294,314
Corporate Payments	119,934		92,556		106,504		114,958
Lodging	56,995		40,618		52,857		56,567
Brazil	98,978		75,148		79,596		90,526
Other	58,124		39,117		52,938		60,968
	$	661,093	$	525,146	$	585,283	$	617,333
Operating income:
Fleet	$	155,288	$	134,794	$	145,670	$	158,989
Corporate Payments	(39,857)		28,247		40,892		46,995
Lodging	27,484		11,812		26,165		25,427
Brazil	39,438		29,420		35,600		43,593
Other	18,630		8,538		16,205		18,935
	$	200,983	$	212,811	$	264,532	$	293,939
Depreciation and amortization:
Fleet	$	35,559	$	35,600	$	35,683	$	35,389
Corporate Payments	8,626		8,583		8,723		8,966
Lodging	3,449		3,618		4,462		5,367
Brazil	14,589		12,169		12,260		12,345
Other	2,253		2,192		2,351		2,618
	$	64,476	$	62,162	$	63,479	$	64,685

The Company’s segment results are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):

Year ended December 31, (in thousands)	2021		2020		2019
Revenues, net:
Fleet	$	1,320,141	$	1,192,471	$	1,311,922
Corporate Payments	599,991		433,952		509,723
Lodging	309,619		207,037		212,597
Brazil	368,080		344,248		427,921
Other	235,905		211,147		186,685
	$	2,833,736	$	2,388,855	$	2,648,848
Operating income:
Fleet	$	670,265	$	594,741	$	660,958
Corporate Payments	197,582		76,277		219,453
Lodging	148,973		90,888		121,899
Brazil	154,265		148,051		175,429
Other	71,471		62,308		53,691
	$	1,242,556	$	972,265	$	1,231,430
Depreciation and amortization:
Fleet	$	144,974	$	142,231	$	157,938
Corporate Payments	53,658		34,898		34,469
Lodging	26,478		16,896		11,356
Brazil	50,020		51,363		64,936
Other	9,067		9,414		5,511
	$	284,197	$	254,802	$	274,210
Capital expenditures:
Fleet	$	62,620	$	41,765	$	41,234
Corporate Payments	13,696		9,757		8,645
Lodging	4,604		3,586		1,909
Brazil	24,431		17,116		18,330
Other	6,179		6,201		5,052
	$	111,530	$	78,425	$	75,170

	Years Ended December 31,
	2021		2020
Long-lived assets (excluding goodwill, intangibles, investments and other)
Fleet	$	121,076	$	104,337
Corporate Payments	34,974		28,393
Lodging	12,592		11,885
Brazil	53,236		47,994
Other	14,416		9,900
	$	236,294	$	202,509

Results from the 2022 acquisition of Levarti are reported in our Lodging segment. More than 10% of our revenues in 2021, 2020 and 2019 were derived through our relationship with our open-loop network partner, with results included in both our Fleet and Corporate Payments segments.