QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Class | Outstanding at November 2, 2022 | |||||||
Common Stock, $0.001 par value |
Page | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Consolidated Balance Sheets at September 30, 2022 (unaudited) and December 31, 2021 | ||||||||
Unaudited Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021 | ||||||||
Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021 | ||||||||
Unaudited Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2022 and 2021 | ||||||||
Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II—OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts and other receivables (less allowance for credit losses of $ | ||||||||||||||
Securitized accounts receivable—restricted for securitization investors | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Other intangibles, net | ||||||||||||||
Investments | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses | ||||||||||||||
Customer deposits | ||||||||||||||
Securitization facility | ||||||||||||||
Current portion of notes payable and lines of credit | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Notes payable and other obligations, less current portion | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other noncurrent liabilities | ||||||||||||||
Total noncurrent liabilities | ||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Less treasury stock, | ( | ( | ||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
See accompanying notes to unaudited consolidated financial statements. | ||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues, net | $ | $ | $ | $ | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Processing | ||||||||||||||||||||||||||
Selling | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Other operating, net | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||
Investment loss (gain) | ( | |||||||||||||||||||||||||
Other expense (income), net | ( | |||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Loss on extinguishment of debt | ||||||||||||||||||||||||||
Total other expense | ||||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic shares | ||||||||||||||||||||||||||
Diluted shares |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||
Foreign currency translation losses, net of tax | ( | ( | ( | ( | ||||||||||||||||||||||
Net change in derivative contracts, net of tax | ||||||||||||||||||||||||||
Total other comprehensive loss | ( | ( | ( | ( | ||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Stock-based compensation | ||||||||||||||
Provision for credit losses on accounts and other receivables | ||||||||||||||
Amortization of deferred financing costs and discounts | ||||||||||||||
Amortization of intangible assets and premium on receivables | ||||||||||||||
Loss on extinguishment of debt | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Other non-cash operating loss | ||||||||||||||
Changes in operating assets and liabilities (net of acquisitions/dispositions): | ||||||||||||||
Accounts and other receivables | ( | ( | ||||||||||||
Prepaid expenses and other current assets | ( | |||||||||||||
Other assets | ( | |||||||||||||
Accounts payable, accrued expenses and customer deposits | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Acquisitions, net of cash acquired | ( | ( | ||||||||||||
Purchases of property and equipment | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from issuance of common stock | ||||||||||||||
Repurchase of common stock | ( | ( | ||||||||||||
Borrowings on securitization facility, net | ||||||||||||||
Deferred financing costs | ( | ( | ||||||||||||
Proceeds from notes payable | ||||||||||||||
Principal payments on notes payable | ( | ( | ||||||||||||
Borrowings from revolver | ||||||||||||||
Payments on revolver | ( | ( | ||||||||||||
Borrowings (payments) on swing line of credit, net | ( | |||||||||||||
Other | ( | |||||||||||||
Net cash (used in) provided by financing activities | ( | |||||||||||||
Effect of foreign currency exchange rates on cash | ( | ( | ||||||||||||
Net increase in cash and cash equivalents and restricted cash | ||||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | ||||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | $ | ||||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for interest | $ | $ | ||||||||||||
Cash paid for income taxes | $ | $ |
See accompanying notes to unaudited consolidated financial statements. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Foreign exchange (losses) | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Foreign currency gains (losses) on long-term intra-entity transactions | $ | $ | ( | $ | $ | ( |
Revenues, net by Solution* | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | % | 2021 | % | 2022 | % | 2021 | % | ||||||||||||||||||||||||||||||||||||||||
Fuel | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Corporate Payments | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Tolls | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Lodging | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Gift | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Other | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues, net | $ | % | $ | % | $ | % | $ | % |
*Columns may not calculate due to rounding. |
Revenues, net by Geography* | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | % | 2021 | % | 2022 | % | 2021 | % | ||||||||||||||||||||||||||||||||||||||||
United States | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Brazil | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
United Kingdom | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Other | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues, net | $ | % | $ | % | $ | % | $ | % |
*Columns may not calculate due to rounding. |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross | Offset on the Balance Sheet | Net | Gross | Offset on the Balance Sheet | Net | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Gross domestic accounts receivable | $ | $ | ||||||||||||
Gross domestic securitized accounts receivable | ||||||||||||||
Gross foreign receivables | ||||||||||||||
Total gross receivables | ||||||||||||||
Less allowance for credit losses | ( | ( | ||||||||||||
Net accounts and securitized accounts receivable | $ | $ |
2022 | 2021 | |||||||||||||
Allowance for credit losses beginning of period | $ | $ | ||||||||||||
Provision for credit losses | ||||||||||||||
Write-offs | ( | ( | ||||||||||||
Recoveries | ||||||||||||||
Impact of foreign currency | ( | ( | ||||||||||||
Allowance for credit losses end of period | $ | $ |
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Repurchase agreements | $ | $ | $ | $ | ||||||||||||||||||||||
Money market | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral for foreign exchange contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral obligation for foreign exchange contracts | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Repurchase agreements | $ | $ | $ | $ | ||||||||||||||||||||||
Money market | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral for foreign exchange contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps1 | $ | $ | $ | $ | ||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral obligation for foreign exchange contracts | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Stock options | $ | $ | $ | $ | ||||||||||||||||||||||
Restricted stock | ||||||||||||||||||||||||||
Stock-based compensation | $ | $ | $ | $ |
Unrecognized Compensation Cost | Weighted Average Period of Expense Recognition (in Years) | |||||||||||||
Stock options | $ | |||||||||||||
Restricted stock | ||||||||||||||
Total | $ |
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, 2021 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Granted | $ | |||||||||||||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||||||||||||||
Outstanding at September 30, 2022 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Expected to vest as of September 30, 2022 | $ |
Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2021 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Canceled or forfeited | ( | |||||||||||||
Outstanding at September 30, 2022 | $ |
Trade and other receivables | $ | ||||
Prepaid expenses and other current assets | |||||
Other long term assets | |||||
Goodwill | |||||
Intangibles | |||||
Other current liabilities | ( | ||||
Other noncurrent liabilities | ( | ||||
Aggregate purchase price | $ |
Trade and other receivables | $ | ||||
Prepaid expenses and other current assets | |||||
Other long term assets | |||||
Goodwill | |||||
Intangibles | |||||
Accounts payable and accrued expenses | ( | ||||
Other current liabilities | ( | ||||
Other noncurrent liabilities | ( | ||||
Aggregate purchase price | $ |
Useful Lives (in Years) | Value | ||||||||||
Trade Names and Trademarks | Indefinite | $ | |||||||||
Proprietary Technology | |||||||||||
Lodging Network | |||||||||||
Customer Relationships | |||||||||||
$ |
Trade and other receivables | $ | ||||
Prepaid expenses and other current assets | |||||
Property, plant and equipment | |||||
Other long term assets | |||||
Goodwill | |||||
Intangibles | |||||
Accounts payable and accrued expenses | ( | ||||
Other current liabilities | ( | ||||
Customer deposits | ( | ||||
Other noncurrent liabilities | ( | ||||
Aggregate purchase price | $ |
Useful Lives (in Years) | Value | ||||||||||
Trade Names and Trademarks | $ | ||||||||||
Proprietary Technology | |||||||||||
Banking Relationships | |||||||||||
Licenses | |||||||||||
Customer Relationships | |||||||||||
$ |
Accounts and other receivables | $ | ||||
Prepaid expenses and other current assets | |||||
Other assets | |||||
Goodwill | |||||
Other intangibles | |||||
Current liabilities | ( | ||||
Deferred income taxes | ( | ||||
Aggregate purchase price | $ |
Useful Lives (in Years) | Value | ||||||||||
Proprietary Technology | $ | ||||||||||
Customer Relationships | |||||||||||
$ |
December 31, 2021 | Acquisitions | Acquisition Accounting Adjustments | Foreign Currency | September 30, 2022 | ||||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | ( | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Weighted- Avg Useful Lives (Years) | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||||||||
Customer and vendor relationships | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Trade names and trademarks—indefinite lived | N/A | — | — | |||||||||||||||||||||||||||||||||||||||||
Trade names and trademarks—other | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Software | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Non-compete agreements | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total other intangibles | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Term Loan A note payable, net of discounts and issuance costs | $ | $ | ||||||||||||
Term Loan B note payable, net of discounts and issuance costs | ||||||||||||||
Revolving line of credit facilities | ||||||||||||||
Total notes payable and credit agreements | ||||||||||||||
Securitization Facility | ||||||||||||||
Total notes payable, credit agreements and Securitization Facility | $ | $ | ||||||||||||
Current portion | $ | $ | ||||||||||||
Long-term portion | ||||||||||||||
Total notes payable, credit agreements and Securitization Facility | $ | $ |
2022 | 2021 | |||||||||||||||||||||||||
Computed expected tax expense | $ | % | $ | % | ||||||||||||||||||||||
Changes resulting from: | ||||||||||||||||||||||||||
Foreign income tax differential | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Excess tax benefit related to stock-based compensation | ( | % | ( | ( | % | |||||||||||||||||||||
State taxes net of federal benefits | % | % | ||||||||||||||||||||||||
Foreign withholding | % | % | ||||||||||||||||||||||||
GILTI, net of foreign tax credits | % | % | ||||||||||||||||||||||||
Foreign sourced non taxable income | % | % | ||||||||||||||||||||||||
Stock-based compensation | % | % | ||||||||||||||||||||||||
Sub-part F Income | % | % | ||||||||||||||||||||||||
Other | % | % | ||||||||||||||||||||||||
Provision for income taxes | $ | % | $ | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator for basic earnings per share | ||||||||||||||||||||||||||
Dilutive securities | ||||||||||||||||||||||||||
Denominator for diluted earnings per share | ||||||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
20221 | 2021 | 20221 | 2021 | |||||||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||||
Fleet | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate Payments | ||||||||||||||||||||||||||
Lodging | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Other2 | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||
Fleet | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate Payments | ||||||||||||||||||||||||||
Lodging | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Other2 | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||
Fleet | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate Payments | ||||||||||||||||||||||||||
Lodging | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Other2 | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Notional | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Foreign exchange contracts: | |||||||||||
Swaps | $ | $ | |||||||||
Futures, forwards and spot | |||||||||||
Written options | |||||||||||
Purchased options | |||||||||||
Total | $ | $ |
September 30, 2022 | |||||||||||||||||||||||
Fair Value, Gross | Fair Value, Net | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
Derivatives - undesignated: | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | |||||||||||||||||||
Cash collateral | |||||||||||||||||||||||
Total net of cash collateral | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
Fair Value, Gross | Fair Value, Net | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
Derivatives - undesignated: | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | |||||||||||||||||||
Cash collateral | |||||||||||||||||||||||
Total net of cash collateral | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Balance Sheet Classification | Fair Value | ||||||||||||||||
Derivative Assets | Prepaid expenses and other current assets | $ | $ | ||||||||||||||
Derivative Assets | Other assets | $ | $ | ||||||||||||||
Derivative Liabilities | Other current liabilities | $ | $ | ||||||||||||||
Derivative Liabilities | Other noncurrent liabilities | $ | $ |
Notional Amount as of September 30, 2022 | Fixed Rates | Maturity Date | ||||||||||||||||||
Interest Rate Derivative: | ||||||||||||||||||||
Interest Rate Swap | $ | 1/31/2023 | ||||||||||||||||||
Interest Rate Swap | $ | 12/19/2023 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Balance Sheet Classification | Fair Value | ||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Swap contracts | Prepaid expenses and other current assets | $ | $ | ||||||||||||||
Swap contracts | Other assets | $ | $ | ||||||||||||||
Swap contracts | Other current liabilities | $ | $ | ||||||||||||||
Swap contracts | Other noncurrent liabilities | $ | $ |
September 30, 2022 | ||||||||||||||||||||
Cumulative Foreign Currency Translation | Unrealized (Losses) Gains on Derivative Instruments | Total Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ||||||||||||||||||
Amounts reclassified from AOCL | ||||||||||||||||||||
Tax effect | ( | ( | ||||||||||||||||||
Other comprehensive (loss) income | ( | ( | ||||||||||||||||||
Balance at September 30, 2022 | $ | ( | $ | $ | ( | |||||||||||||||
September 30, 2021 | ||||||||||||||||||||
Cumulative Foreign Currency Translation | Unrealized (Losses) Gains on Derivative Instruments | Total Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ||||||||||||||||||
Amounts reclassified from AOCL | ||||||||||||||||||||
Tax effect | ( | ( | ||||||||||||||||||
Other comprehensive (loss) income | ( | ( | ||||||||||||||||||
Balance at September 30, 2021 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenues, net | $ | 893.0 | $ | 755.5 | $ | 2,543.5 | $ | 2,031.5 | ||||||||||||||||||
Net income | $ | 248.9 | $ | 234.0 | $ | 729.0 | $ | 614.5 | ||||||||||||||||||
Net income per diluted share | $ | 3.29 | $ | 2.80 | $ | 9.38 | $ | 7.24 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Adjusted net income | $ | 320.7 | $ | 294.4 | $ | 936.5 | $ | 804.9 | ||||||||||||||||||
Adjusted net income per diluted share | $ | 4.24 | $ | 3.52 | $ | 12.06 | $ | 9.48 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)* | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | ||||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 395.2 | 44 | % | $ | 343.2 | 45 | % | $ | 1,124.2 | 44 | % | $ | 971.3 | 48 | % | ||||||||||||||||||||||||||||||||||
Corporate Payments | 196.9 | 22 | % | 168.7 | 22 | % | 570.4 | 22 | % | 425.5 | 21 | % | ||||||||||||||||||||||||||||||||||||||
Lodging | 126.0 | 14 | % | 85.2 | 11 | % | 337.4 | 13 | % | 206.5 | 10 | % | ||||||||||||||||||||||||||||||||||||||
Brazil | 108.6 | 12 | % | 94.9 | 13 | % | 322.9 | 13 | % | 262.5 | 13 | % | ||||||||||||||||||||||||||||||||||||||
Other | 66.3 | 7 | % | 63.5 | 8 | % | 188.6 | 7 | % | 165.8 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Consolidated revenues, net | $ | 893.0 | 100 | % | $ | 755.5 | 100 | % | $ | 2,543.5 | 100 | % | $ | 2,031.5 | 100 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net by Geography* | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | ||||||||||||||||||||||||||||||||||||||||||
United States | $ | 558.3 | 63 | % | $ | 488.2 | 65 | % | $ | 1,557.7 | 61 | % | $ | 1,271.5 | 63 | % | ||||||||||||||||||||||||||||||||||
Brazil | 108.6 | 12 | % | 94.9 | 13 | % | 322.9 | 13 | % | 262.5 | 13 | % | ||||||||||||||||||||||||||||||||||||||
United Kingdom | 90.4 | 10 | % | 81.9 | 11 | % | 278.4 | 11 | % | 241.0 | 12 | % | ||||||||||||||||||||||||||||||||||||||
Other | 135.8 | 15 | % | 90.5 | 12 | % | 384.5 | 15 | % | 256.5 | 13 | % | ||||||||||||||||||||||||||||||||||||||
Consolidated revenues, net | $ | 893.0 | 100 | % | $ | 755.5 | 100 | % | $ | 2,543.5 | 100 | % | $ | 2,031.5 | 100 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2022 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Revenues, net by Solution* | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | |||||||||||||||||||||||||||||||||||||||
Fuel | $ | 361.8 | 41 | % | $ | 306.8 | 41 | % | $ | 1,027.2 | 40 | % | $ | 863.8 | 43 | % | |||||||||||||||||||||||||||||||
Corporate Payments | 196.9 | 22 | % | 168.7 | 22 | % | 570.4 | 22 | % | 425.5 | 21 | % | |||||||||||||||||||||||||||||||||||
Tolls | 88.6 | 10 | % | 79.0 | 10 | % | 264.7 | 10 | % | 219.4 | 11 | % | |||||||||||||||||||||||||||||||||||
Lodging | 126.0 | 14 | % | 85.2 | 11 | % | 337.4 | 13 | % | 206.5 | 10 | % | |||||||||||||||||||||||||||||||||||
Gift | 52.0 | 6 | % | 48.6 | 6 | % | 147.2 | 6 | % | 124.3 | 6 | % | |||||||||||||||||||||||||||||||||||
Other | 67.7 | 8 | % | 67.2 | 9 | % | 196.6 | 8 | % | 192.1 | 9 | % | |||||||||||||||||||||||||||||||||||
Consolidated revenues, net | $ | 893.0 | 100 | % | $ | 755.5 | 100 | % | $ | 2,543.5 | 100 | % | $ | 2,031.5 | 100 | % |
*Columns may not calculate due to rounding. Other includes telematics, maintenance, food, payroll card and transportation related businesses. |
As Reported | Pro Forma and Macro Adjusted2 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
FUEL | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $361.8 | $306.8 | $55.0 | 18% | $321.2 | $306.9 | $14.3 | 5% | |||||||||||||||||||||||||||||||||||||||
'- Transactions | 123.8 | 117.7 | 6.1 | 5% | 123.8 | 119.1 | 4.7 | 4% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $2.92 | $2.61 | $0.31 | 12% | $2.59 | $2.57 | $0.02 | 1% | |||||||||||||||||||||||||||||||||||||||
CORPORATE PAYMENTS | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $196.9 | $168.7 | $28.3 | 17% | $205.0 | $169.0 | $36.0 | 21% | |||||||||||||||||||||||||||||||||||||||
'- Spend volume | $30,609 | $25,666 | $4,943 | 19% | $30,609 | $25,666 | $4,943 | 19% | |||||||||||||||||||||||||||||||||||||||
'- Revenue, net per spend $ | 0.64% | 0.66% | (0.01)% | (2)% | 0.67% | 0.66% | 0.01% | 2% | |||||||||||||||||||||||||||||||||||||||
TOLLS | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $88.6 | $79.0 | $9.6 | 12% | $88.8 | $79.0 | $9.7 | 12% | |||||||||||||||||||||||||||||||||||||||
'- Tags (average monthly) | 6.2 | 6.0 | 0.3 | 4% | 6.2 | 6.0 | 0.3 | 4% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per tag | $14.26 | $13.25 | $1.01 | 8% | $14.29 | $13.25 | $1.03 | 8% | |||||||||||||||||||||||||||||||||||||||
LODGING | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $126.0 | $85.2 | $40.7 | 48% | $126.6 | $99.1 | $27.6 | 28% | |||||||||||||||||||||||||||||||||||||||
'- Room nights | 9.9 | 7.6 | 2.2 | 29% | 9.9 | 8.7 | 1.2 | 14% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per room night | $12.78 | $11.14 | $1.64 | 15% | $12.85 | $11.41 | $1.44 | 13% | |||||||||||||||||||||||||||||||||||||||
GIFT | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $52.0 | $48.6 | $3.3 | 7% | $53.2 | $48.6 | $4.6 | 9% | |||||||||||||||||||||||||||||||||||||||
'- Transactions | 249.4 | 256.2 | (6.7) | (3)% | 249.4 | 256.2 | (6.7) | (3)% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $0.21 | $0.19 | $0.02 | 10% | $0.21 | $0.19 | $0.02 | 12% | |||||||||||||||||||||||||||||||||||||||
OTHER1 | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $67.7 | $67.2 | $0.5 | 1% | $71.3 | $67.2 | $4.1 | 6% | |||||||||||||||||||||||||||||||||||||||
'- Transactions | 10.5 | 8.9 | 1.6 | 18% | 10.5 | 8.9 | 1.6 | 18% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $6.46 | $7.58 | $(1.12) | (15)% | $6.80 | $7.58 | $(0.78) | (10)% | |||||||||||||||||||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES, NET | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $893.0 | $755.5 | $137.5 | 18% | $866.1 | $769.7 | $96.3 | 13% |
1 Other includes telematics, maintenance, food, payroll card and transportation related businesses. | ||
2 See heading entitled "Managements' Use of Non-GAAP Financial Measures" for a reconciliation of pro forma and macro adjusted revenue by solution and metric non-GAAP measures to the comparable financial measure calculated in accordance with GAAP. | ||
* Columns may not calculate due to rounding. |
(Unaudited) | Three Months Ended September 30, 2022 | % of Total Revenues, net | Three Months Ended September 30, 2021 | % of Total Revenues, net | Increase (decrease) | % Change | ||||||||||||||||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||||||||||||||||
Fleet | $ | 395.2 | 44.3 | % | $ | 343.2 | 45.4 | % | $ | 52.0 | 15.2 | % | ||||||||||||||||||||||||||
Corporate Payments | 196.9 | 22.1 | % | 168.7 | 22.3 | % | 28.3 | 16.8 | % | |||||||||||||||||||||||||||||
Lodging | 126.0 | 14.1 | % | 85.2 | 11.3 | % | 40.7 | 47.8 | % | |||||||||||||||||||||||||||||
Brazil | 108.6 | 12.2 | % | 94.9 | 12.6 | % | 13.7 | 14.4 | % | |||||||||||||||||||||||||||||
Other | 66.3 | 7.4 | % | 63.5 | 8.4 | % | 2.8 | 4.4 | % | |||||||||||||||||||||||||||||
Total revenues, net | 893.0 | 100.0 | % | 755.5 | 100.0 | % | 137.5 | 18.2 | % | |||||||||||||||||||||||||||||
Consolidated operating expenses: | ||||||||||||||||||||||||||||||||||||||
Processing | 203.3 | 22.8 | % | 149.6 | 19.8 | % | 53.8 | 35.9 | % | |||||||||||||||||||||||||||||
Selling | 74.0 | 8.3 | % | 71.2 | 9.4 | % | 2.8 | 3.9 | % | |||||||||||||||||||||||||||||
General and administrative | 149.3 | 16.7 | % | 121.8 | 16.1 | % | 27.5 | 22.6 | % | |||||||||||||||||||||||||||||
Depreciation and amortization | 77.2 | 8.6 | % | 74.2 | 9.8 | % | 3.0 | 4.0 | % | |||||||||||||||||||||||||||||
Operating income | 389.2 | 43.6 | % | 338.7 | 44.8 | % | 50.5 | 14.9 | % | |||||||||||||||||||||||||||||
Investment loss | 0.2 | — | % | — | — | % | 0.2 | NM | ||||||||||||||||||||||||||||||
Other expense, net | 3.7 | 0.4 | % | 1.5 | 0.2 | % | 2.2 | NM | ||||||||||||||||||||||||||||||
Interest expense, net | 45.4 | 5.1 | % | 29.0 | 3.8 | % | 16.4 | 56.4 | % | |||||||||||||||||||||||||||||
Provision for income taxes | 91.0 | 10.2 | % | 74.1 | 9.8 | % | 16.9 | 22.8 | % | |||||||||||||||||||||||||||||
Net income | $ | 248.9 | 27.9 | % | $ | 234.0 | 31.0 | % | $ | 14.9 | 6.4 | % | ||||||||||||||||||||||||||
Operating income by segment: | ||||||||||||||||||||||||||||||||||||||
Fleet | $ | 192.6 | $ | 181.8 | $ | 10.8 | 5.9 | % | ||||||||||||||||||||||||||||||
Corporate Payments | 69.7 | 53.5 | 16.2 | 30.2 | % | |||||||||||||||||||||||||||||||||
Lodging | 63.5 | 44.0 | 19.4 | 44.1 | % | |||||||||||||||||||||||||||||||||
Brazil | 44.6 | 39.9 | 4.7 | 11.8 | % | |||||||||||||||||||||||||||||||||
Other | 18.8 | 19.4 | (0.6) | (3.2) | % | |||||||||||||||||||||||||||||||||
Total operating income | $ | 389.2 | $ | 338.7 | $ | 50.5 | 14.9 | % |
Three Months Ended September 30, | ||||||||||||||
(Unaudited) | 2022 | 2021 | ||||||||||||
Term loan A | 3.60 | % | 1.59 | % | ||||||||||
Term loan B | 3.96 | % | 1.84 | % | ||||||||||
Revolving line of credit | 3.72 | % | 1.59 | % | ||||||||||
Foreign swing line | 2.60 | % | 1.54 | % |
(Unaudited) | Nine Months Ended September 30, 2022 | % of Total Revenues, net | Nine Months Ended September 30, 2021 | % of Total Revenues, net | Increase (decrease) | % Change | ||||||||||||||||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||||||||||||||||
Fleet | $ | 1,124.2 | 44.2 | % | $ | 971.3 | 47.8 | % | $ | 152.9 | 15.7 | % | ||||||||||||||||||||||||||
Corporate Payments | 570.4 | 22.4 | % | 425.5 | 20.9 | % | 144.9 | 34.1 | % | |||||||||||||||||||||||||||||
Lodging | 337.4 | 13.3 | % | 206.5 | 10.2 | % | 130.9 | 63.4 | % | |||||||||||||||||||||||||||||
Brazil | 322.9 | 12.7 | % | 262.5 | 12.9 | % | 60.5 | 23.0 | % | |||||||||||||||||||||||||||||
Other | 188.6 | 7.4 | % | 165.8 | 8.2 | % | 22.8 | 13.7 | % | |||||||||||||||||||||||||||||
Total revenues, net | 2,543.5 | 100.0 | % | 2,031.5 | 100.0 | % | 512.0 | 25.2 | % | |||||||||||||||||||||||||||||
Consolidated operating expenses: | ||||||||||||||||||||||||||||||||||||||
Processing | 563.1 | 22.1 | % | 388.3 | 19.1 | % | 174.8 | 45.0 | % | |||||||||||||||||||||||||||||
Selling | 230.2 | 9.1 | % | 186.5 | 9.2 | % | 43.7 | 23.4 | % | |||||||||||||||||||||||||||||
General and administrative | 440.3 | 17.3 | % | 345.2 | 17.0 | % | 95.1 | 27.6 | % | |||||||||||||||||||||||||||||
Depreciation and amortization | 232.5 | 9.1 | % | 209.2 | 10.3 | % | 23.3 | 11.1 | % | |||||||||||||||||||||||||||||
Other operating, net | 0.1 | — | % | 0.1 | — | % | — | NM | ||||||||||||||||||||||||||||||
Operating income | 1,077.4 | 42.4 | % | 902.3 | 44.4 | % | 175.1 | 19.4 | % | |||||||||||||||||||||||||||||
Investment loss | 0.5 | — | % | — | — | % | 0.5 | NM | ||||||||||||||||||||||||||||||
Other expense (income), net | 6.2 | 0.2 | % | (2.5) | (0.1) | % | 8.7 | NM | ||||||||||||||||||||||||||||||
Interest expense, net | 90.5 | 3.6 | % | 92.3 | 4.5 | % | (1.8) | (1.9) | % | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | 1.9 | 0.1 | % | 6.2 | 0.3 | % | (4.3) | NM | ||||||||||||||||||||||||||||||
Provision for income taxes | 249.2 | 9.8 | % | 191.8 | 9.4 | % | 57.4 | 29.9 | % | |||||||||||||||||||||||||||||
Net income | $ | 729.0 | 28.7 | % | $ | 614.5 | 30.2 | % | $ | 114.5 | 18.6 | % | ||||||||||||||||||||||||||
Operating income by segment: | ||||||||||||||||||||||||||||||||||||||
Fleet | $ | 547.2 | $ | 501.4 | $ | 45.8 | 9.1 | % | ||||||||||||||||||||||||||||||
Corporate Payments | 193.7 | 146.5 | 47.2 | 32.2 | % | |||||||||||||||||||||||||||||||||
Lodging | 161.8 | 98.8 | 63.0 | 63.8 | % | |||||||||||||||||||||||||||||||||
Brazil | 123.6 | 105.5 | 18.1 | 17.1 | % | |||||||||||||||||||||||||||||||||
Other | 51.0 | 50.0 | 1.0 | 2.0 | % | |||||||||||||||||||||||||||||||||
Total operating income | $ | 1,077.4 | $ | 902.3 | $ | 175.1 | 19.4 | % |
Nine Months Ended September 30, | ||||||||||||||
(Unaudited) | 2022 | 2021 | ||||||||||||
Term loan A | 2.56 | % | 1.61 | % | ||||||||||
Term loan B | 2.80 | % | 1.85 | % | ||||||||||
Revolving line of credit A & B | 2.65 | % | 1.60 | % | ||||||||||
Revolving line of credit B GBP | — | % | 1.52 | % | ||||||||||
Foreign swing line | 2.06 | % | 1.54 | % |
Nine Months Ended September 30, | ||||||||||||||
(Unaudited) | 2022 | 2021 | ||||||||||||
Net cash provided by operating activities | $ | 438.6 | $ | 599.5 | ||||||||||
Net cash used in investing activities | $ | (267.7) | $ | (621.8) | ||||||||||
Net cash (used in) provided by financing activities | $ | (40.1) | $ | 579.2 |
Revenues, net | Key Performance Metric | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
FUEL - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 321.2 | $ | 306.9 | 123.8 | 119.1 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (0.1) | — | (1.4) | |||||||||||||||||||||||||
Impact of fuel prices/spread | 47.2 | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (6.6) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 361.8 | $ | 306.8 | 123.8 | 117.7 | |||||||||||||||||||||||
CORPORATE PAYMENTS - SPEND | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 205.0 | $ | 169.0 | $ | 30,609 | $ | 25,666 | |||||||||||||||||||||
Impact of acquisitions/dispositions | — | (0.3) | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | 0.5 | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (8.5) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 196.9 | $ | 168.7 | $ | 30,609 | $ | 25,666 | |||||||||||||||||||||
TOLLS - TAGS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 88.8 | $ | 79.0 | 6.2 | 6.0 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (0.2) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 88.6 | $ | 79.0 | 6.2 | 6.0 | |||||||||||||||||||||||
LODGING - ROOM NIGHTS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 126.6 | $ | 99.1 | 9.9 | 8.7 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (13.8) | — | (1.1) | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (0.7) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 126.0 | $ | 85.2 | 9.9 | 7.6 | |||||||||||||||||||||||
GIFT - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 53.2 | $ | 48.6 | 249.4 | 256.2 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (1.2) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 52.0 | $ | 48.6 | 249.4 | 256.2 | |||||||||||||||||||||||
OTHER1- TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 71.3 | $ | 67.2 | 10.5 | 8.9 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | (3.6) | — | — | — | |||||||||||||||||||||||||
As reported | $ | 67.7 | $ | 67.2 | 10.5 | 8.9 | |||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES, NET | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 866.1 | $ | 769.7 | Intentionally Left Blank | ||||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (14.2) | |||||||||||||||||||||||||||
Impact of fuel prices/spread2 | 47.7 | — | |||||||||||||||||||||||||||
Impact of foreign exchange rates2 | (20.8) | — | |||||||||||||||||||||||||||
As reported | $ | 893.0 | $ | 755.5 | |||||||||||||||||||||||||
* Columns may not calculate due to rounding. | |||||||||||||||||||||||||||||
1 Other includes telematics, maintenance, food, payroll card and transportation card related businesses. | |||||||||||||||||||||||||||||
2 Revenues reflect an estimated $26 million positive impact from fuel prices and approximately $21 million positive impact from fuel price spreads, partially offset by the negative impact of movements in foreign exchange rates of approximately $21 million. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 248,885 | $ | 234,007 | $ | 729,008 | $ | 614,493 | ||||||||||||||||||
Net income per diluted share | $ | 3.29 | $ | 2.80 | $ | 9.38 | $ | 7.24 | ||||||||||||||||||
Stock-based compensation | 34,180 | 16,453 | 100,828 | 52,085 | ||||||||||||||||||||||
Amortization1 | 55,748 | 56,381 | 171,372 | 158,482 | ||||||||||||||||||||||
Integration and deal related costs | 4,861 | 6,638 | 14,071 | 18,132 | ||||||||||||||||||||||
Legal settlements/litigation | 2,783 | 561 | 4,685 | 5,619 | ||||||||||||||||||||||
Restructuring and related costs | 507 | (568) | 1,270 | (1,931) | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 1,934 | 6,230 | ||||||||||||||||||||||
Total pre-tax adjustments | 98,079 | 79,465 | 294,160 | 238,617 | ||||||||||||||||||||||
Income taxes2 | (26,262) | (19,114) | (86,667) | (48,193) | ||||||||||||||||||||||
Adjusted net income | $ | 320,702 | $ | 294,358 | $ | 936,501 | $ | 804,917 | ||||||||||||||||||
Adjusted net income per diluted share | $ | 4.24 | $ | 3.52 | $ | 12.06 | $ | 9.48 | ||||||||||||||||||
Diluted shares | 75,558 | 83,716 | 77,687 | 84,917 |
1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. | ||
2 Includes $9 million adjustment for tax benefit of certain income determined to be permanently invested in Q2 2022. | ||
*Columns may not calculate due to rounding. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Plan | Maximum Value that May Yet be Purchased Under the Publicly Announced Plan (in thousands) | ||||||||||||||||||||||
July 1, 2022 through July 31, 2022 | 931,260 | $ | 215.10 | 24,398,365 | $ | 655,295 | ||||||||||||||||||||
August 1, 2022 through August 31, 2022 | 1,301,144 | $ | 230.58 | 25,699,509 | $ | 355,278 | ||||||||||||||||||||
September 1, 2022 through September 30, 2022 | 42 | $ | 212.53 | 25,699,551 | $ | 355,269 | ||||||||||||||||||||
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Exhibit No. | ||||||||
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 SEC on March 25, 2011) | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, File No. 001-35004, file with the SEC on June 8, 2018) | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, File No. 001-35004, filed with the SEC on June 14, 2019) | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. filed with the Secretary of State of Delaware on June 9, 2022.(incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, File No. 001-35004, filed with the SEC on June 14, 2022) | ||||||||
FleetCor Technologies, Inc. Amended and Restated Bylaws, adopted June 9, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, File No. 001-35004, filed with the SEC on June 14, 2022) | ||||||||
Tenth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated March 23, 2022 by and among by and among FleetCor Funding LLC, FleetCor Technologies Operating Company, LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and certain other parties thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q, File No. 001-35004, filed with the SEC on May 9, 2022) | ||||||||
Twelfth Amendment to the Credit Agreement, dated as of June 24, 2022 among FLEETCOR Technologies Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, Cambridge Mercantile Corp. (USA) as the additional borrower, Bank of America, N.A., as administrative agent, a domestic swing line lender, the foreign swing line lender and the L/C issuer, and the other lenders party hereto (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q, File No. 001-35004, filed with the SEC on August 9, 2022) | ||||||||
Offer letter, dated May 23, 2022, between FLEETCOR Technologies, Inc. and Alan King (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q, File No. 001-35004, filed with the SEC on August 9, 2022) | ||||||||
10.4* | Eleventh Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated August 18, 2022 by and among by and among FleetCor Funding LLC, FleetCor Technologies Operating Company, LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and certain other parties thereto | |||||||
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 | |||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
FLEETCOR Technologies, Inc. | ||||||||||||||
(Registrant) | ||||||||||||||
Signature | Title | |||||||||||||
/s/ Ronald F. Clarke | President, Chief Executive Officer and Chairman of the Board of Directors (Duly Authorized Officer and Principal Executive Officer) | |||||||||||||
Ronald F. Clarke | ||||||||||||||
/s/ Alissa B. Vickery | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | |||||||||||||
Alissa B. Vickery |
749013628 04351262 |
749013628 04351262 | 2 |
749013628 04351262 | 3 |
749013628 04351262 | 4 |
/s/ Ronald F. Clarke | ||
Ronald F. Clarke | ||
Chief Executive Officer |
/s/ Alissa B. Vickery | ||
Alissa B. Vickery | ||
Chief Financial Officer |
/s/ Ronald F. Clarke | ||
Ronald F. Clarke | ||
Chief Executive Officer |
/s/ Alissa B. Vickery | ||
Alissa B. Vickery | ||
Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 134,027 | $ 98,719 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 475,000,000 | 475,000,000 |
Common stock, shares issued (in shares) | 127,591,768 | 127,113,023 |
Common stock, shares outstanding (in shares) | 73,727,244 | 78,879,551 |
Treasury stock, shares (in shares) | 53,864,524 | 48,233,471 |
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Statement [Abstract] | ||||
Revenues, net | $ 893,000 | $ 755,477 | $ 2,543,519 | $ 2,031,481 |
Expenses: | ||||
Processing | 203,315 | 149,564 | 563,097 | 388,286 |
Selling | 74,005 | 71,204 | 230,218 | 186,511 |
General and administrative | 149,294 | 121,785 | 440,262 | 345,155 |
Depreciation and amortization | 77,213 | 74,237 | 232,489 | 209,184 |
Other operating, net | 3 | 0 | 82 | 81 |
Operating income | 389,170 | 338,687 | 1,077,371 | 902,264 |
Other expenses: | ||||
Investment loss (gain) | 174 | 0 | 519 | (9) |
Other expense (income), net | 3,688 | 1,532 | 6,187 | (2,547) |
Interest expense, net | 45,410 | 29,033 | 90,510 | 92,269 |
Loss on extinguishment of debt | 0 | 0 | 1,934 | 6,230 |
Total other expense | 49,272 | 30,565 | 99,150 | 95,943 |
Income before income taxes | 339,898 | 308,122 | 978,221 | 806,321 |
Provision for income taxes | 91,013 | 74,115 | 249,213 | 191,828 |
Net income | $ 248,885 | $ 234,007 | $ 729,008 | $ 614,493 |
Basic earnings per share (in dollars per share) | $ 3.34 | $ 2.86 | $ 9.55 | $ 7.42 |
Diluted earnings per share (in dollars per share) | $ 3.29 | $ 2.80 | $ 9.38 | $ 7.24 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 74,461 | 81,836 | 76,311 | 82,811 |
Diluted (in shares) | 75,558 | 83,716 | 77,687 | 84,917 |
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 248,885 | $ 234,007 | $ 729,008 | $ 614,493 |
Other comprehensive loss: | ||||
Foreign currency translation losses, net of tax | (252,719) | (179,839) | (228,666) | (102,191) |
Net change in derivative contracts, net of tax | 6,107 | 8,972 | 32,837 | 29,305 |
Total other comprehensive loss | (246,612) | (170,867) | (195,829) | (72,886) |
Total comprehensive income | $ 2,273 | $ 63,140 | $ 533,179 | $ 541,607 |
Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms "our," "we," "us," and the "Company" refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States ("GAAP"). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated 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, 2021. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available to us as of September 30, 2022 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the impact of changes to monetary policy, as well as other factors. 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 recorded to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2022 and 2021 as follows (in millions):
The Company recorded foreign currency gains (losses) on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 as follows (in millions):
Cash, Cash Equivalents, and Restricted Cash Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions. Based on our assessment of the current capital market conditions and related impact on our access to cash, we have reclassified all cash held at our Russian businesses of $246.6 million to restricted cash as of September 30, 2022. Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Fuel, Corporate Payments, Tolls, Lodging, as well as Gift solutions (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 75% of total consolidated revenues, net, for the three and nine months ended September 30, 2022. The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. Our revenue is generally reported net of the cost for underlying products and services purchased through our payment solutions. In this report, we refer to this net revenue as "revenue". Disaggregation of Revenues The Company provides its services to customers across different payment solutions and geographies. Revenue by solution (in millions) for the three and nine months ended September 30, was as follows:
Revenue by geography (in millions) for the three and nine months ended September 30, was as follows:
Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $56.1 million and $73.7 million as of September 30, 2022 and December 31, 2021, respectively. We expect to recognize approximately $34.2 million of these amounts in revenues within 12 months and the remaining $21.9 million over the next five years as of September 30, 2022. Revenue recognized in the nine months ended September 30, 2022 that was included in the deferred revenue contract liability as of December 31, 2021 was approximately $38.0 million. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2022 and December 31, 2021 (in millions):
Reclassifications and Adjustments During 2021, the Company identified and corrected an immaterial error in the presentation of deferred income taxes and changes in accounts payable, accrued expenses and customer deposits, both presented within net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for the nine months ended September 30, 2021 was a decrease to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $6.2 million, with a corresponding increase to changes in accounts payable, accrued expenses and customer deposits in operating activities of $6.2 million. There was no impact to net cash provided by operating activities in the Unaudited Consolidated Statement of Cash Flows. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation. Adoption of New Accounting Standards Reference Rate Reform In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (ASU 2020-04). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company's adoption of this ASU 2020-04 on January 1, 2022 did not have a material impact on the Company's consolidated financial statements. The Company transitioned from LIBOR to the Sterling Overnight Index Average Reference Rate ("SONIA") plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate ("EURIBOR") for term euro borrowings, the Euro Short Term Rate ("ESTR") plus an ESTR adjustment of 0.085% for swingline euro borrowings, and the Tokyo Interbank Offered Rate ("TIBOR") for yen borrowings. In addition, the Company transitioned from LIBOR to the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 0.10% for USD borrowings under the Securitization Facility (as defined below), revolving credit facility and the term loan A. The Company has availed itself of available benefits arising from changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805)" (ASU 2021-08), which requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company's adoption of this ASU on January 1, 2022 did not have a material impact on the Company's consolidated financial statements.
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Accounts and Other Receivables |
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Accounts and Other Receivables | Accounts and Other Receivables The Company's accounts and securitized accounts receivable include the following at September 30, 2022 and December 31, 2021 (in thousands):
The Company maintains a $1.7 billion revolving trade accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. 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 transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce 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 transferred asset 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. The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025. A rollforward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2022 and 2021 is as follows (in thousands):
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements 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 for which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):
1During 2022, the Company identified and corrected an immaterial error in the presentation of the December 31, 2021 interest rate swap liabilities in the table above. Such amount was incorrectly bracketed, which has since been corrected. The liability was correctly presented and classified in the Company's Consolidated Balance Sheet at December 31, 2021. The Company has highly-liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested in highly liquid investments, such as, repurchase agreements, money markets and certificates of deposit, with maturities ranging from overnight to 90 days or less. The value of overnight repurchase agreements is determined based upon the quoted market prices for the securities associated with the repurchase agreements. The value of money market instruments is determined based upon the financial institutions' month-end statement, as these instruments are not tradable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments. The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in our Consolidated Balance Sheet at September 30, 2022 and December 31, 2021. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet at September 30, 2022 and December 31, 2021. The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are deemed to have occurred at the end of the quarter. There were no transfers between fair value levels during the periods presented for September 30, 2022 and December 31, 2021. The Company’s assets that are measured at fair value on a nonrecurring basis or are evaluated with periodic testing for impairment include property, plant and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the fair value hierarchy. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets. The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $74.3 million at September 30, 2022. The Company typically reviews long-lived assets and goodwill for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if an indicator of impairment exists. The recent military conflict between Russia and Ukraine has created significant uncertainty and risk in the economic environment in which the Russia reporting unit operates. As such, the Company completed an analysis during the period, which resulted in no impairment. The Company continues to monitor the economic uncertainty, while assessing the financial impact and outlook for the Russia reporting unit. The fair 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. These are each Level 2 fair value measurements, except for cash, which is a Level 1 fair value measurement.
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Stockholders' Equity |
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Equity [Abstract] | |
Stockholders' Equity | Stockholders' EquityThe Company's Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 1, 2024. On January 25, 2022, the Board increased the aggregate size of the Program by $1.0 billion, to $6.1 billion. Since the beginning of the Program through September 30, 2022, 25,699,551 shares have been repurchased for an aggregate purchase price of $5.7 billion, leaving the Company up to $0.4 billion of remaining authorization available under the Program for future repurchases in shares of its common stock. On October 25, 2022, the Board increased the aggregate size of the Program by $1.0 billion to an aggregate of $7.1 billion, with approximately $1.4 billion remaining. |
Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three and nine months ended September 30, 2022 and 2021 (in thousands):
The tax benefits recorded on stock-based compensation and upon the exercises of options were $23.9 million and $33.2 million for the nine months ended September 30, 2022 and 2021, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of September 30, 2022 (cost in thousands):
Stock Options The following summarizes the changes in the number of shares of common stock under option for the nine months ended September 30, 2022 (shares/options and aggregate intrinsic value in thousands):
The aggregate intrinsic value of stock options exercisable at September 30, 2022 was $99.1 million. The weighted average remaining contractual term of options exercisable at September 30, 2022 was 3.9 years. Restricted Stock The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the nine months ended September 30, 2022 (shares in thousands):
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Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions 2022 Acquisitions Levarti, Accrualify, and Plugsurfing During 2022, the Company acquired Levarti, an airline software platform company reported in the Lodging segment, Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment, and Plugsurfing, a European electric vehicle (EV) software and network provider reported in the Fleet segment. The aggregate purchase price of these acquisitions was approximately $140.7 million, net of cash. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. In connection with one of these acquisitions, the Company signed noncompete agreements with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies. The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):
Roomex (Subsequent to September 30, 2022) On November 1, 2002, the Company completed the acquisition of Roomex, a European workforce lodging provider serving the U.K. and German markets for approximately $60 million. The Company is in the process of performing the acquisition accounting for the assets acquired and liabilities assumed in the transaction. Other In February 2022, the Company also made investments of $7.8 million in an electric vehicle charging payments business and $5.0 million in an electric vehicle data analytics business. In September 2022, the Company made an investment of $6.1 million in a U.K. based electric vehicle search and pay mapping service. 2021 Acquisitions ALE On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a leader in lodging solutions to the insurance industry, for a net purchase price of $421.8 million. The purpose of this acquisition is to expand the Company's lodging business into the insurance vertical. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the Lodging segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $18.3 million. These noncompete agreements were accounted for separately from the business acquisition. The following table summarizes the final acquisition accounting for ALE (in thousands):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
AFEX On June 1, 2021, the Company completed the acquisition of Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider, for $459.1 million. This includes $210.3 million of cash and cash equivalents and $178.7 million of restricted cash, resulting in a net purchase price of $70.1 million. The purpose of this acquisition is to further expand the Company's cross border payment solutions. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the Corporate Payments segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $4.1 million. These noncompete agreements were accounted for separately from the business acquisition. The following table summarizes the final acquisition accounting for AFEX (in thousands):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
Roger On January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the Corporate Payments segment. The following table summarizes the final acquisition accounting for Roger (in thousands):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
Other On December 15, 2021, the Company acquired a mobile fuel payments solution in Russia for a net purchase price of $5.0 million. Acquisition accounting for this acquisition is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments. The results from the acquisition are reported in the Fleet segment. During 2021, the Company made an investment of $37.8 million in a joint venture with CAIXA, a leading bank in Brazil. The Company also made investments in other businesses of $6.8 million. The Company financed all of these investments and acquisitions using a combination of available cash and borrowings under its existing credit facility.
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Goodwill and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | Goodwill and Other Intangibles A summary of changes in the Company’s goodwill is as follows (in thousands):
As of September 30, 2022 and December 31, 2021, other intangibles consisted of the following (in thousands): Changes in foreign exchange rates resulted in a $45.8 million decrease to the net carrying values of other intangibles in the nine months ended September 30, 2022. Amortization expense related to intangible assets for the nine months ended September 30, 2022 and 2021 was $163.1 million and $151.2 million, respectively.
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Debt |
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Debt | Debt The Company is party to a $6.4 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and a syndicate of financial institutions (the "Lenders"). The Credit Agreement includes term loan A, term loan B, and a revolving credit facility. As noted in footnote 2, the Company is also party to a Securitization Facility. The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):
On June 24, 2022, the Company entered into the twelfth amendment to the Credit Agreement. The amendment replaced the existing term loan A with a new $3 billion term loan A and the revolving credit facility with a new $1.5 billion revolving credit facility, resulting in net increases of $273 million and $215 million, respectively. The amendment also replaced LIBOR on the term loan A and revolving credit facility with the Secured Overnight Financing Rate ("SOFR"), plus a SOFR adjustment of 0.10% and extended the maturity date for the term loan A and revolving credit facility to June 24, 2027. On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025. The Company has unamortized debt issuance costs of $3.5 million and $2.5 million related to the Securitization Facility as of September 30, 2022 and December 31, 2021, respectively, recorded within other assets in the Consolidated Balance Sheets. The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at September 30, 2022.
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2022 and 2021 to income before income taxes for the three months ended September 30, 2022 and 2021 due to the following (in thousands):
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | 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 treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands, except per share data):
Diluted earnings per share for the three months ended September 30, 2022 and 2021 excludes the effect of 2.5 million and 0.2 million, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive. Diluted earnings per share also excludes the effect of an immaterial amount and 0.2 million shares of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended September 30, 2022 and 2021, respectively.
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Segments |
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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 updated its segments structure into Fleet, Corporate Payments, Lodging, Brazil and Other, which includes our Gift and Paycard businesses. We manage and report our operating results through these five reportable segments which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior periods to align with this segment presentation for the three and nine months ended September 30, 2022. The Company’s segment results are as follows for the three and nine month periods ended September 30, 2022 and 2021 (in thousands):
1Results from Levarti acquired in the first quarter of 2022 are reported in our Lodging segment. Results from Accrualify and Plugsurfing acquired in the third quarter of 2022 are reported in our Corporate Payments and Fleet segments, respectively. 2Other includes gift and payroll card components.
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Commitments and Contingencies |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company is involved in various pending or threatened legal actions, arbitration proceedings, claims, subpoenas, and matters relating to compliance with laws and regulations (collectively, "legal proceedings"). Based on our current knowledge, management presently does not believe that the liabilities arising from these legal proceedings will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material adverse effect on our results of operations and financial condition for any particular period. Derivative Lawsuits On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company’s directors and officers in the United States District Court for the Northern District of Georgia ("Federal Derivative Action") seeking recovery from the Company. The Federal Derivative Action alleges that the defendants issued a false and misleading proxy statement in violation of the federal securities laws; that defendants breached their fiduciary duties by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s fee charges and financial and business prospects; and that certain defendants breached their fiduciary duties through allegedly improper sales of stock. The complaint seeks unspecified monetary damages from the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, restitution, costs, and attorneys’ and experts’ fees. On September 20, 2018, the court entered an order deferring the Federal Derivative Action pending a ruling on motions for summary judgment in the then-pending shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed to by the parties. After preliminary approval of the proposed settlement of the shareholder class action was granted, the stay on the Federal Derivative Action was lifted. Plaintiffs amended their complaint on February 22, 2020. FLEETCOR filed a motion to dismiss the amended complaint in the Federal Derivative Action on April 17, 2020, which the Court granted without leave to amend on October 21, 2020. Plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eleventh Circuit on November 18, 2020. The Eleventh Circuit affirmed the district court’s ruling dismissing the case in an order issued on July 27, 2022. On January 9, 2019, a similar shareholder derivative complaint was filed in the Superior Court of Gwinnett County, Georgia ("State Derivative Action"), which was stayed pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed by the parties. On October 31, 2022, the Court granted the Company’s motion to dismiss the State Derivative Action after the Eleventh Circuit affirmed the dismissal of the Federal Derivative Action. FTC Investigation In October 2017, the Federal Trade Commission ("FTC") issued a Notice of Civil Investigative Demand to the Company for the production of documentation and a request for responses to written interrogatories. After discussions with the Company, the FTC proposed in October 2019 to resolve potential claims relating to the Company’s advertising and marketing practices, principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse primarily related to what the Company believes are unreasonable demands for redress made by the FTC. On December 20, 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See FTC v. FLEETCOR and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Clarke violated the FTC Act’s prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief, consumer redress, and costs of suit. The Company continues to believe that the FTC’s claims are without merit. On April 17, 2021, the FTC filed a motion for summary judgment. On April 22, 2021, the United States Supreme Court held unanimously in AMG Capital Management v. FTC that the FTC does not have authority under current law to seek monetary redress by means of Section 13(b) of the FTC Act, which is the means by which the FTC has sought such redress in this case. FLEETCOR cross-moved for summary judgment regarding the FTC’s ability to seek monetary or injunctive relief on May 17, 2021. On August 13, 2021, the FTC filed a motion to stay or to voluntarily dismiss without prejudice the case pending in the Northern District of Georgia in favor of a parallel administrative action under Section 5 of the FTC Act that it filed on August 11, 2021 in the FTC’s administrative process. Apart from the jurisdiction and statutory change, the FTC’s administrative complaint makes the same factual allegations as the FTC’s original complaint filed in December 2019. The Company opposed the FTC’s motion for a stay or to voluntarily dismiss, and the court denied the FTC’s motion on February 7, 2022. In the meantime, the FTC’s administrative action is stayed. On August 9, 2022, the District Court for the Northern District of Georgia granted the FTC's motion for summary judgment as to liability for the Company and Ron Clarke, but granted the Company's motion for summary judgment as to the FTC's claim for monetary relief as to both the Company and Ron Clarke. The Company intends to appeal this decision after final judgment is issued. On October 20-21, 2022, the court held a hearing on the scope of injunctive relief. At the conclusion of the hearing, the Court did not enter either the FTC’s proposed order or the Company’s proposed order, and instead suggested that the parties enter mediation. The Company is exploring mediation with the FTC. The Company has incurred and continues to incur legal and other fees related to this complaint. Any settlement of this matter, or defense against the lawsuit, could involve costs to the Company, including legal fees, redress, penalties, and remediation expenses. At this time, in view of the complexity and ongoing nature of the matter, we are unable to estimate a reasonably possible loss or range of loss that we may incur to settle this matter or defend against the lawsuit brought by the FTC.
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Derivative Financial Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities Foreign Currency Derivatives The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers within its cross-border solution. The Company writes derivatives, primarily foreign currency forward contracts, option contracts, and swaps, mostly with small and medium size enterprises that are customers and derives a currency spread from this activity. Derivative transactions associated with the Company's cross-border solution include: •Forward contracts, which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash. •Option contracts, which give the purchaser the right, but not the obligation, to buy or sell within a specified time a currency at a contracted price that may be settled in cash. •Swap contracts, which are commitments to settlement in cash at a future date or dates, usually on an overnight basis. The credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a counterparty to the agreements. Concentrations of credit and performance risk may exist with counterparties, which includes customers and banking partners, as we are engaged in similar activities with similar economic characteristics related to fluctuations in foreign currency rates. The Company performs a review of the credit risk of these counterparties at the inception of the contract and on an ongoing basis. The Company also monitors the concentration of its contracts with any individual counterparty against limits at the individual counterparty level. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements, but takes action when doubt arises about the counterparties' ability to perform. These actions may include requiring customers to post or increase collateral, and for all counterparties, if the counterparty does not perform under the term of the contract, the contract may be terminated. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815, "Derivatives and Hedging". The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of September 30, 2022 and December 31, 2021 (in millions) is presented in the following table.
The majority of customer foreign exchange contracts are written in currencies such as the U.S. dollar, Canadian dollar, British pound, euro and Australian dollar. The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions):
The fair values of derivative assets and liabilities associated with contracts, which include netting terms that the Company believes to be enforceable, have been recorded net within the Consolidated Balance Sheets. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents and customer deposits in the Consolidated Balance Sheets. The customer has the right to recall their collateral in the event exposures move in their favor, they perform on all outstanding contracts and have no outstanding amounts due to the Company, or they cease to do business with the Company. The Company has trading lines with several banks, most of which require collateral to be posted if certain mark-to-market (MTM) thresholds are exceeded. Cash collateral posted with banks is recorded within restricted cash and can be recalled in the event that exposures move in the Company’s favor or move below the collateral posting thresholds. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of September 30, 2022 and December 31, 2021 (in millions).
Cash Flow Hedges On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). One contract (which matured in January 2022) had a notional value of $1.0 billion, while the two remaining contracts each have a notional value of $500 million. The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. At inception, the Company designated these contracts as hedging instruments in accordance with ASC 815, "Derivatives and Hedging". For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in cash flows of the related underlying exposures. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in earnings. As of September 30, 2022, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):
For each of these swap contracts, the Company pays a fixed monthly rate and receives one month LIBOR. The following table presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of September 30, 2022 and December 31, 2021 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
The estimated net amount of the existing gains expected to be reclassified into earnings within the next 12 months is approximately $11.3 million at September 30, 2022.
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Accumulated Other Comprehensive Loss (AOCL) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss (AOCL) | Accumulated Other Comprehensive Loss (AOCL) The changes in the components of AOCL for the nine months ended September 30, 2022 and 2021 are as follows (in thousands):
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms "our," "we," "us," and the "Company" refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States ("GAAP"). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated 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, 2021.
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Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available to us as of September 30, 2022 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the impact of changes to monetary policy, as well as other factors.
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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 recorded to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted CashCash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions. |
Financial Instruments-Credit Losses | Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.
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Revenue | Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Fuel, Corporate Payments, Tolls, Lodging, as well as Gift solutions (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 75% of total consolidated revenues, net, for the three and nine months ended September 30, 2022. The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. Our revenue is generally reported net of the cost for underlying products and services purchased through our payment solutions. In this report, we refer to this net revenue as "revenue".
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Spot Trade Offsetting | Spot Trade OffsettingThe Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. |
Reclassifications and Adjustments | Reclassifications and Adjustments During 2021, the Company identified and corrected an immaterial error in the presentation of deferred income taxes and changes in accounts payable, accrued expenses and customer deposits, both presented within net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for the nine months ended September 30, 2021 was a decrease to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $6.2 million, with a corresponding increase to changes in accounts payable, accrued expenses and customer deposits in operating activities of $6.2 million. There was no impact to net cash provided by operating activities in the Unaudited Consolidated Statement of Cash Flows. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation.
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Adoption of New Accounting Standards | Adoption of New Accounting Standards Reference Rate Reform In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (ASU 2020-04). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company's adoption of this ASU 2020-04 on January 1, 2022 did not have a material impact on the Company's consolidated financial statements. The Company transitioned from LIBOR to the Sterling Overnight Index Average Reference Rate ("SONIA") plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate ("EURIBOR") for term euro borrowings, the Euro Short Term Rate ("ESTR") plus an ESTR adjustment of 0.085% for swingline euro borrowings, and the Tokyo Interbank Offered Rate ("TIBOR") for yen borrowings. In addition, the Company transitioned from LIBOR to the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 0.10% for USD borrowings under the Securitization Facility (as defined below), revolving credit facility and the term loan A. The Company has availed itself of available benefits arising from changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805)" (ASU 2021-08), which requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company's adoption of this ASU on January 1, 2022 did not have a material impact on the Company's consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Foreign Exchange Gains/Losses on Long-Term Intra-Equity Transactions | The Company recognized foreign exchange losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2022 and 2021 as follows (in millions):
The Company recorded foreign currency gains (losses) on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 as follows (in millions):
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Disaggregation of Revenue | Revenue by solution (in millions) for the three and nine months ended September 30, was as follows:
Revenue by geography (in millions) for the three and nine months ended September 30, was as follows:
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Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2022 and December 31, 2021 (in millions):
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Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2022 and December 31, 2021 (in millions):
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Accounts and Other Receivables (Tables) |
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Company's Accounts Receivable and Securitized Accounts Receivable | The Company's accounts and securitized accounts receivable include the following at September 30, 2022 and December 31, 2021 (in thousands):
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Allowance for Doubtful Accounts Related to Accounts Receivable | A rollforward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2022 and 2021 is as follows (in thousands):
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Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Expense Related to Share-Based Payments | The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three and nine months ended September 30, 2022 and 2021 (in thousands):
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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 September 30, 2022 (cost in thousands):
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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 nine months ended September 30, 2022 (shares/options and aggregate intrinsic value in thousands):
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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 nine months ended September 30, 2022 (shares in thousands):
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Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Acquisition Accounting | The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):
The following table summarizes the final acquisition accounting for ALE (in thousands):
The following table summarizes the final acquisition accounting for AFEX (in thousands):
The following table summarizes the final acquisition accounting for Roger (in thousands):
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Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives | The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
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Goodwill and Other Intangibles (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Goodwill by Reportable Business Segment | A summary of changes in the Company’s goodwill is as follows (in thousands):
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Schedule of Other Intangible Assets | As of September 30, 2022 and December 31, 2021, other intangibles consisted of the following (in thousands):
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt Instruments | The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 21% for 2022 and 2021 to income before income taxes for the three months ended September 30, 2022 and 2021 due to the following (in thousands):
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Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2022 and 2021 is as follows (in thousands, except per share data):
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Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company's Segment Results | The Company’s segment results are as follows for the three and nine month periods ended September 30, 2022 and 2021 (in thousands):
1Results from Levarti acquired in the first quarter of 2022 are reported in our Lodging segment. Results from Accrualify and Plugsurfing acquired in the third quarter of 2022 are reported in our Corporate Payments and Fleet segments, respectively. 2Other includes gift and payroll card components.
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Derivative Financial Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of September 30, 2022 and December 31, 2021 (in millions) is presented in the following table.
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Schedule of Derivative Instruments at Fair Value | The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions):
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Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2022 and December 31, 2021 (in millions):
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Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2022 and December 31, 2021 (in millions):
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of September 30, 2022 and December 31, 2021 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
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Accumulated Other Comprehensive Loss (AOCL) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCL for the nine months ended September 30, 2022 and 2021 are as follows (in thousands):
|
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Related Party Transaction [Line Items] | ||||
Foreign exchange (losses) | $ (1.9) | $ (1.2) | $ (4.1) | $ (2.9) |
Foreign currency gains (losses) on long-term intra-entity transactions | ||||
Related Party Transaction [Line Items] | ||||
Foreign exchange (losses) | $ 27.8 | $ (46.0) | $ 184.1 | $ (20.2) |
Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets: | ||
Derivative asset, statement of financial position [extensible enumeration] | Accounts and other receivables (less allowance for credit losses of $134,027 at September 30, 2022 and $98,719 at December 31, 2021) | Accounts and other receivables (less allowance for credit losses of $134,027 at September 30, 2022 and $98,719 at December 31, 2021) |
Liabilities: | ||
Derivative liability, statement of financial position [extensible enumeration] | Accounts payable | Accounts payable |
Spot Trade | ||
Assets: | ||
Net | $ 174.0 | $ 128.2 |
Liabilities: | ||
Net | 81.5 | 141.8 |
Spot Trade | Accounts Payable | ||
Liabilities: | ||
Gross Liabilities | 3,697.1 | 1,199.5 |
Offset on the Balance Sheet | (3,615.6) | (1,057.7) |
Spot Trade | Accounts Receivable | ||
Assets: | ||
Gross | 3,789.6 | 1,185.9 |
Offset on the Balance Sheet | $ (3,615.6) | $ (1,057.7) |
Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 3,800,656 | $ 3,009,993 | ||
Less allowance for credit losses | (134,027) | (98,719) | $ (90,724) | $ (86,886) |
Net accounts and securitized accounts receivable | 3,666,629 | 2,911,274 | ||
Gross domestic accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,004,713 | 994,063 | ||
Gross domestic securitized accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,482,000 | 1,118,000 | ||
Gross foreign receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 1,313,943 | $ 897,930 |
Accounts and Other Receivables - Narrative (Details) - USD ($) $ in Billions |
Sep. 30, 2022 |
Aug. 18, 2022 |
Aug. 17, 2022 |
---|---|---|---|
Securitization Facility | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Securitized accounts receivable facility | $ 1.7 | $ 1.7 | $ 1.6 |
Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning of period | $ 98,719 | $ 86,886 |
Provision for credit losses | 89,976 | 19,419 |
Write-offs | (58,284) | (24,563) |
Recoveries | 5,329 | 11,519 |
Impact of foreign currency | (1,713) | (2,537) |
Allowance for credit losses end of period | $ 134,027 | $ 90,724 |
Fair Value Measurements - Narrative (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Fair Value Disclosures [Abstract] | |
Carrying amount of investments without readily determinable fair value | $ 74.3 |
Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Thousands |
3 Months Ended | 80 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Oct. 25, 2022 |
Jan. 25, 2022 |
|
Class of Stock [Line Items] | |||||||||
Shares repurchased | $ 500,342 | $ 372,566 | $ 422,736 | $ 405,692 | $ 246,203 | $ 170,382 | |||
Program | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Increase in authorized amount to be repurchased | $ 1,000,000 | ||||||||
Stock repurchase program, approved amount | $ 6,100,000 | ||||||||
Shares repurchased (in shares) | 25,699,551 | ||||||||
Shares repurchased | $ 5,700,000 | ||||||||
Remaining authorized repurchase amount | $ 400,000 | $ 400,000 | |||||||
Program | Common Stock | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Increase in authorized amount to be repurchased | $ 1,000,000 | ||||||||
Stock repurchase program, approved amount | 7,100,000 | ||||||||
Remaining authorized repurchase amount | $ 1,400,000 |
Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 34,181 | $ 16,453 | $ 100,828 | $ 52,085 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 17,434 | 3,792 | 53,558 | 13,394 |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 16,747 | $ 12,661 | $ 47,270 | $ 38,691 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Tax benefits recorded on stock based compensation | $ 23.9 | $ 33.2 |
Aggregate intrinsic value of options exercisable | $ 99.1 | |
Weighted average remaining contractual term of options exercisable (in years) | 3 years 10 months 24 days |
Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 125,545 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 64,530 |
Weighted Average Period of Expense Recognition (in Years) | 1 year 10 months 24 days |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 61,015 |
Weighted Average Period of Expense Recognition (in Years) | 11 months 12 days |
Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Shares | |
Shares outstanding, beginning of period (in shares) | shares | 278 |
Granted (in shares) | shares | 382 |
Vested (in shares) | shares | (146) |
Canceled or forfeited (in shares) | shares | (45) |
Shares outstanding, end of period (in shares) | shares | 469 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 278.57 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 229.05 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 267.56 |
Weighted average grant date fair value, canceled or forfeited (in dollars per share) | $ / shares | 322.07 |
Weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 237.61 |
Goodwill and Other Intangibles - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 5,078,978 |
Acquisitions | 104,377 |
Acquisition Accounting Adjustments | 8,849 |
Foreign Currency | (123,250) |
Goodwill, ending balance | $ 5,068,954 |
Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impact of foreign exchange rates on intangible assets | $ (45.8) | |
Amortization expense of intangible assets | $ 163.1 | $ 151.2 |
Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Total notes payable and credit agreements | $ 5,739,210 | $ 4,859,667 |
Securitization facility | 1,482,000 | 1,118,000 |
Total notes payable, credit agreements and Securitization Facility | 7,221,210 | 5,977,667 |
Current portion | 2,476,088 | 1,517,628 |
Long-term portion | 4,745,122 | 4,460,039 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 2,974,412 | 2,763,162 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 1,859,798 | 1,871,505 |
Revolving line of credit facilities | ||
Debt Instrument [Line Items] | ||
Revolving line of credit facilities | $ 905,000 | $ 225,000 |
Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||||||
Net income | $ 248,885 | $ 262,171 | $ 217,952 | $ 234,007 | $ 196,247 | $ 184,239 | $ 729,008 | $ 614,493 |
Denominator for basic earnings per share (in shares) | 74,461 | 81,836 | 76,311 | 82,811 | ||||
Dilutive securities (in shares) | 1,097 | 1,880 | 1,376 | 2,106 | ||||
Denominator for diluted earnings per share (in shares) | 75,558 | 83,716 | 77,687 | 84,917 | ||||
Basic earnings per share (in dollars per share) | $ 3.34 | $ 2.86 | $ 9.55 | $ 7.42 | ||||
Diluted earnings per share (in dollars per share) | $ 3.29 | $ 2.80 | $ 9.38 | $ 7.24 |
Earnings Per Share - Narrative (Details) - shares |
3 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 2,500,000 | 200,000 |
Performance Based Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0 | 200,000 |
Segments - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ 893,000 | $ 755,477 | $ 2,543,519 | $ 2,031,481 |
Operating income | 389,170 | 338,687 | 1,077,371 | 902,264 |
Depreciation and amortization | 77,213 | 74,237 | 232,489 | 209,184 |
Fleet | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 395,203 | 343,194 | 1,124,157 | 971,258 |
Operating income | 192,598 | 181,787 | 547,233 | 501,406 |
Depreciation and amortization | 34,897 | 36,378 | 104,531 | 109,417 |
Corporate Payments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 196,941 | 168,684 | 570,408 | 425,466 |
Operating income | 69,669 | 53,512 | 193,735 | 146,526 |
Depreciation and amortization | 15,864 | 15,526 | 48,936 | 37,079 |
Lodging | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 125,961 | 85,214 | 337,438 | 206,498 |
Operating income | 63,463 | 44,027 | 161,802 | 98,801 |
Depreciation and amortization | 10,474 | 7,301 | 31,329 | 17,685 |
Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 108,583 | 94,888 | 322,945 | 262,481 |
Operating income | 44,646 | 39,943 | 123,591 | 105,499 |
Depreciation and amortization | 13,756 | 12,910 | 41,164 | 38,091 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 66,312 | 63,497 | 188,571 | 165,778 |
Operating income | 18,794 | 19,418 | 51,010 | 50,032 |
Depreciation and amortization | $ 2,222 | $ 2,122 | $ 6,529 | $ 6,912 |
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Notional amount | $ 42,201.7 | $ 32,324.5 |
Swaps | ||
Derivative [Line Items] | ||
Notional amount | 1,088.3 | 2,670.4 |
Futures, forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 13,881.0 | 7,818.3 |
Written options | ||
Derivative [Line Items] | ||
Notional amount | 14,365.2 | 11,221.9 |
Purchased options | ||
Derivative [Line Items] | ||
Notional amount | $ 12,867.2 | $ 10,614.0 |
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value by Balance Sheet Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross | $ 1,007.9 | $ 338.8 |
Cash collateral | 112.5 | 25.9 |
Derivative Asset, Fair Value, Gross, Total net of cash collateral | 895.4 | 312.9 |
Derivative Liabilities, Fair Value, Gross | 987.8 | 307.8 |
Cash collateral | 142.3 | 24.8 |
Derivative Liabilities, Fair Value, Gross, Total net of cash collateral | 845.5 | 283.0 |
Derivative Assets | 484.7 | 120.9 |
Derivative Assets, Total net of cash collateral | 372.2 | 95.0 |
Derivative Liabilities, Fair Value, Net | 464.6 | 89.9 |
Derivative Liabilities, Total net of cash collateral | $ 322.3 | $ 65.1 |
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Prepaid expenses and other current assets | ||
Derivative [Line Items] | ||
Derivative Assets | $ 369.1 | $ 94.0 |
Other assets | ||
Derivative [Line Items] | ||
Derivative Assets | 115.6 | 26.9 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities | 357.0 | 66.9 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities | $ 107.6 | $ 23.0 |
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jan. 22, 2019
USD ($)
derivative_instrument
|
---|---|---|---|
Derivative [Line Items] | |||
Number of cash flow hedges entered into (in derivative instruments) | derivative_instrument | 3 | ||
Notional amount | $ 42,201.7 | $ 32,324.5 | |
Gains to be reclassified during next 12 months | 11.3 | ||
Interest rate swaps | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional amount | $ 1,000.0 | ||
Interest Rate Swap 3 | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional amount | $ 500.0 | 500.0 | |
Variable Rate Debt | |||
Derivative [Line Items] | |||
Long-term debt | $ 2,000.0 |
Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
Jan. 22, 2019 |
---|---|---|---|
Derivative [Line Items] | |||
Notional amount | $ 42,201.7 | $ 32,324.5 | |
Designated as Hedging Instrument | Interest Rate Swap 2 | |||
Derivative [Line Items] | |||
Notional amount | $ 500.0 | $ 500.0 | |
Fixed Rates | 2.56% | ||
Designated as Hedging Instrument | Interest Rate Swap 3 | |||
Derivative [Line Items] | |||
Notional amount | $ 500.0 | $ 500.0 | |
Fixed Rates | 2.55% |
Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | $ 2,687,669 | $ 2,904,416 | $ 2,866,580 | $ 3,488,847 | $ 3,296,499 | $ 3,355,411 | $ 2,866,580 | $ 3,355,411 |
Other comprehensive (loss) income before reclassifications | (198,582) | (100,502) | ||||||
Amounts reclassified from AOCL | 13,582 | 37,128 | ||||||
Tax effect | (10,829) | (9,512) | ||||||
Total other comprehensive loss | (246,612) | (150,396) | 201,179 | (170,867) | 215,842 | (117,861) | (195,829) | (72,886) |
Stockholders' Equity ending balance | 2,227,052 | 2,687,669 | 2,904,416 | 3,174,985 | 3,488,847 | 3,296,499 | 2,227,052 | 3,174,985 |
Accumulated Other Comprehensive Loss | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | (1,413,833) | (1,263,437) | (1,464,616) | (1,265,177) | (1,481,019) | (1,363,158) | (1,464,616) | (1,363,158) |
Total other comprehensive loss | (246,612) | (150,396) | 201,179 | (170,867) | 215,842 | (117,861) | ||
Stockholders' Equity ending balance | (1,660,445) | $ (1,413,833) | (1,263,437) | (1,436,044) | $ (1,265,177) | (1,481,019) | (1,660,445) | (1,436,044) |
Cumulative Foreign Currency Translation | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | (1,441,505) | (1,296,962) | (1,441,505) | (1,296,962) | ||||
Other comprehensive (loss) income before reclassifications | (228,666) | (102,191) | ||||||
Amounts reclassified from AOCL | 0 | 0 | ||||||
Tax effect | 0 | 0 | ||||||
Total other comprehensive loss | (228,666) | (102,191) | ||||||
Stockholders' Equity ending balance | (1,670,171) | (1,399,153) | (1,670,171) | (1,399,153) | ||||
Unrealized (Losses) Gains on Derivative Instruments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | $ (23,111) | $ (66,196) | (23,111) | (66,196) | ||||
Other comprehensive (loss) income before reclassifications | 30,084 | 1,689 | ||||||
Amounts reclassified from AOCL | 13,582 | 37,128 | ||||||
Tax effect | (10,829) | (9,512) | ||||||
Total other comprehensive loss | 32,837 | 29,305 | ||||||
Stockholders' Equity ending balance | $ 9,726 | $ (36,891) | $ 9,726 | $ (36,891) |
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