EX-99.1 2 ex991q22023.htm EX-99.1 Document

Exhibit 99.1
FLEETCOR Reports Second Quarter 2023 Financial Results

Atlanta, GA, August 8, 2023 — FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today reported financial results for its second quarter ended June 30, 2023.

“Our second quarter results were solid with 10% revenue growth, 20% sales growth and 11% EBITDA growth,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “We are raising our 2023 guidance to reflect our second quarter beat. We are progressing with our strategic review and a range of options are on the table.”
Financial Results for Second Quarter of 2023:
GAAP Results
Revenues increased 10% to $948.2 million in the second quarter of 2023, compared to $861.3 million in the second quarter of 2022.
Net income decreased 9% to $239.7 million in the second quarter of 2023, compared to $262.2 million in the second quarter of 2022, largely due to $65 million in higher interest expense over the second quarter of 2022.
Net income per diluted share decreased 5% to $3.20 in the second quarter of 2023, compared to $3.35 per diluted share in the second quarter of 2022, largely due to higher interest expense.
Non-GAAP Results1
EBITDA1 increased 11% to $497.1 million in the second quarter of 2023, compared to $448.9 million in the second quarter of 2022.
Adjusted net income1 decreased 4% to $314.3 million in the second quarter of 2023, compared to $326.1 million in the second quarter of 2022, largely due to lower fuel prices and higher net interest expense.
Adjusted net income per diluted share1 increased 1% to $4.19 in the second quarter of 2023, compared to $4.17 per diluted share in the second quarter of 2022.

“Our second quarter results came in ahead of the expectations we provided in May, for both revenue and adjusted net income per share,” said Tom Panther, chief financial officer, FLEETCOR Technologies, Inc.
Updated Fiscal Year 2023 Outlook:

“The outlook for the second half of the year remains in-line with our expectations as we expect the fundamental trends from the first half of the year to continue. We expect solid growth in the second half of 2023 as we lap the interest and credit overhangs from last year and our organic revenue growth continues,” concluded Panther.
For fiscal year 2023, FLEETCOR Technologies, Inc.'s updated financial guidance1 is as follows:

Total revenues between $3,836 million and $3,860 million;
Net income between $1,006 million and $1,028 million;
Net income per diluted share between $13.42 and $13.68;
Adjusted net income between $1,281 million and $1,303 million; and
Adjusted net income per diluted share between $17.09 and $17.35.
FLEETCOR’s guidance assumptions are as follows:
For the balance of the year:
Weighted average U.S. fuel prices of $3.66 per gallon;
Market fuel spreads to decline compared to the second half of 2022 average; and
Foreign exchange rates equal to the monthly average for July 2023.
For the full year:
Interest expense between $330 million and $340 million;
Approximately 75 million fully diluted shares outstanding;
A tax rate of 26% to 27%; and
No impact related to acquisitions and dispositions not already closed.










1Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1 and 6 attached. Additional supplemental data is provided in Exhibits 2-5. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.


Third Quarter of 2023 Outlook:
The Company currently expects third quarter revenues between $980 million and $1 billion, and adjusted net income per diluted share between $4.44 and $4.64.

Interest Rate Swaps:

In August 2023, the Company entered into $2.0 billion of interest rate swaps, with an average term of three and a half years and average fixed rate of 4.30%, to reduce the variability of interest payments on our floating rate debt. The combination of these swaps, along with existing swaps, helps to manage interest rate risk on approximately 60% of floating rate debt in our Credit Facility.
Conference Call:
The Company will host a conference call to discuss second quarter 2023 financial results today at 5:00 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Tom Panther, chief financial officer and Jim Eglseder, investor relations. The conference call can be accessed live via webcast from the Company's investor relations website at http://investor.fleetcor.com. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 34263350. The replay will be available until August 15, 2023. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as our ability to successfully execute our strategic plan and portfolio review; adverse changes in program fees or charges we may collect, whether through legal, regulatory or contractual changes; adverse outcomes with respect to current and future legal proceedings or investigations, including without limitation, the FTC lawsuit, or actions of governmental, regulatory or quasi-governmental bodies or standards or industry organizations with respect to our payment cards; delays or failures associated with implication of, or adaption to, new technology, changes in credit risk of customers and associated losses; failure to maintain or renew key business relationships; failure to maintain competitive product offerings; failure to complete, or delays in completing, acquisitions, new partnerships or customer arrangements; and to successfully integrate or otherwise achieve anticipated benefits from such acquisitions, partnerships, and customer arrangements; failure to successfully expand and manage our business internationally; and other risks related to our international operations, including the impact of the conflict between Russia and Ukraine on our business and operations, the potential impact to our business as a result of the United Kingdom’s referendum to leave the European Union; the impact of foreign exchange rates on operations, revenues and income; and the failure or compromise of our data centers and other information technology assets; as well as the other risks and uncertainties identified under the caption "Risk Factors" in FLEETCOR's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 28, 2023 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access FLEETCOR’s SEC filings for free by visiting the SEC web site at www.sec.gov.
About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash share based compensation expense related to share based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, and amortization of the premium recognized on the purchase of receivables, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, the impact of discrete tax items, impairment charges, asset write-offs, restructuring costs, gains due to disposition of assets/businesses, loss on extinguishment of debt, and legal settlements and related legal fees. We adjust net income for the tax effect of





adjustments using our effective income tax rate, exclusive of discrete tax items. We calculate adjusted net income and adjusted net income per diluted share to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income and adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, and impairment charges do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments items using the effective tax rate during the period, exclusive of discrete tax items.
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of FLEETCOR.
EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, investment loss/gain and other operating, net.

Management uses adjusted net income, adjusted net income per diluted share, organic revenue growth and EBITDA:
as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis;
for planning purposes, including the preparation of our internal annual operating budget;
to allocate resources to enhance the financial performance of our business; and
to evaluate the performance and effectiveness of our operational strategies.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 150 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
Contact:
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@fleetcor.com








FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In thousands, except per share amounts)

 
 Three Months Ended June 30,Six Months Ended June 30,
 20232022% Change20232022% Change
Revenues, net$948,174 $861,278 10 %$1,849,507 $1,650,519 12 %
Expenses:
Processing205,265 185,588 11 %410,232 359,782 14 %
Selling86,412 79,324 %168,004 156,213 %
General and administrative159,356 147,446 %314,040 290,968 %
Depreciation and amortization83,676 78,474 %167,908 155,276 %
Other operating, net815 (34)NM1,478 79 NM
Total operating expense535,524 490,798 %1,061,662 962,318 10 %
Operating income412,650 370,480 11 %787,845 688,201 14 %
Other expenses:
Investment loss (gain)18 193 NM(172)345 NM
Other (income) expense, net(2,424)3,564 NM(1,678)4,433 NM
Interest expense, net88,486 23,070 284 %168,281 45,100 273 %
Total other expense86,080 26,827 221 %166,431 49,878 234 %
Income before income taxes326,570 343,653 (5)%621,414 638,323 (3)%
Provision for income taxes 86,868 81,482 %166,877 158,200 %
Net income$239,702 $262,171 (9)%$454,537 $480,123 (5)%
Basic earnings per share$3.24 $3.42 (5)%$6.17 $6.22 (1)%
Diluted earnings per share$3.20 $3.35 (5)%$6.08 $6.10 — %
Weighted average shares outstanding:
Basic shares73,887 76,769 73,705 77,250 
Diluted shares75,001 78,239 74,763 78,762 

NM- Not Meaningful





FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands)
 
June 30, 2023December 31, 2022
 (Unaudited) 
Assets
Current assets:
Cash and cash equivalents$1,254,243 $1,435,163 
Restricted cash1,456,992 854,017 
Accounts and other receivables (less allowance)2,460,650 2,064,745 
Securitized accounts receivable — restricted for securitization investors1,248,000 1,287,000 
Prepaid expenses and other current assets503,684 465,227 
Total current assets6,923,569 6,106,152 
Property and equipment, net329,146 294,692 
Goodwill5,473,603 5,201,435 
Other intangibles, net2,107,081 2,130,974 
Investments69,721 74,281 
Other assets275,533 281,726 
Total assets$15,178,653 $14,089,260 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$1,679,702 $1,568,942 
Accrued expenses392,652 351,936 
Customer deposits2,013,236 1,505,004 
Securitization facility1,248,000 1,287,000 
Current portion of notes payable and lines of credit823,231 1,027,056 
Other current liabilities279,069 303,517 
Total current liabilities6,435,890 6,043,455 
Notes payable and other obligations, less current portion4,678,258 4,722,838 
Deferred income taxes538,832 527,465 
Other noncurrent liabilities262,237 254,009 
Total noncurrent liabilities5,479,327 5,504,312 
Commitments and contingencies
Stockholders’ equity:
Common stock128 128 
Additional paid-in capital3,176,562 3,049,570 
Retained earnings7,665,306 7,210,769 
Accumulated other comprehensive loss(1,357,263)(1,509,650)
Treasury stock(6,221,297)(6,209,324)
Total stockholders’ equity3,263,436 2,541,493 
Total liabilities and stockholders’ equity$15,178,653 $14,089,260 






FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In thousands)
 Six Months Ended June 30,
 20232022
Operating activities
Net income$454,537 $480,123 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation53,739 43,783 
Stock-based compensation60,844 66,648 
Provision for credit losses on accounts and other receivables74,418 52,704 
Amortization of deferred financing costs and discounts3,574 4,131 
Amortization of intangible assets and premium on receivables114,169 111,493 
Loss on extinguishment of debt— 1,934 
Deferred income taxes(11,799)(10,864)
Investment gain(172)345 
Other 1,478 80 
Changes in operating assets and liabilities (net of acquisitions):
Accounts and other receivables(365,572)(1,225,705)
Prepaid expenses and other current assets78,035 (13,088)
Derivative assets and liabilities, net(14,611)20,576 
Other assets29,397 (1,283)
Accounts payable, accrued expenses and customer deposits348,643 510,976 
Net cash provided by operating activities826,680 41,853 
Investing activities
Acquisitions, net of cash acquired(126,694)(33,744)
Purchases of property and equipment(78,922)(66,629)
Other4,401 — 
Net cash used in investing activities(201,215)(100,373)
Financing activities
Proceeds from issuance of common stock66,148 18,837 
Repurchase of common stock(11,973)(795,302)
Borrowings on securitization facility, net(39,000)482,000 
Deferred financing costs paid and debt discount— (337)
Proceeds from issuance of notes payable— 3,000,000 
Principal payments on notes payable(47,000)(2,777,000)
Borrowings from revolver 4,351,000 1,550,000 
Payments on revolver (4,817,000)(1,356,000)
Borrowings on swing line of credit, net255,750 194 
Other264 — 
Net cash (used in) provided by financing activities(241,811)122,392 
Effect of foreign currency exchange rates on cash38,401 41,866 
Net increase in cash and cash equivalents and restricted cash422,055 105,738 
Cash and cash equivalents and restricted cash, beginning of period2,289,180 2,250,695 
Cash and cash equivalents and restricted cash, end of period$2,711,235 $2,356,433 
Supplemental cash flow information
Cash paid for interest, net$215,850 $73,323 
Cash paid for income taxes, net$238,769 $215,653 






Exhibit 1
RECONCILIATION OF NON-GAAP MEASURES
(In thousands, except shares and per share amounts)
(Unaudited)
The following table reconciles net income to adjusted net income and adjusted net income per diluted share:*
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net income$239,702 $262,171 $454,537 $480,123 
Stock based compensation34,748 34,017 60,844 66,648 
Amortization1
57,704 57,994 117,743 115,624 
Integration and deal related costs9,580 2,957 15,465 9,210 
Legal settlements/litigation140 1,467 484 1,902 
Restructuring, related and other2 costs
(595)763 703 763 
Loss on extinguishment of debt— 1,934 — 1,934 
Total pre-tax adjustments101,577 99,132 195,239 196,081 
Income taxes(27,020)(35,164)(52,436)(60,405)
Adjusted net income$314,259 $326,139 $597,340 $615,799 
Adjusted net income per diluted share$4.19 $4.17 $7.99 $7.82 
Diluted shares75,001 78,239 74,763 78,762 
1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.
2 Includes impact of foreign currency transactions; prior amounts were not material ($1.8 million) for recast.
*Columns may not calculate due to rounding.






Exhibit 2
Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted
(In millions except revenues, net per key performance metric)
(Unaudited)
The following table presents revenue and revenue per key performance metric by segment*
As Reported
Pro Forma and Macro Adjusted2
Three Months Ended June 30,Three Months Ended June 30,
20232022Change
Change
20232022Change
Change
FLEET
'- Revenues, net
$382.6$377.4$5.2%$399.9$378.9$21.0%
'- Transactions
124.0122.51.5%124.0122.91.0%
'- Revenues, net per transaction
$3.09$3.08$0.01— %$3.23$3.08$0.14%
CORPORATE PAYMENTS
'- Revenues, net
$247.0$189.7$57.330 %$249.9$204.6$45.322 %
'- Spend volume
36,04128,8367,20525 %36,04131,2514,78915 %
'- Revenues, net per spend $
0.69 %0.66 %0.03 %%0.69 %0.65 %0.04 %%
LODGING
'- Revenues, net
$136.6$116.9$19.717 %$136.7$119.5$17.214 %
'- Room nights
9.39.5(0.2)(2)%9.39.7(0.4)(4)%
'- Revenues, net per room night
$14.65$12.30$2.3519 %$14.67$12.35$2.3219 %
BRAZIL
'- Revenues, net
$126.1$111.8$14.313 %$128.6$111.8$16.815 %
'- Tags (average monthly)
6.66.10.4%6.66.10.4%
'- Revenues, net per tag
$19.21$18.22$0.99%$19.59$18.22$1.37%
OTHER1
'- Revenues, net
$56.0$65.5$(9.5)(15)%$56.2$65.5$(9.3)(14)%
'- Transactions
269.8287.5(17.7)(6)%269.8287.5(17.7)(6)%
'- Revenues, net per transaction
$0.21$0.23$(0.02)(9)%$0.21$0.23$(0.02)(8)%
FLEETCOR CONSOLIDATED REVENUES
'- Revenues, net
$948.2$861.3$86.910 %$971.3$880.3$91.010 %
1 Other includes Gift and Payroll Card operating segments.
2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by solution and metrics, non-GAAP measures, to the GAAP equivalent.
*Columns may not calculate due to rounding.






 Exhibit 3
Revenues by Geography and Segment
(In millions)
(Unaudited)
Revenues, net by Geography*Three Months Ended June 30,Six Months Ended June 30,
2023%2022%2023%2022%
US$535 56 %$528 61 %$1,048 57 %$999 61 %
Brazil126 13 %112 13 %248 13 %214 13 %
UK111 12 %93 11 %219 12 %188 11 %
Other176 19 %128 15 %334 18 %249 15 %
Consolidated Revenues, net$948 100 %$861 100 %$1,850 100 %$1,651 100 %
*Columns may not calculate due to rounding.
Revenues, net by Segment*Three Months Ended June 30,Six Months Ended June 30,
2023%2022%2023%2022%
Fleet$383 40 %$377 44 %$755 41 %$729 44 %
Corporate Payments247 26 %190 22 %474 26 %373 23 %
Lodging137 14 %117 14 %259 14 %211 13 %
Brazil126 13 %112 13 %248 13 %214 13 %
Other56 %65 %113 %122 %
Consolidated Revenues, net$948 100 %$861 100 %$1,850 195 %$1,651 100 %
            
*Columns may not calculate due to rounding. Segment and solutions reporting have
converged to be the same.






Exhibit 4
Segment Results*
(In thousands)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
20231
2022% Change
20231
2022% Change
Revenues, net:
Fleet$382,609 $377,361 %$755,321 $728,954 %
Corporate Payments246,952 189,699 30 %474,158 373,467 27 %
Lodging136,564 116,900 17 %258,898 211,476 22 %
Brazil126,081 111,825 13 %247,825 214,362 16 %
Other1
55,968 65,493 (15)%113,305 122,260 (7)%
$948,174 $861,278 10 %$1,849,507 $1,650,519 12 %
Operating income:
Fleet $183,657 $186,790 (2)%$357,189 $354,635 %
Corporate Payments91,755 65,859 39 %167,268 124,066 35 %
Lodging68,246 58,559 17 %122,809 98,339 25 %
Brazil52,802 41,617 27 %107,619 78,945 36 %
Other1
16,190 17,655 (8)%32,960 32,216 %
$412,650 $370,480 11 %$787,845 $688,201 14 %
Depreciation and amortization:
Fleet$35,906 $34,927 %$70,992 $69,634 %
Corporate Payments18,277 16,724 %39,148 33,072 18 %
Lodging11,661 10,321 13 %23,059 20,855 11 %
Brazil15,522 14,288 %30,075 27,409 10 %
Other1
2,310 2,214 %4,634 4,306 %
$83,676 $78,474 %$167,908 $155,276 %
Capital expenditures:
Fleet$20,734 $18,447 12 %$37,865 $34,237 11 %
Corporate Payments7,471 5,158 45 %15,266 9,646 58 %
Lodging3,496 2,067 69 %6,873 3,759 83 %
Brazil8,642 7,620 13 %15,530 13,598 14 %
Other1
1,842 1,950 (6)%3,388 5,389 (37)%
$42,185 $35,242 20 %$78,922 $66,629 18 %
1Other includes Gift and Payroll Card operating segments.
*Columns may not calculate due to rounding.






Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric by Segment to GAAP
(In millions)
(Unaudited)
Revenues, netKey Performance Metric
Three Months Ended June 30,Three Months Ended June 30,
2023*2022*2023*2022*
FLEET - TRANSACTIONS
Pro forma and macro adjusted$399.9 $378.9 124.0 122.9 
Impact of acquisitions/dispositions— (1.5)— (0.5)
Impact of fuel prices/spread(12.5)— — — 
Impact of foreign exchange rates(4.8)— — — 
As reported$382.6 $377.4 124.0 122.5 
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted$249.9 $204.6 $36,041 $31,251 
Impact of acquisitions/dispositions— (14.9)— (2,416)
Impact of fuel prices/spread(0.4)— — — 
Impact of foreign exchange rates(2.5)— — — 
As reported$247.0 $189.7 $36,041 $28,836 
LODGING - ROOM NIGHTS
Pro forma and macro adjusted$136.7 $119.5 9.3 9.7 
Impact of acquisitions/dispositions— (2.6)— (0.2)
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates(0.1)— — — 
As reported$136.6 $116.9 9.3 9.5 
BRAZIL - TAGS
Pro forma and macro adjusted$128.6 $111.8 6.6 6.1 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread(1.4)— — — 
Impact of foreign exchange rates(1.1)— — — 
As reported$126.1 $111.8 6.6 6.1 
OTHER1 - TRANSACTIONS
Pro forma and macro adjusted$56.2 $65.5 269.8 287.5 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates(0.3)— — — 
As reported$56.0 $65.5 269.8 287.5 
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted$971.3 $880.3 Intentionally Left Blank
Impact of acquisitions/dispositions— (19.1)
Impact of fuel prices/spread2
(14.4)— 
Impact of foreign exchange rates2
(8.8)— 
As reported$948.2 $861.3 
* Columns may not calculate due to rounding.
1Other includes Gift and Payroll Card operating segments.
2 Revenues reflect an estimated $20 million negative impact from fuel prices as well as approximately $9 million negative impact of movements in foreign exchange rates, partially offset by the positive impact of fuel price spreads of approximately $6 million.





Exhibit 6
RECONCILIATION OF NON-GAAP EBITDA MEASURES
(In millions)
(Unaudited)
The following table reconciles EBITDA and EBITDA margin to net income.*

Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net income$239.7 $262.2 $454.5 $480.1 
Provision for income taxes86.9 81.5 166.9 158.2 
Interest expense, net88.5 23.1 168.3 45.1 
Other (income) expense(2.4)3.6 (1.7)4.4 
Investment loss (income)— 0.2 (0.2)0.3 
Depreciation and amortization83.7 78.5 167.9 155.3 
Other operating, net0.8 — 1.5 0.1 
EBITDA$497.1 $448.9 $957.2 $843.6 
Revenues, net$948.2 $861.3 $1,849.5 $1,650.5 
EBITDA margin52.4 %52.1 %51.8 %51.1 %
* Columns may not calculate due to rounding.


















Exhibit 7
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
The following table reconciles the third quarter 2023 and full year 2023 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
Q3 2023 GUIDANCE
Low*High*
Net income$266 $282 
Net income per diluted share$3.54 $3.74 
Stock based compensation30 30 
Amortization58 58 
Other
Total pre-tax adjustments92 92 
Income taxes 25 25 
Adjusted net income$333 $349 
Adjusted net income per diluted share$4.44 $4.64 
Diluted shares75 75 
2023 GUIDANCE
Low*High*
Net income$1,006 $1,028 
Net income per diluted share$13.42 $13.68 
Stock based compensation120 120 
Amortization233 233 
Other24 24 
Total pre-tax adjustments377 377 
Income taxes 101 101 
Adjusted net income$1,281 $1,303 
Adjusted net income per diluted share$17.09 $17.35 
Diluted shares7575
 *Includes the results of our Russian business. Assuming August 2023 sale of our Russian business, we expect revenues to be $45 million to $55 million lower, resulting in a $0.25 to $0.35 decline in adjusted net income per diluted share, based on using the sales proceeds for share buybacks over the remainder of the year. Columns may not calculate due to rounding.