(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbols(s) | Name of each exchange on which registered | ||||||
(d) | Exhibits | ||||
FLEETCOR Technologies, Inc. press release dated November 8, 2023 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
FleetCor Technologies, Inc. | ||||||||||||||||||||
November 8, 2023 | By: /s/ Tom Panther | |||||||||||||||||||
Tom Panther | ||||||||||||||||||||
Chief Financial Officer |
Exhibit No. | Description | |||||||
Press release dated November 8, 2023 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
Revenues, net | $ | 970,892 | $ | 893,000 | 9 | % | $ | 2,820,399 | $ | 2,543,519 | 11 | % | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Processing | 208,217 | 203,315 | 2 | % | 618,449 | 563,097 | 10 | % | ||||||||||||||||||||||||||||||
Selling | 85,954 | 74,005 | 16 | % | 253,958 | 230,218 | 10 | % | ||||||||||||||||||||||||||||||
General and administrative | 147,839 | 149,294 | (1) | % | 461,879 | 440,262 | 5 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 84,750 | 77,213 | 10 | % | 252,658 | 232,489 | 9 | % | ||||||||||||||||||||||||||||||
Other operating, net | (845) | 3 | NM | 633 | 82 | NM | ||||||||||||||||||||||||||||||||
Total operating expense | 525,915 | 503,830 | 4 | % | 1,587,577 | 1,466,148 | 8 | % | ||||||||||||||||||||||||||||||
Operating income | 444,977 | 389,170 | 14 | % | 1,232,822 | 1,077,371 | 14 | % | ||||||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||||||||||
Investment loss (gain) | 30 | 174 | NM | (142) | 519 | NM | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (13,432) | 3,688 | NM | (15,110) | 6,187 | NM | ||||||||||||||||||||||||||||||||
Interest expense, net | 88,285 | 45,410 | 94 | % | 256,566 | 90,510 | 183 | % | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | NM | — | 1,934 | NM | ||||||||||||||||||||||||||||||||
Total other expense | 74,883 | 49,272 | 52 | % | 241,314 | 99,150 | 143 | % | ||||||||||||||||||||||||||||||
Income before income taxes | 370,094 | 339,898 | 9 | % | 991,508 | 978,221 | 1 | % | ||||||||||||||||||||||||||||||
Provision for income taxes | 98,598 | 91,013 | 8 | % | 265,475 | 249,213 | 7 | % | ||||||||||||||||||||||||||||||
Net income | $ | 271,496 | $ | 248,885 | 9 | % | $ | 726,033 | $ | 729,008 | — | % | ||||||||||||||||||||||||||
Basic earnings per share | $ | 3.71 | $ | 3.34 | 11 | % | $ | 9.87 | $ | 9.55 | 3 | % | ||||||||||||||||||||||||||
Diluted earnings per share | $ | 3.64 | $ | 3.29 | 10 | % | $ | 9.72 | $ | 9.38 | 4 | % | ||||||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic shares | 73,165 | 74,461 | 73,523 | 76,311 | ||||||||||||||||||||||||||||||||||
Diluted shares | 74,604 | 75,558 | 74,733 | 77,687 |
September 30, 2023 | December 31, 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,094,234 | $ | 1,435,163 | ||||||||||
Restricted cash | 1,221,279 | 854,017 | ||||||||||||
Accounts and other receivables (less allowance) | 2,655,275 | 2,064,745 | ||||||||||||
Securitized accounts receivable — restricted for securitization investors | 1,396,000 | 1,287,000 | ||||||||||||
Prepaid expenses and other current assets | 493,470 | 465,227 | ||||||||||||
Total current assets | 6,860,258 | 6,106,152 | ||||||||||||
Property and equipment, net | 329,992 | 294,692 | ||||||||||||
Goodwill | 5,553,546 | 5,201,435 | ||||||||||||
Other intangibles, net | 2,164,999 | 2,130,974 | ||||||||||||
Investments | 67,964 | 74,281 | ||||||||||||
Other assets | 287,708 | 281,726 | ||||||||||||
Total assets | $ | 15,264,467 | $ | 14,089,260 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,895,280 | $ | 1,568,942 | ||||||||||
Accrued expenses | 393,439 | 351,936 | ||||||||||||
Customer deposits | 1,783,311 | 1,505,004 | ||||||||||||
Securitization facility | 1,396,000 | 1,287,000 | ||||||||||||
Current portion of notes payable and lines of credit | 949,803 | 1,027,056 | ||||||||||||
Other current liabilities | 320,386 | 303,517 | ||||||||||||
Total current liabilities | 6,738,219 | 6,043,455 | ||||||||||||
Notes payable and other obligations, less current portion | 4,637,211 | 4,722,838 | ||||||||||||
Deferred income taxes | 548,943 | 527,465 | ||||||||||||
Other noncurrent liabilities | 280,643 | 254,009 | ||||||||||||
Total noncurrent liabilities | 5,466,797 | 5,504,312 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 129 | 128 | ||||||||||||
Additional paid-in capital | 3,227,476 | 3,049,570 | ||||||||||||
Retained earnings | 7,936,802 | 7,210,769 | ||||||||||||
Accumulated other comprehensive loss | (1,361,934) | (1,509,650) | ||||||||||||
Treasury stock | (6,743,022) | (6,209,324) | ||||||||||||
Total stockholders’ equity | 3,059,451 | 2,541,493 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 15,264,467 | $ | 14,089,260 |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Operating activities | ||||||||||||||
Net income | $ | 726,033 | $ | 729,008 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 82,028 | 67,066 | ||||||||||||
Stock-based compensation | 89,917 | 100,828 | ||||||||||||
Provision for credit losses on accounts and other receivables | 103,495 | 89,976 | ||||||||||||
Amortization of deferred financing costs and discounts | 5,417 | 5,949 | ||||||||||||
Amortization of intangible assets and premium on receivables | 170,630 | 165,423 | ||||||||||||
Loss on extinguishment of debt | — | 1,934 | ||||||||||||
Deferred income taxes | (18,911) | (7,987) | ||||||||||||
Gain on disposition of business | (13,712) | — | ||||||||||||
Other non-cash operating expense, net | 491 | 601 | ||||||||||||
Changes in operating assets and liabilities (net of acquisitions/disposition): | ||||||||||||||
Accounts and other receivables | (809,487) | (950,237) | ||||||||||||
Prepaid expenses and other current assets | 114,237 | (25,570) | ||||||||||||
Derivative assets and liabilities, net | (7,939) | 10,756 | ||||||||||||
Other assets | 33,090 | (16,154) | ||||||||||||
Accounts payable, accrued expenses and customer deposits | 428,580 | 267,014 | ||||||||||||
Net cash provided by operating activities | 903,869 | 438,607 | ||||||||||||
Investing activities | ||||||||||||||
Acquisitions, net of cash acquired | (429,914) | (160,117) | ||||||||||||
Purchases of property and equipment | (117,158) | (107,631) | ||||||||||||
Proceeds from disposal of a business, net of cash disposed | 197,025 | — | ||||||||||||
Other | 4,401 | — | ||||||||||||
Net cash used in investing activities | (345,646) | (267,748) | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from issuance of common stock | 101,202 | 22,109 | ||||||||||||
Repurchase of common stock | (546,910) | (1,295,644) | ||||||||||||
Borrowings on securitization facility, net | 109,000 | 364,000 | ||||||||||||
Deferred financing costs paid and debt discount | (238) | (10,282) | ||||||||||||
Proceeds from issuance of notes payable | — | 3,000,000 | ||||||||||||
Principal payments on notes payable | (70,500) | (2,800,500) | ||||||||||||
Borrowings from revolver | 6,495,000 | 4,338,000 | ||||||||||||
Payments on revolver | (6,770,000) | (3,658,000) | ||||||||||||
Borrowings on swing line of credit, net | 180,723 | 194 | ||||||||||||
Other | 264 | — | ||||||||||||
Net cash used in financing activities | (501,459) | (40,123) | ||||||||||||
Effect of foreign currency exchange rates on cash | (30,431) | (80,551) | ||||||||||||
Net increase in cash and cash equivalents and restricted cash | 26,333 | 50,185 | ||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | 2,289,180 | 2,250,695 | ||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 2,315,513 | $ | 2,300,880 | ||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for interest, net | $ | 327,099 | $ | 138,310 | ||||||||||
Cash paid for income taxes, net | $ | 319,764 | $ | 309,567 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Net income | $ | 271,496 | $ | 248,885 | $ | 726,033 | $ | 729,008 | |||||||||||||||||||||
Stock based compensation | 29,073 | 34,180 | 89,917 | 100,828 | |||||||||||||||||||||||||
Amortization1 | 58,304 | 55,748 | 176,047 | 171,372 | |||||||||||||||||||||||||
Integration and deal related costs | 9,269 | 4,861 | 24,734 | 14,071 | |||||||||||||||||||||||||
Legal settlements/litigation | 1,473 | 2,783 | 1,957 | 4,685 | |||||||||||||||||||||||||
Restructuring, related and other2 costs | 2,314 | 507 | 3,017 | 1,270 | |||||||||||||||||||||||||
Gain on disposition of business | (13,712) | — | (13,712) | — | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 1,934 | |||||||||||||||||||||||||
Total pre-tax adjustments | 86,721 | 98,079 | 281,960 | 294,160 | |||||||||||||||||||||||||
Income taxes | (23,104) | (26,262) | (75,540) | (86,667) | |||||||||||||||||||||||||
Adjusted net income | $ | 335,113 | $ | 320,702 | $ | 932,453 | $ | 936,501 | |||||||||||||||||||||
Adjusted net income per diluted share | $ | 4.49 | $ | 4.24 | $ | 12.48 | $ | 12.06 | |||||||||||||||||||||
Diluted shares | 74,604 | 75,558 | 74,733 | 77,687 |
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 for recast ($1.9 million) and ($4.1 million) for the quarter and year to date, respectively. | ||
*Columns may not calculate due to rounding. |
The following table presents revenue and revenue per key performance metric by segment* | ||||||||||||||||||||||||||||||||||||||||||||||||||
As Reported | Pro Forma and Macro Adjusted2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
FLEET | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $365.5 | $395.2 | (29.7) | (8) | % | $396.7 | $381.1 | $15.6 | 4 | % | ||||||||||||||||||||||||||||||||||||||||
'- Transactions | 122.0 | 123.4 | (1.4) | (1) | % | 122.0 | 124.1 | (2.1) | (2) | % | ||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $2.99 | $3.20 | $(0.21) | (6) | % | $3.25 | $3.07 | $0.18 | 6 | % | ||||||||||||||||||||||||||||||||||||||||
CORPORATE PAYMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $258.8 | $196.9 | $61.9 | 31 | % | $256.8 | $213.7 | $43.1 | 20 | % | ||||||||||||||||||||||||||||||||||||||||
'- Spend volume | 39,446 | 30,609 | 8,837 | 29 | % | 39,446 | 32,828 | 6,618 | 20 | % | ||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per spend $ | 0.66 | % | 0.64 | % | 0.01 | % | 2 | % | 0.65 | % | 0.65 | % | — | % | — | % | ||||||||||||||||||||||||||||||||||
LODGING | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $141.4 | $126.0 | $15.4 | 12 | % | $141.0 | $128.6 | $12.4 | 10 | % | ||||||||||||||||||||||||||||||||||||||||
'- Room nights | 9.2 | 9.9 | (0.7) | (7) | % | 9.2 | 10.0 | (0.9) | (9) | % | ||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per room night | $15.41 | $12.78 | $2.62 | 21 | % | $15.36 | $12.81 | $2.55 | 20 | % | ||||||||||||||||||||||||||||||||||||||||
BRAZIL | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $134.2 | $108.6 | $25.6 | 24 | % | $126.0 | $108.6 | $17.4 | 16 | % | ||||||||||||||||||||||||||||||||||||||||
'- Tags (average monthly) | 6.7 | 6.2 | 0.4 | 7 | % | 6.7 | 6.2 | 0.4 | 7 | % | ||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per tag | $20.16 | $17.47 | $2.69 | 15 | % | $18.94 | $17.47 | $1.47 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
OTHER1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $71.0 | $66.3 | $4.7 | 7 | % | $70.5 | $66.3 | $4.2 | 6 | % | ||||||||||||||||||||||||||||||||||||||||
'- Transactions | 296.6 | 249.4 | 47.1 | 19 | % | 296.6 | 249.4 | 47.1 | 19 | % | ||||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $0.24 | $0.27 | $(0.03) | (10) | % | $0.24 | $0.27 | $(0.03) | (11) | % | ||||||||||||||||||||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $970.9 | $893.0 | $77.9 | 9 | % | $991.1 | $898.3 | $92.8 | 10 | % |
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. |
Revenues, net by Geography* | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | % | 2022 | % | 2023 | % | 2022 | % | ||||||||||||||||||||||||||||||||||||||||
US | $ | 561 | 58 | % | $ | 558 | 63 | % | $ | 1,610 | 57 | % | $ | 1,558 | 61 | % | |||||||||||||||||||||||||||||||
Brazil | 134 | 14 | % | 109 | 12 | % | 382 | 14 | % | 323 | 13 | % | |||||||||||||||||||||||||||||||||||
UK | 115 | 12 | % | 90 | 10 | % | 333 | 12 | % | 278 | 11 | % | |||||||||||||||||||||||||||||||||||
Other | 161 | 17 | % | 136 | 15 | % | 495 | 18 | % | 384 | 15 | % | |||||||||||||||||||||||||||||||||||
Consolidated Revenues, net | $ | 971 | 100 | % | $ | 893 | 100 | % | $ | 2,820 | 100 | % | $ | 2,544 | 100 | % |
Revenues, net by Segment* | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | % | 2022 | % | 2023 | % | 2022 | % | ||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 366 | 38 | % | $ | 395 | 44 | % | $ | 1,121 | 40 | % | $ | 1,124 | 44 | % | |||||||||||||||||||||||||||||||
Corporate Payments | 259 | 27 | % | 197 | 22 | % | 733 | 26 | % | 570 | 22 | % | |||||||||||||||||||||||||||||||||||
Lodging | 141 | 15 | % | 126 | 14 | % | 400 | 14 | % | 337 | 13 | % | |||||||||||||||||||||||||||||||||||
Brazil | 134 | 14 | % | 109 | 12 | % | 382 | 14 | % | 323 | 13 | % | |||||||||||||||||||||||||||||||||||
Other | 71 | 7 | % | 66 | 7 | % | 184 | 7 | % | 189 | 7 | % | |||||||||||||||||||||||||||||||||||
Consolidated Revenues, net | $ | 971 | 100 | % | $ | 893 | 100 | % | $ | 2,820 | 100 | % | $ | 2,544 | 100 | % |
*Columns may not calculate due to rounding. Segment and solutions reporting have converged to be the same. The recent acquisition of a parking business is included in our Fleet segment. The recent disposition of our Russian business is also included in our Fleet segment. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
20231 | 2022 | % Change | 20231 | 2022 | % Change | ||||||||||||||||||||||||||||||||||||
Revenues, net: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 365,502 | $ | 395,203 | (8) | % | $ | 1,120,823 | $ | 1,124,157 | — | % | |||||||||||||||||||||||||||||
Corporate Payments | 258,800 | 196,941 | 31 | % | 732,958 | 570,408 | 28 | % | |||||||||||||||||||||||||||||||||
Lodging | 141,389 | 125,961 | 12 | % | 400,287 | 337,438 | 19 | % | |||||||||||||||||||||||||||||||||
Brazil | 134,172 | 108,583 | 24 | % | 381,998 | 322,945 | 18 | % | |||||||||||||||||||||||||||||||||
Other1 | 71,028 | 66,312 | 7 | % | 184,333 | 188,571 | (2) | % | |||||||||||||||||||||||||||||||||
$ | 970,891 | $ | 893,000 | 9 | % | $ | 2,820,399 | $ | 2,543,519 | 11 | % | ||||||||||||||||||||||||||||||
Operating income: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 186,614 | $ | 192,598 | (3) | % | $ | 547,637 | $ | 547,233 | — | % | |||||||||||||||||||||||||||||
Corporate Payments | 102,143 | 69,669 | 47 | % | 265,100 | 193,735 | 37 | % | |||||||||||||||||||||||||||||||||
Lodging | 74,023 | 63,463 | 17 | % | 196,832 | 161,802 | 22 | % | |||||||||||||||||||||||||||||||||
Brazil | 61,054 | 44,646 | 37 | % | 168,673 | 123,591 | 36 | % | |||||||||||||||||||||||||||||||||
Other1 | 21,143 | 18,794 | 12 | % | 54,580 | 51,010 | 7 | % | |||||||||||||||||||||||||||||||||
$ | 444,977 | $ | 389,170 | 14 | % | $ | 1,232,822 | $ | 1,077,371 | 14 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 34,219 | $ | 34,897 | (2) | % | $ | 104,147 | $ | 104,531 | — | % | |||||||||||||||||||||||||||||
Corporate Payments | 21,114 | 15,864 | 33 | % | 61,458 | 48,936 | 26 | % | |||||||||||||||||||||||||||||||||
Lodging | 12,189 | 10,474 | 16 | % | 35,247 | 31,329 | 13 | % | |||||||||||||||||||||||||||||||||
Brazil | 14,989 | 13,756 | 9 | % | 45,065 | 41,164 | 9 | % | |||||||||||||||||||||||||||||||||
Other1 | 2,239 | 2,222 | 1 | % | 6,741 | 6,529 | 3 | % | |||||||||||||||||||||||||||||||||
$ | 84,750 | $ | 77,213 | 10 | % | $ | 252,658 | $ | 232,489 | 9 | % | ||||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||||||||
Fleet | $ | 18,261 | $ | 20,960 | (13) | % | $ | 56,126 | $ | 55,197 | 2 | % | |||||||||||||||||||||||||||||
Corporate Payments | 6,969 | 5,952 | 17 | % | 22,235 | 15,598 | 43 | % | |||||||||||||||||||||||||||||||||
Lodging | 3,661 | 3,309 | 11 | % | 10,534 | 7,068 | 49 | % | |||||||||||||||||||||||||||||||||
Brazil | 7,856 | 9,273 | (15) | % | 23,386 | 22,871 | 2 | % | |||||||||||||||||||||||||||||||||
Other1 | 1,489 | 1,508 | (1) | % | 4,877 | 6,897 | (29) | % | |||||||||||||||||||||||||||||||||
$ | 38,236 | $ | 41,002 | (7) | % | $ | 117,158 | $ | 107,631 | 9 | % |
1Other includes Gift and Payroll Card operating segments. | ||
*Columns may not calculate due to rounding. The recent acquisition of a parking business is included in our Fleet segment. The recent disposition of our Russian business is also included in our Fleet segment. |
Revenues, net | Key Performance Metric | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||
2023* | 2022* | 2023* | 2022* | ||||||||||||||||||||||||||
FLEET - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 396.7 | $ | 381.1 | 122.0 | 124.1 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | 14.1 | — | (0.7) | |||||||||||||||||||||||||
Impact of fuel prices/spread | (34.4) | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 3.2 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 365.5 | $ | 395.2 | 122.0 | 123.4 | |||||||||||||||||||||||
CORPORATE PAYMENTS - SPEND | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 256.8 | $ | 213.7 | $ | 39,446 | $ | 32,828 | |||||||||||||||||||||
Impact of acquisitions/dispositions | — | (16.8) | — | (2,219) | |||||||||||||||||||||||||
Impact of fuel prices/spread | (0.2) | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 2.2 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 258.8 | $ | 196.9 | $ | 39,446 | $ | 30,609 | |||||||||||||||||||||
LODGING - ROOM NIGHTS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 141.0 | $ | 128.6 | 9.2 | 10.0 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (2.6) | — | (0.2) | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 0.4 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 141.4 | $ | 126.0 | 9.2 | 9.9 | |||||||||||||||||||||||
BRAZIL - TAGS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 126.0 | $ | 108.6 | 6.7 | 6.2 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | (1.0) | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 9.1 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 134.2 | $ | 108.6 | 6.7 | 6.2 | |||||||||||||||||||||||
OTHER1 - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 70.5 | $ | 66.3 | 296.6 | 249.4 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 0.5 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 71.0 | $ | 66.3 | 296.6 | 249.4 | |||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 991.1 | $ | 898.3 | Intentionally Left Blank | ||||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (5.3) | |||||||||||||||||||||||||||
Impact of fuel prices/spread2 | (35.6) | — | |||||||||||||||||||||||||||
Impact of foreign exchange rates2 | 15.4 | — | |||||||||||||||||||||||||||
As reported | $ | 970.9 | $ | 893.0 | |||||||||||||||||||||||||
* Columns may not calculate due to rounding. | |||||||||||||||||||||||||||||
1Other includes Gift and Payroll Card operating segments. | |||||||||||||||||||||||||||||
2 Revenues reflect an estimated $23 million and $12 million negative impact from fuel price spreads and fuel prices, respectively, partially offset by the positive impact of movements in foreign exchange rates of approximately $15 million. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | 271.5 | $ | 248.9 | $ | 726.0 | $ | 729.0 | ||||||||||||||||||
Provision for income taxes | 98.6 | 91.0 | 265.5 | 249.2 | ||||||||||||||||||||||
Interest expense, net | 88.3 | 45.4 | 256.6 | 90.5 | ||||||||||||||||||||||
Other (income) expense | (13.4) | 3.7 | (15.1) | 6.2 | ||||||||||||||||||||||
Investment loss (gain) | — | 0.2 | (0.1) | 0.5 | ||||||||||||||||||||||
Depreciation and amortization | 84.8 | 77.2 | 252.7 | 232.5 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 1.9 | ||||||||||||||||||||||
Other operating, net | (0.8) | — | 0.6 | 0.1 | ||||||||||||||||||||||
EBITDA | $ | 528.9 | $ | 466.4 | $ | 1,486.1 | $ | 1,309.9 | ||||||||||||||||||
Revenues, net | $ | 970.9 | $ | 893.0 | $ | 2,820.4 | $ | 2,543.5 | ||||||||||||||||||
EBITDA margin | 54.5 | % | 52.2 | % | 52.7 | % | 51.5 | % | ||||||||||||||||||
* Columns may not calculate due to rounding. | ||||||||||||||||||||||||||
Q4 2023 GUIDANCE | ||||||||||||||
Low* | High* | |||||||||||||
Net income | $ | 251 | $ | 275 | ||||||||||
Net income per diluted share | $ | 3.42 | $ | 3.72 | ||||||||||
Stock based compensation | 29 | 29 | ||||||||||||
Amortization | 59 | 59 | ||||||||||||
Other | 5 | 5 | ||||||||||||
Total pre-tax adjustments | 93 | 93 | ||||||||||||
Income taxes | 25 | 25 | ||||||||||||
Adjusted net income | $ | 319 | $ | 343 | ||||||||||
Adjusted net income per diluted share | $ | 4.34 | $ | 4.64 | ||||||||||
Diluted shares | 74 | 74 | ||||||||||||
2023 GUIDANCE | ||||||||||||||
Low* | High* | |||||||||||||
Net income | $ | 977 | $ | 1,001 | ||||||||||
Net income per diluted share | $ | 13.14 | $ | 13.44 | ||||||||||
Stock based compensation | 120 | 120 | ||||||||||||
Amortization | 235 | 235 | ||||||||||||
Other | 20 | 20 | ||||||||||||
Total pre-tax adjustments | 375 | 375 | ||||||||||||
Income taxes | 99 | 99 | ||||||||||||
Adjusted net income | $ | 1,252 | $ | 1,276 | ||||||||||
Adjusted net income per diluted share | $ | 16.82 | $ | 17.12 | ||||||||||
Diluted shares | 74 | 74 | ||||||||||||
*Columns may not calculate due to rounding. |
Document and Entity Information Document |
Aug. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 08, 2023 |
Entity Registrant Name | FLEETCOR Technologies, Inc. |
Entity Central Index Key | 0001175454 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35004 |
Entity Tax Identification Number | 72-1074903 |
Entity Address, Address Line One | 3280 Peachtree Road, Suite 2400 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30305 |
City Area Code | 770 |
Local Phone Number | 449-0479 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | FLT |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
-8?20$3;8T.P6BP^0"X99K>]9!:G
&MZ#UMDBQ
M51U)LZI&$\7+M@.B:Q/1:8KD6G"1I.#VTHFJEV^2VC=C">11A^21:4EJ0\U.
M@.AZ2W2FI%9N%"X>T77\$(1[Z^M31_>=AOMICMKO)#R+V@*0*2DXDDS)-:%L
M0' DJ+H/ !L@ $
M &9L="TR,#(S,3$P."YH=&WM'6MSXCCR^_X*'5MWEU3%QC8F/))PE27,'+4S
M22JPM7OWY4JV!>C&V%Y9)'"__KIEFT!XQ#!)(!/R809CJ:5N]5LMJ7B4(=:KN:6K9YF4YMJM.*X
M6K5*:^624W+*=NVD7S]EU&5.M:IY-:L,S8R2YI1912N;K$)K]FG%<*P3KV[4
MJCV3VJ7*J>/9IV:M:EK'X\/"@
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M[Z+@:H!&0(<(B?%Z*X#A)DV8G*!^._#8^%
?NS?4)N=*;.K@.
MX ;L<-K&DVG;2Z?]GRW__O:S>6J
0X1F5.$
M5^4D