(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 February 7, 2024 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
FleetCor Technologies, Inc. | ||||||||||||||||||||
February 7, 2024 | By: /s/ Tom Panther | |||||||||||||||||||
Tom Panther | ||||||||||||||||||||
Chief Financial Officer |
Exhibit No. | Description | |||||||
Press release dated February 7, 2024. | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues, net | $ | 937,320 | $ | 883,610 | 6 | % | $ | 3,757,719 | $ | 3,427,129 | 10 | % | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Processing | 201,459 | 201,610 | — | % | 819,908 | 764,707 | 7 | % | ||||||||||||||||||||||||||||||
Selling | 86,199 | 78,864 | 9 | % | 340,157 | 309,082 | 10 | % | ||||||||||||||||||||||||||||||
General and administrative | 141,545 | 143,873 | (2) | % | 603,424 | 584,135 | 3 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 83,946 | 89,793 | (7) | % | 336,604 | 322,282 | 4 | % | ||||||||||||||||||||||||||||||
Other operating, net | 120 | 200 | NM | 753 | 282 | NM | ||||||||||||||||||||||||||||||||
Total operating expense | 513,269 | 514,340 | — | % | 2,100,846 | 1,980,488 | 6 | % | ||||||||||||||||||||||||||||||
Operating income | 424,051 | 369,270 | 15 | % | 1,656,873 | 1,446,641 | 15 | % | ||||||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||||||||||
Investment loss (gain) | 26 | 863 | NM | (116) | 1,382 | NM | ||||||||||||||||||||||||||||||||
Other (income) expense, net | (1,513) | (3,184) | NM | (16,623) | 3,003 | NM | ||||||||||||||||||||||||||||||||
Interest expense, net | 92,041 | 74,152 | 24 | % | 348,607 | 164,662 | 112 | % | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | NM | — | 1,934 | NM | ||||||||||||||||||||||||||||||||
Total other expense | 90,554 | 71,831 | 26 | % | 331,868 | 170,981 | 94 | % | ||||||||||||||||||||||||||||||
Income before income taxes | 333,497 | 297,439 | 12 | % | 1,325,005 | 1,275,660 | 4 | % | ||||||||||||||||||||||||||||||
Provision for income taxes | 77,640 | 72,120 | 8 | % | 343,115 | 321,333 | 7 | % | ||||||||||||||||||||||||||||||
Net income | $ | 255,857 | $ | 225,319 | 14 | % | $ | 981,890 | $ | 954,327 | 3 | % | ||||||||||||||||||||||||||
Basic earnings per share | $ | 3.55 | $ | 3.07 | 16 | % | $ | 13.42 | $ | 12.62 | 6 | % | ||||||||||||||||||||||||||
Diluted earnings per share | $ | 3.48 | $ | 3.03 | 15 | % | $ | 13.20 | $ | 12.42 | 6 | % | ||||||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic shares | 72,065 | 73,484 | 73,155 | 75,598 | ||||||||||||||||||||||||||||||||||
Diluted shares | 73,475 | 74,246 | 74,387 | 76,862 |
December 31, 2023 | December 31, 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,389,648 | $ | 1,435,163 | ||||||||||
Restricted cash | 1,431,189 | 854,017 | ||||||||||||
Accounts and other receivables (less allowance) | 2,124,160 | 2,064,745 | ||||||||||||
Securitized accounts receivable — restricted for securitization investors | 1,307,000 | 1,287,000 | ||||||||||||
Prepaid expenses and other current assets | 474,144 | 465,227 | ||||||||||||
Total current assets | 6,726,141 | 6,106,152 | ||||||||||||
Property and equipment, net | 343,154 | 294,692 | ||||||||||||
Goodwill | 5,670,924 | 5,201,435 | ||||||||||||
Other intangibles, net | 2,085,663 | 2,130,974 | ||||||||||||
Investments | 69,521 | 74,281 | ||||||||||||
Other assets | 254,315 | 281,726 | ||||||||||||
Total assets | $ | 15,149,718 | $ | 14,089,260 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,628,419 | $ | 1,568,942 | ||||||||||
Accrued expenses | 315,268 | 351,936 | ||||||||||||
Customer deposits | 2,076,581 | 1,505,004 | ||||||||||||
Securitization facility | 1,307,000 | 1,287,000 | ||||||||||||
Current portion of notes payable and lines of credit | 819,749 | 1,027,056 | ||||||||||||
Other current liabilities | 320,612 | 303,517 | ||||||||||||
Total current liabilities | 6,467,629 | 6,043,455 | ||||||||||||
Notes payable and other obligations, less current portion | 4,596,156 | 4,722,838 | ||||||||||||
Deferred income taxes | 496,198 | 527,465 | ||||||||||||
Other noncurrent liabilities | 307,376 | 254,009 | ||||||||||||
Total noncurrent liabilities | 5,399,730 | 5,504,312 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 129 | 128 | ||||||||||||
Additional paid-in capital | 3,266,185 | 3,049,570 | ||||||||||||
Retained earnings | 8,192,659 | 7,210,769 | ||||||||||||
Accumulated other comprehensive loss | (1,289,099) | (1,509,650) | ||||||||||||
Treasury stock | (6,887,515) | (6,209,324) | ||||||||||||
Total stockholders’ equity | 3,282,359 | 2,541,493 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 15,149,718 | $ | 14,089,260 | ||||||||||
Year Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Operating activities | ||||||||||||||
Net income | $ | 981,890 | $ | 954,327 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 109,983 | 92,010 | ||||||||||||
Stock-based compensation | 116,086 | 121,416 | ||||||||||||
Provision for credit losses on accounts and other receivables | 125,152 | 131,096 | ||||||||||||
Amortization of deferred financing costs and discounts | 7,249 | 7,748 | ||||||||||||
Amortization of intangible assets and premium on receivables | 226,621 | 230,272 | ||||||||||||
Loss on extinguishment of debt | — | 1,934 | ||||||||||||
Deferred income taxes | (46,678) | (33,174) | ||||||||||||
Gain on disposition of business, net | (13,712) | — | ||||||||||||
Other non-cash operating expense, net | 637 | 1,664 | ||||||||||||
Changes in operating assets and liabilities (net of acquisitions/disposition): | ||||||||||||||
Accounts and other receivables | (173,760) | (598,674) | ||||||||||||
Prepaid expenses and other current assets | 69,287 | (17,543) | ||||||||||||
Derivative assets and liabilities, net | (33,278) | (11,260) | ||||||||||||
Other assets | 42,932 | (41,068) | ||||||||||||
Accounts payable, accrued expenses and customer deposits | 367,835 | (83,951) | ||||||||||||
Net cash provided by operating activities | 1,780,244 | 754,797 | ||||||||||||
Investing activities | ||||||||||||||
Acquisitions, net of cash acquired | (428,327) | (216,917) | ||||||||||||
Purchases of property and equipment | (153,822) | (151,428) | ||||||||||||
Proceeds from disposal of a business, net of cash disposed | 197,025 | — | ||||||||||||
Other | 4,401 | — | ||||||||||||
Net cash used in investing activities | (380,723) | (368,345) | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from issuance of common stock | 113,742 | 49,404 | ||||||||||||
Repurchase of common stock | (686,859) | (1,405,200) | ||||||||||||
Borrowings on securitization facility, net | 20,000 | 169,000 | ||||||||||||
Deferred financing costs | (376) | (10,355) | ||||||||||||
Proceeds from notes payable | — | 3,000,000 | ||||||||||||
Principal payments on notes payable | (94,000) | (2,824,000) | ||||||||||||
Borrowings from revolver | 8,734,960 | 7,236,000 | ||||||||||||
Payments on revolver | (9,118,960) | (6,526,000) | ||||||||||||
Borrowings on swing line of credit, net | 135,568 | 194 | ||||||||||||
Other | (2,286) | (271) | ||||||||||||
Net cash used in financing activities | (898,211) | (311,228) | ||||||||||||
Effect of foreign currency exchange rates on cash | 30,347 | (36,739) | ||||||||||||
Net increase in cash and cash equivalents and restricted cash | 531,657 | 38,485 | ||||||||||||
Cash and cash equivalents and restricted cash, beginning of year | 2,289,180 | 2,250,695 | ||||||||||||
Cash and cash equivalents and restricted cash, end of year | $ | 2,820,837 | $ | 2,289,180 | ||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for interest, net | $ | 448,384 | $ | 229,641 | ||||||||||
Cash paid for income taxes, net | $ | 408,340 | $ | 358,231 | ||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Net income | $ | 255,857 | $ | 225,319 | $ | 981,890 | $ | 954,327 | |||||||||||||||||||||
Stock based compensation | 26,169 | 20,588 | 116,086 | 121,416 | |||||||||||||||||||||||||
Amortization1 | 57,823 | 66,648 | 233,870 | 238,020 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 1,934 | |||||||||||||||||||||||||
Integration and deal related costs | 5,926 | 4,824 | 30,660 | 18,895 | |||||||||||||||||||||||||
Restructuring, related and other costs2 | 808 | 5,420 | 3,825 | 6,690 | |||||||||||||||||||||||||
Legal settlements/litigation | 793 | 1,366 | 2,750 | 6,051 | |||||||||||||||||||||||||
Gain on disposition of business | — | — | (13,712) | — | |||||||||||||||||||||||||
Total pre-tax adjustments | 91,519 | 98,846 | 373,479 | 393,006 | |||||||||||||||||||||||||
Income taxes3 | (21,241) | (23,967) | (96,781) | (110,634) | |||||||||||||||||||||||||
Adjusted net income | $ | 326,135 | $ | 300,198 | $ | 1,258,588 | $ | 1,236,699 | |||||||||||||||||||||
Adjusted net income per diluted share | $ | 4.44 | $ | 4.04 | $ | 16.92 | $ | 16.10 | |||||||||||||||||||||
Diluted shares | 73,475 | 74,246 | 74,387 | 76,862 |
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 $2.4 million gain and $1.7 million loss for the quarter and year, respectively. | ||
3 Includes $9.0 million adjustment for tax benefit of certain income determined to be permanently invested in 2Q 2022. | ||
* 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 December 31, | Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
VEHICLE PAYMENTS | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $499.8 | $501.1 | $(1.3) | —% | $497.8 | $476.1 | $21.7 | 5% | |||||||||||||||||||||||||||||||||||||||
'- Transactions | 193.9 | 151.5 | 42.4 | 28% | 193.9 | 184.8 | 9.2 | 5% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $2.58 | $3.31 | $(0.73) | (22)% | $2.57 | $2.58 | $(0.01) | —% | |||||||||||||||||||||||||||||||||||||||
'- Tag transactions3 | 20.3 | 19.0 | 1.4 | 7% | 20.3 | 19.0 | 1.4 | 7% | |||||||||||||||||||||||||||||||||||||||
'- Parking transactions | 58.7 | — | 58.7 | 100% | 58.7 | 50.6 | 8.1 | 16% | |||||||||||||||||||||||||||||||||||||||
'- Fleet transactions | 108.5 | 127.5 | (19.0) | (15)% | 108.5 | 110.2 | 110.2 | (1.7) | (2)% | ||||||||||||||||||||||||||||||||||||||
'- Other transactions | 6.3 | 5.0 | 1.3 | 26% | 6.3 | 5.0 | 1.3 | 26% | |||||||||||||||||||||||||||||||||||||||
CORPORATE PAYMENTS | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $251.1 | $201.0 | $50.1 | 25% | $248.8 | $215.6 | $33.1 | 15% | |||||||||||||||||||||||||||||||||||||||
'- Spend volume | $33,583 | $29,975 | $3,608 | 12% | $33,583 | $32,053 | $1,530 | 5% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per spend $ | 0.75% | 0.67% | 0.08% | 11% | 0.74% | 0.67% | 0.07% | 10% | |||||||||||||||||||||||||||||||||||||||
LODGING PAYMENTS | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $119.9 | $119.1 | $0.9 | 1% | $119.6 | $120.1 | $(0.5) | —% | |||||||||||||||||||||||||||||||||||||||
'- Room nights | 8.7 | 9.0 | (0.3) | (3)% | 8.7 | 9.0 | $(0.4) | (4)% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per room night | $13.86 | $13.28 | $0.58 | 4% | $13.82 | $13.29 | $0.53 | 4% | |||||||||||||||||||||||||||||||||||||||
OTHER1 | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $66.5 | $62.4 | $4.1 | 7% | $66.2 | $62.4 | $3.7 | 6% | |||||||||||||||||||||||||||||||||||||||
'- Transactions | 444.8 | 362.7 | 82.1 | 23% | 444.8 | 362.7 | 82.1 | 23% | |||||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $0.15 | $0.17 | $(0.02) | (13)% | $0.15 | $0.17 | $(0.02) | (14)% | |||||||||||||||||||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $937.3 | $883.6 | $53.7 | 6% | $932.3 | $874.3 | $58.1 | 7% |
1 Other includes Gift and Payroll Card operating segments. | ||
2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent. | ||
3 Represents total tag subscription transactions in the quarter. Average monthly tag subscriptions for the fourth quarter of 2023 is 6.8 million. | ||
* Columns may not calculate due to rounding. |
Revenue by Geography* | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | % | 2022 | % | 2023 | % | 2022 | % | ||||||||||||||||||||||||||||||||||||||||
US | $ | 525 | 56 | % | $ | 536 | 61 | % | $ | 2,135 | 57 | % | $ | 2,094 | 61 | % | |||||||||||||||||||||||||||||||
Brazil | 143 | 15 | % | 119 | 13 | % | 525 | 14 | % | 442 | 13 | % | |||||||||||||||||||||||||||||||||||
UK | 108 | 12 | % | 85 | 10 | % | 441 | 12 | % | 363 | 11 | % | |||||||||||||||||||||||||||||||||||
Other | 161 | 17 | % | 143 | 16 | % | 656 | 17 | % | 528 | 15 | % | |||||||||||||||||||||||||||||||||||
Consolidated Revenues, net | $ | 937 | 100 | % | $ | 884 | 100 | % | $ | 3,758 | 100 | % | $ | 3,427 | 100 | % | |||||||||||||||||||||||||||||||
Revenue by Segment* | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | % | 2022 | % | 2023 | % | 2022 | % | ||||||||||||||||||||||||||||||||||||||||
Vehicle Payments | $ | 500 | 53 | % | $ | 501 | 57 | % | $ | 2,006 | 53 | % | $ | 1,950 | 57 | % | |||||||||||||||||||||||||||||||
Corporate Payments | 251 | 27 | % | 201 | 23 | % | 981 | 26 | % | 770 | 23 | % | |||||||||||||||||||||||||||||||||||
Lodging Payments | 120 | 13 | % | 119 | 13 | % | 520 | 14 | % | 457 | 13 | % | |||||||||||||||||||||||||||||||||||
Other | 67 | 7 | % | 62 | 7 | % | 251 | 7 | % | 251 | 7 | % | |||||||||||||||||||||||||||||||||||
Consolidated Revenues, net | $ | 937 | 100 | % | $ | 884 | 100 | % | $ | 3,758 | 100 | % | $ | 3,427 | 100 | % | |||||||||||||||||||||||||||||||
Three Months Ended December 31,* | Year Ended December 31,* | |||||||||||||||||||||||||||||||||||||
20231 | 2022 | % Change | 20231 | 2022 | % Change | |||||||||||||||||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||||||||||||||||
Vehicle Payments | $ | 499,758 | $ | 501,082 | — | % | $ | 2,005,510 | $ | 1,950,038 | 3 | % | ||||||||||||||||||||||||||
Corporate Payments | 251,101 | 201,016 | 25 | % | 981,127 | 769,571 | 27 | % | ||||||||||||||||||||||||||||||
Lodging Payments | 119,929 | 119,074 | 1 | % | 520,216 | 456,511 | 14 | % | ||||||||||||||||||||||||||||||
Other2 | 66,532 | 62,438 | 7 | % | 250,866 | 251,009 | — | % | ||||||||||||||||||||||||||||||
$ | 937,320 | $ | 883,610 | 6 | % | $ | 3,757,719 | $ | 3,427,129 | 10 | % | |||||||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||||||||||||||
Vehicle Payments | $ | 242,505 | $ | 226,337 | 7 | % | $ | 943,399 | $ | 884,493 | 7 | % | ||||||||||||||||||||||||||
Corporate Payments | 101,092 | 67,159 | 51 | % | 382,085 | 273,562 | 40 | % | ||||||||||||||||||||||||||||||
Lodging Payments | 57,438 | 56,836 | 1 | % | 254,270 | 218,637 | 16 | % | ||||||||||||||||||||||||||||||
Other2 | 23,016 | 18,938 | 22 | % | 77,119 | 69,949 | 10 | % | ||||||||||||||||||||||||||||||
$ | 424,051 | $ | 369,270 | 15 | % | $ | 1,656,873 | $ | 1,446,641 | 15 | % | |||||||||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||||||||||||||
Vehicle Payments | $ | 49,724 | $ | 51,598 | (4) | % | $ | 201,905 | $ | 198,495 | 2 | % | ||||||||||||||||||||||||||
Corporate Payments | 20,323 | 24,851 | (18) | % | 78,679 | 72,586 | 8 | % | ||||||||||||||||||||||||||||||
Lodging Payments | 11,655 | 11,037 | 6 | % | 46,903 | 42,366 | 11 | % | ||||||||||||||||||||||||||||||
Other2 | 2,244 | 2,307 | (3) | % | 9,117 | 8,835 | 3 | % | ||||||||||||||||||||||||||||||
$ | 83,946 | $ | 89,793 | (7) | % | $ | 336,604 | $ | 322,282 | 4 | % | |||||||||||||||||||||||||||
Capital expenditures: | ||||||||||||||||||||||||||||||||||||||
Vehicle Payments | $ | 26,261 | $ | 31,189 | (16) | % | $ | 108,592 | $ | 111,661 | (3) | % | ||||||||||||||||||||||||||
Corporate Payments | 5,972 | 7,583 | (21) | % | 25,387 | 20,777 | 22 | % | ||||||||||||||||||||||||||||||
Lodging Payments | 3,171 | 3,502 | (9) | % | 13,705 | 10,570 | 30 | % | ||||||||||||||||||||||||||||||
Other2 | 1,260 | 1,523 | (17) | % | 6,138 | 8,420 | (27) | % | ||||||||||||||||||||||||||||||
$ | 36,664 | $ | 43,797 | (16) | % | $ | 153,822 | $ | 151,428 | 2 | % |
1 Results from Global Reach Group acquired in the first quarter of 2023 are reported in our Corporate Payments segment. Results from Mina Digital Limited and Business Gateway AG acquired in the first quarter of 2023 are reported in our Vehicle Payments segment. Results from PayByPhone acquired in the third quarter of 2023 are reported in our Vehicle Payments segment. The recent disposition of our Russian business is included in our Vehicle Payments segment. | ||
2 Other includes Gift and Payroll Card operating segments. | ||
*Columns may not calculate due to rounding. In the fourth quarter of 2023, in order to align with recent changes in the organizational structure and management reporting, the Company has recast its segments into Vehicle Payments, Corporate Payments, Lodging Payments and Other. The presentation of segment information has been recast for the prior period to align with segment presentation for the year ended December 31, 2023. |
Revenues, net | Key Performance Metric | ||||||||||||||||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | ||||||||||||||||||||||||||||
2023* | 2022* | 2023* | 2022* | ||||||||||||||||||||||||||
VEHICLE PAYMENTS - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 497.8 | $ | 476.1 | 193.9 | 184.8 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | 24.9 | — | (33.3) | |||||||||||||||||||||||||
Impact of fuel prices/spread | (14.8) | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 16.7 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 499.8 | $ | 501.1 | 193.9 | 151.5 | |||||||||||||||||||||||
CORPORATE PAYMENTS - SPEND | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 248.8 | $ | 215.6 | $ | 33,583 | $ | 32,053 | |||||||||||||||||||||
Impact of acquisitions/dispositions | — | (14.6) | — | (2,078) | |||||||||||||||||||||||||
Impact of fuel prices/spread | (0.2) | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 2.5 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 251.1 | $ | 201.0 | $ | 33,583 | $ | 29,975 | |||||||||||||||||||||
LODGING PAYMENTS - ROOM NIGHTS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 119.6 | $ | 120.1 | 8.7 | 9.0 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (1.0) | — | (0.1) | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 0.3 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 119.9 | $ | 119.1 | 8.7 | 9.0 | |||||||||||||||||||||||
OTHER1- TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 66.2 | $ | 62.4 | 444.8 | 362.7 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 0.4 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 66.5 | $ | 62.4 | 444.8 | 362.7 | |||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 932.3 | $ | 874.3 | Intentionally Left Blank | ||||||||||||||||||||||||
Impact of acquisitions/dispositions | — | 9.4 | |||||||||||||||||||||||||||
Impact of fuel prices/spread2 | (15.0) | — | |||||||||||||||||||||||||||
Impact of foreign exchange rates2 | 19.9 | — | |||||||||||||||||||||||||||
As reported | $ | 937.3 | $ | 883.6 | |||||||||||||||||||||||||
1 Other includes Gift and Payroll Card operating segments. | |||||||||||||||||||||||||||||
2 Revenues reflect an estimated $9 million negative impact from fuel prices and approximately $6 million negative impact from fuel price spreads, as well as the positive impact of movements in foreign exchange rates of approximately $20 million. | |||||||||||||||||||||||||||||
* Columns may not calculate due to rounding. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | 255.9 | $ | 225.3 | $ | 981.9 | $ | 954.3 | ||||||||||||||||||
Provision for income taxes | 77.6 | 72.1 | 343.1 | 321.3 | ||||||||||||||||||||||
Interest expense, net | 92.0 | 74.2 | 348.6 | 164.7 | ||||||||||||||||||||||
Other (income) expense | (1.5) | (3.2) | (16.6) | 3.0 | ||||||||||||||||||||||
Investment loss (gain) | — | 0.9 | (0.1) | 1.4 | ||||||||||||||||||||||
Depreciation and amortization | 83.9 | 89.8 | 336.6 | 322.3 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 1.9 | ||||||||||||||||||||||
Other operating, net | 0.1 | 0.2 | 0.8 | 0.3 | ||||||||||||||||||||||
EBITDA | $ | 508.1 | $ | 459.3 | $ | 1,994.2 | $ | 1,769.2 | ||||||||||||||||||
Revenues, net | $ | 937.3 | $ | 883.6 | $ | 3,757.7 | $ | 3,427.1 | ||||||||||||||||||
EBITDA margin | 54.2 | % | 52.0 | % | 53.1 | % | 51.6 | % | ||||||||||||||||||
* Columns may not calculate due to rounding. | ||||||||||||||||||||||||||
2024 GUIDANCE | ||||||||||||||
Low* | High* | |||||||||||||
Net income | $ | 1,090 | $ | 1,130 | ||||||||||
Net income per diluted share | $ | 15.40 | $ | 15.80 | ||||||||||
Stock based compensation | 110 | 110 | ||||||||||||
Amortization | 232 | 232 | ||||||||||||
Other | 20 | 20 | ||||||||||||
Total pre-tax adjustments | 362 | 362 | ||||||||||||
Income taxes | (92) | (92) | ||||||||||||
Adjusted net income | $ | 1,360 | $ | 1,400 | ||||||||||
Adjusted net income per diluted share | $ | 19.20 | $ | 19.60 | ||||||||||
Diluted shares | 71 | 71 | ||||||||||||
Q1 2024 GUIDANCE | ||||||||||||||
Low* | High* | |||||||||||||
Net income | $ | 222 | $ | 232 | ||||||||||
Net income per diluted share | $ | 3.05 | $ | 3.16 | ||||||||||
Stock based compensation | 27 | 27 | ||||||||||||
Amortization | 58 | 58 | ||||||||||||
Other | 8 | 8 | ||||||||||||
Total pre-tax adjustments | 93 | 93 | ||||||||||||
Income taxes | (24) | (24) | ||||||||||||
Adjusted net income | $ | 291 | $ | 301 | ||||||||||
Adjusted net income per diluted share | $ | 4.02 | $ | 4.12 | ||||||||||
Diluted shares | 73 | 73 | ||||||||||||
* Columns may not calculate due to rounding. | ||||||||||||||
Document and Entity Information Document |
Feb. 07, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 07, 2024 |
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 |
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end
EI[6--89(HA!/N!P1Y&
M<$] Z/?1U V Y@'O$#V#/Y3+T["B%FN1%?.6=O5(C+($[4]B(^J^%A%(K+<
MKO4YK6_;A/I@4X]"+!P,"[^[XS3VG6.AD#?(''Y9Z3C"_)!JZT:\9+"N>F:*
MTG)3>XV9HS9.@ W@/8B( R.").[W-!+*LYR/#=HGK-EQI+M+3M(8U9A].!&X_,/8,ZP?7Y-0!OEFM;3QDU6
M2,92C)RG6A.>VKJ^G;)BTHBI]B />8HMR]<#[9)'O_A>_6RO\6JOW-^?9PFF
M0Y%612GL6 ':B;.Z$UBJ[S[ H;*&5$HZS&YAAG'!8ST!4R"6,HMDZXOND.46
MYOEEJ[#=D/IPTK%Y2^NPG;19)IP>RLDBXI83IVC@18DO8/\6>=WLONUG0MQC
MSA%OXJWMFD7,'3$/831>Z^196B>
/;H:S
MB'MXMG_G^=I;O\64?GMT7Q3^&X"3_PIR*G\Q!]KV[3-WN?T38_I'O[%_-:6QL)
MF4DJI_U3,SJ.)E,;@ ;=_K;,X@J4U+\4A &ZF [CNQA(^J#!=!)$4]GB5T5I
MXAW
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M\#'?G]*6'67_94567VWA-[\AYTJ;B_#=L-R?!54)F"F'
M#]EC&;-O/Y4M1K< 6KQ1HQ<".U+?3;Q[F@$IE1_%IS(0*^M'W"'P^R+9_TAA
M>?]>Q(DW6>Y?7_'/:;2&R1T]'T;4_7;N3F!_%Z[_X"[CS<_,@ "*>]I>SC/?
M+ '/X\GM1X,A-+;JMQ]N;FZO/WTAMW0T#>"C=QZ;S/H^&,GIH(C%,/;&GAL5
M