FLEETCOR Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Fleetcor Technologies, Inc. (NYSE: FLT) reported all-time record revenues and adjusted net income for Q4 and fiscal 2021. Revenues soared 30% to $802.3 million in Q4, while net income reached $225 million, marking a 7% increase. Adjusted net income surged 18% to $304.9 million. For the full year, revenues rose 19% to $2.83 billion, with net income hitting $839.5 million, a 19% increase. Guidance for 2022 anticipates total revenues between $3.19 billion and $3.25 billion, with adjusted EPS growth in the mid-teens. The company also announced a $1 billion increase in share repurchase authorization.
- Record Q4 revenue of $802.3 million, a 30% increase
- Adjusted net income rose 18% to $304.9 million in Q4
- 2021 revenues increased 19% to $2.83 billion
- Full-year net income up 19% to $839.5 million
- 2022 revenue guidance between $3.19 billion and $3.25 billion
- Share repurchase authorization increased by $1 billion
- Expenses are expected to be higher than in 2021
- First quarter typically shows seasonality impacting revenues and net income
All-time record revenues and adjusted net income
“We reported record revenues and adjusted net income per share in the fourth quarter, with growth of
Financial Results for Fourth Quarter of 2021:
GAAP Results
-
Revenues increased
30% to$802.3 million $617.3 million -
Net income increased
7% to$225.0 million $209.9 million -
Net income per diluted share increased
12% to$2.74 $2.44
Non-GAAP Results1
-
Adjusted net income1 increased
18% to$304.9 million $258.4 million -
Adjusted net income per diluted share1 increased
24% to$3.72 $3.01
Financial Results for Fiscal Year 2021:
GAAP Results
-
Revenues increased
19% to$2,833.7 million $2,388.9 million -
Net income increased
19% to$839.5 million $704.2 million -
Net income per diluted share increased
23% to$9.99 $8.12
Non-GAAP Results1
-
Adjusted net income1 increased
15% to$1,109.8 million $962.2 million -
Adjusted net income per diluted share1 increased
19% to$13.21 $11.09
“Our fourth quarter results came in ahead of our expectations we gave in November, for both revenue and adjusted earnings per share,” said
Fiscal Year 2022 Outlook:
“Our current outlook is for the Company to return to its normal growth cadence, with sales growth of
For fiscal year 2022,
-
Total revenues between
$3,190 million $3,250 million -
GAAP net income between
$935 million $975 million -
GAAP net income per diluted share between
$11.65 $12.15 -
Adjusted net income between
$1,200 million $1,240 million -
Adjusted net income per diluted share between
$15.00 $15.50
FLEETCOR’s guidance assumptions for the full year are as follows:
-
Weighted average
U.S. fuel prices equal to$3.40 - Market spreads slightly favorable to the 2021 average;
-
Foreign exchange rates equal to the month average of
January 2022 ; -
Interest expense between
$90 million $100 million - Approximately 80 million fully diluted shares outstanding;
-
A tax rate of
24% to26% ; and - No impact related to acquisitions not already closed.
First Quarter of 2022 Outlook:
The Company currently expects first quarter revenues between
Increase of Term B Credit Facility and Share Repurchases:
On
_______________________________________
1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1 attached. Additional supplemental data is provided in Exhibits 2-3 and 5, and segment information is provided in Exhibit 4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 6.
Conference Call:
The Company will host a conference call to discuss fourth quarter and fiscal year 2021 financial results today at
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 regulatory measures, voluntary actions, or changes in consumer preferences, that impact our transaction volume, including social distancing, shelter-in-place, shutdowns of nonessential businesses and similar measures imposed or undertaken in an effort to contain and mitigate the spread of the novel coronavirus (including any variants thereof, “COVID-19”); the impact of vaccine mandates on our workforce in certain jurisdictions; adverse changes or volatility in fuel prices and spreads; 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
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 its 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 stock 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 occurring largely, but not necessarily exclusively, due to COVID-19, 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. 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
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
Management uses adjusted net income, adjusted net income per diluted share and organic revenue growth:
- 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
| Consolidated Balance Sheets | ||||
| (In thousands, except share and par value amounts) | ||||
| (Unaudited) | ||||
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 1,520,027 |
$ 934,900 |
||
| Restricted cash | 730,668 |
541,719 |
||
| Accounts and other receivables (less allowance) | 1,731,574 |
1,366,775 |
||
| Securitized accounts receivable - restricted for securitization investors | 1,118,000 |
700,000 |
||
| Prepaid expenses and other current assets | 349,575 |
412,924 |
||
| Total current assets | 5,449,844 |
3,956,318 |
||
| Property and equipment, net | 236,294 |
202,509 |
||
| Goodwill | 5,107,878 |
4,719,181 |
||
| Other intangibles, net | 2,306,485 |
2,115,882 |
||
| Investments | 52,016 |
7,480 |
||
| Other assets | 213,932 |
193,209 |
||
| Total assets | $ 13,366,449 |
$ 11,194,579 |
||
| Liabilities and Stockholders’ Equity | ||||
| Current liabilities: | ||||
| Accounts payable | $ 1,406,350 |
$ 1,054,478 |
||
| Accrued expenses | 369,054 |
282,681 |
||
| Customer deposits | 1,788,705 |
1,175,322 |
||
| Securitization facility | 1,118,000 |
700,000 |
||
| Current portion of notes payable and lines of credit | 399,628 |
505,697 |
||
| Other current liabilities | 170,410 |
250,133 |
||
| Total current liabilities | 5,252,147 |
3,968,311 |
||
| Notes payable and other obligations, less current portion | 4,460,039 |
3,097,5801 |
||
| Deferred income taxes | 566,291 |
498,154 |
||
| Other noncurrent liabilities | 221,392 |
275,1231 |
||
| Total noncurrent liabilities | 5,247,722 |
3,870,857 |
||
| Commitments and contingencies | ||||
| Stockholders’ equity: | ||||
| Common stock | 127 |
126 |
||
| Additional paid-in capital | 2,878,751 |
2,749,900 |
||
| Retained earnings | 6,256,442 |
5,416,945 |
||
| Accumulated other comprehensive loss | (1,464,616) |
(1,363,158) |
||
(4,804,124) |
(3,448,402) |
|||
| Total stockholders’ equity | 2,866,580 |
3,355,411 |
||
| Total liabilities and stockholders’ equity | $ 13,366,449 |
$ 11,194,579 |
||
| 1 Recast to reflect long term deferred revenue in other noncurrent liabilities, to conform to current year presentation. | ||||
| Consolidated Statements of Income | ||||||||||||
| (In thousands, except per share amounts) | ||||||||||||
| Three Months Ended |
Year Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Revenues, net | $ |
802,255 |
$ |
617,333 |
$ |
2,833,736 |
$ |
2,388,855 |
||||
| Expenses: | ||||||||||||
| Processing |
|
171,533 |
|
121,514 |
|
559,819 |
|
596,363 |
||||
| Selling |
|
75,607 |
|
47,737 |
|
262,118 |
|
192,732 |
||||
| General and administrative |
|
140,675 |
|
90,961 |
|
485,830 |
|
374,678 |
||||
| Depreciation and amortization |
|
75,013 |
|
64,685 |
|
284,197 |
|
254,802 |
||||
| Other operating, net |
|
(865) |
|
(1,503) |
|
(784) |
|
(1,985) |
||||
| Operating income |
|
340,292 |
|
293,939 |
|
1,242,556 |
|
972,265 |
||||
| Investment gain |
|
- |
|
- |
|
(9) |
|
(30,008) |
||||
| Other expense (income), net |
|
175 |
|
422 |
|
3,858 |
|
(10,055) |
||||
| Interest expense, net |
|
27,666 |
|
30,329 |
|
113,705 |
1 |
|
129,803 |
|||
| Loss on extinguishment of debt |
|
9,964 |
|
- |
|
16,194 |
1 |
|
- |
|||
| Total other expense |
|
37,805 |
|
30,751 |
|
133,748 |
|
89,740 |
||||
| Income before income taxes |
|
302,487 |
|
263,188 |
|
1,108,808 |
|
882,525 |
||||
| Provision for income taxes |
|
77,483 |
|
53,337 |
|
269,311 |
|
178,309 |
||||
| Net income | $ |
225,004 |
$ |
209,851 |
$ |
839,497 |
$ |
704,216 |
||||
| Basic earnings per share | $ |
2.80 |
$ |
2.51 |
$ |
10.23 |
$ |
8.38 |
||||
| Diluted earnings per share | $ |
2.74 |
$ |
2.44 |
$ |
9.99 |
$ |
8.12 |
||||
| Weighted average shares outstanding: | ||||||||||||
| Basic shares |
|
80,228 |
|
83,514 |
|
82,060 |
|
84,005 |
||||
| Diluted shares |
|
81,981 |
|
85,846 |
|
84,061 |
|
86,719 |
||||
| 1 Recast to present loss on extinguishment of debt separately from interest expense, net, to conform to current presentation. | ||||||||||||
| Consolidated Statements of Cash Flows | ||||||
| (In thousands) | ||||||
| Year Ended |
||||||
2021 |
2020 |
|||||
| (Unaudited) | ||||||
| Operating activities | ||||||
| Net income | $ |
839,497 |
$ |
704,216 |
||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation |
|
75,571 |
|
65,181 |
||
| Stock-based compensation |
|
80,071 |
|
43,384 |
||
| Provision for credit losses on accounts and other receivables |
|
37,919 |
|
158,549 |
||
| Amortization of deferred financing costs and discounts |
|
6,831 |
|
6,486 |
||
| Amortization of intangible assets and premium on receivables |
|
208,625 |
|
189,620 |
||
| Loss on extinguishment of debt |
|
16,194 |
|
- |
||
| Deferred income taxes |
|
24,970 |
|
(15,112) |
||
| Investment gain |
|
(9) |
|
(30,008) |
||
| Other |
|
(784) |
|
(1,985) |
||
| Changes in operating assets and liabilities (net of acquisitions/dispositions): | ||||||
| Accounts and other receivables |
|
(729,144) |
|
264,140 |
||
| Prepaid expenses and other current assets |
|
184,462 |
|
(14,521) |
||
| Other assets |
|
35,032 |
|
12,656 |
||
| Accounts payable, accrued expenses and customer deposits |
|
416,028 |
|
89,983 |
||
| Net cash provided by operating activities |
|
1,195,263 |
|
1,472,589 |
||
| Investing activities | ||||||
| Acquisitions, net of cash acquired |
|
(602,120) |
|
(80,787) |
||
| Purchases of property and equipment |
|
(111,530) |
|
(78,425) |
||
| Proceeds from disposal of investment |
|
- |
|
52,963 |
||
| Other |
|
(2,281) |
|
- |
||
| Net cash used in investing activities |
|
(715,931) |
|
(106,249) |
||
| Financing activities | ||||||
| Proceeds from issuance of common stock |
|
48,781 |
|
136,797 |
||
| Repurchase of common stock |
|
(1,355,722) |
|
(849,910) |
||
| Borrowings (payments) on securitization facility, net |
|
418,000 |
|
(270,973) |
||
| Deferred financing costs paid and debt discount |
|
(38,920) |
|
(2,637) |
||
| Proceeds from issuance of notes payable |
|
1,900,000 |
|
- |
||
| Principal payments on notes payable |
|
(507,500) |
|
(175,285) |
||
| Borrowings from revolver |
|
1,910,000 |
|
1,243,500 |
||
| Payments on revolver |
|
(1,978,851) |
|
(1,496,907) |
||
| Payments on swing line of credit, net |
|
(51,049) |
|
(1,042) |
||
| Other |
|
(811) |
|
(344) |
||
| Net cash provided by (used in) financing activities |
|
343,928 |
|
(1,416,801) |
||
| Effect of foreign currency exchange rates on cash |
|
(49,184) |
|
(148,157) |
||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
|
774,076 |
|
(198,618) |
||
| Cash and cash equivalents and restricted cash, beginning of year |
|
1,476,619 |
|
1,675,237 |
||
| Cash and cash equivalents and restricted cash, end of year | $ |
2,250,695 |
$ |
1,476,619 |
||
| Supplemental cash flow information | ||||||
| Cash paid for interest, net | $ |
132,504 |
$ |
126,460 |
||
| Cash paid for income taxes, net | $ |
229,721 |
$ |
165,315 |
||
| 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 |
Year Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Net income | $ |
225,004 |
$ |
209,851 |
$ |
839,497 |
$ |
704,216 |
||||
| Stock based compensation |
|
27,986 |
|
8,315 |
|
80,071 |
|
43,384 |
||||
| Amortization1 |
|
56,974 |
|
49,111 |
|
215,456 |
|
196,106 |
||||
| Net loss on disposition of assets/business |
|
- |
|
294 |
|
- |
|
294 |
||||
| Investment gain |
|
- |
|
- |
|
(9) |
|
(30,008) |
||||
| Loss on extinguishment of debt |
|
9,964 |
|
- |
|
16,194 |
|
- |
||||
| Integration and deal related costs |
|
12,501 |
|
985 |
|
30,632 |
|
12,020 |
||||
| Restructuring and related (subsidies) costs |
|
(181) |
|
(697) |
|
(2,103) |
|
4,215 |
||||
| Legal settlements/litigation |
|
152 |
|
2,845 |
|
5,772 |
|
(144) |
||||
| Write-off of customer receivable2 |
|
- |
|
- |
|
- |
|
90,058 |
||||
| Total pre-tax adjustments |
|
107,396 |
|
60,853 |
|
346,013 |
|
315,926 |
||||
| Income taxes3 |
|
(27,510) |
|
(12,332) |
|
(75,703) |
|
(57,914) |
||||
| Adjusted net income | $ |
304,890 |
$ |
258,372 |
$ |
1,109,807 |
$ |
962,228 |
||||
| Adjusted net income per diluted share | $ |
3.72 |
$ |
3.01 |
$ |
13.21 |
$ |
11.09 |
||||
| Diluted shares |
|
81,981 |
|
85,846 |
|
84,061 |
|
86,719 |
||||
| 1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. | ||||||||||||
| 2 Represents a loss in the first quarter of 2020 from a large client in our cross-border payments business entering voluntary bankruptcy due to the extraordinary impact of the COVID-19 pandemic. | ||||||||||||
| 3 Represents provision for income taxes of pre-tax adjustments. 2021 year includes remeasurement of deferreds due to the increase in |
||||||||||||
| * Columns may not calculate due to rounding. | ||||||||||||
Exhibit 2 Key Performance Indicators, by Solution 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 solution.* | ||||||||||||||||||||||
| As Reported | Pro Forma and Macro Adjusted2 | |||||||||||||||||||||
| Three Months Ended |
Three Months Ended |
|||||||||||||||||||||
2021 |
|
2020 |
|
Change |
|
% Change |
|
2021 |
|
2020 |
|
Change |
|
% Change |
||||||||
| FUEL | ||||||||||||||||||||||
| - Revenues, net | $ |
316.4 |
$ |
260.2 |
$ |
56.2 |
|
$ |
291.7 |
$ |
260.5 |
$ |
31.2 |
|
||||||||
| - Transactions |
|
116.4 |
|
110.4 |
|
5.9 |
|
|
116.4 |
|
110.7 |
|
5.7 |
|
||||||||
| - Revenues, net per transaction | $ |
2.72 |
$ |
2.36 |
$ |
0.36 |
|
$ |
2.51 |
$ |
2.35 |
$ |
0.15 |
|
||||||||
| CORPORATE PAYMENTS | ||||||||||||||||||||||
| - Revenues, net | $ |
174.5 |
$ |
115.0 |
$ |
59.6 |
|
$ |
173.3 |
$ |
146.3 |
$ |
27.0 |
|
||||||||
| - Spend volume | $ |
25,665 |
$ |
17,585 |
$ |
8,080 |
|
$ |
25,665 |
$ |
22,265 |
$ |
3,400 |
|
||||||||
| - Revenues, net per spend $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
| TOLLS | ||||||||||||||||||||||
| - Revenues, net | $ |
86.7 |
$ |
76.5 |
$ |
10.1 |
|
$ |
89.8 |
$ |
76.5 |
$ |
13.2 |
|
||||||||
| - Tags (average monthly) |
|
6.1 |
|
5.6 |
|
0.5 |
|
|
6.1 |
|
5.6 |
|
0.5 |
|
||||||||
| - Revenues, net per tag | $ |
14.22 |
$ |
13.61 |
$ |
0.61 |
|
$ |
14.73 |
$ |
13.61 |
$ |
1.12 |
|
||||||||
| LODGING | ||||||||||||||||||||||
| - Revenues, net | $ |
103.1 |
$ |
56.6 |
$ |
46.6 |
|
$ |
103.1 |
$ |
74.0 |
$ |
29.2 |
|
||||||||
| - Room nights |
|
8.9 |
|
5.8 |
|
3.2 |
|
|
8.9 |
|
7.1 |
|
1.8 |
|
||||||||
| - Revenues, net per room night | $ |
11.53 |
$ |
9.78 |
$ |
1.74 |
|
$ |
11.53 |
$ |
10.42 |
$ |
1.11 |
|
||||||||
| GIFT | ||||||||||||||||||||||
| - Revenues, net | $ |
55.1 |
$ |
46.4 |
$ |
8.7 |
|
$ |
55.1 |
$ |
46.4 |
$ |
8.7 |
|
||||||||
| - Transactions |
|
379.9 |
|
331.7 |
|
48.2 |
|
|
379.9 |
|
331.7 |
|
48.2 |
|
||||||||
| - Revenues, net per transaction | $ |
0.15 |
$ |
0.14 |
$ |
0.01 |
|
$ |
0.15 |
$ |
0.14 |
$ |
0.01 |
|
||||||||
| OTHER1 | ||||||||||||||||||||||
| - Revenues, net | $ |
66.4 |
$ |
62.7 |
$ |
3.7 |
|
$ |
66.4 |
$ |
62.7 |
$ |
3.7 |
|
||||||||
| - Transactions |
|
9.0 |
|
9.9 |
|
(0.9) |
( |
|
9.0 |
|
9.9 |
|
(0.9) |
( |
||||||||
| - Revenues, net per transaction | $ |
7.37 |
$ |
6.33 |
$ |
1.04 |
|
$ |
7.37 |
$ |
6.33 |
$ |
1.04 |
|
||||||||
| FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||||||||||
| - Revenues, net | $ |
802.3 |
$ |
617.3 |
$ |
184.9 |
|
$ |
779.4 |
$ |
666.4 |
$ |
113.0 |
|
||||||||
| 1 Other includes telematics, maintenance, food, payroll card and transportation related businesses. | ||||||||||||||||||||||
| 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 Solution | ||||||||||||||||||||
| (In millions) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Revenues by Geography* | Three Months Ended |
Year Ended |
||||||||||||||||||
2021 |
|
% |
|
2020 |
|
% |
|
2021 |
|
% |
|
2020 |
|
% |
||||||
| US | $ |
514 |
|
$ |
378 |
|
$ |
1,785 |
|
$ |
1,468 |
|
||||||||
|
106 |
|
|
91 |
|
|
368 |
|
|
344 |
|
|||||||||
|
81 |
|
|
70 |
|
|
322 |
|
|
263 |
|
|||||||||
| Other |
|
102 |
|
|
79 |
|
|
359 |
|
|
314 |
|
||||||||
| Consolidated Revenues, net | $ |
802 |
|
$ |
617 |
|
$ |
2,834 |
|
$ |
2,389 |
|
||||||||
| * Columns may not calculate due to rounding. | ||||||||||||||||||||
| Revenues by Solution* | Three Months Ended |
Year Ended |
||||||||||||||||||
2021 |
|
% |
|
2020 |
|
% |
|
2021 |
|
% |
|
2020 |
|
% |
||||||
| Fuel | $ |
316 |
|
$ |
260 |
|
$ |
1,180 |
|
$ |
1,057 |
|
||||||||
| Corporate Payments |
|
175 |
|
|
115 |
|
|
600 |
|
|
434 |
|
||||||||
| Tolls |
|
87 |
|
|
77 |
|
|
306 |
|
|
292 |
|
||||||||
| Lodging |
|
103 |
|
|
57 |
|
|
310 |
|
|
207 |
|
||||||||
| Gift |
|
55 |
|
|
46 |
|
|
179 |
|
|
154 |
|
||||||||
| Other |
|
66 |
|
|
63 |
|
|
259 |
|
|
244 |
|
||||||||
| Consolidated Revenues, net | $ |
802 |
|
$ |
617 |
|
$ |
2,834 |
|
$ |
2,389 |
|
||||||||
| * Columns may not calculate due to rounding. | ||||||||||||||||||||
| Exhibit 4 | ||||||||||||
| Segment Results | ||||||||||||
| (In thousands) | ||||||||||||
| Three Months Ended |
Year Ended |
|||||||||||
20211 |
|
2020 |
|
20211 |
|
2020 |
||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Revenues, net: | ||||||||||||
$ |
554,910 |
$ |
405,597 |
$ |
1,921,077 |
$ |
1,581,547 |
|||||
|
105,599 |
|
90,526 |
|
368,080 |
|
344,248 |
|||||
| International |
|
141,746 |
|
121,210 |
|
544,579 |
|
463,060 |
||||
$ |
802,255 |
$ |
617,333 |
$ |
2,833,736 |
$ |
2,388,855 |
|||||
| Operating income: | ||||||||||||
$ |
208,465 |
$ |
175,693 |
$ |
762,620 |
$ |
547,912 |
|||||
|
48,765 |
|
43,593 |
|
154,265 |
|
148,055 |
|||||
| International |
|
83,062 |
|
74,653 |
|
325,671 |
|
276,298 |
||||
$ |
340,292 |
$ |
293,939 |
$ |
1,242,556 |
$ |
972,265 |
|||||
| Depreciation and amortization: | ||||||||||||
$ |
51,456 |
$ |
40,504 |
$ |
184,876 |
$ |
156,417 |
|||||
|
11,929 |
|
12,345 |
|
50,020 |
|
51,364 |
|||||
| International |
|
11,628 |
|
11,836 |
|
49,301 |
|
47,021 |
||||
$ |
75,013 |
$ |
64,685 |
$ |
284,197 |
$ |
254,802 |
|||||
| Capital expenditures: | ||||||||||||
$ |
23,106 |
$ |
12,836 |
$ |
67,533 |
$ |
48,426 |
|||||
|
8,851 |
|
6,807 |
|
24,431 |
|
17,116 |
|||||
| International |
|
5,118 |
|
3,763 |
|
19,566 |
|
12,883 |
||||
$ |
37,075 |
$ |
23,406 |
$ |
111,530 |
$ |
78,425 |
|||||
| 1 Results from the 2021 acquisition of Roger, AFEX and ALE are reported in our |
||||||||||||
| Exhibit 5 | |||||||||||||
| Reconciliation of Non-GAAP Revenue and Key Performance Metric by Solution to GAAP | |||||||||||||
| (In millions) | |||||||||||||
| (Unaudited) | |||||||||||||
| Revenues, net | Key Performance Metric | ||||||||||||
| Three Months Ended |
Three Months Ended |
||||||||||||
| 2021* | 2020* | 2021* | 2020* | ||||||||||
| FUEL-TRANSACTIONS | |||||||||||||
| Pro forma and macro adjusted | $ |
291.7 |
$ |
260.5 |
116.4 |
110.7 |
|||||||
| Impact of acquisitions/dispositions | - |
|
(0.3) |
- |
(0.2) |
||||||||
| Impact of fuel prices/spread |
|
23.7 |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
1.0 |
|
- |
- |
- |
|||||||
| As reported | $ |
316.4 |
$ |
260.2 |
116.4 |
110.4 |
|||||||
| CORPORATE PAYMENTS- SPEND | |||||||||||||
| Pro forma and macro adjusted | $ |
173.3 |
$ |
146.3 |
25,665 |
22,265 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
(31.4) |
- |
(4,681) |
|||||||
| Impact of fuel prices/spread |
|
0.4 |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
0.8 |
|
- |
- |
- |
|||||||
| As reported | $ |
174.5 |
$ |
115.0 |
25,665 |
17,585 |
|||||||
| TOLLS- TAGS | |||||||||||||
| Pro forma and macro adjusted | $ |
89.8 |
$ |
76.5 |
6.1 |
5.6 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
- |
- |
- |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
(3.1) |
|
- |
- |
- |
|||||||
| As reported | $ |
86.7 |
$ |
76.5 |
6.1 |
5.6 |
|||||||
| LODGING- ROOM NIGHTS | |||||||||||||
| Pro forma and macro adjusted | $ |
103.1 |
$ |
74.0 |
8.9 |
7.1 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
(17.4) |
- |
(1.3) |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
- |
|
- |
- |
- |
|||||||
| As reported | $ |
103.1 |
$ |
56.6 |
8.9 |
5.8 |
|||||||
| GIFT- TRANSACTIONS | |||||||||||||
| Pro forma and macro adjusted | $ |
55.1 |
$ |
46.4 |
379.9 |
331.7 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
- |
- |
- |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
- |
|
- |
- |
- |
|||||||
| As reported | $ |
55.1 |
$ |
46.4 |
379.9 |
331.7 |
|||||||
| OTHER1- TRANSACTIONS | |||||||||||||
| Pro forma and macro adjusted | $ |
66.4 |
$ |
62.7 |
9.0 |
9.9 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
- |
- |
- |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
0.1 |
|
- |
- |
- |
|||||||
| As reported | $ |
66.4 |
$ |
62.7 |
9.0 |
9.9 |
|||||||
| FLEETCOR CONSOLIDATED REVENUES | |||||||||||||
| Pro forma and macro adjusted | $ |
779.4 |
$ |
666.4 |
Intentionally Left Blank | ||||||||
| Impact of acquisitions/dispositions |
|
- |
|
(49.1) |
|||||||||
| Impact of fuel prices/spread2 |
|
24.1 |
|
- |
|||||||||
| Impact of foreign exchange rates2 |
|
(1.3) |
|
- |
|||||||||
| As reported | $ |
802.3 |
$ |
617.3 |
|||||||||
| * Columns may not calculate due to rounding. | |||||||||||||
| 1 Other includes telematics, maintenance, food, payroll card and transportation related businesses. | |||||||||||||
| 2 Revenues reflect an estimated |
|||||||||||||
| Exhibit 6 | ||||||
| RECONCILIATION OF NON-GAAP GUIDANCE MEASURES | ||||||
| (In millions, except per share amounts) | ||||||
| (Unaudited) | ||||||
| The following table reconciles first quarter 2022 and full year 2022 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range. | ||||||
| Q1 2022 GUIDANCE | ||||||
| Low* | High* | |||||
| Net income | $ |
205 |
$ |
213 |
||
| Net income per diluted share | $ |
2.55 |
$ |
2.66 |
||
| Stock based compensation |
|
29 |
|
29 |
||
| Amortization |
|
57 |
|
57 |
||
| Other |
|
5 |
|
5 |
||
| Total pre-tax adjustments |
|
91 |
|
91 |
||
| Income taxes |
|
(22) |
|
(22) |
||
| Adjusted net income | $ |
275 |
$ |
282 |
||
| Adjusted net income per diluted share | $ |
3.45 |
$ |
3.55 |
||
| Diluted shares |
|
80 |
|
80 |
||
| 2022 GUIDANCE | ||||||
| Low* | High* | |||||
| Net income | $ |
935 |
$ |
975 |
||
| Net income per diluted share | $ |
11.65 |
$ |
12.15 |
||
| Stock based compensation |
|
109 |
|
109 |
||
| Amortization |
|
225 |
|
225 |
||
| Other |
|
22 |
|
22 |
||
| Total pre-tax adjustments |
|
356 |
|
356 |
||
| Income taxes |
|
(91) |
|
(91) |
||
| Adjusted net income | $ |
1,200 |
$ |
1,240 |
||
| Adjusted net income per diluted share | $ |
15.00 |
$ |
15.50 |
||
| Diluted shares |
|
80 |
|
80 |
||
| * Columns may not calculate due to rounding. | ||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220208006150/en/
Investor Relations
Jim.Eglseder@fleetcor.com
Source:
FAQ
What were Fleetcor's Q4 2021 revenue and net income figures?
How did Fleetcor perform in fiscal year 2021?
What is Fleetcor's guidance for 2022?
What was Fleetcor's adjusted EPS for Q4 2021?
How has Fleetcor's share repurchase strategy changed?
