FLEETCOR Reports Third Quarter 2021 Financial Results
FLEETCOR Technologies reported strong financial results for Q3 2021, achieving record profits with a 25% increase in adjusted EPS and a 29% rise in revenue, totaling $755.5 million. Organic revenue growth reached 17%, bolstered by a 22% increase in corporate payments. The company raised its full-year EPS guidance to $13.05, driven by robust sales momentum and successful integrations from the ALE acquisition. Adjusted net income also saw a significant increase of 22%, amounting to $294.4 million. Outlook remains positive with projected revenue growth of 17% and adjusted EPS growth of 18% for FY 2021.
- Record Q3 revenue of $755.5 million, a 29% increase year-over-year.
- Adjusted EPS increased 25% to $3.52, exceeding previous expectations.
- Corporate payments business grew 22% organically.
- Mid-point of full-year EPS guidance raised to $13.05.
- Expected fourth quarter growth in revenue and adjusted EPS.
- None.
“Our third quarter profits (adjusted EPS) and revenue were records for the company, growing
Financial Results for Third Quarter of 2021:
GAAP Results
-
Total revenues increased
29% to$755.5 million $585.3 million -
Net income increased
24% to$234.0 million $188.8 million -
Net income per diluted share increased
28% to$2.80 $2.19
Non-GAAP Results1
-
Adjusted net income1 increased
22% to$294.4 million $241.9 million -
Adjusted net income per diluted share1 increased
25% to$3.52 $2.80
“Our third quarter results were again excellent, and beat the expectations we provided in August for both revenue and adjusted earnings per share,” said
Fiscal-Year 2021 Outlook:
“Our guidance increase reflects our third quarter results and the benefit from the ALE acquisition completed on
For fiscal year 2021,
-
Total revenues between
$2,785 million $2,805 million -
GAAP net income between
$837 million $847 million -
GAAP net income per diluted share between
$9.90 $10.00 -
Adjusted net income between
$1,100 million $1,110 million -
and Adjusted net income per diluted share between
$13.00 $13.10
FLEETCOR’s guidance assumptions for the fourth quarter of 2021 are as follows:
-
Weighted average
U.S. fuel prices equal to$3.27 - Market spreads slightly unfavorable to the 2020 average; and
-
Foreign exchange rates equal to the seven-day average as of
October 17, 2021 .
FLEETCOR’s guidance assumptions for the full year are as follows:
-
Interest expense between
$120 million $125 million - Approximately 85 million fully diluted shares outstanding;
-
A tax rate of
22.5% to23.5% ; and - No impact related to acquisitions not already closed.
_______________________________________
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 third quarter 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; 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
| Unaudited Consolidated Statements of Income | ||||||||||||
| (In thousands, except per share amounts) | ||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Revenues, net | $ |
755,477 |
$ |
585,283 |
$ |
2,031,481 |
$ |
1,771,522 |
||||
| Expenses: | ||||||||||||
| Processing |
|
149,564 |
|
119,856 |
|
388,286 |
|
474,849 |
||||
| Selling |
|
71,204 |
|
46,762 |
|
186,511 |
|
144,995 |
||||
| General and administrative |
|
121,785 |
|
90,868 |
|
345,155 |
|
283,717 |
||||
| Depreciation and amortization |
|
74,237 |
|
63,479 |
|
209,184 |
|
190,117 |
||||
| Other operating, net |
|
- |
|
(214) |
|
81 |
|
(482) |
||||
| Operating income |
|
338,687 |
|
264,532 |
|
902,264 |
|
678,326 |
||||
| Investment loss (gain) |
|
- |
|
1,330 |
|
(9) |
|
(30,008) |
||||
| Other expense (income), net |
|
1,532 |
|
(3,591) |
|
3,683 |
|
(10,477) |
||||
| Interest expense, net |
|
29,033 |
|
31,383 |
|
92,269 |
|
99,474 |
||||
| Total other expense |
|
30,565 |
|
29,122 |
|
95,943 |
|
58,989 |
||||
| Income before income taxes |
|
308,122 |
|
235,410 |
|
806,321 |
|
619,337 |
||||
| Provision for income taxes |
|
74,115 |
|
46,593 |
|
191,828 |
|
124,972 |
||||
| Net income | $ |
234,007 |
$ |
188,817 |
$ |
614,493 |
$ |
494,365 |
||||
| Basic earnings per share | $ |
2.86 |
$ |
2.26 |
$ |
7.42 |
$ |
5.87 |
||||
| Diluted earnings per share | $ |
2.80 |
$ |
2.19 |
$ |
7.24 |
$ |
5.68 |
||||
| Weighted average shares outstanding: | ||||||||||||
| Basic shares |
|
81,836 |
|
83,719 |
|
82,811 |
|
84,170 |
||||
| Diluted shares |
|
83,716 |
|
86,273 |
|
84,917 |
|
87,006 |
||||
| Consolidated Balance Sheets | ||||||
| (In thousands, except share and par value amounts) | ||||||
| (Unaudited) | ||||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ |
1,271,000 |
$ |
934,900 |
||
| Restricted cash |
|
737,937 |
|
541,719 |
||
| Accounts and other receivables (less allowance) |
|
2,071,523 |
|
1,366,775 |
||
| Securitized accounts receivable - restricted for securitization investors |
|
1,098,000 |
|
700,000 |
||
| Prepaid expenses and other current assets |
|
345,831 |
|
412,924 |
||
| Total current assets |
|
5,524,291 |
|
3,956,318 |
||
| Property and equipment, net |
|
220,643 |
|
202,509 |
||
|
5,102,263 |
|
4,719,181 |
|||
| Other intangibles, net |
|
2,369,457 |
|
2,115,882 |
||
| Investments |
|
11,857 |
|
7,480 |
||
| Other assets |
|
225,872 |
|
193,209 |
||
| Total assets | $ |
13,454,383 |
$ |
11,194,579 |
||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ |
1,726,705 |
$ |
1,054,478 |
||
| Accrued expenses |
|
327,271 |
|
282,681 |
||
| Customer deposits |
|
1,533,145 |
|
1,175,322 |
||
| Securitization facility |
|
1,098,000 |
|
700,000 |
||
| Current portion of notes payable and lines of credit |
|
803,397 |
|
505,697 |
||
| Other current liabilities |
|
177,752 |
|
250,133 |
||
| Total current liabilities |
|
5,666,270 |
|
3,968,311 |
||
| Notes payable and other obligations, less current portion |
|
3,789,981 |
|
3,126,926 |
||
| Deferred income taxes |
|
564,445 |
|
498,154 |
||
| Other noncurrent liabilities |
|
258,702 |
|
245,777 |
||
| Total noncurrent liabilities |
|
4,613,128 |
|
3,870,857 |
||
| Commitments and contingencies | ||||||
| Stockholders’ equity: | ||||||
| Common stock |
|
127 |
|
126 |
||
| Additional paid-in capital |
|
2,850,143 |
|
2,749,900 |
||
| Retained earnings |
|
6,031,438 |
|
5,416,945 |
||
| Accumulated other comprehensive loss |
|
(1,436,044) |
|
(1,363,158) |
||
|
(4,270,679) |
|
(3,448,402) |
|||
| Total stockholders’ equity |
|
3,174,985 |
|
3,355,411 |
||
| Total liabilities and stockholders’ equity | $ |
13,454,383 |
$ |
11,194,579 |
||
| Unaudited Consolidated Statements of Cash Flows | ||||||
| (In thousands) | ||||||
Nine Months Ended |
||||||
2021 |
|
2020 |
||||
| Operating activities | ||||||
| Net income | $ |
614,493 |
$ |
494,365 |
||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation |
|
55,605 |
|
48,150 |
||
| Stock-based compensation |
|
52,085 |
|
35,069 |
||
| Provision for credit losses on accounts and other receivables |
|
19,419 |
|
152,485 |
||
| Amortization of deferred financing costs and discounts |
|
4,903 |
|
5,028 |
||
| Amortization of intangible assets and premium on receivables |
|
153,579 |
|
141,967 |
||
| Loss on extinguishment of debt |
|
6,230 |
|
- |
||
| Deferred income taxes |
|
16,246 |
|
(5,747) |
||
| Investment gain |
|
(9) |
|
(30,008) |
||
| Other |
|
81 |
|
(482) |
||
| Changes in operating assets and liabilities (net of acquisitions/dispositions): | ||||||
| Accounts and other receivables |
|
(1,020,900) |
|
49,690 |
||
| Prepaid expenses and other current assets |
|
190,543 |
|
26,105 |
||
| Other assets |
|
28,370 |
|
6,129 |
||
| Accounts payable, accrued expenses and customer deposits |
|
478,896 |
|
291,945 |
||
| Net cash provided by operating activities |
|
599,541 |
|
1,214,696 |
||
| Investing activities | ||||||
| Acquisitions, net of cash acquired |
|
(545,052) |
|
(72,557) |
||
| Purchases of property and equipment |
|
(74,455) |
|
(55,019) |
||
| Proceeds from disposal of investment |
|
- |
|
52,963 |
||
| Other |
|
(2,281) |
|
- |
||
| Net cash used in investing activities |
|
(621,788) |
|
(74,613) |
||
| Financing activities | ||||||
| Proceeds from issuance of common stock |
|
48,159 |
|
95,780 |
||
| Repurchase of common stock |
|
(822,277) |
|
(788,409) |
||
| Borrowings (payments) on securitization facility, net |
|
398,000 |
|
(282,973) |
||
| Deferred financing costs paid and debt discount |
|
(21,508) |
|
(2,474) |
||
| Proceeds from issuance of notes payable |
|
1,150,000 |
|
- |
||
| Principal payments on notes payable |
|
(462,438) |
|
(134,097) |
||
| Borrowings from revolver |
|
1,140,000 |
|
1,198,500 |
||
| Payments on revolver |
|
(798,851) |
|
(1,287,899) |
||
| Payments on swing line of credit, net |
|
(51,049) |
|
(20,111) |
||
| Other |
|
(811) |
|
(244) |
||
| Net cash provided by (used in) financing activities |
|
579,225 |
|
(1,221,927) |
||
| Effect of foreign currency exchange rates on cash |
|
(24,660) |
|
(222,533) |
||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
|
532,318 |
|
(304,377) |
||
| Cash and cash equivalents and restricted cash, beginning of period |
|
1,476,619 |
|
1,675,237 |
||
| Cash and cash equivalents and restricted cash, end of period | $ |
2,008,937 |
$ |
1,370,860 |
||
| Supplemental cash flow information | ||||||
| Cash paid for interest, net | $ |
96,146 |
$ |
98,564 |
||
| Cash paid for income taxes, net | $ |
147,028 |
$ |
119,089 |
||
| 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 |
|
Nine Months Ended |
||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Net income | $ |
234,007 |
$ |
188,817 |
$ |
614,493 |
$ |
494,365 |
||||
| Stock based compensation |
|
16,453 |
|
11,905 |
|
52,085 |
|
35,069 |
||||
| Amortization1 |
|
56,381 |
|
49,078 |
|
158,482 |
|
146,995 |
||||
| Investment loss (gain) |
|
- |
|
1,330 |
|
(9) |
|
(30,008) |
||||
| Loss on extinguishment of debt |
|
- |
|
- |
|
6,230 |
|
- |
||||
| Integration and deal related costs |
|
6,638 |
|
1,768 |
|
18,132 |
|
11,035 |
||||
| Restructuring and related (subsidies) costs |
|
(568) |
|
185 |
|
(1,922) |
|
4,912 |
||||
| Legal settlements/litigation |
|
561 |
|
2,048 |
|
5,619 |
|
(2,989) |
||||
| Write-off of customer receivable2 |
|
- |
|
- |
|
- |
|
90,058 |
||||
| Total pre-tax adjustments |
|
79,465 |
|
66,313 |
|
238,617 |
|
255,072 |
||||
| Income taxes3 |
|
(19,114) |
|
(13,196) |
|
(48,193) |
|
(45,581) |
||||
| Adjusted net income | $ |
294,358 |
$ |
241,934 |
$ |
804,917 |
$ |
703,856 |
||||
| Adjusted net income per diluted share | $ |
3.52 |
$ |
2.80 |
$ |
9.48 |
$ |
8.09 |
||||
| Diluted shares |
|
83,716 |
|
86,273 |
|
84,917 |
|
87,006 |
||||
| 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 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 | $ |
306.8 |
$ |
255.1 |
$ |
51.6 |
|
$ |
288.7 |
$ |
255.6 |
$ |
33.1 |
|
||||||||
| - Transactions |
|
117.7 |
|
113.6 |
|
4.1 |
|
|
117.7 |
|
113.9 |
|
3.8 |
|
||||||||
| - Revenues, net per transaction | $ |
2.61 |
$ |
2.25 |
$ |
0.36 |
|
$ |
2.45 |
$ |
2.24 |
$ |
0.21 |
|
||||||||
| CORPORATE PAYMENTS | ||||||||||||||||||||||
| - Revenues, net | $ |
168.7 |
$ |
106.5 |
$ |
62.2 |
|
$ |
165.6 |
$ |
135.9 |
$ |
29.7 |
|
||||||||
| - Spend volume | $ |
25,666 |
$ |
15,567 |
$ |
10,099 |
|
$ |
25,666 |
$ |
19,617 |
$ |
6,050 |
|
||||||||
| - Revenues, net per spend $ |
|
|
|
|
|
( |
( |
|
|
|
|
|
( |
( |
||||||||
| TOLLS | ||||||||||||||||||||||
| - Revenues, net | $ |
79.0 |
$ |
67.6 |
$ |
11.4 |
|
$ |
76.9 |
$ |
67.6 |
$ |
9.2 |
|
||||||||
| - Tags (average monthly) |
|
6.0 |
|
5.4 |
|
0.6 |
|
|
6.0 |
|
5.4 |
|
0.6 |
|
||||||||
| - Revenues, net per tag | $ |
13.25 |
$ |
12.60 |
$ |
0.65 |
|
$ |
12.89 |
$ |
12.60 |
$ |
0.29 |
|
||||||||
| LODGING | ||||||||||||||||||||||
| - Revenues, net | $ |
85.2 |
$ |
52.9 |
$ |
32.4 |
|
$ |
85.2 |
$ |
60.7 |
$ |
24.5 |
|
||||||||
| - Room nights |
|
7.6 |
|
5.4 |
|
2.2 |
|
|
7.6 |
|
6.1 |
|
1.5 |
|
||||||||
| - Revenues, net per room night | $ |
11.14 |
$ |
9.77 |
$ |
1.37 |
|
$ |
11.14 |
$ |
9.96 |
$ |
1.18 |
|
||||||||
| GIFT | ||||||||||||||||||||||
| - Revenues, net | $ |
48.6 |
$ |
39.1 |
$ |
9.6 |
|
$ |
48.6 |
$ |
39.1 |
$ |
9.6 |
|
||||||||
| - Transactions |
|
256.2 |
|
242.7 |
|
13.4 |
|
|
256.2 |
|
242.7 |
|
13.4 |
|
||||||||
| - Revenues, net per transaction | $ |
0.19 |
$ |
0.16 |
$ |
0.03 |
|
$ |
0.19 |
$ |
0.16 |
$ |
0.03 |
|
||||||||
| OTHER1 | ||||||||||||||||||||||
| - Revenues, net | $ |
67.2 |
$ |
64.1 |
$ |
3.1 |
|
$ |
65.4 |
$ |
64.1 |
$ |
1.3 |
|
||||||||
| - Transactions |
|
8.9 |
|
9.9 |
|
(1.0) |
( |
|
8.9 |
|
9.9 |
|
(1.0) |
( |
||||||||
| - Revenues, net per transaction | $ |
7.58 |
$ |
6.48 |
$ |
1.10 |
|
$ |
7.39 |
$ |
6.48 |
$ |
0.91 |
|
||||||||
| FLEETCOR CONSOLIDATED REVENUES | ||||||||||||||||||||||
| - Revenues, net | $ |
755.5 |
$ |
585.3 |
$ |
170.2 |
|
$ |
730.3 |
$ |
623.0 |
$ |
107.3 |
|
||||||||
| 1 Other includes telematics, maintenance, food, transportation and payroll card 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 |
|
Nine Months Ended |
||||||||||||||||||
2021 |
|
% |
|
2020 |
|
% |
|
2021 |
|
% |
|
2020 |
|
% |
|||||||
| US | $ |
488 |
|
$ |
357 |
|
$ |
1,271 |
|
$ |
1,090 |
|
|||||||||
|
95 |
|
|
80 |
|
|
262 |
|
|
254 |
|
||||||||||
|
82 |
|
|
70 |
|
|
241 |
|
|
193 |
|
||||||||||
| Other |
|
91 |
|
|
78 |
|
|
256 |
|
|
235 |
|
|||||||||
| Consolidated Revenues, net | $ |
755 |
|
$ |
585 |
|
$ |
2,031 |
|
$ |
1,772 |
|
|||||||||
| * Columns may not calculate due to rounding. | |||||||||||||||||||||
| Revenues by Solution* |
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
% |
|
|
2020 |
|
% |
|
|
2021 |
|
% |
|
|
2020 |
|
% |
|||
| Fuel | $ |
307 |
|
$ |
255 |
|
$ |
864 |
|
$ |
797 |
|
|||||||||
| Corporate Payments |
|
169 |
|
|
107 |
|
|
425 |
|
|
319 |
|
|||||||||
| Tolls |
|
79 |
|
|
68 |
|
|
219 |
|
|
215 |
|
|||||||||
| Lodging |
|
85 |
|
|
53 |
|
|
206 |
|
|
150 |
|
|||||||||
| Gift |
|
49 |
|
|
39 |
|
|
124 |
|
|
108 |
|
|||||||||
| Other |
|
67 |
|
|
64 |
|
|
192 |
|
|
182 |
|
|||||||||
| Consolidated Revenues, net | $ |
755 |
|
$ |
585 |
|
$ |
2,031 |
|
$ |
1,772 |
|
|||||||||
| * Columns may not calculate due to rounding. | |||||||||||||||||||||
| Exhibit 4 | ||||||||||||
| Segment Results | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||
20211 |
|
2020 |
|
20211 |
|
2020 |
||||||
| Revenues, net: | ||||||||||||
$ |
520,535 |
$ |
383,828 |
$ |
1,366,167 |
$ |
1,175,950 |
|||||
|
94,888 |
|
79,596 |
|
262,481 |
|
253,722 |
|||||
| International |
|
140,054 |
|
121,859 |
|
402,833 |
|
341,850 |
||||
$ |
755,477 |
$ |
585,283 |
$ |
2,031,481 |
$ |
1,771,522 |
|||||
| Operating income: | ||||||||||||
$ |
213,379 |
$ |
153,328 |
$ |
554,607 |
$ |
372,219 |
|||||
|
39,868 |
|
35,600 |
|
105,424 |
|
104,462 |
|||||
| International |
|
85,440 |
|
75,604 |
|
242,233 |
|
201,645 |
||||
$ |
338,687 |
$ |
264,532 |
$ |
902,264 |
$ |
678,326 |
|||||
| Depreciation and amortization: | ||||||||||||
$ |
49,005 |
$ |
39,390 |
$ |
133,420 |
$ |
115,913 |
|||||
|
12,910 |
|
12,260 |
|
38,091 |
|
39,019 |
|||||
| International |
|
12,322 |
|
11,829 |
|
37,673 |
|
35,185 |
||||
$ |
74,237 |
$ |
63,479 |
$ |
209,184 |
$ |
190,117 |
|||||
| Capital expenditures: | ||||||||||||
$ |
17,572 |
$ |
12,053 |
$ |
44,427 |
$ |
35,590 |
|||||
|
5,795 |
|
3,501 |
|
15,580 |
|
10,309 |
|||||
| International |
|
5,323 |
|
2,595 |
|
14,448 |
|
9,120 |
||||
$ |
28,690 |
$ |
18,149 |
$ |
74,455 |
$ |
55,019 |
|||||
| 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 | $ |
288.7 |
$ |
255.6 |
117.7 |
113.9 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
(0.5) |
- |
(0.3) |
|||||||
| Impact of fuel prices/spread |
|
12.7 |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
5.3 |
|
- |
- |
- |
|||||||
| As reported | $ |
306.8 |
$ |
255.1 |
117.7 |
113.6 |
|||||||
| CORPORATE PAYMENTS- SPEND | |||||||||||||
| Pro forma and macro adjusted | $ |
165.6 |
$ |
135.9 |
25,666 |
19,617 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
(29.4) |
- |
(4,049) |
|||||||
| Impact of fuel prices/spread |
|
0.4 |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
2.8 |
|
- |
- |
- |
|||||||
| As reported | $ |
168.7 |
$ |
106.5 |
25,666 |
15,567 |
|||||||
| TOLLS- TAGS | |||||||||||||
| Pro forma and macro adjusted | $ |
76.9 |
$ |
67.6 |
6.0 |
5.4 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
- |
- |
- |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
2.2 |
|
- |
- |
- |
|||||||
| As reported | $ |
79.0 |
$ |
67.6 |
6.0 |
5.4 |
|||||||
| LODGING- ROOM NIGHTS | |||||||||||||
| Pro forma and macro adjusted | $ |
85.2 |
$ |
60.7 |
7.6 |
6.1 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
(7.9) |
- |
(0.7) |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
- |
|
- |
- |
- |
|||||||
| As reported | $ |
85.2 |
$ |
52.9 |
7.6 |
5.4 |
|||||||
| GIFT- TRANSACTIONS | |||||||||||||
| Pro forma and macro adjusted | $ |
48.6 |
$ |
39.1 |
256.2 |
242.7 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
- |
- |
- |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
- |
|
- |
- |
- |
|||||||
| As reported | $ |
48.6 |
$ |
39.1 |
256.2 |
242.7 |
|||||||
| OTHER1- TRANSACTIONS | |||||||||||||
| Pro forma and macro adjusted | $ |
65.4 |
$ |
64.1 |
8.9 |
9.9 |
|||||||
| Impact of acquisitions/dispositions |
|
- |
|
- |
- |
- |
|||||||
| Impact of fuel prices/spread |
|
- |
|
- |
- |
- |
|||||||
| Impact of foreign exchange rates |
|
1.8 |
|
- |
- |
- |
|||||||
| As reported | $ |
67.2 |
$ |
64.1 |
8.9 |
9.9 |
|||||||
| FLEETCOR CONSOLIDATED REVENUES | |||||||||||||
| Pro forma and macro adjusted | $ |
730.3 |
$ |
623.0 |
Intentionally Left Blank | ||||||||
| Impact of acquisitions/dispositions |
|
- |
|
(37.7) |
|||||||||
| Impact of fuel prices/spread2 |
|
13.1 |
|
- |
|||||||||
| Impact of foreign exchange rates2 |
|
12.1 |
|
- |
|||||||||
| As reported | $ |
755.5 |
$ |
585.3 |
|||||||||
| * Columns may not calculate due to rounding. | |||||||||||||
| 1 Other includes telematics, maintenance, food, transportation and payroll card 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 2021 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range. | ||||||
| 2021 GUIDANCE | ||||||
| Low* | High* | |||||
| Net income | $ |
837 |
$ |
847 |
||
| Net income per diluted share | $ |
9.90 |
$ |
10.00 |
||
| Stock based compensation |
|
81 |
|
81 |
||
| Amortization |
|
218 |
|
218 |
||
| Other |
|
32 |
|
32 |
||
| Total pre-tax adjustments |
|
331 |
|
331 |
||
| Income taxes |
|
(69) |
|
(69) |
||
| Adjusted net income | $ |
1,100 |
$ |
1,110 |
||
| Adjusted net income per diluted share | $ |
13.00 |
$ |
13.10 |
||
| Diluted shares |
|
85 |
|
85 |
||
| * Columns may not calculate due to rounding. | ||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211103006182/en/
Investor Relations
Jim.Eglseder@fleetcor.com
Source:
FAQ
What are FLEETCOR's Q3 2021 financial results?
What is FLEETCOR's new EPS guidance for fiscal year 2021?
How did FLEETCOR's corporate payments business perform in Q3 2021?
What growth rates does FLEETCOR expect for Q4 2021?
